Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 07, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | CORE LABORATORIES N.V. | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Trading Symbol | CLB | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001000229 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 2,280,624,647 | ||
Entity Common Stock, Shares Outstanding | 44,445,656 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Shares, EUR 0.02 Par Value Per Share | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-14273 | ||
Entity Incorporation, State or Country Code | P7 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Address, Address Line One | Strawinskylaan 913 | ||
Entity Address, Address Line Two | Tower A, Level 9 | ||
Entity Address, City or Town | Amsterdam | ||
Entity Address, Country | NL | ||
Entity Address, Postal Zip Code | 1077 XX | ||
City Area Code | 31-20 | ||
Local Phone Number | 420-3191 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant's definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2020, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 11,092 | $ 13,116 |
Accounts receivable, net of allowance for doubtful accounts of $2,730 and $2,650 at 2019 and 2018, respectively | 131,579 | 129,157 |
Inventories | 50,163 | 45,664 |
Prepaid expenses | 15,951 | 15,351 |
Income taxes receivable | 6,527 | 13,993 |
Other current assets | 5,925 | 13,696 |
TOTAL CURRENT ASSETS | 221,237 | 230,977 |
PROPERTY, PLANT AND EQUIPMENT, net | 123,506 | 122,917 |
RIGHT OF USE ASSETS | 75,697 | |
INTANGIBLES, net | 17,450 | 13,054 |
GOODWILL | 213,425 | 219,412 |
DEFERRED TAX ASSETS, net | 67,312 | 11,252 |
OTHER ASSETS | 56,046 | 51,215 |
TOTAL ASSETS | 774,673 | 648,827 |
CURRENT LIABILITIES: | ||
Accounts payable | 35,611 | 41,155 |
Accrued payroll and related costs | 26,689 | 22,549 |
Taxes other than payroll and income | 8,366 | 7,488 |
Unearned revenues | 13,381 | 17,325 |
Operating lease liabilities | 11,841 | |
Income taxes payable | 6,324 | 2,917 |
Other current liabilities | 9,382 | 11,113 |
TOTAL CURRENT LIABILITIES | 111,594 | 102,547 |
LONG-TERM DEBT, net | 305,283 | 289,770 |
LONG-TERM OPERATING LEASE LIABILITIES | 64,660 | |
DEFERRED COMPENSATION | 50,485 | 49,359 |
DEFERRED TAX LIABILITIES, net | 27,338 | 7,634 |
OTHER LONG-TERM LIABILITIES | 33,173 | 38,617 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Preference shares, EUR 0.02 par value; 6,000,000 shares authorized, none issued or outstanding | ||
Common shares, EUR 0.02 par value; 200,000,000 shares authorized, 44,796,252 issued and 44,465,562 outstanding at 2019 and 44,796,252 issued and 44,316,845 outstanding at 2018 | 1,148 | 1,148 |
Additional paid-in capital | 51,872 | 57,438 |
Retained earnings | 160,539 | 156,130 |
Accumulated other comprehensive income (loss) | (6,330) | (5,456) |
Treasury shares (at cost), 330,690 at 2019 and 479,407 at 2018 | (29,364) | (52,501) |
Total Core Laboratories N.V. shareholders' equity | 177,865 | 156,759 |
Non-controlling interest | 4,275 | 4,141 |
TOTAL EQUITY | 182,140 | 160,900 |
TOTAL LIABILITIES AND EQUITY | $ 774,673 | $ 648,827 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical $ in Thousands | Dec. 31, 2019USD ($)shares | Dec. 31, 2019€ / shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018€ / shares |
Statement Of Financial Position [Abstract] | ||||
Allowance for doubtful accounts | $ | $ 2,730 | $ 2,650 | ||
Preferred stock, par value per share | € / shares | € 0.02 | € 0.02 | ||
Preferred stock, shares authorized | 6,000,000 | 6,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, par value per share | € / shares | € 0.02 | € 0.02 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock, shares, issued | 44,796,252 | 44,796,252 | ||
Common shares, outstanding | 44,465,562 | 44,316,845 | ||
Treasury stock, shares | 330,690 | 479,407 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES: | |||
Revenue | $ 668,210 | $ 700,846 | $ 647,819 |
OPERATING EXPENSES: | |||
General and administrative expenses, exclusive of depreciation shown below | 48,023 | 62,910 | 47,737 |
Depreciation | 20,812 | 22,013 | 23,605 |
Amortization | 1,793 | 1,074 | 919 |
Other (income) expense, net | 5,319 | (737) | 632 |
OPERATING INCOME | 96,684 | 118,622 | 109,968 |
Interest expense | 14,690 | 13,328 | 10,734 |
Income before income tax expense | 81,994 | 105,294 | 99,234 |
Income tax expense (benefit) | (12,290) | 25,447 | 18,249 |
Income from continuing operations | 94,284 | 79,847 | 80,985 |
Income (loss) from discontinued operations | 7,833 | (58) | 2,111 |
Net income | 102,117 | 79,789 | 83,096 |
Net income (loss) attributable to non-controlling interest | 134 | 263 | (29) |
Net income attributable to Core Laboratories N.V. | $ 101,983 | $ 79,526 | $ 83,125 |
EARNINGS PER SHARE INFORMATION: | |||
Basic earnings per share from continuing operations (in dollar per share) | $ 2.13 | $ 1.81 | $ 1.83 |
Basic earnings (loss) per share from discontinued operations | 0.17 | (0.01) | 0.05 |
Basic earnings per share attributable to Core Laboratories N.V. (in dollar per share) | 2.30 | 1.80 | 1.88 |
Diluted earnings per share from continuing operations (in dollar per share) | 2.11 | 1.80 | 1.83 |
Diluted earnings (loss) per share from discontinued operations | 0.17 | (0.01) | 0.05 |
Diluted earnings per share attributable to Core Laboratories N.V. (in dollar per share) | $ 2.28 | $ 1.79 | $ 1.88 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic (in shares) | 44,357,000 | 44,206,000 | 44,153,000 |
Diluted (in shares) | 44,646,000 | 44,474,000 | 44,264,000 |
Service [Member] | |||
REVENUES: | |||
Revenue | $ 474,193 | $ 486,820 | $ 480,264 |
OPERATING EXPENSES: | |||
Cost of services and product sales, exclusive of depreciation shown below | 345,641 | 343,833 | 333,365 |
Product [Member] | |||
REVENUES: | |||
Revenue | 194,017 | 214,026 | 167,555 |
OPERATING EXPENSES: | |||
Cost of services and product sales, exclusive of depreciation shown below | $ 149,938 | $ 153,131 | $ 131,593 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 102,117 | $ 79,789 | $ 83,096 |
Changes in fair value of interest rate swaps | (1,058) | 418 | 98 |
Interest rate swap amounts reclassified to interest expense | (61) | 69 | 526 |
Income taxes on derivatives | 235 | (102) | (156) |
Total derivatives | (884) | 385 | 468 |
Adjustment of unrecognized pension actuarial gain (loss) | (1,988) | 1,557 | 974 |
Prior service cost recognized during year | 157 | ||
Amortization to net income of prior service cost | (848) | (106) | (77) |
Amortization to net income of actuarial loss | 3,171 | 1,706 | 440 |
Income taxes on pension and other postretirement benefit plans | (325) | (802) | (330) |
Total pension and other postretirement benefit plans | 10 | 2,512 | 1,007 |
Total other comprehensive income (loss) | (874) | 2,897 | 1,475 |
Comprehensive income | 101,243 | 82,686 | 84,571 |
Net income (loss) attributable to non-controlling interest | 134 | 263 | (29) |
Comprehensive income attributable to Core Laboratories N.V. | $ 101,109 | $ 82,423 | $ 84,600 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-Controlling Interest |
Balance at Beginning of Period at Dec. 31, 2016 | $ 155,297 | $ 1,148 | $ 52,850 | $ 187,957 | $ (9,828) | $ (80,773) | $ 3,943 |
Balance at Beginning of Period (shares) at Dec. 31, 2016 | 44,796,252 | 644,991 | |||||
Stock based-awards | 22,942 | 1,529 | $ 21,413 | ||||
Stock based-awards (shares) | (191,513) | ||||||
Repurchase of common shares | (16,909) | $ (16,909) | |||||
Repurchase of common shares (shares) | 158,569 | ||||||
Dividends paid | (97,143) | (97,143) | |||||
Net income | 83,096 | 83,125 | (29) | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 84 | (84) | |||||
Non-controlling interest additions | (26) | (26) | |||||
Amortization of deferred pension costs, net of tax | 1,007 | 1,007 | |||||
Interest rate swaps, net of tax | 468 | 468 | |||||
Balance at End of Period at Dec. 31, 2017 | $ 148,732 | $ 1,148 | 54,463 | 173,855 | (8,353) | $ (76,269) | 3,888 |
Balance at End of Period (shares) at Dec. 31, 2017 | 44,796,252 | 612,047 | |||||
Cash Dividends per Share | $ 2.20 | ||||||
Stock based-awards | $ 34,194 | 2,975 | $ 31,219 | ||||
Stock based-awards (shares) | (218,625) | ||||||
Repurchase of common shares | (7,451) | $ (7,451) | |||||
Repurchase of common shares (shares) | 85,985 | ||||||
Dividends paid | (97,251) | (97,251) | |||||
Net income | 79,789 | 79,526 | 263 | ||||
Non-controlling interest additions | (10) | (10) | |||||
Amortization of deferred pension costs, net of tax | 2,512 | 2,512 | |||||
Interest rate swaps, net of tax | 385 | 385 | |||||
Balance at End of Period at Dec. 31, 2018 | $ 160,900 | $ 1,148 | 57,438 | 156,130 | (5,456) | $ (52,501) | 4,141 |
Balance at End of Period (shares) at Dec. 31, 2018 | 44,796,252 | 479,407 | |||||
Cash Dividends per Share | $ 2.20 | ||||||
Stock based-awards | $ 20,879 | (5,566) | $ 26,445 | ||||
Stock based-awards (shares) | 220,417 | (220,417) | |||||
Repurchase of common shares | $ (3,308) | $ (3,308) | |||||
Repurchase of common shares (shares) | 71,700 | ||||||
Dividends paid | (97,574) | (97,574) | |||||
Net income | 102,117 | 101,983 | 134 | ||||
Amortization of deferred pension costs, net of tax | 10 | 10 | |||||
Interest rate swaps, net of tax | (884) | (884) | |||||
Balance at End of Period at Dec. 31, 2019 | $ 182,140 | $ 1,148 | $ 51,872 | $ 160,539 | $ (6,330) | $ (29,364) | $ 4,275 |
Balance at End of Period (shares) at Dec. 31, 2019 | 44,796,252 | 330,690 | |||||
Cash Dividends per Share | $ 2.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Income from continuing operations | $ 94,284 | $ 79,847 | $ 80,985 |
Income (loss) from discontinued operations, net of tax | 7,833 | (58) | 2,111 |
Net income | 102,117 | 79,789 | 83,096 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 20,879 | 34,194 | 22,942 |
Depreciation and amortization | 22,605 | 23,087 | 24,524 |
Changes to value of life insurance policies | (2,899) | (874) | (6,112) |
Deferred income taxes | (36,345) | 1,832 | 9,015 |
Realization of pension obligation | (112) | 2,257 | (724) |
Net (recovery) provision for doubtful accounts | 754 | 692 | (202) |
Gain on sale of business | (1,154) | ||
Gain on sale of discontinued operations | (8,411) | ||
Other non-cash items | (200) | (159) | 217 |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (3,191) | 2,265 | (18,565) |
Inventories | (3,892) | (10,403) | 446 |
Prepaid expenses and other current assets | 3,561 | (9,048) | (4,549) |
Other assets | (46) | 6,264 | 545 |
Accounts payable | (3,757) | (1,752) | 8,721 |
Accrued expenses | 8,067 | (6,903) | (6,775) |
Other long-term liabilities | (2,936) | (11,239) | 10,313 |
Unearned revenue | (5,513) | 1,825 | 1,379 |
Net cash provided by operating activities | 89,527 | 111,827 | 124,271 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (22,269) | (21,741) | (18,775) |
Patents and other intangibles | (180) | (1,190) | (379) |
Acquisitions, net of cash acquired | (47,314) | ||
Proceeds from sale of assets | 887 | 882 | 702 |
Proceeds from sale of business | 2,980 | ||
Proceeds from sale of business of discontinued operations | 14,789 | ||
Premiums on life insurance | (1,884) | (1,276) | (2,105) |
Net cash used in investing activities | (5,677) | (70,639) | (20,557) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of debt borrowings | (123,000) | (114,000) | (130,000) |
Proceeds from debt borrowings | 138,000 | 178,000 | 140,000 |
Debt financing costs | (1,760) | ||
Dividends paid | (97,574) | (97,251) | (97,143) |
Repurchase of common shares | (3,308) | (7,451) | (16,909) |
Other financing activities | 8 | (10) | (26) |
Net cash used in financing activities | (85,874) | (42,472) | (104,078) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (2,024) | (1,284) | (364) |
CASH AND CASH EQUIVALENTS, beginning of year | 13,116 | 14,400 | 14,764 |
CASH AND CASH EQUIVALENTS, end of year | 11,092 | 13,116 | 14,400 |
Supplemental disclosures of cash flow information: | |||
Cash payments for interest | 13,631 | 11,499 | 10,527 |
Cash payments for income taxes | 13,804 | 31,928 | 24,314 |
Non-cash investing and financing activities: | |||
Capital expenditures incurred but not paid for as of the end of the year | $ 222 | $ 628 | $ 744 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Description Of Business [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS Core Laboratories N.V. ("Core Laboratories", "Core Lab", "the Company", "we", "our" or "us") is a Netherlands limited liability company. We were established in 1936 and are one of the world's leading providers of proprietary and patented reservoir description and production enhancement services and products to the oil and gas industry. These services and products can enable our clients to improve reservoir performance and increase oil and gas recovery from their producing fields. We have over 70 offices in more than 50 countries and have approximately 4,300 employees. We operate our business in two reporting segments. These complementary segments provide different services and products and utilize different technologies for improving reservoir performance and increasing oil and gas recovery from new and existing fields: (1) Reservoir Description and (2) Production Enhancement. For a description of product types and services offered by these business segments, see Note 20 - Segment Reporting In 2018, in a continuing effort to streamline our business and align our business strategy for further integration of services and products, the Company committed to divest the business of our full range of permanent downhole monitoring systems and related services, which had been part of our Production Enhancement segment. We completed the divestment of this business in 2019; the disclosure relating to the divestment of this business is included in Note 19 - Discontinued Operations |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("U.S. GAAP" or "GAAP"), and include the accounts of Core Laboratories and its subsidiaries for which we have a controlling voting interest and/or a controlling financial interest. The equity method of accounting is used to record our interest in investments in which we have less than a majority interest and do not exercise control but do exert significant influence. We use the cost method to record certain other investments in which we own less than 20% of the outstanding equity and do not exercise control or exert significant influence. We record non-controlling Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimates on an ongoing basis and utilize our historical experience, as well as various other assumptions that we believe are reasonable in a given circumstance, in order to make these estimates. Actual results could differ from our estimates, as assumptions and conditions change. The following accounts, among others, require us to use estimates and assumptions: ▪ allowance for doubtful accounts; ▪ obsolete inventory; ▪ depreciation and amortization; ▪ long-lived assets, intangibles and goodwill; ▪ income taxes; ▪ pensions and other postretirement benefits; ▪ stock-based compensation; and ▪ leases. Accounting policies relating to these accounts and the nature of these estimates are further discussed under the applicable caption. For each of these critical estimates it is at least reasonably possible that changes in these estimates will occur in the short term which may impact our financial position or results of operations. Cash and Cash Equivalents Cash and cash equivalents include all short-term, highly liquid instruments purchased with an original maturity of three months or less. These items are carried at cost, which approximates fair value. Concentration of Credit Risk Our financial instruments that potentially subject us to concentrations of credit risk relate primarily to cash and cash equivalents and trade accounts receivable. All cash and cash equivalents are on deposit at commercial banks or investment firms with significant financial resources. Our trade receivables are with a variety of domestic, international and national oil and gas companies. We had no clients who provided more than 10% of our revenue for the years ended December 31, 2019, 2018 and 2017. We consider our credit risk related to trade accounts receivable to be limited due to the creditworthiness and financial resources of our clients. We evaluate our estimate of the allowance for doubtful accounts on an on-going basis throughout the year. Concentration of Interest Rate Risk We are exposed to interest rate risk on our revolving credit facility (the "Credit Facility") debt, which carries a variable interest rate. We are exposed to interest rate risk on our Senior Notes which carry a fixed interest rate, but whose fair value will fluctuate based on changes in interest rates and market perception of our credit risk. Derivative Instruments We may enter into a variety of derivative instruments in connection with the management of our exposure to fluctuations in interest rates or currency exchange rates. See Note 16 - Derivative Instruments and Hedging Activities We do not enter into derivatives for speculative purposes. Accounts Receivable Trade accounts receivable are recorded at their invoiced amounts and do not bear interest. We perform ongoing credit evaluations of our clients and monitor collections and payments in order to maintain a provision for estimated uncollectible accounts based on our historical collection experience and our current aging of client receivables outstanding, in addition to client's representations and our understanding of the economic environment in which our clients operate. Based on our review we establish or adjust allowances for specific clients and the accounts receivable as a whole, and recognize expense. When an account is determined to be uncollectible, we charge the receivable to our allowance for doubtful accounts. Our allowance for doubtful accounts totaled $2.7 million and $2.7 million at December 31, 2019 and 2018, respectively. The net carrying value of accounts receivable is considered to be representative of its respective fair value. Inventories Inventories consist of manufactured goods, materials and supplies used for sales or services to clients. Inventories are stated at the lower of cost or estimated net realizable value. Inventory costs are recorded at standard cost which approximates the first-in, first-out method. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised primarily of prepaid insurance, value added taxes and prepaid rents. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are capitalized while maintenance and repair costs are charged to expense as incurred. They are depreciated using the straight-line method based on their individual estimated useful lives, except for leasehold improvements, which are depreciated over the remaining lease term, if shorter. We estimate the useful lives and salvage values of our assets based on historical data as follows: Buildings and leasehold improvements 3 - 40 years Machinery and equipment 3 - 10 years When long-lived assets are sold or retired, the remaining costs and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in income. These capitalized long-lived assets could become impaired if our operating plans or business environment changes. We review our long-lived assets, including definite-lived intangible assets, for impairment when events or changes in circumstances indicate that their net book value may not be recovered over their remaining service lives. Indicators of possible impairment may include significant declines in activity levels in regions where specific assets or groups of assets are located, extended periods of idle use, declining revenue or cash flow or overall changes in general market conditions. Whenever possible impairment is indicated, we compare the carrying value of the assets to the sum of the estimated undiscounted future cash flows expected from use, plus salvage value, less the costs of the subsequent disposition of the assets. If impairment is still indicated, we compare the fair value of the assets to the carrying amount, and recognize an impairment loss for the amount by which the carrying value exceeds the fair value. We did not record any material impairment charges relating to our long-lived assets held for use during the years ended December 31, 2019, 2018 and 2017. Leases Effective January 1, 2019, we adopted the provisions of ASC 842, Leases Lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Where our lease does not provide an implicit rate, we estimate the discount rate used to discount the future minimum lease payments using our incremental borrowing rate and other information available at the commencement date. The ROU assets also include all initial direct costs incurred. Our lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Intangibles and Goodwill Intangible assets, including patents, trademarks, technology and trade names, are carried at cost less accumulated amortization. Intangibles with determinable lives are amortized using the straight-line method based on the estimated useful life of the intangible. Intangibles with indeterminable lives, which consist primarily of corporate trade names, are not amortized, but are tested for impairment annually or whenever events or changes in circumstances indicate that impairment is possible. We record goodwill as the excess of the purchase price over the fair value of the net assets acquired in acquisitions accounted for under the purchase method of accounting. We test goodwill for impairment annually, or more frequently if circumstances indicate possible impairment. We evaluated our goodwill for impairment by comparing the fair value of each of our reporting units, which are our reportable segments, to their net carrying value as of the balance sheet date. We estimated the fair value of each reporting unit using a discounted future cash flow analysis. Estimated future cash flows were based on the Company's best estimate of future performance. Our impairment analysis is both qualitative and quantitative, and includes subjective estimates based on assumptions regarding future growth rates, interest rates and operating expenses. If the carrying value of the reporting unit exceeds the fair value determined, an impairment loss is recorded to the extent that the implied fair value of the goodwill of the reporting unit is less than its carrying value. Any subsequent impairment loss could result in a material adverse effect upon our financial position and results of operations. We did not record impairment charges relating to our goodwill or our indefinite-lived intangible assets during the years ended December 31, 2019, 2018 and 2017. We have never identified nor recorded any impairments relating to the goodwill of our current continuing operations. Other Assets Cash surrender value of life insurance relates to postretirement benefit plans. See Note 12 - Pension and Other Postretirement Benefit Plans operations of these entities are in-line with those of our core businesses. These entities are not considered special purpose entities nor do we have special off-balance sheet arrangements through these entities. Other assets at December 31, 2019 and 2018 consisted of the following (in thousands): 2019 2018 Cash surrender value of life insurance $ 47,195 $ 41,575 Investments in unconsolidated affiliates 3,969 3,760 Other 4,882 5,880 Total other assets $ 56,046 $ 51,215 Accounts Payable Trade accounts payable are recorded at their invoiced amounts and do not bear interest. The carrying value of accounts payable is considered to be representative of its respective fair value. Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Consolidated Financial Statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the asset is recovered or the liability is settled. We include interest and penalties from tax judgments in income tax expense. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return. We also recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 11 Income Taxes Comprehensive Income Comprehensive income is comprised of net income and other charges or credits to equity that are not the result of transactions with owners. Other comprehensive income consists of prior service costs and an unrecognized net actuarial gain and loss from a pension plan and changes in the fair value of our interest rate swaps. See Note 12 - Pension and Other Postretirement Benefit Plans 16 - Derivative Instruments and Hedging Activities Revenue Recognition All of our revenue is derived from contracts with clients and is reported as revenue in the Consolidated Statements of Operations. Our contracts generally include standard commercial payment terms generally acceptable in each region, and do not include financing with extended payment terms. We have no significant obligations for refunds, warranties, or similar obligations. Our revenue does not include taxes collected from our customers. In certain circumstances we apply the guidance in Accounting Standards Codification Topic 606 - Revenue from Contracts with Customers A performance obligation is a promise in a contract to transfer a distinct service or good to a client, and is the unit of account under Topic 606. We have contracts with two general groups of performance obligations: those that require us to perform analysis and/or diagnostic tests in our laboratory or at the client's wellsite and those from the sale of tools, diagnostic and equipment products and related services. We recognize revenue at an amount that reflects the consideration expected to be received in exchange for such services or goods as described below by applying the five-step method to: (1) identify the contract(s) with clients; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract; and (5) recognize revenue when (or as) we satisfy the performance obligation(s). Services Revenue : We provide a variety of services to clients in the oil and gas industry. Where services are provided related to the testing and analysis of rock and fluids, we recognize revenue upon the provision of the test results or analysis to the client. For our design, field engineering and completion diagnostic services, we recognize revenue upon the delivery of those services at the well site or delivery of diagnostic data. In the case of our consortia studies, we have multiple performance obligations and revenue is recognized at the point in time when the testing and analysis results on each contributed core are made available to our consortia members. We conduct testing and provide analysis services in support of our consortia studies recognizing revenue as the testing and analysis results are made available to our consortia members. Product Sales Revenue : We manufacture equipment that we sell to our clients in the oil and gas industry. Revenue is recognized when title to that equipment passes to the client, which is typically when the product is shipped to the client or picked up by the client at our facilities, as set out in the contract. For arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the client for each promised service or product if it were sold on a standalone basis. To a lesser extent in all of our business segments, we enter into other types of contracts including service arrangements and non-subscription software and licensing agreements. We recognize revenue for these arrangements over time or at a point in time depending on our evaluation of when the client obtains control of the promised services or products. Prior to our adoption of Topic 606 effective January 1, 2018, we recognized revenue when we determined the following criteria were met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the fee is fixed or determinable; and (iv) collectability is reasonably assured. The adoption of Topic 606 did not result in any material changes to our revenue recognition policies nor to our consolidated financial statements. Contract Assets and Liabilities Contract assets and liabilities result due to the timing of revenue recognition, billings and cash collections. Contract assets include our right to payment for goods and services already transferred to a customer when the right to payment is conditional on something other than the passage of time, for example contracts where we recognize revenue over time but do not have a contractual right to payment until we complete the performance obligations. Contract assets are included in our accounts receivable and are not material as of December 31, 2019. Contract liabilities consist of advance payments received and billings in excess of revenue recognized. We generally receive up-front payments relating to our consortia studies; we recognize revenue over the life of the study as the testing and analysis results are made available to our consortia members. We record billings in excess of revenue recognized for contracts with a duration less than twelve months as unearned revenue. We classify contract liabilities for contracts with a duration greater than twelve months as current or non-current based on the timing of when we expect to recognize revenue. The current portion of contract liabilities is included in unearned revenue and the non-current portion of contract liabilities is included in other long-term liabilities in our Consolidated Balance Sheet. The total balance of our contract liabilities at December 31, 2019 and 2018 was $4.9 million and $7.4 million, respectively. Disaggregation of Revenue We contract with clients for service revenue and/or product sales revenue. We present revenue disaggregated by services and product sales in our Consolidated Statements of Operations. For revenue disaggregated by reportable segment, see Note 20 - Segment Reporting Foreign Currencies Our functional currency is the U.S. Dollar ("USD"). All inter-company financing, transactions and cash flows of our subsidiaries are transacted in USD. Our foreign entities remeasure monetary assets and liabilities to USD at year-end exchange rates, while non-monetary items are measured at historical rates. Revenue and expenses are remeasured at the applicable month-end rate, except for depreciation, amortization and certain components of cost of sales, which are measured at historical rates. For the years ended December 31, 2019, 2018 and 2017, we incurred net remeasurement losses of $1.7 million, $2.6 million, and $1.0 million, respectively. These amounts were included in Other (Income) Expense, net in the accompanying Consolidated Statements of Operations. Pensions and Other Postretirement Benefits We provide a non-contributory defined benefit pension plan covering substantially all of our Dutch employees ("Dutch Plan") who were hired prior to 2000. As required by current accounting standards, we recognize net periodic pension costs associated with the Dutch plan in income from current operations and recognize the unfunded status of the plan, if any, as a long-term liability. In addition, we recognize as a component of other comprehensive income, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic pension cost. The projection of benefit obligation and fair value of plan assets requires the use of assumptions and estimates. Actual results could differ from those estimates. See Note 12 - Pension and Other Postretirement Benefit Plans Furthermore, we maintain defined contribution plans for the benefit of eligible employees primarily in Canada, the Netherlands, the United Kingdom and the United States. We expense these contributions in the period the contribution is made. Non-controlling Interests We maintain non-controlling interests in several investment ventures and disclose such interests clearly as a portion of equity separate from the parent's equity. The amount of consolidated net income attributable to these non-controlling interests is also clearly presented on the Consolidated Statements of Operations. In addition, when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary will be initially measured at fair value and recorded as a gain or loss. Stock-Based Compensation We have two stock-based compensation plans, as described in further detail in Note 15 - Stock-Based Compensation Earnings Per Share We compute basic earnings per common share by dividing net income attributable to Core Laboratories N.V. by the weighted average number of common shares outstanding during the period. Diluted earnings per common and potential common share include additional shares in the weighted average share calculations associated with the incremental effect of dilutive restricted stock awards and contingently issuable shares, as determined using the treasury stock method. The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Weighted average basic common shares outstanding 44,357 44,206 44,153 Effect of dilutive securities: Performance shares 242 221 69 Restricted stock 47 47 42 Weighted average diluted common and potential common shares outstanding 44,646 44,474 44,264 |
Contract Assets and Liabilities
Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Contract Assets and Liabilities | 3. CONTRACT ASSETS AND LIABILITIES The balance of contract assets and contract liabilities consisted of the following at December 31, 2019 and 2018 (in thousands): 2019 2018 Contract assets Current $ 2,183 $ 1,145 Non-Current 244 188 $ 2,427 $ 1,333 Contract Liabilities Current $ 4,473 $ 5,963 Non-current 383 1,401 $ 4,856 $ 7,364 Estimate of when contract liabilities will be recognized within 12 months $ 4,473 within 12 to 24 months $ 383 greater than 24 months $ — We did not recognize any impairment losses on our receivables and contract assets for the year ended December 31, 2019. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 4. ACQUISITIONS In 2018, we acquired a business providing downhole technologies associated with perforating systems for $48.9 million in cash. These downhole technologies will significantly enhance Core Lab's Production Enhancement operations and its ability to bring new and innovative product offerings to our clients. We have determined the fair value of tangible assets acquired to be $4.1 million, and intangible assets, including patents, customer-relationship benefits, non-compete agreements and technology to be $9.4 million. We have accounted for this acquisition by allocating the purchase price to the net assets acquired based on their fair value at the date of acquisition which resulted in an increase to goodwill of $35.4 million. The acquisition is included in the Production Enhancement business segment. The acquisition of this business did not have a material impact on our Consolidated Balance Sheets or Consolidated Statements of Operations. We had no significant acquisitions during the years ended December 31, 2019 and 2017. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES Inventories consisted of the following at December 31, 2019 and 2018 (in thousands): 2019 2018 Finished goods $ 26,507 $ 26,636 Parts and materials 21,419 13,704 Work in progress 2,237 5,324 Total inventories $ 50,163 $ 45,664 We include freight costs incurred for shipping inventory to our clients in the Cost of product sales caption in the accompanying Consolidated Statements of Operations. |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | 6. PROPERTY, PLANT AND EQUIPMENT, NET The components of property, plant and equipment, net were as follows at December 31, 2019 and 2018 (in thousands): 2019 2018 Land $ 11,435 $ 11,383 Building and leasehold improvements 116,306 115,875 Machinery and equipment 277,952 272,916 Total property, plant and equipment 405,693 400,174 Less - accumulated depreciation (282,187 ) (277,257 ) Property, plant and equipment, net $ 123,506 $ 122,917 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 7. LEASES We have operating leases primarily consisting of offices and lab space, machinery and equipment and vehicles. The components of lease expense are as follows (in thousands): 2019 Operating lease expense $ 18,639 Short-term lease expense 1,228 Variable lease expense 920 Total lease expense $ 20,787 Other Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18,195 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 11,688 Weighted-average remaining lease term - finance leases 1.96 years Weighted-average discount rate - finance leases 2.42 % Weighted-average remaining lease term - operating leases 9.07 years Weighted-average discount rate - operating leases 4.94 % Scheduled minimum rental commitments under non-cancellable operating leases at December 31, 2019, consist of the following (in thousands): Operating Leases 2020 $ 15,395 2021 12,936 2022 11,451 2023 9,722 2024 7,666 Thereafter 38,033 Total undiscounted lease payments $ 95,203 Less: Imputed interest (18,702 ) Total lease liabilities $ 76,501 The Company has elected to apply the short-term lease exemption to all classes of underlying assets. Accordingly, no ROU asset or lease liability is recognized for leases with a term of twelve months or less. The Company has elected to apply the practical expedient for combining lease and non-lease components for vehicle leases and elected not to apply the practical expedient for combining lease and non-lease components to all other classes of underlying assets. We adopted ASU 2017-06 using the cumulative effect transition method on January 1, 2019. As required, the following disclosure is provided for periods prior to adoption. Scheduled minimum rental commitments under non-cancellable operating leases at December 31, 2018, consist of the following (in thousands): Operating Leases 2019 $ 16,267 2020 12,572 2021 9,774 2022 7,955 2023 4,938 Thereafter 14,815 Total commitments $ 66,321 Operating lease commitments relate primarily to rental of equipment and office space. Rental expense for operating leases, including amounts for short-term leases with nominal future rental commitments, was $20.8 million and $20.9 million for the years ended December 31, 2018 and 2017, respectively. |
Intangibles, Net
Intangibles, Net | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Intangibles, Net | 8. INTANGIBLES, NET The components of intangibles, net as of December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Original life Gross Carrying Accumulated Gross Carrying Accumulated in years Value Amortization Value Amortization Acquired trade secrets 2-20 $ 3,613 $ 2,463 $ 3,604 $ 2,110 Acquired patents, technology and trademarks 4-15 15,622 4,193 9,697 3,115 Agreements not to compete 2-5 1,149 919 1,149 759 Acquired trade names Indefinite 4,641 — 4,588 — Total intangibles, net $ 25,025 $ 7,575 $ 19,038 $ 5,984 Our estimated amortization expense relating to these intangibles for the next five years is summarized in the following table (in thousands): 2020 $ 1,491 2021 $ 1,279 2022 $ 1,254 2023 $ 990 2024 $ 982 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 9. GOODWILL The changes in the carrying amount of goodwill for each reportable segment for the years ended December 31, 2019 and 2018 were as follows (in thousands): Reservoir Production Description Enhancement Total Balance at December 31, 2017 $ 99,484 $ 79,560 $ 179,044 Goodwill allocated to discontinued operations — (915 ) (915 ) Goodwill acquired during the year — 41,283 41,283 Balance at December 31, 2018 99,484 119,928 219,412 Goodwill acquired during the year — — — Adjustments to goodwill acquired in previous year — (5,987 ) (5,987 ) Balance at December 31, 2019 $ 99,484 $ 113,941 $ 213,425 |
Long-Term Debt, Net
Long-Term Debt, Net | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net | 10. LONG-TERM DEBT, NET We have no finance lease obligations. Debt at December 31, 2019 and 2018 is summarized in the following table (in thousands): 2019 2018 Senior Notes $ 150,000 $ 150,000 Credit Facility 157,000 142,000 Total debt 307,000 292,000 Less: Debt issuance costs (1,717 ) (2,230 ) Long-term debt, net $ 305,283 $ 289,770 In 2011, we issued two series of senior notes with an aggregate principal amount of $150 million ("Senior Notes") in a private placement transaction. Series A consists of $75 million in aggregate principal amount of notes that bear interest at a fixed rate of 4.01% and are due in full on September 30, 2021 . Series B consists of $ 75 million in aggregate principal amount of notes that bear interest at a fixed rate of 4.11% and are due in full on September 30, 2023 . Interest on each series of the Senior Notes is payable semi-annually on March 30 and September 30. The aggregate borrowing commitment under our revolving credit facility (the “Credit Facility”) is $300 million. The Credit Facility provides an option to increase the commitment under the Credit Facility by an additional $100 million to bring the total borrowings available to $400 million if certain prescribed conditions are met by the Company. The Credit Facility bears interest at variable rates from LIBOR plus 1.375% to a maximum of LIBOR plus 2%. Any outstanding balance under the Credit Facility is due June 19, 2023, when the Credit Facility matures. Interest payment terms are variable depending upon the specific type of borrowing under this facility. Our available capacity at any point in time is subject to all terms of the agreements, and is reduced by borrowings outstanding at the time and outstanding letters of credit which totaled $14.9 million at December 31, 2019, resulting in an available borrowing capacity under the Credit Facility of $128.1 million. In addition to those items under the Credit Facility, we had $5.8 million of outstanding letters of credit and performance guarantees and bonds from other sources as of December 31, 2019. The terms of the Credit Facility and Senior Notes require us to meet certain covenants, including, but not limited to, an interest coverage ratio (consolidated EBITDA divided by interest expense) and a leverage ratio (consolidated net indebtedness divided by consolidated EBITDA), where consolidated EBITDA (as defined in each agreement) and interest expense are calculated using the most recent four fiscal quarters. The Credit Facility has the more restrictive covenants with a minimum interest coverage ratio of 3.0 to 1.0 and a maximum leverage ratio of 2.5 to 1.0. We believe that we are in compliance with all such covenants contained in our credit agreements. Certain of our material, wholly-owned subsidiaries are guarantors or co-borrowers under the Credit Facility and Senior Notes. In 2014, we entered into two interest rate swap agreements to hedge changes in the variable interest rate on our LIBOR-priced debt, one of which expired in 2019. See Note 16 - Derivative Instruments and Hedging Activities The estimated fair value of total debt at December 31, 2019 and 2018 approximated the book value of total debt. The fair value was estimated using Level 2 inputs by calculating the sum of the discounted future interest and principal payments through the date of maturity. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 11. INCOME TAXES The components of income before income tax expense for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): 2019 2018 2017 United States $ 61,374 $ 61,680 $ 28,632 Other countries 20,620 43,614 70,602 Income before income tax expense $ 81,994 $ 105,294 $ 99,234 The components of income tax expense for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): 2019 2018 2017 Current: United States $ 8,786 $ 13,198 $ 10,699 Other countries 13,267 10,132 9,147 State and provincial (28 ) 1,548 725 Total current 22,025 24,878 20,571 Deferred: United States $ (57,250 ) $ (1,340 ) $ (2,948 ) Other countries 23,558 1,909 626 State and provincial (623 ) — — Total deferred (34,315 ) 569 (2,322 ) Income tax expense (benefit) $ (12,290 ) $ 25,447 $ 18,249 The differences in income tax expense computed using the Netherlands statutory income tax rate of 25% 2019 2018 2017 Tax at the Netherlands income tax rate $ 22,895 $ 26,189 $ 25,427 International earnings taxed at rates other than the Netherlands statutory rate (1,343 ) (14,997 ) (12,496 ) Non-deductible expenses 3,516 4,452 6,645 Change in valuation allowance (3,491 ) 1,513 (1,744 ) State and provincial taxes (825 ) 1,566 829 Tax credits (3,893 ) (3,939 ) 218 Benefit from corporate restructuring (59,336 ) — — Unremitted earnings of subsidiaries 26,126 — — Adjustments of prior year taxes (1,684 ) 2,350 (4,272 ) Adjustments of income tax reserves 1,084 (1,613 ) 1,869 Foreign exchange 2,014 5,936 (1,792 ) Accrued withholding taxes 2,603 2,911 3,067 Other 44 1,079 498 Income tax expense (benefit) $ (12,290 ) $ 25,447 $ 18,249 Deferred tax assets and liabilities result from various temporary differences between the financial statement carrying amount and their tax basis. Deferred tax assets and liabilities as of December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 2018 Deferred tax assets: Net operating loss carry-forwards $ 7,209 $ 6,300 Tax credit carry-forwards 1,888 1,154 Accruals for compensation 8,240 7,160 Accruals for inventory capitalization 1,788 1,813 Unrealized benefit from corporate restructuring 56,985 — Unrealized benefit plan loss 3,740 3,417 Unrealized foreign exchange 3,842 7,542 Unearned revenue 1,849 2,760 Other 1,839 822 Total deferred tax assets 87,380 30,968 Valuation allowance (1) (6,241 ) (9,732 ) Net deferred tax assets 81,139 21,236 Deferred tax liabilities: Intangibles (6,263 ) (6,025 ) Property, plant and equipment (3,546 ) (2,835 ) Accrued interest (1,679 ) (3,260 ) Accrued withholding taxes (26,718 ) (886 ) Unrealized foreign exchange (2,653 ) (4,043 ) Other (306 ) (569 ) Total deferred tax liabilities (41,165 ) (17,618 ) Net deferred income taxes $ 39,974 $ 3,618 (1) Valuation allowance at 12/31/17 was 8.2 million. 2019 2018 Long-term deferred tax assets $ 67,312 $ 11,252 Long-term deferred tax liabilities (27,338 ) (7,634 ) Total deferred tax assets (liabilities) $ 39,974 $ 3,618 In 2019, we completed a corporate restructuring transaction which resulted in a net tax benefit of $60.7 million, and recognized tax expense of $26.7 million related to unremitted earnings of foreign subsidiaries that we no longer consider to be indefinitely reinvested. We have not provided for deferred taxes on the unremitted earnings of certain subsidiaries that we consider to be indefinitely reinvested. Should we make a distribution of the unremitted earnings of these subsidiaries, we may be required to record additional taxes. As of December 31, 201 9 , we consider $ million to be indefinitely reinvested. Repatriation of these earnings would be subject to income and withholding taxes estimated at less than $ million. There are no restrictions preventing any of our subsidiaries from repatriating earnings, and there are no restrictions or income taxes associated with distributing cash to the parent company through loans or advances . At December 31, 2019, we had tax net operating loss carry-forwards in various tax jurisdictions of $31.9 million. Although we cannot be certain that these operating loss carry-forwards will be utilized, we anticipate that we will have sufficient taxable income in future years to allow us to fully utilize the carry-forwards that are not subject to a valuation allowance. As of December 31, 2019, if unused, $12.4 million will expire between 2020 and 2022, $3.2 million will expire between 2023 and 2025, $2.8 million will expire between 2026 and 2029 and $0.2 million will expire beyond 2029. The remaining balance of $13.3 million is not subject to expiration. During 2019, less than $0.5 million of net operating loss carry-forwards, which carried a full valuation allowance, expired unused. We file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. We are currently undergoing multiple examinations in various jurisdictions, and the years 2001 through 2018 remain open for examination in various tax jurisdictions in which we operate. The ultimate settlement and timing of these additional tax assessments is uncertain but the Company will continue to vigorously defend its return filing position and does not view the assessments as probable at this time. During 2019, adjustments were made to estimates for uncertain tax positions in certain tax jurisdictions based upon changes in facts and circumstances, resulting in a reduction to the unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2019 2018 2017 Unrecognized tax benefits at January 1, $ 7,471 $ 10,124 $ 8,557 Tax positions, current period 495 543 3,472 Tax positions, prior period (361 ) (304 ) 180 Settlements with taxing authorities (18 ) (2,207 ) (1,154 ) Lapse of applicable statute of limitations (286 ) (685 ) (931 ) Unrecognized tax benefits at December 31, $ 7,301 $ 7,471 $ 10,124 Changes in our estimate of, or the recognition of, the unrecognized tax benefits shown in the table above would affect our effective tax rate. Our policy is to record accrued interest and penalties on uncertain tax positions, net of any tax effect, as part of total tax expense for the period. The corresponding liability is carried along with the tax exposure as a non-current payable in Other Long-term Liabilities. For the years ended December 31, 2019, 2018 and 2017, we recognized $1.3 million, $0.6 million and $0.6 million, respectively, in interest and penalties. For the years ended December 31, 2019, 2018 and 2017, we had $5.1 million, $3.9 million and $3.3 million, respectively, accrued for the payment of interest and penalties. Changes in our estimate of unrecognized tax benefits would affect our effective tax rate. As of December 31, 2019, 2018 and 2017 there are $0.9 million, $0.6 million and $1.8 million, respectively, of unrecognized tax benefits that could be resolved within the next twelve months which could have a positive effect on the annual effective tax rate. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefit Plans | 12. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Defined Benefit Plan We provide a noncontributory defined benefit pension plan covering substantially all of our Dutch employees ("Dutch Plan") who were hired prior to 2000. This pension benefit is based on years of service and final pay depending on when the employee began participating. The benefits earned by the employees are immediately vested. We fund the future obligations of the Dutch Plan by purchasing an insurance contract from a large multi-national insurance company with a five-year During 2019 and 2018, there was a curtailment of the Dutch Plan for our Dutch employees whose pension benefit was based on years of service and final pay or career average pay, depending on when the employee began participating. These employees have been moved into the Dutch defined contribution plan. This event resulted in a curtailment gain of $2.6 million and $1.2 million as of December 31, 2019 and 2018, respectively. However, the unconditional indexation for this group of participants remains as long as they stay in active service for the company. The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch Plan for the years ended December 31, 2019 and 2018 (in thousands): 2019 2018 Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 60,671 $ 63,398 Service cost 755 1,453 Prior service cost — (157 ) Interest cost 1,027 1,244 Amendments/curtailments (2,621 ) (1,219 ) Benefits paid and administrative expenses (1,229 ) (1,349 ) Actuarial (gain) loss, net 7,979 (383 ) Unrealized (gain) loss on foreign exchange (1,336 ) (2,316 ) Projected benefit obligation at end of year $ 65,246 $ 60,671 Fair Value of Plan Assets: Fair value of plan assets at beginning of year $ 53,273 $ 53,145 Increase in plan asset value 6,905 2,251 Employer contributions 1,558 1,282 Benefits paid and administrative expenses (1,246 ) (1,386 ) Unrealized gain (loss) on foreign exchange (1,172 ) (2,019 ) Fair value of plan assets at end of year $ 59,318 $ 53,273 Under-funded status of the plan at end of the year $ (5,928 ) $ (7,398 ) Accumulated Benefit Obligation 65,246 $ 55,863 The following actuarial assumptions were used to determine the actuarial present value of our projected benefit obligation and the net periodic pension costs for the Dutch Plan at December 31, 2019 and 2018: 2019 2018 Weighted average assumed discount rate 1.05 % 1.75 % Expected long-term rate of return on plan assets 1.05 % 1.75 % Weighted average rate of compensation increase 1.80 % 2.80 % The discount rate used to determine our projected benefit obligation at December 31, 2019 was decreased from 1.75% to 1.05%, consistent with a general decrease in interest rates in Europe for AAA-rated long-term Euro government bonds. Amounts recognized for the Dutch Plan in the Consolidated Balance Sheets at December 31, 2019 and 2018 consist of (in thousands): 2019 2018 Deferred tax asset 1,482 $ 4,369 Other long-term liabilities 5,928 7,398 Accumulated other comprehensive loss (5,640 ) (5,650 ) The components of net periodic pension cost for the Dutch Plan under this plan for the years ended December 31, 2019, 2018 and 2017 included (in thousands): 2019 2018 2017 Service cost $ 755 $ 1,453 $ 1,494 Interest cost 1,027 1,244 1,121 Expected return on plan assets (914 ) (1,077 ) (950 ) Administrative charges 17 37 — Curtailment (2,621 ) (1,219 ) — Prior service cost (848 ) (106 ) (77 ) Net actuarial loss 3,171 1,706 440 Net periodic pension cost $ 587 $ 2,038 $ 2,028 Plan assets at December 31, 2019 and 2018 consisted of insurance contracts with returns equal to the contractual rate, which are comparable with governmental debt securities. Our expected long-term rate of return assumptions are based on the weighted-average contractual rates for each contract. Dutch law dictates the minimum requirements for pension funding. Our goal is to meet these minimum funding requirements, while our insurance carrier invests to minimize risks associated with future benefit payments. Our 2020 minimum funding requirements are expected to be $0.7 million. Our estimate of future annual contributions is based on current funding and the unconditional indexation requirements, and we believe these contributions will be sufficient to fund the plan. Expected benefit payments to eligible participants under this plan for the next five years are as follows (in thousands): 2020 $ 1,310 2021 $ 1,394 2022 $ 1,477 2023 $ 1,518 2024 $ 1,634 Succeeding five years $ 9,988 Defined Contribution Plans We maintain defined contribution plans for the benefit of eligible employees primarily in Canada, the Netherlands, the United Kingdom, and the United States. In accordance with the terms of each plan, we and our participating employees contribute up to specified limits and under certain plans, we may make discretionary contributions in accordance with the defined contribution plans. Our primary obligation under these defined contribution plans is limited to paying the annual contributions. For the years ended December 31, 2019, 2018 and 2017, we paid $5.3 million, $4.3 million and $4.2 million, respectively, for our contributions and our additional discretionary contributions to the defined contribution plans. Vesting in all employer contributions is accelerated upon the death of the participant or a change in control. Employer contributions under the plans are forfeited upon a participant’s termination of employment to the extent they are not vested at that time. Deferred Compensation Arrangements We have entered into deferred compensation contracts for certain key employees to provide additional retirement income to the participants. The benefit is determined by the contract for either a fixed amount or by a calculation using years of service or age at retirement along with the average of their base salary for the five years prior to retirement. We are not required to fund this arrangement; however, we have purchased life insurance policies with cash surrender values to assist us in providing the benefits pursuant to these deferred compensation contracts with the actual benefit payments made by Core Laboratories. The charge to expense for these deferred compensation contracts in 2019, 2018 and 2017 was $2.0 million, $1.2 million and $1.4 million, respectively. We provide severance compensation to certain current key employees if employment is terminated under certain circumstances, such as following a change in control or for any reason other than upon their death or disability, for “cause” or upon a material breach of a material provision of their employment agreement, as defined in their employment agreements. In addition, there are certain countries where we are legally required to make severance payments to employees when they leave our service. We have accrued for all of these severance payments, but they are not funded. We have also adopted a non-qualified deferred compensation plan (“Deferred Compensation Plan”) that allows certain highly compensated employees to defer a portion of their salary, commission and bonus, as well as the amount of any reductions in their deferrals under the Deferred Compensation Plan for employees in the United States, due to certain limitations imposed by the U.S. Internal Revenue Code of 1986, as amended (the “Code”). Contributions to the plan are invested in equity and other investment fund assets, and carried on the balance sheet at fair value. The benefits under these contracts are fully vested. Our primary obligation for the Deferred Compensation Plan is limited to our annual contributions. Employer contributions to the Deferred Compensation Plan for the years ended December 31, 2019, 2018 and 2017 were $0.1 million, $0.1 million, and $0.1 million, respectively. Vesting in all employer contributions is accelerated upon the death of the participant or a change in control. Employer contributions under the plans are forfeited upon a participant's termination of employment to the extent they are not vested at that time. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES We have been and may from time to time be named as a defendant in legal actions that arise in the ordinary course of business. These include, but are not limited to, employment-related claims and contractual disputes or claims for personal injury or property damage which occur in connection with the provision of our services and products. A liability is accrued when a loss is both probable and can be reasonably estimated. In 1998, we entered into employment agreements with our three senior executive officers that provide for certain deferred compensation benefits. Two of these executive officers retired from the Company on December 31, 2018 and the payment of these deferred compensation benefits was made in 2019. The present value of the remaining obligation under these agreements is $5.5 million at December 31, 2019, and is recorded as a long term liability. We do not maintain any off-balance sheet debt or other similar financing arrangements nor have we formed any special purpose entities for the purpose of maintaining off-balance sheet debt. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | 14. EQUITY Treasury Shares In connection with our initial public offering in September 1995, our shareholders authorized our Management Board to repurchase up to 10% of our issued share capital, the maximum allowed under Dutch law at the time, for a period of 18 months. This authorization was renewed at subsequent annual or special shareholder meetings. At our annual shareholders' meeting on May 23, 2019, our shareholders authorized an extension to repurchase up to 10% of our issued share capital through November 23, 2020. The repurchase of shares in the open market is at the discretion of management pursuant to this shareholder authorization. From the activation of the share repurchase program on October 29, 2002 through December 31, 2019, pursuant to shareholder approvals, we have repurchased 39,689,999 shares for an aggregate purchase price of approximately $1.7 billion, or an average price of $41.57 per share and have canceled 33,475,406 shares with an historical cost of $1.2 billion. At December 31, 2019, we held 330,690 shares in treasury with the authority to repurchase 4,148,935 additional shares under our stock repurchase program. Subsequent to year-end, we have repurchased 20,036 shares at a total cost of $0.8 million. Dividend Policy In 2008, Core Laboratories announced the initiation of a cash dividend program. Cash dividends of $0.55 per share were paid each quarter of 2019 and 2018. The declaration and payment of future dividends will be at the discretion of the Supervisory Board of Directors and will depend upon, among other things, future earnings, general financial condition, liquidity, capital requirements, and general business conditions. On January 14, 2020, the Company declared a cash dividend of $0.25 per share of common stock payable February 14, 2020 to shareholders of record on January 24, 2020. Accumulated Other Comprehensive Income (Loss) Amounts recognized, net of tax, in Accumulated other comprehensive income (loss) at December 31, 2019 and 2018 consist of (in thousands): 2019 2018 Prior service cost $ — $ 593 Unrecognized net actuarial loss and foreign exchange (5,640 ) (6,243 ) Fair value of derivatives (690 ) 194 Total Accumulated other comprehensive (loss) $ (6,330 ) $ (5,456 ) All prior service costs were recognized in 2019 therefore, there is no amount expected to be recognized in 2020. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stock Based Compensation [Abstract] | |
Stock-based Compensation | 15. STOCK-BASED COMPENSATION We have granted restricted stock awards under two stock incentive plans: the 2014 Long-Term Incentive Plan and the 2014 Nonemployee Director Stock Incentive Plan. Awards under the following three compensation programs have been granted pursuant to both plans: (1) the Performance Share Award Program ("PSAP"); (2) the Restricted Share Award Program ("RSAP") and (3) the Restricted Share Award Program for Nonemployee Directors (the "Program"). We issue shares from either treasury stock or authorized shares upon the lapsing of vesting restrictions on restricted stock. In 2019, we issued 220,417 shares out of treasury stock relating to the vesting of restricted stock. We do not use cash to settle equity instruments issued under stock-based compensation awards. 2014 Long-Term Incentive Plan In 2014, the 2007 Long-Term Incentive Plan was amended, restated and renamed as the 2014 Long-Term Incentive Plan (the "Plan"). The primary changes effected by the 2014 amendment and restatement were to (a) extend the period during which awards may be granted under the Plan to May 12, 2024, and (b) increase the number of common shares subject to the Plan by 1,100,000 shares. The Plan, as amended, provides for a maximum of 11,900,000 common shares to be granted to eligible employees. At December 31, 2019, approximately 472,024 shares remained available for the grant of new awards under the Plan. Specifically, we encourage share ownership by awarding various long-term equity incentive awards under the Plan, consisting of the PSAP and RSAP. We believe that widespread common share ownership by key employees is an important means of encouraging superior performance and employee retention. Additionally, our equity-based compensation programs encourage performance and retention by providing additional incentives for executives to further our growth, development and financial success over a longer time horizon by personally benefiting through the ownership of our common shares and/or rights. Performance Share Award Program The PSAP allows us to compensate our executive and senior management teams as we meet or exceed our business objectives. The PSAP shares are unvested and may not be sold, assigned, pledged, hedged, margined or otherwise transferred by an award recipient until such time as, and then only to the extent that, the restricted performance shares have vested. In the event of a change in control (as defined in the Plan) prior to the last day of the Performance Period, all of the award recipient's restricted performance shares will vest as of the effective date of such change in control. Subject to continued employment with us, or upon death or disability, PSAP shares vest if we meet or exceed our business objectives. The company recorded $7.2 million and $9.9 million of additional non-cash stock compensation expense in the year ended December 31, 2019 and 2018, respectively, associated with the 2019 and 2018 PSAP awards for certain members of our executive management team who became retirement eligible during those years. The additional stock compensation expense has been recorded in accordance with FASB ASC Topic 718, "Compensation - Stock Compensation" On February 14, 2017, certain executives were awarded rights to receive an aggregate of up to 128,112 common shares if our calculated ROIC, as defined in the PSAP, achieved certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ended on the last trading day of 2019, December 31, 2019. This arrangement was recorded as an equity award that required us to recognize compensation expense totaling $13.7 million over the shorter of the 3-year performance period or requisite service period, as determined for each participant individually, of which $0.3 million, $8.7 million and $4.7 million has been recognized annually in 2019, 2018 and 2017, respectively. At December 31, 2019, the Company had the highest ROIC compared to the Bloomberg Comp Group. The Compensation Committee of our Board of Supervisory Directors verified that the performance target criteria had been met at the end of the performance period and 123,312 shares vested (4,800 shares were previously forfeited). We issued these common shares on December 31, 2019 and, simultaneously, the participants surrendered 43,136 common shares to settle any personal tax liabilities which may result from the award, as permitted by the agreement. We recorded these surrendered shares as treasury stock with an aggregate cost of $1.6 million at $37.67 per share. On February 13, 2018, certain executives were awarded rights to receive an aggregate of up to 162,772 common shares if our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ends on the last trading day of 2020, December 31, 2020. This arrangement is recorded as an equity award that requires us to recognize compensation expense totaling $16.0 million over the shorter of the 3-year performance period or requisite service period, as determined for each participant individually, of which $3.0 million and $11.4 million has been recognized in 2019 and 2018, respectively. The unrecognized compensation expense is expected to be recognized over an estimated amortization period of 12 months. On February 12, 2019, certain executives were awarded rights to receive an aggregate of up to 220,065 common shares if our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ends on the last trading day of 2021, December 31, 2021. This arrangement is recorded as an equity award that requires us to recognize compensation expense totaling $13.1 million over the shorter of the 3-year performance period or requisite service period, as determined for each participant individually, of which $8.8 million has been recognized in 2019. The unrecognized compensation expense is expected to be recognized over an estimated amortization period of 24 months. Restricted Share Award Program In 2004, the Compensation Committee of our Board of Supervisory Directors approved the RSAP to attract and retain the best employees, and to better align employee interests with those of our shareholders. Under this arrangement we awarded grants totaling 182,533 shares, 115,618 shares, and 101,811 shares in 2019, 2018 and 2017, respectively. Each of these grants has a vesting period of principally six years and vests ratably on an annual basis. There are no performance accelerators for early vesting for these awards. Awards under the RSAP are classified as equity awards and recorded at the grant-date fair value with the compensation expense recognized over the expected life of the award. As of December 31, 2019, there was $24.9 million of unrecognized total stock-based compensation expense relating to non-vested RSAP awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 45 months. The grant-date fair value of shares granted was $8.7 million, $11.6 million and $9.5 million in 2019, 2018 and 2017, respectively. We recognized compensation expense of $8.0 million, $8.9 million and $9.0 million in 2019, 2018 and 2017, respectively. The total grant-date fair value, which is the intrinsic value, of the shares vested was $8.7 million, $9.0 million and $9.6 million in 2019, 2018 and 2017, respectively. 2014 Nonemployee Director Stock Incentive Plan In 2014, the 2006 Nonemployee Director Stock Option Plan was amended, restated and renamed as the 2014 Nonemployee Director Stock Incentive Plan (the "Director Plan"). The primary change effected by the 2014 amendment was to extend the period during which awards may be granted under the Director Plan to May 12, 2024. The Director Plan provides common shares for grant to our eligible Supervisory Directors. The maximum number of shares available for award under this plan is 1,400,000 common shares. As of December 31, 2019 approximately 644,509 shares remained available for issuance under the Director Plan. Only non-employee Supervisory Directors are eligible for these equity-based awards under the Director Plan. In 2011, the Compensation Committee of our Board of Supervisory Directors approved the restricted share award program (the "Program") to compensate our non-employee Supervisory Directors. Under this arrangement we awarded grants totaling 10,885 shares, 8,322 shares and 9,093 shares in 2019, 2018 and 2017, respectively. The shares awarded in 2109, 2018 and 2017 have a vesting period of one year for each grant; the shares awarded in 2016, which vested in 2019, had a vesting period of three years. There are no performance accelerators for early vesting for these awards. Awards under the Program are classified as equity awards and recorded at the grant-date fair value with compensation expense recognized over the expected life of the award. As of December 31, 2019, there was $0.2 million of unrecognized stock-based compensation relating to non-vested Program awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 3 months. The grant-date fair value of shares granted was $0.7 million, $0.9 million and $1.0 million in 2019, 2018 and 2017, respectively, and we have recognized compensation expense of $0.8 million, $1.4 million and $1.5 million in 2019, 2018 and 2017, respectively. Equity Compensation Plan Information Information about our equity compensation plans as of December 31, 2019 are as follows: Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights Weighted Average Exercise Price of Outstanding Options, Warrants and Rights Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans Equity compensation plans approved by our shareholders 2014 Long-Term Incentive Plan 659,298 — 472,024 2014 Nonemployee Director Stock Incentive Plan 10,885 — 644,509 Equity compensation plans not approved by our shareholders — — — Total 670,183 1,116,533 Stock-based Compensation Non-vested restricted share awards outstanding under both the Plan and the Director Plan as of December 31, 2019 and changes during the year were as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested at December 31, 2018 541,558 $ 103.68 Granted 389,132 $ 58.74 Vested (220,417 ) $ 110.59 Forfeited (39,576 ) $ 85.24 Non-vested at December 31, 2019 670,697 $ 75.93 For the years ended December 31, 2019, 2018 and 2017, stock-based compensation expense under both the Plan and the Director Plan recognized in the income statement is as follows (in thousands): 2019 2018 2017 Cost of product sales and services $ 7,288 $ 8,648 $ 8,879 General and administrative 13,591 25,546 14,063 Total stock-based compensation expense $ 20,879 $ 34,194 $ 22,942 In 2019 and 2018, we recorded additional stock compensation expenses of $7.2 million and $9.9 million, respectively, for retirement eligible employees as discussed in the section " Performance Share Award Program |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 16. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risks related to fluctuations in interest rates. To mitigate these risks, we utilize derivative instruments in the form of interest rate swaps. We do not enter into derivative transactions for speculative purposes. Interest Rate Risk Series A of our Senior Notes bears interest at a fixed rate of 4.01% and Series B bears interest at a fixed rate of 4.11%. Our Credit Facility bears interest at variable rates from LIBOR plus 1.375% to a maximum of LIBOR plus 2.00%. We are subject to interest rate risk on the debt in excess of $25 million drawn on our Credit Facility. In 2014, we entered into two interest rate swap agreements for a total notional amount of $50 million to hedge changes in the variable rate interest expense on $50 million of our existing or replacement LIBOR-priced debt. One of the swap agreements with a value of $25 million expired on August 29, 2019. The remaining swap agreement, fixes the LIBOR portion of the interest rate at 2.50% through August 29, 2024. This swap is measured at fair value and recorded in our Consolidated Balance Sheet as an asset or liability. It is designated and qualifies as a cash flow hedging instrument and is highly effective. Unrealized losses are deferred to shareholders' equity as a component of accumulated other comprehensive income (loss) and are recognized in income as an increase or decrease to interest expense in the period in which the related cash flows being hedged are recognized in expense. At December 31, 2019, we had fixed rate debt aggregating $175 million and variable rate debt aggregating $132 million, after taking into account the effect of the swaps. The fair values of outstanding derivative instruments at December 31, 2019 and 2018 are as follows (in thousands): Fair Value of Derivatives 2019 2018 Balance Sheet Classification Derivatives designated as hedges: 5 yr interest rate swap $ — $ 135 Other Assets 10 yr interest rate swap (1,054 ) (70 ) Other Long Term (Liabilities) $ (1,054 ) $ 65 The fair value of all outstanding derivatives was determined using a model with inputs that are observable in the market or can be derived from or corroborated by observable data. The effect of the interest rate swaps on the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 was as follows (in thousands): 2019 2018 Income Statement Classification Derivatives designated as hedges: 5 yr interest rate swap $ (121 ) $ (64 ) Interest Expense 10 yr interest rate swap 60 133 Interest Expense $ (61 ) $ 69 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 17. FINANCIAL INSTRUMENTS The Company's only financial assets and liabilities which are measured at fair value on a recurring basis relate to certain aspects of the Company's benefit plans and our derivative instruments. We use the market approach to value certain assets and liabilities at fair value using significant other observable inputs (Level 2) with the assistance of a third party specialist. We do not have any assets or liabilities measured at fair value on a recurring basis using quoted prices in an active market (Level 1) or significant unobservable inputs (Level 3). Gains and losses related to the fair value changes in the deferred compensation assets and liabilities are recorded in General and Administrative Expenses in the Consolidated Statements of Operations. Gains and losses related to the fair value of the interest rate swaps are recorded in Other Comprehensive Income. The following table summarizes the fair value balances (in thousands): Fair Value Measurement at December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Deferred compensation assets (1) $ 47,009 $ — $ 47,009 $ — $ 47,009 $ — $ 47,009 $ — Liabilities: Deferred compensation plan $ 34,081 $ — $ 34,081 $ — 10 year 1,054 — 1,054 — $ 35,135 $ — $ 35,135 $ — Fair Value Measurement at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Deferred compensation assets (1) $ 42,161 $ — $ 42,161 $ — 5 year 135 — 135 — $ 42,296 $ — $ 42,296 $ — Liabilities: Deferred compensation plan $ 33,287 $ — $ 33,287 $ — 10 year 70 — 70 — $ 33,357 $ — $ 33,357 $ — (1) Deferred compensation assets consist of the cash surrender value of life insurance policies and are intended to assist in the funding of the deferred compensation arrangements. |
Other (Income) Expense
Other (Income) Expense | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Other (Income) Expense, Net | 18. OTHER (INCOME) EXPENSE, NET The components of other (income) expense, net, for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): 2019 2018 2017 Sale of assets $ (583 ) $ (1,078 ) $ (346 ) Results of non-consolidated subsidiaries (208 ) (203 ) (332 ) Foreign exchange 1,725 2,598 951 Rents and royalties (607 ) (510 ) (454 ) Employment related charges 2,998 — — Return on pension assets and other pension costs (1,501 ) (644 ) (587 ) Acquisition-related costs — 623 — Gain on sale of business (1,154 ) — — Insurance settlement — (707 ) — Cost reduction and other charges 5,555 — 1,145 Other, net (906 ) (816 ) 255 Total Other (income) expense, net $ 5,319 $ (737 ) $ 632 Foreign Currency Risk We operate in a number of international areas which exposes us to foreign currency exchange rate risk. We do not currently hold or issue forward exchange contracts or other derivative instruments for hedging or speculative purposes (a foreign exchange contract is an agreement to exchange different currencies at a given date and at a specified rate). Foreign exchange gains and losses are the result of fluctuations in the USD against foreign currencies and are included in other (income) expense, net in the Consolidated Statements of Operations. We recognized foreign exchange losses in countries where the USD weakened against the local currency and we had net monetary liabilities denominated in the local currency; as well as countries where the USD strengthened against the local currency and we had net monetary assets denominated in the local currency. We recognized foreign exchange gains in countries where the USD strengthened against the local currency and we had net monetary liabilities denominated in the local currency and in countries where the USD weakened against the local currency and we had net monetary assets denominated in the local currency. Foreign exchange gains and losses for the years ended December 31, 2019, 2018 and 2017 are summarized in the following table (in thousands): (Gains) losses by currency 2019 2018 2017 Australian Dollar $ 158 $ 183 $ 12 British Pound 599 158 (92 ) Canadian Dollar 489 458 (62 ) Euro 469 208 1,413 Other currencies, net 10 1,591 (320 ) Total (gain) loss, net $ 1,725 $ 2,598 $ 951 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 19. DISCONTINUED OPERATIONS In 2018, in a continuing effort to streamline our business and align our business strategy for further integration of services and products, the Company committed to divest the business of our full range of permanent downhole monitoring systems and related services, which had been part of our Production Enhancement segment. On June 7, 2019, we entered into a definitive purchase agreement for approximately $16.6 million in cash. A pre-tax gain of $8.3 million was recognized in connection with this transaction, subject to adjustments for working capital purposes and is classified in Income for discontinued operations in the Consolidated Statements of Operations. The purchase agreement also provides for additional proceeds of up to $2.5 million based on the results of operations of the sold business in 2019 and 2020, none of which has been recognized. The associated results of operations are separately reported as Discontinued Operations for all periods presented on the Consolidated Statements of Operations. Balance sheet items for this discontinued business, including an allocation of goodwill from the Production Enhancement segment, have been reclassified to Other current assets and Other current liabilities in the Consolidated Balance Sheet. Cash flows from this discontinued business are shown in the table below. As such, the results from continuing operations for the Company and segment highlights for Production Enhancement, exclude these discontinued operations. Selected data for this discontinued business for the years ended December 31, 2019, 2018 and 2017 consisted of the following (in thousands): 2019 2018 2017 Service revenue $ 1,165 $ 1,462 $ 1,254 Product sales 4,233 5,708 10,736 Total revenue 5,398 7,170 11,990 Cost of services, exclusive of depreciation expense shown below 690 1,163 709 Cost of product sales, exclusive of depreciation expense shown below 3,196 5,696 8,573 Depreciation and amortization — 115 416 Other expense (income) 91 72 (180 ) Operating income 1,421 124 2,472 Gain on sale 8,319 — — Income from discontinued operations before income tax expense 9,740 124 2,472 Income tax expense 1,907 182 361 Income (loss) from discontinued operations, net of income taxes $ 7,833 $ (58 ) $ 2,111 Selected data for this discontinued business at December 31, 2019 and 2018 consisted of the following (in thousands): 2019 2018 Current assets $ — $ 3,712 Non-current assets — 1,848 Total assets $ — $ 5,560 Current liabilities $ — $ 1,633 Non-current liabilities — 82 Total liabilities $ — $ 1,715 Net cash provided by (used in) operating activities of discontinued operations for the years ended December 31, 2019, 2018 and 2017 was $0.1 million, $0.2 million and $2.5 million, respectively. Net cash provided by investing activities of discontinued operations for the year ended December 31, 2019 was $14.8 million. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 20. SEGMENT REPORTING We operate our business in two reporting segments. These complementary segments provide different services and products and utilize different technologies for improving reservoir performance and increasing oil and gas recovery from new and existing fields: (1) Reservoir Description and (2) Production Enhancement. These business segments provide different services and products and utilize different technologies. • Reservoir Description : Encompasses the characterization of petroleum reservoir rock, fluid and gas samples to increase production and improve recovery of oil and gas from our clients' reservoirs. We provide laboratory-based analytical and field services to characterize properties of crude oil and petroleum products to the oil and gas industry. We also provide proprietary and joint industry studies based on these types of analyses. • Production Enhancement : Includes services and products relating to reservoir well completions, perforations, stimulations and production. We provide integrated diagnostic services to evaluate and monitor the effectiveness of well completions and to develop solutions aimed at increasing the effectiveness of enhanced oil recovery projects. Results for these business segments are presented below. We use the same accounting policies to prepare our business segment results as are used to prepare our Consolidated Financial Statements. All interest and other non-operating income (expense) is attributable to Corporate & Other area and is not allocated to specific business segments. Summarized financial information concerning our segments for the years ended December 31, 2019, 2018 and 2017 is shown in the following table (in thousands): Reservoir Description Production Enhancement Corporate & Other (1) Consolidated December 31, 2019 Revenues from unaffiliated clients $ 420,897 $ 247,313 $ — $ 668,210 Inter-segment revenues 436 500 (936 ) — Segment operating income 55,140 38,378 3,166 96,684 Total assets (at end of period) 343,405 279,769 151,499 774,673 Capital expenditures 10,439 11,253 577 22,269 Depreciation and amortization 15,109 5,645 1,851 22,605 December 31, 2018 Revenues from unaffiliated clients $ 413,082 $ 287,764 $ — $ 700,846 Inter-segment revenues 988 378 (1,366 ) — Segment operating income 54,847 63,039 736 118,622 Total assets (at end of period) 315,503 270,832 62,492 648,827 Capital expenditures 12,829 8,222 690 21,741 Depreciation and amortization 16,747 4,271 2,069 23,087 December 31, 2017 Revenues from unaffiliated clients $ 415,220 $ 232,599 $ — $ 647,819 Inter-segment revenue 294 1,185 (1,479 ) — Segment operating income (loss) 66,500 43,987 (519 ) 109,968 Total assets (at end of period) 320,569 206,389 57,854 584,812 Capital expenditures 10,406 6,819 1,550 18,775 Depreciation and amortization 17,972 4,435 2,117 24,524 (1) "Corporate and other" represents those items that are not directly relating to a particular segment and eliminations. We are a Netherlands company and we derive our revenue from services and product sales to clients primarily in the oil and gas industry. No single client accounted for 10% or more of revenue in any of the periods presented. We attribute service revenue to the country in which the service was performed rather than where the reservoir or project is located while we attribute product sales revenue to the country where the product was shipped as we feel this gives a clearer view of our operations. We do, however, have significant levels of service revenue performed and recorded in the U.S. that are sourced from projects on non-U.S. oilfields. The following table shows a summary of our U.S. and non-U.S. operations for the years ended or at December 31, 2019, 2018 and 2017 (in thousands): United Other GEOGRAPHIC INFORMATION States Canada Countries (1) (2) Consolidated December 31, 2019 Revenue $ 289,173 $ 25,240 $ 353,797 $ 668,210 Property, plant and equipment, net 66,053 10,998 46,455 123,506 December 31, 2018 Revenue $ 324,073 $ 34,633 $ 342,140 $ 700,846 Property, plant and equipment, net 65,073 9,567 48,277 122,917 December 31, 2017 Revenue $ 283,969 $ 30,131 $ 333,719 $ 647,819 Property, plant and equipment, net 63,812 9,725 49,561 123,098 (1) Revenue earned in other countries, including the Netherlands, was not individually greater than 10% (2) Property, plant and equipment, net in other countries, including the Netherlands, were not individually greater than 10% of our consolidated fixed assets in 2019, 2018 and 2017 . The following table shows the breakdown between services and product sales for the years ended December 31, 2019, 2018 and 2017 (in thousands): SEGMENT BREAKDOWN BETWEEN SERVICES / PRODUCT SALES 2019 2018 2017 Reservoir Description Services $ 389,801 $ 387,098 $ 393,742 Production Enhancement Services 84,392 99,722 86,522 Total Revenue - Services $ 474,193 $ 486,820 $ 480,264 Reservoir Description Product sales $ 31,096 $ 25,984 $ 21,478 Production Enhancement Product sales 162,921 188,042 146,077 Total Revenue - Product sales $ 194,017 $ 214,026 $ 167,555 Total Revenue $ 668,210 $ 700,846 $ 647,819 |
Unaudited Selected Quarterly Re
Unaudited Selected Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Unaudited Selected Quarterly Results of Operations | 21. UNAUDITED SELECTED QUARTERLY RESULTS OF OPERATIONS Summarized below is our unaudited quarterly financial data for the quarters during the years ended December 31, 2019 and 2018 (in thousands, except per share data): Quarter ended 2019 December 31 September 30 June 30 March 31 Services and product sales revenue $ 156,778 $ 173,200 $ 169,038 $ 169,194 Cost of services and product sales 117,749 125,996 124,451 127,383 Other operating expenses (3) 17,974 15,997 16,579 25,397 Operating income 21,055 31,207 28,008 16,414 Interest expense 3,588 3,662 3,714 3,726 Income before income tax expense 17,467 27,545 24,294 12,688 Income tax expense 7,177 3,335 4,808 (27,610 ) Net income from continuing operations 10,290 24,210 19,486 40,298 Net income (loss) from discontinued operations — (397 ) 7,971 259 Net income 10,290 23,813 27,457 40,557 Net income (loss) attributable to non-controlling interest (40 ) 84 43 47 Net income attributable to Core Laboratories N.V. $ 10,330 $ 23,729 $ 27,414 $ 40,510 Per share information: Basic earnings per share (1) (2) $ 0.23 $ 0.54 $ 0.62 $ 0.91 Diluted earnings per share (1) (2) $ 0.23 $ 0.53 $ 0.61 $ 0.91 Weighted average common shares outstanding: Basic 44,379 44,371 44,354 44,323 Diluted 44,634 44,716 44,815 44,734 Quarter ended 2018 December 31 September 30 June 30 March 31 Services and product sales revenue $ 173,207 $ 182,146 $ 175,475 $ 170,018 Cost of services and product sales 125,694 128,179 123,773 119,318 Other operating expenses (3) 29,535 19,088 18,253 18,384 Operating income 17,978 34,879 33,449 32,316 Interest expense 3,634 3,278 3,296 3,120 Income before income tax expense 14,344 31,601 30,153 29,196 Income tax expense 5,750 9,404 5,020 5,273 Net income from continuing operations 8,594 22,197 25,133 23,923 Net income (loss) from discontinued operations 408 208 (328 ) (346 ) Net income 9,002 22,405 24,805 23,577 Net income (loss) attributable to non-controlling interest 167 (7 ) 53 50 Net income attributable to Core Laboratories N.V. $ 8,835 $ 22,412 $ 24,752 $ 23,527 Per share information: Basic earnings per share (1) (2) $ 0.20 $ 0.51 $ 0.56 $ 0.53 Diluted earnings per share (1) (2) $ 0.20 $ 0.50 $ 0.56 $ 0.53 Weighted average common shares outstanding: Basic 44,226 44,216 44,203 44,179 Diluted 44,401 44,591 44,493 44,463 (1) Basic earnings per share and Diluted earnings per share are based on Net income attributable to Core Laboratories N.V. (2) The sum of the individual quarterly earnings per share amounts may not agree with the year-to-date earnings per share amounts as each quarterly computation is based on the weighted average number of common shares outstanding during that period. (3) First quarter of 2019 and Fourth quarter of 2018 includes charges of $7.2 million and $9.9 million, respectively, of additional stock compensation expenses. See Note 15. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Account | 12 Months Ended |
Dec. 31, 2019 | |
Valuation And Qualifying Accounts Abstract | |
Schedule II - Valuation and Qualifying Account | CORE LABORATORIES N.V. Schedule II - Valuation and Qualifying Account (In thousands) Balance at Beginning of Period Additions Charged to/Recovered from Expense Write-offs Other (1) Balance at End of Period Year ended December 31, 2019 Reserve for doubtful accounts $ 2,650 $ 594 $ (454 ) $ (60 ) $ 2,730 Year ended December 31, 2018 Reserve for doubtful accounts $ 2,590 $ 605 $ (560 ) $ 15 $ 2,650 Year ended December 31, 2017 Reserve for doubtful accounts $ 3,139 $ (202 ) $ (428 ) $ 81 $ 2,590 (1) Comprised primarily of differences due to changes in exchange rate. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("U.S. GAAP" or "GAAP"), and include the accounts of Core Laboratories and its subsidiaries for which we have a controlling voting interest and/or a controlling financial interest. The equity method of accounting is used to record our interest in investments in which we have less than a majority interest and do not exercise control but do exert significant influence. We use the cost method to record certain other investments in which we own less than 20% of the outstanding equity and do not exercise control or exert significant influence. We record non-controlling |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimates on an ongoing basis and utilize our historical experience, as well as various other assumptions that we believe are reasonable in a given circumstance, in order to make these estimates. Actual results could differ from our estimates, as assumptions and conditions change. The following accounts, among others, require us to use estimates and assumptions: ▪ allowance for doubtful accounts; ▪ obsolete inventory; ▪ depreciation and amortization; ▪ long-lived assets, intangibles and goodwill; ▪ income taxes; ▪ pensions and other postretirement benefits; ▪ stock-based compensation; and ▪ leases. Accounting policies relating to these accounts and the nature of these estimates are further discussed under the applicable caption. For each of these critical estimates it is at least reasonably possible that changes in these estimates will occur in the short term which may impact our financial position or results of operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all short-term, highly liquid instruments purchased with an original maturity of three months or less. These items are carried at cost, which approximates fair value. |
Concentration of Credit Risk | Concentration of Credit Risk Our financial instruments that potentially subject us to concentrations of credit risk relate primarily to cash and cash equivalents and trade accounts receivable. All cash and cash equivalents are on deposit at commercial banks or investment firms with significant financial resources. Our trade receivables are with a variety of domestic, international and national oil and gas companies. We had no clients who provided more than 10% of our revenue for the years ended December 31, 2019, 2018 and 2017. We consider our credit risk related to trade accounts receivable to be limited due to the creditworthiness and financial resources of our clients. We evaluate our estimate of the allowance for doubtful accounts on an on-going basis throughout the year. |
Concentration of Interest Rate Risk | Concentration of Interest Rate Risk We are exposed to interest rate risk on our revolving credit facility (the "Credit Facility") debt, which carries a variable interest rate. We are exposed to interest rate risk on our Senior Notes which carry a fixed interest rate, but whose fair value will fluctuate based on changes in interest rates and market perception of our credit risk. |
Derivative Instruments | Derivative Instruments We may enter into a variety of derivative instruments in connection with the management of our exposure to fluctuations in interest rates or currency exchange rates. See Note 16 - Derivative Instruments and Hedging Activities We do not enter into derivatives for speculative purposes. |
Accounts Receivable | Accounts Receivable Trade accounts receivable are recorded at their invoiced amounts and do not bear interest. We perform ongoing credit evaluations of our clients and monitor collections and payments in order to maintain a provision for estimated uncollectible accounts based on our historical collection experience and our current aging of client receivables outstanding, in addition to client's representations and our understanding of the economic environment in which our clients operate. Based on our review we establish or adjust allowances for specific clients and the accounts receivable as a whole, and recognize expense. When an account is determined to be uncollectible, we charge the receivable to our allowance for doubtful accounts. Our allowance for doubtful accounts totaled $2.7 million and $2.7 million at December 31, 2019 and 2018, respectively. The net carrying value of accounts receivable is considered to be representative of its respective fair value. |
Inventories | Inventories Inventories consist of manufactured goods, materials and supplies used for sales or services to clients. Inventories are stated at the lower of cost or estimated net realizable value. Inventory costs are recorded at standard cost which approximates the first-in, first-out method. |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised primarily of prepaid insurance, value added taxes and prepaid rents. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are capitalized while maintenance and repair costs are charged to expense as incurred. They are depreciated using the straight-line method based on their individual estimated useful lives, except for leasehold improvements, which are depreciated over the remaining lease term, if shorter. We estimate the useful lives and salvage values of our assets based on historical data as follows: Buildings and leasehold improvements 3 - 40 years Machinery and equipment 3 - 10 years When long-lived assets are sold or retired, the remaining costs and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in income. These capitalized long-lived assets could become impaired if our operating plans or business environment changes. We review our long-lived assets, including definite-lived intangible assets, for impairment when events or changes in circumstances indicate that their net book value may not be recovered over their remaining service lives. Indicators of possible impairment may include significant declines in activity levels in regions where specific assets or groups of assets are located, extended periods of idle use, declining revenue or cash flow or overall changes in general market conditions. Whenever possible impairment is indicated, we compare the carrying value of the assets to the sum of the estimated undiscounted future cash flows expected from use, plus salvage value, less the costs of the subsequent disposition of the assets. If impairment is still indicated, we compare the fair value of the assets to the carrying amount, and recognize an impairment loss for the amount by which the carrying value exceeds the fair value. We did not record any material impairment charges relating to our long-lived assets held for use during the years ended December 31, 2019, 2018 and 2017. |
Leases | Leases Effective January 1, 2019, we adopted the provisions of ASC 842, Leases Lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Where our lease does not provide an implicit rate, we estimate the discount rate used to discount the future minimum lease payments using our incremental borrowing rate and other information available at the commencement date. The ROU assets also include all initial direct costs incurred. Our lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. |
Intangibles and Goodwill | Intangibles and Goodwill Intangible assets, including patents, trademarks, technology and trade names, are carried at cost less accumulated amortization. Intangibles with determinable lives are amortized using the straight-line method based on the estimated useful life of the intangible. Intangibles with indeterminable lives, which consist primarily of corporate trade names, are not amortized, but are tested for impairment annually or whenever events or changes in circumstances indicate that impairment is possible. We record goodwill as the excess of the purchase price over the fair value of the net assets acquired in acquisitions accounted for under the purchase method of accounting. We test goodwill for impairment annually, or more frequently if circumstances indicate possible impairment. We evaluated our goodwill for impairment by comparing the fair value of each of our reporting units, which are our reportable segments, to their net carrying value as of the balance sheet date. We estimated the fair value of each reporting unit using a discounted future cash flow analysis. Estimated future cash flows were based on the Company's best estimate of future performance. Our impairment analysis is both qualitative and quantitative, and includes subjective estimates based on assumptions regarding future growth rates, interest rates and operating expenses. If the carrying value of the reporting unit exceeds the fair value determined, an impairment loss is recorded to the extent that the implied fair value of the goodwill of the reporting unit is less than its carrying value. Any subsequent impairment loss could result in a material adverse effect upon our financial position and results of operations. We did not record impairment charges relating to our goodwill or our indefinite-lived intangible assets during the years ended December 31, 2019, 2018 and 2017. We have never identified nor recorded any impairments relating to the goodwill of our current continuing operations. |
Other Assets | Other Assets Cash surrender value of life insurance relates to postretirement benefit plans. See Note 12 - Pension and Other Postretirement Benefit Plans operations of these entities are in-line with those of our core businesses. These entities are not considered special purpose entities nor do we have special off-balance sheet arrangements through these entities. Other assets at December 31, 2019 and 2018 consisted of the following (in thousands): 2019 2018 Cash surrender value of life insurance $ 47,195 $ 41,575 Investments in unconsolidated affiliates 3,969 3,760 Other 4,882 5,880 Total other assets $ 56,046 $ 51,215 |
Accounts Payable | Accounts Payable Trade accounts payable are recorded at their invoiced amounts and do not bear interest. The carrying value of accounts payable is considered to be representative of its respective fair value. |
Income Taxes | Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Consolidated Financial Statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the asset is recovered or the liability is settled. We include interest and penalties from tax judgments in income tax expense. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return. We also recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 11 Income Taxes |
Comprehensive Income | Comprehensive Income Comprehensive income is comprised of net income and other charges or credits to equity that are not the result of transactions with owners. Other comprehensive income consists of prior service costs and an unrecognized net actuarial gain and loss from a pension plan and changes in the fair value of our interest rate swaps. See Note 12 - Pension and Other Postretirement Benefit Plans 16 - Derivative Instruments and Hedging Activities |
Revenue Recognition | Revenue Recognition All of our revenue is derived from contracts with clients and is reported as revenue in the Consolidated Statements of Operations. Our contracts generally include standard commercial payment terms generally acceptable in each region, and do not include financing with extended payment terms. We have no significant obligations for refunds, warranties, or similar obligations. Our revenue does not include taxes collected from our customers. In certain circumstances we apply the guidance in Accounting Standards Codification Topic 606 - Revenue from Contracts with Customers A performance obligation is a promise in a contract to transfer a distinct service or good to a client, and is the unit of account under Topic 606. We have contracts with two general groups of performance obligations: those that require us to perform analysis and/or diagnostic tests in our laboratory or at the client's wellsite and those from the sale of tools, diagnostic and equipment products and related services. We recognize revenue at an amount that reflects the consideration expected to be received in exchange for such services or goods as described below by applying the five-step method to: (1) identify the contract(s) with clients; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract; and (5) recognize revenue when (or as) we satisfy the performance obligation(s). Services Revenue : We provide a variety of services to clients in the oil and gas industry. Where services are provided related to the testing and analysis of rock and fluids, we recognize revenue upon the provision of the test results or analysis to the client. For our design, field engineering and completion diagnostic services, we recognize revenue upon the delivery of those services at the well site or delivery of diagnostic data. In the case of our consortia studies, we have multiple performance obligations and revenue is recognized at the point in time when the testing and analysis results on each contributed core are made available to our consortia members. We conduct testing and provide analysis services in support of our consortia studies recognizing revenue as the testing and analysis results are made available to our consortia members. Product Sales Revenue : We manufacture equipment that we sell to our clients in the oil and gas industry. Revenue is recognized when title to that equipment passes to the client, which is typically when the product is shipped to the client or picked up by the client at our facilities, as set out in the contract. For arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the client for each promised service or product if it were sold on a standalone basis. To a lesser extent in all of our business segments, we enter into other types of contracts including service arrangements and non-subscription software and licensing agreements. We recognize revenue for these arrangements over time or at a point in time depending on our evaluation of when the client obtains control of the promised services or products. Prior to our adoption of Topic 606 effective January 1, 2018, we recognized revenue when we determined the following criteria were met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the fee is fixed or determinable; and (iv) collectability is reasonably assured. The adoption of Topic 606 did not result in any material changes to our revenue recognition policies nor to our consolidated financial statements. Contract Assets and Liabilities Contract assets and liabilities result due to the timing of revenue recognition, billings and cash collections. Contract assets include our right to payment for goods and services already transferred to a customer when the right to payment is conditional on something other than the passage of time, for example contracts where we recognize revenue over time but do not have a contractual right to payment until we complete the performance obligations. Contract assets are included in our accounts receivable and are not material as of December 31, 2019. Contract liabilities consist of advance payments received and billings in excess of revenue recognized. We generally receive up-front payments relating to our consortia studies; we recognize revenue over the life of the study as the testing and analysis results are made available to our consortia members. We record billings in excess of revenue recognized for contracts with a duration less than twelve months as unearned revenue. We classify contract liabilities for contracts with a duration greater than twelve months as current or non-current based on the timing of when we expect to recognize revenue. The current portion of contract liabilities is included in unearned revenue and the non-current portion of contract liabilities is included in other long-term liabilities in our Consolidated Balance Sheet. The total balance of our contract liabilities at December 31, 2019 and 2018 was $4.9 million and $7.4 million, respectively. Disaggregation of Revenue We contract with clients for service revenue and/or product sales revenue. We present revenue disaggregated by services and product sales in our Consolidated Statements of Operations. For revenue disaggregated by reportable segment, see Note 20 - Segment Reporting |
Foreign Currencies | Foreign Currencies Our functional currency is the U.S. Dollar ("USD"). All inter-company financing, transactions and cash flows of our subsidiaries are transacted in USD. Our foreign entities remeasure monetary assets and liabilities to USD at year-end exchange rates, while non-monetary items are measured at historical rates. Revenue and expenses are remeasured at the applicable month-end rate, except for depreciation, amortization and certain components of cost of sales, which are measured at historical rates. For the years ended December 31, 2019, 2018 and 2017, we incurred net remeasurement losses of $1.7 million, $2.6 million, and $1.0 million, respectively. These amounts were included in Other (Income) Expense, net in the accompanying Consolidated Statements of Operations. |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits We provide a non-contributory defined benefit pension plan covering substantially all of our Dutch employees ("Dutch Plan") who were hired prior to 2000. As required by current accounting standards, we recognize net periodic pension costs associated with the Dutch plan in income from current operations and recognize the unfunded status of the plan, if any, as a long-term liability. In addition, we recognize as a component of other comprehensive income, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic pension cost. The projection of benefit obligation and fair value of plan assets requires the use of assumptions and estimates. Actual results could differ from those estimates. See Note 12 - Pension and Other Postretirement Benefit Plans Furthermore, we maintain defined contribution plans for the benefit of eligible employees primarily in Canada, the Netherlands, the United Kingdom and the United States. We expense these contributions in the period the contribution is made. |
Non-controlling Interests | Non-controlling Interests We maintain non-controlling interests in several investment ventures and disclose such interests clearly as a portion of equity separate from the parent's equity. The amount of consolidated net income attributable to these non-controlling interests is also clearly presented on the Consolidated Statements of Operations. In addition, when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary will be initially measured at fair value and recorded as a gain or loss. |
Stock-Based Compensation | Stock-Based Compensation We have two stock-based compensation plans, as described in further detail in Note 15 - Stock-Based Compensation |
Earnings Per Share | Earnings Per Share We compute basic earnings per common share by dividing net income attributable to Core Laboratories N.V. by the weighted average number of common shares outstanding during the period. Diluted earnings per common and potential common share include additional shares in the weighted average share calculations associated with the incremental effect of dilutive restricted stock awards and contingently issuable shares, as determined using the treasury stock method. The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Weighted average basic common shares outstanding 44,357 44,206 44,153 Effect of dilutive securities: Performance shares 242 221 69 Restricted stock 47 47 42 Weighted average diluted common and potential common shares outstanding 44,646 44,474 44,264 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment, Useful life | We estimate the useful lives and salvage values of our assets based on historical data as follows: Buildings and leasehold improvements 3 - 40 years Machinery and equipment 3 - 10 years |
Schedule of Other Assets | Other assets at December 31, 2019 and 2018 consisted of the following (in thousands): 2019 2018 Cash surrender value of life insurance $ 47,195 $ 41,575 Investments in unconsolidated affiliates 3,969 3,760 Other 4,882 5,880 Total other assets $ 56,046 $ 51,215 |
Schedule of Weighted Average Number of Shares | The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Weighted average basic common shares outstanding 44,357 44,206 44,153 Effect of dilutive securities: Performance shares 242 221 69 Restricted stock 47 47 42 Weighted average diluted common and potential common shares outstanding 44,646 44,474 44,264 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Contract Assets and Liabilities | The balance of contract assets and contract liabilities consisted of the following at December 31, 2019 and 2018 (in thousands): 2019 2018 Contract assets Current $ 2,183 $ 1,145 Non-Current 244 188 $ 2,427 $ 1,333 Contract Liabilities Current $ 4,473 $ 5,963 Non-current 383 1,401 $ 4,856 $ 7,364 Estimate of when contract liabilities will be recognized within 12 months $ 4,473 within 12 to 24 months $ 383 greater than 24 months $ — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following at December 31, 2019 and 2018 (in thousands): 2019 2018 Finished goods $ 26,507 $ 26,636 Parts and materials 21,419 13,704 Work in progress 2,237 5,324 Total inventories $ 50,163 $ 45,664 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | The components of property, plant and equipment, net were as follows at December 31, 2019 and 2018 (in thousands): 2019 2018 Land $ 11,435 $ 11,383 Building and leasehold improvements 116,306 115,875 Machinery and equipment 277,952 272,916 Total property, plant and equipment 405,693 400,174 Less - accumulated depreciation (282,187 ) (277,257 ) Property, plant and equipment, net $ 123,506 $ 122,917 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense are as follows (in thousands): 2019 Operating lease expense $ 18,639 Short-term lease expense 1,228 Variable lease expense 920 Total lease expense $ 20,787 Other Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18,195 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 11,688 Weighted-average remaining lease term - finance leases 1.96 years Weighted-average discount rate - finance leases 2.42 % Weighted-average remaining lease term - operating leases 9.07 years Weighted-average discount rate - operating leases 4.94 % |
Schedule of Minimum Rental Commitments Under Non-Cancellable Operating Leases | Scheduled minimum rental commitments under non-cancellable operating leases at December 31, 2019, consist of the following (in thousands): Operating Leases 2020 $ 15,395 2021 12,936 2022 11,451 2023 9,722 2024 7,666 Thereafter 38,033 Total undiscounted lease payments $ 95,203 Less: Imputed interest (18,702 ) Total lease liabilities $ 76,501 |
Schedule of Minimum Rental Commitments Under Non-Cancellable Operating Leases | Scheduled minimum rental commitments under non-cancellable operating leases at December 31, 2018, consist of the following (in thousands): Operating Leases 2019 $ 16,267 2020 12,572 2021 9,774 2022 7,955 2023 4,938 Thereafter 14,815 Total commitments $ 66,321 |
Intangibles, Net (Tables)
Intangibles, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class | The components of intangibles, net as of December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Original life Gross Carrying Accumulated Gross Carrying Accumulated in years Value Amortization Value Amortization Acquired trade secrets 2-20 $ 3,613 $ 2,463 $ 3,604 $ 2,110 Acquired patents, technology and trademarks 4-15 15,622 4,193 9,697 3,115 Agreements not to compete 2-5 1,149 919 1,149 759 Acquired trade names Indefinite 4,641 — 4,588 — Total intangibles, net $ 25,025 $ 7,575 $ 19,038 $ 5,984 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Our estimated amortization expense relating to these intangibles for the next five years is summarized in the following table (in thousands): 2020 $ 1,491 2021 $ 1,279 2022 $ 1,254 2023 $ 990 2024 $ 982 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for each reportable segment for the years ended December 31, 2019 and 2018 were as follows (in thousands): Reservoir Production Description Enhancement Total Balance at December 31, 2017 $ 99,484 $ 79,560 $ 179,044 Goodwill allocated to discontinued operations — (915 ) (915 ) Goodwill acquired during the year — 41,283 41,283 Balance at December 31, 2018 99,484 119,928 219,412 Goodwill acquired during the year — — — Adjustments to goodwill acquired in previous year — (5,987 ) (5,987 ) Balance at December 31, 2019 $ 99,484 $ 113,941 $ 213,425 |
Long-Term Debt, Net (Tables)
Long-Term Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at December 31, 2019 and 2018 is summarized in the following table (in thousands): 2019 2018 Senior Notes $ 150,000 $ 150,000 Credit Facility 157,000 142,000 Total debt 307,000 292,000 Less: Debt issuance costs (1,717 ) (2,230 ) Long-term debt, net $ 305,283 $ 289,770 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income tax expense for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): 2019 2018 2017 United States $ 61,374 $ 61,680 $ 28,632 Other countries 20,620 43,614 70,602 Income before income tax expense $ 81,994 $ 105,294 $ 99,234 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): 2019 2018 2017 Current: United States $ 8,786 $ 13,198 $ 10,699 Other countries 13,267 10,132 9,147 State and provincial (28 ) 1,548 725 Total current 22,025 24,878 20,571 Deferred: United States $ (57,250 ) $ (1,340 ) $ (2,948 ) Other countries 23,558 1,909 626 State and provincial (623 ) — — Total deferred (34,315 ) 569 (2,322 ) Income tax expense (benefit) $ (12,290 ) $ 25,447 $ 18,249 |
Schedule of Effective Income Tax Rate Reconciliation | The differences in income tax expense computed using the Netherlands statutory income tax rate of 25% 2019 2018 2017 Tax at the Netherlands income tax rate $ 22,895 $ 26,189 $ 25,427 International earnings taxed at rates other than the Netherlands statutory rate (1,343 ) (14,997 ) (12,496 ) Non-deductible expenses 3,516 4,452 6,645 Change in valuation allowance (3,491 ) 1,513 (1,744 ) State and provincial taxes (825 ) 1,566 829 Tax credits (3,893 ) (3,939 ) 218 Benefit from corporate restructuring (59,336 ) — — Unremitted earnings of subsidiaries 26,126 — — Adjustments of prior year taxes (1,684 ) 2,350 (4,272 ) Adjustments of income tax reserves 1,084 (1,613 ) 1,869 Foreign exchange 2,014 5,936 (1,792 ) Accrued withholding taxes 2,603 2,911 3,067 Other 44 1,079 498 Income tax expense (benefit) $ (12,290 ) $ 25,447 $ 18,249 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities result from various temporary differences between the financial statement carrying amount and their tax basis. Deferred tax assets and liabilities as of December 31, 2019 and 2018 are summarized as follows (in thousands): 2019 2018 Deferred tax assets: Net operating loss carry-forwards $ 7,209 $ 6,300 Tax credit carry-forwards 1,888 1,154 Accruals for compensation 8,240 7,160 Accruals for inventory capitalization 1,788 1,813 Unrealized benefit from corporate restructuring 56,985 — Unrealized benefit plan loss 3,740 3,417 Unrealized foreign exchange 3,842 7,542 Unearned revenue 1,849 2,760 Other 1,839 822 Total deferred tax assets 87,380 30,968 Valuation allowance (1) (6,241 ) (9,732 ) Net deferred tax assets 81,139 21,236 Deferred tax liabilities: Intangibles (6,263 ) (6,025 ) Property, plant and equipment (3,546 ) (2,835 ) Accrued interest (1,679 ) (3,260 ) Accrued withholding taxes (26,718 ) (886 ) Unrealized foreign exchange (2,653 ) (4,043 ) Other (306 ) (569 ) Total deferred tax liabilities (41,165 ) (17,618 ) Net deferred income taxes $ 39,974 $ 3,618 (1) Valuation allowance at 12/31/17 was 8.2 million. 2019 2018 Long-term deferred tax assets $ 67,312 $ 11,252 Long-term deferred tax liabilities (27,338 ) (7,634 ) Total deferred tax assets (liabilities) $ 39,974 $ 3,618 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2019 2018 2017 Unrecognized tax benefits at January 1, $ 7,471 $ 10,124 $ 8,557 Tax positions, current period 495 543 3,472 Tax positions, prior period (361 ) (304 ) 180 Settlements with taxing authorities (18 ) (2,207 ) (1,154 ) Lapse of applicable statute of limitations (286 ) (685 ) (931 ) Unrecognized tax benefits at December 31, $ 7,301 $ 7,471 $ 10,124 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch Plan for the years ended December 31, 2019 and 2018 (in thousands): 2019 2018 Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 60,671 $ 63,398 Service cost 755 1,453 Prior service cost — (157 ) Interest cost 1,027 1,244 Amendments/curtailments (2,621 ) (1,219 ) Benefits paid and administrative expenses (1,229 ) (1,349 ) Actuarial (gain) loss, net 7,979 (383 ) Unrealized (gain) loss on foreign exchange (1,336 ) (2,316 ) Projected benefit obligation at end of year $ 65,246 $ 60,671 Fair Value of Plan Assets: Fair value of plan assets at beginning of year $ 53,273 $ 53,145 Increase in plan asset value 6,905 2,251 Employer contributions 1,558 1,282 Benefits paid and administrative expenses (1,246 ) (1,386 ) Unrealized gain (loss) on foreign exchange (1,172 ) (2,019 ) Fair value of plan assets at end of year $ 59,318 $ 53,273 Under-funded status of the plan at end of the year $ (5,928 ) $ (7,398 ) Accumulated Benefit Obligation 65,246 $ 55,863 |
Schedule of Assumptions Used | The following actuarial assumptions were used to determine the actuarial present value of our projected benefit obligation and the net periodic pension costs for the Dutch Plan at December 31, 2019 and 2018: 2019 2018 Weighted average assumed discount rate 1.05 % 1.75 % Expected long-term rate of return on plan assets 1.05 % 1.75 % Weighted average rate of compensation increase 1.80 % 2.80 % |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized for the Dutch Plan in the Consolidated Balance Sheets at December 31, 2019 and 2018 consist of (in thousands): 2019 2018 Deferred tax asset 1,482 $ 4,369 Other long-term liabilities 5,928 7,398 Accumulated other comprehensive loss (5,640 ) (5,650 ) |
Schedule of Net Benefit Costs | The components of net periodic pension cost for the Dutch Plan under this plan for the years ended December 31, 2019, 2018 and 2017 included (in thousands): 2019 2018 2017 Service cost $ 755 $ 1,453 $ 1,494 Interest cost 1,027 1,244 1,121 Expected return on plan assets (914 ) (1,077 ) (950 ) Administrative charges 17 37 — Curtailment (2,621 ) (1,219 ) — Prior service cost (848 ) (106 ) (77 ) Net actuarial loss 3,171 1,706 440 Net periodic pension cost $ 587 $ 2,038 $ 2,028 |
Schedule of Expected Benefit Payments | Expected benefit payments to eligible participants under this plan for the next five years are as follows (in thousands): 2020 $ 1,310 2021 $ 1,394 2022 $ 1,477 2023 $ 1,518 2024 $ 1,634 Succeeding five years $ 9,988 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts recognized, net of tax, in Accumulated other comprehensive income (loss) at December 31, 2019 and 2018 consist of (in thousands): 2019 2018 Prior service cost $ — $ 593 Unrecognized net actuarial loss and foreign exchange (5,640 ) (6,243 ) Fair value of derivatives (690 ) 194 Total Accumulated other comprehensive (loss) $ (6,330 ) $ (5,456 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock Based Compensation [Abstract] | |
Schedule of Equity Compensation Plan | Information about our equity compensation plans as of December 31, 2019 are as follows: Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights Weighted Average Exercise Price of Outstanding Options, Warrants and Rights Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans Equity compensation plans approved by our shareholders 2014 Long-Term Incentive Plan 659,298 — 472,024 2014 Nonemployee Director Stock Incentive Plan 10,885 — 644,509 Equity compensation plans not approved by our shareholders — — — Total 670,183 1,116,533 |
Schedule of Nonvested Restricted Stock Units Activity | Non-vested restricted share awards outstanding under both the Plan and the Director Plan as of December 31, 2019 and changes during the year were as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested at December 31, 2018 541,558 $ 103.68 Granted 389,132 $ 58.74 Vested (220,417 ) $ 110.59 Forfeited (39,576 ) $ 85.24 Non-vested at December 31, 2019 670,697 $ 75.93 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | For the years ended December 31, 2019, 2018 and 2017, stock-based compensation expense under both the Plan and the Director Plan recognized in the income statement is as follows (in thousands): 2019 2018 2017 Cost of product sales and services $ 7,288 $ 8,648 $ 8,879 General and administrative 13,591 25,546 14,063 Total stock-based compensation expense $ 20,879 $ 34,194 $ 22,942 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Liabilities at Fair Value | The fair values of outstanding derivative instruments at December 31, 2019 and 2018 are as follows (in thousands): Fair Value of Derivatives 2019 2018 Balance Sheet Classification Derivatives designated as hedges: 5 yr interest rate swap $ — $ 135 Other Assets 10 yr interest rate swap (1,054 ) (70 ) Other Long Term (Liabilities) $ (1,054 ) $ 65 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of the interest rate swaps on the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 was as follows (in thousands): 2019 2018 Income Statement Classification Derivatives designated as hedges: 5 yr interest rate swap $ (121 ) $ (64 ) Interest Expense 10 yr interest rate swap 60 133 Interest Expense $ (61 ) $ 69 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table summarizes the fair value balances (in thousands): Fair Value Measurement at December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Deferred compensation assets (1) $ 47,009 $ — $ 47,009 $ — $ 47,009 $ — $ 47,009 $ — Liabilities: Deferred compensation plan $ 34,081 $ — $ 34,081 $ — 10 year 1,054 — 1,054 — $ 35,135 $ — $ 35,135 $ — Fair Value Measurement at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Deferred compensation assets (1) $ 42,161 $ — $ 42,161 $ — 5 year 135 — 135 — $ 42,296 $ — $ 42,296 $ — Liabilities: Deferred compensation plan $ 33,287 $ — $ 33,287 $ — 10 year 70 — 70 — $ 33,357 $ — $ 33,357 $ — (1) Deferred compensation assets consist of the cash surrender value of life insurance policies and are intended to assist in the funding of the deferred compensation arrangements. |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The components of other (income) expense, net, for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): 2019 2018 2017 Sale of assets $ (583 ) $ (1,078 ) $ (346 ) Results of non-consolidated subsidiaries (208 ) (203 ) (332 ) Foreign exchange 1,725 2,598 951 Rents and royalties (607 ) (510 ) (454 ) Employment related charges 2,998 — — Return on pension assets and other pension costs (1,501 ) (644 ) (587 ) Acquisition-related costs — 623 — Gain on sale of business (1,154 ) — — Insurance settlement — (707 ) — Cost reduction and other charges 5,555 — 1,145 Other, net (906 ) (816 ) 255 Total Other (income) expense, net $ 5,319 $ (737 ) $ 632 |
Foreign Currency Gains Losses By Currency | Foreign exchange gains and losses for the years ended December 31, 2019, 2018 and 2017 are summarized in the following table (in thousands): (Gains) losses by currency 2019 2018 2017 Australian Dollar $ 158 $ 183 $ 12 British Pound 599 158 (92 ) Canadian Dollar 489 458 (62 ) Euro 469 208 1,413 Other currencies, net 10 1,591 (320 ) Total (gain) loss, net $ 1,725 $ 2,598 $ 951 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Selected data for this discontinued business for the years ended December 31, 2019, 2018 and 2017 consisted of the following (in thousands): 2019 2018 2017 Service revenue $ 1,165 $ 1,462 $ 1,254 Product sales 4,233 5,708 10,736 Total revenue 5,398 7,170 11,990 Cost of services, exclusive of depreciation expense shown below 690 1,163 709 Cost of product sales, exclusive of depreciation expense shown below 3,196 5,696 8,573 Depreciation and amortization — 115 416 Other expense (income) 91 72 (180 ) Operating income 1,421 124 2,472 Gain on sale 8,319 — — Income from discontinued operations before income tax expense 9,740 124 2,472 Income tax expense 1,907 182 361 Income (loss) from discontinued operations, net of income taxes $ 7,833 $ (58 ) $ 2,111 Selected data for this discontinued business at December 31, 2019 and 2018 consisted of the following (in thousands): 2019 2018 Current assets $ — $ 3,712 Non-current assets — 1,848 Total assets $ — $ 5,560 Current liabilities $ — $ 1,633 Non-current liabilities — 82 Total liabilities $ — $ 1,715 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Results for these business segments are presented below. We use the same accounting policies to prepare our business segment results as are used to prepare our Consolidated Financial Statements. All interest and other non-operating income (expense) is attributable to Corporate & Other area and is not allocated to specific business segments. Summarized financial information concerning our segments for the years ended December 31, 2019, 2018 and 2017 is shown in the following table (in thousands): Reservoir Description Production Enhancement Corporate & Other (1) Consolidated December 31, 2019 Revenues from unaffiliated clients $ 420,897 $ 247,313 $ — $ 668,210 Inter-segment revenues 436 500 (936 ) — Segment operating income 55,140 38,378 3,166 96,684 Total assets (at end of period) 343,405 279,769 151,499 774,673 Capital expenditures 10,439 11,253 577 22,269 Depreciation and amortization 15,109 5,645 1,851 22,605 December 31, 2018 Revenues from unaffiliated clients $ 413,082 $ 287,764 $ — $ 700,846 Inter-segment revenues 988 378 (1,366 ) — Segment operating income 54,847 63,039 736 118,622 Total assets (at end of period) 315,503 270,832 62,492 648,827 Capital expenditures 12,829 8,222 690 21,741 Depreciation and amortization 16,747 4,271 2,069 23,087 December 31, 2017 Revenues from unaffiliated clients $ 415,220 $ 232,599 $ — $ 647,819 Inter-segment revenue 294 1,185 (1,479 ) — Segment operating income (loss) 66,500 43,987 (519 ) 109,968 Total assets (at end of period) 320,569 206,389 57,854 584,812 Capital expenditures 10,406 6,819 1,550 18,775 Depreciation and amortization 17,972 4,435 2,117 24,524 (1) "Corporate and other" represents those items that are not directly relating to a particular segment and eliminations. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table shows a summary of our U.S. and non-U.S. operations for the years ended or at December 31, 2019, 2018 and 2017 (in thousands): United Other GEOGRAPHIC INFORMATION States Canada Countries (1) (2) Consolidated December 31, 2019 Revenue $ 289,173 $ 25,240 $ 353,797 $ 668,210 Property, plant and equipment, net 66,053 10,998 46,455 123,506 December 31, 2018 Revenue $ 324,073 $ 34,633 $ 342,140 $ 700,846 Property, plant and equipment, net 65,073 9,567 48,277 122,917 December 31, 2017 Revenue $ 283,969 $ 30,131 $ 333,719 $ 647,819 Property, plant and equipment, net 63,812 9,725 49,561 123,098 (1) Revenue earned in other countries, including the Netherlands, was not individually greater than 10% (2) Property, plant and equipment, net in other countries, including the Netherlands, were not individually greater than 10% of our consolidated fixed assets in 2019, 2018 and 2017 . |
Revenue from External Customers by Products and Services | The following table shows the breakdown between services and product sales for the years ended December 31, 2019, 2018 and 2017 (in thousands): SEGMENT BREAKDOWN BETWEEN SERVICES / PRODUCT SALES 2019 2018 2017 Reservoir Description Services $ 389,801 $ 387,098 $ 393,742 Production Enhancement Services 84,392 99,722 86,522 Total Revenue - Services $ 474,193 $ 486,820 $ 480,264 Reservoir Description Product sales $ 31,096 $ 25,984 $ 21,478 Production Enhancement Product sales 162,921 188,042 146,077 Total Revenue - Product sales $ 194,017 $ 214,026 $ 167,555 Total Revenue $ 668,210 $ 700,846 $ 647,819 |
Unaudited Selected Quarterly _2
Unaudited Selected Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | Summarized below is our unaudited quarterly financial data for the quarters during the years ended December 31, 2019 and 2018 (in thousands, except per share data): Quarter ended 2019 December 31 September 30 June 30 March 31 Services and product sales revenue $ 156,778 $ 173,200 $ 169,038 $ 169,194 Cost of services and product sales 117,749 125,996 124,451 127,383 Other operating expenses (3) 17,974 15,997 16,579 25,397 Operating income 21,055 31,207 28,008 16,414 Interest expense 3,588 3,662 3,714 3,726 Income before income tax expense 17,467 27,545 24,294 12,688 Income tax expense 7,177 3,335 4,808 (27,610 ) Net income from continuing operations 10,290 24,210 19,486 40,298 Net income (loss) from discontinued operations — (397 ) 7,971 259 Net income 10,290 23,813 27,457 40,557 Net income (loss) attributable to non-controlling interest (40 ) 84 43 47 Net income attributable to Core Laboratories N.V. $ 10,330 $ 23,729 $ 27,414 $ 40,510 Per share information: Basic earnings per share (1) (2) $ 0.23 $ 0.54 $ 0.62 $ 0.91 Diluted earnings per share (1) (2) $ 0.23 $ 0.53 $ 0.61 $ 0.91 Weighted average common shares outstanding: Basic 44,379 44,371 44,354 44,323 Diluted 44,634 44,716 44,815 44,734 Quarter ended 2018 December 31 September 30 June 30 March 31 Services and product sales revenue $ 173,207 $ 182,146 $ 175,475 $ 170,018 Cost of services and product sales 125,694 128,179 123,773 119,318 Other operating expenses (3) 29,535 19,088 18,253 18,384 Operating income 17,978 34,879 33,449 32,316 Interest expense 3,634 3,278 3,296 3,120 Income before income tax expense 14,344 31,601 30,153 29,196 Income tax expense 5,750 9,404 5,020 5,273 Net income from continuing operations 8,594 22,197 25,133 23,923 Net income (loss) from discontinued operations 408 208 (328 ) (346 ) Net income 9,002 22,405 24,805 23,577 Net income (loss) attributable to non-controlling interest 167 (7 ) 53 50 Net income attributable to Core Laboratories N.V. $ 8,835 $ 22,412 $ 24,752 $ 23,527 Per share information: Basic earnings per share (1) (2) $ 0.20 $ 0.51 $ 0.56 $ 0.53 Diluted earnings per share (1) (2) $ 0.20 $ 0.50 $ 0.56 $ 0.53 Weighted average common shares outstanding: Basic 44,226 44,216 44,203 44,179 Diluted 44,401 44,591 44,493 44,463 (1) Basic earnings per share and Diluted earnings per share are based on Net income attributable to Core Laboratories N.V. (2) The sum of the individual quarterly earnings per share amounts may not agree with the year-to-date earnings per share amounts as each quarterly computation is based on the weighted average number of common shares outstanding during that period. (3) First quarter of 2019 and Fourth quarter of 2018 includes charges of $7.2 million and $9.9 million, respectively, of additional stock compensation expenses. See Note 15. |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2019EmployeeOfficeCountrysegment | |
Description Of Business [Abstract] | |
Number of stores | Office | 70 |
Number of countries in which entity operates | Country | 50 |
Number of employees | Employee | 4,300 |
Number of reportable segments | segment | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts | $ 2,730 | $ 2,650 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings and Leasehold Improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Buildings and Leasehold Improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Accounting Policies [Abstract] | ||
RIGHT OF USE ASSETS | $ 75,697 | $ 77,500 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Cash surrender value of life insurance | $ 47,195 | $ 41,575 |
Investments in unconsolidated affiliates | 3,969 | 3,760 |
Other | 4,882 | 5,880 |
Total other assets | $ 56,046 | $ 51,215 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Contract liabilities | $ 4,856 | $ 7,364 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Foreign Currency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Component of Other Operating Cost [Line Items] | |||
Other (Income) expense, net | $ 5,319 | $ (737) | $ 632 |
Foreign Currency Gain (Loss) [Member] | |||
Component of Other Operating Cost [Line Items] | |||
Other (Income) expense, net | $ 1,725 | $ 2,598 | $ 951 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies Stock-Based Compensation (Details) | Dec. 31, 2019Plan |
Accounting Policies [Abstract] | |
Number of plans | 2 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies Earnings Per Share (Details) - shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||||||||||
Basic (in shares) | 44,379 | 44,371 | 44,354 | 44,323 | 44,226 | 44,216 | 44,203 | 44,179 | 44,357,000 | 44,206,000 | 44,153,000 |
Performance shares (in shares) | 242,000 | 221,000 | 69,000 | ||||||||
Restricted stock (in shares) | 47,000 | 47,000 | 42,000 | ||||||||
Weighted average diluted common and potential common shares outstanding (in shares) | 44,634 | 44,716 | 44,815 | 44,734 | 44,401 | 44,591 | 44,493 | 44,463 | 44,646,000 | 44,474,000 | 44,264,000 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities Changes in Net Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contract assets | ||
Contract asset, current | $ 2,183 | $ 1,145 |
Contract asset, non-current | 244 | 188 |
Contract asset | 2,427 | 1,333 |
Contract Liabilities | ||
Contract liability, current | 4,473 | 5,963 |
Contract liability, non-current | 383 | 1,401 |
Contract liabilities | $ 4,856 | $ 7,364 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities Current and Long-term Contract Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract liability | $ 4,473 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract liability | $ 383 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract liability | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Contract Assets and Contract Li
Contract Assets and Contract Liabilities - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Impairment losses on receivables | $ 0 |
Impairment losses on contract assets | $ 0 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Goodwill, acquired during period | $ 0 | $ 41,283 |
Guardian Global Technologies Ltd [Member] | ||
Business Acquisition [Line Items] | ||
Consideration transferred | 48,900 | |
Tangible assets acquired | 4,100 | |
Intangible assets acquired | 9,400 | |
Goodwill, acquired during period | $ 35,400 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 26,507 | $ 26,636 |
Parts and materials | 21,419 | 13,704 |
Work in progress | 2,237 | 5,324 |
Total inventories | $ 50,163 | $ 45,664 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Abstract] | |||
Land | $ 11,435 | $ 11,383 | |
Building and leasehold improvements | 116,306 | 115,875 | |
Machinery and equipment | 277,952 | 272,916 | |
Total property, plant and equipment | 405,693 | 400,174 | |
Less - accumulated depreciation | (282,187) | (277,257) | |
Property, plant and equipment, net | $ 123,506 | $ 122,917 | $ 123,098 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 18,639 |
Short-term lease expense | 1,228 |
Variable lease expense | 920 |
Total lease expense | 20,787 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | 18,195 |
Right-of-use assets obtained in exchange for new lease obligations: | |
Operating leases | $ 11,688 |
Weighted-average remaining lease term - finance leases | 1 year 11 months 15 days |
Weighted-average discount rate - finance leases | 2.42% |
Weighted-average remaining lease term - operating leases | 9 years 25 days |
Weighted-average discount rate - operating leases | 4.94% |
Leases - Schedule of Minimum Re
Leases - Schedule of Minimum Rental Commitments Under Non-Cancellable Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating Leases, 2020 | $ 15,395 | |
Operating Leases, 2021 | 12,936 | |
Operating Leases, 2022 | 11,451 | |
Operating Leases, 2023 | 9,722 | |
Operating Leases, 2024 | 7,666 | |
Operating Leases, Thereafter | 38,033 | |
Operating Leases, Total undiscounted lease payments | 95,203 | |
Operating Leases, Less: Imputed Interest | (18,702) | |
Operating Leases, Lease Liabilities | $ 76,501 | |
Operating Leases, Future Minimum Payments Due [Abstract] | ||
2019 | $ 16,267 | |
2020 | 12,572 | |
2021 | 9,774 | |
2022 | 7,955 | |
2023 | 4,938 | |
Thereafter | 14,815 | |
Total commitments | $ 66,321 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | ||
Rental expense for operating leases | $ 20.8 | $ 20.9 |
Intangibles, Net (Details)
Intangibles, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | $ 25,025 | $ 19,038 |
Intangible, accumulated amortization | 7,575 | 5,984 |
Trade Secrets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | 3,613 | 3,604 |
Intangible, accumulated amortization | 2,463 | 2,110 |
Patents, Technology and Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | 15,622 | 9,697 |
Intangible, accumulated amortization | 4,193 | 3,115 |
Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | 1,149 | 1,149 |
Intangible, accumulated amortization | 919 | 759 |
Trade Name Infinite Lived [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | $ 4,641 | $ 4,588 |
Minimum [Member] | Trade Secrets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 2 years | |
Minimum [Member] | Patents, Technology and Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 4 years | |
Minimum [Member] | Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 2 years | |
Maximum [Member] | Trade Secrets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 20 years | |
Maximum [Member] | Patents, Technology and Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 15 years | |
Maximum [Member] | Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 5 years |
Intangibles, Net - Estimated Am
Intangibles, Net - Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Intangible Assets Net Excluding Goodwill [Abstract] | |
2020 | $ 1,491 |
2021 | 1,279 |
2022 | 1,254 |
2023 | 990 |
2024 | $ 982 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill. start | $ 219,412 | $ 179,044 |
Goodwill allocated to discontinued operations | (915) | |
Goodwill, acquired during period | 0 | 41,283 |
Adjustments to goodwill acquired in previous year | (5,987) | |
Goodwill. end | 213,425 | 219,412 |
Reservoir Description Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill. start | 99,484 | 99,484 |
Goodwill allocated to discontinued operations | 0 | |
Goodwill, acquired during period | 0 | 0 |
Adjustments to goodwill acquired in previous year | 0 | |
Goodwill. end | 99,484 | 99,484 |
Production Enhancement Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill. start | 119,928 | 79,560 |
Goodwill allocated to discontinued operations | (915) | |
Goodwill, acquired during period | 0 | 41,283 |
Adjustments to goodwill acquired in previous year | (5,987) | |
Goodwill. end | $ 113,941 | $ 119,928 |
Long-Term Debt, Net - Additiona
Long-Term Debt, Net - Additional Information (Details) | Jun. 19, 2018 | Dec. 31, 2019USD ($) | Dec. 31, 2011USD ($)SeriesNote | Dec. 31, 2014instrument |
Debt Instrument [Line Items] | ||||
Finance lease obligations | $ 0 | |||
Number of series of debt issued | SeriesNote | 2 | |||
Maturity date | Jun. 19, 2023 | |||
Current borrowing capacity | $ 300,000,000 | |||
Uncommitted borrowings available | 100,000,000 | |||
Maximum borrowing capacity | $ 400,000,000 | |||
Basis spread on variable rate | 1.375% | |||
Performance bonds under credit facility | $ 14,900,000 | |||
Remaining borrowing capacity | 128,100,000 | |||
Performance bonds | $ 5,800,000 | |||
Interest Rate Swap [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, number of instruments held | instrument | 2 | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.00% | 2.00% | ||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 150,000,000 | |||
Senior Notes Series A [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 75,000,000 | |||
Interest rate, effective percentage | 4.01% | |||
Maturity date | Sep. 30, 2021 | |||
Senior Notes Series B [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 75,000,000 | |||
Interest rate, effective percentage | 4.11% | |||
Maturity date | Sep. 30, 2023 | |||
Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest coverage ratio, minimum | 3.00% | |||
Covenant leverage ratio, minimum | 2.50% |
Schedule of Long-term Debt Inst
Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 307,000 | $ 292,000 |
Less: Debt issuance costs | (1,717) | (2,230) |
Long-term debt, net | 305,283 | 289,770 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 150,000 | 150,000 |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 157,000 | $ 142,000 |
Income Taxes Income Before Inco
Income Taxes Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 61,374 | $ 61,680 | $ 28,632 |
Other countries | 20,620 | 43,614 | 70,602 |
Income before income tax expense | $ 81,994 | $ 105,294 | $ 99,234 |
Income Taxes Income Tax Expense
Income Taxes Income Tax Expense Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
Current federal tax expense (benefit) | $ 8,786 | $ 13,198 | $ 10,699 | ||||||||
Current foreign tax expense (benefit) | 13,267 | 10,132 | 9,147 | ||||||||
Current state and local tax expense (benefit) | (28) | 1,548 | 725 | ||||||||
Current income tax expense (benefit) | 22,025 | 24,878 | 20,571 | ||||||||
Deferred: | |||||||||||
Deferred federal income tax expense (benefit) | (57,250) | (1,340) | (2,948) | ||||||||
Deferred foreign income tax expense (benefit) | 23,558 | 1,909 | 626 | ||||||||
Deferred state and local income tax expense (benefit) | (623) | ||||||||||
Deferred income tax expense (benefit) | (34,315) | 569 | (2,322) | ||||||||
Income tax expense (benefit) | $ 7,177 | $ 3,335 | $ 4,808 | $ (27,610) | $ 5,750 | $ 9,404 | $ 5,020 | $ 5,273 | $ (12,290) | $ 25,447 | $ 18,249 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense [Line Items] | |||||||||||
Effective income tax rate reconciliation, at federal statutory income tax rate | 25.00% | 25.00% | 25.00% | ||||||||
Undistributed earnings of foreign subsidiaries | $ 4,300,000 | $ 4,300,000 | |||||||||
Income tax expense (benefit) | (7,177,000) | $ (3,335,000) | $ (4,808,000) | $ 27,610,000 | $ (5,750,000) | $ (9,404,000) | $ (5,020,000) | $ (5,273,000) | 12,290,000 | $ (25,447,000) | $ (18,249,000) |
Income Tax Expense Benefit Related To Unremitted Earnings Of Foreign Subsidiaries | 26,700 | ||||||||||
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries | 100,000 | 100,000 | |||||||||
Operating loss carryforwards | 31,900,000 | 31,900,000 | |||||||||
Operating loss carryforwards, expiring in next three years | 12,400,000 | 12,400,000 | |||||||||
Operating loss carryforwards, expiring in years four, five and six | 3,200,000 | 3,200,000 | |||||||||
Operating loss carryforwards, expiring in years seven, eight and nine | 2,800,000 | 2,800,000 | |||||||||
Operating loss carryforwards, expiring thereafter | 200,000 | 200,000 | |||||||||
Deferred tax assets, operating loss carryforwards, not subject to expiration | 13,300,000 | 13,300,000 | |||||||||
Expired net operating loss carryforwards | 500,000 | 500,000 | |||||||||
Unrecognized tax benefits, income tax penalties and interest expense | 1,300,000 | 600,000 | 600,000 | ||||||||
Unrecognized tax benefits, income tax penalties and interest accrued | 5,100,000 | 3,900,000 | 5,100,000 | 3,900,000 | 3,300,000 | ||||||
Unrecognized tax benefits that would impact effective tax rate | $ 900,000 | $ 600,000 | 900,000 | $ 600,000 | $ 1,800,000 | ||||||
Corporate Restructuring [Member] | |||||||||||
Income Tax Expense [Line Items] | |||||||||||
Income tax expense (benefit) | $ 60,700 |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax at the Netherlands income tax rate | $ 22,895 | $ 26,189 | $ 25,427 | ||||||||
International earnings taxed at rates other than the Netherlands statutory rate | (1,343) | (14,997) | (12,496) | ||||||||
Non-deductible expenses | 3,516 | 4,452 | 6,645 | ||||||||
Change in valuation allowance | (3,491) | 1,513 | (1,744) | ||||||||
State and provincial taxes | (825) | 1,566 | 829 | ||||||||
Tax credits | (3,893) | (3,939) | 218 | ||||||||
Benefit from corporate restructuring | (59,336) | ||||||||||
Unremitted earnings of subsidiaries | 26,126 | ||||||||||
Adjustments of prior year taxes | (1,684) | 2,350 | (4,272) | ||||||||
Adjustments of income tax reserves | 1,084 | (1,613) | 1,869 | ||||||||
Foreign exchange | 2,014 | 5,936 | (1,792) | ||||||||
Accrued withholding taxes | 2,603 | 2,911 | 3,067 | ||||||||
Other | 44 | 1,079 | 498 | ||||||||
Income tax expense (benefit) | $ 7,177 | $ 3,335 | $ 4,808 | $ (27,610) | $ 5,750 | $ 9,404 | $ 5,020 | $ 5,273 | $ (12,290) | $ 25,447 | $ 18,249 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | |||
Net operating loss carry-forwards | $ 7,209 | $ 6,300 | |
Tax credit carry-forwards | 1,888 | 1,154 | |
Accruals for compensation | 8,240 | 7,160 | |
Accruals for inventory capitalization | 1,788 | 1,813 | |
Unrealized benefit from corporate restructuring | 56,985 | ||
Unrealized benefit plan loss | 3,740 | 3,417 | |
Unrealized foreign exchange | 3,842 | 7,542 | |
Unearned revenue | 1,849 | 2,760 | |
Other | 1,839 | 822 | |
Total deferred tax assets | 87,380 | 30,968 | |
Valuation allowance | (6,241) | (9,732) | $ (8,200) |
Net deferred tax assets | 81,139 | 21,236 | |
Deferred tax liabilities: | |||
Intangibles | (6,263) | (6,025) | |
Property, plant and equipment | (3,546) | (2,835) | |
Accrued interest | (1,679) | (3,260) | |
Accrued withholding taxes | (26,718) | (886) | |
Unrealized foreign exchange | (2,653) | (4,043) | |
Other | (306) | (569) | |
Total deferred tax liabilities | (41,165) | (17,618) | |
Net deferred income taxes | 39,974 | 3,618 | |
DEFERRED TAX ASSETS, net | 67,312 | 11,252 | |
Long-term deferred tax liabilities | (27,338) | (7,634) | |
Total deferred tax assets (liabilities) | $ 39,974 | $ 3,618 |
Income Taxes Deferred Tax Ass_2
Income Taxes Deferred Tax Assets Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | |||
Valuation allowance | $ 6,241 | $ 9,732 | $ 8,200 |
Income Taxes Income Tax Conting
Income Taxes Income Tax Contingency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at January 1, | $ 7,471 | $ 10,124 | $ 8,557 |
Tax positions, current period | 495 | 543 | 3,472 |
Tax positions, prior period | (361) | (304) | |
Tax positions, prior period | 180 | ||
Settlements with taxing authorities | (18) | (2,207) | (1,154) |
Lapse of applicable statute of limitations | (286) | (685) | (931) |
Unrecognized tax benefits at December 31, | $ 7,301 | $ 7,471 | $ 10,124 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||
Term of insurance contracts to fund benefits | 5 years | |
Curtailment | $ 2,621 | $ 1,219 |
Assumptions used calculating benefit obligation, discount rate | 1.05% | 1.75% |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans Projected Benefit Obligation and Fair Value of Plan Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Projected Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 60,671 | $ 63,398 | |
Service cost | 755 | 1,453 | $ 1,494 |
Prior service cost | (157) | ||
Interest cost | 1,027 | 1,244 | 1,121 |
Amendments/curtailments | (2,621) | (1,219) | |
Benefits paid and administrative expenses | (1,229) | (1,349) | |
Actuarial (gain) loss, net | 7,979 | (383) | |
Unrealized (gain) loss on foreign exchange | (1,336) | (2,316) | |
Projected benefit obligation at end of year | 65,246 | 60,671 | 63,398 |
Fair Value of Plan Assets: | |||
Fair value of plan assets at beginning of year | 53,273 | 53,145 | |
Increase in plan asset value | 6,905 | 2,251 | |
Employer contributions | 1,558 | 1,282 | |
Benefits paid and administrative expenses | (1,246) | (1,386) | |
Unrealized gain (loss) on foreign exchange | (1,172) | (2,019) | |
Fair value of plan assets at end of year | 59,318 | 53,273 | $ 53,145 |
Under-funded status of the plan at end of the year | (5,928) | (7,398) | |
Accumulated Benefit Obligation | $ 65,246 | $ 55,863 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans Actuarial Assumptions Used to Determine the Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pensions Costs (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||
Weighted average assumed discount rate | 1050.00% | 1750.00% |
Expected long-term rate of return on plan assets | 1050.00% | 1750.00% |
Weighted average rate of compensation increase | 1.80% | 2.80% |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefit Plans Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Deferred tax asset | $ 39,974 | $ 3,618 |
OTHER LONG-TERM LIABILITIES | 33,173 | 38,617 |
Accumulated other comprehensive income (loss) | (6,330) | (5,456) |
Dutch Plan | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Deferred tax asset | 1,482 | 4,369 |
OTHER LONG-TERM LIABILITIES | 5,928 | 7,398 |
Accumulated other comprehensive income (loss) | $ (5,640) | $ (5,650) |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefit Plans Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |||
Service cost | $ 755 | $ 1,453 | $ 1,494 |
Interest cost | 1,027 | 1,244 | 1,121 |
Expected return on plan assets | (914) | (1,077) | (950) |
Administrative charges | 17 | 37 | |
Curtailment | (2,621) | (1,219) | |
Prior service cost | (848) | (106) | (77) |
Net actuarial loss | 3,171 | 1,706 | 440 |
Net periodic pension cost | $ 587 | $ 2,038 | $ 2,028 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans Schedule of Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
2020 | $ 1,310 |
2021 | 1,394 |
2022 | 1,477 |
2023 | 1,518 |
2024 | 1,634 |
Succeeding five years | $ 9,988 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |||
Defined contribution plan, cost | $ 5.3 | $ 4.3 | $ 4.2 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans Deferred Compensation Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |||
Base salary period used to determine benefit | 5 years | ||
Compensation expense | $ 2 | $ 1.2 | $ 1.4 |
Contributions by employer | $ 0.1 | $ 0.1 | $ 0.1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2019USD ($)Individual | Dec. 31, 1998Individual |
Loss Contingency [Abstract] | ||
Number of individuals with benefits | Individual | 2 | 3 |
Supplemental unemployment benefits, severance benefits | $ | $ 5.5 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 14, 2020 | Feb. 08, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | May 24, 2018 | Dec. 31, 1995 |
Class Of Stock [Line Items] | ||||||||||||||||
Stock repurchase program, number of shares authorized to be repurchased, percent | 10.00% | 10.00% | ||||||||||||||
Treasury stock, shares, acquired | 20,036 | 39,689,999 | ||||||||||||||
Treasury stock, value, acquired, cost method | $ 0.8 | $ 1,700 | ||||||||||||||
Treasury stock acquired, average cost per share | $ 41.57 | |||||||||||||||
Treasury stock, shares, retired | 33,475,406 | |||||||||||||||
Treasury stock, retired, cost method, amount | $ 1,200 | |||||||||||||||
Treasury stock, shares | 330,690 | 479,407 | 330,690 | 479,407 | 330,690 | |||||||||||
Stock repurchase program, remaining authorized repurchase amount (in shares) | 4,148,935 | 4,148,935 | 4,148,935 | |||||||||||||
Cash dividends per share (in dollar per share) | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 2.20 | $ 2.20 | $ 2.20 | |||||
Subsequent Event [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Cash dividends per share (in dollar per share) | $ 0.25 | |||||||||||||||
Dividends payable, date declared | Jan. 14, 2020 | |||||||||||||||
Dividends payable, date to be paid | Feb. 14, 2020 | |||||||||||||||
Dividends payable, date of record | Jan. 24, 2020 |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Prior service cost | $ 593 | |
Unrecognized net actuarial loss and foreign exchange | $ (5,640) | (6,243) |
Fair value of derivatives | (690) | 194 |
Total Accumulated other comprehensive (loss) | (6,330) | $ (5,456) |
Loss recognized as a component of accumulated other comprehensive loss | $ 0 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) | Feb. 12, 2019shares | Feb. 13, 2018shares | Feb. 14, 2017shares | Feb. 14, 2017USD ($)$ / shares | Dec. 31, 2019USD ($)Planshares | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)Planshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2014shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of plans | Plan | 2 | 2 | |||||||||
Stock-based compensation, net of awards issued (shares) | 220,417 | ||||||||||
Number of additional shares authorized (shares) | 1,100,000 | ||||||||||
Stock-based compensation | $ | $ 7,200,000 | $ 9,900,000 | $ 20,879,000 | $ 34,194,000 | $ 22,942,000 | ||||||
Granted (shares) | 389,132 | ||||||||||
Executive Management [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock-based compensation | $ | $ 7,200,000 | 9,900,000 | |||||||||
Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | 670,183 | 670,183 | |||||||||
Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans | 1,116,533 | 1,116,533 | |||||||||
Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of shares available for grant (shares) | 644,509 | 644,509 | |||||||||
Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | Equity Compensation Plans Approved By Our Shareholders [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | 10,885 | 10,885 | |||||||||
Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans | 644,509 | 644,509 | |||||||||
Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of shares available for grant (shares) | 472,024 | 472,024 | |||||||||
Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Equity Compensation Plans Approved By Our Shareholders [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | 659,298 | 659,298 | |||||||||
Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans | 472,024 | 472,024 | |||||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock-based compensation | $ | $ 7,200,000 | 9,900,000 | |||||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2017 Grant [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock-based compensation | $ | $ 13,700,000 | $ 300,000 | 8,700,000 | 4,700,000 | |||||||
Granted (shares) | 128,112 | ||||||||||
Award vesting period | 3 years | ||||||||||
Options, outstanding, number (shares) | 123,312 | 123,312 | |||||||||
Options, previously forfeited, number (shares) | 4,800 | ||||||||||
Shares, issued (shares) | 43,136 | 43,136 | |||||||||
Stock comp shares surrendered, value | $ | $ 1,600,000 | ||||||||||
Stock comp shares surrendered, per share price (USD per share) | $ / shares | $ 37.67 | ||||||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2018 Grant [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Granted (shares) | 162,772 | ||||||||||
Award vesting period | 3 years | ||||||||||
Allocated share-based compensation expense, net of tax | $ | $ 16,000 | ||||||||||
Allocated share-based compensation expense | $ | $ 3,000 | 11,400 | |||||||||
Compensation cost not yet recognized, period for recognition | 12 months | ||||||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2019 Grant [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Granted (shares) | 220,065 | ||||||||||
Award vesting period | 3 years | ||||||||||
Allocated share-based compensation expense, net of tax | $ | $ 13,100 | ||||||||||
Allocated share-based compensation expense | $ | $ 8,800 | ||||||||||
Compensation cost not yet recognized, period for recognition | 24 months | ||||||||||
Restricted Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock-based compensation | $ | $ 800,000 | $ 1,400,000 | $ 1,500,000 | ||||||||
Granted (shares) | 10,885 | 8,322 | 9,093 | ||||||||
Award vesting period | 1 year | 1 year | 3 years | ||||||||
Compensation cost not yet recognized, period for recognition | 3 months | ||||||||||
Compensation cost not yet recognized | $ | $ 200,000 | $ 200,000 | |||||||||
Grants, fair value | $ | 700,000 | $ 900,000 | $ 1,000,000 | ||||||||
Restricted Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock-based compensation | $ | $ 8,000,000 | $ 8,900,000 | $ 9,000,000 | ||||||||
Granted (shares) | 182,533 | 115,618 | 101,811 | ||||||||
Award vesting period | 6 years | ||||||||||
Compensation cost not yet recognized, period for recognition | 45 months | ||||||||||
Compensation cost not yet recognized | $ | $ 24,900,000 | $ 24,900,000 | |||||||||
Grants, fair value | $ | 8,700,000 | $ 11,600,000 | $ 9,500,000 | ||||||||
Vested in period, intrinsic value | $ | $ 8,700,000 | $ 9,000,000 | $ 9,600,000 | ||||||||
Maximum [Member] | Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of shares authorized (shares) | 11,900,000 | ||||||||||
Number of shares available for grant (shares) | 1,400,000 | 1,400,000 |
Stock-based Compensation by Pay
Stock-based Compensation by Payment Award (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Stock Based Compensation [Abstract] | |
Non-vested, share, beginning | shares | 541,558 |
Granted (shares) | shares | 389,132 |
Vested (shares) | shares | (220,417) |
Forfeited (shares) | shares | (39,576) |
Non-vested, share, end | shares | 670,697 |
Nonvested, weighted average grant date fair value, beginning (USD per share) | $ / shares | $ / shares | $ 103.68 |
Grants in period, weighted average grant date fair value (USD per share) | $ / shares | $ / shares | 58.74 |
Vested in period, weighted average grant date fair value (USD per share) | $ / shares | $ / shares | 110.59 |
Forfeited in period, weighted average grant date fair value (USD per share) | $ / shares | $ / shares | 85.24 |
Nonvested, weighted average grant date fair value, end (USD per share) | $ / shares | $ / shares | $ 75.93 |
Stock-based Compensation Employ
Stock-based Compensation Employee Service Share-based Compensation, Allocation of Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Stock-based compensation | $ 7,200 | $ 9,900 | $ 20,879 | $ 34,194 | $ 22,942 |
Cost of services and sales, exclusive of depreciation [Member] | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Stock-based compensation | 7,288 | 8,648 | 8,879 | ||
General and Adminstrative Expense, exclusive of depreciation [Member] | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Stock-based compensation | $ 13,591 | $ 25,546 | $ 14,063 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) | Jun. 19, 2018 | Dec. 31, 2019USD ($) | Dec. 31, 2014USD ($)instrument | Dec. 31, 2011 |
Derivatives Fair Value [Line Items] | ||||
Basis spread on variable rate | 1.375% | |||
Excess line of credit facility subject to interest rate risk | $ 25,000,000 | |||
Long-term debt, percentage bearing fixed interest, amount | 175,000,000 | |||
Long-term debt, percentage bearing variable interest, amount | $ 132,000,000 | |||
Interest Rate Swap [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative, number of instruments held | instrument | 2 | |||
Derivative, notional amount | $ 50,000,000 | |||
Derivative, amount of hedged item | 50,000,000 | |||
Interest Rate Swap No. 1 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative, notional amount | $ 25,000,000 | |||
Derivative, Fixed Interest Rate | 2.50% | |||
Derivative, maturity date | Aug. 29, 2024 | |||
Interest Rate Swap No. 2 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative, notional amount | $ 25,000,000 | |||
Derivative, Fixed Interest Rate | 2.50% | |||
Derivative, maturity date | Aug. 29, 2019 | |||
Senior Notes Series A [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Interest rate, effective percentage | 4.01% | |||
Senior Notes Series B [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Interest rate, effective percentage | 4.11% | |||
Maximum [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Basis spread on variable rate | 2.00% | 2.00% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities Derivative Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Rate Swap No. 2 [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative, term of contract | 5 years | 5 years |
Fair value of interest rate derivatives | $ 135 | |
Unrealized gain (loss) on interest rate cash flow hedges | $ (121) | $ (64) |
Interest Rate Swap No. 1 [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative, term of contract | 10 years | 10 years |
Fair value of interest rate derivatives | $ (1,054) | $ (70) |
Unrealized gain (loss) on interest rate cash flow hedges | 60 | 133 |
Interest Rate Swap [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Fair value of interest rate derivatives | (1,054) | 65 |
Unrealized gain (loss) on interest rate cash flow hedges | $ (61) | $ 69 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Deferred compensation assets | [1] | $ 47,009 | $ 42,161 |
Deferred compensation plan, assets | 47,009 | 42,296 | |
Deferred compensation liability | 34,081 | 33,287 | |
Deferred compensation plan, liability | 35,135 | 33,357 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Deferred compensation assets | [1] | 47,009 | 42,161 |
Deferred compensation plan, assets | 47,009 | 42,296 | |
Deferred compensation liability | 34,081 | 33,287 | |
Deferred compensation plan, liability | 35,135 | 33,357 | |
Interest Rate Swap No. 1 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Fair value of interest rate derivatives | $ 1,054 | $ 70 | |
Derivative, term of contract | 10 years | 10 years | |
Fair value of interest rate derivatives | $ (1,054) | $ (70) | |
Interest Rate Swap No. 1 [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Fair value of interest rate derivatives | $ 1,054 | $ 70 | |
Derivative, term of contract | 10 years | 10 years | |
Interest Rate Swap No. 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative, term of contract | 5 years | 5 years | |
Fair value of interest rate derivatives | $ 135 | ||
Interest Rate Swap No. 2 [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative, term of contract | 5 years | ||
Fair value of interest rate derivatives | $ 135 | ||
[1] | Deferred compensation assets consist of the cash surrender value of life insurance policies and are intended to assist in the funding of the deferred compensation arrangements. |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income Expense [Line Items] | |||
Other (Income) expense, net | $ 5,319 | $ (737) | $ 632 |
Sale of assets [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (583) | (1,078) | (346) |
Results of non-consolidated subsidiaries [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (208) | (203) | (332) |
Foreign Currency Gain (Loss) [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | 1,725 | 2,598 | 951 |
Rents and royalties [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (607) | (510) | (454) |
Employment Related Charges [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | 2,998 | ||
Return on pension assets and other pension costs [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (1,501) | (644) | (587) |
Acquisition-related costs [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | 623 | ||
Gain On Sale Of Business [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (1,154) | ||
Insurance settlement [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (707) | ||
Cost reduction and other charges [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | 5,555 | 1,145 | |
Other, net [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | $ (906) | $ (816) | $ 255 |
Other (Income) Expense Foreign
Other (Income) Expense Foreign Currency Gain Loss by Currency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income Expense [Line Items] | |||
Gain (loss) by currency | $ 1,725 | $ 2,598 | $ 951 |
Australian Dollar [Member] | |||
Other Income Expense [Line Items] | |||
Gain (loss) by currency | 158 | 183 | 12 |
British Pound [Member] | |||
Other Income Expense [Line Items] | |||
Gain (loss) by currency | 599 | 158 | (92) |
Canadian Dollar [Member] | |||
Other Income Expense [Line Items] | |||
Gain (loss) by currency | 489 | 458 | (62) |
Euro [Member] | |||
Other Income Expense [Line Items] | |||
Gain (loss) by currency | 469 | 208 | 1,413 |
Other Currencies Net [Member] | |||
Other Income Expense [Line Items] | |||
Gain (loss) by currency | $ 10 | $ 1,591 | $ (320) |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | Jun. 07, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Divestiture of business | $ 16,600 | |||
Pre-tax gain on divestiture | 8,300 | $ 8,319 | ||
Cash provided by (used in) operating activities, discontinued operations | 100 | $ 200 | $ 2,500 | |
Cash provided by investing activities, discontinued operations | $ 14,800 | |||
Maximum [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Additional proceeds from divestiture of business based on result of operations | $ 2,500 |
Discontinued Operations - Dispo
Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands | Jun. 07, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||
Service revenue | $ 1,165 | $ 1,462 | $ 1,254 | ||||||||
Product sales | 4,233 | 5,708 | 10,736 | ||||||||
Total revenue | 5,398 | 7,170 | 11,990 | ||||||||
Cost of services, exclusive of depreciation expense shown below | 690 | 1,163 | 709 | ||||||||
Cost of product sales, exclusive of depreciation expense shown below | 3,196 | 5,696 | 8,573 | ||||||||
Depreciation and amortization | 115 | 416 | |||||||||
Other expense (income) | 91 | 72 | (180) | ||||||||
Operating income | 1,421 | 124 | 2,472 | ||||||||
Gain on sale | $ 8,300 | 8,319 | |||||||||
Income from discontinued operations before income tax expense | 9,740 | 124 | 2,472 | ||||||||
Income tax expense | 1,907 | 182 | 361 | ||||||||
Income (loss) from discontinued operations, net of income taxes | $ (397) | $ 7,971 | $ 259 | $ 408 | $ 208 | $ (328) | $ (346) | $ 7,833 | (58) | $ 2,111 | |
Current assets | 3,712 | 3,712 | |||||||||
Non-current assets | 1,848 | 1,848 | |||||||||
Total assets | 5,560 | 5,560 | |||||||||
Current liabilities | 1,633 | 1,633 | |||||||||
Non-current liabilities | 82 | 82 | |||||||||
Total liabilities | $ 1,715 | $ 1,715 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Segment Reporting Information [Line Items] | ||||||||||||
Number of reportable segments | segment | 2 | |||||||||||
Revenue | $ 156,778 | $ 173,200 | $ 169,038 | $ 169,194 | $ 173,207 | $ 182,146 | $ 175,475 | $ 170,018 | $ 668,210 | $ 700,846 | $ 647,819 | |
Segment operating income | 21,055 | $ 31,207 | $ 28,008 | $ 16,414 | 17,978 | $ 34,879 | $ 33,449 | $ 32,316 | 96,684 | 118,622 | 109,968 | |
Total assets (at end of period) | 774,673 | 648,827 | 774,673 | 648,827 | 584,812 | |||||||
Capital expenditures | 22,269 | 21,741 | 18,775 | |||||||||
Depreciation and amortization | 22,605 | 23,087 | 24,524 | |||||||||
Reservoir Description [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 420,897 | 413,082 | 415,220 | |||||||||
Segment operating income | 55,140 | 54,847 | 66,500 | |||||||||
Total assets (at end of period) | 343,405 | 315,503 | 343,405 | 315,503 | 320,569 | |||||||
Capital expenditures | 10,439 | 12,829 | 10,406 | |||||||||
Depreciation and amortization | 15,109 | 16,747 | 17,972 | |||||||||
Reservoir Description [Member] | Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 436 | 988 | 294 | |||||||||
Production Enhancement [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 247,313 | 287,764 | 232,599 | |||||||||
Segment operating income | 38,378 | 63,039 | 43,987 | |||||||||
Total assets (at end of period) | 279,769 | 270,832 | 279,769 | 270,832 | 206,389 | |||||||
Capital expenditures | 11,253 | 8,222 | 6,819 | |||||||||
Depreciation and amortization | 5,645 | 4,271 | 4,435 | |||||||||
Production Enhancement [Member] | Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 500 | 378 | 1,185 | |||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment operating income | [1] | 3,166 | 736 | (519) | ||||||||
Total assets (at end of period) | [1] | $ 151,499 | $ 62,492 | 151,499 | 62,492 | 57,854 | ||||||
Capital expenditures | [1] | 577 | 690 | 1,550 | ||||||||
Depreciation and amortization | [1] | 1,851 | 2,069 | 2,117 | ||||||||
Corporate and Other [Member] | Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | [1] | $ (936) | $ (1,366) | $ (1,479) | ||||||||
[1] | Corporate and other" represents those items that are not directly relating to a particular segment and eliminations. |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Revenues from External Customers and Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | $ 156,778 | $ 173,200 | $ 169,038 | $ 169,194 | $ 173,207 | $ 182,146 | $ 175,475 | $ 170,018 | $ 668,210 | $ 700,846 | $ 647,819 | |
Property, plant and equipment, net | 123,506 | 122,917 | 123,506 | 122,917 | 123,098 | |||||||
United States [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 289,173 | 324,073 | 283,969 | |||||||||
Property, plant and equipment, net | 66,053 | 65,073 | 66,053 | 65,073 | 63,812 | |||||||
Canada [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 25,240 | 34,633 | 30,131 | |||||||||
Property, plant and equipment, net | 10,998 | 9,567 | 10,998 | 9,567 | 9,725 | |||||||
Other Countries [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [1],[2] | 353,797 | 342,140 | 333,719 | ||||||||
Property, plant and equipment, net | [1],[2] | $ 46,455 | $ 48,277 | $ 46,455 | $ 48,277 | $ 49,561 | ||||||
[1] | Property, plant and equipment, net in other countries, including the Netherlands, were not individually greater than 10% of our consolidated fixed assets in 2019, 2018 and 2017 . | |||||||||||
[2] | Revenue earned in other countries, including the Netherlands, was not individually greater than 10% |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Revenues from External Customers and Long-Lived Assets (Parenthetical) (Details) - Maximum [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of Property, plant and equipment, net | 10.00% | 10.00% | 10.00% |
Revenue [Member] | Geographic Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of Revenue earned in other countries | 10.00% | 10.00% | 10.00% |
Segment Reporting - Revenue by
Segment Reporting - Revenue by Product Sales and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 156,778 | $ 173,200 | $ 169,038 | $ 169,194 | $ 173,207 | $ 182,146 | $ 175,475 | $ 170,018 | $ 668,210 | $ 700,846 | $ 647,819 |
Service [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 474,193 | 486,820 | 480,264 | ||||||||
Service [Member] | Reservoir Description [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 389,801 | 387,098 | 393,742 | ||||||||
Service [Member] | Production Enhancement [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 84,392 | 99,722 | 86,522 | ||||||||
Product [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 194,017 | 214,026 | 167,555 | ||||||||
Product [Member] | Reservoir Description [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 31,096 | 25,984 | 21,478 | ||||||||
Product [Member] | Production Enhancement [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 162,921 | $ 188,042 | $ 146,077 |
Unaudited Selected Quarterly _3
Unaudited Selected Quarterly Results of Operations - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
Services and product sales revenue | $ 156,778 | $ 173,200 | $ 169,038 | $ 169,194 | $ 173,207 | $ 182,146 | $ 175,475 | $ 170,018 | $ 668,210 | $ 700,846 | $ 647,819 | |||||||||
Cost of services and product sales | 117,749 | 125,996 | 124,451 | 127,383 | 125,694 | 128,179 | 123,773 | 119,318 | ||||||||||||
Other operating expenses | [1] | 17,974 | 15,997 | 16,579 | 25,397 | 29,535 | 19,088 | 18,253 | 18,384 | |||||||||||
OPERATING INCOME | 21,055 | 31,207 | 28,008 | 16,414 | 17,978 | 34,879 | 33,449 | 32,316 | 96,684 | 118,622 | 109,968 | |||||||||
Interest expense | 3,588 | 3,662 | 3,714 | 3,726 | 3,634 | 3,278 | 3,296 | 3,120 | 14,690 | 13,328 | 10,734 | |||||||||
Income before income tax expense | 17,467 | 27,545 | 24,294 | 12,688 | 14,344 | 31,601 | 30,153 | 29,196 | 81,994 | 105,294 | 99,234 | |||||||||
Income tax expense | 7,177 | 3,335 | 4,808 | (27,610) | 5,750 | 9,404 | 5,020 | 5,273 | (12,290) | 25,447 | 18,249 | |||||||||
Income from continuing operations | 10,290 | 24,210 | 19,486 | 40,298 | 8,594 | 22,197 | 25,133 | 23,923 | 94,284 | 79,847 | 80,985 | |||||||||
Net income (loss) from discontinued operations | (397) | 7,971 | 259 | 408 | 208 | (328) | (346) | 7,833 | (58) | 2,111 | ||||||||||
Net income | 10,290 | 23,813 | 27,457 | 40,557 | 9,002 | 22,405 | 24,805 | 23,577 | 102,117 | 79,789 | 83,096 | |||||||||
Net income (loss) attributable to non-controlling interest | (40) | 84 | 43 | 47 | 167 | (7) | 53 | 50 | 134 | 263 | (29) | |||||||||
Net income attributable to Core Laboratories N.V. | $ 10,330 | $ 23,729 | $ 27,414 | $ 40,510 | $ 8,835 | $ 22,412 | $ 24,752 | $ 23,527 | $ 101,983 | $ 79,526 | $ 83,125 | |||||||||
Basic earnings per share | $ 0.23 | [2],[3] | $ 0.54 | [2],[3] | $ 0.62 | [2],[3] | $ 0.91 | [2],[3] | $ 0.20 | [2],[3] | $ 0.51 | [2],[3] | $ 0.56 | [2],[3] | $ 0.53 | [2],[3] | $ 2.30 | $ 1.80 | $ 1.88 | |
Diluted earnings per share | $ 0.23 | [2],[3] | $ 0.53 | [2],[3] | $ 0.61 | [2],[3] | $ 0.91 | [2],[3] | $ 0.20 | [2],[3] | $ 0.50 | [2],[3] | $ 0.56 | [2],[3] | $ 0.53 | [2],[3] | $ 2.28 | $ 1.79 | $ 1.88 | |
Basic (in shares) | 44,379 | 44,371 | 44,354 | 44,323 | 44,226 | 44,216 | 44,203 | 44,179 | 44,357,000 | 44,206,000 | 44,153,000 | |||||||||
Diluted (in shares) | 44,634 | 44,716 | 44,815 | 44,734 | 44,401 | 44,591 | 44,493 | 44,463 | 44,646,000 | 44,474,000 | 44,264,000 | |||||||||
[1] | First quarter of 2019 and Fourth quarter of 2018 includes charges of $7.2 million and $9.9 million, respectively, of additional stock compensation expenses. See Note 15. | |||||||||||||||||||
[2] | Basic earnings per share and Diluted earnings per share are based on Net income attributable to Core Laboratories N.V. | |||||||||||||||||||
[3] | The sum of the individual quarterly earnings per share amounts may not agree with the year-to-date earnings per share amounts as each quarterly computation is based on the weighted average number of common shares outstanding during that period. |
Unaudited Selected Quarterly _4
Unaudited Selected Quarterly Results of Operations - Quarterly Financial Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |||||
Stock-based compensation | $ 7,200 | $ 9,900 | $ 20,879 | $ 34,194 | $ 22,942 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Account (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement In Valuation Allowances And Reserves Roll Forward | |||
Reserve for doubtful accounts, start | $ 2,650 | $ 2,590 | $ 3,139 |
Additions charged to / recovered from expense | 594 | 605 | (202) |
Write-offs | (454) | (560) | (428) |
Other | (60) | 15 | 81 |
Reserve for doubtful accounts, end | $ 2,730 | $ 2,650 | $ 2,590 |