Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 16, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36875 | ||
Entity Registrant Name | Exterran Corporation | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-3282259 | ||
Entity Address, Address Line One | 11000 Equity Drive | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77041 | ||
City Area Code | 281 | ||
Local Phone Number | 836-7000 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | EXTN | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 133,924,187 | ||
Entity Common Stock, Shares Outstanding | 33,135,838 | ||
Entity Central Index Key | 0001635881 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for the 2021 Meeting of Stockholders, which is expected to be filed with the Securities and Exchange Commission within 120 days after December 31, 2020, are incorporated by reference into Part III of this Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 40,318 | $ 16,683 |
Restricted cash | 3,410 | 19 |
Accounts receivable, net of allowance of $10,803 and $6,019, respectively | 198,028 | 179,158 |
Inventory, Gross | 109,837 | 119,358 |
Contract assets (Note 3) | 32,642 | 36,997 |
Other current assets | 19,810 | 22,003 |
Current assets associated with discontinued operations (Note 5) | 25,325 | 61,705 |
Total current assets | 429,370 | 435,923 |
Property, plant and equipment, net (Note 7) | 733,222 | 824,194 |
Long-term contract assets | 33,563 | 16,280 |
Operating lease right-of-use assets (Note 4) | 25,428 | 26,227 |
Deferred income taxes (Note 14) | 8,866 | 13,994 |
Intangible and other assets, net (Note 8) | 71,436 | 77,644 |
Long-term assets associated with discontinued operations (Note 5) | 1,606 | 23,742 |
Total assets | 1,303,491 | 1,418,004 |
Current liabilities: | ||
Accounts payable, trade | 60,078 | 82,864 |
Accrued liabilities (Note 9) | 94,404 | 92,641 |
Contract liabilities (Note 3) | 100,123 | 66,695 |
Current operating lease liabilities (Note 4) | 6,340 | 5,819 |
Current liabilities associated with discontinued operations (Note 5) | 13,707 | 78,626 |
Total current liabilities | 274,652 | 326,645 |
Long-term debt (Note 10) | 562,325 | 443,587 |
Deferred income taxes (Note 14) | 1,014 | 993 |
Long-term contract liabilities (Note 3) | 80,499 | 156,262 |
Long-term operating lease liabilities (Note 4) | 29,868 | 30,189 |
Other long-term liabilities | 57,159 | 48,749 |
Long-term liabilities associated with discontinued operations (Note 5) | 2,142 | 2,041 |
Total liabilities | 1,007,659 | 1,008,466 |
Commitments and contingencies (Note 19) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value per share; 50,000,000 shares authorized; zero issued | 0 | 0 |
Common stock, $0.01 par value per share; 250,000,000 shares authorized; 37,804,206 and 37,508,286 shares issued, respectively | 378 | 375 |
Additional paid-in capital | 750,506 | 747,622 |
Accumulated deficit | (418,529) | (317,238) |
Treasury stock — 4,665,560 and 4,467,600 common shares, at cost, respectively | (57,431) | (56,567) |
Accumulated other comprehensive income | 20,908 | 35,346 |
Total stockholders’ equity (Note 15) | 295,832 | 409,538 |
Total liabilities and stockholders’ equity | $ 1,303,491 | $ 1,418,004 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance | $ 10,803 | $ 6,019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 37,804,206 | 37,508,286 |
Treasury stock (in shares) | 4,665,560 | 4,467,600 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues (Note 3): | ||
Revenues | $ 613,061 | $ 796,011 |
Costs and expenses: | ||
Cost of sales (excluding depreciation and amortization expense): | 351,195 | 481,598 |
Selling, general and administrative | 123,406 | 141,733 |
Depreciation, Depletion and Amortization | 145,043 | 158,302 |
Impairments (Note 12) | 11,648 | 52,567 |
Restructuring and other charges (Note 13) | 3,550 | 6,194 |
Interest expense | 38,817 | 38,620 |
Gain on extinguishment of debt (Note 10) | (3,571) | 0 |
Other (income) expense, net | 589 | (392) |
Total costs and expenses | 670,677 | 878,622 |
Loss before income taxes | (57,616) | (82,611) |
Provision for income taxes (Note 14) | 28,403 | 25,290 |
Loss from continuing operations | (86,019) | (107,901) |
Income (loss) from discontinued operations, net of tax (Note 5) | (15,272) | 5,524 |
Net loss | $ (101,291) | $ (102,377) |
Basic and diluted net loss per common share (Note 17): | ||
Loss from continuing operations per common share (in dollars per share) | $ (2.63) | $ (3.15) |
Income (loss) from discontinued operations per common share (in dollars per share) | (0.46) | 0.16 |
Net loss per common share (in dollars per share) | $ (3.09) | $ (2.99) |
Weighted average common shares outstanding used in net loss per common share (Note 17): | ||
Basic and diluted (in shares) | 32,750 | 34,283 |
Contract operations | ||
Revenues (Note 3): | ||
Revenues | $ 338,423 | $ 368,126 |
Costs and expenses: | ||
Cost of sales (excluding depreciation and amortization expense): | 105,382 | 128,163 |
Aftermarket services | ||
Revenues (Note 3): | ||
Revenues | 113,246 | 129,217 |
Costs and expenses: | ||
Cost of sales (excluding depreciation and amortization expense): | 87,715 | 95,607 |
Product sales | ||
Revenues (Note 3): | ||
Revenues | 161,392 | 298,668 |
Costs and expenses: | ||
Cost of sales (excluding depreciation and amortization expense): | $ 158,098 | $ 257,828 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (101,291) | $ (102,377) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (14,438) | (2,885) |
Comprehensive loss | $ (115,729) | $ (105,262) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Accumulated Other Comprehensive Income |
Beginning balance (in shares) at Dec. 31, 2018 | 36,868,066 | 721,280 | ||||||
Beginning balance at Dec. 31, 2018 | $ 552,821 | $ (6,184) | $ 369 | $ 734,458 | $ (208,677) | $ (6,184) | $ (11,560) | $ 38,231 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income (loss) | (102,377) | (102,377) | ||||||
Foreign currency translation adjustment | (2,885) | (2,885) | ||||||
Transfer (to) from Archrock, Inc. | $ 420 | 420 | ||||||
Treasury stock purchased (in shares) | (3,495,448) | (3,746,320) | ||||||
Treasury stock purchased | $ (45,007) | $ (45,007) | ||||||
Stock-based compensation, net of forfeitures (in shares) | 640,220 | |||||||
Stock-based compensation, net of forfeitures | $ 12,750 | $ 6 | 12,744 | |||||
Ending balance (in shares) at Dec. 31, 2019 | 37,508,286 | 37,508,286 | 4,467,600 | |||||
Ending balance at Dec. 31, 2019 | $ 409,538 | $ 375 | 747,622 | (317,238) | $ (56,567) | 35,346 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income (loss) | (101,291) | (101,291) | ||||||
Foreign currency translation adjustment | (14,438) | (14,438) | ||||||
Treasury stock purchased (in shares) | (197,960) | |||||||
Treasury stock purchased | (864) | $ (864) | ||||||
Stock-based compensation, net of forfeitures (in shares) | 295,920 | |||||||
Stock-based compensation, net of forfeitures | $ 2,887 | $ 3 | 2,884 | |||||
Ending balance (in shares) at Dec. 31, 2020 | 37,804,206 | 37,804,206 | 4,665,560 | |||||
Ending balance at Dec. 31, 2020 | $ 295,832 | $ 378 | $ 750,506 | $ (418,529) | $ (57,431) | $ 20,908 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (101,291) | $ (102,377) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 145,043 | 158,302 |
Impairments | 11,648 | 52,567 |
Amortization of deferred financing costs | 2,828 | 2,512 |
(Income) loss from discontinued operations, net of tax | 15,272 | (5,524) |
Provision for doubtful accounts | 4,784 | 32 |
Gain on sale of property, plant and equipment | (475) | (1,797) |
Gain on remeasurement of intercompany balances | (4,120) | (287) |
Loss on foreign currency derivatives | 402 | 794 |
Gain on extinguishment of debt | (3,571) | 0 |
Stock-based compensation expense | 2,887 | 12,750 |
Deferred income tax provision (benefit) | 5,092 | (10,007) |
Changes in assets and liabilities: | ||
Accounts receivable and notes | (24,764) | 37,896 |
Inventory | 8,719 | (11,465) |
Contract assets and contract liabilities, net | (49,211) | 55,549 |
Other current assets | 5,053 | 20,331 |
Accounts payable and other liabilities | (19,400) | (14,866) |
Other | 6,063 | 3,863 |
Net cash provided by continuing operations | 4,959 | 198,273 |
Net cash used in discontinued operations | (42,570) | (19,547) |
Net cash provided by (used in) operating activities | (37,611) | 178,726 |
Cash flows from investing activities: | ||
Capital expenditures | (75,611) | (189,037) |
Proceeds from sale of property, plant and equipment | 316 | 7,315 |
Settlement of foreign currency derivatives | 0 | (794) |
Net cash used in continuing operations | (75,295) | (182,516) |
Net cash provided by discontinued operations | 20,996 | 8,110 |
Net cash used in investing activities | (54,299) | (174,406) |
Cash flows from financing activities: | ||
Proceeds from borrowings of debt | 411,000 | 642,500 |
Repayments of debt | (289,812) | (603,951) |
Cash transfer from Archrock, Inc. | 0 | 420 |
Payments for debt issuance costs | (822) | 0 |
Purchases of treasury stock | (864) | (45,007) |
Net cash provided by (used in) financing activities | 119,502 | (6,038) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (566) | (1,058) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 27,026 | (2,776) |
Cash, cash equivalents and restricted cash at beginning of period | 16,702 | 19,478 |
Cash, cash equivalents and restricted cash at end of period | 43,728 | 16,702 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid, net | 18,610 | 30,436 |
Interest paid, net of capitalized amounts | 36,284 | 35,891 |
Supplemental disclosure of non-cash transactions: | ||
Accrued capital expenditures | $ 3,098 | $ 4,561 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1. Description of Business and Basis of Presentation Description of Business Exterran Corporation (together with its subsidiaries, “Exterran Corporation,” the “Company,” “our,” “we” or “us”), a Delaware corporation formed in March 2015, is a global systems and process company offering solutions in the oil, gas, water and power markets. We are a leader in natural gas processing and treatment and compression products, solutions and services, providing critical midstream infrastructure solutions to customers throughout the world. We provide our products, solutions, and services to a global customer base consisting of companies engaged in all aspects of the oil and natural gas industry, including large integrated oil and natural gas companies, national oil and natural gas companies, independent oil and natural gas producers and oil and natural gas processors, gatherers and pipeline operators. Our manufacturing facilities are located in the United States of America (“U.S.”), Singapore and the United Arab Emirates. We operate in three primary business lines: contract operations, aftermarket services and product sales. In our contract operations business line, we provide processing, treating, compression and water treatment services through the operation of our crude oil and natural gas production and process equipment and natural gas compression equipment and water treatment equipment for our customers. In our aftermarket services business line, we sell parts and components and provide operations, maintenance, repair, overhaul, upgrade, startup and commissioning and reconfiguration services to customers who own their own oil and natural gas compression, production, processing, treating and related equipment. In our product sales business line, we design, engineer, manufacture, install and sell equipment used in the treating and processing of crude oil, natural gas, natural gas compression packages and water to our customers throughout the world and for use in our contract operations business line. We also offer our customers, on either a contract operations basis or a sale basis, the engineering, design, project management, procurement and construction services necessary to incorporate our products into production, processing and compression facilities, which we refer to as integrated projects. Basis of Presentation The accompanying consolidated financial statements of Exterran Corporation included herein have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). We refer to the consolidated financial statements collectively as “financial statements,” and individually as “balance sheets,” “statements of operations,” “statements of comprehensive income (loss),” “statements of stockholders’ equity” and “statements of cash flows” herein. In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (“COVID-19”) a pandemic. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and created significant volatility and disruption across most industries. Efforts to mitigate the spread of COVID-19 have also resulted in decreased energy demand and additional weakness in energy pricing. To help control the spread of the virus and protect the health and safety of our employees and customers, we began temporarily closing our locations or modifying operating hours in our locations around the world. This was in response to governmental requirements including “stay-at-home” orders and similar mandates and in some of our locations we voluntarily went beyond the requirements of local government authorities. The broader implications of COVID-19 on our long-term future results of operations and overall financial condition remains uncertain. Due to the rapid market deterioration during the three months ended March 31, 2020, we concluded that a trigger existed and that we should evaluate our long-term assets for impairment. Therefore, we updated our impairment analysis and concluded that no impairment existed during the three months ended March 31, 2020. No triggering events were identified subsequent to March 31, 2020. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Use of Estimates in the Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses, as well as the disclosures of contingent assets and liabilities. Because of the inherent uncertainties in this process, actual future results could differ from those expected at the reporting date. Significant estimates are required for contracts within our product sales segments that are accounted for based largely on our estimates on the extent of progress toward completion of the contracts, contract revenues and contract costs. As of December 31, 2020, we have made these significant estimates on all of our ongoing contracts. However, it is possible that current estimates could change due to unforeseen events, which could result in adjustments to our estimates. Variations from estimated contract performance could result in material adjustments to operating results. Management believes that the estimates and assumptions used are reasonable. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted Cash Restricted cash as of December 31, 2020 and 2019 consists of cash that contractually is not available for immediate use. Restricted cash is presented separately from cash and cash equivalents in our balance sheets. Revenue Recognition Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. See Note for further discussion on revenue recognition. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. We believe that the credit risk in temporary cash investments is limited because our cash is held in accounts with multiple financial institutions. We record trade accounts receivable at the amount we invoice our customers, net of allowance for doubtful accounts. Trade accounts receivable are due from companies of varying sizes engaged principally in oil and natural gas activities throughout the world. We review the financial condition of customers prior to extending credit and generally do not obtain collateral for trade receivables. Payment terms are on a short-term basis and in accordance with industry practice. We consider this credit risk to be limited due to these companies’ financial resources, the nature of products, solutions, and services we provide and the terms of our contract operations customer service agreements. We maintain allowances for doubtful accounts for estimated losses resulting from our customers’ inability to make required payments. The determination of the collectibility of amounts due from our customers requires us to use estimates and make judgments regarding future events and trends, including monitoring our customers’ payment history and current creditworthiness to determine that collectibility is reasonably assured, as well as consideration of the overall business climate in which our customers operate. Inherently, these uncertainties require us to make judgments and estimates regarding our customers’ ability to pay amounts due to us in order to determine the appropriate amount of valuation allowances required for doubtful accounts. We review the adequacy of our allowance for doubtful accounts quarterly. We determine the allowance needed based on historical write-off experience and by evaluating significant balances aged greater than 90 days individually for collectibility. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. During the years ended December 31, 2020, and 2019, we recorded bad debt expense of $4.8 million, and $0.1 million, respectively. The increase in bad debt expenses during the year ended December 31, 2020 was primarily due to the expected impact of energy prices and COVID-19 on our customers. Inventory Inventory consists of parts used for manufacturing or maintenance of natural gas compression equipment, production equipment, processing and treating equipment and facilities and parts held for sale. Inventory is stated at the lower of cost and net realizable value using the average cost method. A write-down is recorded against inventory balances for estimated obsolete and slow moving items based on specific identification, historical experience and management estimates of market conditions and production requirements. Property, Plant and Equipment Property, plant and equipment is recorded at cost and depreciated using the straight-line method over their estimated useful lives as follows: Compression equipment, processing facilities and other contract operations assets 3 to 23 years Buildings 20 to 35 years Transportation, shop equipment and other 3 to 10 years Installation costs capitalized on contract operations projects are generally depreciated over the life of the underlying contract. Major improvements that extend the useful life of an asset are capitalized. Repairs and maintenance are expensed as incurred. When property, plant and equipment is sold, or otherwise disposed of, the gain or loss is recorded in other (income) expense, net. Interest is capitalized during the construction period on equipment and facilities that are constructed for use in our operations. The capitalized interest is included as part of the cost of the asset to which it relates and is amortized over the asset’s estimated useful life. Computer Software Certain costs related to the development or purchase of internal-use software are capitalized and amortized over the estimated useful life of the software, which ranges from three Long-Lived Assets We review long-lived assets such as property, plant and equipment and identifiable intangibles subject to amortization for impairment whenever events or changes in circumstances, including the removal of compressor units from active service, indicate that the carrying amount of an asset may not be recoverable. An impairment loss may exist when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. When necessary, the excess of the asset’s carrying value as compared to its estimated fair value is recognized as an impairment in the period in which the impairment occurred. Identifiable intangibles are amortized over the assets’ estimated useful lives. Demobilization The majority of our contract operations services contracts contain contractual requirements for us to perform demobilization activities at the end of the contract, with the scope of those activities varying by contract. Demobilization activities typically include, among other requirements, civil work and the removal of our equipment and installation from the customer’s site. Demobilization activities represent costs to fulfill obligations under our contracts and are not considered distinct within the context of our contract operations services contracts. Accrued demobilization costs are recorded, if applicable, at the time we become contractually obligated to perform these activities, which generally occurs upon our completion of the installation and commissioning of our equipment at the customer’s site. We record accrued demobilization costs as a liability and an equivalent demobilization asset as a capitalized fulfillment cost. Accrued demobilization costs are subsequently increased by interest accretion throughout the expected term of the contract. During the years ended December 31, 2020 and 2019, we recorded $2.5 million and $2.2 million, respectively, in accretion expense, which is reflected in depreciation and amortization expense in our statements of operations. Demobilization assets are amortized on a straight-line basis over the expected term of the contract. Any difference between the actual costs realized for the demobilization activities and the estimated liability established are recognized in cost of sales in our statement of operations. Other (Income) Expense, Net Other (income) expense, net, is primarily comprised of gains and losses from the remeasurement of our international subsidiaries’ net assets exposed to changes in foreign currency rates, short-term investments and the sale of used assets. Income Taxes Our operations are subject to U.S. federal, state and local and foreign income taxes. We and our subsidiaries file consolidated and separate income tax returns in the U.S. federal jurisdiction and in numerous state and foreign jurisdictions. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more-likely-than-not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with the accounting standard on income taxes under a two-step process whereby (1) we determine whether it is more-likely-than-not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Foreign Currency Translation The financial statements of our subsidiaries outside the U.S., except those for which we have determined that the U.S. dollar is the functional currency, are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the exchange rates in effect at the balance sheet date. Income and expense items are translated at average monthly exchange rates. The resulting gains and losses from the translation of accounts into U.S. dollars are included in accumulated other comprehensive income in our balance sheets. For all subsidiaries, gains and losses from remeasuring foreign currency accounts into the functional currency are included in other (income) expense, net, in our statements of operations. We recorded foreign currency losses of $5.9 million and $3.8 million during the years ended December 31, 2020 and 2019, respectively. Included in our foreign currency losses were non-cash gains of $4.1 million and of $0.3 million during the years ended December 31, 2020 and 2019, respectively, from foreign currency exchange rate changes recorded on intercompany obligations. Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not listed below were assessed and determined to be not applicable. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). The update changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowance for losses. On January 1, 2020, we adopted this update using a modified retrospective approach. The adoption of this update was immaterial to our financial statements. For more information regarding the allowance for doubtful accounts, see Note 3. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The update modifies the disclosure requirements on fair value measurements by removing, modifying and adding certain disclosure requirements. On January 1, 2020, we adopted this update. The adoption of this update was immaterial to our financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”): Simplifying the Accounting for Income Taxes. The update simplifies the accounting for income taxes and is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. While we are continuing to assess the potential impact of the update, we do not expect ASU 2019-12 will have a material impact to our financial statements. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 3. Revenue Disaggregation of Revenue The following tables present disaggregated revenue by product and service lines and by geographical regions for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, Revenue by Products and Services 2020 2019 Contract Operations Segment: Contract operations services (1) $ 338,423 $ 368,126 Aftermarket Services Segment: Operation and maintenance services (1) $ 51,123 $ 53,944 Part sales (2) 43,503 49,721 Other services (1) 18,620 25,552 Total aftermarket services $ 113,246 $ 129,217 Product Sales Segment (3) : Compression equipment (1) $ 86,662 $ 18,468 Processing and treating equipment (1) 56,220 257,477 Production equipment (2) 1,176 2,458 Other product sales (1) (2) 17,334 20,265 Total product sales revenues $ 161,392 $ 298,668 Total revenues $ 613,061 $ 796,011 (1) Revenue recognized over time. (2) Revenue recognized at a point in time. (3) Compression equipment includes sales to customers outside of the U.S. The compression fabrication business for sales to U.S. customers, which was previously included in our product sales segment, is now included in discontinued operations. Year Ended December 31, Revenue by Geographical Regions 2020 2019 North America $ 44,671 $ 110,096 Latin America 259,948 320,249 Middle East and Africa 226,083 319,866 Asia Pacific 82,359 45,800 Total revenues $ 613,061 $ 796,011 The North America region is primarily comprised of our operations in the U.S. The Latin America region is primarily comprised of our operations in Argentina, Bolivia, Brazil and Mexico. The Middle East and Africa region is primarily comprised of our operations in Bahrain, Iraq, Oman, Nigeria and the United Arab Emirates. The Asia Pacific region is primarily comprised of our operations in China, Indonesia, Singapore and Thailand. Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. The following is a description of principal activities from which we generate revenue. Contract Operations Segment In our contract operations business, we provide processing and treating and compression services through the operation of our crude oil and natural gas production and process equipment and natural gas compression equipment for our customers. In addition to these services, we also offer water generation treatment and power generation solutions to our customers on a stand-alone basis or integrated into our natural gas and crude oil production and processing solutions or natural gas compression. Our services include the provision of personnel, equipment, tools, materials and supplies to meet our customers’ oil and natural gas production and processing and natural gas compression service needs and water treatment service needs. Activities we may perform in meeting our customers’ needs include engineering, designing, sourcing, constructing, installing, operating, servicing, repairing, maintaining and demobilizing equipment owned by us necessary to provide these services. Contract operations services represent a series of distinct monthly services that are substantially the same, with the same pattern of transfer to the customer. Because our customers benefit equally throughout the service period and our efforts in providing contract operations services are incurred relatively evenly over the period of performance, revenue is recognized over time using a time based measure as we provide our services to the customer. Our contracts generally require customers to pay a monthly service fee, which may contain variable consideration such as production or volume based fees, guaranteed run rates, performance bonuses or penalties, liquidated damages and standby fees. Variable considerations included in our contracts are typically resolved on a monthly basis, and as such, variable considerations included in our contracts are generally allocated to each distinct month in the series within the contract. In addition, our contracts may include billings prior to or after the performance of our contract operations services that are not considered distinct within the context of our contracts, such as mobilization and demobilization revenue. Consideration that does not relate to a distinct good or service are allocated to the contract operations services performance obligation and recognized as revenue on a straight-line basis over the contract term. We generally enter into contracts with our contract operations customers with initial terms ranging between three If the primary component of our contract operations contracts is the lease component, the contracts are accounted for as operating leases. For these contracts, revenues are recognized on a straight-line basis. As of December 31, 2020, the total value of our contract operations backlog accounted for as operating leases was approximately $149 million, of which $33 million is expected to be recognized in 2021, $44 million is expected to be recognized in 2022, $44 million is expected to be recognized in 2023 and $28 million is expected to be recognized in 2024. Contract operations revenues recognized as operating leases for the year ended December 31, 2020 was approximately $35 million. Aftermarket Services Segment In our aftermarket services business, we sell parts and components and provide operations, maintenance, repair, overhaul, upgrade, startup and commissioning and reconfiguration services to customers who own their own oil and natural gas compression, production, processing, treating and related equipment. Our services range from routine maintenance services and parts sales done on a transactional basis to the full operation and maintenance of customer-owned equipment under long-term agreements. Operations and maintenance services: Operation and maintenance services include personnel to run the equipment and monitor the outputs of the equipment, along with performing preventative or scheduled maintenance on customer-owned equipment. Operation and maintenance services represent a series of distinct monthly services that are substantially the same, with the same pattern of transfer to the customer. Because our customers benefit equally throughout the service period and our efforts in providing operation and maintenance services are incurred relatively evenly over the period of performance, revenue is recognized over time using a time based measure as we provide our services to the customer. Our contracts generally require customers to pay a monthly service fee, which may contain variable consideration such as production or volume based fees and performance bonuses or penalties. Variable considerations included in our contracts are typically resolved on a monthly basis, and as such, variable considerations included in our contracts are generally allocated to each distinct month in the series within the contract. We generally enter into contracts with our operation and maintenance customers with initial terms ranging between one Parts sales: We offer our customers a full range of parts needed for the maintenance, repair and overhaul of oil and natural gas equipment, including natural gas compressors, industrial engines and production and processing equipment. We recognize revenue from parts sales at a point in time following the transfer of control of such parts to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contract. Our contracts require customers to pay a fixed fee upon shipment or delivery of the parts. Other services: Within our aftermarket services segment we also provide a wide variety of other services such as overhaul, commissioning, upgrade and reconfiguration services on customer-owned equipment. Overhaul services provided to customers are intended to return the major components to a “like new” condition without significantly modifying the applications for which the units were designed. Commissioning services that we provide to our customers generally include supervision and the introduction of fluids or gases into the systems to test vibrations, pressures and temperatures to ensure that customer-owned equipment is operating properly and is ready for start-up. Upgrade and reconfiguration services modify the operating parameters of customer-owned equipment such that the equipment can be used in applications for which it previously was not suited. Generally, the wide array of other services provided within the aftermarket services segment are expected to be completed within a six Our aftermarket services contracts are subject to cancellation or modification at the election of the customer. Product Sales Segment In our product sales segment, we design, engineer, manufacture, install and sell equipment used in the treating and processing of crude oil, natural gas, natural gas compression packages and water treatment equipment primarily to major and independent oil and natural gas producers as well as national oil and natural gas companies around the world. Compression equipment: We design, engineer, manufacture and sell skid-mounted natural gas compression equipment to meet standard or unique customer specifications. We recognize revenue from the sale of compression equipment over time based on the input method of percentage-of completion accounting whereby the actual amounts incurred to date as a percentage of the estimated total is used as a basis for determining the extent to which performance obligations are satisfied. Compression equipment manufactured for our customers are specifically designed and engineered to our customers’ specification and do not have an alternative use to us. Our contracts include a fixed fee and require our customers to make progress payments based on completion of contractual milestones during the life cycle of the manufacturing process. Our contracts provide us with an enforceable right to payment for work performed to date. Components of variable considerations exist in certain of our contracts and may include unpriced change orders, liquidated damages and performance bonuses or penalties. Typically, we expect the manufacturing of our compressor equipment to be completed within a three Processing and treating equipment: Processing and treating equipment sold to our customers consists of custom-engineered processing and treating plants, such as refrigeration, amine, cryogenic and natural gas processing plants. The manufacturing of processing and treating equipment generally represents a single performance obligation within the context of the contract. We recognize revenue from the sale of processing and treating equipment over time based on the input method of percentage-of completion accounting whereby the actual amounts incurred to date as a percentage of the estimated total is used as a basis for determining the extent to which performance obligations are satisfied. Processing and treating equipment manufactured for our customers are specifically designed and engineered to our customers’ specification and do not have an alternative use to us. Our contracts include a fixed fee and require our customers to make progress payments based on our completion of contractual milestones during the life cycle of the manufacturing process. Our contracts provide us with an enforceable right to payment for work performed to date. Components of variable considerations exist in certain of our contracts and may include unpriced change orders, liquidated damages and performance bonuses or penalties. Typically, we expect the manufacturing of our processing and treating equipment to be completed within a six Other product sales: Within our product sales segment we also provide for the sale of standard and custom water treatment equipment and floating production storage and offloading equipment and supervisor site work services. We recognize revenue from the sale of standard water treatment equipment at a point in time following the transfer of control of such equipment to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contract. We recognize revenue from the sale of custom water treatment equipment and floating production and storage and offloading equipment and supervisor site work services over time based on the input method of percentage-of completion accounting. Product sales contracts that include engineering, design, project management, procurement, construction and installation services necessary to incorporate our products into production, processing and compression facilities are treated as a single performance obligation due to the services that significantly integrate each piece of equipment into the combined output contracted by the customer. We provide assurance-type warranties on certain equipment in our product sales contracts. These warranties generally do not constitute a separate performance obligation. Product warranty reserves are established in the same period that revenue from the sale of the related products is recognized, or in the period that a specific issue arises as to the functionality of a product. The determination of such reserves requires that we make estimates of expected costs to repair or to replace the products under warranty. The amounts of the reserves are based on established terms and our best estimate of the amounts necessary to settle future and existing claims on product sales as of the balance sheet date. If actual repair and replacement costs differ significantly from estimates, adjustments to recognize additional cost of sales may be required in future periods. As of December 31, 2020, the total aggregate transaction price allocated to the unsatisfied performance obligations for product sales contracts was approximately $465 million, of which approximately $177 million is expected to be recognized in 2021, approximately $175 million is expected to be recognized in 2022 and the remainder is expected to be recognized after 2022. Our contracts are subject to cancellation or modification at the election of the customer; however, due to our enforceable right to payment for work performed, we have not been materially adversely affected by contract cancellations or modifications in the past. Our product sales backlog includes contracts where there is a significant financing component. As of December 31, 2020, we had approximately $43 million expected to be recognized in future periods as interest income within our product sales segment. Significant Estimates The recognition of revenue over time based on the input method of percentage-of completion accounting depends largely on our ability to make reasonable dependable estimates related to the extent of progress toward completion of the contract, contract revenues and contract costs. Recognized revenues and profits are subject to revisions as the contract progresses to completion. Revisions in profit estimates are charged to income in the period in which the facts that give rise to the revision become known using the cumulative catch-up method. Due to the nature of some of our contracts, developing the estimates of costs often requires significant judgment. To calculate the actual amounts incurred to date as a percentage of the estimated total, management uses significant judgment to estimate the total hours cost and profit expected for each project. Variable Consideration The nature of our contracts gives rise to several types of variable consideration. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Additionally, we include in our contract estimates additional revenue for unapproved change orders or claims against customers when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and historical, current and forecasted information that is reasonably available to us. Contracts with Multiple Performance Obligations Some of our contracts have multiple performance obligations. For instance, some of our product sales contracts include commissioning services or the supply of spare parts. For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. Contract Assets and Contract Liabilities The following table provides information about accounts receivables, net, contract assets and contract liabilities from contracts with customers (in thousands): December 31, 2020 2019 Accounts receivables, net $ 198,028 $ 179,158 Contract assets and contract liabilities: Current contract assets 32,642 36,997 Long-term contract assets 33,563 16,280 Current contract liabilities 100,123 66,695 Long-term contract liabilities 80,499 156,262 Accounts receivables are recorded when the right to consideration becomes unconditional. Our contract assets include amounts related to revenue that has been recognized in advance of billing the customer. The contract assets in our balance sheets include costs and estimated earnings in excess of billings and unbilled receivables. When we receive consideration, or such consideration is unconditionally due from a customer prior to transferring goods or services to the customer under the terms of the contract, we record a contract liability. Our contract liabilities include payments received in advance of performance under the contract. The contract liabilities in our balance sheets include billings in excess of costs and estimated earnings and deferred revenue. Billings in excess of costs and estimated earnings primarily relate to billings that have not been recognized as revenue on product sales jobs where the transfer of control to the customer occurs over time. Deferred revenue is primarily comprised of upfront billings on contract operations jobs and billings related to product sales jobs that have not begun where revenue is recognized over time. Upfront payments received from customers on contract operations jobs are generally deferred and amortized over the contract term as we perform our services and the customer receives and consumes the benefits of the services we provide. Contract assets and liabilities are reported in our balance sheets on a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. During the year ended December 31, 2020, revenue recognized from contract operations services included $41.8 million of revenue deferred in previous periods. Revenue recognized during the year ended December 31, 2020 from product sales performance obligations partially satisfied in previous periods was $109.3 million, of which $28.6 million was included in billings in excess of costs at the beginning of the period. The decrease in current contract assets, the increase in current contract liabilities and decrease in long-term contract liabilities during the year ended December 31, 2020 were primarily driven by the change in the remaining term of a contract operation services contract in the Latin America region. The increases in long-term contract assets during the year ended December 31, 2020 was primarily driven by the progression of product sales projects and the timing of milestone billings in the Middle East and Africa region. Costs to Fulfill a Contract We capitalize costs incurred to fulfill our revenue contracts that (i) relate directly to the contract (ii) are expected to generate resources that will be used to satisfy the performance obligation under the contract and (iii) are expected to be recovered through revenue generated under the contract. As of December 31, 2020 and 2019, we had capitalized fulfillment costs of $17.7 million and $13.9 million, respectively, related to contractual obligations incurred at the completion of the commissioning phase and prior to providing services on contracts within our contract operations segment. During the year ended December 31, 2020, we recorded amortization expense for demobilization assets of $5.1 million, which is reflected in depreciation and amortization expense in our statements of operations. Capitalized fulfillment costs are included in intangible and other assets, net, in the balance sheets. Costs to Obtain a Contract We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain commissions paid to internal sales representatives and third party agents meet the requirements to be capitalized. The amount capitalized for incremental costs to obtain contracts as of December 31, 2020 and 2019 was $3.1 million and $4.9 million, respectively. The judgments made in determining the amount of costs incurred include whether the commissions are in fact incremental and would not have occurred absent the customer contract. Capitalized costs to obtain a contract are included in intangible and other assets, net, in the balance sheets and are amortized to selling, general and administrative expense over the expected period of benefit in a manner that is consistent with the transfer of the related goods or services to which the asset relates. During the years ended December 31, 2020 and 2019, we recorded amortization expense for capitalized costs to obtain a contract of $0.5 million and $0.9 million, respectively. Allowance for Doubtful Accounts The Company estimates its reserves using information about past events, current conditions and risk characteristics of each customer, and reasonable and supportable forecasts relevant to assessing risk associated with the collectability of accounts receivables, contract assets and long-term note receivables. The Company’s customer base have generally similar collectability risk characteristics, although larger customers may have lower risk than smaller independent customers. Primarily as a result of the expected impact of energy prices and COVID-19 on our customers, in the year ended December 31, 2020, we recorded an additional allowance for doubtful accounts of approximately $4.8 million. The allowance for doubtful accounts as of December 31, 2020 and changes for the twelve months then ended are as follows (in thousands): Balance at December 31, 2019 $ 6,019 Current period provision for expected credit losses 4,784 Balance at December 31, 2020 $ 10,803 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 4. Leases On January 1, 2019, we adopted ASC 842 retrospectively through a cumulative-effect adjustment as permitted under the specific transitional provisions in ASC 842. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts have not been adjusted and continue to be reported under the accounting standards in effect for the prior period. As a result of this adoption, as a lessee, we recorded operating lease assets and lease liabilities of $21.2 million and $26.5 million, respectively, as of January 1, 2019. The difference between the lease assets and lease liabilities, including prepayments, was recorded as an adjustment to retained earnings. The adoption of this standard did not have a material effect on our statements of operations and cash flows. We primarily lease various offices, warehouses, equipment and vehicles. A right-of-use asset represents our right to use an underlying asset for the lease term and a lease liability represents our obligation to make lease payments arising from the lease. Our operating lease right-of-use assets and lease liabilities are recognized at the present value of lease payments over the lease term at the time of lease commencement, adjusted to include the impact of any lease incentives. Leases with initial terms of 12 months or less are not recorded on our balance sheets and leases that contain non-lease components are combined with the lease components and accounted for as a single lease component. Our lease agreements are negotiated on an individual basis and contain a variety of different terms and conditions. They generally do not contain any material residual value guarantees or material restrictive covenants. Certain lease agreements include rental payments adjusted periodically for inflation. Additionally, some of our leases include one or more options to renew, with renewal terms that can extend the lease term from one month to 10 years. Options to renew our lease terms are included in determining the right-of-use asset and lease liability when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. During the year ended December 31, 2020, we recorded expenses of $9.9 million for our operating leases, of which $0.6 million of expenses related to operating leases with initial terms of 12 months or less. We do not have any material leases, individually or in the aggregate, classified as a finance leasing arrangement. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date. As of December 31, 2020, the weighted average remaining lease term and weighted average discount rate applied for our operating leases were 8 years and 7%, respectively. As of December 31, 2020, our lease assets and lease liabilities consisted of the following (in thousands): Leases Classification December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 25,428 Liabilities Operating - current Current operating lease liabilities $ 6,340 Operating - noncurrent Long-term operating lease liabilities 29,868 Total lease liabilities $ 36,208 As of December 31, 2020, maturities of our operating lease liabilities consisted of the following (in thousands): Maturity of Operating Lease Liabilities December 31, 2020 2021 $ 8,217 2022 6,255 2023 5,495 2024 4,780 2025 4,610 Thereafter 18,574 Total lease payments 47,931 Less: Imputed interest 11,723 Present value of lease liabilities $ 36,208 As of December 31, 2019, commitments for future minimum rental payments with terms in excess of one year were as follows (in thousands): Future Minimum Rental Payments December 31, 2019 2020 $ 6,418 2021 6,629 2022 5,645 2023 4,992 2024 4,479 Thereafter 21,930 Total lease payments $ 50,093 The following table provides supplemental cash flow information related to leases for the year ended December 31, 2020 (in thousands): Cash Flow Information Classification Year Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Net cash provided by operating activities $ 997 Leased assets obtained in exchange for new operating lease liabilities Non-cash 3,817 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 5. Discontinued Operations We have continued to work toward our strategy to be a company that leverages technology and operational excellence to provide complete systems and process solutions in energy and industrial applications. Over the past several years, we have made significant progress in this journey by taking actions to protect our core business, develop important organizational capabilities, commercialize new products, solutions, and services and implement new processes to position Exterran for success. We are focused on optimizing our portfolio of products and services to better serve our global customers while providing a more attractive investment option for our investors. As we continue on this path, we decided that our U.S. compression fabrication business was non-core to our strategy going forward and during the third quarter of 2020, we entered into an agreement to sell the assets used to operate the business which closed on November 2, 2020. However, we did not sell certain items in inventory but expect to liquidate this inventory over time. During the third quarter of 2020, this business met the held for sale criteria and is now reflected as discontinued operations in our financial statements for all periods presented. The U.S. compression fabrication business was previously included in our product sales segment and has been reclassified to discontinued operations in our financial statements for all periods presented. Compression revenue from sales to international customers continues to be included in our product sales segment. In addition, in connection with our review of options for the U.S. compression fabrication business, we reviewed the assets in this business compared to our estimate of future cash flows and recorded impairments of $6.5 million and $21.8 million in 2020 and 2019, respectively, to adjust the carrying value to our estimate of fair market value. In the first quarter of 2016, we began executing the exit of our Belleli EPC business that has historically been comprised of engineering, procurement and construction for the manufacture of tanks for tank farms and the manufacture of evaporators and brine heaters for desalination plants in the Middle East (referred to as “Belleli EPC” or the “Belleli EPC business” herein) by ceasing the bookings of new orders. As of the fourth quarter of 2017, we had substantially exited our Belleli EPC business and, in accordance with GAAP, it is reflected as discontinued operations in our financial statements for all periods presented. Although we have reached mechanical completion on all remaining Belleli EPC contracts, we are still subject to risks and uncertainties potentially resulting from warranty obligations, customer or suppliers claims against us, settlement of claims against customers, completion of demobilization activities and litigation developments. The facility previously utilized to manufacture products for our Belleli EPC business has been repurposed to manufacture product sales equipment. As such, certain personnel, buildings, equipment and other assets that were previously related to our Belleli EPC business remain a part of our continuing operations. As a result, activities associated with our ongoing operations at our repurposed facility are included in continuing operations. The following table summarizes the operating results of discontinued operations (in thousands): 2020 2019 Belleli US Belleli US EPC Compression Total EPC Compression Other Total Revenue $ 2,482 $ 119,928 $ 122,410 $ 394 $ 521,429 $ — $ 521,823 Cost of sales (excluding depreciation and amortization expense) (382) 113,248 112,866 (1,073) 472,620 — 471,547 Selling, general and administrative (316) 9,901 9,585 1,176 22,580 188 23,944 Depreciation and amortization — 1,767 1,767 — 4,255 — 4,255 Impairments — 6,512 6,512 — 21,807 — 21,807 Restructuring and other charges — 7,708 7,708 — 2,518 — 2,518 Other (income) expense, net (292) (650) (942) (353) (1,389) 1 (1,741) Provision for (benefit from) income taxes 186 — 186 (6,031) — — (6,031) Income (loss) from discontinued operations, net of tax $ 3,286 $ (18,558) $ (15,272) $ 6,675 $ (962) $ (189) $ 5,524 The following table summarizes the balance sheet data for discontinued operations (in thousands): December 31, 2020 December 31, 2019 Belleli EPC US Compression Total Belleli EPC US Compression Total Accounts receivable $ 268 $ 3,171 $ 3,439 $ 3,990 $ 23,179 $ 27,169 Inventory — 21,107 21,107 — 24,180 24,180 Contract assets — 458 458 46 9,540 9,586 Other current assets 213 108 321 296 474 770 Total current assets associated with discontinued operations 481 24,844 25,325 4,332 57,373 61,705 Property, plant and equipment, net — — — — 20,216 20,216 Intangible and other assets, net 1,606 — 1,606 2,970 556 3,526 Total assets associated with discontinued operations $ 2,087 $ 24,844 $ 26,931 $ 7,302 $ 78,145 $ 85,447 Accounts payable $ 139 $ 5,093 $ 5,232 $ 1,503 $ 40,580 $ 42,083 Accrued liabilities 2,939 5,037 7,976 5,959 11,889 17,848 Contract liabilities 197 302 499 2,536 16,159 18,695 Total current liabilities associated with discontinued operations 3,275 10,432 13,707 9,998 68,628 78,626 Other long-term liabilities 765 1,377 2,142 758 1,283 2,041 Total liabilities associated with discontinued operations $ 4,040 $ 11,809 $ 15,849 $ 10,756 $ 69,911 $ 80,667 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 6. Inventory Inventory consisted of the following amounts (in thousands): December 31, 2020 2019 Parts and supplies $ 65,576 $ 76,398 Work in progress 41,020 39,719 Finished goods 3,241 3,241 Inventory $ 109,837 $ 119,358 During the years ended December 31, 2020 and 2019, we recorded $2.2 million and $0.6 million, respectively, in inventory write-downs for obsolete or slow moving inventory. As of December 31, 2020 and 2019, we had inventory write-downs of $7.7 million and $8.8 million, respectively. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 7. Property, Plant and Equipment, Net Property, plant and equipment, net, consisted of the following (in thousands): December 31, 2020 2019 Compression equipment, processing facilities and other contract operations assets $ 1,562,528 $ 1,607,769 Land and buildings 50,908 51,062 Transportation and shop equipment 54,763 57,469 Computer software 54,486 50,091 Other 40,305 37,716 1,762,990 1,804,107 Accumulated depreciation (1,029,768) (979,913) Property, plant and equipment, net $ 733,222 $ 824,194 Depreciation expense was $135.8 million and $152.7 million during the years ended December 31, 2020 and 2019, respectively. Assets under construction of $73.4 million and $83.3 million as of December 31, 2020 and 2019, respectively, were primarily related to our contract operations business. During the years ended December 31, 2020 and 2019, we capitalized $0.8 million and $2.7 million of interest related to construction in process, respectively. |
Intangible and Other Assets, Ne
Intangible and Other Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible and Other Assets, Net | Note 8. Intangible and Other Assets, Net Intangible and other assets, net, consisted of the following (in thousands): December 31, 2020 2019 Intangible assets, net $ 4,138 $ 5,643 Deferred financing costs 4,762 5,740 Long-term tax receivables 7,790 10,526 Long-term notes receivable 16,801 16,145 Long-term deposits 13,290 14,560 Contract fulfillment costs 17,745 13,907 Contract obtainment costs 3,078 4,865 Other 3,832 6,258 Intangibles and other assets, net $ 71,436 $ 77,644 Intangible assets and deferred financing costs consisted of the following (in thousands): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Deferred financing costs (1) $ 13,998 $ (9,236) $ 13,164 $ (7,424) Customer related (17-20 year life) 39,649 (36,174) 40,608 (35,934) Contract based (2-11 year life) 44,707 (44,044) 45,092 (44,123) Intangible assets and deferred financing costs $ 98,354 $ (89,454) $ 98,864 $ (87,481) (1) Represents debt issuance costs relating to our revolving credit facility. See Note for further discussion regarding our revolving credit facility. Amortization of deferred financing costs related to our revolving credit facility totaled $1.8 million and $1.5 million during the years ended December 31, 2020 and 2019, respectively, and was recorded to interest expense in our statements of operations. Amortization of intangible assets totaled $1.6 million and $1.5 million during the years ended December 31, 2020 and 2019, respectively. Estimated future intangible amortization expense is as follows (in thousands): 2021 $ 1,321 2022 953 2023 806 2024 780 2025 48 Thereafter 230 Total $ 4,138 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Note 9. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 31, 2020 2019 Accrued salaries and other benefits $ 35,112 $ 34,265 Accrued income and other taxes 21,260 20,112 Accrued demobilization costs 14,223 13,348 Accrued warranty expense 2,425 1,029 Accrued interest 5,577 5,857 Accrued other liabilities 15,807 18,030 Accrued liabilities $ 94,404 $ 92,641 Our warranty expense was $1.6 million and $3.0 million during the years ended December 31, 2020 and 2019, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 10. Debt Debt consisted of the following (in thousands): December 31, 2020 2019 Revolving credit facility due October 2023 $ 216,500 $ 74,000 8.125% senior notes due May 2025 350,000 375,000 Other debt — 132 Unamortized deferred financing costs of 8.125% senior notes (4,175) (5,413) Total debt 562,325 443,719 Less: Amounts due within one year (1) — (132) Long- term debt $ 562,325 $ 443,587 (1) Short-term debt and the current portion of long-term debt are included in accrued liabilities in our balance sheets. Revolving Credit Facility On October 9, 2018, we and Exterran energy Solutions, L.P. (“EESLP”) entered into a Second Amended and Restated Credit Agreement, which among other things, increased the borrowing capacity under our revolving credit facility from $680.0 million to $700.0 million. The Second Amended and Restated Credit Agreement also extended the maturity date of our revolving credit facility to October 9, 2023. On December 11, 2020, we and EESLP entered into a First Amendment to the Second Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which among other things adjusted the definition of EBITDA used for our financial covenants to allow for anticipated earnings from new Contract Operations projects based on a pro-forma basis during the construction period and decreased the borrowing capacity under our revolving credit facility from $700.0 million to $650.0 million. As of December 31, 2020, we had $216.5 million in outstanding borrowings and $9.5 million in outstanding letters of credit under our revolving credit facility. At December 31, 2020, taking into account guarantees through outstanding letters of credit, we had undrawn capacity of $424.0 million under our revolving credit facility. Our Amended Credit Agreement limits our Total debt to EBITDA ratio (as defined in the Amended Credit Agreement) on the last day of the fiscal quarter to no greater than 4.50 to 1.0. As a result of this limitation, $73.3 million of the $424.0 million of undrawn capacity under our revolving credit facility was available for additional borrowings as of December 31, 2020. Revolving borrowings under the Amended Credit Agreement bear interest at a rate equal to, at our option, either the Base Rate or LIBOR (or EURIBOR, in the case of Euro-denominated borrowings) plus the applicable margin. “Base Rate” means the greatest of (a) the prime rate, (b) the federal funds effective rate plus 0.50% and (c) one-month LIBOR plus 1.00%. The applicable margin for revolving borrowings varies (i) in the case of LIBOR and EURIBOR loans, from 2.00% to 3.00% and (ii) in the case of Base Rate loans, from 1.00% to 2.00%, and in each case will be determined based on a total leverage ratio pricing grid. The weighted average annual interest rate on outstanding borrowings under the revolving credit facility at December 31, 2020 and 2019 was 3.2%, and 4.6% respectively. We guarantee EESLP’s obligations under the revolving credit facility. In addition, EESLP’s obligations under the revolving credit facility are secured by (1) substantially all of our assets and the assets of EESLP and our Significant Domestic Subsidiaries (as defined in the Amended Credit Agreement), including certain real property, and (2) all of the equity interests of our U.S. restricted subsidiaries (other than certain excluded subsidiaries) (as defined in the Amended Credit Agreement) and 65% of the voting equity interests in certain of our first-tier foreign subsidiaries. 8.125% Senior Notes Due May 2025 In April 2017, our 100% owned subsidiaries EESLP and EES Finance Corp. issued $375.0 million aggregate principal amount of 8.125% senior unsecured notes due 2025 (the “2017 Notes”).The 2017 Notes are guaranteed by us on a senior unsecured basis. The net proceeds of $367.1 million from the 2017 Notes issuance were used to repay all of the borrowings outstanding under the term loan facility and revolving credit facility and for general corporate purposes. During the year ended December 31, 2020, we purchased and retired $25.0 million principal amount of our 2017 Notes for $21.5 million (including $0.3 million of accrued interest) resulting in a gain on extinguishment of debt of $3.6 million. The gain was calculated as the difference between the repurchase price and the carrying amount of the 2017 Notes, partially offset by $0.2 million in related deferred financing costs. The gain on extinguishment of debt is included as a separate item in our statements of operations. Prior to May 1, 2020, we may redeem all or a portion of the 2017 Notes at a redemption price equal to the sum of (i) the principal amount thereof, and (ii) a make-whole premium at the redemption date, plus accrued and unpaid interest, if any, to the redemption date. In addition, we may redeem up to 35% of the aggregate principal amount of the 2017 Notes prior to May 1, 2020 with the net proceeds of one or more equity offerings at a redemption price of 108.125% of the principal amount of the 2017 Notes, plus any accrued and unpaid interest to the date of redemption, if at least 65% of the aggregate principal amount of the 2017 Notes issued under the indenture remains outstanding after such redemption and the redemption occurs within 180 days of the date of the closing of such equity offering. On or after May 1, 2020, we may redeem all or a portion of the 2017 Notes at redemption prices (expressed as percentages of principal amount) equal to 106.094% for the twelve-month period beginning on May 1, 2020, 104.063% for the twelve-month period beginning on May 1, 2021, 102.031% for the twelve-month period beginning on May 1, 2022 and 100.000% for the twelve-month period beginning on May 1, 2023 and at any time thereafter, plus accrued and unpaid interest, if any, to the applicable redemption date of the 2017 Notes. Unamortized Debt Financing Costs In connection with the issuance of the 2017 Notes, we incurred transaction costs of $7.9 million related to the issuance of the 2017 Notes. These costs are presented as a direct deduction from the carrying value of the 2017 Notes and are being amortized over the term of the 2017 Notes. Amortization of deferred financing costs relating to the 2017 Notes totaled $1.0 million during each of the years ended December 31, 2020 and 2019, and was recorded to interest expense in our statements of operations. During the year ended December 31, 2020, we incurred transaction costs of approximately $0.8 million related to the amendment of our revolving credit facility. Debt issuance costs relating to our revolving credit facility are included in intangible and other assets, net, and are being amortized over the term of the facility. See Note for further discussion regarding the amortization of deferred financing costs related to our revolving credit facility. Debt Compliance The Amended Credit Agreement contains various covenants with which we, EESLP and our respective restricted subsidiaries must comply including, but not limited to, limitations on the incurrence of indebtedness, investments, liens on assets, repurchasing equity, distributions, transactions with affiliates, mergers, consolidations, dispositions of assets and other provisions customary in similar types of agreements. We are required to maintain, on a consolidated basis, a minimum interest coverage ratio (as defined in the Amended Credit Agreement) of 2.25 to 1.00; a maximum total leverage ratio (as defined in the Amended Credit Agreement) of 4.50 to 1.00; and a maximum senior secured leverage ratio (as defined in the Amended Credit Agreement) of 2.75 to 1.00. As of December 31, 2020, we were in compliance with all financial covenants under the Amended Credit Agreement. Debt Maturity Schedule Contractual maturities of debt (excluding interest to be accrued thereon) at December 31, 2020 are as follows (in thousands): December 31, 2021 $ — 2022 — 2023 216,500 2024 — 2025 350,000 Thereafter — Total debt (1) $ 566,500 (1) This amount includes the full face value of the 2017 Notes and does not include unamortized debt financing costs of $4.2 million as of December 31, 2020. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11. Fair Value Measurements The accounting standard for fair value measurements and disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following three categories: • Level 1 — Quoted unadjusted prices for identical instruments in active markets to which we have access at the date of measurement. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or prices vary substantially over time or among brokered market makers. • Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect our own assumptions regarding how market participants would price the asset or liability based on the best available information. Recurring Fair Value Measurements The following table presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, with pricing levels as of the date of valuation (in thousands): December 31, 2020 December 31, 2019 (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Foreign currency derivatives liabilities $ — $ — $ 247 N/A N/A N/A We are exposed to market risks associated with changes in foreign currency exchange rates, including foreign currency exchange rate changes recorded on intercompany obligations. From time to time, we may enter into foreign currency hedges to manage existing exposures to foreign exchange risk related to assets and liabilities recorded on our balance sheets including intercompany activity. As of December 31, 2020, we were a party to forward currency exchange contracts to mitigate exposures to the Argentine Peso and Indonesian Rupiah with a total notional value of $23.5 million. These contracts expire at varying dates through February 2021. We did not designate these forward currency exchange contracts as hedge transactions. Changes in fair value and gains and losses on settlement on these forward currency exchange contracts are recognized in other (income) expense, net, in our statements of operations. Our estimate of the fair value of foreign currency derivatives as of December 31, 2020 was determined using quoted forward exchange rates in active markets at December 31, 2020. Foreign currency derivative assets are included in other accrued liabilities in our balance sheets. During the years ended December 31, 2020 and 2019, we recognized a loss of $0.4 million and $0.8 million, respectively, on forward currency exchange contracts. Nonrecurring Fair Value Measurements The following table presents our assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Impaired long-lived assets (1) $ — $ — $ 464 $ — $ — $ — Impaired assets—assets held for sale (2) — — — — — 624 Long-term note receivable (3) — — 11,333 — — 15,312 (1) Our estimate of the fair value of the impaired long-lived assets as of December 31, 2020 were primarily based on the expected net sale proceeds compared to other fleet units we sold and/or our estimate of fair value based on offers to purchase such assets; and the proceeds to be received from the customer. (2) Our estimate of the fair value of the impaired assets, which were classified as held for sale as of December 31, 2019, was based on the expected net proceeds from the sale of the assets. (3) Our estimate of the fair value of a note receivable was discounted based on a settlement period of eight years and a discount rate of 6.2%. The undiscounted value of the note receivable, including interest, as of December 31, 2020 was $15.7 million. Financial Instruments Our financial instruments consist of cash, restricted cash, receivables, payables and debt. At December 31, 2020 and 2019, the estimated fair values of cash, restricted cash, receivables and payables approximated their carrying amounts as reflected in our balance sheets due to the short-term nature of these financial instruments. |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Impairments | Note 12. Impairments We review long-lived assets, including property, plant and equipment and identifiable intangibles that are being amortized, for impairment whenever events or changes in circumstances, including the removal of compressor units from our active fleet, indicate that the carrying amount of an asset may not be recoverable. During the years ended December 31, 2020 and 2019, in an effort to generate cash from idle assets and reduce holding costs, we reviewed the future deployment of our idle assets used in our contract operations segment for units that were not of the type, configuration, condition, make or model that are cost efficient to maintain and operate. Based on this review, we determined that certain idle compressor units and other assets would be retired from future service. The retirement of these units from the active fleet triggered a review of these assets for impairment. As a result, we recorded a $10.0 million and $52.6 million asset impairment to reduce the book value of each unit to its estimated fair value during the years ended December 31, 2020 and 2019, respectively. The fair value of each unit was estimated based on either the expected net sale proceeds compared to other fleet units we recently sold and/or a review of other units recently offered for sale by third parties, or the estimated component value or scrap value of each compressor unit. During the third quarter of 2020, we impaired certain assets in Argentina due to the termination of a contract operations project where it was not cost effective to move the assets and try to utilize them with a different customer. As a result, we removed them from the fleet and recorded an impairment of $1.7 million to write-down these assets to their approximate fair values for the year ended December 31, 2020. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Note 13. Restructuring and Other Charges The energy industry’s focus on cash flow, capital discipline and improving returns has caused delays in the timing of new equipment orders. As a result, in the third quarter of 2019, we announced a cost reduction plan primarily focused on workforce reductions. We incurred restructuring and other charges associated with these activities of $3.6 million and $5.9 million for the years ended December 31, 2020 and 2019, respectively. These charges are reflected as restructuring and other charges in our statements of operations and accrued liabilities on our balance sheets. The cost reduction plan is expected to be completed in the first half of 2021 and we expect to settle these charges within the next twelve months in cash. At this time, we cannot currently estimate the total restructuring costs that will be incurred as a result of this cost reduction plan. In the second quarter of 2018, we initiated a relocation plan in the Latin America region to better align our contract operations business with our customers. As a result of this plan, during the year ended December 31, 2019, we incurred restructuring and other charges of $0.3 million related to relocation costs. The charges incurred in conjunction with this relocation plan are included in restructuring and other charges in our statements of operations. In the second quarter of 2019, we completed restructuring activities related to the relocation plan. The following table summarizes the changes to our accrued liability balance related to restructuring and other charges for the years ended December 31, 2019 and 2020 (in thousands): Cost Reduction Plan Relocation Plan Total Beginning balance at January 1, 2019 $ — $ 309 $ 309 Additions for costs expensed 5,901 293 6,194 Reductions for payments (3,531) (602) (4,133) Foreign exchange impact (89) — (89) Ending balance at December 31, 2019 2,281 — 2,281 Additions for costs expensed 3,550 — 3,550 Reductions for payments (4,178) — (4,178) Foreign exchange impact (302) — (302) Ending balance at December 31, 2020 $ 1,351 $ — $ 1,351 The following table summarizes the components of charges included in restructuring and other charges in our statements of operations for the years ended December 31, 2020 and 2019 (in thousands): Years Ended December 31, 2020 2019 Employee termination benefits $ 986 $ 5,261 Consulting fees 2,564 640 Relocation costs — 293 Total restructuring and other charges $ 3,550 $ 6,194 The following table summarizes the components of charges included in restructuring and other charges incurred since the announcement of the cost reduction plan in the second quarter of 2019 (in thousands): Total Employee termination benefits $ 6,243 Consulting fees 3,205 Total restructuring and other charges $ 9,448 |
Provision for Income Taxes
Provision for Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Note 14. Provision for Income Taxes The components of income (loss) before income taxes were as follows (in thousands): Years Ended December 31, 2020 2019 United States $ (56,163) $ (85,956) Foreign (1,453) 3,345 Loss before income taxes $ (57,616) $ (82,611) The provision for income taxes consisted of the following (in thousands): Years Ended December 31, 2020 2019 Current tax provision (benefit): U.S. federal $ (542) $ (534) State 70 228 Foreign 23,783 35,603 Total current 23,311 35,297 Deferred tax provision (benefit): U.S. federal (351) 1,673 State (37) (61) Foreign 5,480 (11,619) Total deferred 5,092 (10,007) Provision for income taxes $ 28,403 $ 25,290 The provision for income taxes for 2020 and 2019 resulted in effective tax rates on continuing operations of (49.3)% and (30.6)%, respectively. The reasons for the differences between these effective tax rates and the U.S. statutory rate are as follows (in thousands): Years Ended December 31, 2020 2019 Income taxes at U.S. federal statutory rate of 21% $ (12,099) $ (17,348) U.S. foreign tax credits 12,599 — Unrecognized tax benefits 10,059 529 Change in valuation allowances (13,331) 13,780 Nondeductible expenses 5,326 5,633 Change in tax rate 2,256 488 Foreign tax rate differential 4,079 (9,378) Deferred tax adjustments 6,183 4,844 Foreign exchange differences 11,598 13,821 Withholding tax, net of U.S. benefit 3,651 5,491 Deemed and actual distributions 307 4,873 Other (2,225) 2,557 Provision for income taxes $ 28,403 $ 25,290 Deferred income tax balances are the direct effect of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities are as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 73,597 $ 71,598 Foreign tax credit carryforwards 69,160 81,759 Research and development credit carryforwards 31,251 31,251 Alternative minimum tax credit carryforwards — 2,943 Deferred revenue 29,608 46,137 Accrued liabilities 8,354 13,094 Other 33,843 33,758 Subtotal 245,813 280,540 Valuation allowances (197,725) (213,034) Total deferred tax assets 48,088 67,506 Deferred tax liabilities: Property, plant and equipment (33,919) (42,566) Other (6,317) (11,939) Total deferred tax liabilities (40,236) (54,505) Net deferred tax assets $ 7,852 $ 13,001 At December 31, 2020, we had U.S. federal net operating loss carryforwards of approximately $130.4 million that are available to offset future taxable income. If not used, the carryforwards begin to expire in 2036. We also had approximately $140.7 million of net operating loss carryforwards in certain foreign jurisdictions (excluding discontinued operations), approximately $78.4 million of which has no expiration date, $12.3 million of which is subject to expiration from 2021 to 2025, and the remainder of which expires in future years through 2040. Our foreign jurisdictions in which we had significant net operating loss carryforwards include Brazil, Mexico, Canada, and Singapore. Foreign tax credit carryforwards of $69.2 million and research and development credits carryforwards of $31.3 million are available to offset future payments of U.S. federal income tax. The foreign tax credits will expire in varying amounts beginning in 2021 and research and development credits will expire in varying amounts beginning in 2028. We record valuation allowances when it is more-likely-than-not that some portion or all of our deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character and in the appropriate taxing jurisdictions in the future. If we do not meet our expectations with respect to taxable income, we may not realize the full benefit from our deferred tax assets which would require us to record a valuation allowance in our tax provision in future years. Management assesses all available positive and negative evidence to estimate our ability to generate sufficient future taxable income of the appropriate character, and in the appropriate taxing jurisdictions, to permit use of our existing deferred tax assets. A significant piece of objective negative evidence is a cumulative loss incurred over a three-year period in a taxing jurisdiction. Prevailing accounting practice is that such objective evidence would limit the ability to consider other subjective evidence, such as our projections for future growth. As of December 31, 2020, the majority of our valuation allowances are related to deferred tax assets in the U.S., Brazil, Nigeria, Canada and Mexico. We consider the earnings of many of our foreign subsidiaries to be indefinitely reinvested, and accordingly, as of December 31, 2020, we have not provided for taxes on approximately $210.4 million of cumulative undistributed foreign earnings. If we were to make a distribution from the unremitted earnings of these subsidiaries, we could be subject to taxes payable to various jurisdictions. Computation of the potential deferred tax liability associated with these undistributed earnings and any other basis differences is not practicable. We also have cumulative undistributed foreign earnings of $493.8 million which we do not consider to be indefinitely reinvested and have provided deferred taxes with respect to these earnings to the extent the distributions would be taxable. If our expectations were to change regarding future tax consequences, we may be required to record additional deferred taxes that could have a material effect on our consolidated statement of financial position, results of operations or cash flows. A reconciliation of the beginning and ending amount of unrecognized tax benefits (including discontinued operations) is shown below (in thousands): Years Ended December 31, 2020 2019 Beginning balance $ 23,339 $ 27,783 Additions based on tax positions related to prior years 8,151 142 Additions based on tax positions related to current year 275 1,648 Reductions based on settlement with government authority — (5,086) Reductions based on lapse of statute of limitations (550) (1,148) Ending balance $ 31,215 $ 23,339 We had $31.2 million and $23.3 million of unrecognized tax benefits at December 31, 2020 and 2019, respectively, which if recognized, would affect the effective tax rate (except for amounts that would be reflected in income (loss) from discontinued operations, net of tax). We also have recorded $1.3 million and released $2.3 million of potential interest expense and penalties related to unrecognized tax benefits associated with uncertain tax positions (including discontinued operations) as of December 31, 2020 and 2019, respectively. To the extent interest and penalties are not assessed with respect to unrecognized tax benefits, amounts accrued will be reduced and reflected as reductions in income tax expense. We are subject to examination by taxing authorities throughout the world, including the U.S. and major foreign jurisdictions such as Argentina, Brazil and Mexico. With few exceptions, we and our subsidiaries are no longer subject to foreign income tax examinations for tax years before 2006. Several foreign audits are currently in progress and we do not expect any tax adjustments that would have a material impact on our financial position or results of operations. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 15. Stockholders’ Equity Preferred Stock We have authorized 50.0 million shares of preferred stock, $0.01 par value per share, none of which was issued and outstanding at December 31, 2020. Our board of directors is authorized to determine the rights, preferences, and restrictions on any series of preferred stock that we may issue. Common Stock We have authorized 250.0 million shares of common stock, $0.01 par value per share, of which 37,804,206 and 33,138,646 shares are issued and outstanding at December 31, 2020, respectively. Each share of common stock is entitled to a single vote. We have not declared or paid any dividends through December 31, 2020. Share Repurchase Program On February 20, 2019, our board of directors approved a share repurchase program under which the Company is authorized to purchase up to $100.0 million of its outstanding common stock through February 2022. The timing and method of any repurchases under the program will depend on a variety of factors, including prevailing market conditions among others. Purchases under the program may be suspended or discontinued at any time and we have no obligation to repurchase any amount of our common shares under the program. Shares of common stock acquired through the repurchase program are held in treasury at cost. During the year ended December 31, 2019, we repurchased 3,495,448 shares of our common stock for $42.3 million in connection with our share repurchase program. During year ended December 31, 2020, we did not repurchase any shares under this program. As of December 31, 2020, the remaining authorized repurchase amount under the share repurchase program was $57.7 million. Additionally, treasury stock purchased during the years ended December 31, 2020 and 2019 included shares withheld to satisfy employees’ tax withholding obligations in connection with vesting of restricted stock awards. Comprehensive Income (Loss) Components of comprehensive income (loss) are net income (loss) and all changes in stockholders’ equity during a period except those resulting from transactions with owners. Our accumulated other comprehensive income consists of foreign currency translation adjustments. The following table presents the changes in accumulated other comprehensive income, net of tax, during the years ended December 31, 2019 and 2020 (in thousands): Foreign Currency Accumulated other comprehensive income, January 1, 2019 $ 38,231 Loss recognized in other comprehensive loss (2,885) Accumulated other comprehensive income, December 31, 2019 35,346 Loss recognized in other comprehensive loss (14,438) Accumulated other comprehensive income, December 31, 2020 $ 20,908 |
Stock-Based Compensation and Aw
Stock-Based Compensation and Awards | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation and Awards | Note 16. Stock-Based Compensation and Awards Stock Incentive Plan On February 20, 2020, our compensation committee and board of directors each approved the Exterran Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”). The 2020 Plan replaced the Exterran Corporation 2015 Stock Incentive Plan and the Exterran Corporation 2015 Directors’ Stock and Deferral Plan, and became effective on May 8, 2020. The 2020 Plan provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, other stock-based awards and dividend equivalents rights to employees, directors and consultants of Exterran Corporation. Under the 2020 Plan, members of our board of directors may elect, on an annual basis, to receive 25%, 50%, 75% or 100% of their annual retainer (the “Retainer”) in shares of our common stock in lieu of cash. The number of shares of our common stock issued to each director who elects to have a portion of their Retainer paid in shares in lieu of cash is determined by dividing the applicable dollar amount of such portion by the closing sales price per share of our common stock on the last trading day of the quarter. Any portion of the Retainer paid in cash will be paid to the director following the close of the calendar quarter for which such Retainer were earned. Under the 2020 Plan, members of the board of directors who elect to receive the Retainer in the form of shares may also elect to defer the receipt of the Retainer until a later date. The maximum aggregate number of shares of our common stock that may be issued under the 2020 Plan is 1,857,514 shares, of which 1,803,387 shares were available to be issued under the plan as of December 31, 2020. Awards granted under the 2020 Plan that are subsequently cancelled, terminated or forfeited are available for future grant. Stock-based compensation expense relates to awards to employees, directors and consultants of Exterran Corporation. We account for forfeitures as they occur rather than applying an estimated forfeiture rate. The following table presents the stock-based compensation expense included in our results of operations (in thousands): Years Ended December 31, 2020 2019 Stock options $ — $ — Restricted stock, restricted stock units, performance units, cash settled restricted stock units and cash settled performance units 6,229 12,793 Restructuring and other charges—stock-based compensation expense — — Total stock-based compensation expense $ 6,229 $ 12,793 Stock Options Stock options are granted at fair market value at the grant date, are exercisable according to the vesting schedule established and generally expire no later than 10 years after the grant date. Stock options generally vest one-third per year on each of the first three anniversaries of the grant date. There were no stock options granted during the years ended December 31, 2020 and 2019. The table below presents the changes in stock option awards for our common stock during the year ended December 31, 2020. Stock Options (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Life (in years) Aggregate Intrinsic Value (in thousands) Options outstanding, January 1, 2020 69 $ 25.33 Granted — — Exercised — — Cancelled (39) 19.82 Options outstanding, December 31, 2020 30 32.50 0.2 $ — Options exercisable, December 31, 2020 30 32.50 0.2 — Intrinsic value is the difference between the market value of our common stock and the exercise price of each stock option multiplied by the number of stock options outstanding for those stock options where the market value exceeds their exercise price. Restricted Stock, Restricted Stock Units and Performance Units For grants of restricted stock, restricted stock units and performance units, we recognize compensation expense over the applicable vesting period equal to the fair value of our common stock at the grant date. Grants of restricted stock, restricted stock units and performance units generally vest one-third per year on each of the first three anniversaries of the grant date. Certain grants of restricted stock vest on the third anniversary of the grant date and certain grants of performance units vest on the second anniversary of the grant date. The table below presents the changes in restricted stock, restricted stock units and performance units for our common stock during the year ended December 31, 2020. Equity Awards Liability Awards Shares Weighted Shares Weighted Non-vested awards, January 1, 2020 842 $ 22.79 318 $ 17.01 Granted 189 6.59 1,182 8.54 Vested (457) 19.95 (80) 26.24 Cancelled (254) 24.37 (222) 9.91 Non-vested awards, December 31, 2020 320 16.02 1,198 9.35 As of December 31, 2020, we estimate $5.1 million of unrecognized compensation cost related to unvested restricted stock, restricted stock units and performance units issued to our employees to be recognized over the weighted-average vesting period of 1.3 years. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Note 17. Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed using the two-class method, which is an earnings allocation formula that determines net income (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Under the two-class method, basic net income (loss) per common share is determined by dividing net income (loss) after deducting amounts allocated to participating securities, by the weighted average number of common shares outstanding for the period. Participating securities include unvested restricted stock and restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents, whether paid or unpaid. During periods of net loss from continuing operations, no effect is given to participating securities because they do not have a contractual obligation to participate in our losses. Diluted net income (loss) per common share is computed using the weighted average number of common shares outstanding adjusted for the incremental common stock equivalents attributed to outstanding options to purchase common stock and non-participating restricted stock units, unless their effect would be anti-dilutive. The following table presents a reconciliation of basic and diluted net loss per common share for the years ended December 31, 2020 and 2019 (in thousands, except per share data): Years Ended December 31, 2020 2019 Numerator for basic and diluted net loss per common share: Loss from continuing operations $ (86,019) $ (107,901) Income (loss) from discontinued operations, net of tax (15,272) 5,524 Less: Net income attributable to participating securities — — Net loss — used in basic and diluted net loss per common share $ (101,291) $ (102,377) Weighted average common shares outstanding including participating securities 33,137 35,040 Less: Weighted average participating securities outstanding (387) (757) Weighted average common shares outstanding — used in basic net loss per common share 32,750 34,283 Net dilutive potential common shares issuable: On exercise of options and vesting of restricted stock units * * Weighted average common shares outstanding — used in diluted net loss per common share 32,750 34,283 Net loss per common share: Basic and diluted $ (3.09) $ (2.99) * Excluded from diluted net income (loss) per common share as their inclusion would have been anti-dilutive. The following table shows the potential shares of common stock issuable for the years ended December 31, 2020 and 2019 that were excluded from computing diluted net income (loss) per common share as their inclusion would have been anti-dilutive (in thousands): Years Ended December 31, 2020 2019 Net dilutive potential common shares issuable: On exercise of options where exercise price is greater than average market value for the period 37 70 Net dilutive potential common shares issuable 37 70 |
Retirement Benefit Plan
Retirement Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plan | Note 18. Retirement Benefit Plan Our 401(k) retirement plan provides for optional employee contributions for certain employees who are U.S. citizens up to the Internal Revenue Service limit and discretionary employer matching contributions. We made discretionary matching contributions to each participant’s account at a rate of (i) 100.0% of each participant’s first 2% of contributions plus (ii) 50% of each participant’s contributions up to the next 4% of eligible compensation. Costs incurred for employer matching contributions of $2.2 million and $2.9 million during the years ended December 31, 2020 and 2019, respectively, are presented as selling, general and administrative expense in our statements of operations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 19. Commitments and Contingencies Contingencies In addition to guarantees issued under our credit facility, we have agreements with financial institutions under which approximately $62.3 million of letters of credit or bank guarantees were outstanding as of December 31, 2020 . These are put in place in certain situations to guarantee our performance obligations under contracts with counterparties. Pursuant to the separation and distribution agreement, EESLP contributed to a subsidiary of Archrock, Inc. (“Archrock”) the right to receive payments based on a notional amount corresponding to payments received by our subsidiaries from PDVSA Gas, S.A. (“PDVSA Gas”) in respect of the sale of our joint ventures’ previously nationalized assets promptly after such amounts are collected by our subsidiaries. Our balance sheets do not reflect this contingent liability to Archrock or the amount payable to us by PDVSA Gas as a receivable. As of December 31, 2020, the remaining principal amount due to us from PDVSA Gas in respect of the sale of our joint ventures’ previously nationalized assets was approximately $4 million. In subsequent periods, the recognition of a liability, if applicable, resulting from this contingency to Archrock is expected to impact equity, and as such, is not expected to have an impact on our statements of operations. In addition to U.S. federal, state and local and foreign income taxes, we are subject to a number of taxes that are not income-based. As many of these taxes are subject to audit by the taxing authorities, it is possible that an audit could result in additional taxes due. We accrue for such additional taxes when we determine that it is probable that we have incurred a liability and we can reasonably estimate the amount of the liability. As of December 31, 2020 and 2019, we had accrued $3.5 million and $3.7 million, respectively, for the outcomes of non-income-based tax audits and had related indemnification receivables from Archrock of $1.5 million and $1.5 million, respectively. We do not expect that the ultimate resolutions of these audits will result in a material variance from the amounts accrued. We do not accrue for unasserted claims for tax audits unless we believe the assertion of a claim is probable, it is probable that it will be determined that the claim is owed and we can reasonably estimate the claim or range of the claim. We do not have any unasserted claims from non-income-based tax audits that we have determined are probable of assertion. We also believe the likelihood is remote that the impact of potential unasserted claims from non-income-based tax audits could be material to our financial position, but it is possible that the resolution of future audits could be material to our results of operations or cash flows for the period in which the resolution occurs. Our business can be hazardous, involving unforeseen circumstances such as uncontrollable flows of natural gas or well fluids and fires or explosions. As is customary in our industry, we review our safety equipment and procedures and carry insurance against some, but not all, risks of our business. Our insurance coverage includes property damage, general liability, commercial automobile liability and other coverage we believe is appropriate. We believe that our insurance coverage is customary for the industry and adequate for our business; however, losses and liabilities not covered by insurance would increase our costs. Additionally, we are substantially self-insured for workers’ compensation and employee group health claims in view of the relatively high per-incident deductibles we absorb under our insurance arrangements for these risks. Losses up to the deductible amounts are estimated and accrued based upon known facts, historical trends and industry averages. Litigation and Claims On December 19, 2020, we initiated arbitration in the International Court of Arbitration of the International Chamber of Commerce against Iberoamericana de Hidrocarburos, S.A. De C.V. (“IHSA”) to collect approximately $38 million owed to us under three agreements, plus future lost profits, interest, attorneys’ fees, and other damages as allowed under the contracts and/or Mexican law. The three agreements relate to contract operation services provided to IHSA by Exterran. After we stopped providing services due to IHSA’s nonpayment, on December 29, 2020, IHSA filed a lawsuit in the 129th Judicial District Court of Harris County, Texas, for tortious interference with a contract and prospective business relationships, claiming damages for lost profits, lost production, loss of equipment, loss of business opportunity, damage to business reputation and attorneys’ fees. On February 1, 2021, Exterran removed IHSA’s lawsuit to the United States District Court for the Southern District of Texas. We have moved to compel IHSA to bring its claim in arbitration as required under the three agreements and dismiss the lawsuit. Based on currently available information we believe IHSA’s claims are without merit; however, IHSA’s claim are in the early stages and the results cannot be predicted with certainty . In the ordinary course of business, we are involved in various pending or threatened legal actions. While management is unable to predict the ultimate outcome of these actions, it believes that any ultimate liability arising from any of these actions will not have a material adverse effect on our financial position, results of operations or cash flows. However, because of the inherent uncertainty of litigation and arbitration proceedings, we cannot provide assurance that the resolution of any particular claim or proceeding to which we are a party will not have a material adverse effect on our financial position, results of operations or cash flows. Indemnifications In conjunction with, and effective as of the completion of, the spin-off (the “Spin-off) from Archrock, we entered into the separation and distribution agreement with Archrock, which governs, among other things, the treatment between Archrock and us relating to certain aspects of indemnification, insurance, confidentiality and cooperation. Generally, the separation and distribution agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of Archrock’s business with Archrock. Pursuant to the agreement, we and Archrock will generally release the other party from all claims arising prior to the Spin-off that relate to the other party’s business, subject to certain exceptions. Additionally, in conjunction with, and effective as of the completion of, the Spin-off, we entered into the tax matters agreement with Archrock. Under the tax matters agreement and subject to certain exceptions, we are generally liable for, and indemnify Archrock against, taxes attributable to our business, and Archrock is generally liable for, and indemnify us against, all taxes attributable to its business. We are generally liable for, and indemnify Archrock against, 50% of certain taxes that are not clearly attributable to our business or Archrock’s business. Any payment made by us to Archrock, or by Archrock to us, is treated by all parties for tax purposes as a nontaxable distribution or capital contribution, respectively, made immediately prior to the Spin-off. |
Reportable Segments and Geograp
Reportable Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Reportable Segments and Geographic Information | Note 20. Reportable Segments and Geographic Information Our chief operating decision maker manages business operations, evaluates performance and allocates resources based upon the type of product or service provided. We have three reportable segments: contract operations, aftermarket services and product sales. In our contract operations segment, we provide processing, treating, compression and water treatment services through the operation of our natural gas compression equipment, crude oil and natural gas production and process equipment and water treatment equipment for our customers. In our aftermarket services segment, we sell parts and components and provide operations, maintenance, repair, overhaul, upgrade, startup and commissioning and reconfiguration services to customers who own their own oil and natural gas compression, production, processing, treating and related equipment. In our product sales segment, we design, engineer, manufacture, install and sell equipment used in the treating and processing of crude oil, natural gas, natural gas compression packages and water treatment equipment to our customers throughout the world and for use in our contract operations business line. We evaluate the performance of our segments based on adjusted gross margin for each segment. Revenue only includes sales to external customers. We do not include intersegment sales when we evaluate our segments’ performance. During the year ended December 31, 2020, Petroleo Brasileiro, S.A. accounted for approximately 15% of our total revenue. During the year ended December 31, 2019, Basrah Gas Company accounted for approximately 19% of our total revenue. No other customer accounted for more than 10% of our revenue in 2020 and 2019. The following table presents revenue and other financial information by reportable segment for the years ended December 31, 2020 and 2019 (in thousands): Aftermarket Product Sales (4) Reportable Other (1) Total (2) 2020: Revenue $ 338,423 $ 113,246 $ 161,392 $ 613,061 $ — $ 613,061 Adjusted gross margin (3) 233,041 25,531 3,294 261,866 — 261,866 Total assets 722,973 25,699 107,336 856,008 420,552 1,276,560 Capital expenditures 67,419 313 839 68,571 7,040 75,611 2019: Revenue $ 368,126 $ 129,217 $ 298,668 $ 796,011 $ — $ 796,011 Adjusted gross margin (3) 239,963 33,610 40,840 314,413 — 314,413 Total assets 816,625 26,456 88,525 931,606 400,951 1,332,557 Capital expenditures 176,663 386 8,325 185,374 3,663 189,037 (1) Includes corporate related items. (2) Totals exclude assets, capital expenditures and the operating results of discontinued operations. (3) Adjusted gross margin is defined as revenue less cost of sales (excluding depreciation and amortization expense). (4) The U.S. compression fabrication business that was previously included in our product sales segment it is now included in discontinued operations. The following table presents assets from reportable segments reconciled to total assets as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Assets from reportable segments $ 856,008 $ 931,606 Other assets (1) 420,552 400,951 Assets associated with discontinued operations 26,931 85,447 Total assets $ 1,303,491 $ 1,418,004 (1) Includes corporate related items. The following tables present geographic data by country as of and for the years ended December 31, 2020 and 2019 (in thousands): Years Ended December 31, 2020 2019 Revenue: U.S. $ 44,632 $ 110,095 Argentina 103,687 125,333 Brazil 67,685 74,017 Iraq 23,039 177,100 Mexico 32,325 73,945 Thailand 67,577 31,149 Oman 71,753 56,844 Other international 202,363 147,528 Total $ 613,061 $ 796,011 December 31, 2020 2019 Property, plant and equipment, net: U.S. $ 63,109 $ 62,911 Argentina 148,772 178,006 Bolivia 112,744 141,776 Brazil 60,123 84,676 Mexico 64,491 68,142 Oman 183,776 201,880 Other international 100,207 86,803 Total $ 733,222 $ 824,194 The following table reconciles total gross margin to total adjusted gross margin (in thousands): Years Ended December 31, 2020 2019 Revenues $ 613,061 $ 796,011 Cost of sales (excluding depreciation and amortization expenses) 351,195 481,598 Depreciation and amortization (1) 139,107 151,716 Total gross margin 122,759 162,697 Depreciation and amortization (1) 139,107 151,716 Total adjusted gross margin $ 261,866 $ 314,413 (1) Represents the portion only attributable to cost of sales. |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Description Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period Allowance for doubtful accounts deducted from accounts receivable in the balance sheets December 31, 2020 $ 6,019 $ 4,784 $ — (1) $ 10,803 December 31, 2019 5,171 32 (816) (1) 6,019 Allowance for deferred tax assets not expected to be realized December 31, 2020 $ 213,034 $ 4,780 $ 20,089 (2) $ 197,725 December 31, 2019 200,105 23,560 10,631 (2) 213,034 (1) Uncollectible accounts written off, net of recoveries. (2) Reflects expected realization of deferred tax assets and amounts credited to other accounts for stock-based compensation excess tax benefits, expiring net operating losses, changes in tax rates and changes in currency exchange rates. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of Exterran Corporation included herein have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). |
Use of Estimates in the Financial Statements | Use of Estimates in the Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses, as well as the disclosures of contingent assets and liabilities. Because of the inherent uncertainties in this process, actual future results could differ from those expected at the reporting date. Significant estimates are required for contracts within our product sales segments that are accounted for based largely on our estimates on the extent of progress toward completion of the contracts, contract revenues and contract costs. As of December 31, 2020, we have made these significant estimates on all of our ongoing contracts. However, it is possible that current estimates could change due to unforeseen events, which could result in adjustments to our estimates. Variations from estimated contract performance could result in material adjustments to operating results. Management believes that the estimates and assumptions used are reasonable. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash as of December 31, 2020 and 2019 consists of cash that contractually is not available for immediate use. Restricted cash is presented separately from cash and cash equivalents in our balance sheets. |
Revenue Recognition | Revenue RecognitionRevenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. We believe that the credit risk in temporary cash investments is limited because our cash is held in accounts with multiple financial institutions. We record trade accounts receivable at the amount we invoice our customers, net of allowance for doubtful accounts. Trade accounts receivable are due from companies of varying sizes engaged principally in oil and natural gas activities throughout the world. We review the financial condition of customers prior to extending credit and generally do not obtain collateral for trade receivables. Payment terms are on a short-term basis and in accordance with industry practice. We consider this credit risk to be limited due to these companies’ financial resources, the nature of products, solutions, and services we provide and the terms of our contract operations customer service agreements. |
Inventory | Inventory Inventory consists of parts used for manufacturing or maintenance of natural gas compression equipment, production equipment, processing and treating equipment and facilities and parts held for sale. Inventory is stated at the lower of cost and net realizable value using the average cost method. A write-down is recorded against inventory balances for estimated obsolete and slow moving items based on specific identification, historical experience and management estimates of market conditions and production requirements. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost and depreciated using the straight-line method over their estimated useful lives as follows: Compression equipment, processing facilities and other contract operations assets 3 to 23 years Buildings 20 to 35 years Transportation, shop equipment and other 3 to 10 years Installation costs capitalized on contract operations projects are generally depreciated over the life of the underlying contract. Major improvements that extend the useful life of an asset are capitalized. Repairs and maintenance are expensed as incurred. When property, plant and equipment is sold, or otherwise disposed of, the gain or loss is recorded in other (income) expense, net. Interest is capitalized during the construction period on equipment and facilities that are constructed for use in our operations. The capitalized interest is included as part of the cost of the asset to which it relates and is amortized over the asset’s estimated useful life. |
Computer Software | Computer Software Certain costs related to the development or purchase of internal-use software are capitalized and amortized over the estimated useful life of the software, which ranges from three |
Long-Lived Assets | Long-Lived Assets We review long-lived assets such as property, plant and equipment and identifiable intangibles subject to amortization for impairment whenever events or changes in circumstances, including the removal of compressor units from active service, indicate that the carrying amount of an asset may not be recoverable. An impairment loss may exist when estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. When necessary, the excess of the asset’s carrying value as compared to its estimated fair value is recognized as an impairment in the period in which the impairment occurred. Identifiable intangibles are amortized over the assets’ estimated useful lives. |
Demobilization | Demobilization The majority of our contract operations services contracts contain contractual requirements for us to perform demobilization activities at the end of the contract, with the scope of those activities varying by contract. Demobilization activities typically include, among other requirements, civil work and the removal of our equipment and installation from the customer’s site. Demobilization activities represent costs to fulfill obligations under our contracts and are not considered distinct within the context of our contract operations services contracts. Accrued demobilization costs are recorded, if applicable, at the time we become contractually obligated to perform these activities, which generally occurs upon our completion of the installation and commissioning of our equipment at the customer’s site. We record accrued demobilization costs as a liability and an equivalent demobilization asset as a capitalized fulfillment cost. Accrued demobilization costs are subsequently increased by interest accretion throughout the expected term of the contract. During the years ended December 31, 2020 and 2019, we recorded $2.5 million and $2.2 million, respectively, in accretion expense, which is reflected in depreciation and amortization expense in our statements of operations. Demobilization assets are amortized on a straight-line basis over the expected term of the contract. Any difference between the actual costs realized for the demobilization activities and the estimated liability established are recognized in cost of sales in our statement of operations. |
Other (Income) Expense, Net | Other (Income) Expense, Net Other (income) expense, net, is primarily comprised of gains and losses from the remeasurement of our international subsidiaries’ net assets exposed to changes in foreign currency rates, short-term investments and the sale of used assets. |
Income Taxes | Income Taxes Our operations are subject to U.S. federal, state and local and foreign income taxes. We and our subsidiaries file consolidated and separate income tax returns in the U.S. federal jurisdiction and in numerous state and foreign jurisdictions. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more-likely-than-not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with the accounting standard on income taxes under a two-step process whereby (1) we determine whether it is more-likely-than-not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. |
Foreign Currency Translation | Foreign Currency TranslationThe financial statements of our subsidiaries outside the U.S., except those for which we have determined that the U.S. dollar is the functional currency, are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the exchange rates in effect at the balance sheet date. Income and expense items are translated at average monthly exchange rates. The resulting gains and losses from the translation of accounts into U.S. dollars are included in accumulated other comprehensive income in our balance sheets. For all subsidiaries, gains and losses from remeasuring foreign currency accounts into the functional currency are included in other (income) expense, net, in our statements of operations. |
Recently Accounting Pronouncements | Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not listed below were assessed and determined to be not applicable. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326). The update changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowance for losses. On January 1, 2020, we adopted this update using a modified retrospective approach. The adoption of this update was immaterial to our financial statements. For more information regarding the allowance for doubtful accounts, see Note 3. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The update modifies the disclosure requirements on fair value measurements by removing, modifying and adding certain disclosure requirements. On January 1, 2020, we adopted this update. The adoption of this update was immaterial to our financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”): Simplifying the Accounting for Income Taxes. The update simplifies the accounting for income taxes and is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. While we are continuing to assess the potential impact of the update, we do not expect ASU 2019-12 will have a material impact to our financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | Property, plant and equipment is recorded at cost and depreciated using the straight-line method over their estimated useful lives as follows: Compression equipment, processing facilities and other contract operations assets 3 to 23 years Buildings 20 to 35 years Transportation, shop equipment and other 3 to 10 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present disaggregated revenue by product and service lines and by geographical regions for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, Revenue by Products and Services 2020 2019 Contract Operations Segment: Contract operations services (1) $ 338,423 $ 368,126 Aftermarket Services Segment: Operation and maintenance services (1) $ 51,123 $ 53,944 Part sales (2) 43,503 49,721 Other services (1) 18,620 25,552 Total aftermarket services $ 113,246 $ 129,217 Product Sales Segment (3) : Compression equipment (1) $ 86,662 $ 18,468 Processing and treating equipment (1) 56,220 257,477 Production equipment (2) 1,176 2,458 Other product sales (1) (2) 17,334 20,265 Total product sales revenues $ 161,392 $ 298,668 Total revenues $ 613,061 $ 796,011 (1) Revenue recognized over time. (2) Revenue recognized at a point in time. (3) Compression equipment includes sales to customers outside of the U.S. The compression fabrication business for sales to U.S. customers, which was previously included in our product sales segment, is now included in discontinued operations. Year Ended December 31, Revenue by Geographical Regions 2020 2019 North America $ 44,671 $ 110,096 Latin America 259,948 320,249 Middle East and Africa 226,083 319,866 Asia Pacific 82,359 45,800 Total revenues $ 613,061 $ 796,011 |
Contract with Customer, Asset and Liability | The following table provides information about accounts receivables, net, contract assets and contract liabilities from contracts with customers (in thousands): December 31, 2020 2019 Accounts receivables, net $ 198,028 $ 179,158 Contract assets and contract liabilities: Current contract assets 32,642 36,997 Long-term contract assets 33,563 16,280 Current contract liabilities 100,123 66,695 Long-term contract liabilities 80,499 156,262 |
Allowance for Doubtful Accounts | The allowance for doubtful accounts as of December 31, 2020 and changes for the twelve months then ended are as follows (in thousands): Balance at December 31, 2019 $ 6,019 Current period provision for expected credit losses 4,784 Balance at December 31, 2020 $ 10,803 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of right-of-use assets recognized | As of December 31, 2020, our lease assets and lease liabilities consisted of the following (in thousands): Leases Classification December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 25,428 Liabilities Operating - current Current operating lease liabilities $ 6,340 Operating - noncurrent Long-term operating lease liabilities 29,868 Total lease liabilities $ 36,208 |
Schedule of future maturities of leases | As of December 31, 2020, maturities of our operating lease liabilities consisted of the following (in thousands): Maturity of Operating Lease Liabilities December 31, 2020 2021 $ 8,217 2022 6,255 2023 5,495 2024 4,780 2025 4,610 Thereafter 18,574 Total lease payments 47,931 Less: Imputed interest 11,723 Present value of lease liabilities $ 36,208 |
Schedule of commitments for future minimum rental payments | As of December 31, 2019, commitments for future minimum rental payments with terms in excess of one year were as follows (in thousands): Future Minimum Rental Payments December 31, 2019 2020 $ 6,418 2021 6,629 2022 5,645 2023 4,992 2024 4,479 Thereafter 21,930 Total lease payments $ 50,093 |
Supplemental cash flow information | The following table provides supplemental cash flow information related to leases for the year ended December 31, 2020 (in thousands): Cash Flow Information Classification Year Ended December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Net cash provided by operating activities $ 997 Leased assets obtained in exchange for new operating lease liabilities Non-cash 3,817 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Operating Results and Balance Sheet Data | The following table summarizes the operating results of discontinued operations (in thousands): 2020 2019 Belleli US Belleli US EPC Compression Total EPC Compression Other Total Revenue $ 2,482 $ 119,928 $ 122,410 $ 394 $ 521,429 $ — $ 521,823 Cost of sales (excluding depreciation and amortization expense) (382) 113,248 112,866 (1,073) 472,620 — 471,547 Selling, general and administrative (316) 9,901 9,585 1,176 22,580 188 23,944 Depreciation and amortization — 1,767 1,767 — 4,255 — 4,255 Impairments — 6,512 6,512 — 21,807 — 21,807 Restructuring and other charges — 7,708 7,708 — 2,518 — 2,518 Other (income) expense, net (292) (650) (942) (353) (1,389) 1 (1,741) Provision for (benefit from) income taxes 186 — 186 (6,031) — — (6,031) Income (loss) from discontinued operations, net of tax $ 3,286 $ (18,558) $ (15,272) $ 6,675 $ (962) $ (189) $ 5,524 The following table summarizes the balance sheet data for discontinued operations (in thousands): December 31, 2020 December 31, 2019 Belleli EPC US Compression Total Belleli EPC US Compression Total Accounts receivable $ 268 $ 3,171 $ 3,439 $ 3,990 $ 23,179 $ 27,169 Inventory — 21,107 21,107 — 24,180 24,180 Contract assets — 458 458 46 9,540 9,586 Other current assets 213 108 321 296 474 770 Total current assets associated with discontinued operations 481 24,844 25,325 4,332 57,373 61,705 Property, plant and equipment, net — — — — 20,216 20,216 Intangible and other assets, net 1,606 — 1,606 2,970 556 3,526 Total assets associated with discontinued operations $ 2,087 $ 24,844 $ 26,931 $ 7,302 $ 78,145 $ 85,447 Accounts payable $ 139 $ 5,093 $ 5,232 $ 1,503 $ 40,580 $ 42,083 Accrued liabilities 2,939 5,037 7,976 5,959 11,889 17,848 Contract liabilities 197 302 499 2,536 16,159 18,695 Total current liabilities associated with discontinued operations 3,275 10,432 13,707 9,998 68,628 78,626 Other long-term liabilities 765 1,377 2,142 758 1,283 2,041 Total liabilities associated with discontinued operations $ 4,040 $ 11,809 $ 15,849 $ 10,756 $ 69,911 $ 80,667 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net of Reserves | Inventory consisted of the following amounts (in thousands): December 31, 2020 2019 Parts and supplies $ 65,576 $ 76,398 Work in progress 41,020 39,719 Finished goods 3,241 3,241 Inventory $ 109,837 $ 119,358 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net, consisted of the following (in thousands): December 31, 2020 2019 Compression equipment, processing facilities and other contract operations assets $ 1,562,528 $ 1,607,769 Land and buildings 50,908 51,062 Transportation and shop equipment 54,763 57,469 Computer software 54,486 50,091 Other 40,305 37,716 1,762,990 1,804,107 Accumulated depreciation (1,029,768) (979,913) Property, plant and equipment, net $ 733,222 $ 824,194 |
Intangible and Other Assets, _2
Intangible and Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible and Other Assets, Net | Intangible and other assets, net, consisted of the following (in thousands): December 31, 2020 2019 Intangible assets, net $ 4,138 $ 5,643 Deferred financing costs 4,762 5,740 Long-term tax receivables 7,790 10,526 Long-term notes receivable 16,801 16,145 Long-term deposits 13,290 14,560 Contract fulfillment costs 17,745 13,907 Contract obtainment costs 3,078 4,865 Other 3,832 6,258 Intangibles and other assets, net $ 71,436 $ 77,644 |
Summary of Intangible Assets and Deferred Financing Costs | Intangible assets and deferred financing costs consisted of the following (in thousands): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Deferred financing costs (1) $ 13,998 $ (9,236) $ 13,164 $ (7,424) Customer related (17-20 year life) 39,649 (36,174) 40,608 (35,934) Contract based (2-11 year life) 44,707 (44,044) 45,092 (44,123) Intangible assets and deferred financing costs $ 98,354 $ (89,454) $ 98,864 $ (87,481) (1) Represents debt issuance costs relating to our revolving credit facility. See Note for further discussion regarding our revolving credit facility. |
Estimated Future Intangible Amortization Expense | Estimated future intangible amortization expense is as follows (in thousands): 2021 $ 1,321 2022 953 2023 806 2024 780 2025 48 Thereafter 230 Total $ 4,138 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): December 31, 2020 2019 Accrued salaries and other benefits $ 35,112 $ 34,265 Accrued income and other taxes 21,260 20,112 Accrued demobilization costs 14,223 13,348 Accrued warranty expense 2,425 1,029 Accrued interest 5,577 5,857 Accrued other liabilities 15,807 18,030 Accrued liabilities $ 94,404 $ 92,641 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following (in thousands): December 31, 2020 2019 Revolving credit facility due October 2023 $ 216,500 $ 74,000 8.125% senior notes due May 2025 350,000 375,000 Other debt — 132 Unamortized deferred financing costs of 8.125% senior notes (4,175) (5,413) Total debt 562,325 443,719 Less: Amounts due within one year (1) — (132) Long- term debt $ 562,325 $ 443,587 (1) Short-term debt and the current portion of long-term debt are included in accrued liabilities in our balance sheets. |
Schedule of Contractual Maturities of Debt | Contractual maturities of debt (excluding interest to be accrued thereon) at December 31, 2020 are as follows (in thousands): December 31, 2021 $ — 2022 — 2023 216,500 2024 — 2025 350,000 Thereafter — Total debt (1) $ 566,500 (1) This amount includes the full face value of the 2017 Notes and does not include unamortized debt financing costs of $4.2 million as of December 31, 2020. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | The following table presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, with pricing levels as of the date of valuation (in thousands): December 31, 2020 December 31, 2019 (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Foreign currency derivatives liabilities $ — $ — $ 247 N/A N/A N/A The following table presents our assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Impaired long-lived assets (1) $ — $ — $ 464 $ — $ — $ — Impaired assets—assets held for sale (2) — — — — — 624 Long-term note receivable (3) — — 11,333 — — 15,312 (1) Our estimate of the fair value of the impaired long-lived assets as of December 31, 2020 were primarily based on the expected net sale proceeds compared to other fleet units we sold and/or our estimate of fair value based on offers to purchase such assets; and the proceeds to be received from the customer. (2) Our estimate of the fair value of the impaired assets, which were classified as held for sale as of December 31, 2019, was based on the expected net proceeds from the sale of the assets. (3) Our estimate of the fair value of a note receivable was discounted based on a settlement period of eight years and a discount rate of 6.2%. The undiscounted value of the note receivable, including interest, as of December 31, 2020 was $15.7 million. |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary of Changes to Accrued Liability Balance Related to Restructuring and Other Charges | The following table summarizes the changes to our accrued liability balance related to restructuring and other charges for the years ended December 31, 2019 and 2020 (in thousands): Cost Reduction Plan Relocation Plan Total Beginning balance at January 1, 2019 $ — $ 309 $ 309 Additions for costs expensed 5,901 293 6,194 Reductions for payments (3,531) (602) (4,133) Foreign exchange impact (89) — (89) Ending balance at December 31, 2019 2,281 — 2,281 Additions for costs expensed 3,550 — 3,550 Reductions for payments (4,178) — (4,178) Foreign exchange impact (302) — (302) Ending balance at December 31, 2020 $ 1,351 $ — $ 1,351 |
Summary of the Components of Charges Included in Restructuring and Other Charges | The following table summarizes the components of charges included in restructuring and other charges in our statements of operations for the years ended December 31, 2020 and 2019 (in thousands): Years Ended December 31, 2020 2019 Employee termination benefits $ 986 $ 5,261 Consulting fees 2,564 640 Relocation costs — 293 Total restructuring and other charges $ 3,550 $ 6,194 The following table summarizes the components of charges included in restructuring and other charges incurred since the announcement of the cost reduction plan in the second quarter of 2019 (in thousands): Total Employee termination benefits $ 6,243 Consulting fees 3,205 Total restructuring and other charges $ 9,448 |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes were as follows (in thousands): Years Ended December 31, 2020 2019 United States $ (56,163) $ (85,956) Foreign (1,453) 3,345 Loss before income taxes $ (57,616) $ (82,611) |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands): Years Ended December 31, 2020 2019 Current tax provision (benefit): U.S. federal $ (542) $ (534) State 70 228 Foreign 23,783 35,603 Total current 23,311 35,297 Deferred tax provision (benefit): U.S. federal (351) 1,673 State (37) (61) Foreign 5,480 (11,619) Total deferred 5,092 (10,007) Provision for income taxes $ 28,403 $ 25,290 |
Schedule of Reasons for the Difference Between Effective Tax Rates and U.S. Statutory Rate | The reasons for the differences between these effective tax rates and the U.S. statutory rate are as follows (in thousands): Years Ended December 31, 2020 2019 Income taxes at U.S. federal statutory rate of 21% $ (12,099) $ (17,348) U.S. foreign tax credits 12,599 — Unrecognized tax benefits 10,059 529 Change in valuation allowances (13,331) 13,780 Nondeductible expenses 5,326 5,633 Change in tax rate 2,256 488 Foreign tax rate differential 4,079 (9,378) Deferred tax adjustments 6,183 4,844 Foreign exchange differences 11,598 13,821 Withholding tax, net of U.S. benefit 3,651 5,491 Deemed and actual distributions 307 4,873 Other (2,225) 2,557 Provision for income taxes $ 28,403 $ 25,290 |
Schedule of Tax Effects of Temporary Differences | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities are as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 73,597 $ 71,598 Foreign tax credit carryforwards 69,160 81,759 Research and development credit carryforwards 31,251 31,251 Alternative minimum tax credit carryforwards — 2,943 Deferred revenue 29,608 46,137 Accrued liabilities 8,354 13,094 Other 33,843 33,758 Subtotal 245,813 280,540 Valuation allowances (197,725) (213,034) Total deferred tax assets 48,088 67,506 Deferred tax liabilities: Property, plant and equipment (33,919) (42,566) Other (6,317) (11,939) Total deferred tax liabilities (40,236) (54,505) Net deferred tax assets $ 7,852 $ 13,001 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits (including discontinued operations) is shown below (in thousands): Years Ended December 31, 2020 2019 Beginning balance $ 23,339 $ 27,783 Additions based on tax positions related to prior years 8,151 142 Additions based on tax positions related to current year 275 1,648 Reductions based on settlement with government authority — (5,086) Reductions based on lapse of statute of limitations (550) (1,148) Ending balance $ 31,215 $ 23,339 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income, Net of Tax | The following table presents the changes in accumulated other comprehensive income, net of tax, during the years ended December 31, 2019 and 2020 (in thousands): Foreign Currency Accumulated other comprehensive income, January 1, 2019 $ 38,231 Loss recognized in other comprehensive loss (2,885) Accumulated other comprehensive income, December 31, 2019 35,346 Loss recognized in other comprehensive loss (14,438) Accumulated other comprehensive income, December 31, 2020 $ 20,908 |
Stock-Based Compensation and _2
Stock-Based Compensation and Awards (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The following table presents the stock-based compensation expense included in our results of operations (in thousands): Years Ended December 31, 2020 2019 Stock options $ — $ — Restricted stock, restricted stock units, performance units, cash settled restricted stock units and cash settled performance units 6,229 12,793 Restructuring and other charges—stock-based compensation expense — — Total stock-based compensation expense $ 6,229 $ 12,793 |
Schedule of Changes in Stock Option Awards for Common Stock | The table below presents the changes in stock option awards for our common stock during the year ended December 31, 2020. Stock Options (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Life (in years) Aggregate Intrinsic Value (in thousands) Options outstanding, January 1, 2020 69 $ 25.33 Granted — — Exercised — — Cancelled (39) 19.82 Options outstanding, December 31, 2020 30 32.50 0.2 $ — Options exercisable, December 31, 2020 30 32.50 0.2 — |
Schedule of Changes in Restricted Stock, Restricted Stock Units and Performance Units | The table below presents the changes in restricted stock, restricted stock units and performance units for our common stock during the year ended December 31, 2020. Equity Awards Liability Awards Shares Weighted Shares Weighted Non-vested awards, January 1, 2020 842 $ 22.79 318 $ 17.01 Granted 189 6.59 1,182 8.54 Vested (457) 19.95 (80) 26.24 Cancelled (254) 24.37 (222) 9.91 Non-vested awards, December 31, 2020 320 16.02 1,198 9.35 |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Net Loss Per Common Share | The following table presents a reconciliation of basic and diluted net loss per common share for the years ended December 31, 2020 and 2019 (in thousands, except per share data): Years Ended December 31, 2020 2019 Numerator for basic and diluted net loss per common share: Loss from continuing operations $ (86,019) $ (107,901) Income (loss) from discontinued operations, net of tax (15,272) 5,524 Less: Net income attributable to participating securities — — Net loss — used in basic and diluted net loss per common share $ (101,291) $ (102,377) Weighted average common shares outstanding including participating securities 33,137 35,040 Less: Weighted average participating securities outstanding (387) (757) Weighted average common shares outstanding — used in basic net loss per common share 32,750 34,283 Net dilutive potential common shares issuable: On exercise of options and vesting of restricted stock units * * Weighted average common shares outstanding — used in diluted net loss per common share 32,750 34,283 Net loss per common share: Basic and diluted $ (3.09) $ (2.99) * Excluded from diluted net income (loss) per common share as their inclusion would have been anti-dilutive. |
Schedule of Stock Excluded From Computing Diluted Net Income (Loss) Per Common Share | The following table shows the potential shares of common stock issuable for the years ended December 31, 2020 and 2019 that were excluded from computing diluted net income (loss) per common share as their inclusion would have been anti-dilutive (in thousands): Years Ended December 31, 2020 2019 Net dilutive potential common shares issuable: On exercise of options where exercise price is greater than average market value for the period 37 70 Net dilutive potential common shares issuable 37 70 |
Reportable Segments and Geogr_2
Reportable Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Revenues and Other Financial Information | The following table presents revenue and other financial information by reportable segment for the years ended December 31, 2020 and 2019 (in thousands): Aftermarket Product Sales (4) Reportable Other (1) Total (2) 2020: Revenue $ 338,423 $ 113,246 $ 161,392 $ 613,061 $ — $ 613,061 Adjusted gross margin (3) 233,041 25,531 3,294 261,866 — 261,866 Total assets 722,973 25,699 107,336 856,008 420,552 1,276,560 Capital expenditures 67,419 313 839 68,571 7,040 75,611 2019: Revenue $ 368,126 $ 129,217 $ 298,668 $ 796,011 $ — $ 796,011 Adjusted gross margin (3) 239,963 33,610 40,840 314,413 — 314,413 Total assets 816,625 26,456 88,525 931,606 400,951 1,332,557 Capital expenditures 176,663 386 8,325 185,374 3,663 189,037 (1) Includes corporate related items. (2) Totals exclude assets, capital expenditures and the operating results of discontinued operations. (3) Adjusted gross margin is defined as revenue less cost of sales (excluding depreciation and amortization expense). |
Schedule of Asset from Reportable Segments to Total Assets | The following table presents assets from reportable segments reconciled to total assets as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Assets from reportable segments $ 856,008 $ 931,606 Other assets (1) 420,552 400,951 Assets associated with discontinued operations 26,931 85,447 Total assets $ 1,303,491 $ 1,418,004 (1) Includes corporate related items. |
Schedule of Geographic Data | The following tables present geographic data by country as of and for the years ended December 31, 2020 and 2019 (in thousands): Years Ended December 31, 2020 2019 Revenue: U.S. $ 44,632 $ 110,095 Argentina 103,687 125,333 Brazil 67,685 74,017 Iraq 23,039 177,100 Mexico 32,325 73,945 Thailand 67,577 31,149 Oman 71,753 56,844 Other international 202,363 147,528 Total $ 613,061 $ 796,011 December 31, 2020 2019 Property, plant and equipment, net: U.S. $ 63,109 $ 62,911 Argentina 148,772 178,006 Bolivia 112,744 141,776 Brazil 60,123 84,676 Mexico 64,491 68,142 Oman 183,776 201,880 Other international 100,207 86,803 Total $ 733,222 $ 824,194 |
Reconciliation of Total Gross Margin to Total Adjusted Gross Margin | The following table reconciles total gross margin to total adjusted gross margin (in thousands): Years Ended December 31, 2020 2019 Revenues $ 613,061 $ 796,011 Cost of sales (excluding depreciation and amortization expenses) 351,195 481,598 Depreciation and amortization (1) 139,107 151,716 Total gross margin 122,759 162,697 Depreciation and amortization (1) 139,107 151,716 Total adjusted gross margin $ 261,866 $ 314,413 (1) Represents the portion only attributable to cost of sales. |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2020business_line | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business lines | 3 |
Significant Accounting Polici_4
Significant Accounting Policies - Concentrations of Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Minimum period after receivable balances are past due that significant accounts are reviewed individually for collectability (greater than) | 90 days | |
Bad debt expense | $ 4.8 | $ 0.1 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Compression equipment, processing facilities and other contract operations assets | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Compression equipment, processing facilities and other contract operations assets | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 23 years |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 35 years |
Transportation, shop equipment and other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Transportation, shop equipment and other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Significant Accounting Polici_6
Significant Accounting Policies - Computer Software (Details) - Computer software | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Significant Accounting Polici_7
Significant Accounting Policies - Demobilization (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accretion expense | $ 2.5 | $ 2.2 |
Significant Accounting Polici_8
Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Foreign currency losses | $ 5,900 | $ 3,800 |
Non-cash gains | $ 4,120 | $ 287 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Income from operating lease | $ 35,000 | |
Current period provision for expected credit losses | 4,784 | |
Contract Operations | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | 1,100,000 | |
Revenue recognized from contract operations services included in revenue deferred in previous periods | 41,800 | |
Contract Operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 283,000 | |
Performance obligation period (years) | 1 year | |
Contract Operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 213,000 | |
Performance obligation period (years) | 1 year | |
Contract Operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 160,000 | |
Performance obligation period (years) | 1 year | |
Contract Operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 135,000 | |
Performance obligation period (years) | 1 year | |
Contract Operations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 106,000 | |
Performance obligation period (years) | 1 year | |
Contract Operations | Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract term (years) | 3 years | |
Contract Operations | Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract term (years) | 12 years | |
Operating Lease Contracts | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 149,000 | |
Operating Lease Contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 33,000 | |
Performance obligation period (years) | 1 year | |
Operating Lease Contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 44,000 | |
Performance obligation period (years) | 1 year | |
Operating Lease Contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 44,000 | |
Performance obligation period (years) | 1 year | |
Operating Lease Contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 28,000 | |
Performance obligation period (years) | 1 year | |
Operating Lease Contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Performance obligation period (years) | 1 year | |
Product Sales | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 465,000 | |
Performance obligation satisfied in previous period | 109,300 | |
Performance obligation satisfied in previous period included in billings in excess of cost | 28,600 | |
Product Sales | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 177,000 | |
Performance obligation period (years) | 1 year | |
Product Sales | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 175,000 | |
Performance obligation period (years) | 1 year | |
Contract Fulfillment Costs | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Capitalized costs | $ 17,745 | $ 13,907 |
Amortization of capitalized costs | 5,100 | |
Contract Obtainment Costs | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Capitalized costs | 3,078 | 4,865 |
Amortization of capitalized costs | 500 | $ 900 |
Financing | Product Sales | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unsatisfied performance obligation | $ 43,000 | |
Operation and Maintenance Services | Aftermarket Services | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract term in excess of (years) | 5 years | |
Operation and Maintenance Services | Aftermarket Services | Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract term (years) | 1 year | |
Operation and Maintenance Services | Aftermarket Services | Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract term (years) | 4 years | |
Other Services | Aftermarket Services | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract term (years) | 6 months | |
Compression Equipment | Product Sales | Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Product manufacturing period (months) | 3 months | |
Compression Equipment | Product Sales | Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Product manufacturing period (months) | 12 months | |
Processing and Treating Equipment | Product Sales | Minimum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Product manufacturing period (months) | 6 months | |
Processing and Treating Equipment | Product Sales | Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Product manufacturing period (months) | 24 months |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Products and Services (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 613,061 | $ 796,011 |
Contract Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 338,423 | 368,126 |
Contract Operations | Revenue Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 338,423 | 368,126 |
Aftermarket Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 113,246 | 129,217 |
Aftermarket Services | Operation and Maintenance Services | Revenue Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 51,123 | 53,944 |
Aftermarket Services | Part Sales | Revenue Recognized at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 43,503 | 49,721 |
Aftermarket Services | Other Services | Revenue Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,620 | 25,552 |
Product sales | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 161,392 | 298,668 |
Product sales | Compression Equipment | Revenue Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 86,662 | 18,468 |
Product sales | Processing and Treating Equipment | Revenue Recognized Over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 56,220 | 257,477 |
Product sales | Production Equipment | Revenue Recognized at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,176 | 2,458 |
Product sales | Other Product Sales | Revenue Recognized over Time and at a Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 17,334 | $ 20,265 |
Revenue - Disaggregation of R_2
Revenue - Disaggregation of Revenue by Geographical Regions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 613,061 | $ 796,011 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 44,671 | 110,096 |
Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 259,948 | 320,249 |
Middle East and Africa | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 226,083 | 319,866 |
Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 82,359 | $ 45,800 |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivables, net | $ 198,028 | $ 179,158 |
Current contract assets | 32,642 | 36,997 |
Long-term contract assets | 33,563 | 16,280 |
Current contract liabilities | 100,123 | 66,695 |
Long-term contract liabilities | $ 80,499 | $ 156,262 |
Revenue - Allowance For Doubtfu
Revenue - Allowance For Doubtful Accounts (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 6,019 |
Current period provision for expected credit losses | 4,784 |
Ending balance | $ 10,803 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 25,428 | $ 26,227 | $ 21,200 |
Operating lease liability | 36,208 | $ 26,500 | |
Operating lease expenses | 9,900 | ||
Operating leases with initial terms of year | $ 600 | ||
Weighted average remaining lease term | 8 years | ||
Weighted average discount rate | 7.00% | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lease renewal term | 1 month | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lease renewal term | 10 years |
Leases - Summary of Leases (Det
Leases - Summary of Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Assets | |||
Operating lease right-of-use assets | $ 25,428 | $ 26,227 | $ 21,200 |
Liabilities | |||
Current operating lease liabilities | 6,340 | 5,819 | |
Long-term operating lease liabilities | 29,868 | $ 30,189 | |
Total lease liabilities | $ 36,208 | $ 26,500 |
Leases - Maturity Of Operating
Leases - Maturity Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2019 |
Leases [Abstract] | ||
2021 | $ 8,217 | |
2022 | 6,255 | |
2023 | 5,495 | |
2024 | 4,780 | |
2025 | 4,610 | |
Thereafter | 18,574 | |
Total lease payments | 47,931 | |
Less: Imputed interest | 11,723 | |
Present value of lease liabilities | $ 36,208 | $ 26,500 |
Leases - Future Minimum Rental
Leases - Future Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 6,418 |
2021 | 6,629 |
2022 | 5,645 |
2023 | 4,992 |
2024 | 4,479 |
Thereafter | 21,930 |
Total | $ 50,093 |
Leases - Supplemental cash Flow
Leases - Supplemental cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 997 |
Leased assets obtained in exchange for new operating lease liabilities | $ 3,817 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairments | $ 11,648 | $ 52,567 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairments | $ 6,512 | $ 21,807 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Operating Results (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairments | $ 11,648 | $ 52,567 |
Income (loss) from discontinued operations, net of tax | (15,272) | 5,524 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 122,410 | 521,823 |
Cost of sales (excluding depreciation and amortization expense) | 112,866 | 471,547 |
Selling, general and administrative | 9,585 | 23,944 |
Depreciation and amortization | 1,767 | 4,255 |
Impairments | 6,512 | 21,807 |
Restructuring and other charges | 7,708 | 2,518 |
Other (income) expense, net | (942) | (1,741) |
Provision for (benefit from) income taxes | 186 | (6,031) |
Income (loss) from discontinued operations, net of tax | (15,272) | 5,524 |
Exit of business | Belleli EPC | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 2,482 | 394 |
Cost of sales (excluding depreciation and amortization expense) | (382) | (1,073) |
Selling, general and administrative | (316) | 1,176 |
Depreciation and amortization | 0 | 0 |
Impairments | 0 | 0 |
Restructuring and other charges | 0 | 0 |
Other (income) expense, net | (292) | (353) |
Provision for (benefit from) income taxes | 186 | (6,031) |
Income (loss) from discontinued operations, net of tax | 3,286 | 6,675 |
Disposed of by sale | U.S. Compression Business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 119,928 | 521,429 |
Cost of sales (excluding depreciation and amortization expense) | 113,248 | 472,620 |
Selling, general and administrative | 9,901 | 22,580 |
Depreciation and amortization | 1,767 | 4,255 |
Impairments | 6,512 | 21,807 |
Restructuring and other charges | 7,708 | 2,518 |
Other (income) expense, net | (650) | (1,389) |
Provision for (benefit from) income taxes | 0 | 0 |
Income (loss) from discontinued operations, net of tax | $ (18,558) | (962) |
Disposed of by sale | Other | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 0 | |
Cost of sales (excluding depreciation and amortization expense) | 0 | |
Selling, general and administrative | 188 | |
Depreciation and amortization | 0 | |
Impairments | 0 | |
Restructuring and other charges | 0 | |
Other (income) expense, net | 1 | |
Provision for (benefit from) income taxes | 0 | |
Income (loss) from discontinued operations, net of tax | $ (189) |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Balance Sheet Data (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets associated with discontinued operations | $ 25,325 | $ 61,705 |
Total current liabilities associated with discontinued operations | 13,707 | 78,626 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable | 3,439 | 27,169 |
Inventory | 21,107 | 24,180 |
Contract assets | 458 | 9,586 |
Other current assets | 321 | 770 |
Total current assets associated with discontinued operations | 25,325 | 61,705 |
Property, plant and equipment, net | 0 | 20,216 |
Intangible and other assets, net | 1,606 | 3,526 |
Total assets associated with discontinued operations | 26,931 | 85,447 |
Accounts payable | 5,232 | 42,083 |
Accrued liabilities | 7,976 | 17,848 |
Contract liabilities | 499 | 18,695 |
Total current liabilities associated with discontinued operations | 13,707 | 78,626 |
Other long-term liabilities | 2,142 | 2,041 |
Total liabilities associated with discontinued operations | 15,849 | 80,667 |
Belleli EPC | Exit of business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable | 268 | 3,990 |
Inventory | 0 | 0 |
Contract assets | 0 | 46 |
Other current assets | 213 | 296 |
Total current assets associated with discontinued operations | 481 | 4,332 |
Property, plant and equipment, net | 0 | 0 |
Intangible and other assets, net | 1,606 | 2,970 |
Total assets associated with discontinued operations | 2,087 | 7,302 |
Accounts payable | 139 | 1,503 |
Accrued liabilities | 2,939 | 5,959 |
Contract liabilities | 197 | 2,536 |
Total current liabilities associated with discontinued operations | 3,275 | 9,998 |
Other long-term liabilities | 765 | 758 |
Total liabilities associated with discontinued operations | 4,040 | 10,756 |
U.S. Compression Business | Disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable | 3,171 | 23,179 |
Inventory | 21,107 | 24,180 |
Contract assets | 458 | 9,540 |
Other current assets | 108 | 474 |
Total current assets associated with discontinued operations | 24,844 | 57,373 |
Property, plant and equipment, net | 0 | 20,216 |
Intangible and other assets, net | 0 | 556 |
Total assets associated with discontinued operations | 24,844 | 78,145 |
Accounts payable | 5,093 | 40,580 |
Accrued liabilities | 5,037 | 11,889 |
Contract liabilities | 302 | 16,159 |
Total current liabilities associated with discontinued operations | 10,432 | 68,628 |
Other long-term liabilities | 1,377 | 1,283 |
Total liabilities associated with discontinued operations | $ 11,809 | $ 69,911 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory, Net of Reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Parts and supplies | $ 65,576 | $ 76,398 |
Work in progress | 41,020 | 39,719 |
Finished goods | 3,241 | 3,241 |
Inventory | $ 109,837 | $ 119,358 |
Inventory - Narrative (Details)
Inventory - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | ||
Inventory write-downs and reserves | $ 2.2 | $ 0.6 |
Accumulated inventory write down | $ 7.7 | $ 8.8 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,762,990 | $ 1,804,107 |
Accumulated depreciation | (1,029,768) | (979,913) |
Property, plant and equipment, net | 733,222 | 824,194 |
Compression equipment, processing facilities and other contract operations assets | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,562,528 | 1,607,769 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 50,908 | 51,062 |
Transportation and shop equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 54,763 | 57,469 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 54,486 | 50,091 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 40,305 | $ 37,716 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 135.8 | $ 152.7 |
Assets under construction | 73.4 | 83.3 |
Capitalized interest related to construction in process | $ 0.8 | $ 2.7 |
Intangible and Other Assets, _3
Intangible and Other Assets, Net - Schedule of Intangible and Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 4,138 | $ 5,643 |
Deferred financing costs | 4,762 | 5,740 |
Long-term tax receivables | 7,790 | 10,526 |
Long-term notes receivable | 16,801 | 16,145 |
Long-term deposits | 13,290 | 14,560 |
Other | 3,832 | 6,258 |
Intangibles and other assets, net | 71,436 | 77,644 |
Contract fulfillment costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Capitalized costs | 17,745 | 13,907 |
Contract obtainment costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Capitalized costs | $ 3,078 | $ 4,865 |
Intangible and Other Assets, _4
Intangible and Other Assets, Net - Summary of Intangible Assets and Deferred Financing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 98,354 | $ 98,864 |
Accumulated Amortization | (89,454) | (87,481) |
Deferred financing costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,998 | 13,164 |
Accumulated Amortization | (9,236) | (7,424) |
Customer related (17-20 year life) | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 39,649 | 40,608 |
Accumulated Amortization | $ (36,174) | (35,934) |
Customer related (17-20 year life) | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 17 years | |
Customer related (17-20 year life) | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 20 years | |
Contract based (2-11 year life) | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 44,707 | 45,092 |
Accumulated Amortization | $ (44,044) | $ (44,123) |
Contract based (2-11 year life) | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 2 years | |
Contract based (2-11 year life) | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 11 years |
Intangible and Other Assets, _5
Intangible and Other Assets, Net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of deferred financing costs | $ 2,828 | $ 2,512 |
Amortization of intangible assets | 1,600 | 1,500 |
Credit Agreement | Revolving Credit Facility | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of deferred financing costs | $ 1,800 | $ 1,500 |
Intangible and Other Assets, _6
Intangible and Other Assets, Net - Estimated Future Intangible Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 1,321 |
2022 | 953 |
2023 | 806 |
2024 | 780 |
2025 | 48 |
Thereafter | 230 |
Total | $ 4,138 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued salaries and other benefits | $ 35,112 | $ 34,265 |
Accrued income and other taxes | 21,260 | 20,112 |
Accrued demobilization costs | 14,223 | 13,348 |
Accrued warranty expense | 2,425 | 1,029 |
Accrued interest | 5,577 | 5,857 |
Accrued other liabilities | 15,807 | 18,030 |
Accrued liabilities | $ 94,404 | $ 92,641 |
Accrued Liabilities - Narrative
Accrued Liabilities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Payables and Accruals [Abstract] | ||
Warranty expense | $ 1.6 | $ 3 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2017 |
Debt Instrument [Line Items] | |||
Total debt | $ 562,325 | $ 443,719 | |
Less: Amounts due within one year | 0 | (132) | |
Long-term debt | 562,325 | 443,587 | |
Other debt | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 132 | |
Revolving credit facility due October 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | 216,500 | 74,000 | |
8.125% Senior Notes Due May 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Total debt | 350,000 | 375,000 | |
Unamortized deferred financing costs of 8.125% senior notes | $ (4,175) | $ (5,413) | |
Stated interest rate (percentage) | 8.125% | 8.125% |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility and Term Loan (Narrative) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 11, 2020USD ($) | Dec. 31, 2019 | Oct. 09, 2018USD ($) | Oct. 08, 2018USD ($) | |
Debt Instrument [Line Items] | |||||
Outstanding letters of credit | $ 62.3 | ||||
Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum total debt to EBITDA ratio | 4.50 | ||||
Revolving Credit Facility | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | $ 680 | ||||
Outstanding borrowings | $ 216.5 | ||||
Outstanding letters of credit | 9.5 | ||||
Undrawn capacity | 424 | ||||
Amount available for additional borrowings | $ 73.3 | ||||
Weighted average annual interest rate (percentage) | 3.20% | 4.60% | |||
Percent of voting equity interests securing EESLP's obligations | 65.00% | ||||
Revolving Credit Facility | Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | $ 650 | $ 700 | |||
Federal Funds Effective Rate | Revolving Credit Facility | Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percentage) | 0.50% | ||||
LIBOR | Revolving Credit Facility | Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percentage) | 1.00% | ||||
London Interbank Offered Rate (LIBOR) and European Interbank Offered rate (EURIBOR) | Minimum | Revolving Credit Facility | Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percentage) | 2.00% | ||||
London Interbank Offered Rate (LIBOR) and European Interbank Offered rate (EURIBOR) | Maximum | Revolving Credit Facility | Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percentage) | 3.00% | ||||
Base Rate | Minimum | Revolving Credit Facility | Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percentage) | 1.00% | ||||
Base Rate | Maximum | Revolving Credit Facility | Amended Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percentage) | 2.00% |
Debt - Senior Notes Due May 202
Debt - Senior Notes Due May 2025 (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Repayments of debt | $ 289,812 | $ 603,951 | |
Gain on extinguishment of debt | $ 3,571 | $ 0 | |
Senior Notes | 8.125% Senior Notes Due May 2025 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (percentage) | 8.125% | 8.125% | |
Debt instrument, face amount | $ 375,000 | ||
Proceeds from debt issuance | $ 367,100 | ||
Principal amount purchased and retired | $ 25,000 | ||
Repayments of debt | 21,500 | ||
Accrued interest paid | 300 | ||
Gain on extinguishment of debt | 3,600 | ||
Unamortized deferred financing cost expensed | $ 200 | ||
Debt instrument, redemption price, percentage | 108.125% | ||
Debt instrument, minimum principal amount required to remain outstanding after redemption, percentage | 65.00% | ||
Debt instrument, maximum period between redemption and closing of equity offering | 180 days | ||
Senior Notes | 8.125% Senior Notes Due May 2025 | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, debt that may be redeemed with net proceeds of equity offerings (percentage) | 35.00% | ||
Senior Notes | 8.125% Senior Notes Due May 2025 | Twelve Month Period Beginning On May 1, 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage | 106.094% | ||
Senior Notes | 8.125% Senior Notes Due May 2025 | Twelve Month Period Beginning On May 1, 2021 | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage | 104.063% | ||
Senior Notes | 8.125% Senior Notes Due May 2025 | Twelve Month Period Beginning On May 1, 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage | 102.031% | ||
Senior Notes | 8.125% Senior Notes Due May 2025 | Twelve Month Period Beginning On May 1, 2023 | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage | 100.00% | ||
EESLP And EES Finance Corp | |||
Debt Instrument [Line Items] | |||
Ownership percentage by parent | 100.00% |
Debt - Unamortized Debt Financi
Debt - Unamortized Debt Financing Costs (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Payments of debt issuance costs | $ 822 | $ 0 | |
Amortization of deferred financing costs | 2,828 | 2,512 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Payments of debt issuance costs | 800 | ||
8.125% Senior Notes Due May 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Payments of debt issuance costs | $ 7,900 | ||
Amortization of deferred financing costs | $ 1,000 | $ 1,000 |
Debt - Debt Compliance (Narrati
Debt - Debt Compliance (Narrative) (Details) | Dec. 31, 2020 |
Debt Disclosure [Abstract] | |
Minimum interest coverage ratio | 2.25 |
Maximum total leverage ratio | 4.50 |
Maximum senior secured leverage ratio | 2.75 |
Debt - Schedule of Contractual
Debt - Schedule of Contractual Maturities of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Maturity Schedule | ||
2021 | $ 0 | |
2022 | 0 | |
2023 | 216,500 | |
2024 | 0 | |
2025 | 350,000 | |
Thereafter | 0 | |
Total debt | 566,500 | |
Senior Notes | 8.125% Senior Notes Due May 2025 | ||
Debt Instrument [Line Items] | ||
Aggregate unamortized debt financing costs | $ 4,175 | $ 5,413 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Recurring Assets and Liabilities (Details) - Recurring $ in Thousands | Dec. 31, 2020USD ($) |
(Level 1) | |
Summary of assets and liabilities measured at fair value on nonrecurring basis | |
Foreign currency derivatives liabilities | $ 0 |
(Level 2) | |
Summary of assets and liabilities measured at fair value on nonrecurring basis | |
Foreign currency derivatives liabilities | 0 |
(Level 3) | |
Summary of assets and liabilities measured at fair value on nonrecurring basis | |
Foreign currency derivatives liabilities | $ 247 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign currency exchange contract | ||
Summary of assets and liabilities measured at fair value on nonrecurring basis | ||
Total notional value | $ 23.5 | |
Loss recognized on forward currency exchange contracts | 0.4 | $ 0.8 |
Reported Value Measurement | Senior Notes | ||
Summary of assets and liabilities measured at fair value on nonrecurring basis | ||
Fair value of notes | 350 | 375 |
Estimate of Fair Value Measurement | Senior Notes | ||
Summary of assets and liabilities measured at fair value on nonrecurring basis | ||
Fair value of notes | $ 297 | $ 371 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Nonrecurring Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($)year | Dec. 31, 2019USD ($) |
Summary of assets and liabilities measured at fair value on nonrecurring basis | ||
Undiscounted value of note receivable Including Interest | $ 15,700 | |
Nonrecurring Basis | Measurement Input, Maturity | ||
Summary of assets and liabilities measured at fair value on nonrecurring basis | ||
Measurement input | year | 8 | |
Nonrecurring Basis | Discount Rate | ||
Summary of assets and liabilities measured at fair value on nonrecurring basis | ||
Measurement input | 0.062 | |
(Level 1) | Nonrecurring Basis | ||
Summary of assets and liabilities measured at fair value on nonrecurring basis | ||
Impaired long-lived assets | $ 0 | $ 0 |
Impaired assets—assets held for sale | 0 | 0 |
Long-term note receivable | 0 | 0 |
(Level 2) | Nonrecurring Basis | ||
Summary of assets and liabilities measured at fair value on nonrecurring basis | ||
Impaired long-lived assets | 0 | 0 |
Impaired assets—assets held for sale | 0 | 0 |
Long-term note receivable | 0 | 0 |
(Level 3) | Nonrecurring Basis | ||
Summary of assets and liabilities measured at fair value on nonrecurring basis | ||
Impaired long-lived assets | 464 | 0 |
Impaired assets—assets held for sale | 0 | 624 |
Long-term note receivable | $ 11,333 | $ 15,312 |
Impairments (Detail)
Impairments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long-Lived Asset Impairment | ||
Impairments | $ 11,648 | $ 52,567 |
Idle compressor units | ||
Long-Lived Asset Impairment | ||
Impairments | 10,000 | $ 52,600 |
Idle Argentina Assets | ||
Long-Lived Asset Impairment | ||
Impairments | $ 1,700 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restatement Charges [Line Items] | ||
Restructuring and other charges | $ 3,550 | $ 6,194 |
Cost Reduction Plan | ||
Restatement Charges [Line Items] | ||
Restructuring and other charges | $ 3,600 | 5,900 |
Relocation Plan | ||
Restatement Charges [Line Items] | ||
Restructuring and other charges | $ 300 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Summary of Changes to Accrued Liability Balance Related to Restructuring and Other Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Charges Accrual | ||
Beginning balance | $ 2,281 | $ 309 |
Additions for costs expensed | 3,550 | 6,194 |
Reductions for payments | (4,178) | (4,133) |
Foreign exchange impact | (302) | (89) |
Ending balance | 1,351 | 2,281 |
Cost Reduction Plan | ||
Restructuring Charges Accrual | ||
Beginning balance | 2,281 | 0 |
Additions for costs expensed | 3,550 | 5,901 |
Reductions for payments | (4,178) | (3,531) |
Foreign exchange impact | (302) | (89) |
Ending balance | 1,351 | 2,281 |
Relocation Plan | ||
Restructuring Charges Accrual | ||
Beginning balance | 0 | 309 |
Additions for costs expensed | 0 | 293 |
Reductions for payments | 0 | (602) |
Foreign exchange impact | 0 | 0 |
Ending balance | $ 0 | $ 0 |
Restructuring and Other Charg_5
Restructuring and Other Charges - Summary of the Components of Charges Included in Restructuring and Other Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restatement Charges [Line Items] | ||
Restructuring and other charges | $ 3,550 | $ 6,194 |
Restructuring and other charges incurred to date | 9,448 | |
Employee termination benefits | ||
Restatement Charges [Line Items] | ||
Restructuring and other charges | 986 | 5,261 |
Restructuring and other charges incurred to date | 6,243 | |
Consulting fees | ||
Restatement Charges [Line Items] | ||
Restructuring and other charges | 2,564 | 640 |
Restructuring and other charges incurred to date | 3,205 | |
Relocation costs | ||
Restatement Charges [Line Items] | ||
Restructuring and other charges | $ 0 | $ 293 |
Provision for Income Taxes - Sc
Provision for Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
United States | $ (56,163) | $ (85,956) |
Foreign | (1,453) | 3,345 |
Loss before income taxes | $ (57,616) | $ (82,611) |
Provision for Income Taxes - _2
Provision for Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax provision (benefit): | ||
U.S. federal | $ (542) | $ (534) |
State | 70 | 228 |
Foreign | 23,783 | 35,603 |
Total current | 23,311 | 35,297 |
Deferred tax provision (benefit): | ||
U.S. federal | (351) | 1,673 |
State | (37) | (61) |
Foreign | 5,480 | (11,619) |
Total deferred | 5,092 | (10,007) |
Provision for income taxes | $ 28,403 | $ 25,290 |
Provision for Income Taxes - Na
Provision for Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||
Effective income tax rate (as a percent) | (49.30%) | (30.60%) |
Foreign tax credit carryforwards | $ 69,160 | $ 81,759 |
Research and development credit carryforwards | 31,251 | 31,251 |
Cumulative undistributed foreign earnings | 210,400 | |
Cumulative undistributed earnings of foreign subsidiaries, not indefinitely invested | 493,800 | |
Unrecognized tax benefits | 31,200 | 23,300 |
Increase (decrease) in potential interest expense and penalties | 1,300 | $ (2,300) |
Maximum reasonably possible decrease in unrecognized tax benefits | 2,100 | |
U.S. Federal | ||
Operating Loss Carryforwards [Line Items] | ||
U.S. federal net operating loss carryforwards | 130,400 | |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards in certain foreign jurisdictions | 140,700 | |
Net operating loss carryforwards, not subject to expiration | 78,400 | |
Net operating loss carryforwards, subject to expiration | $ 12,300 |
Provision for Income Taxes - _3
Provision for Income Taxes - Schedule of Reasons for the Difference Between Effective Tax Rates and U.S. Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income taxes at U.S. federal statutory rate of 21% | $ (12,099) | $ (17,348) |
U.S. foreign tax credits | 12,599 | 0 |
Unrecognized tax benefits | 10,059 | 529 |
Change in valuation allowances | (13,331) | 13,780 |
Nondeductible expenses | 5,326 | 5,633 |
Change in tax rate | 2,256 | 488 |
Foreign tax rate differential | 4,079 | (9,378) |
Deferred tax adjustments | 6,183 | 4,844 |
Foreign exchange differences | 11,598 | 13,821 |
Withholding tax, net of U.S. benefit | 3,651 | 5,491 |
Deemed and actual distributions | 307 | 4,873 |
Other | (2,225) | 2,557 |
Provision for income taxes | $ 28,403 | $ 25,290 |
Provision for Income Taxes - _4
Provision for Income Taxes - Schedule of Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 73,597 | $ 71,598 |
Foreign tax credit carryforwards | 69,160 | 81,759 |
Research and development credit carryforwards | 31,251 | 31,251 |
Alternative minimum tax credit carryforwards | 0 | 2,943 |
Deferred revenue | 29,608 | 46,137 |
Accrued liabilities | 8,354 | 13,094 |
Other | 33,843 | 33,758 |
Subtotal | 245,813 | 280,540 |
Valuation allowances | (197,725) | (213,034) |
Total deferred tax assets | 48,088 | 67,506 |
Deferred tax liabilities: | ||
Property, plant and equipment | (33,919) | (42,566) |
Other | (6,317) | (11,939) |
Total deferred tax liabilities | (40,236) | (54,505) |
Net deferred tax assets | $ 7,852 | $ 13,001 |
Provision for Income Taxes - Re
Provision for Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of unrecognized tax benefits | ||
Beginning balance | $ 23,339 | $ 27,783 |
Additions based on tax positions related to prior years | 8,151 | 142 |
Additions based on tax positions related to current year | 275 | 1,648 |
Reductions based on settlement with government authority | 0 | (5,086) |
Reductions based on lapse of statute of limitations | (550) | (1,148) |
Ending balance | $ 31,215 | $ 23,339 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Feb. 20, 2019 | |
Equity [Abstract] | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding | 0 | ||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares issued (in shares) | 37,508,286 | 37,804,206 | |
Common stock, shares, outstanding | 33,138,646 | ||
Authorized amount of stock repurchase | $ 100 | ||
Treasury stock purchased (in shares) | 3,495,448 | ||
Stock repurchased during period | $ 42.3 | ||
Remaining authorized repurchase amount | $ 57.7 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | $ 409,538 | $ 552,821 |
Ending balance | 295,832 | 409,538 |
Foreign Currency Translation Adjustment | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | 35,346 | 38,231 |
Loss recognized in other comprehensive loss | (14,438) | (2,885) |
Ending balance | $ 20,908 | $ 35,346 |
Stock-Based Compensation and _3
Stock-Based Compensation and Awards - Narrative (Details) - USD ($) $ in Millions | Feb. 20, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of retainer fees directors may elect to receive in shares of common stock, option one | 25.00% | ||
Percentage of retainer fees directors may elect to receive in shares of common stock, option two | 50.00% | ||
Percentage of retainer fees directors may elect to receive in shares of common stock, option three | 75.00% | ||
Percentage of retainer fees directors may elect to receive in shares of common stock, option four | 100.00% | ||
Granted (in shares) | 0 | 0 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock options | First anniversary vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Stock options | Second anniversary vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Stock options | Third anniversary vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Restricted stock, restricted stock units and performance units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation cost | $ 5.1 | ||
Weighted-average vesting period | 1 year 3 months 18 days | ||
Restricted stock, restricted stock units and performance units | First anniversary vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Restricted stock, restricted stock units and performance units | Second anniversary vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Restricted stock, restricted stock units and performance units | Third anniversary vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
Maximum | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period (no later than) | 10 years | ||
Common Stock | Exterran Corporation 2020 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum aggregate number of shares that may be issued (in shares) | 1,857,514 | ||
Shares available to be issued (shares) | 1,803,387 |
Stock-Based Compensation and _4
Stock-Based Compensation and Awards - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 6,229 | $ 12,793 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 0 | 0 |
Restricted stock, restricted stock units, performance units, cash settled restricted stock units and cash settled performance units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 6,229 | 12,793 |
Restructuring and other charges—stock-based compensation expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 0 | $ 0 |
Stock-Based Compensation and _5
Stock-Based Compensation and Awards - Schedule of Changes in Stock Option Awards for Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options | ||
Options outstanding, beginning of period (in shares) | 69,000 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | 0 | |
Cancelled (in shares) | (39,000) | |
Options outstanding, end of period (in shares) | 30,000 | 69,000 |
Options exercisable, end of period (in shares) | 30,000 | |
Weighted Average Exercise Price Per Share | ||
Options outstanding, beginning of period (in dollars per share) | $ 25.33 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0 | |
Cancelled (in dollars per share) | 19.82 | |
Options outstanding, end of period (in dollars per share) | 32.50 | $ 25.33 |
Options exercisable, end of period (in dollars per share) | $ 32.50 | |
Weighted Average Remaining Life | ||
Options outstanding, end of period (years) | 2 months 12 days | |
Options exercisable, end of period (years) | 2 months 12 days | |
Aggregate Intrinsic Value | ||
Options outstanding, end of period | $ 0 | |
Options exercisable, end of period | $ 0 |
Stock-Based Compensation and _6
Stock-Based Compensation and Awards - Schedule of Changes in Restricted Stock, Restricted Stock Units and Performance Units (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Equity Awards | |
Shares | |
Non-vested awards, beginning of period (in shares) | shares | 842 |
Granted (in shares) | shares | 189 |
Vested (in shares) | shares | (457) |
Cancelled (in shares) | shares | (254) |
Non-vested awards, end of period (in shares) | shares | 320 |
Weighted Average Grant-Date Fair Value Per Share | |
Non-vested awards, beginning of period (in dollars per share) | $ / shares | $ 22.79 |
Granted (in dollars per share) | $ / shares | 6.59 |
Vested (in dollars per share) | $ / shares | 19.95 |
Cancelled (in dollars per share) | $ / shares | 24.37 |
Non-vested awards, end of period (in dollars per share) | $ / shares | $ 16.02 |
Liability Awards | |
Shares | |
Non-vested awards, beginning of period (in shares) | shares | 318 |
Granted (in shares) | shares | 1,182 |
Vested (in shares) | shares | (80) |
Cancelled (in shares) | shares | (222) |
Non-vested awards, end of period (in shares) | shares | 1,198 |
Weighted Average Grant-Date Fair Value Per Share | |
Non-vested awards, beginning of period (in dollars per share) | $ / shares | $ 17.01 |
Granted (in dollars per share) | $ / shares | 8.54 |
Vested (in dollars per share) | $ / shares | 26.24 |
Cancelled (in dollars per share) | $ / shares | 9.91 |
Non-vested awards, end of period (in dollars per share) | $ / shares | $ 9.35 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Reconciliation of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator for basic and diluted net loss per common share: | ||
Loss from continuing operations | $ (86,019) | $ (107,901) |
Income (loss) from discontinued operations, net of tax | (15,272) | 5,524 |
Less: Net income attributable to participating securities | 0 | 0 |
Net loss — used in basic and diluted net loss per common share | $ (101,291) | $ (102,377) |
Weighted average common shares outstanding including participating securities (in shares) | 33,137 | 35,040 |
Less: Weighted average participating securities outstanding (in shares) | (387) | (757) |
Weighted average common shares outstanding — used in basic net income (loss) per common share (in shares) | 32,750 | 34,283 |
Weighted average common shares outstanding — used in diluted net income (loss) per common share (in shares) | 32,750 | 34,283 |
Net loss per common share: | ||
Basic and diluted | $ (3.09) | $ (2.99) |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Schedule of Stock Excluded From Computing Diluted Net Income (Loss) Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net dilutive potential common shares issuable (in shares) | 37 | 70 |
On exercise of options where exercise price is greater than average market value for the period | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net dilutive potential common shares issuable (in shares) | 37 | 70 |
Retirement Benefit Plan (Detail
Retirement Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Costs incurred for employer matching contributions | $ 2.2 | $ 2.9 |
First 2% of contributions | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer match of employee contributions (as a percent) | 100.00% | 100.00% |
Eligible compensation contribution, matched by employer (as a percent) | 2.00% | 2.00% |
Next 4% of eligible compensation | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer match of employee contributions (as a percent) | 50.00% | 50.00% |
Eligible compensation contribution, matched by employer (as a percent) | 4.00% | 4.00% |
Commitments and Contingencies -
Commitments and Contingencies - Contingencies (Details) - USD ($) $ in Millions | Dec. 19, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Business acquisition, contingent consideration | |||
Outstanding letters of credit | $ 62.3 | ||
Accrual for outcomes of non-income-based tax audits | 3.5 | $ 3.7 | |
Amount of legal claim | $ 38 | ||
Indemnification receivables | |||
Business acquisition, contingent consideration | |||
Indemnification receivables from Archrock | 1.5 | $ 1.5 | |
Corporate Joint Venture | |||
Business acquisition, contingent consideration | |||
Remaining principal amount due from PDVSA Gas | $ 4 |
Commitments and Contingencies_2
Commitments and Contingencies - Indemnifications (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Taxes attributable to business after spin-off | |
Loss Contingencies [Line Items] | |
Liability for certain taxes not clearly attributable to the business (as a percent) | 50.00% |
Reportable Segments and Geogr_3
Reportable Segments and Geographic Information - Narrative (Details) - segment | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | ||
Number of reportable segments | 3 | |
Basrah Gas Company | Total revenues | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of total revenues | 19.00% | |
Patroleo Brasileiro | Total revenues | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of total revenues | 15.00% |
Reportable Segments and Geogr_4
Reportable Segments and Geographic Information - Schedule of Revenues and Other Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 613,061 | $ 796,011 |
Adjusted Gross Margin | 261,866 | 314,413 |
Total assets | 1,303,491 | 1,418,004 |
Capital expenditures | 75,611 | 189,037 |
Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 613,061 | 796,011 |
Adjusted Gross Margin | 261,866 | 314,413 |
Capital expenditures | 68,571 | 185,374 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Adjusted Gross Margin | 0 | 0 |
Capital expenditures | 7,040 | 3,663 |
Contract Operations | ||
Segment Reporting Information [Line Items] | ||
Revenues | 338,423 | 368,126 |
Contract Operations | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 338,423 | 368,126 |
Adjusted Gross Margin | 233,041 | 239,963 |
Capital expenditures | 67,419 | 176,663 |
Aftermarket Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 113,246 | 129,217 |
Aftermarket Services | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 113,246 | 129,217 |
Adjusted Gross Margin | 25,531 | 33,610 |
Capital expenditures | 313 | 386 |
Product sales | ||
Segment Reporting Information [Line Items] | ||
Revenues | 161,392 | 298,668 |
Product sales | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 161,392 | 298,668 |
Adjusted Gross Margin | 3,294 | 40,840 |
Capital expenditures | 839 | 8,325 |
Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,276,560 | 1,332,557 |
Continuing Operations | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 856,008 | 931,606 |
Continuing Operations | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 420,552 | 400,951 |
Continuing Operations | Contract Operations | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 722,973 | 816,625 |
Continuing Operations | Aftermarket Services | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 25,699 | 26,456 |
Continuing Operations | Product sales | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 107,336 | $ 88,525 |
Reportable Segments and Geogr_5
Reportable Segments and Geographic Information - Schedule of Asset from Reportable Segments to Total Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,303,491 | $ 1,418,004 |
Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,276,560 | 1,332,557 |
Continuing Operations | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 856,008 | 931,606 |
Continuing Operations | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 420,552 | 400,951 |
Discontinued Operations | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 26,931 | $ 85,447 |
Reportable Segments and Geogr_6
Reportable Segments and Geographic Information - Schedule of Geographic Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 613,061 | $ 796,011 |
Property, plant and equipment, net: | 733,222 | 824,194 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Revenues | 44,632 | 110,095 |
Property, plant and equipment, net: | 63,109 | 62,911 |
Argentina | ||
Segment Reporting Information [Line Items] | ||
Revenues | 103,687 | 125,333 |
Property, plant and equipment, net: | 148,772 | 178,006 |
Bolivia | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net: | 112,744 | 141,776 |
Brazil | ||
Segment Reporting Information [Line Items] | ||
Revenues | 67,685 | 74,017 |
Property, plant and equipment, net: | 60,123 | 84,676 |
Iraq | ||
Segment Reporting Information [Line Items] | ||
Revenues | 23,039 | 177,100 |
Mexico | ||
Segment Reporting Information [Line Items] | ||
Revenues | 32,325 | 73,945 |
Property, plant and equipment, net: | 64,491 | 68,142 |
Thailand | ||
Segment Reporting Information [Line Items] | ||
Revenues | 67,577 | 31,149 |
Oman | ||
Segment Reporting Information [Line Items] | ||
Revenues | 71,753 | 56,844 |
Property, plant and equipment, net: | 183,776 | 201,880 |
Other international | ||
Segment Reporting Information [Line Items] | ||
Revenues | 202,363 | 147,528 |
Property, plant and equipment, net: | $ 100,207 | $ 86,803 |
Reportable Segments and Geogr_7
Reportable Segments and Geographic Information - Reconciliation of Total Gross Margin to Total Adjusted Gross Margin (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | ||
Revenues | $ 613,061 | $ 796,011 |
Cost of sales (excluding depreciation and amortization expense): | 351,195 | 481,598 |
Depreciation and amortization | 139,107 | 151,716 |
Gross Margin | 122,759 | 162,697 |
Depreciation and amortization | 139,107 | 151,716 |
Adjusted Gross Margin | $ 261,866 | $ 314,413 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for doubtful accounts deducted from accounts receivable in the balance sheets | ||
Valuation and qualifying accounts | ||
Balance at Beginning of Period | $ 6,019 | $ 5,171 |
Charged to Costs and Expenses | 4,784 | 32 |
Deductions | 0 | (816) |
Balance at End of Period | 10,803 | 6,019 |
Allowance for deferred tax assets not expected to be realized | ||
Valuation and qualifying accounts | ||
Balance at Beginning of Period | 213,034 | 200,105 |
Charged to Costs and Expenses | 4,780 | 23,560 |
Deductions | 20,089 | 10,631 |
Balance at End of Period | $ 197,725 | $ 213,034 |
Uncategorized Items - extn-2020
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201602Member |