Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | NEWPARK RESOURCES INC | ||
Entity Central Index Key | 71,829 | ||
Trading Symbol | nr | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 84,746,098 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 476 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 87,878 | $ 107,138 |
Receivables, net | 214,307 | 206,364 |
Inventories | 143,612 | 163,657 |
Prepaid expenses and other current assets | 17,143 | 29,219 |
Total current assets | 462,940 | 506,378 |
Property, plant and equipment, net | 303,654 | 307,632 |
Goodwill | 19,995 | 19,009 |
Other intangible assets, net | 6,067 | 11,051 |
Deferred tax assets | 1,747 | 1,821 |
Other assets | 3,780 | 3,002 |
Total assets | 798,183 | 848,893 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 83,368 | 7,382 |
Accounts payable | 65,281 | 72,211 |
Accrued liabilities | 31,152 | 45,835 |
Total current liabilities | 179,801 | 125,428 |
Long-term debt, less current portion | 72,900 | 171,211 |
Deferred tax liabilities | 38,743 | 26,368 |
Other noncurrent liabilities | 6,196 | 5,627 |
Total liabilities | 297,640 | 328,634 |
Commitments and contingencies (Note 15) | ||
Commitments and contingencies (Note 15) | ||
Stockholders' Equity | ||
Common stock, $0.01 par value, 200,000,000 shares authorized and 99,843,094 and 99,377,391 shares issued, respectively | 998 | 994 |
Paid-in capital | 558,966 | 533,746 |
Accumulated other comprehensive loss | (63,208) | (58,276) |
Retained earnings | 129,873 | 171,788 |
Treasury stock, at cost; 15,162,050 and 15,302,345 shares, respectively | (126,086) | (127,993) |
Total stockholders’ equity | 500,543 | 520,259 |
Total liabilities and stockholders' equity | $ 798,183 | $ 848,893 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 99,843,094 | 99,377,391 |
Treasury stock, shares (in shares) | 15,162,050 | 15,302,345 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Income (Loss) [Abstract] | |||
Revenues | $ 471,496 | $ 676,865 | $ 1,118,416 |
Cost of revenues | 437,836 | 599,013 | 876,999 |
Selling, general and administrative expenses | 88,473 | 101,032 | 112,648 |
Other operating income, net | (4,345) | (2,426) | (1,827) |
Impairments and other charges | 6,745 | 78,345 | 0 |
Operating income (loss) | (57,213) | (99,099) | 130,596 |
Foreign currency exchange (gain) loss | (710) | 4,016 | 108 |
Interest expense, net | 9,866 | 9,111 | 10,431 |
Gain on extinguishment of debt | (1,615) | 0 | 0 |
Income (loss) from continuing operations before income taxes | (64,754) | (112,226) | 120,057 |
Provision (benefit) for income taxes | (24,042) | (21,398) | 41,048 |
Income (loss) from continuing operations | (40,712) | (90,828) | 79,009 |
Income from discontinued operations, net of tax | 0 | 0 | 1,152 |
Gain from disposal of discontinued operations, net of tax | 0 | 0 | 22,117 |
Net income (loss) | $ (40,712) | $ (90,828) | $ 102,278 |
Income (loss) per common share - basic: | |||
Income (loss) from continuing operations (in dollars per share) | $ (0.49) | $ (1.10) | $ 0.95 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.28 |
Net income (loss) (in dollars per share) | (0.49) | (1.10) | 1.23 |
Income (loss) per common share - diluted: | |||
Income (loss) from continuing operations (in dollars per share) | (0.49) | (1.10) | 0.84 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.23 |
Net income (loss) (in dollars per share) | $ (0.49) | $ (1.10) | $ 1.07 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (40,712) | $ (90,828) | $ 102,278 |
Foreign currency translation adjustments | (4,932) | (26,284) | (22,508) |
Comprehensive income (loss) | $ (45,644) | $ (117,112) | $ 79,770 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock |
Beginning balance at Dec. 31, 2013 | $ 581,054 | $ 980 | $ 504,675 | $ (9,484) | $ 160,338 | $ (75,455) |
Net income (loss) | 102,278 | 102,278 | ||||
Employee stock options, restricted stock and employee stock purchase plan | 1,647 | 12 | 2,970 | (1,335) | ||
Stock-based compensation expense | 12,411 | 12,411 | ||||
Income tax effect, net, of employee stock related activity | 1,172 | 1,172 | ||||
Treasury shares purchased at cost | (50,596) | (50,596) | ||||
Foreign currency translation adjustments | (22,508) | (22,508) | ||||
Ending balance at Dec. 31, 2014 | 625,458 | 992 | 521,228 | (31,992) | 262,616 | (127,386) |
Net income (loss) | (90,828) | (90,828) | ||||
Employee stock options, restricted stock and employee stock purchase plan | (1,007) | 2 | (402) | (607) | ||
Stock-based compensation expense | 14,202 | 14,202 | ||||
Income tax effect, net, of employee stock related activity | 412 | 412 | ||||
Other | (870) | (870) | ||||
Foreign currency translation adjustments | (26,284) | (26,284) | ||||
Ending balance at Dec. 31, 2015 | 520,259 | 994 | 533,746 | (58,276) | 171,788 | (127,993) |
Net income (loss) | (40,712) | (40,712) | ||||
Employee stock options, restricted stock and employee stock purchase plan | 230 | 4 | (478) | (1,203) | 1,907 | |
Stock-based compensation expense | 12,056 | 12,056 | ||||
Income tax effect, net, of employee stock related activity | 1,558 | 1,558 | ||||
Issuance of Convertible Notes due 2021 | 15,200 | 15,200 | ||||
Foreign currency translation adjustments | (4,932) | (4,932) | ||||
Ending balance at Dec. 31, 2016 | $ 500,543 | $ 998 | $ 558,966 | $ (63,208) | $ 129,873 | $ (126,086) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (40,712) | $ (90,828) | $ 102,278 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Impairments and other non-cash charges | 12,523 | 75,508 | 0 |
Depreciation and amortization | 37,955 | 43,917 | 42,030 |
Stock-based compensation expense | 12,056 | 14,202 | 12,304 |
Provision for deferred income taxes | 3,352 | (503) | (2,328) |
Net provision for doubtful accounts | 2,416 | 1,886 | 1,252 |
Gain on sale of a business | 0 | 0 | (33,974) |
Gain on sale of assets | (2,820) | (1,364) | (1,369) |
Gain on extinguishment of debt | (1,615) | 0 | 0 |
Excess tax benefit from stock-based compensation | 0 | (204) | (1,278) |
Change in assets and liabilities: | |||
(Increase) decrease in receivables | (1,699) | 122,399 | (53,494) |
(Increase) decrease in inventories | 16,044 | 21,309 | (14,136) |
(Increase) decrease in other assets | 2,639 | 1,191 | (546) |
Increase (decrease) in accounts payable | (5,213) | (31,974) | 23,606 |
Increase (decrease) in accounts payable | (23,831) | (34,022) | 14,828 |
Net cash provided by operating activities | 11,095 | 121,517 | 89,173 |
Cash flows from investing activities: | |||
Capital expenditures | (38,440) | (69,404) | (106,973) |
Decrease (increase) in restricted cash | 10,060 | (17,485) | 0 |
Proceeds from sale of property, plant and equipment | 4,540 | 2,523 | 3,205 |
Proceeds from sale of a business | 0 | 0 | 89,766 |
Business acquisitions, net of cash acquired | (4,420) | 0 | 0 |
Net cash used in investing activities | (28,260) | (84,366) | (14,002) |
Cash flows from financing activities: | |||
Borrowings on lines of credit | 6,437 | 11,036 | 62,164 |
Payments on lines of credit | (14,269) | (12,544) | (62,445) |
Proceeds from Convertible Notes due 2021 | 100,000 | 0 | 0 |
Purchases of Convertible Notes due 2017 | (87,271) | 0 | 0 |
Debt issuance costs | (5,403) | (2,023) | 0 |
Other financing activities | 357 | (1,673) | (467) |
Proceeds from employee stock plans | 725 | 553 | 3,442 |
Purchases of treasury stock | (1,226) | (2,283) | (53,130) |
Excess tax benefit from stock-based compensation | 0 | 204 | 1,278 |
Net cash used in financing activities | (650) | (6,730) | (49,158) |
Effect of exchange rate changes on cash | (1,445) | (8,335) | (6,801) |
Net increase (decease) in cash and cash equivalents | (19,260) | 22,086 | 19,212 |
Cash and cash equivalents at beginning of year | 107,138 | 85,052 | 65,840 |
Cash and cash equivalents at end of year | 87,878 | 107,138 | 85,052 |
Cash paid (received) for: | |||
Income taxes (net of refunds) | (20,709) | 10,866 | 56,568 |
Interest | $ 8,802 | $ 8,464 | $ 9,865 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization and Principles of Consolidation. Newpark Resources, Inc. was organized in 1932 as a Nevada corporation. In 1991, we changed our state of incorporation to Delaware. The consolidated financial statements include our company and our wholly-owned subsidiaries (“we”, “our” or “us”). All intercompany transactions are eliminated in consolidation. We are a geographically diversified supplier providing products and services primarily to the oil and gas exploration and production (“E&P”) industry. We operate our business through two reportable segments: Fluids Systems and Mats and Integrated Services. Our Fluids Systems segment provides customized drilling fluids solutions to E&P customers globally, operating through four geographic regions: North America, Europe, the Middle East and Africa (“EMEA”), Latin America, and Asia Pacific. Our Mats and Integrated Services segment provides composite mat rentals, as well as location construction and related site services to customers. In addition, mat rental and services activity is expanding in other markets, including electrical transmission & distribution, pipeline, solar, petrochemical and construction industries across the U.S., Canada and United Kingdom. We also sell composite mats to customers outside of the U.S., and to domestic customers outside of the oil and gas exploration market. Use of Estimates and Market Risks . The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates used in preparing our consolidated financial statements include, but are not limited to the following: allowances for product returns, allowances for doubtful accounts, reserves for self-insured retentions under insurance programs, estimated performance and values associated with employee incentive programs, fair values used for goodwill impairment testing, undiscounted future cash flows used for impairment testing of long-lived assets and valuation allowances for deferred tax assets. Our operating results depend, to a large extent, on oil and gas drilling activity levels in the markets we serve, and particularly for the Fluids Systems segment, the nature of the drilling operations (including the depth and whether the wells are drilled vertically or horizontally) which governs the revenue potential of each well. Drilling activity, in turn, depends on oil and gas commodity pricing, inventory levels, product demand and regulatory restrictions. Oil and gas prices and activity are cyclical and volatile. This market volatility has a significant impact on our operating results. Cash Equivalents. All highly liquid investments with a remaining maturity of three months or less at the date of acquisition are classified as cash equivalents. Restricted Cash. Cash that is restricted as to withdrawal or usage is recognized as restricted cash and is included in other current assets in the accompanying balance sheet. Allowance for Doubtful Accounts. Reserves for uncollectible accounts receivable are determined on a specific identification basis when we believe that the required payment of specific amounts owed to us is not probable. The majority of our revenues are from mid-sized and international oil companies as well as government-owned or government-controlled oil companies, and we have receivables in several foreign jurisdictions. Changes in the financial condition of our customers or political changes in foreign jurisdictions could cause our customers to be unable to repay these receivables, resulting in additional allowances. Allowance for Product Returns. We maintain reserves for estimated customer returns of unused products in our Fluids Systems segment. The reserves are established based upon historical customer return levels and estimated gross profit levels attributable to product sales. Inventories. Inventories are stated at the lower of cost (principally average cost) or market. Certain conversion costs associated with the acquisition, production, blending and storage of inventory in our Fluids Systems segment as well as in the manufacturing operations in the Mats and Integrated Services segment are capitalized as a component of the carrying value of the inventory and expensed as a component of cost of revenues as the products are sold. Reserves for inventory obsolescence are determined based on the fair value of the inventory using factors such as our historical usage of inventory on-hand, future expectations related to our customers’ needs, market conditions and the development of new products. Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Additions and improvements that extend the useful life of an asset are capitalized. We capitalize interest costs on significant capital projects. Maintenance and repairs are expensed as incurred. Sales and disposals of property, plant and equipment are removed at carrying cost less accumulated depreciation with any resulting gain or loss reflected in earnings. Depreciation is provided on property, plant and equipment, including assets held under capital leases, primarily utilizing the straight-line method over the following estimated useful service lives or lease term: Computer hardware and office equipment 3-5 years Computer software 3-10 years Autos & light trucks 5-7 years Furniture, fixtures & trailers 7-10 years Composite mats (rental fleet) 10-12 years Machinery and heavy equipment 5-15 years Owned buildings 20-39 years Leasehold improvements Lease term, including reasonably assured renewal periods In 2016, we revised our estimates of the useful lives and residual values of certain of our composite mats included in rental fleet fixed assets within the Mats and Integrated Services segment. We now estimate that certain composite mats which were originally estimated to have a useful life of 7 years with zero residual value will have estimated useful lives ranging from 10 to 12 years with an estimated residual value of 20% . These changes in estimates were recognized prospectively beginning January 1, 2016 resulting in a reduction in depreciation expense for the Mats and Integrated Services segment of approximately $6.1 million , or $0.05 per share, for the year ended December 31, 2016 . We expect these changes to have a similar effect on annual results going forward. Goodwill and Other Intangible Assets . Goodwill represents the excess of the purchase price of acquisitions over the fair value of the net identifiable assets acquired in business combinations. Goodwill and other intangible assets with indefinite lives are not amortized. Intangible assets with finite useful lives are amortized either on a straight-line basis over the asset’s estimated useful life or on a basis that reflects the pattern in which the economic benefits of the asset are realized. Any period costs of maintaining intangible assets are expensed as incurred. Impairment of Long-Lived Assets . Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of November 1, or more frequently, if an indication of impairment exists. The impairment test includes a comparison of the carrying value of net assets of our reporting units, including goodwill, with their estimated fair values, which we determine using a combination of a market multiple and discounted cash flow approach. If the carrying value exceeds the estimated fair value, an impairment charge is recorded in the period in which such review is performed. We identify our reporting units based on our analysis of several factors, including our operating segment structure, evaluation of the economic characteristics of our geographic regions within each of our operating segments, and the extent to which our business units share assets and other resources. We review property, plant and equipment, finite-lived intangible assets and certain other assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We assess recoverability based on expected undiscounted future net cash flows. In estimating expected cash flows, we use a probability-weighted approach. Should the review indicate that the carrying value is not fully recoverable; the amount of impairment loss is determined by comparing the carrying value to the estimated fair value. Insurance . We maintain reserves for estimated future payments associated with our self-insured employee healthcare programs, as well as the self-insured retention exposures under our general liability, auto liability and workers compensation insurance policies. Our reserves are determined based on historical experience under these programs, including estimated development of known claims and estimated incurred-but-not-reported claims. Treasury Stock. Treasury stock is carried at cost, which includes the entire cost of the acquired stock. Revenue Recognition . The Fluids Systems segment recognizes sack and bulk material additive revenues upon shipment of materials and passage of title. Formulated liquid systems revenues are recognized when utilized or lost downhole while drilling. An allowance for product returns is maintained, reflecting estimated future customer product returns. Engineering and related services are provided to customers as an integral component of the fluid system delivery, at agreed upon hourly or daily rates, and revenues are recognized when the services are performed. For the Mats and Integrated Services segment, revenues from the sale of mats are recognized when title passes to the customer, which is upon shipment or delivery, depending upon the terms of the underlying sales contract. Revenues for services and rentals provided by this segment are generated from both fixed-price and unit-priced contracts, which are short-term in duration. The activities under these contracts include site preparation, pit design, construction, drilling waste management, and the installation and rental of mat systems for a period of time generally not to exceed 60 days . Revenues from services provided under these contracts are recognized as the specified services are completed. Revenues from any subsequent extensions to the rental agreements are recognized over the extension period. Shipping and handling costs are reflected in cost of revenues, and all reimbursements by customers of shipping and handling costs are included in revenues. Income Taxes . We provide for deferred taxes using an asset and liability approach by measuring deferred tax assets and liabilities due to temporary differences existing at year end using currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. We reduce deferred tax assets by a valuation allowance when, based on our estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The estimates utilized in recognition of deferred tax assets are subject to revision, either up or down, in future periods based on new facts or circumstances. We present deferred tax assets and liabilities as noncurrent in the balance sheet based on an analysis of each taxpaying component within a jurisdiction. We evaluate uncertain tax positions and record a liability as circumstances warrant. Share-Based Compensation . Share-based compensation cost is measured at the grant date based on the fair value of the award, net of an estimated forfeiture rate. We recognize these costs in the income statement using the straight-line method over the vesting term. Fair value at the grant date is determined using the Black-Scholes option-pricing model for stock options and using the Monte Carlo valuation model for performance-based restricted stock units. Foreign Currency Translation . The functional currency for substantially all international subsidiaries is their respective local currency. Financial statements for these international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and the average exchange rates in effect during the respective period for revenues and expenses. Exchange rate adjustments resulting from translation of foreign currency financial statements are reflected in accumulated other comprehensive loss in stockholders’ equity whereas exchange rate adjustments resulting from foreign currency denominated transactions are recorded in income. At December 31, 2016 and 2015 , accumulated other comprehensive loss related to foreign subsidiaries reflected in stockholders’ equity amounted to $63.2 million and $58.3 million , respectively. Fair Value Measurement. Fair value is measured as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at a measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1: The use of quoted prices in active markets for identical financial instruments. • Level 2: The use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or other inputs that are observable in the market or can be corroborated by observable market data. • Level 3: The use of significantly unobservable inputs that typically require the use of management's estimates of assumptions that market participants would use in pricing. Derivative Financial Instruments . We monitor our exposure to various business risks including interest rates and foreign currency exchange rates and occasionally use derivative financial instruments to manage the impact of certain of these risks. At the inception of a new derivative, we designate the derivative as a cash flow or fair value hedge or we determine the derivative to be undesignated as a hedging instrument based on the underlying facts. We do not enter into derivative instruments for trading purposes. New Accounting Pronouncements Standard adopted in 2016 In September 2015, the Financial Accounting Standards Board (“FASB”) issued updated guidance that eliminates the requirement to restate prior periods to reflect adjustments made to provisional amounts recognized in a business combination. The new guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The new guidance was effective for us prospectively in the first quarter of 2016; however, the adoption did not have any effect on our consolidated financial statements. Standards not yet adopted In May 2014, the FASB amended the existing accounting standards for revenue recognition. The amendments are based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance is effective for us in the first quarter of 2018. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. While we have not fully completed our evaluation of the impacts of these amendments, we do not currently anticipate that the adoption will have a material impact on our consolidated financial statements. We currently anticipate adopting the new guidance retrospectively with the cumulative effect recognized as of the date of initial application in the first quarter of 2018. In July 2015, the FASB issued updated guidance that simplifies the subsequent measurement of inventory. It replaces the current lower of cost or market test with the lower of cost or net realizable value test. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We will adopt the new guidance prospectively in the first quarter of 2017 and do not expect the adoption to have a material impact on our consolidated financial statements. In February 2016, the FASB issued updated guidance regarding accounting for leases. The new accounting standard provides principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognize both assets and liabilities arising from financing and operating leases. The classification as either a financing or operating lease will determine whether lease expense is recognized based on an effective interest method basis or on a straight-line basis over the term of the lease, respectively. The new guidance is effective for us in the first quarter of 2019 with early adoption permitted. Based on our current lease portfolio, we anticipate the new guidance will require us to reflect additional assets and liabilities in our consolidated balance sheet, however, we have not yet completed an estimation of such amount and we are still evaluating the overall impact of the new guidance on our consolidated financial statements. In March 2016, the FASB issued updated guidance that simplifies several aspects of the accounting for share-based payment transactions, including the requirement to recognize excess tax benefits and tax deficiencies through earnings as a component of income tax expense. Under current U.S. GAAP, these differences are generally recorded in additional paid in capital and thus have no impact on net income. The change in treatment of excess tax benefits and tax deficiencies also impacts the computation of diluted earnings per share and the associated cash flows will now be classified as operating activities in the consolidated statements of cash flows. In addition, entities will be permitted to make an accounting policy election related to forfeitures which impacts the timing of recognition for share-based payment awards. Forfeitures can be estimated, as required under current U.S. GAAP, or recognized when they occur. We will adopt the new guidance in the first quarter of 2017 with the most significant impact related to income tax consequences. Upon adoption, any excess tax benefits and tax deficiencies on share-based payment transactions will be recognized as a component of income tax expense as discrete items in the reporting period in which they occur. In addition, we will elect to continue estimating forfeitures in determining share-based compensation expense. In August 2016, the FASB issued updated guidance that clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update provides guidance on eight specific cash flow issues. This guidance is effective for us in the first quarter of 2018 and should be applied using the retrospective transition method to each period presented. Early adoption is permitted but all changes must be adopted in the same period. We do not expect the adoption of this new guidance to have a material impact on the presentation of our consolidated statements of cash flows. In October 2016, the FASB amended the guidance related to the recognition of current and deferred income taxes for intra-entity asset transfers. Under current U.S. GAAP, recognition of income taxes on intra-entity asset transfers is prohibited until the asset has been sold to an outside party. This update requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This update does not change U.S. GAAP for the pre-tax effects of an intra-entity asset transfer or for an intra-entity transfer of inventory. This guidance is effective for us in the first quarter of 2018 and should be applied using a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact of the new guidance on our consolidated financial statements. In November 2016, the FASB issued updated guidance that requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for us in the first quarter of 2018 with early adoption permitted and should be applied using a retrospective transition method to each period presented. We are currently evaluating the impact of the new guidance on our consolidated financial statements. In January 2017, the FASB amended the guidance related to the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. Under the new guidance, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. This guidance is effective for us for goodwill impairment tests beginning after December 15, 2019. This guidance should be applied prospectively and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations In August 2016, we completed the acquisition of Pragmatic Drilling Fluids Additives, Ltd. (“Pragmatic”), a Canadian provider of specialty chemicals for the oil and gas industry, which further expands our fluids technology portfolio and capabilities. The purchase price for this acquisition was $4.4 million , net of cash acquired. The purchase price allocation resulted in amortizable intangible assets of $1.7 million and goodwill of approximately $1.7 million . Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and is not deductible for tax purposes. The results of operations of Pragmatic are reported within the Fluids Systems segment for the period subsequent to the date of the acquisition. Results of operations and pro-forma combined results of operations for the acquired business have not been presented as the effect of this acquisition is not material to our consolidated financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following items at December 31: (In thousands) 2016 2015 Raw materials: Drilling fluids $ 115,399 $ 133,934 Mats 1,137 657 Total raw materials 116,536 134,591 Blended drilling fluids components 23,762 25,343 Finished goods - mats 3,314 3,723 Total inventories $ 143,612 $ 163,657 Raw materials consist primarily of barite, chemicals, and other additives that are consumed in the production of our drilling fluid systems. Our blended drilling fluids components consist of base drilling fluid systems that have been either mixed internally at our mixing plants or purchased from third party vendors. These base drilling fluid systems require raw materials to be added, as needed to meet specified customer requirements. In 2016 and 2015 , charges of $4.1 million and $2.2 million , respectively, are included in cost of revenues for the Fluids Systems segment related to the reduction in carrying values of certain inventory, primarily resulting from lower of cost or market adjustments. Charges in 2016 primarily related to the Asia Pacific and North America regions and charges in 2015 related to the North America region. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Our investment in property, plant and equipment consisted of the following at December 31: (In thousands) 2016 2015 Land $ 11,505 $ 11,613 Buildings and improvements 121,967 122,514 Machinery and equipment 248,229 224,974 Computer hardware and software 30,544 29,688 Furniture and fixtures 5,829 5,788 Construction in progress 19,417 20,950 437,491 415,527 Less accumulated depreciation (186,700 ) (164,818 ) 250,791 250,709 Composite mats (rental fleet) 100,543 100,341 Less accumulated depreciation - composite mats (47,680 ) (43,418 ) 52,863 56,923 Property, plant and equipment, net $ 303,654 $ 307,632 Depreciation expense was $34.6 million , $39.3 million and $33.2 million in 2016 , 2015 and 2014 , respectively. As described in Note 1 , we revised our estimated useful lives and end of life residual values for composite mats included in our rental fleet as of January 1, 2016 resulting in a decrease in depreciation expense of approximately $6.1 million for the year ended December 31, 2016. Capital expenditures in 2016 included approximately $32.3 million in the Fluids Systems segment, including a total of $27.8 million related to the facility upgrade and expansion of our Fourchon, Louisiana facility, our new fluids blending facility and distribution center in Conroe, Texas, and equipment to support the contract with Total S.A. in Uruguay. Capital expenditures for the Mats and Integrated Services segment totaled $4.6 million during 2016 . In 2016, we recognized a $3.8 million non-cash charge to write-down property, plant and equipment to its estimated fair value in the Asia Pacific region of our Fluids Systems segment resulting from the continuing unfavorable industry market conditions and the deteriorating outlook for the region and a $0.5 million non-cash charge in our Fluids Systems segment to write-down property, plant and equipment associated with the wind-down of our operations in Uruguay. In 2015, we recognized a $2.6 million charge related to assets at a facility in our Fluids Systems segment following our decision to exit this facility. These charges are included in impairments and other charges in our consolidated statement of operations. We used internally developed assumptions in determining the fair values of property, plant and equipment, which are classified within level 3 of the fair value hierarchy. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill by reportable segment are as follows: (In thousands) Fluids Mats and Total Balance at December 31, 2014 $ 72,684 $ 19,209 $ 91,893 Impairment (70,720 ) — (70,720 ) Effects of foreign currency (1,964 ) (200 ) (2,164 ) Balance at December 31, 2015 — 19,009 19,009 Acquisition 1,720 — 1,720 Effects of foreign currency (54 ) (680 ) (734 ) Balance at December 31, 2016 1,666 18,329 19,995 Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of November 1, or more frequently, if an indication of impairment exists. We determine any impairment of goodwill by comparing the carrying amounts of our reporting units with fair values, which we estimate using a combination of a market multiple and discounted cash flow approach (classified within level 3 of the fair value hierarchy). We also compare the aggregate fair values of our reporting units with our market capitalization. We completed our annual evaluation of the carrying values of our goodwill and other indefinite-lived intangible assets as of November 1, 2016 and determined that the carrying values of each of our reporting units were less than their respective fair values and therefore, no impairment was required. In 2015, as a result of the further decline in commodity prices and drilling activities, including the projection of lower commodity prices and drilling activities, as well as the further decline in the quoted market prices of our common stock, we determined that the carrying value of our drilling fluids reporting unit exceeded its estimated fair value. As a result, we completed step two of the evaluation to measure the amount of goodwill impairment determining a full impairment of goodwill related to the drilling fluids reporting unit was required. As such we recorded a $70.7 million non-cash impairment charge to write-off the goodwill related to the drilling fluids reporting unit, which is included in impairments and other charges in our consolidated statement of operations. Other intangible assets consist of the following: December 31, 2016 December 31, 2015 (In thousands) Gross Accumulated Other Gross Accumulated Other Technology related $ 5,766 $ (3,873 ) $ 1,893 $ 5,077 $ (3,600 ) $ 1,477 Customer related 25,158 (21,962 ) 3,196 28,069 (19,638 ) 8,431 Employment related 1,848 (1,346 ) 502 1,625 (975 ) 650 Total amortizing intangible assets 32,772 (27,181 ) 5,591 34,771 (24,213 ) 10,558 Permits and licenses 476 — 476 493 — 493 Total indefinite-lived intangible assets 476 — 476 493 — 493 Total intangible assets $ 33,248 $ (27,181 ) $ 6,067 $ 35,264 $ (24,213 ) $ 11,051 Total amortization expense in 2016 , 2015 and 2014 related to other intangible assets was $3.4 million , $4.6 million and $8.0 million , respectively. In 2016, we recognized a $3.1 million charge for the impairment of customer related intangible assets in the Asia Pacific region of our Fluids Systems segment resulting from the continuing unfavorable industry market conditions and the deteriorating outlook for the region, which is included in impairments and other charges in our consolidated statement of operations. Also, we completed the acquisition of Pragmatic in 2016 resulting in additions to amortizable intangible assets of $1.7 million . See Note 2 for further discussion. We used internally developed assumptions in determining the fair values of intangible assets impaired and acquired, which are classified within level 3 of the fair value hierarchy. Estimated future amortization expense for the years ended December 31 is as follows: (In thousands) 2017 2018 2019 2020 2021 Thereafter Total Technology related $ 339 $ 339 $ 339 $ 310 $ 259 $ 307 $ 1,893 Customer related 1,632 584 419 313 184 64 3,196 Employment related 437 65 — — — — 502 Total future amortization expense $ 2,408 $ 988 $ 758 $ 623 $ 443 $ 371 $ 5,591 The weighted average amortization period for technology related, customer related and employment related intangible assets is 15 years , 9 years and 5 years , respectively. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Financing arrangements | Financing arrangements Financing arrangements consisted of the following at December 31, 2016 and 2015 : (In thousands) December 31, 2016 December 31, 2015 Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Convertible Notes due 2017 $ 83,256 $ (268 ) $ 82,988 $ 172,497 $ (1,296 ) $ 171,201 Convertible Notes due 2021 100,000 (27,100 ) 72,900 — — — Revolving credit facility — — — — — — ABL Facility — — — — — — Other debt 380 — 380 7,392 — 7,392 Total debt 183,636 (27,368 ) 156,268 179,889 (1,296 ) 178,593 Less: current portion (83,636 ) 268 (83,368 ) (7,382 ) — (7,382 ) Long-term debt $ 100,000 $ (27,100 ) $ 72,900 $ 172,507 $ (1,296 ) $ 171,211 Convertible Notes due 2017. In September 2010, we issued $172.5 million of unsecured convertible senior notes (“Convertible Notes due 2017”) that mature on October 1, 2017, of which, $83.3 million aggregate principal amount was outstanding at December 31, 2016 . The notes bear interest at a rate of 4.0% per year, payable semiannually in arrears on April 1 and October 1 of each year. Holders may convert the notes at their option at any time prior to the close of business on the business day immediately preceding the October 1, 2017 maturity date. The conversion rate is initially 90.8893 shares of our common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of $11.00 per share of common stock), subject to adjustment in certain circumstances. Upon conversion, the notes will be settled in shares of our common stock. We may not redeem the notes prior to their maturity date. In 2016, we repurchased $89.3 million aggregate principal amount of our Convertible Notes due 2017 for $87.3 million and recognized a net gain of $1.6 million reflecting the difference in the amount paid and the net carrying value of the extinguished debt, including debt issuance costs. We intend to use available cash on-hand, cash generated by operations, including U.S. income tax refunds, and estimated availability under our ABL Facility to repay the remaining Convertible Notes due 2017. Convertible Notes due 2021. In December 2016, we issued $100.0 million of unsecured convertible senior notes (“Convertible Notes due 2021”) that mature on December 1, 2021, unless earlier converted by the holders pursuant to the terms of the notes. The notes bear interest at a rate of 4.0% per year, payable semiannually in arrears on June 1 and December 1 of each year. Holders may convert the notes at their option at any time prior to the close of business on the business day immediately preceding June 1, 2021, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on March 31, 2017 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (regardless of whether consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price of the notes in effect on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day was less than 98% of the last reported sale price of our common stock on such date multiplied by the conversion rate on each such trading day; or • upon the occurrence of specified corporate events, as described in the indenture governing the notes, such as a consolidation, merger, or share exchange. On or after June 1, 2021 until the close of business on the business day immediately preceding the maturity date, holders may convert their notes at any time, regardless of whether any of the foregoing conditions have been satisfied. As of February 24, 2017 , the notes were not convertible. The notes are convertible into, at our election, cash, shares of common stock, or a combination of both, subject to satisfaction of specified conditions and during specified periods, as described above. If converted, we currently intend to pay cash for the principal amount of the notes converted. The conversion rate is initially 107.1381 shares of our common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of $9.33 per share of common stock), subject to adjustment in certain circumstances. We may not redeem the notes prior to their maturity date. In accordance with accounting guidance for convertible debt with a cash conversion option, we separately accounted for the debt and equity components of the notes in a manner that reflected our estimated nonconvertible debt borrowing rate. We estimated the fair value of the debt component of the notes to be $75.2 million at the issuance date, assuming a 10.5% non-convertible borrowing rate. The carrying amount of the equity component was determined to be approximately $24.8 million by deducting the fair value of the debt component from the principal amount of the notes, and was recorded as an increase to additional paid-in capital, net of the related deferred tax liability of $8.7 million . The excess of the principal amount of the debt component over its carrying amount (the “debt discount”) is being amortized as interest expense over the term of the notes using the effective interest method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. We allocated transaction costs related to the issuance of the notes, including underwriting discounts, of $2.7 million and $0.9 million to the debt and equity components, respectively. Issuance costs attributable to the debt component were netted against long-term debt and are being amortized to interest expense over the term of the notes using the effective interest method. Issuance costs attributable to the equity component were netted against the equity component recorded in additional paid-in capital. The carrying amount of the equity component, net of issuance costs and the deferred tax liability related to the conversion feature, was $15.2 million at December 31, 2016 . As of December 31, 2016 , the carrying amount of the debt component was $72.9 million , which is net of the unamortized debt discount and issuance costs of $24.4 million and $2.7 million , respectively. Including the impact of the debt discount and related deferred debt issuance costs, the effective interest rate on the notes is approximately 11.3% . Based on the closing market price of our common stock on December 31, 2016 , the if-converted value of the notes was less than the aggregate principal amount of the notes. Revolving Credit Facility. In March 2015, we entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) which provided for a $200.0 million revolving loan facility available for borrowings and letters of credit through March 2020. In December 2015, the Credit Agreement was amended, decreasing the revolving credit facility to $150.0 million and subsequently, we terminated the Credit Agreement in May 2016, replacing it with an asset-based revolving loan facility as discussed further below. As of the date of termination, we had no outstanding borrowings under the Credit Agreement. In the second quarter of 2016, we recognized a non-cash charge of $1.1 million in interest expense for the write-off of debt issuance costs in connection with the termination. Asset-Based Loan Facility. In May 2016, we entered into an asset-based revolving credit agreement (the “ABL Facility”) which replaced the terminated Credit Agreement. In February 2017, we amended the ABL Facility primarily to incorporate the Convertible Notes due 2021 that were issued in December 2016 as well as other administrative matters. The ABL Facility provides financing of up to $90.0 million available for borrowings (inclusive of letters of credit) and subject to certain conditions, can be increased to a maximum capacity of $150.0 million . The ABL Facility terminates on March 6, 2020; however, the ABL Facility has a springing maturity date that will accelerate the maturity of the credit facility to June 30, 2017 if, prior to such date, the Convertible Notes due 2017 have not either been repurchased, redeemed, converted or we have not provided sufficient funds to repay the Convertible Notes due 2017 in full on their maturity date. For this purpose, funds may be provided in cash to an escrow agent or a combination of cash to an escrow agent and the assignment of a portion of availability under the ABL Facility. The ABL Facility requires compliance with a minimum fixed charge coverage ratio and minimum unused availability of $25.0 million to utilize borrowings or assignment of availability under the ABL Facility towards funding the repayment of the 2017 Convertible Notes. Borrowing availability under the ABL Facility is calculated based on eligible accounts receivable, inventory, and, subject to satisfaction of certain financial covenants as described below, composite mats included in the rental fleet, net of reserves and limits on such assets included in the borrowing base calculation. To the extent pledged by us, the borrowing base calculation shall also include the amount of eligible pledged cash. The lender may establish such reserves, in part based on appraisals of the asset base, and other limits at its discretion which could reduce the amounts otherwise available under the ABL Facility. Availability associated with eligible rental mats will also be subject to maintaining a minimum consolidated fixed charge coverage ratio and a minimum level of operating income for the Mats and Integrated Services segment. As of December 31, 2016 , we had no borrowings outstanding under the ABL Facility with a total borrowing base availability of $60.5 million . Including the addition of eligible composite mats included in the rental fleet beginning in 2017, total borrowing base availability as of January 1, 2017 was $76.3 million . Under the terms of the ABL Facility, we may elect to borrow at a variable interest rate plus an applicable margin based on either, (1) LIBOR subject to a floor of zero or (2) a base rate equal to the highest of: (a) the federal funds rate plus 50 basis points, (b) the prime rate of Bank of America, N.A. or (c) LIBOR, subject to a floor of zero , plus 100 basis points. The applicable margin ranges from 225 to 350 basis points for LIBOR borrowings, and 125 to 250 basis points with respect to base rate borrowings, based on our consolidated EBITDA, ratio of debt to consolidated EBITDA, and consolidated fixed charge coverage ratio, each as defined in the ABL Facility. As of December 31, 2016 , the applicable margin for borrowings under our ABL Facility is 350 basis points with respect to LIBOR borrowings and 250 basis points with respect to base rate borrowings. In addition, we are required to pay a commitment fee on the unused portion of the ABL Facility ranging from 37.5 to 62.5 basis points, based on the ratio of debt to consolidated EBITDA, as defined in the ABL Facility. The applicable commitment fee as of December 31, 2016 was 62.5 basis points. The ABL Facility is a senior secured obligation, secured by first liens on all of our U.S. tangible and intangible assets and a portion of the capital stock of our non-U.S. subsidiaries has also been pledged as collateral. The ABL Facility contains customary operating covenants and certain restrictions including, among other things, the incurrence of additional debt, liens, dividends, asset sales, investments, mergers, acquisitions, affiliate transactions, stock repurchases and other restricted payments. The ABL Facility also requires compliance with a fixed charge coverage ratio if availability under the ABL Facility falls below $25.0 million . In addition, the ABL Facility contains customary events of default, including, without limitation, a failure to make payments under the facility, acceleration of more than $25.0 million of other indebtedness, certain bankruptcy events and certain change of control events. Other Debt. Our foreign subsidiaries in Italy and India, maintain local credit arrangements consisting of lines of credit which are renewed on an annual basis. In December 2016, we terminated our revolving line of credit in Brazil and repaid the outstanding balance. We utilize local financing arrangements in our foreign operations in order to provide short-term local liquidity needs. Advances under these short-term credit arrangements are typically based on a percentage of the subsidiary’s accounts receivable or firm contracts with certain customers. Total outstanding balances under these arrangements and other domestic financing arrangements were $0.4 million and $7.4 million at December 31, 2016 and 2015 , respectively. At December 31, 2016 , we had letters of credit issued and outstanding which totaled $5.9 million that are collateralized by $6.5 million in restricted cash. Additionally, our foreign operations had $11.3 million outstanding in letters of credit and other guarantees, primarily issued under the line of credit in Italy as well as certain letters of credit that are collateralized by $0.9 million in restricted cash. At December 31, 2016 and December 31, 2015 , total restricted cash of $7.4 million and $17.5 million , respectively, was included in other current assets in the accompanying balance sheet. We incurred net interest expense of $9.9 million , $9.1 million and $10.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Capitalized interest was $0.9 million , $1.1 million and $0.8 million for the years ended December 31, 2016 , 2015 and 2014 respectively. Scheduled repayment of long-term debt as of December 31, 2016 is $100.0 million in 2021. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Concentrations of Credit Risk | Fair Value of Financial Instruments and Concentrations of Credit Risk Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, receivables, payables and debt. We believe the carrying values of these instruments, with the exception of our Convertible Notes due 2017 and our Convertible Notes due 2021, approximated their fair values at December 31, 2016 and December 31, 2015 . The estimated fair value of our Convertible Notes due 2017 was $84.4 million at December 31, 2016 and $154.4 million at December 31, 2015 , and the estimated fair value of our Convertible Notes due 2021 was $110.5 million at December 31, 2016 , based on quoted market prices at these respective dates. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, trade accounts and notes receivable. At December 31, 2016 , substantially all of our cash deposits are held in accounts at numerous financial institutions across the various regions that we operate in. A majority of the cash is held in accounts that maintain deposit ratings of P-1 by Moody’s, A-1 by Standard and Poor’s, and F1 by Fitch. As part of our investment strategy, we perform periodic evaluations of the relative credit standing of these financial institutions. Accounts Receivable Accounts receivable at December 31, 2016 and 2015 include the following: (In thousands) 2016 2015 Gross trade receivables $ 162,569 $ 159,119 Allowance for doubtful accounts (8,849 ) (7,189 ) Net trade receivables 153,720 151,930 Income tax receivables 39,944 32,600 Other receivables 20,643 21,834 Total receivables, net $ 214,307 $ 206,364 At December 31, 2016 , income tax receivables includes approximately $38.0 million related to our decision to amend prior U.S. federal income tax returns and request a refund for the carryback of U.S. federal tax losses incurred in 2016. At December 31, 2015 , income tax receivables included approximately $29.0 million related to the refund for the carryback of U.S. federal tax losses incurred in 2015, which were substantially received in 2016. Other receivables includes $11.5 million and $10.4 million for value added, goods and service taxes related to foreign jurisdictions as of December 31, 2016 and 2015 , respectively. In addition, other receivables includes $8.0 million at December 31, 2016 and 2015 in connection with the March 2014 sale of the Environmental Services business that is held in escrow associated with transaction representations, warranties and indemnities. In December 2014, the buyer made certain claims for indemnification under the terms of the sale agreement, which defers the release of the escrow funds until such claims are resolved. Further discussion of the buyer’s claims and related litigation is contained in Note 15 below. We derive a significant portion of our revenues from companies in the E&P industry, and our customer base is highly concentrated in mid-sized and international oil companies as well as government-owned or government-controlled oil companies operating in the markets that we serve. For 2016 , 2015 and 2014 , revenues from our 20 largest customers represented approximately 53% , 49% and 40% , respectively, of our consolidated revenues from continuing operations. For 2016 , revenue from Sonatrach, our primary customer in Algeria, represented approximately 14% of consolidated revenues, and as of December 31, 2016 , receivables from Sonatrach were approximately 14% of net trade receivables. For 2015 and 2014 , no single customer accounted for more than 10% of our consolidated revenues. We maintain an allowance for doubtful accounts based upon the expected collectability of accounts receivable. Changes in this allowance for 2016 , 2015 and 2014 related to continuing operations, was as follows: (In thousands) 2016 2015 2014 Balance at beginning of year $ 7,189 $ 5,458 $ 4,142 Provision for uncollectible accounts 2,416 1,886 1,246 Write-offs, net of recoveries (756 ) (155 ) 70 Balance at end of year $ 8,849 $ 7,189 $ 5,458 The Consolidated Statements of Cash Flows also includes an insignificant provision for uncollectible accounts in 2014 related to the Environmental Services business that is classified as discontinued operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision (benefit) for income taxes related to continuing operations was as follows: Year Ended December 31, (In thousands) 2016 2015 2014 Current: U.S. Federal $ (37,854 ) $ (32,272 ) $ 17,086 State 20 (34 ) 2,170 Foreign 10,440 11,411 9,925 Total current (27,394 ) (20,895 ) 29,181 Deferred: U.S. Federal 2,670 (2,624 ) 12,237 State (181 ) 179 (174 ) Foreign 863 1,942 (196 ) Total deferred 3,352 (503 ) 11,867 Total income tax expense (benefit) $ (24,042 ) $ (21,398 ) $ 41,048 The total provision (benefit) was allocated to the following components of income (loss): Year Ended December 31, (In thousands) 2016 2015 2014 Income (loss) from continuing operations $ (24,042 ) $ (21,398 ) $ 41,048 Income from discontinued operations — — 12,475 Total provision (benefit) $ (24,042 ) $ (21,398 ) $ 53,523 Income (loss) from continuing operations before income taxes was as follows: Year Ended December 31, (In thousands) 2016 2015 2014 U.S. $ (76,805 ) $ (122,082 ) $ 88,964 Foreign 12,051 9,856 31,093 Income (loss) from continuing operations before income taxes $ (64,754 ) $ (112,226 ) $ 120,057 The effective income tax rate is reconciled to the statutory federal income tax rate as follows: Year Ended December 31, 2016 2015 2014 Income tax expense (benefit) at federal statutory rate (35.0 %) (35.0 %) 35.0 % Nondeductible expenses 2.8 % 2.8 % 2.9 % Worthless stock deduction - Brazil (14.4 %) — % — % Goodwill and other asset impairments 3.5 % 15.7 % — % Manufacturing deduction 0.8 % 1.8 % (1.9 %) Different rates on earnings of foreign operations (1.2 %) (3.6 %) (4.3 %) Change in valuation allowance 6.9 % 2.8 % 2.1 % Uncertain tax positions — % (2.2 %) 0.6 % State tax expense (benefit), net (2.5 %) (1.5 %) 1.0 % Other items, net 2.0 % 0.1 % (1.2 %) Total income tax expense (benefit) (37.1 %) (19.1 %) 34.2 % Our effective tax rate in 2016 includes a $9.3 million benefit associated with a worthless stock deduction and related impacts from restructuring the investment in our Brazilian subsidiary, partially offset by a $4.5 million charge for increases to the valuation allowance for certain deferred tax assets which may not be realized (primarily related to our Australian subsidiary and certain U.S. state net operating losses). Our effective tax rate for 2015 was primarily impacted by the impairment of non-deductible goodwill. In addition, the 2015 income tax provision also includes a $4.6 million charge for increases to the valuation allowance for certain deferred tax assets which may not be realized (primarily related to our Australian subsidiary and certain U.S. state net operating losses). These 2015 charges were partially offset by a $4.4 million benefit associated with the forgiveness of certain inter-company balances due from our Brazilian subsidiary and a $2.2 million benefit from the release of U.S. tax reserves, following the expiration of statutes of limitation. Temporary differences and carryforwards which give rise to deferred tax assets and liabilities at December 31, 2016 and 2015 are as follows: (In thousands) 2016 2015 Deferred tax assets: Net operating losses $ 18,771 $ 14,800 Capitalized inventory costs 12,378 6,717 Stock based compensation 6,955 6,460 Accruals not currently deductible 4,883 6,157 Unrealized foreign exchange losses, net 3,087 3,013 Foreign tax credits 3,269 2,558 Other 1,871 599 Total deferred tax assets 51,214 40,304 Valuation allowance (21,847 ) (16,780 ) Total deferred tax assets, net of allowances 29,367 23,524 Deferred tax liabilities: Accelerated depreciation and amortization (43,225 ) (38,034 ) Original issue discount on Convertible Notes due 2021 (8,553 ) — Tax on unremitted earnings (8,555 ) (7,181 ) Other (6,030 ) (2,856 ) Total deferred tax liabilities (66,363 ) (48,071 ) Total net deferred tax liabilities $ (36,996 ) $ (24,547 ) Non-current deferred tax assets $ 1,747 $ 1,821 Non-current deferred tax liabilities (38,743 ) (26,368 ) Net deferred tax liabilities $ (36,996 ) $ (24,547 ) For state income tax purposes, we have net operating loss carryforwards (“NOLs”) of approximately $240.5 million available to reduce future state taxable income. These NOLs expire in varying amounts beginning in 2018 through 2030. Foreign NOLs of approximately $26.4 million are available to reduce future taxable income, some of which expire beginning in 2017. The realization of our net deferred tax assets is dependent on our ability to generate taxable income in future periods. At December 31, 2016 and December 31, 2015 , we have recorded a valuation allowance in the amount of $21.8 million and $16.8 million , respectively, primarily related to certain U.S. state and foreign NOL carryforwards, including Brazil and Australia, which may not be realized. Unremitted foreign earnings permanently reinvested abroad upon which deferred income taxes have not been provided aggregated approximately $161.7 million and $142.8 million at December 31, 2016 and 2015 , respectively. It is not practicable to determine the amount of federal income taxes, if any, that might become due if such earnings are repatriated. We have the ability and intent to leave these foreign earnings permanently reinvested abroad. We file income tax returns in the United States and several non-U.S. jurisdictions and are subject to examination in the various jurisdictions in which we file. We are no longer subject to income tax examinations for U.S. federal and substantially all state jurisdictions for years prior to 2012 and for substantially all foreign jurisdictions for years prior to 2008. We are currently under examination by the United States federal tax authorities for tax years 2014 and 2015 and by the State of Texas for tax years 2012 through 2015. In addition, we are under examination by various tax authorities in other countries. We fully cooperate with all audits, but defend existing positions vigorously. These audits are in various stages of completion and certain foreign jurisdictions have challenged the amount of taxes due for certain tax periods. We evaluate the potential exposure associated with various filing positions and record a liability for tax contingencies as circumstances warrant. Although we believe all tax positions are reasonable and properly reported in accordance with applicable tax laws and regulations in effect during the periods involved, the final determination of tax audits and any related litigation could be materially different than that which is reflected in historical income tax provisions and tax contingency accruals. A reconciliation of the beginning and ending provision for uncertain tax positions is as follows: (In thousands) 2016 2015 2014 Balance at January 1 $ 419 $ 3,786 $ 2,175 Additions (reductions) for tax positions of prior years 477 (95 ) 1,604 Additions (reductions) for tax positions of current year — — 7 Reductions for settlements with tax authorities — (575 ) — Reductions for lapse of statute of limitations (231 ) (2,697 ) — Balance at December 31 $ 665 $ 419 $ 3,786 Approximately $0.5 million of unrecognized tax benefits at December 31, 2016 , if recognized, would favorably impact the effective tax rate. In 2015, we recognized a $2.2 million benefit to the income tax provision relating to uncertain tax positions for which the applicable statutes of limitation expired. We recognize accrued interest and penalties related to uncertain tax positions in operating expenses. We recognized an insignificant amount of interest and penalties in 2016 and approximately $0.1 million and $0.4 million during 2015 and 2014 , respectively. We had approximately $0.1 million and $0.1 million accrued for interest and penalties at December 31, 2016 and 2015 , respectively. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Common stock Changes in outstanding Common Stock were as follows: (In thousands of shares) 2016 2015 2014 Outstanding, beginning of year 99,377 99,204 98,031 Shares issued for exercise of options 125 104 540 Shares issued for time vested restricted stock (net of forfeitures) 341 69 633 Outstanding, end of year 99,843 99,377 99,204 Outstanding shares of common stock include shares held as treasury stock totaling 15,162,050 , 15,302,345 and 15,210,233 as of December 31, 2016 , 2015 an 2014 , respectively Preferred stock We are authorized to issue up to 1,000,000 shares of Preferred Stock, $0.01 par value. There was no outstanding shares of preferred stock at December 31, 2016 , 2015 or 2014 . Treasury stock During 2016 , 2015 and 2014 , we repurchased 234,901 , 292,168 and 215,760 shares, respectively, for an aggregate price of $1.2 million , $2.3 million and $2.5 million , respectively, representing employee shares surrendered in lieu of taxes under vesting of employee stock awards. All of the shares repurchased are held as treasury stock. During 2016 , 2015 and 2014 , we reissued 375,196 , 200,056 and 155,650 shares of treasury stock pursuant to various stock plans, including our employee stock purchase plan and our 2014 Non-Employee Directors’ Restricted Stock Plan. Repurchase program Our Board of Directors has approved a repurchase program that authorizes us to purchase up to $100.0 million of our outstanding shares of common stock or outstanding Convertible Notes due 2017. The repurchase program has no specific term. We may repurchase shares or Convertible Notes due 2017 in the open market or as otherwise determined by management, subject to certain limitations under the ABL Facility and other factors. Repurchases are expected to be funded from operating cash flows and available cash on-hand. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. There were no shares repurchased under the program during 2016 and 2015 . In 2014 , we repurchased 4,317,278 shares of our common stock under this program for an average price per share, including commissions, of $11.72 . In February 2016, we repurchased $11.2 million of our Convertible Notes due 2017 in the open market for $9.2 million . This repurchase was made under the existing Board authorized repurchase program discussed above. As of December 31, 2016 , we had $33.5 million of authorization remaining under the program. In addition, the Board separately authorized the repurchase of $78.1 million of Convertible Notes due 2017 in connection with the December 2016 issuance of $100.0 million of Convertible Notes due 2021. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table presents the reconciliation of the numerator and denominator for calculating earnings per share from continuing operations: Year Ended December 31, (In thousands, except per share data) 2016 2015 2014 Numerator Basic - income (loss) from continuing operations $ (40,712 ) $ (90,828 ) $ 79,009 Assumed conversions of Convertible Notes due 2017 — — 5,091 Diluted - adjusted income (loss) from continuing operations $ (40,712 ) $ (90,828 ) $ 84,100 Denominator Basic - weighted average common shares outstanding 83,697 82,722 82,999 Dilutive effect of stock options and restricted stock awards — — 1,733 Dilutive effect of the Convertible Notes due 2017 — — 15,682 Dilutive effect of Convertible Notes due 2021 — — — Diluted - weighted average common shares outstanding 83,697 82,722 100,414 Net income (loss) from continuing operations per common share Basic $ (0.49 ) $ (1.10 ) $ 0.95 Diluted $ (0.49 ) $ (1.10 ) $ 0.84 We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive: Year Ended December 31, (In thousands) 2016 2015 2014 Stock options and restricted stock-based awards 7,482 3,884 788 Convertible Notes due 2017 14,295 15,682 — Convertible Notes due 2021 — — — The Convertible Notes due 2021 will not impact the calculation of diluted net income per common share unless the average price of our common stock, as calculated in accordance with the terms of the indenture governing the Convertible Notes due 2021, exceeds the conversion price of $9.33 per share. We have the option to pay cash, issue shares of common stock, or any combination thereof for the aggregate amount due upon conversion of the Convertible Notes due 2021 as further described in Note 6 above. If converted, we currently intend to settle the principal amount of the notes in cash and as a result, only the amounts payable in excess of the principal amount of the notes, if any, are assumed to be settled with shares of common stock for purposes of computing diluted net income. |
Stock Based Compensation and Ot
Stock Based Compensation and Other Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation and Other Benefit Plans | Stock Based Compensation and Other Benefit Plans The following describes stockholder approved plans utilized by the Company for the issuance of stock based awards. 2014 Non-Employee Directors’ Restricted Stock Plan In May 2014, our stockholders approved the 2014 Non-Employee Directors’ Restricted Stock Plan (the “2014 Director Plan”) which authorizes grants of restricted stock to non-employee directors based on a pre-determined dollar amount on the date of each annual meeting of stockholders. The pre-determined dollar amount for determining the number of restricted shares granted is subject to change by the Board of Directors or its committee but is initially set at $150,000 for each non-employee director, except for the Chairman of the Board who will receive an annual grant of restricted shares equal to $170,000 . Each restricted share granted to a non-employee director vests in full on the earlier of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant. During 2016 , non-employee directors received shares of restricted stock totaling 212,961 shares at a weighted average fair value on the date of grant of $4.32 per share. The maximum number of shares of common stock issuable under the 2014 Director Plan is 1,000,000 leaving 602,972 shares available for grant as of December 31, 2016 . 2015 Employee Equity Incentive Plan In May 2015, our stockholders approved the 2015 Employee Equity Incentive Plan (“2015 Plan”), pursuant to which the Compensation Committee of our Board of Directors (“Compensation Committee”) may grant to key employees, including executive officers and other corporate and divisional officers, a variety of forms of equity-based compensation, including options to purchase shares of common stock, shares of restricted common stock, restricted stock units, stock appreciation rights, other stock-based awards, and performance-based awards. In May 2016, our stockholders approved an amendment to the 2015 Plan which increased the number of shares authorized for issuance under the Plan from 6,000,000 to 7,800,000 shares. Under the 2015 Plan, as amended, grants of stock options and stock appreciation rights will reduce the number of available shares on a 1.00 to 1.00 basis, while full value awards will reduce the number of available shares on a 1.78 to 1.00 basis. At December 31, 2016 , 650,951 shares remained available for award under the 2015 Plan. Prior to approval of the 2015 Plan, equity-based compensation was provided pursuant to the 2006 Equity Incentive Plan (“2006 Plan”). No additional grants of equity-based compensation may be granted under the 2006 Plan following approval of the 2015 Plan, however, unexpired options and other awards previously granted continue in effect in accordance with their terms until they vest or are otherwise exercised or expire. The Compensation Committee approves the granting of all stock based compensation to employees, utilizing shares available under the 2015 Plan, as amended. Activity under each of these programs is described below. Stock Options & Cash-Settled Stock Appreciation Rights Stock options granted by the Compensation Committee are granted with a three year vesting period and a term of ten years . During 2016 , 1,242,856 options were granted with an exercise price of each stock option granted equal to the fair market value on the date of grant. The following table summarizes activity for our outstanding stock options for the year ended December 31, 2016 : Shares Weighted- Weighted- Aggregate Outstanding at beginning of period 3,887,833 $ 7.96 Granted 1,242,856 4.32 Exercised (125,017 ) 5.80 Expired or canceled (320,833 ) 8.43 Outstanding at end of period 4,684,839 $ 7.02 6.14 $ 7,130,887 Vested or expected to vest at end of period 4,592,882 $ 7.06 6.08 $ 6,878,173 Options exercisable at end of period 2,910,115 $ 7.67 4.40 $ 3,235,311 We estimated the fair value of options granted on the date of grant using the Black-Scholes option-pricing model, with the following weighted average assumptions: Year Ended December 31, 2016 2015 2014 Risk-free interest rate 1.38 % 1.57 % 1.53 % Expected life of the option in years 5.22 5.22 5.22 Expected volatility 50.5 % 47.3 % 48.6 % Dividend yield — % — % — % The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected term of the option. The expected life of the option is based on observed historical patterns. The expected volatility is based on historical volatility of the price of our common stock. The dividend yield is based on the projected annual dividend payment per share divided by the stock price at the date of grant, which is zero because we have not paid dividends for several years and do not expect to pay dividends in the foreseeable future. The following table summarizes information about the weighted-average exercise price and the weighted-average grant date fair value of stock options granted: Year Ended December 31, 2016 2015 2014 Weighted-average exercise price of the stock on the date of grant $ 4.32 $ 9.00 $ 11.20 Weighted-average grant date fair value on the date of grant $ 1.97 $ 3.91 $ 4.97 All stock options granted for 2016 , 2015 and 2014 reflected an exercise price equal to the market value of the stock on the date of grant. The total intrinsic value of options exercised was $0.1 million , $0.3 million and $3.2 million for the years ended December 31, 2016 , 2015 and 2014 , while cash from option exercises totaled $0.7 million , $0.6 million and $3.4 million , respectively. The following table summarizes activity for outstanding cash-settled stock appreciation rights for the year-ended December 31, 2016 : Rights Outstanding at beginning of period 103,133 Exercised — Expired or cancelled (33,633 ) Outstanding at end of period 69,500 Exercisable at end of period 69,500 During 2016 , there were no additional grants of cash-settled stock appreciation rights. All remaining cash-settled stock appreciation rights have a June 2018 expiration date, and if exercised, will ultimately be settled in cash for the difference between the market value of our outstanding shares at the date of exercise, and $7.89 . As such, the projected cash settlement is adjusted each period based on the ending fair market value of the underlying stock. At December 31, 2016 , the fair market value of each cash-settled stock appreciation right was $1.71 , resulting in a liability of $0.1 million . Total compensation cost recognized for stock options and cash-settled stock appreciation rights during the years ended December 31, 2016 , 2015 and 2014 was $2.3 million , $2.6 million and $2.6 million , respectively. For the years ended December 31, 2016 , 2015 and 2014 , we recognized tax benefits resulting from the exercise of stock options totaling $0.1 million , $0.1 million and $1.0 million , respectively. Performance-Based Restricted Stock Units Performance-based restricted stock units were awarded to executive officers and will be settled in shares of common stock based on the relative ranking of our total shareholder return (“TSR”) as compared to the TSR of our designated peer group over a three year period. The ending TSR price is equal to the average closing price of our shares over the last 30-calendar days of the performance period as set forth in the following table: Year Ended December 31, 2016 2015 2014 Number of performance-based restricted stock units issued, at target 230,790 136,881 110,497 Range of payout of shares for each executive 0% - 150% 0% - 150% 0% - 150% Performance period begin date June 1, 2016 June 1, 2015 June 1, 2014 Performance period end date May 31, 2019 May 31, 2018 May 31, 2017 Estimated fair value at date of grant $ 5.18 $ 10.06 $ 12.55 We estimated the fair value of each performance-based restricted stock unit at the date of grant using the Monte Carlo valuation model, with the following weighted average assumptions: Year Ended December 31, 2016 2015 2014 Risk-free interest rate 0.95 % 1.02 % 0.81 % Average closing price (1) $ 4.69 $ 8.96 $ 11.28 Expected volatility 46.9 % 38.4 % 44.5 % Dividend yield — % — % — % (1) Average closing price of our shares over the 30-calendar days ending May 16, 2016, May 19, 2015 and May 16, 2014, respectively. The following table summarizes activity for outstanding performance-based restricted stock units for the year-ended December 31, 2016 : Nonvested Performance-Based Restricted Stock Units Shares Weighted-Average Outstanding at beginning of period 335,329 $ 11.69 Granted 230,790 5.18 Vested (58,072 ) 13.11 Forfeited (60,863 ) 12.51 Outstanding at the end of period 447,184 $ 8.06 Total compensation cost recognized for performance-based restricted stock units was $1.0 million , $1.1 million and $0.5 million for the years ended December 31, 2016 , 2015 and 2014 respectively. During the year ended December 31, 2016 , the total fair value of performance-based restricted stock units vested was $0.4 million . Restricted Stock Awards and Units Time-vested restricted stock awards and restricted stock units are periodically granted to key employees, including grants for employment inducements, as well as to members of our Board of Directors. Employee awards provide for vesting periods ranging from three to four years . Non-employee director grants vest in full on the earlier of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant. Upon vesting of these grants, shares are issued to award recipients. The following tables summarize the activity for our outstanding time-vested restricted stock awards and restricted stock units 2016 . Nonvested Restricted Stock Awards (Time-Vesting) Shares Weighted-Average Nonvested at January 1, 2016 881,345 $ 11.00 Granted 262,961 4.50 Vested (449,342 ) 10.50 Forfeited (99,429 ) 11.30 Nonvested at December 31, 2016 595,535 $ 8.45 Nonvested Restricted Stock Units (Time-Vesting) Shares Weighted-Average Nonvested at January 1, 2016 1,133,543 $ 9.11 Granted 1,534,994 4.36 Vested (332,043 ) 9.30 Forfeited (153,465 ) 8.04 Nonvested at December 31, 2016 2,183,029 $ 5.82 Total compensation cost recognized for restricted stock awards and restricted stock units was $8.6 million , $10.1 million and $8.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Total unrecognized compensation cost at December 31, 2016 related to restricted stock awards and restricted stock units is approximately $10.9 million which is expected to be recognized over the next 1.8 years . During the years ended December 31, 2016 , 2015 and 2014 , the total fair value of shares vested was $3.9 million , $8.1 million and $9.0 million , respectively. For 2016 , 2015 and 2014 , we recognized tax benefits resulting from the vesting of restricted stock awards and units totaling $1.5 million , $2.0 million and $2.8 million , respectively. Defined Contribution Plan Substantially all of our U.S. employees are covered by a defined contribution plan (“401(k) Plan”). Employees may voluntarily contribute up to 50% of compensation, as defined in the 401(k) Plan. Participants’ contributions, up to 3% of compensation, are matched 100% by us, and the participants’ contributions, from 3% to 6% of compensation, are matched 50% by us. Under the 401(k) Plan, our cash contributions were $0.9 million , $3.2 million and $3.6 million in 2016 , 2015 and 2014 , respectively. In connection with the additional cost reduction programs implemented in response to the continued decline in activity in early 2016, we temporarily eliminated our 401(k) matching contribution beginning in March 2016. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related Information Our Company consists of two reportable segments, which offer different products and services to a relatively homogenous customer base. The reportable segments include: Fluids Systems and Mats and Integrated Services. All intercompany revenues and related profits have been eliminated. Fluids Systems — Our Fluids Systems business provides drilling fluids products and technical services to customers in the North America, EMEA, Latin America, and Asia Pacific regions. We offer customized solutions for highly technical drilling projects involving complex subsurface conditions, such as horizontal, directional, geologically deep or deep water drilling. These projects require increased monitoring and critical engineering support of the fluids system during the drilling process. We also have industrial mineral grinding operations for barite, a critical raw material in drilling fluids products, which serve to support our activity in the North American drilling fluids market. We use the resulting products in our drilling fluids business, and also sell them to third party users, including other drilling fluids companies. We also sell a variety of other minerals, principally to third party industrial (non-oil and gas) markets. Mats and Integrated Services — Our Mats and Integrated Services segment manufactures our DURA-BASE ® Advanced Composite Mats for use in our rental operations as well as for third party sales. Our mats provide environmental protection and ensure all-weather access to sites with unstable soil conditions. We provide mat rentals to customers in the E&P, electrical transmission & distribution, pipeline, solar, petrochemical and construction industries across the U.S., Canada and United Kingdom. We also offer location construction and related services to customers, primarily in the U.S. Gulf Coast region. In addition, we sell composite mats to customers outside of the U.S. and to domestic customers outside of the oil and gas exploration market. Summarized financial information concerning our reportable segments is shown in the following tables: Year Ended December 31, (In thousands) 2016 2015 2014 Revenues Fluids systems $ 395,461 $ 581,136 $ 965,049 Mats and integrated services 76,035 95,729 153,367 Total revenues $ 471,496 $ 676,865 $ 1,118,416 Depreciation and amortization Fluids systems $ 20,746 $ 22,108 $ 22,934 Mats and integrated Services 14,227 18,869 15,507 Corporate office 2,982 2,940 2,734 Total depreciation and amortization $ 37,955 $ 43,917 $ 41,175 Operating income (loss) Fluids systems $ (43,631 ) $ (86,770 ) $ 95,600 Mats and integrated services 14,741 24,949 70,526 Corporate office (28,323 ) (37,278 ) (35,530 ) Operating income (loss) $ (57,213 ) $ (99,099 ) $ 130,596 Segment Assets Fluids Systems $ 522,488 $ 549,827 $ 778,148 Mats and Integrated Services 164,515 172,415 175,318 Corporate 111,180 126,651 54,206 Total Assets $ 798,183 $ 848,893 $ 1,007,672 Capital Expenditures Fluids Systems $ 32,310 $ 40,533 $ 36,626 Mats and Integrated Services 4,637 27,456 64,101 Corporate 1,493 1,415 5,215 Total Capital Expenditures $ 38,440 $ 69,404 $ 105,942 The Consolidated Statements of Cash Flows include $0.9 million in depreciation and amortization expense and capital expenditures of $1.0 million for 2014 related to the Environmental Services business sold in 2014 that are classified as discontinued operations. In response to the significant declines in industry activity in North America, we implemented cost reduction programs in 2015 including workforce reductions, reduced discretionary spending, and temporary salary freezes for substantially all employees, including executive officers. In September 2015, we also implemented a voluntary early retirement program with certain eligible employees in the United States. As a result of the further declines in activity in the first half of 2016, we implemented further cost reduction actions including additional workforce reductions and beginning in March 2016, a temporary salary reduction for a significant number of North American employees, including executive officers, suspension of the Company’s matching contribution to the U.S. defined contribution plan as well as a reduction in cash compensation paid to our Board of Directors in order to further align our cost structure to activity levels. As part of these cost reduction programs, we reduced our North American employee base by 626 (approximately 48% ) from the first quarter 2015 through the third quarter of 2016, including reductions of 436 employees in 2015 and 190 employees in the first nine months of 2016. As a result of these termination programs, we recognized charges for employee termination costs as shown in the table below: Year Ended December 31, (In thousands) 2016 2015 Cost of revenues $ 3,647 $ 5,664 Selling, general and administrative expenses 925 2,499 Total employee termination costs $ 4,572 $ 8,163 Fluids systems $ 4,125 $ 7,218 Mats and integrated services 285 717 Corporate office 162 228 Total employee termination costs $ 4,572 $ 8,163 Accrued employee termination costs at December 31, 2016 and 2015 were $0.3 million and $3.3 million , respectively. Our 2016 and 2015 operating losses include net charges of $14.8 million and $80.5 million , respectively, resulting from the reduction in value of certain assets, the wind-down of our operations in Uruguay and the resolution of certain wage and hour litigation claims. The Fluids Systems segment operating results included $15.5 million and $75.5 million of these charges in 2016 and 2015 , respectively. The remaining $0.7 million benefit and $5.0 million charge was included in Corporate Office expenses in 2016 and 2015 , respectively, related to the resolution of certain wage and hour litigation claims. The $15.5 million of Fluids Systems charges in 2016 includes $6.9 million of non-cash impairments in the Asia Pacific region resulting from the continuing unfavorable industry market conditions and the deteriorating outlook for the region, $4.1 million of charges for the reduction in carrying values of certain inventory, primarily resulting from lower of cost or market adjustments and $4.5 million of charges in the Latin America region associated with the wind-down of our operations in Uruguay, including $0.5 million to write-down property, plant and equipment. The $6.9 million of impairments in the Asia Pacific region includes a $3.8 million charge to write-down property, plant and equipment to its estimated fair value and a $3.1 million charge to fully impair the customer related intangible assets in the region. The $75.5 million of Fluids Systems charges in 2015 includes $70.7 million of non-cash charges for the impairment of goodwill, following our November 1, 2015 annual evaluation, a $2.6 million non-cash impairment of assets, following our decision to exit a facility, and a $2.2 million charge to reduce the carrying value of diesel-based drilling fluid inventory, resulting from lower of cost or market adjustments. In 2016 , a total of $6.7 million of these charges are reported in impairments and other charges with the remaining $8.1 million reported in cost of revenues including the $4.1 million of charges for the write-down of inventory and $4.0 million of the Uruguay exit costs. In 2015 , a total of $78.3 million of these charges are reported in impairments and other charges with the remaining $2.2 million of charges for the write-down of inventory being reported in cost of revenues. As described in Note 1 , we revised our estimated useful lives and end of life residual values for composite mats included in our rental fleet as of January 1, 2016 resulting in a decrease in depreciation expense of approximately $6.1 million for the year ended December 31, 2016 . The following table sets forth geographic information for our operations. Revenues by geographic location are determined based on the operating location from which services are rendered or products are sold. Long-lived assets include property, plant and equipment and other long-term assets based on the country in which the assets are located. Year Ended December 31, (In thousands) 2016 2015 2014 Revenue United States $ 214,026 $ 384,147 $ 748,845 Canada 34,176 52,851 79,516 Algeria 80,936 65,272 58,417 All Other EMEA 96,654 109,252 118,827 Latin America 41,035 47,240 85,244 Asia Pacific 4,669 18,103 27,567 Total Revenue $ 471,496 $ 676,865 $ 1,118,416 Long-Lived Assets United States $ 274,746 $ 275,109 $ 294,762 Canada 3,922 552 10,044 EMEA 48,047 50,759 55,560 Latin America 4,842 4,543 6,635 Asia Pacific 1,939 9,731 25,991 Total Long-Lived Assets $ 333,496 $ 340,694 $ 392,992 For 2016 , revenue from Sonatrach, our primary customer in Algeria, was approximately 14% of consolidated revenues. For 2015 and 2014 , no single customer accounted for more than 10% of our consolidated revenues. |
Supplemental Cash Flow and Othe
Supplemental Cash Flow and Other Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow and Other Information | Supplemental Cash Flow and Other Information Accounts payable and accrued liabilities at December 31, 2016 , 2015 , and 2014 , included accruals for capital expenditures of $2.0 million , $3.9 million , and $1.2 million , respectively. Accrued liabilities at December 31, 2016 and 2015 were $31.2 million and $45.8 million , respectively. The balance at December 31, 2016 and December 31, 2015 included $11.9 million and $15.1 million , respectively, for employee incentives and other compensation related expenses. Impairments and other non-cash charges in the consolidated statements of cash flows included the following: Year Ended December 31, (In thousands) 2016 2015 Goodwill and other intangible asset impairments $ 3,104 $ 70,720 Property, plant and equipment impairments 4,286 2,625 Inventory write-downs 4,075 2,163 Write-off of debt issuance costs on termination of Credit Agreement 1,058 — Impairments and other non-cash charges in the Consolidated Statements of Cash Flows $ 12,523 $ 75,508 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In March of 2014 we completed the sale of the Environmental Services business for $100 million in cash, subject to adjustment based on actual working capital conveyed at closing. Cash proceeds from the sale were $89.8 million in 2014, net of transaction related expenses, including the adjustment related to final working capital conveyed at closing. The agreement significantly limits our post-closing environmental obligations, including those related to the waste transfer and disposal facilities. In addition, $8.0 million of the sales price was withheld in escrow associated with transaction representations, warranties and indemnities, with $4.0 million scheduled to be released at each of the nine-month and 18-month anniversary of the closing. In December 2014, the buyer made certain claims for indemnification under the terms of the agreement, which defers the release of the escrow funds until such claims are resolved. Further discussion of the buyer’s claims and related litigation is contained in Note 15 . As a result of the sale transaction, we recorded a gain on the disposal of the business of $34.0 million ( $22.1 million after-tax) in the first quarter of 2014. The results of operations for this business have been classified as discontinued operations for all periods presented. Summarized results of operations from discontinued operations are as follows: (In thousands) 2014 Revenues $ 11,744 Income from discontinued operations before income taxes 1,770 Income from discontinued operations, net of tax 1,152 Gain from disposal of discontinued operations before income taxes 33,974 Gain from disposal of discontinued operations, net of tax 22,117 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state and local levels. Wage and Hour Litigation During the second quarter of 2014, a lawsuit was filed by Jesse Davida, a former employee, in Federal Court in Texas against Newpark Drilling Fluids LLC, alleging violations of the Fair Labor Standards Act (“FLSA”). The plaintiff sought damages and penalties for our alleged failure to properly classify our field service employees as “non-exempt” under the FLSA and pay them on an hourly basis (including overtime). The Court conditionally certified a class of plaintiffs as those working as fluid service technicians for Newpark Drilling Fluids for the prior three years. A second case was filed by Josh Christensen in the fourth quarter of 2014 in Federal Court in Texas alleging that individuals treated as independent contractors should have been classified as employees and, as such, were entitled to assert claims for alleged violations of the FLSA (similar to the claims asserted in the Davida matter). Five additional plaintiffs joined this litigation after it was filed. In March of 2015, the Court denied the plaintiffs’ motion for conditional class certification. Counsel for the plaintiffs did not appeal that ruling and subsequently filed individual cases for each of the original opt-in plaintiffs plus two new plaintiffs, leaving a total of eight independent contractor cases. In the fourth quarter of 2015, the same counsel representing the plaintiff’s in the Davida and Christiansen -related cases filed two additional individual FLSA cases on behalf of former fluid service technician employees. These cases are similar in nature to the Davida case discussed above. Beginning in November 2015, we engaged in settlement discussions with counsel for the plaintiffs in the pending wage and hour litigation cases described above. Following mediation in January 2016, the parties executed a settlement agreement in April 2016 to resolve all of the pending matters, subject to a number of conditions, including approval by the Court in the Davida case, and the dismissal of the other FLSA cases ( Christiansen -related lawsuits and individual FLSA cases). As a result of the then ongoing settlement negotiations, we recognized a $5.0 million charge in the fourth quarter of 2015 related to the resolution of these wage and hour litigation claims. The settlement agreement was approved by the Davida Court on August 19, 2016. Approximately 569 current and former fluid service technician employees eligible for the settlement were notified of the pending resolution beginning on August 26, 2016 and given an opportunity to participate in the settlement. The amount paid to any eligible individual varied based on a formula that takes into account the number of workweeks and salary for the individual during the time period covered by the settlement. Any eligible individual that elected to participate in the settlement released all wage and hour claims against us. The deadline for submitting claims or opting out was October 25, 2016 with 379 individuals filing claims and no individuals opting out. The percentage of current or former fluid service technicians that elected to participate in the settlement represented approximately 67% of the individuals receiving notice. Individuals that did not participate in the settlement may retain the right to file an individual lawsuit against us, subject to any defenses we may assert. As a result of the settlement agreement, we paid $4.5 million into a settlement fund in the second half of 2016. The settlement fund was administered by a third party who made payments to eligible individuals that elected to participate in accordance with a formula incorporated into the settlement agreement. In addition, under the terms of settlement agreement, settlement funds that remained after all payments were made to eligible individuals that elected to participate in the settlement were shared by the participating individuals and us. In the fourth quarter of 2016, we recognized a $0.7 million gain associated with the change in final settlement amount of these wage and hour litigation claims. Escrow Claims Related to Sale of Environmental Services Business Under the terms of the March 2014 sale of the Environmental Services business to Ecoserv, LLC (“Ecoserv”), $8 million of the sales price was withheld and placed in an escrow account to satisfy claims for possible breaches of representations and warranties contained in the sale agreement. For the amount withheld in escrow, $4.0 million was scheduled for release to Newpark at each of the nine-month and 18-month anniversary of the closing. In December 2014, we received a letter from counsel for Ecoserv asserting that we had breached certain representations and warranties contained in the sale agreement including failing to disclose service work performed on injection wells and increased barge rental costs. The letter indicated that Ecoserv expected the costs associated with these claims to exceed the escrow amount. Following a further exchange of letters, in July of 2015, we filed a declaratory judgment action against Ecoserv in state court in Harris County, Texas, seeking release of the escrow funds. Thereafter, Ecoserv filed a counterclaim seeking recovery of the escrow funds based on the alleged breach of representations and warranties. Ecoserv also alleges that we committed fraud in connection with the sale transaction. We believe there is no basis in the agreement or on the facts to support the claims asserted by Ecoserv and intend to vigorously defend our position while pursuing release of the entire $8.0 million in escrow. The litigation remains in the discovery process with mediation currently scheduled in March of 2017. Leases We lease various manufacturing facilities, warehouses, office space, machinery and equipment under operating leases with remaining terms ranging from one to ten years with various renewal options. Substantially all leases require payment of taxes, insurance and maintenance costs in addition to rental payments. Total rental expenses for all operating leases were approximately $21.0 million , $22.6 million and $25.5 million in 2016 , 2015 and 2014 , respectively. Future minimum payments under non-cancelable operating leases, with initial or remaining terms in excess of one year are included in the table below. Future minimum payments under capital leases are not significant. (In thousands) 2017 $ 9,310 2018 6,128 2019 4,724 2020 3,805 2021 3,342 Thereafter 9,780 $ 37,089 Other In conjunction with our insurance programs, we had established letters of credit in favor of certain insurance companies in the amount of $3.0 million and $3.3 million at December 31, 2016 and 2015 , respectively. We also had $0.4 million and $0.4 million in guarantee obligations in connection with facility closure bonds and other performance bonds issued by insurance companies outstanding as of December 31, 2016 and 2015 , respectively. Other than normal operating leases for office and warehouse space, rolling stock and other pieces of operating equipment, we do not have any off-balance sheet financing arrangements or special purpose entities. As such, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such financing arrangements. We are self-insured for health claims, subject to certain “stop loss” insurance policies. Claims in excess of $250,000 per incident are insured by third-party insurers. We had accrued liabilities of $0.8 million and $1.0 million for unpaid claims incurred, based on historical experience at December 31, 2016 and 2015 , respectively. Substantially all of these estimated claims are expected to be paid within six months of their occurrence. We are self-insured for certain workers’ compensation, auto and general liability claims up to a certain policy limit. Claims in excess of $750,000 are insured by third-party reinsurers. At December 31, 2016 and 2015 , we had accrued liabilities of $1.9 million and $2.5 million , respectively, for the uninsured portion of claims. We maintain accrued liabilities for asset retirement obligations, which represent obligations associated with the retirement of tangible long-lived assets that result from the normal operation of the long-lived asset. Our asset retirement obligations primarily relate to required expenditures associated with owned and leased facilities. Upon settlement of the liability, a gain or loss for any difference between the settlement amount and the liability recorded is recognized. As of December 31, 2016 and 2015 , we had accrued asset retirement obligations of $1.0 million and $0.8 million , respectively. |
Supplemental Selected Quarterly
Supplemental Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Selected Quarterly Financial Data (Unaudited) | Supplemental Selected Quarterly Financial Data (Unaudited) (In thousands, except per share amounts) First Second Third Fourth Fiscal Year 2016 Revenues $ 114,544 $ 115,315 $ 104,554 $ 137,083 Operating loss (18,825 ) (15,135 ) (15,055 ) (8,198 ) Net loss (13,300 ) (13,904 ) (13,451 ) (57 ) Net loss per common share Basic $ (0.16 ) $ (0.17 ) $ (0.16 ) $ — Diluted $ (0.16 ) $ (0.17 ) $ (0.16 ) $ — Fiscal Year 2015 Revenues $ 208,464 $ 163,644 $ 154,170 $ 150,587 Operating income (loss) 6,128 (1,682 ) (9,263 ) (94,282 ) Net income (loss) 993 (4,254 ) (4,471 ) (83,096 ) Net income (loss) per common share Basic $ 0.01 $ (0.05 ) $ (0.05 ) $ (1.00 ) Diluted $ 0.01 $ (0.05 ) $ (0.05 ) $ (1.00 ) Fourth quarter 2016 operating loss includes a $2.6 million non-cash charge to reduce the carrying value of drilling fluids inventory in our Asia Pacific region. Fourth quarter 2016 and third quarter 2016 operating loss includes charges of $2.0 million and $2.5 million , respectively, associated primarily with asset redeployment costs resulting from the exit of our Fluids Systems operations in Uruguay. Second quarter 2016 operating loss includes a total of $6.9 million of impairments and other charges related to our Asia Pacific region, including a $3.8 million non-cash impairment to write-down property, plant and equipment to its estimated fair value and a $3.1 million impairment of customer related intangible assets. Fourth quarter 2015 operating loss includes a total of $80.5 million of charges for the reduction in value of certain assets and the resolution of the wage and hour litigation claims. These charges include a $70.7 million non-cash impairment of goodwill, a $2.6 million non-cash impairment of assets following our decision to exit a facility, a $2.2 million charge to reduce the carrying value of diesel-based drilling fluid inventory, and a $5.0 million charge for the resolution of certain wage and hour litigation claims. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Principles of Consolidation | Organization and Principles of Consolidation. Newpark Resources, Inc. was organized in 1932 as a Nevada corporation. In 1991, we changed our state of incorporation to Delaware. The consolidated financial statements include our company and our wholly-owned subsidiaries (“we”, “our” or “us”). All intercompany transactions are eliminated in consolidation. We are a geographically diversified supplier providing products and services primarily to the oil and gas exploration and production (“E&P”) industry. We operate our business through two reportable segments: Fluids Systems and Mats and Integrated Services. Our Fluids Systems segment provides customized drilling fluids solutions to E&P customers globally, operating through four geographic regions: North America, Europe, the Middle East and Africa (“EMEA”), Latin America, and Asia Pacific. Our Mats and Integrated Services segment provides composite mat rentals, as well as location construction and related site services to customers. In addition, mat rental and services activity is expanding in other markets, including electrical transmission & distribution, pipeline, solar, petrochemical and construction industries across the U.S., Canada and United Kingdom. We also sell composite mats to customers outside of the U.S., and to domestic customers outside of the oil and gas exploration market. |
Use of Estimates and Market Risks and Change in Accounting Estimates | Use of Estimates and Market Risks . The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates used in preparing our consolidated financial statements include, but are not limited to the following: allowances for product returns, allowances for doubtful accounts, reserves for self-insured retentions under insurance programs, estimated performance and values associated with employee incentive programs, fair values used for goodwill impairment testing, undiscounted future cash flows used for impairment testing of long-lived assets and valuation allowances for deferred tax assets. Our operating results depend, to a large extent, on oil and gas drilling activity levels in the markets we serve, and particularly for the Fluids Systems segment, the nature of the drilling operations (including the depth and whether the wells are drilled vertically or horizontally) which governs the revenue potential of each well. Drilling activity, in turn, depends on oil and gas commodity pricing, inventory levels, product demand and regulatory restrictions. Oil and gas prices and activity are cyclical and volatile. This market volatility has a significant impact on our operating results. |
Cash Equivalents | Cash Equivalents. All highly liquid investments with a remaining maturity of three months or less at the date of acquisition are classified as cash equivalents. |
Restricted Cash | Restricted Cash. Cash that is restricted as to withdrawal or usage is recognized as restricted cash and is included in other current assets in the accompanying balance sheet. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts. Reserves for uncollectible accounts receivable are determined on a specific identification basis when we believe that the required payment of specific amounts owed to us is not probable. The majority of our revenues are from mid-sized and international oil companies as well as government-owned or government-controlled oil companies, and we have receivables in several foreign jurisdictions. Changes in the financial condition of our customers or political changes in foreign jurisdictions could cause our customers to be unable to repay these receivables, resulting in additional allowances. |
Allowance for Product Returns | Allowance for Product Returns. We maintain reserves for estimated customer returns of unused products in our Fluids Systems segment. The reserves are established based upon historical customer return levels and estimated gross profit levels attributable to product sales |
Inventories | Inventories. Inventories are stated at the lower of cost (principally average cost) or market. Certain conversion costs associated with the acquisition, production, blending and storage of inventory in our Fluids Systems segment as well as in the manufacturing operations in the Mats and Integrated Services segment are capitalized as a component of the carrying value of the inventory and expensed as a component of cost of revenues as the products are sold. Reserves for inventory obsolescence are determined based on the fair value of the inventory using factors such as our historical usage of inventory on-hand, future expectations related to our customers’ needs, market conditions and the development of new products. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Additions and improvements that extend the useful life of an asset are capitalized. We capitalize interest costs on significant capital projects. Maintenance and repairs are expensed as incurred. Sales and disposals of property, plant and equipment are removed at carrying cost less accumulated depreciation with any resulting gain or loss reflected in earnings. Depreciation is provided on property, plant and equipment, including assets held under capital leases, primarily utilizing the straight-line method over the following estimated useful service lives or lease term: Computer hardware and office equipment 3-5 years Computer software 3-10 years Autos & light trucks 5-7 years Furniture, fixtures & trailers 7-10 years Composite mats (rental fleet) 10-12 years Machinery and heavy equipment 5-15 years Owned buildings 20-39 years Leasehold improvements Lease term, including reasonably assured renewal periods |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets . Goodwill represents the excess of the purchase price of acquisitions over the fair value of the net identifiable assets acquired in business combinations. Goodwill and other intangible assets with indefinite lives are not amortized. Intangible assets with finite useful lives are amortized either on a straight-line basis over the asset’s estimated useful life or on a basis that reflects the pattern in which the economic benefits of the asset are realized. Any period costs of maintaining intangible assets are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets . Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of November 1, or more frequently, if an indication of impairment exists. The impairment test includes a comparison of the carrying value of net assets of our reporting units, including goodwill, with their estimated fair values, which we determine using a combination of a market multiple and discounted cash flow approach. If the carrying value exceeds the estimated fair value, an impairment charge is recorded in the period in which such review is performed. We identify our reporting units based on our analysis of several factors, including our operating segment structure, evaluation of the economic characteristics of our geographic regions within each of our operating segments, and the extent to which our business units share assets and other resources. We review property, plant and equipment, finite-lived intangible assets and certain other assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We assess recoverability based on expected undiscounted future net cash flows. In estimating expected cash flows, we use a probability-weighted approach. Should the review indicate that the carrying value is not fully recoverable; the amount of impairment loss is determined by comparing the carrying value to the estimated fair value. |
Insurance | Insurance . We maintain reserves for estimated future payments associated with our self-insured employee healthcare programs, as well as the self-insured retention exposures under our general liability, auto liability and workers compensation insurance policies. Our reserves are determined based on historical experience under these programs, including estimated development of known claims and estimated incurred-but-not-reported claims. |
Treasury Stock | Treasury Stock. Treasury stock is carried at cost, which includes the entire cost of the acquired stock. |
Revenue Recognition | Revenue Recognition . The Fluids Systems segment recognizes sack and bulk material additive revenues upon shipment of materials and passage of title. Formulated liquid systems revenues are recognized when utilized or lost downhole while drilling. An allowance for product returns is maintained, reflecting estimated future customer product returns. Engineering and related services are provided to customers as an integral component of the fluid system delivery, at agreed upon hourly or daily rates, and revenues are recognized when the services are performed. For the Mats and Integrated Services segment, revenues from the sale of mats are recognized when title passes to the customer, which is upon shipment or delivery, depending upon the terms of the underlying sales contract. Revenues for services and rentals provided by this segment are generated from both fixed-price and unit-priced contracts, which are short-term in duration. The activities under these contracts include site preparation, pit design, construction, drilling waste management, and the installation and rental of mat systems for a period of time generally not to exceed 60 days . Revenues from services provided under these contracts are recognized as the specified services are completed. Revenues from any subsequent extensions to the rental agreements are recognized over the extension period. Shipping and handling costs are reflected in cost of revenues, and all reimbursements by customers of shipping and handling costs are included in revenues. |
Income Taxes | Income Taxes . We provide for deferred taxes using an asset and liability approach by measuring deferred tax assets and liabilities due to temporary differences existing at year end using currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. We reduce deferred tax assets by a valuation allowance when, based on our estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The estimates utilized in recognition of deferred tax assets are subject to revision, either up or down, in future periods based on new facts or circumstances. We present deferred tax assets and liabilities as noncurrent in the balance sheet based on an analysis of each taxpaying component within a jurisdiction. We evaluate uncertain tax positions and record a liability as circumstances warrant. |
Share-Based Compensation | Share-Based Compensation . Share-based compensation cost is measured at the grant date based on the fair value of the award, net of an estimated forfeiture rate. We recognize these costs in the income statement using the straight-line method over the vesting term. Fair value at the grant date is determined using the Black-Scholes option-pricing model for stock options and using the Monte Carlo valuation model for performance-based restricted stock units. |
Foreign Currency Translation | Foreign Currency Translation . The functional currency for substantially all international subsidiaries is their respective local currency. Financial statements for these international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and the average exchange rates in effect during the respective period for revenues and expenses. Exchange rate adjustments resulting from translation of foreign currency financial statements are reflected in accumulated other comprehensive loss in stockholders’ equity whereas exchange rate adjustments resulting from foreign currency denominated transactions are recorded in income. |
Fair Value Measurement | Fair Value Measurement. Fair value is measured as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at a measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1: The use of quoted prices in active markets for identical financial instruments. • Level 2: The use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or other inputs that are observable in the market or can be corroborated by observable market data. • Level 3: The use of significantly unobservable inputs that typically require the use of management's estimates of assumptions that market participants would use in pricing. |
Derivative Financial Instruments | Derivative Financial Instruments . We monitor our exposure to various business risks including interest rates and foreign currency exchange rates and occasionally use derivative financial instruments to manage the impact of certain of these risks. At the inception of a new derivative, we designate the derivative as a cash flow or fair value hedge or we determine the derivative to be undesignated as a hedging instrument based on the underlying facts. We do not enter into derivative instruments for trading purposes. |
New Accounting Pronouncements | New Accounting Pronouncements Standard adopted in 2016 In September 2015, the Financial Accounting Standards Board (“FASB”) issued updated guidance that eliminates the requirement to restate prior periods to reflect adjustments made to provisional amounts recognized in a business combination. The new guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The new guidance was effective for us prospectively in the first quarter of 2016; however, the adoption did not have any effect on our consolidated financial statements. Standards not yet adopted In May 2014, the FASB amended the existing accounting standards for revenue recognition. The amendments are based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance is effective for us in the first quarter of 2018. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. While we have not fully completed our evaluation of the impacts of these amendments, we do not currently anticipate that the adoption will have a material impact on our consolidated financial statements. We currently anticipate adopting the new guidance retrospectively with the cumulative effect recognized as of the date of initial application in the first quarter of 2018. In July 2015, the FASB issued updated guidance that simplifies the subsequent measurement of inventory. It replaces the current lower of cost or market test with the lower of cost or net realizable value test. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We will adopt the new guidance prospectively in the first quarter of 2017 and do not expect the adoption to have a material impact on our consolidated financial statements. In February 2016, the FASB issued updated guidance regarding accounting for leases. The new accounting standard provides principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognize both assets and liabilities arising from financing and operating leases. The classification as either a financing or operating lease will determine whether lease expense is recognized based on an effective interest method basis or on a straight-line basis over the term of the lease, respectively. The new guidance is effective for us in the first quarter of 2019 with early adoption permitted. Based on our current lease portfolio, we anticipate the new guidance will require us to reflect additional assets and liabilities in our consolidated balance sheet, however, we have not yet completed an estimation of such amount and we are still evaluating the overall impact of the new guidance on our consolidated financial statements. In March 2016, the FASB issued updated guidance that simplifies several aspects of the accounting for share-based payment transactions, including the requirement to recognize excess tax benefits and tax deficiencies through earnings as a component of income tax expense. Under current U.S. GAAP, these differences are generally recorded in additional paid in capital and thus have no impact on net income. The change in treatment of excess tax benefits and tax deficiencies also impacts the computation of diluted earnings per share and the associated cash flows will now be classified as operating activities in the consolidated statements of cash flows. In addition, entities will be permitted to make an accounting policy election related to forfeitures which impacts the timing of recognition for share-based payment awards. Forfeitures can be estimated, as required under current U.S. GAAP, or recognized when they occur. We will adopt the new guidance in the first quarter of 2017 with the most significant impact related to income tax consequences. Upon adoption, any excess tax benefits and tax deficiencies on share-based payment transactions will be recognized as a component of income tax expense as discrete items in the reporting period in which they occur. In addition, we will elect to continue estimating forfeitures in determining share-based compensation expense. In August 2016, the FASB issued updated guidance that clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update provides guidance on eight specific cash flow issues. This guidance is effective for us in the first quarter of 2018 and should be applied using the retrospective transition method to each period presented. Early adoption is permitted but all changes must be adopted in the same period. We do not expect the adoption of this new guidance to have a material impact on the presentation of our consolidated statements of cash flows. In October 2016, the FASB amended the guidance related to the recognition of current and deferred income taxes for intra-entity asset transfers. Under current U.S. GAAP, recognition of income taxes on intra-entity asset transfers is prohibited until the asset has been sold to an outside party. This update requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This update does not change U.S. GAAP for the pre-tax effects of an intra-entity asset transfer or for an intra-entity transfer of inventory. This guidance is effective for us in the first quarter of 2018 and should be applied using a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact of the new guidance on our consolidated financial statements. In November 2016, the FASB issued updated guidance that requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for us in the first quarter of 2018 with early adoption permitted and should be applied using a retrospective transition method to each period presented. We are currently evaluating the impact of the new guidance on our consolidated financial statements. In January 2017, the FASB amended the guidance related to the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. Under the new guidance, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. This guidance is effective for us for goodwill impairment tests beginning after December 15, 2019. This guidance should be applied prospectively and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of useful life for property, plant and equipment | Depreciation is provided on property, plant and equipment, including assets held under capital leases, primarily utilizing the straight-line method over the following estimated useful service lives or lease term: Computer hardware and office equipment 3-5 years Computer software 3-10 years Autos & light trucks 5-7 years Furniture, fixtures & trailers 7-10 years Composite mats (rental fleet) 10-12 years Machinery and heavy equipment 5-15 years Owned buildings 20-39 years Leasehold improvements Lease term, including reasonably assured renewal periods |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consisted of the following items at December 31: (In thousands) 2016 2015 Raw materials: Drilling fluids $ 115,399 $ 133,934 Mats 1,137 657 Total raw materials 116,536 134,591 Blended drilling fluids components 23,762 25,343 Finished goods - mats 3,314 3,723 Total inventories $ 143,612 $ 163,657 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | (In thousands) 2016 2015 Land $ 11,505 $ 11,613 Buildings and improvements 121,967 122,514 Machinery and equipment 248,229 224,974 Computer hardware and software 30,544 29,688 Furniture and fixtures 5,829 5,788 Construction in progress 19,417 20,950 437,491 415,527 Less accumulated depreciation (186,700 ) (164,818 ) 250,791 250,709 Composite mats (rental fleet) 100,543 100,341 Less accumulated depreciation - composite mats (47,680 ) (43,418 ) 52,863 56,923 Property, plant and equipment, net $ 303,654 $ 307,632 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying amount of goodwill | Changes in the carrying amount of goodwill by reportable segment are as follows: (In thousands) Fluids Mats and Total Balance at December 31, 2014 $ 72,684 $ 19,209 $ 91,893 Impairment (70,720 ) — (70,720 ) Effects of foreign currency (1,964 ) (200 ) (2,164 ) Balance at December 31, 2015 — 19,009 19,009 Acquisition 1,720 — 1,720 Effects of foreign currency (54 ) (680 ) (734 ) Balance at December 31, 2016 1,666 18,329 19,995 |
Other intangible assets | Other intangible assets consist of the following: December 31, 2016 December 31, 2015 (In thousands) Gross Accumulated Other Gross Accumulated Other Technology related $ 5,766 $ (3,873 ) $ 1,893 $ 5,077 $ (3,600 ) $ 1,477 Customer related 25,158 (21,962 ) 3,196 28,069 (19,638 ) 8,431 Employment related 1,848 (1,346 ) 502 1,625 (975 ) 650 Total amortizing intangible assets 32,772 (27,181 ) 5,591 34,771 (24,213 ) 10,558 Permits and licenses 476 — 476 493 — 493 Total indefinite-lived intangible assets 476 — 476 493 — 493 Total intangible assets $ 33,248 $ (27,181 ) $ 6,067 $ 35,264 $ (24,213 ) $ 11,051 |
Estimated future amortization expense | Estimated future amortization expense for the years ended December 31 is as follows: (In thousands) 2017 2018 2019 2020 2021 Thereafter Total Technology related $ 339 $ 339 $ 339 $ 310 $ 259 $ 307 $ 1,893 Customer related 1,632 584 419 313 184 64 3,196 Employment related 437 65 — — — — 502 Total future amortization expense $ 2,408 $ 988 $ 758 $ 623 $ 443 $ 371 $ 5,591 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of financing arrangements | Financing arrangements consisted of the following at December 31, 2016 and 2015 : (In thousands) December 31, 2016 December 31, 2015 Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Convertible Notes due 2017 $ 83,256 $ (268 ) $ 82,988 $ 172,497 $ (1,296 ) $ 171,201 Convertible Notes due 2021 100,000 (27,100 ) 72,900 — — — Revolving credit facility — — — — — — ABL Facility — — — — — — Other debt 380 — 380 7,392 — 7,392 Total debt 183,636 (27,368 ) 156,268 179,889 (1,296 ) 178,593 Less: current portion (83,636 ) 268 (83,368 ) (7,382 ) — (7,382 ) Long-term debt $ 100,000 $ (27,100 ) $ 72,900 $ 172,507 $ (1,296 ) $ 171,211 |
Fair Value of Financial Instr30
Fair Value of Financial Instruments and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of accounts receivable | Accounts receivable at December 31, 2016 and 2015 include the following: (In thousands) 2016 2015 Gross trade receivables $ 162,569 $ 159,119 Allowance for doubtful accounts (8,849 ) (7,189 ) Net trade receivables 153,720 151,930 Income tax receivables 39,944 32,600 Other receivables 20,643 21,834 Total receivables, net $ 214,307 $ 206,364 |
Schedule of allowance for doubtful accounts | Changes in this allowance for 2016 , 2015 and 2014 related to continuing operations, was as follows: (In thousands) 2016 2015 2014 Balance at beginning of year $ 7,189 $ 5,458 $ 4,142 Provision for uncollectible accounts 2,416 1,886 1,246 Write-offs, net of recoveries (756 ) (155 ) 70 Balance at end of year $ 8,849 $ 7,189 $ 5,458 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision (benefit) for income taxes | The provision (benefit) for income taxes related to continuing operations was as follows: Year Ended December 31, (In thousands) 2016 2015 2014 Current: U.S. Federal $ (37,854 ) $ (32,272 ) $ 17,086 State 20 (34 ) 2,170 Foreign 10,440 11,411 9,925 Total current (27,394 ) (20,895 ) 29,181 Deferred: U.S. Federal 2,670 (2,624 ) 12,237 State (181 ) 179 (174 ) Foreign 863 1,942 (196 ) Total deferred 3,352 (503 ) 11,867 Total income tax expense (benefit) $ (24,042 ) $ (21,398 ) $ 41,048 The total provision (benefit) was allocated to the following components of income (loss): Year Ended December 31, (In thousands) 2016 2015 2014 Income (loss) from continuing operations $ (24,042 ) $ (21,398 ) $ 41,048 Income from discontinued operations — — 12,475 Total provision (benefit) $ (24,042 ) $ (21,398 ) $ 53,523 |
Income (loss) from continuing operations before income taxes | Income (loss) from continuing operations before income taxes was as follows: Year Ended December 31, (In thousands) 2016 2015 2014 U.S. $ (76,805 ) $ (122,082 ) $ 88,964 Foreign 12,051 9,856 31,093 Income (loss) from continuing operations before income taxes $ (64,754 ) $ (112,226 ) $ 120,057 |
Effective income tax rate | The effective income tax rate is reconciled to the statutory federal income tax rate as follows: Year Ended December 31, 2016 2015 2014 Income tax expense (benefit) at federal statutory rate (35.0 %) (35.0 %) 35.0 % Nondeductible expenses 2.8 % 2.8 % 2.9 % Worthless stock deduction - Brazil (14.4 %) — % — % Goodwill and other asset impairments 3.5 % 15.7 % — % Manufacturing deduction 0.8 % 1.8 % (1.9 %) Different rates on earnings of foreign operations (1.2 %) (3.6 %) (4.3 %) Change in valuation allowance 6.9 % 2.8 % 2.1 % Uncertain tax positions — % (2.2 %) 0.6 % State tax expense (benefit), net (2.5 %) (1.5 %) 1.0 % Other items, net 2.0 % 0.1 % (1.2 %) Total income tax expense (benefit) (37.1 %) (19.1 %) 34.2 % |
Schedule of deferred tax assets and liabilities | Temporary differences and carryforwards which give rise to deferred tax assets and liabilities at December 31, 2016 and 2015 are as follows: (In thousands) 2016 2015 Deferred tax assets: Net operating losses $ 18,771 $ 14,800 Capitalized inventory costs 12,378 6,717 Stock based compensation 6,955 6,460 Accruals not currently deductible 4,883 6,157 Unrealized foreign exchange losses, net 3,087 3,013 Foreign tax credits 3,269 2,558 Other 1,871 599 Total deferred tax assets 51,214 40,304 Valuation allowance (21,847 ) (16,780 ) Total deferred tax assets, net of allowances 29,367 23,524 Deferred tax liabilities: Accelerated depreciation and amortization (43,225 ) (38,034 ) Original issue discount on Convertible Notes due 2021 (8,553 ) — Tax on unremitted earnings (8,555 ) (7,181 ) Other (6,030 ) (2,856 ) Total deferred tax liabilities (66,363 ) (48,071 ) Total net deferred tax liabilities $ (36,996 ) $ (24,547 ) Non-current deferred tax assets $ 1,747 $ 1,821 Non-current deferred tax liabilities (38,743 ) (26,368 ) Net deferred tax liabilities $ (36,996 ) $ (24,547 ) |
Income tax contingencies | A reconciliation of the beginning and ending provision for uncertain tax positions is as follows: (In thousands) 2016 2015 2014 Balance at January 1 $ 419 $ 3,786 $ 2,175 Additions (reductions) for tax positions of prior years 477 (95 ) 1,604 Additions (reductions) for tax positions of current year — — 7 Reductions for settlements with tax authorities — (575 ) — Reductions for lapse of statute of limitations (231 ) (2,697 ) — Balance at December 31 $ 665 $ 419 $ 3,786 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of changes in outstanding Common Stock | Changes in outstanding Common Stock were as follows: (In thousands of shares) 2016 2015 2014 Outstanding, beginning of year 99,377 99,204 98,031 Shares issued for exercise of options 125 104 540 Shares issued for time vested restricted stock (net of forfeitures) 341 69 633 Outstanding, end of year 99,843 99,377 99,204 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table presents the reconciliation of the numerator and denominator for calculating earnings per share from continuing operations: Year Ended December 31, (In thousands, except per share data) 2016 2015 2014 Numerator Basic - income (loss) from continuing operations $ (40,712 ) $ (90,828 ) $ 79,009 Assumed conversions of Convertible Notes due 2017 — — 5,091 Diluted - adjusted income (loss) from continuing operations $ (40,712 ) $ (90,828 ) $ 84,100 Denominator Basic - weighted average common shares outstanding 83,697 82,722 82,999 Dilutive effect of stock options and restricted stock awards — — 1,733 Dilutive effect of the Convertible Notes due 2017 — — 15,682 Dilutive effect of Convertible Notes due 2021 — — — Diluted - weighted average common shares outstanding 83,697 82,722 100,414 Net income (loss) from continuing operations per common share Basic $ (0.49 ) $ (1.10 ) $ 0.95 Diluted $ (0.49 ) $ (1.10 ) $ 0.84 |
Stock Based Compensation and 34
Stock Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Stock Units (RSUs) [Member] | |
Notes Tables | |
Weighted-average exercise price and grant date fair value of stock options | We estimated the fair value of each performance-based restricted stock unit at the date of grant using the Monte Carlo valuation model, with the following weighted average assumptions: Year Ended December 31, 2016 2015 2014 Risk-free interest rate 0.95 % 1.02 % 0.81 % Average closing price (1) $ 4.69 $ 8.96 $ 11.28 Expected volatility 46.9 % 38.4 % 44.5 % Dividend yield — % — % — % (1) Average closing price of our shares over the 30-calendar days ending May 16, 2016, May 19, 2015 and May 16, 2014, respectively |
Employee Stock Option [Member] | |
Notes Tables | |
Schedule of activity for stock options outstanding | The following table summarizes activity for our outstanding stock options for the year ended December 31, 2016 : Shares Weighted- Weighted- Aggregate Outstanding at beginning of period 3,887,833 $ 7.96 Granted 1,242,856 4.32 Exercised (125,017 ) 5.80 Expired or canceled (320,833 ) 8.43 Outstanding at end of period 4,684,839 $ 7.02 6.14 $ 7,130,887 Vested or expected to vest at end of period 4,592,882 $ 7.06 6.08 $ 6,878,173 Options exercisable at end of period 2,910,115 $ 7.67 4.40 $ 3,235,311 |
Schedule of weighted average assumptions for fair value of options granted | We estimated the fair value of options granted on the date of grant using the Black-Scholes option-pricing model, with the following weighted average assumptions: Year Ended December 31, 2016 2015 2014 Risk-free interest rate 1.38 % 1.57 % 1.53 % Expected life of the option in years 5.22 5.22 5.22 Expected volatility 50.5 % 47.3 % 48.6 % Dividend yield — % — % — % |
Weighted-average exercise price and grant date fair value of stock options | The following table summarizes information about the weighted-average exercise price and the weighted-average grant date fair value of stock options granted: Year Ended December 31, 2016 2015 2014 Weighted-average exercise price of the stock on the date of grant $ 4.32 $ 9.00 $ 11.20 Weighted-average grant date fair value on the date of grant $ 1.97 $ 3.91 $ 4.97 |
Schedule of activity for outstanding cash-settled stock appreciation rights | The following table summarizes activity for outstanding cash-settled stock appreciation rights for the year-ended December 31, 2016 : Rights Outstanding at beginning of period 103,133 Exercised — Expired or cancelled (33,633 ) Outstanding at end of period 69,500 Exercisable at end of period 69,500 |
Schedule of performance-based restricted stock units | The ending TSR price is equal to the average closing price of our shares over the last 30-calendar days of the performance period as set forth in the following table: Year Ended December 31, 2016 2015 2014 Number of performance-based restricted stock units issued, at target 230,790 136,881 110,497 Range of payout of shares for each executive 0% - 150% 0% - 150% 0% - 150% Performance period begin date June 1, 2016 June 1, 2015 June 1, 2014 Performance period end date May 31, 2019 May 31, 2018 May 31, 2017 Estimated fair value at date of grant $ 5.18 $ 10.06 $ 12.55 |
Schedule of activity for outstanding performance-based restricted stock units | The following table summarizes activity for outstanding performance-based restricted stock units for the year-ended December 31, 2016 : Nonvested Performance-Based Restricted Stock Units Shares Weighted-Average Outstanding at beginning of period 335,329 $ 11.69 Granted 230,790 5.18 Vested (58,072 ) 13.11 Forfeited (60,863 ) 12.51 Outstanding at the end of period 447,184 $ 8.06 |
Schedule of activity for outstanding time-vested restricted stock awards and restricted stock units | The following tables summarize the activity for our outstanding time-vested restricted stock awards and restricted stock units 2016 . Nonvested Restricted Stock Awards (Time-Vesting) Shares Weighted-Average Nonvested at January 1, 2016 881,345 $ 11.00 Granted 262,961 4.50 Vested (449,342 ) 10.50 Forfeited (99,429 ) 11.30 Nonvested at December 31, 2016 595,535 $ 8.45 Nonvested Restricted Stock Units (Time-Vesting) Shares Weighted-Average Nonvested at January 1, 2016 1,133,543 $ 9.11 Granted 1,534,994 4.36 Vested (332,043 ) 9.30 Forfeited (153,465 ) 8.04 Nonvested at December 31, 2016 2,183,029 $ 5.82 |
Segment and Related Informati35
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Summarized financial information concerning our reportable segments is shown in the following tables: Year Ended December 31, (In thousands) 2016 2015 2014 Revenues Fluids systems $ 395,461 $ 581,136 $ 965,049 Mats and integrated services 76,035 95,729 153,367 Total revenues $ 471,496 $ 676,865 $ 1,118,416 Depreciation and amortization Fluids systems $ 20,746 $ 22,108 $ 22,934 Mats and integrated Services 14,227 18,869 15,507 Corporate office 2,982 2,940 2,734 Total depreciation and amortization $ 37,955 $ 43,917 $ 41,175 Operating income (loss) Fluids systems $ (43,631 ) $ (86,770 ) $ 95,600 Mats and integrated services 14,741 24,949 70,526 Corporate office (28,323 ) (37,278 ) (35,530 ) Operating income (loss) $ (57,213 ) $ (99,099 ) $ 130,596 Segment Assets Fluids Systems $ 522,488 $ 549,827 $ 778,148 Mats and Integrated Services 164,515 172,415 175,318 Corporate 111,180 126,651 54,206 Total Assets $ 798,183 $ 848,893 $ 1,007,672 Capital Expenditures Fluids Systems $ 32,310 $ 40,533 $ 36,626 Mats and Integrated Services 4,637 27,456 64,101 Corporate 1,493 1,415 5,215 Total Capital Expenditures $ 38,440 $ 69,404 $ 105,942 |
Schedule of revenue, geographical | The following table sets forth geographic information for our operations. Revenues by geographic location are determined based on the operating location from which services are rendered or products are sold. Long-lived assets include property, plant and equipment and other long-term assets based on the country in which the assets are located. Year Ended December 31, (In thousands) 2016 2015 2014 Revenue United States $ 214,026 $ 384,147 $ 748,845 Canada 34,176 52,851 79,516 Algeria 80,936 65,272 58,417 All Other EMEA 96,654 109,252 118,827 Latin America 41,035 47,240 85,244 Asia Pacific 4,669 18,103 27,567 Total Revenue $ 471,496 $ 676,865 $ 1,118,416 Long-Lived Assets United States $ 274,746 $ 275,109 $ 294,762 Canada 3,922 552 10,044 EMEA 48,047 50,759 55,560 Latin America 4,842 4,543 6,635 Asia Pacific 1,939 9,731 25,991 Total Long-Lived Assets $ 333,496 $ 340,694 $ 392,992 |
Supplemental Cash Flow and Ot36
Supplemental Cash Flow and Other Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Impairments and other non-cash charges | Impairments and other non-cash charges in the consolidated statements of cash flows included the following: Year Ended December 31, (In thousands) 2016 2015 Goodwill and other intangible asset impairments $ 3,104 $ 70,720 Property, plant and equipment impairments 4,286 2,625 Inventory write-downs 4,075 2,163 Write-off of debt issuance costs on termination of Credit Agreement 1,058 — Impairments and other non-cash charges in the Consolidated Statements of Cash Flows $ 12,523 $ 75,508 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Operations from discontinued operations | Summarized results of operations from discontinued operations are as follows: (In thousands) 2014 Revenues $ 11,744 Income from discontinued operations before income taxes 1,770 Income from discontinued operations, net of tax 1,152 Gain from disposal of discontinued operations before income taxes 33,974 Gain from disposal of discontinued operations, net of tax 22,117 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum payments, operating leases | Future minimum payments under non-cancelable operating leases, with initial or remaining terms in excess of one year are included in the table below. Future minimum payments under capital leases are not significant. (In thousands) 2017 $ 9,310 2018 6,128 2019 4,724 2020 3,805 2021 3,342 Thereafter 9,780 $ 37,089 |
Supplemental Selected Quarter39
Supplemental Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental selected quarterly financial data | (In thousands, except per share amounts) First Second Third Fourth Fiscal Year 2016 Revenues $ 114,544 $ 115,315 $ 104,554 $ 137,083 Operating loss (18,825 ) (15,135 ) (15,055 ) (8,198 ) Net loss (13,300 ) (13,904 ) (13,451 ) (57 ) Net loss per common share Basic $ (0.16 ) $ (0.17 ) $ (0.16 ) $ — Diluted $ (0.16 ) $ (0.17 ) $ (0.16 ) $ — Fiscal Year 2015 Revenues $ 208,464 $ 163,644 $ 154,170 $ 150,587 Operating income (loss) 6,128 (1,682 ) (9,263 ) (94,282 ) Net income (loss) 993 (4,254 ) (4,471 ) (83,096 ) Net income (loss) per common share Basic $ 0.01 $ (0.05 ) $ (0.05 ) $ (1.00 ) Diluted $ 0.01 $ (0.05 ) $ (0.05 ) $ (1.00 ) |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2016USD ($)segmentsgeographic_regions$ / shares | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Number of reportable segments | segments | 2 | |
AOCI, foreign currency translation adjustment | $ (63,200,000) | $ (58,300,000) |
Fluids systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of operating geographic regions | geographic_regions | 4 | |
Composite mats [Member] | Mats and integrated services [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 7 years | |
Residual value | $ 0 | |
Residual value (percentage) | 20.00% | |
Reduction In depreciation expense | $ 6,100,000 | |
Increase (decrease), change in accounting estimate (in dollars per share) | $ / shares | $ (0.05) | |
Minimum [Member] | Composite mats [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 10 years | |
Minimum [Member] | Composite mats [Member] | Mats and integrated services [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 10 years | |
Maximum [Member] | Composite mats [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 12 years | |
Maximum [Member] | Composite mats [Member] | Mats and integrated services [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful lives | 12 years |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Estimated Useful Service Lives or Lease Term (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Maximum [Member] | Office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Maximum [Member] | Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 7 years |
Maximum [Member] | Furniture, fixtures & trailers [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Maximum [Member] | Composite mats [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 12 years |
Maximum [Member] | Machinery and heavy equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 15 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 39 years |
Minimum [Member] | Office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Minimum [Member] | Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Minimum [Member] | Furniture, fixtures & trailers [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 7 years |
Minimum [Member] | Composite mats [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Minimum [Member] | Machinery and heavy equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 20 years |
Computer software, intangible asset [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Computer software, intangible asset [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Business Combination (Details)
Business Combination (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Aug. 31, 2016 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Goodwill, acquired during period | $ 1,720 | |
Pragmatic Drilling Fluids Additives, Ltd [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, consideration transferred | $ (4,400) | |
Finite-lived intangible assets acquired | $ 1,700 | |
Fluids systems [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill, acquired during period | $ 1,720 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | |||
Raw materials: | $ 116,536 | $ 134,591 | |
Total inventories | 143,612 | 163,657 | |
Asset impairment charges | 12,523 | 75,508 | $ 0 |
Drilling fluids | |||
Inventory [Line Items] | |||
Raw materials: | 115,399 | 133,934 | |
Mats | |||
Inventory [Line Items] | |||
Raw materials: | 1,137 | 657 | |
Finished goods | 3,314 | 3,723 | |
Blended drilling fluids components | |||
Inventory [Line Items] | |||
Finished goods | 23,762 | 25,343 | |
Total inventories | 143,612 | $ 163,657 | |
Cost of sales [Member] | |||
Inventory [Line Items] | |||
Asset impairment charges | $ 4,100 |
Property, Plant and Equipment44
Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation | $ 34,600 | $ 39,300 | $ 33,200 | ||
Capital expenditures | 38,440 | 69,404 | 105,942 | ||
Impairment of Long-Lived Assets Held-for-use | 4,286 | 2,625 | |||
Inventory write-down | 4,075 | 2,163 | |||
Fluids systems [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital expenditures | 32,310 | 40,533 | 36,626 | ||
Inventory write-down | 2,600 | ||||
Fluids systems [Member] | Conroe and Fourchon Projects [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital expenditures | 27,800 | ||||
Mats and integrated services [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital expenditures | 4,637 | $ 27,456 | $ 64,101 | ||
Mats and integrated services [Member] | Composite mats [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Reduction In depreciation expense | 6,100 | ||||
Uruguay [Member] | Fluids systems [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | $ 500 | ||||
Asia Pacific [Member] | Fluids systems [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | $ 3,800 | ||||
Inventory write-down | $ 2,600 |
Property, Plant and Equipment45
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 437,491 | $ 415,527 |
Less accumulated depreciation | (186,700) | (164,818) |
Property, Plant and Equipment, Net, Excluding Capital Leased Assets | 250,791 | 250,709 |
Composite mats (rental fleet) | 100,543 | 100,341 |
Less accumulated depreciation - composite mats | (47,680) | (43,418) |
Property, Plant and Equipment, Gross | 52,863 | 56,923 |
Property, plant and equipment, net | 303,654 | 307,632 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 11,505 | 11,613 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 121,967 | 122,514 |
Machinery and heavy equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 248,229 | 224,974 |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 30,544 | 29,688 |
Furniture, fixtures & trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | 5,829 | 5,788 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment | $ 19,417 | $ 20,950 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||||
Goodwill, impairment loss | $ 3,104 | $ 70,720 | |||
Amortization of intangible assets | 3,400 | 4,600 | $ 8,000 | ||
Fluids systems [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, impairment loss | $ 70,700 | $ 70,720 | |||
Asia Pacific [Member] | Fluids systems [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, impairment loss | $ 3,100 | ||||
Pragmatic Drilling Fluids Additives, Ltd [Member] | |||||
Goodwill [Line Items] | |||||
Finite-lived intangible assets acquired | $ 1,700 | ||||
Technology-based intangible assets [Member] | |||||
Goodwill [Line Items] | |||||
Finite-lived intangible asset, useful life | 15 years | ||||
Customer-related intangible assets [Member] | |||||
Goodwill [Line Items] | |||||
Finite-lived intangible asset, useful life | 9 years | ||||
Employment related intangible assets [Member] | |||||
Goodwill [Line Items] | |||||
Finite-lived intangible asset, useful life | 5 years |
Changes in the Carrying Amount
Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Goodwill, beginning balance | $ 19,009 | $ 91,893 |
Goodwill, impairment | (3,104) | (70,720) |
Goodwill, effects of foreign currency | (734) | (2,164) |
Goodwill, acquired during period | 1,720 | |
Goodwill, ending balance | 19,995 | 19,009 |
Fluids systems [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 0 | 72,684 |
Goodwill, impairment | (70,700) | (70,720) |
Goodwill, effects of foreign currency | (54) | (1,964) |
Goodwill, acquired during period | 1,720 | |
Goodwill, ending balance | 1,666 | 0 |
Mats and integrated services [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 19,009 | 19,209 |
Goodwill, impairment | 0 | |
Goodwill, effects of foreign currency | (680) | (200) |
Goodwill, acquired during period | 0 | |
Goodwill, ending balance | $ 18,329 | $ 19,009 |
Other Intangible Assets (Detail
Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 32,772 | $ 34,771 |
Finite-lived intangible assets, accumulated amortization | (27,181) | (24,213) |
Finite-lived intangible assets, net | 5,591 | 10,558 |
Indefinite-lived intangible assets, gross carrying amount | 476 | 493 |
Total intangible assets, gross carrying amount | 33,248 | 35,264 |
Total intangible assets, net | 6,067 | 11,051 |
Technology-based intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 5,766 | 5,077 |
Finite-lived intangible assets, accumulated amortization | (3,873) | (3,600) |
Finite-lived intangible assets, net | 1,893 | 1,477 |
Customer-related intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 25,158 | 28,069 |
Finite-lived intangible assets, accumulated amortization | (21,962) | (19,638) |
Finite-lived intangible assets, net | 3,196 | 8,431 |
Employment related intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 1,848 | 1,625 |
Finite-lived intangible assets, accumulated amortization | (1,346) | (975) |
Finite-lived intangible assets, net | 502 | 650 |
Permits and licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | $ 476 | $ 493 |
Estimated Future Amortization E
Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, amortization expense, 2017 | $ 2,408 | |
Finite-lived intangible assets, amortization expense, 2018 | 988 | |
Finite-lived intangible assets, amortization expense, 2019 | 758 | |
Finite-lived intangible assets, amortization expense, 2020 | 623 | |
Finite-lived intangible assets, amortization expense, 2021 | 443 | |
Finite-lived intangible assets, amortization expense, thereafter | 371 | |
Finite-lived intangible assets, net | 5,591 | $ 10,558 |
Technology-based intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, amortization expense, 2017 | 339 | |
Finite-lived intangible assets, amortization expense, 2018 | 339 | |
Finite-lived intangible assets, amortization expense, 2019 | 339 | |
Finite-lived intangible assets, amortization expense, 2020 | 310 | |
Finite-lived intangible assets, amortization expense, 2021 | 259 | |
Finite-lived intangible assets, amortization expense, thereafter | 307 | |
Finite-lived intangible assets, net | 1,893 | 1,477 |
Customer-related intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, amortization expense, 2017 | 1,632 | |
Finite-lived intangible assets, amortization expense, 2018 | 584 | |
Finite-lived intangible assets, amortization expense, 2019 | 419 | |
Finite-lived intangible assets, amortization expense, 2020 | 313 | |
Finite-lived intangible assets, amortization expense, 2021 | 184 | |
Finite-lived intangible assets, amortization expense, thereafter | 64 | |
Finite-lived intangible assets, net | 3,196 | 8,431 |
Employment related intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, amortization expense, 2017 | 437 | |
Finite-lived intangible assets, amortization expense, 2018 | 65 | |
Finite-lived intangible assets, amortization expense, 2019 | 0 | |
Finite-lived intangible assets, amortization expense, 2020 | 0 | |
Finite-lived intangible assets, amortization expense, 2021 | 0 | |
Finite-lived intangible assets, amortization expense, thereafter | 0 | |
Finite-lived intangible assets, net | $ 502 | $ 650 |
Financing Arrangements (Details
Financing Arrangements (Details Textual) - USD ($) | May 12, 2016 | May 31, 2016 | Jun. 30, 2016 | Dec. 31, 2021 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2017 | Mar. 31, 2015 |
Gain on extinguishment of debt | $ 1,615,000 | $ 0 | $ 0 | ||||||
Conversion price percentage | 130.00% | ||||||||
Business day period | 5 days | ||||||||
Consecutive trading day period | 5 days | ||||||||
Percent threshold last reported sale price | 98.00% | ||||||||
Net deferred tax liabilities | $ (36,996,000) | (24,547,000) | |||||||
Long-term debt, excluding current maturities | 72,900,000 | 171,211,000 | |||||||
Non-cash charge, interest expense | 1,058,000 | 0 | |||||||
Secured debt outstanding | 0 | ||||||||
Current debt | 83,368,000 | 7,382,000 | |||||||
Restricted cash and cash equivalents, current | 6,539,000 | ||||||||
Interest expense | 9,900,000 | 9,100,000 | 10,400,000 | ||||||
Interest costs capitalized | 1,128,000 | $ 751,000 | |||||||
Prepaid Expenses and Other Current Assets [Member] | |||||||||
Restricted cash and cash equivalents, current | 7,421,000 | 17,485,000 | |||||||
Foreign Operations [Member] | |||||||||
Current debt | 380,000 | $ 7,392,000 | |||||||
Restricted cash and cash equivalents, current | $ 882,000 | ||||||||
Scenario, forecast [Member] | |||||||||
Interest costs capitalized | $ 926,000 | ||||||||
Repayments of debt | $ 100,000,000 | ||||||||
Senior notes [Member] | |||||||||
Debt conversion, converted shares for basis principal (shares) | 107.1381 | ||||||||
Debt conversion, principal amount as basis for conversion rate | $ 1,000 | ||||||||
Debt instrument, convertible, threshold trading days | 20 | ||||||||
Debt instrument, convertible, threshold consecutive trading days | 30 days | ||||||||
Net deferred tax liabilities | $ (8,700,000) | ||||||||
Interest rate, effective percentage | 11.30% | ||||||||
Convertible Notes due 2017 [Member] | Senior notes [Member] | |||||||||
Debt instrument, face amount | $ 172,500,000 | ||||||||
Unsecured debt, principal amount | $ 83,300,000 | ||||||||
Interest rate, stated percentage | 4.00% | ||||||||
Debt conversion, converted shares for basis principal (shares) | 90.8893 | ||||||||
Debt conversion, principal amount as basis for conversion rate | $ 1,000 | ||||||||
Debt Instrument, convertible, conversion price (dollars per share) | $ 11 | ||||||||
Repurchased face amount | $ 89,300,000 | ||||||||
Debt instrument, repurchase amount | 87,300,000 | ||||||||
Convertible Notes due 2021 [Member] | Senior notes [Member] | |||||||||
Debt instrument, face amount | $ 100,000,000 | ||||||||
Interest rate, stated percentage | 4.00% | ||||||||
Debt Instrument, convertible, conversion price (dollars per share) | $ 9.33 | ||||||||
ABL Facility [Member] | Federal Funds Rate [Member] | |||||||||
Base rate basis spread on variable rate | 0.50% | 0.50% | |||||||
ABL Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Base rate basis spread on variable rate | 1.00% | 1.00% | |||||||
Basis spread on variable rate | 3.50% | 3.50% | |||||||
ABL Facility [Member] | Base Rate [Member] | |||||||||
Basis spread on variable rate | 2.50% | 2.50% | |||||||
ABL Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Basis spread on variable rate | 2.25% | 2.25% | |||||||
ABL Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||||||
Basis spread on variable rate | 1.25% | 1.25% | |||||||
ABL Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Basis spread on variable rate | 3.50% | 3.50% | |||||||
ABL Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||||||
Basis spread on variable rate | 2.50% | 2.50% | |||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | |||||||||
Maximum borrowing capacity | $ 90,000,000 | ||||||||
Fixed charge coverage ratio, amount | $ 25,000,000 | $ 25,000,000 | |||||||
Remaining borrowing capacity | $ 60,500,000 | ||||||||
Unused capacity, commitment fee percentage | 0.625% | ||||||||
Covenant terms acceleration of other indebtedness | $ 25,000,000 | ||||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||||
Unused capacity, commitment fee percentage | 0.375% | 0.375% | |||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Maximum borrowing capacity | $ 150,000,000 | ||||||||
Unused capacity, commitment fee percentage | 0.625% | 0.625% | |||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | Scenario, forecast [Member] | |||||||||
Remaining borrowing capacity | $ 76,300,000 | ||||||||
Credit Agreement [Member] | |||||||||
Letters of credit outstanding, amount | $ 5,948,000 | ||||||||
Credit Agreement [Member] | Foreign Operations [Member] | |||||||||
Letters of credit outstanding, amount | 11,282,000 | ||||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Maximum borrowing capacity | 150,000,000 | $ 200,000,000 | |||||||
Long-term line of credit | $ 0 | ||||||||
Non-cash charge, interest expense | $ 1,100,000 | ||||||||
Convertible debt, debt component [Member] | |||||||||
Debt issuance cost | 2,700,000 | ||||||||
Long-term debt, excluding current maturities | 72,900,000 | ||||||||
Unamortized debt discount | $ 24,400,000 | ||||||||
Convertible debt, debt component [Member] | Senior notes [Member] | |||||||||
Interest rate, stated percentage | 10.487% | ||||||||
Debt instrument, fair value | $ 75,200,000 | ||||||||
Convertible debt, equity component [Member] | |||||||||
Debt instrument, conversion equity amount | 24,800,000 | ||||||||
Debt issuance cost | 900,000 | ||||||||
Debt instrument, conversion equity, carrying amount net of issuance costs and deferred tax liability | $ 15,200,000 |
Financing Arrangements (Detai51
Financing Arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 183,636 | $ 179,889 |
Unamortized discount and debt issuance costs | (27,368) | (1,296) |
Long-term debt | 156,268 | 178,593 |
Long-term debt, current maturities, gross | (83,636) | (7,382) |
Unamortized discount and debt issuance costs, current | 268 | 0 |
Long-term debt, current maturities | 83,368 | 7,382 |
Long-term debt, excluding current maturities, gross | 100,000 | 172,507 |
Unamortized discount and debt issuance costs, noncurrent | (27,100) | (1,296) |
Long-term debt, excluding current maturities | 72,900 | 171,211 |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 380 | 7,392 |
Long-term debt | 380 | 7,392 |
Senior notes [Member] | Convertible Notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 83,256 | 172,497 |
Unamortized discount and debt issuance costs | (268) | (1,296) |
Long-term debt | 82,988 | 171,201 |
Senior notes [Member] | Convertible Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 100,000 | 0 |
Unamortized discount and debt issuance costs | (27,100) | 0 |
Long-term debt | 72,900 | 0 |
Revolving Credit Facility [Member] | Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | 0 |
Long-term debt | 0 | 0 |
Revolving Credit Facility [Member] | ABL Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | 0 |
Long-term debt | $ 0 | $ 0 |
Fair Value of Financial Instr52
Fair Value of Financial Instruments and Concentrations of Credit Risk (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)customer | Dec. 31, 2015USD ($) | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of major customers | customer | 20 | ||
Receivables, net [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Increase (decrease) in income taxes receivable | $ 38 | $ 29 | |
Nontrade receivables | 11.5 | 10.4 | |
Environmental services [Member] | Receivables, net [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Escrow deposit | $ 8 | $ 8 | |
Sales revenue, net [Member] | Twenty largest customers [Member] | Customer concentration risk [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Concentration risk, percentage | 53.00% | 49.00% | 40.00% |
Sales revenue, net [Member] | Sonatrach [Member] | Customer concentration risk [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Concentration risk, percentage | 14.00% | ||
Accounts receivable [Member] | Sonatrach [Member] | Customer concentration risk [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Concentration risk, percentage | 14.00% | ||
Convertible Notes due 2017 [Member] | Senior notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | $ 84.4 | $ 154.4 | |
Convertible Notes due 2021 [Member] | Senior notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | $ 110.5 |
Fair Value of Financial Instr53
Fair Value of Financial Instruments and Concentrations of Credit Risk - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Gross trade receivables | $ 162,569 | $ 159,119 |
Allowance for doubtful accounts | (8,849) | (7,189) |
Net trade receivables | 153,720 | 151,930 |
Income tax receivables | 39,944 | 32,600 |
Other receivables | 20,643 | 21,834 |
Total receivables, net | $ 214,307 | $ 206,364 |
Fair Value of Financial Instr54
Fair Value of Financial Instruments and Concentrations of Credit Risk - Allowances for Losses on Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Provision for uncollectible accounts | $ 2,416 | $ 1,886 | $ 1,252 |
Continuing operations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance at beginning of year | 7,189 | 5,458 | 4,142 |
Provision for uncollectible accounts | 2,416 | 1,886 | 1,246 |
Write-offs, net of recoveries | (756) | (155) | 70 |
Balance at end of year | $ 8,849 | $ 7,189 | $ 5,458 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Deferred tax assets, valuation allowance | $ 21,847 | $ 16,780 | |
Income tax charge increase in valuation allowance for deferred tax assets | 4,500 | 4,600 | |
Income tax benefit, forgiveness of certain inter-company balances, Brazilian subsidiary | 4,400 | ||
Income tax benefit, release of U.S. v tax reserves | 2,200 | ||
Deferred tax assets, NOL carryforwards, state and local | 240,500 | ||
Deferred tax assets, NOL carryforwards, foreign | 26,400 | ||
Unremitted foreign earnings permanently reinvested abroad | 161,700 | 142,800 | |
Unrecognized tax benefits that would impact effective tax rate | 500 | 2,200 | |
Unrecognized tax benefits, income tax penalties and interest expense | 100 | $ 400 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 100 | $ 100 | |
BRAZILIAN ENERGY EXCHANGE [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective income tax rate benefit, worthless stock deduction | $ (9,300) |
Income Taxes - Provision For In
Income Taxes - Provision For Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax expense (benefit): | |||
U.S. Federal | $ (37,854) | $ (32,272) | $ 17,086 |
State | 20 | (34) | 2,170 |
Foreign | 10,440 | 11,411 | 9,925 |
Total current | (27,394) | (20,895) | 29,181 |
Deferred tax expense (benefit): | |||
U.S. Federal | 2,670 | (2,624) | 12,237 |
State | (181) | 179 | (174) |
Foreign | 863 | 1,942 | (196) |
Total deferred | 3,352 | (503) | 11,867 |
Total income tax expense (benefit) | $ (24,042) | $ (21,398) | $ 41,048 |
Income Taxes - Total Provision
Income Taxes - Total Provision Allocated In Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Income (loss) from continuing operations | $ (24,042) | $ (21,398) | $ 41,048 |
Total provision (benefit) | (24,042) | (21,398) | 53,523 |
Continuing operations [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income (loss) from continuing operations | (24,042) | (21,398) | 41,048 |
Discontinued operations | |||
Operating Loss Carryforwards [Line Items] | |||
Income from discontinued operations | $ 0 | $ 0 | $ 12,475 |
Income Taxes - Income from Oper
Income Taxes - Income from Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (76,805) | $ (122,082) | $ 88,964 |
Foreign | 12,051 | 9,856 | 31,093 |
Income (loss) from continuing operations before income taxes | $ (64,754) | $ (112,226) | $ 120,057 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) at federal statutory rate | 35.00% | 35.00% | 35.00% |
Nondeductible expenses | (2.80%) | (2.80%) | 2.90% |
Worthless stock deduction - Brazil | 14.40% | 0.00% | 0.00% |
Goodwill and other asset impairments | 3.50% | 15.70% | 0.00% |
Manufacturing deduction | 0.80% | 1.80% | 1.90% |
Different rates on earnings of foreign operations | 1.20% | 3.60% | (4.30%) |
Change in valuation allowance | (6.90%) | (2.80%) | 2.10% |
Uncertain tax positions | 0.00% | 2.20% | 0.60% |
State tax expense (benefit), net | 2.50% | 1.50% | 1.00% |
Other items, net | (2.00%) | (0.10%) | (1.20%) |
Total income tax expense (benefit) | 37.10% | 19.10% | 34.20% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating losses | $ 18,771 | $ 14,800 |
Capitalized inventory costs | 12,378 | 6,717 |
Stock based compensation | 6,955 | 6,460 |
Accruals not currently deductible | 4,883 | 6,157 |
Unrealized foreign exchange losses, net | 3,087 | 3,013 |
Foreign tax credits | 3,269 | 2,558 |
Other | 1,871 | 599 |
Total deferred tax assets | 51,214 | 40,304 |
Valuation allowance | (21,847) | (16,780) |
Total deferred tax assets, net of allowances | 29,367 | 23,524 |
Deferred tax liabilities: | ||
Accelerated depreciation and amortization | (43,225) | (38,034) |
Original issue discount on Convertible Notes due 2021 | (8,553) | 0 |
Tax on unremitted earnings | (8,555) | (7,181) |
Other | (6,030) | (2,856) |
Total deferred tax liabilities | (66,363) | (48,071) |
Total net deferred tax liabilities | (36,996) | (24,547) |
Non-current deferred tax assets | 1,747 | 1,821 |
Non-current deferred tax liabilities | (38,743) | (26,368) |
Net deferred tax liabilities | $ 36,996 | $ 24,547 |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at January 1 | $ 419 | $ 3,786 | $ 2,175 |
Additions (reductions) for tax positions of prior years | 477 | (95) | 1,604 |
Additions for tax positions of current year | 0 | ||
(reductions) for tax positions of current year | 7 | ||
Reductions for settlements with tax authorities | (575) | 0 | |
Reductions for lapse of statute of limitations | (231) | (2,697) | 0 |
Balance at December 31 | $ 665 | $ 419 | $ 3,786 |
Changes in Outstanding Common S
Changes in Outstanding Common Stock (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Outstanding, beginning of year (in shares) | 99,377 | 99,204 | 98,031 |
Shares issued upon exercise of options (in shares) | 125 | 104 | 540 |
Shares issued for time vested restricted stock (net of cancellations) (in shares) | 341 | 69 | 633 |
Outstanding, end of year (in shares) | 99,843 | 99,377 | 99,204 |
Capital Stock (Details Textual)
Capital Stock (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 28, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock, common, shares | 15,162,050 | 15,302,345 | 15,210,233 | ||
Preferred stock, par or stated value per share | $ 0.01 | ||||
Preferred stock, shares outstanding | 0 | 0 | 0 | ||
Treasury shares purchased | $ 50,596,000 | ||||
Share repurchase program [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock, shares, acquired | 0 | 0 | 4,317,278 | ||
Stock repurchase program, authorized amount | $ 100,000,000 | ||||
Treasury stock acquired, average cost per share | $ 11.72 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 33,500,000 | ||||
Employee Stock Purchase Plan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Preferred stock, shares authorized | 1,000,000 | ||||
Treasury stock, shares, acquired | 234,901 | 292,168 | 215,760 | ||
Treasury stock issued during period | 375,196 | 200,056 | 155,650 | ||
Restricted stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury shares purchased | $ 1,229,000 | $ 2,283,000 | $ 2,534,000 | ||
Convertible Notes due 2017 [Member] | Convertible debt [Member] | Share repurchase program [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchased face amount | $ 11,200,000 | ||||
Convertible Notes due 2017 [Member] | Senior notes [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchased face amount | 89,300,000 | ||||
Debt instrument, face amount | 172,500,000 | ||||
Convertible Notes due 2017 [Member] | Senior notes [Member] | Share repurchase program [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Purchase Of senior notes | $ 9,200,000 | ||||
Debt authorized repurchase amount | $ 78,100,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator | |||
Basic - income (loss) from continuing operations | $ (40,712) | $ (90,828) | $ 79,009 |
Assumed conversions of Convertible Notes due 2017 | 0 | 0 | 5,091 |
Diluted - adjusted income (loss) from continuing operations | $ (40,712) | $ (90,828) | $ 84,100 |
Denominator | |||
Basic - weighted average common shares outstanding (in shares) | 83,697 | 82,722 | 82,999 |
Dilutive effect of stock options and restricted stock awards (in shares) | 0 | 0 | 1,733 |
Diluted weighted average number of common shares outstanding (in shares) | 83,697 | 82,722 | 100,414 |
Income (loss) from continuing operations (in dollars per share) | $ (0.49) | $ (1.10) | $ 0.95 |
Income (loss) from continuing operations (in dollars per share) | $ (0.49) | $ (1.10) | $ 0.84 |
Convertible Notes due 2017 [Member] | Convertible debt [Member] | |||
Denominator | |||
Dilutive effect of the convertible notes (in shares) | 0 | 0 | 15,682 |
Convertible Notes due 2021 [Member] | Convertible debt [Member] | |||
Denominator | |||
Dilutive effect of the convertible notes (in shares) | 0 | 0 | 0 |
Earnings Per Share (Details 2)
Earnings Per Share (Details 2) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options and restricted stock-based awards | 7,482 | 3,884 | 788 |
Convertible Notes due 2017 [Member] | Convertible debt [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options and restricted stock-based awards | 14,295 | 15,682 | 0 |
Convertible Notes due 2021 [Member] | Convertible debt [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options and restricted stock-based awards | 0 | 0 | 0 |
Stock Based Compensation and 66
Stock Based Compensation and Other Benefit Plans (Details Textual) | 1 Months Ended | 12 Months Ended | ||
May 31, 2014USD ($) | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | |
Options granted | shares | 1,242,856 | |||
Dividend yield | 0.00% | |||
Value of options exercised | $ 141,000 | $ 325,000 | $ 3,200,000 | |
Proceeds from options exercised | 700,000 | 600,000 | 3,400,000 | |
Tax benefit from compensation expense | 2,300,000 | 2,600,000 | 2,600,000 | |
Tax benefits from exercise of stock options | $ 100,000 | 100,000 | 1,000,000 | |
Maximum annual contributions per employee (percent) | 50.00% | |||
Employer discretionary contribution amount | $ 881,000 | $ 3,231,000 | $ 3,600,000 | |
Restricted stock [Member] | ||||
Estimated fair value at date of grant | $ / shares | $ 4.50 | |||
Employee Stock Option [Member] | ||||
Vesting period | 3 years | |||
Expiration period | 10 years | |||
Dividend yield | 0.00% | 0.00% | 0.00% | |
Stock Appreciation Rights (SARs) [Member] | ||||
Cash settlement of stock appreciation rights | $ / shares | $ 7.89 | |||
Cash settled stock appreciation rights fair value | $ / shares | $ 1.71438 | |||
Share-based arrangement, liability | $ 100,000 | |||
Performance Based Restricted Stock Units [Member] | ||||
Estimated fair value at date of grant | $ / shares | $ 5.18 | $ 10.06 | $ 12.55 | |
Dividend yield | 0.00% | 0.00% | 0.00% | |
Allocated share-based compensation expense | $ 982,000 | $ 1,119,000 | $ 500,000 | |
Vested (in dollars) | 400,000 | |||
Restricted Stock Units and Restricted Stock Awards [Member] | ||||
Tax benefit from compensation expense | 1,524,000 | 2,037,000 | 2,800,000 | |
Allocated share-based compensation expense | 8,615,000 | 10,074,000 | 8,600,000 | |
Compensation cost not yet recognized | $ 10,900,000 | |||
Period for recognition | 1 year 9 months 18 days | |||
Fair value of shares vested | $ 3,896,000 | $ 8,061,000 | $ 9,000,000 | |
Restricted Stock Units and Restricted Stock Awards [Member] | Minimum [Member] | ||||
Vesting period | 3 years | |||
Restricted Stock Units and Restricted Stock Awards [Member] | Maximum [Member] | ||||
Vesting period | 4 years | |||
The 2014 Director Plan [Member] | ||||
Number of shares authorized | shares | 1,000,000 | |||
Shares available for grant | shares | 602,972 | |||
The 2014 Director Plan [Member] | Non-employee Directors [Member] | ||||
Number of restricted shares granted | $ 150,000 | |||
The 2014 Director Plan [Member] | Non-employee Directors [Member] | Restricted stock [Member] | ||||
Granted, restricted stock | shares | 212,961 | |||
Estimated fair value at date of grant | $ / shares | $ 4.32 | |||
The 2014 Director Plan [Member] | Board of Directors Chairman [Member] | ||||
Number of restricted shares granted | $ 170,000 | |||
2015 Plan [Member] | ||||
Shares available for grant | shares | 650,951 | |||
2015 Plan [Member] | Minimum [Member] | ||||
Number of shares authorized | shares | 6,000,000 | |||
2015 Plan [Member] | Maximum [Member] | ||||
Number of shares authorized | shares | 7,800,000 | |||
2015 Plan [Member] | Full Value Awards [Member] | ||||
Shares available for grant reduction rate | 1.78 | |||
2015 Plan [Member] | Grants of Stock Options and Stock Appreciation Rights [Member] | ||||
Shares available for grant reduction rate | 1 | |||
2006 Equity Incentive Plan [Member] | ||||
Shares available for grant | shares | 0 | |||
Participants Contributions Up to 3 Percent of Compensation [Member] | ||||
Employer matching contribution, percent of employees' gross pay | 3.00% | |||
Employer matching contribution, percent of match | 100.00% | |||
Participants Contributions from 3 Percent to 6 Percent of Compensation [Member] | ||||
Options granted | shares | 1,242,856 | |||
Employer matching contribution, percent of match | 50.00% | |||
Participants Contributions from 3 Percent to 6 Percent of Compensation [Member] | Minimum [Member] | ||||
Employer matching contribution, percent of employees' gross pay | 3.00% | |||
Participants Contributions from 3 Percent to 6 Percent of Compensation [Member] | Maximum [Member] | ||||
Employer matching contribution, percent of employees' gross pay | 6.00% |
Stock Based Compensation and 67
Stock Based Compensation and Other Benefit Plans - Stock Options Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding at beginning of period (in shares) | 3,887,833 | ||
Outstanding at beginning of period (in dollars per share) | $ 7.96 | ||
Options granted | 1,242,856 | ||
Weighted-average exercise price of the stock on the date of grant | $ 4.32 | $ 9 | $ 11.20 |
Exercised (in shares) | (125,017) | ||
Exercised (in dollars per share) | $ 5.80 | ||
Expired or cancelled (in shares) | (320,833) | ||
Expired or cancelled (in dollars per share) | $ 8.43 | ||
Outstanding at end of period (in shares) | 4,684,839 | 3,887,833 | |
Outstanding at end of period (in dollars per share) | $ 7.02 | $ 7.96 | |
Outstanding at end of period | 6 years 51 days | ||
Outstanding at end of period | $ 7,130,887 | ||
Vested or expected to vest at end of period (in shares) | 4,592,882 | ||
Vested or expected to vest at end of period (in dollars per share) | $ 7.06 | ||
Vested or expected to vest at end of period | 6 years 29 days | ||
Vested or expected to vest at end of period | $ 6,878,173 | ||
Options exercisable at end of period (in shares) | 2,910,115 | ||
Options exercisable at end of period (in dollars per share) | $ 7.67 | ||
Options exercisable at end of period | 4 years 146 days | ||
Options exercisable at end of period | $ 3,235,311 |
- Weighted Average Assumptions,
- Weighted Average Assumptions, Options (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividend yield | 0.00% | ||
Employee Stock Option [Member] | |||
Risk-free interest rate | 1.38% | 1.57% | 1.53% |
Expected life of the option in years | 5 years 80 days | 5 years 80 days | 5 years 80 days |
Expected volatility | 50.50% | 47.30% | 48.60% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock Based Compensation and 69
Stock Based Compensation and Other Benefit Plans - Weighted-average Exercise Price and Weighted-Average Grant Date Fair Value, Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average exercise price of the stock on the date of grant | $ 4.32 | $ 9 | $ 11.20 |
Weighted-average grant date fair value on the date of grant | $ 1.97 | $ 3.91 | $ 4.97 |
Stock Based Compensation and 70
Stock Based Compensation and Other Benefit Plans - Stock Appreciation Rights Activity (Details) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended |
Dec. 31, 2016shares | |
Outstanding at beginning of period (in shares) | 103,133 |
Exercised (in shares) | 0 |
Expired or cancelled (in shares) | (33,633) |
Outstanding at end of period (in shares) | 69,500 |
Exercisable at end of period (in shares) | 69,500 |
Stock Based Compensation and 71
Stock Based Compensation and Other Benefit Plans - Performance-Based Restricted Stock Units (Details) - Performance Based Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 230,790 | 136,881 | 110,497 |
Range of payout of shares for each executive, minimum | 0.00% | 0.00% | 0.00% |
Range of payout of shares for each executive, maximum | 150.00% | 150.00% | 150.00% |
Estimated fair value at date of grant | $ 5.18 | $ 10.06 | $ 12.55 |
Stock Based Compensation and 72
Stock Based Compensation and Other Benefit Plans - Weighted Average Assumptions, Restricted Stock Units (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 16, 2016 | May 19, 2015 | May 16, 2014 | |
Dividend yield | 0.00% | |||||
Performance Based Restricted Stock Units [Member] | ||||||
Risk-free interest rate | 0.95% | 1.02% | 0.81% | |||
Average closing price(1) | $ 4.69 | $ 8.96 | $ 11.28 | |||
Expected volatility | 46.89% | 38.40% | 44.50% | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock Based Compensation and 73
Stock Based Compensation and Other Benefit Plans - Restricted Stock Activity (Details) - Performance Based Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding at beginning of period (in shares) | 335,329 | ||
Outstanding at beginning of period (in dollars per share) | $ 11.69 | ||
Granted (in shares) | 230,790 | 136,881 | 110,497 |
Granted (in dollars per share) | $ 5.18 | $ 10.06 | $ 12.55 |
Vested (in shares) | (58,072) | ||
Vested (in dollars per share) | $ 13.11 | ||
Forfeited (in shares) | (60,863) | ||
Forfeited (in dollars per share) | $ 12.51 | ||
Outstanding at the end of period (in shares) | 447,184 | 335,329 | |
Outstanding at the end of period (in dollars per share) | $ 8.06 | $ 11.69 |
Stock Based Compensation and 74
Stock Based Compensation and Other Benefit Plans - Time-vested Restricted Stock (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Restricted stock [Member] | |
Outstanding at beginning of period (in shares) | shares | 881,345 |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 11 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 262,961 |
Estimated fair value at date of grant | $ / shares | $ 4.50 |
Vested (in shares) | shares | (449,342) |
Vested (in dollars per share) | $ / shares | $ 10.50 |
Forfeited (in shares) | shares | (99,429) |
Forfeited (in dollars per share) | $ / shares | $ 11.30 |
Outstanding at the end of period (in shares) | shares | 595,535 |
Outstanding at the end of period (in dollars per share) | $ / shares | $ 8.45 |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at beginning of period (in shares) | shares | 1,133,543 |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 9.11 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 1,534,994 |
Estimated fair value at date of grant | $ / shares | $ 4.36 |
Vested (in shares) | shares | (332,043) |
Vested (in dollars per share) | $ / shares | $ 9.30 |
Forfeited (in shares) | shares | (153,465) |
Forfeited (in dollars per share) | $ / shares | $ 8.04 |
Outstanding at the end of period (in shares) | shares | 2,183,029 |
Outstanding at the end of period (in dollars per share) | $ / shares | $ 5.82 |
Segment and Related Informati75
Segment and Related Information (Details Textual) $ in Thousands | Nov. 01, 2015USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2016employee | Sep. 30, 2015employee | Dec. 31, 2016USD ($)segments | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2016employee |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segments | 2 | ||||||||||
Supplemental unemployment benefits, severance benefits | $ 300 | $ 3,300 | $ 300 | $ 3,300 | |||||||
Asset impairment charges | 12,523 | 75,508 | $ 0 | ||||||||
Impairment of Long-Lived Assets Held-for-use | 4,286 | 2,625 | |||||||||
Inventory write-down | 4,075 | 2,163 | |||||||||
Goodwill, impairment loss | 3,104 | 70,720 | |||||||||
Impairments and other charges | 6,745 | 78,345 | $ 0 | ||||||||
Fluids systems [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Asset impairment charges | $ 2,200 | ||||||||||
Inventory write-down | 2,600 | ||||||||||
Goodwill, impairment loss | $ 70,700 | 70,720 | |||||||||
Mats and integrated services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill, impairment loss | 0 | ||||||||||
Discontinued operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segments | 2 | ||||||||||
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring and related cost, number of positions eliminated | employee | 190 | 436 | 626 | ||||||||
Percentage of workforce reduction | 48.00% | ||||||||||
Uruguay [Member] | Corporate office [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Asset write downs and litigation settlement | $ 14,800 | 80,500 | |||||||||
Uruguay [Member] | Fluids systems [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Asset write downs and litigation settlement | 15,500 | $ 75,500 | |||||||||
Impairment of Long-Lived Assets Held-for-use | 500 | ||||||||||
Exit costs | 2,000 | $ 2,500 | |||||||||
Asia Pacific [Member] | Fluids systems [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Asset impairment charges | $ 6,900 | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 3,800 | ||||||||||
Inventory write-down | 2,600 | ||||||||||
Goodwill, impairment loss | $ 3,100 | ||||||||||
Cost of sales [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Asset impairment charges | 4,100 | ||||||||||
Impairments and other charges | 8,038 | ||||||||||
Cost of sales [Member] | Uruguay [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Inventory write-down | 4,500 | ||||||||||
Exit costs | 4,000 | ||||||||||
Composite mats [Member] | Mats and integrated services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Reduction In depreciation expense | $ 6,100 | ||||||||||
Sales revenue, net [Member] | Sonatrach [Member] | Customer concentration risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 14.00% | ||||||||||
Threatened litigation [Member] | Wage and hour litigation [Member] | Unfavorable regulatory action [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Litigation settlement, amount | $ 700 | ||||||||||
Settled litigation [Member] | Unfavorable regulatory action [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Litigation settlement, amount | $ (5,000) |
Segment and Related Informati76
Segment and Related Information - Financial Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||||||||||
Revenues | $ 471,496 | $ 676,865 | $ 1,118,416 | ||||||||
Depreciation and Amortization | |||||||||||
Depreciation and amortization | 37,955 | 43,917 | 42,030 | ||||||||
Operating Income (loss) | |||||||||||
Operating Income (loss) | $ (8,198) | $ (15,055) | $ (15,135) | $ (18,825) | $ (94,282) | $ (9,263) | $ (1,682) | $ 6,128 | (57,213) | (99,099) | 130,596 |
Segment Assets | |||||||||||
Assets | 798,183 | 848,893 | 798,183 | 848,893 | 1,007,672 | ||||||
Capital Expenditures | |||||||||||
Capital expenditures | 38,440 | 69,404 | 105,942 | ||||||||
Fluids systems [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 395,461 | 581,136 | 965,049 | ||||||||
Depreciation and Amortization | |||||||||||
Depreciation and amortization | 20,746 | 22,108 | 22,934 | ||||||||
Operating Income (loss) | |||||||||||
Operating Income (loss) | (43,631) | (86,770) | 95,600 | ||||||||
Segment Assets | |||||||||||
Assets | 522,488 | 549,827 | 522,488 | 549,827 | 778,148 | ||||||
Capital Expenditures | |||||||||||
Capital expenditures | 32,310 | 40,533 | 36,626 | ||||||||
Mats and integrated services [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 76,035 | 95,729 | 153,367 | ||||||||
Depreciation and Amortization | |||||||||||
Depreciation and amortization | 14,227 | 18,869 | 15,507 | ||||||||
Operating Income (loss) | |||||||||||
Operating Income (loss) | 14,741 | 24,949 | 70,526 | ||||||||
Segment Assets | |||||||||||
Assets | 164,515 | 172,415 | 164,515 | 172,415 | 175,318 | ||||||
Capital Expenditures | |||||||||||
Capital expenditures | 4,637 | 27,456 | 64,101 | ||||||||
Corporate [Member] | |||||||||||
Depreciation and Amortization | |||||||||||
Depreciation and amortization | 2,982 | 2,940 | 2,734 | ||||||||
Operating Income (loss) | |||||||||||
Operating Income (loss) | (28,323) | (37,278) | (35,530) | ||||||||
Segment Assets | |||||||||||
Assets | $ 111,180 | $ 126,651 | 111,180 | 126,651 | 54,206 | ||||||
Capital Expenditures | |||||||||||
Capital expenditures | 1,493 | 1,415 | 5,215 | ||||||||
Environmental services [Member] | |||||||||||
Depreciation and Amortization | |||||||||||
Depreciation and amortization | 900 | ||||||||||
Capital Expenditures | |||||||||||
Capital expenditures | 1,000 | ||||||||||
Continuing operations [Member] | |||||||||||
Depreciation and Amortization | |||||||||||
Depreciation and amortization | $ 37,955 | $ 43,917 | $ 41,175 |
Segment and Related Informati77
Segment and Related Information - Employee Termination Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Severance costs | $ 4,572 | $ 8,163 |
Fluids systems [Member] | ||
Segment Reporting Information [Line Items] | ||
Severance costs | 4,125 | 7,218 |
Mats and integrated services [Member] | ||
Segment Reporting Information [Line Items] | ||
Severance costs | 285 | 717 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Severance costs | 162 | 228 |
Cost of sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Severance costs | 3,647 | 5,664 |
Selling, general and administrative expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Severance costs | $ 925 | $ 2,499 |
Segment and Related Informati78
Segment and Related Information - Financial Information by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $ 137,083 | $ 104,554 | $ 115,315 | $ 114,544 | $ 150,587 | $ 154,170 | $ 163,644 | $ 208,464 | $ 471,496 | $ 676,865 | $ 1,118,416 |
Long-Lived Assets | 333,496 | 340,694 | 333,496 | 340,694 | 392,992 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 214,026 | 384,147 | 748,845 | ||||||||
Long-Lived Assets | 274,746 | 275,109 | 274,746 | 275,109 | 294,762 | ||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 34,176 | 52,851 | 79,516 | ||||||||
Long-Lived Assets | 3,922 | 552 | 3,922 | 552 | 10,044 | ||||||
Algeria [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 80,936 | 65,272 | 58,417 | ||||||||
EMEA [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 96,654 | 109,252 | 118,827 | ||||||||
Long-Lived Assets | 48,047 | 50,759 | 48,047 | 50,759 | 55,560 | ||||||
Latin America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 41,035 | 47,240 | 85,244 | ||||||||
Long-Lived Assets | 4,842 | 4,543 | 4,842 | 4,543 | 6,635 | ||||||
Asia Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 4,669 | 18,103 | 27,567 | ||||||||
Long-Lived Assets | $ 1,939 | $ 9,731 | $ 1,939 | $ 9,731 | $ 25,991 |
Supplemental Cash Flow and Ot79
Supplemental Cash Flow and Other Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Significant Noncash Transactions [Line Items] | |||
Accrual for capital expenditures | $ 2,000 | $ 3,900 | $ 1,200 |
Accrued liabilities | 31,152 | 45,835 | |
Accrued liabilities current [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Accrued liabilities | 31,200 | 45,800 | |
Employee-related liabilities | $ 11,900 | $ 15,100 |
Supplemental Cash Flow and Ot80
Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Goodwill, impairment loss | $ 3,104 | $ 70,720 | |
Impairment of Long-Lived Assets Held-for-use | 4,286 | 2,625 | |
Inventory write-down | 4,075 | 2,163 | |
Write off of Deferred Debt Issuance Cost | 1,058 | 0 | |
Impairments and other non-cash charges | $ 12,523 | $ 75,508 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of a business | $ 0 | $ 0 | $ 89,766,000 | |
Gain from disposal of discontinued operations before income taxes | 0 | 0 | 33,974,000 | |
Gain from disposal of discontinued operations, net of tax | 0 | $ 0 | 22,117,000 | |
Environmental services [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses | $ 100,000,000 | |||
Proceeds from sale of a business | 89,800,000 | |||
Gain from disposal of discontinued operations before income taxes | 34,000,000 | |||
Gain from disposal of discontinued operations, net of tax | 22,100,000 | |||
Ecoserv [Member] | Environmental services [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Escrow deposit | 8,000,000 | 8,000,000 | ||
Released 9 months from closing date | Ecoserv [Member] | Environmental services [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Escrow deposit | $ 4,000,000 | 4,000,000 | ||
Released 18 months from closing date | Ecoserv [Member] | Environmental services [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Escrow deposit | $ 4,000,000 | $ 4,000,000 |
Discontinued Operations (Deta82
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenues | $ 11,744 | ||
Income from discontinued operations before income taxes | 1,770 | ||
Income from discontinued operations, net of tax | $ 0 | $ 0 | 1,152 |
Gain from disposal of discontinued operations before income taxes | 0 | 0 | 33,974 |
Gain from disposal of discontinued operations, net of tax | $ 0 | $ 0 | $ 22,117 |
Commitments and Contingencies83
Commitments and Contingencies (Details Textual) | Oct. 25, 2016employee | Mar. 31, 2015case | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)caseemployee | Dec. 31, 2014USD ($)employee | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2014USD ($) |
Loss Contingencies [Line Items] | ||||||||||
Guarantee obligations due to closure of bonds | $ 384,000 | $ 384,000 | ||||||||
Asset retirement obligation | $ 962,000 | $ 839,000 | $ 962,000 | $ 962,000 | 839,000 | |||||
Minimum [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Operating lease term | 1 year | |||||||||
Maximum [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Operating lease term | 10 years | |||||||||
Settled litigation [Member] | Unfavorable regulatory action [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement, amount | $ (5,000,000) | |||||||||
Wage and hour litigation [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, new claims filed, number | case | 2 | |||||||||
Wage and hour litigation [Member] | Threatened litigation [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, number of plaintiffs | employee | 5 | |||||||||
Loss contingency, new claims filed, number | case | 2 | |||||||||
Loss contingency, pending claims, number | case | 8 | |||||||||
Wage and hour litigation [Member] | Threatened litigation [Member] | Unfavorable regulatory action [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement, amount | 700,000 | |||||||||
Loss contingency, number of defendants | employee | 379 | |||||||||
Loss contingency, percentage of participating employees eligible for settlement | 67.00% | |||||||||
Payments for legal settlement | 4,500,000 | |||||||||
Wage and hour litigation [Member] | Judicial ruling [Member] | Unfavorable regulatory action [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss contingency, employees eligible for settlement | employee | 569 | |||||||||
Ecoserv [Member] | Environmental services [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Escrow deposit | $ 8,000,000 | $ 8,000,000 | $ 8,000,000 | |||||||
Released 9 months from closing date | Ecoserv [Member] | Environmental services [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Escrow deposit | 4,000,000 | 4,000,000 | $ 4,000,000 | |||||||
Released 18 months from closing date | Ecoserv [Member] | Environmental services [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Escrow deposit | 4,000,000 | $ 4,000,000 | 4,000,000 | $ 4,000,000 | 4,000,000 | |||||
Letters of credit in favor of insurance company [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Operating leases, rent expense | 21,000,000 | 22,600,000 | $ 25,500,000 | |||||||
Other commitment | 3,032,000 | $ 3,332,000 | 3,032,000 | 3,032,000 | 3,332,000 | |||||
Health claims [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Threshold for claims to be insured by third party insurers | 250,000 | |||||||||
Accrued liabilities for uninsured portion of claims | 800,000 | 950,000 | 800,000 | 800,000 | 950,000 | |||||
Workers compensation auto and general liability claims [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Threshold for claims to be insured by third party insurers | 750,000 | |||||||||
Accrued liabilities for uninsured portion of claims | $ 1,891,000 | $ 2,467,000 | $ 1,891,000 | $ 1,891,000 | $ 2,467,000 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 9,310 |
2,018 | 6,128 |
2,019 | 4,724 |
2,020 | 3,805 |
2,021 | 3,342 |
Thereafter | 9,780 |
Operating Leases, Future Minimum Payments Due | $ 37,089 |
Supplemental Selected Quarter85
Supplemental Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 137,083 | $ 104,554 | $ 115,315 | $ 114,544 | $ 150,587 | $ 154,170 | $ 163,644 | $ 208,464 | $ 471,496 | $ 676,865 | $ 1,118,416 |
Operating Income (loss) | (8,198) | (15,055) | (15,135) | (18,825) | (94,282) | (9,263) | (1,682) | 6,128 | (57,213) | (99,099) | 130,596 |
Net income (loss) | $ (57) | $ (13,451) | $ (13,904) | $ (13,300) | $ (83,096) | $ (4,471) | $ (4,254) | $ 993 | $ (40,712) | $ (90,828) | $ 102,278 |
Net income (loss) (in dollars per share) | $ 0 | $ (0.16) | $ (0.17) | $ (0.16) | $ (1) | $ (0.05) | $ (0.05) | $ 0.01 | $ (0.49) | $ (1.10) | $ 1.23 |
Net income (loss) (in dollars per share) | $ 0 | $ (0.16) | $ (0.17) | $ (0.16) | $ (1) | $ (0.05) | $ (0.05) | $ 0.01 | $ (0.49) | $ (1.10) | $ 1.07 |
Supplemental Selected Quarter86
Supplemental Selected Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands | Nov. 01, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||||||||
Inventory write-down | $ 4,075 | $ 2,163 | ||||||
Asset impairment charges | 12,523 | 75,508 | $ 0 | |||||
Impairment of Long-Lived Assets Held-for-use | 4,286 | 2,625 | ||||||
Goodwill, impairment loss | 3,104 | 70,720 | ||||||
Fluids systems [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Inventory write-down | 2,600 | |||||||
Asset impairment charges | $ 2,200 | |||||||
Goodwill, impairment loss | 70,700 | 70,720 | ||||||
Asia Pacific [Member] | Fluids systems [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Inventory write-down | $ 2,600 | |||||||
Asset impairment charges | $ 6,900 | |||||||
Impairment of Long-Lived Assets Held-for-use | 3,800 | |||||||
Goodwill, impairment loss | $ 3,100 | |||||||
Uruguay [Member] | Fluids systems [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Exit costs | $ 2,000 | $ 2,500 | ||||||
Impairment of Long-Lived Assets Held-for-use | 500 | |||||||
Asset write downs and litigation settlement | 15,500 | 75,500 | ||||||
Uruguay [Member] | Corporate office [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Asset write downs and litigation settlement | $ 14,800 | $ 80,500 | ||||||
Settled litigation [Member] | Unfavorable regulatory action [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation settlement, amount | $ (5,000) |