Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 29, 2019 | |
Cover page. | ||
Entity Registrant Name | NEWPARK RESOURCES INC | |
Entity Central Index Key | 0000071829 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-02960 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1123385 | |
Entity Address, Address Line One | 9320 Lakeside Boulevard, | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77381 | |
City Area Code | 281 | |
Local Phone Number | 362-6800 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | NR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 90,062,087 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 49,035 | $ 56,118 |
Receivables, net | 249,197 | 254,394 |
Inventories | 193,464 | 196,896 |
Prepaid expenses and other current assets | 23,671 | 15,904 |
Total current assets | 515,367 | 523,312 |
Property, plant and equipment, net | 316,597 | 316,293 |
Operating lease assets | 27,365 | |
Goodwill | 43,889 | 43,832 |
Other intangible assets, net | 23,285 | 25,160 |
Deferred tax assets | 4,632 | 4,516 |
Other assets | 3,363 | 2,741 |
Total assets | 934,498 | 915,854 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 5,657 | 2,522 |
Accounts payable | 96,359 | 90,607 |
Accrued liabilities | 42,205 | 48,797 |
Total current liabilities | 144,221 | 141,926 |
Long-term debt, less current portion | 156,655 | 159,225 |
Noncurrent operating lease liabilities | 21,850 | |
Deferred tax liabilities | 36,936 | 37,486 |
Other noncurrent liabilities | 8,707 | 7,536 |
Total liabilities | 368,369 | 346,173 |
Commitments and contingencies (Note 9) | ||
Common stock, $0.01 par value (200,000,000 shares authorized and 106,696,719 and 106,362,991 shares issued, respectively) | 1,067 | 1,064 |
Paid-in capital | 618,626 | 617,276 |
Accumulated other comprehensive loss | (67,873) | (67,673) |
Retained earnings | 153,395 | 148,802 |
Treasury stock, at cost (16,858,005 and 15,530,952 shares, respectively) | (139,086) | (129,788) |
Total stockholders’ equity | 566,129 | 569,681 |
Total liabilities and stockholders’ equity | $ 934,498 | $ 915,854 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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) | 106,696,719 | 106,362,991 |
Treasury stock, shares (in shares) | 16,858,005 | 15,530,952 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 216,412 | $ 236,262 | $ 427,885 | $ 463,555 |
Cost of revenues | 177,933 | 188,480 | 352,909 | 374,935 |
Selling, general and administrative expenses | 28,037 | 28,708 | 58,779 | 55,662 |
Other operating income, net | (472) | (69) | (396) | (23) |
Operating income | 10,914 | 19,143 | 16,593 | 32,981 |
Foreign currency exchange (gain) loss | 990 | 458 | (72) | 683 |
Interest expense, net | 3,523 | 3,691 | 7,179 | 6,991 |
Income before income taxes | 6,401 | 14,994 | 9,486 | 25,307 |
Provision for income taxes | 2,095 | 4,148 | 3,898 | 7,239 |
Net income | $ 4,306 | $ 10,846 | $ 5,588 | $ 18,068 |
Net income per common share - basic (in dollars per share) | $ 0.05 | $ 0.12 | $ 0.06 | $ 0.20 |
Net income per common share - diluted (in dollars per share) | $ 0.05 | $ 0.12 | $ 0.06 | $ 0.19 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,306 | $ 10,846 | $ 5,588 | $ 18,068 |
Foreign currency translation adjustments (net of tax benefit (expense) of $(179), $1,486, $(109), $987) | 1,721 | (9,212) | (200) | (9,878) |
Comprehensive income | $ 6,027 | $ 1,634 | $ 5,388 | $ 8,190 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax | $ (179) | $ 1,486 | $ (109) | $ 987 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock |
Beginning balance at Dec. 31, 2017 | $ 547,480 | $ 1,046 | $ 603,849 | $ (53,219) | $ 123,375 | $ (127,571) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 18,068 | 18,068 | ||||
Employee stock options, restricted stock and employee stock purchase plan | 969 | 15 | 2,970 | (90) | (1,926) | |
Stock-based compensation expense | 4,848 | 4,848 | ||||
Foreign currency translation, net of tax | (9,878) | (9,878) | ||||
Ending balance at Jun. 30, 2018 | 554,723 | 1,061 | 611,667 | (63,097) | 134,589 | (129,497) |
Beginning balance at Mar. 31, 2018 | 550,215 | 1,046 | 606,491 | (53,885) | 123,743 | (127,180) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10,846 | 10,846 | ||||
Employee stock options, restricted stock and employee stock purchase plan | 315 | 15 | 2,617 | (2,317) | ||
Stock-based compensation expense | 2,559 | 2,559 | ||||
Foreign currency translation, net of tax | (9,212) | (9,212) | ||||
Ending balance at Jun. 30, 2018 | 554,723 | 1,061 | 611,667 | (63,097) | 134,589 | (129,497) |
Beginning balance at Dec. 31, 2018 | 569,681 | 1,064 | 617,276 | (67,673) | 148,802 | (129,788) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 5,588 | 5,588 | ||||
Employee stock options, restricted stock and employee stock purchase plan | (277) | 3 | (5,524) | (995) | 6,239 | |
Stock-based compensation expense | 6,874 | 6,874 | ||||
Treasury shares purchased at cost | (15,537) | (15,537) | ||||
Foreign currency translation, net of tax | (200) | (200) | ||||
Ending balance at Jun. 30, 2019 | 566,129 | 1,067 | 618,626 | (67,873) | 153,395 | (139,086) |
Beginning balance at Mar. 31, 2019 | 569,788 | 1,064 | 622,554 | (69,594) | 150,084 | (134,320) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,306 | 4,306 | ||||
Employee stock options, restricted stock and employee stock purchase plan | (1,067) | 3 | (5,833) | (995) | 5,758 | |
Stock-based compensation expense | 1,905 | 1,905 | ||||
Treasury shares purchased at cost | (10,524) | (10,524) | ||||
Foreign currency translation, net of tax | 1,721 | 1,721 | ||||
Ending balance at Jun. 30, 2019 | $ 566,129 | $ 1,067 | $ 618,626 | $ (67,873) | $ 153,395 | $ (139,086) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 5,588 | $ 18,068 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 23,070 | 22,755 |
Stock-based compensation expense | 6,874 | 4,848 |
Provision for deferred income taxes | (1,514) | 243 |
Net provision for doubtful accounts | 789 | 1,229 |
Gain on sale of assets | (5,128) | (371) |
Amortization of original issue discount and debt issuance costs | 2,973 | 2,643 |
Change in assets and liabilities: | ||
(Increase) decrease in receivables | 6,583 | (1,185) |
(Increase) decrease in inventories | 3,868 | (21,459) |
Increase in other assets | (5,058) | (3,417) |
Increase in accounts payable | 6,207 | 6,659 |
Decrease in accrued liabilities and other | (10,012) | (9,326) |
Net cash provided by operating activities | 34,240 | 20,687 |
Cash flows from investing activities: | ||
Capital expenditures | (23,866) | (24,458) |
Proceeds from sale of property, plant and equipment | 5,708 | 920 |
Refund of proceeds from sale of a business | 0 | (13,974) |
Business acquisitions, net of cash acquired | 0 | (249) |
Net cash used in investing activities | (18,158) | (37,761) |
Cash flows from financing activities: | ||
Borrowings on lines of credit | 135,952 | 203,716 |
Payments on lines of credit | (141,317) | (171,796) |
Debt issuance costs | (917) | (11) |
Proceeds from employee stock plans | 1,090 | 3,700 |
Purchases of treasury stock | (17,365) | (3,074) |
Other financing activities | 2,758 | 2,515 |
Net cash provided by (used in) financing activities | (19,799) | 35,050 |
Effect of exchange rate changes on cash | (125) | (2,926) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (3,842) | 15,050 |
Cash, cash equivalents, and restricted cash at beginning of period | 64,266 | 65,460 |
Cash, cash equivalents, and restricted cash at end of period | $ 60,424 | $ 80,510 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we collectively refer to as “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission (“SEC”), and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 . Our fiscal year end is December 31, our second quarter represents the three-month period ended June 30 , and our first half represents the six-month period ended June 30 . The results of operations for the second quarter and first half of 2019 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise noted, all currency amounts are stated in U.S. dollars. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of June 30, 2019 , our results of operations for the second quarter and first half of 2019 and 2018 , and our cash flows for the first half of 2019 and 2018 . All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2018 is derived from the audited consolidated financial statements at that date. The preparation of financial statements in conformity with U.S. 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. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2018 . New Accounting Pronouncements Standards Adopted in 2019 Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) amended the guidance related to the accounting for leases. The new guidance provides principles for the recognition, measurement, presentation, and disclosure of leases and requires lessees to recognize both assets and liabilities arising from finance and operating leases. The classification as either a finance 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. We adopted this new guidance as of January 1, 2019 using the modified retrospective transition method, and recorded approximately $28 million of operating lease assets and liabilities as of January 1, 2019, with no cumulative effect adjustment to retained earnings. The new guidance had no impact on our consolidated statements of operations or cash flows. Results for reporting periods beginning after December 31, 2018 are presented under the new guidance, while prior period amounts were not adjusted and continue to be reported in accordance with previous guidance. As permitted under the transition guidance within the new standard, we elected to carry forward the historical lease identification and classification for existing leases upon adoption. We have also made an accounting policy election to not recognize leases with an initial term of 12 months or less in the consolidated balance sheets. See Note 8 for additional required disclosures. Standards Not Yet Adopted Credit Losses. In June 2016, the FASB issued new guidance which requires financial assets measured at amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. The new guidance requires an entity to estimate its lifetime “expected credit loss” for such assets at inception which will generally result in the earlier recognition of allowances for losses. This guidance is effective for us in the first quarter of 2020 with early adoption permitted, and will be applied using a modified retrospective transition method through a cumulative-effect adjustment, if any, to retained earnings as of the date of adoption. As part of our assessment work to date, we have formed an implementation work team and conducted a preliminary analysis of the new guidance. Based on our current financial assets measured at amortized cost basis, we anticipate the new guidance will require us to reflect additional credit loss expense; 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 and related disclosures. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents the reconciliation of the numerator and denominator for calculating net income per share: Second Quarter First Half (In thousands, except per share data) 2019 2018 2019 2018 Numerator Net income - basic and diluted $ 4,306 $ 10,846 $ 5,588 $ 18,068 Denominator Weighted average common shares outstanding - basic 89,806 89,703 89,958 89,400 Dilutive effect of stock options and restricted stock awards 1,900 2,823 2,082 2,730 Dilutive effect of 2021 Convertible Notes — 1,265 — 636 Weighted average common shares outstanding - diluted 91,706 93,791 92,040 92,766 Net income per common share Basic $ 0.05 $ 0.12 $ 0.06 $ 0.20 Diluted $ 0.05 $ 0.12 $ 0.06 $ 0.19 We excluded the following weighted-average potential shares from the calculations of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive: Second Quarter First Half (In thousands) 2019 2018 2019 2018 Stock options and restricted stock awards 1,707 1,173 1,710 1,412 The 2021 Convertible Notes (as defined in Note 7) only impact the calculation of diluted net income per share in periods that the average price of our common stock, as calculated in accordance with the terms of the indenture governing the 2021 Convertible Notes, 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 2021 Convertible Notes as further described in Note 7. 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 per share. |
Repurchase Program
Repurchase Program | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Repurchase Program | Repurchase Program In November 2018, our Board of Directors authorized changes to our existing securities repurchase program. The authorization increased the amount under the repurchase program to $100 million , available for repurchases of any combination of our common stock and our 2021 Convertible Notes. The repurchase program has no specific term. Repurchases are expected to be funded from operating cash flows, available cash on hand, and borrowings under our ABL Facility (as defined in Note 7). 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. During the first half of 2019 , we repurchased an aggregate of 2,047,014 shares of our common stock under our Board authorized repurchase program for a total cost of $15.5 million . There were no shares repurchased under the program during the first half of 2018 . As of June 30, 2019 , we had $84.5 million of authorization remaining under the program. |
Stock-Based and Other Long-Term
Stock-Based and Other Long-Term Incentive Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based and Other Long-Term Incentive Compensation | Stock-Based and Other Long-Term Incentive Compensation During the second quarter of 2019 , our stockholders approved an amendment to the 2015 Employee Equity Incentive Plan (“2015 Plan”) to increase the number of shares authorized for issuance under the 2015 Plan from 9,800,000 to 12,300,000 shares and remove the fungible share counting provision. During the second quarter of 2019 , the Compensation Committee of our Board of Directors (“Compensation Committee”) approved equity-based compensation to executive officers and other key employees, consisting of 1,135,216 shares of restricted stock units which will primarily vest in equal installments over a three -year period. At June 30, 2019, 3,229,820 shares remained available for award under the 2015 Plan. In addition, non-employee directors received a grant of 104,900 shares of restricted stock awards which will 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 date. The weighted average grant-date fair value was $7.34 per share for both the restricted stock units and restricted stock awards. Also during the second quarter of 2019 , the Compensation Committee approved the issuance of cash-settled awards to certain executive officers, consisting of a target amount of $2.3 million of performance-based cash awards. The performance-based cash awards will be settled 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 performance period began June 1, 2019 and ends May 31, 2022, with the ending TSR price being equal to the average closing price of our shares over the 30-calendar days ending May 31, 2022 and the cash payout for each executive ranging from 0% to 200% of target. The performance-based cash awards are accrued as a liability award over the performance period based on the estimated fair value. The fair value of the performance-based cash awards is remeasured each period using a Monte-Carlo valuation model with changes in fair value recognized in the consolidated statements of operations. In February 2019, the Compensation Committee modified our retirement policy applicable to cash and equity awards granted to include our Chief Executive Officer and those officers who report to our Chief Executive Officer, whom were previously excluded from the retirement policy. In addition, the Compensation Committee also modified the retirement policy for certain vested stock options that remain outstanding to extend the exercise period available following the qualifying retirement of eligible employees. As a result of these modifications, we recognized a pretax charge of approximately $4.0 million in the first quarter of 2019. This charge primarily reflects the acceleration of expense, as well as the incremental value associated with modifications to extend the exercise period of outstanding options, for previously-granted awards for retirement eligible executive officers. |
Receivables
Receivables | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consisted of the following: (In thousands) June 30, 2019 December 31, 2018 Trade receivables: Gross trade receivables $ 242,009 $ 248,176 Allowance for doubtful accounts (9,473 ) (10,034 ) Net trade receivables 232,536 238,142 Income tax receivables 9,620 9,027 Other receivables 7,041 7,225 Total receivables, net $ 249,197 $ 254,394 Other receivables included $6.0 million and $6.3 million for value added, goods and service taxes related to foreign jurisdictions as of June 30, 2019 and December 31, 2018 , respectively. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: (In thousands) June 30, 2019 December 31, 2018 Raw materials: Fluids systems $ 144,699 $ 148,737 Mats and integrated services 6,380 1,485 Total raw materials 151,079 150,222 Blended fluids systems components 34,515 38,088 Finished goods - mats 7,870 8,586 Total inventories $ 193,464 $ 196,896 Raw materials for the Fluids Systems segment consists primarily of barite, chemicals, and other additives that are consumed in the production of our fluids systems. Raw materials for the Mats and Integrated Services segment consists primarily of resins, chemicals, and other materials used to manufacture composite mats, as well as materials that are consumed in providing spill containment and other services to our customers. Our blended fluids systems components consist of base fluid systems that have been either mixed internally at our blending facilities or purchased from third-party vendors. These base fluid systems require raw materials to be added, as needed to meet specified customer requirements. |
Financing Arrangements and Fair
Financing Arrangements and Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements and Fair Value of Financial Instruments | Financing Arrangements and Fair Value of Financial Instruments Financing arrangements consisted of the following: June 30, 2019 December 31, 2018 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt 2021 Convertible Notes $ 100,000 $ (15,097 ) $ 84,903 $ 100,000 $ (17,752 ) $ 82,248 ABL Facility 70,800 — 70,800 76,300 — 76,300 Other debt 6,609 — 6,609 3,199 — 3,199 Total debt 177,409 (15,097 ) 162,312 179,499 (17,752 ) 161,747 Less: Current portion (5,657 ) — (5,657 ) (2,522 ) — (2,522 ) Long-term debt $ 171,752 $ (15,097 ) $ 156,655 $ 176,977 $ (17,752 ) $ 159,225 2021 Convertible Notes. In December 2016, we issued $100.0 million of unsecured convertible senior notes (“2021 Convertible Notes”) 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 July 29, 2019 , 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 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. As of June 30, 2019 , the carrying amount of the debt component was $84.9 million , which is net of the unamortized debt discount and issuance costs of $13.5 million and $1.6 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% . Asset-Based Loan Facility. In May 2016, we entered into an asset-based revolving credit agreement which replaced our previous credit agreement. In October 2017, we entered into an Amended and Restated Credit Agreement and in March 2019, we entered into a First Amendment to Amended and Restated Credit Agreement (as amended, the “ABL Facility”). The March 2019 amendment increased the amount available for borrowings, reduced applicable borrowing rates, and extended the term. The ABL Facility provides financing of up to $200.0 million available for borrowings (inclusive of letters of credit) and can be increased up to a maximum capacity of $275.0 million , subject to certain conditions. As of June 30, 2019 , our total availability under the ABL Facility was $165.7 million , of which $70.8 million was drawn, resulting in remaining availability of $94.9 million . The ABL Facility terminates in March 2024; however, the ABL Facility has a springing maturity date that will accelerate the maturity of the ABL Facility to September 1, 2021 if, prior to such date, the 2021 Convertible Notes have not been repurchased, redeemed, refinanced, exchanged or otherwise satisfied in full or we have not escrowed an amount of funds, that together with the amount that we establish as a reserve against our borrowing capacity, is sufficient for the future settlement of the 2021 Convertible Notes at their maturity. 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 2021 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 also includes 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. 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. and (c) LIBOR, subject to a floor of zero, plus 100 basis points, plus, in each case, an applicable margin per annum. The applicable margin ranges from 150 to 200 basis points for LIBOR borrowings, and 50 to 100 basis points for base rate borrowings, based on the consolidated fixed charge coverage ratio as defined in the ABL Facility. As of June 30, 2019 , the applicable margin for borrowings under our ABL Facility was 150 basis points with respect to LIBOR borrowings and 50 basis points with respect to base rate borrowings. The weighted average interest rate for the ABL Facility was 4.3% at June 30, 2019 . In addition, we are required to pay a commitment fee on the unused portion of the ABL Facility ranging from 25 to 37.5 basis points, based on the level of outstanding borrowings, as defined in the ABL Facility. As of June 30, 2019 , the applicable commitment fee was 37.5 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 $22.5 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, India, and Canada maintain local credit arrangements consisting primarily of lines of credit which are renewed on an annual basis. We utilize local financing arrangements in our foreign operations in order to provide short-term local liquidity needs. We had $1.3 million and $1.1 million outstanding under these arrangements at June 30, 2019 and December 31, 2018 , respectively. At June 30, 2019 , we had letters of credit issued and outstanding of $8.9 million that are collateralized by $9.4 million in restricted cash. Additionally, our foreign operations had $39.3 million outstanding in letters of credit and other guarantees, primarily issued under a credit arrangement in Italy as well as certain letters of credit that are collateralized by $2.0 million in restricted cash. 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 2021 Convertible Notes, approximated their fair values at June 30, 2019 and December 31, 2018 . The estimated fair value of our 2021 Convertible Notes was $107.0 million at June 30, 2019 and $120.9 million at December 31, 2018 , based on quoted market prices at these respective dates. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases We lease certain office space, manufacturing facilities, warehouses, land, and equipment. Our leases have remaining terms ranging from 1 to 8 years with various extension and termination options. We consider these options in determining the lease term used to establish our operating lease assets and liabilities. Lease agreements with lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded in the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Leases consisted of the following: (In thousands) Balance Sheet Classification June 30, 2019 Assets: Operating Operating lease assets $ 27,365 Finance Property, plant and equipment, net 1,241 Total lease assets $ 28,606 Liabilities: Current: Operating Accrued liabilities $ 6,495 Finance Current debt 274 Noncurrent: Operating Noncurrent operating lease liabilities $ 21,850 Finance Long-term debt, less current portion 952 Total lease liabilities $ 29,571 Total operating lease expenses were $7.3 million for the second quarter of 2019 , of which $4.8 million related to short-term leases and $2.5 million related to leases recognized in the balance sheet. Total operating lease expenses were $14.4 million for the first half of 2019 , of which $9.4 million related to short-term leases and $5.0 million related to leases recognized in the balance sheet. Total operating lease expenses approximate cash paid during each period. Amortization and interest for finance leases are not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net. The maturity of lease liabilities as of June 30, 2019 is as follows: (In thousands) Operating Leases Finance Leases Total 2019 (remainder of year) $ 4,330 $ 168 $ 4,498 2020 6,234 320 6,554 2021 5,062 320 5,382 2022 3,987 320 4,307 2023 3,071 215 3,286 Thereafter 9,882 — 9,882 Total lease payments 32,566 1,343 33,909 Less: Interest 4,221 117 4,338 Present value of lease liabilities $ 28,345 $ 1,226 $ 29,571 During the second quarter and first half of 2019 , we entered into $1.5 million and $2.9 million , respectively, of new operating lease liabilities in exchange for leased assets. Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) Operating leases 6.5 Finance leases 4.2 Weighted-average discount rate Operating leases 4.3 % Finance leases 4.5 % As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting guidance, future minimum payments under non-cancelable operating leases at December 31, 2018, 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) 2019 $ 9,112 2020 5,707 2021 4,630 2022 3,816 2023 3,144 Thereafter 4,507 $ 30,916 |
Leases | Leases We lease certain office space, manufacturing facilities, warehouses, land, and equipment. Our leases have remaining terms ranging from 1 to 8 years with various extension and termination options. We consider these options in determining the lease term used to establish our operating lease assets and liabilities. Lease agreements with lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded in the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Leases consisted of the following: (In thousands) Balance Sheet Classification June 30, 2019 Assets: Operating Operating lease assets $ 27,365 Finance Property, plant and equipment, net 1,241 Total lease assets $ 28,606 Liabilities: Current: Operating Accrued liabilities $ 6,495 Finance Current debt 274 Noncurrent: Operating Noncurrent operating lease liabilities $ 21,850 Finance Long-term debt, less current portion 952 Total lease liabilities $ 29,571 Total operating lease expenses were $7.3 million for the second quarter of 2019 , of which $4.8 million related to short-term leases and $2.5 million related to leases recognized in the balance sheet. Total operating lease expenses were $14.4 million for the first half of 2019 , of which $9.4 million related to short-term leases and $5.0 million related to leases recognized in the balance sheet. Total operating lease expenses approximate cash paid during each period. Amortization and interest for finance leases are not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net. The maturity of lease liabilities as of June 30, 2019 is as follows: (In thousands) Operating Leases Finance Leases Total 2019 (remainder of year) $ 4,330 $ 168 $ 4,498 2020 6,234 320 6,554 2021 5,062 320 5,382 2022 3,987 320 4,307 2023 3,071 215 3,286 Thereafter 9,882 — 9,882 Total lease payments 32,566 1,343 33,909 Less: Interest 4,221 117 4,338 Present value of lease liabilities $ 28,345 $ 1,226 $ 29,571 During the second quarter and first half of 2019 , we entered into $1.5 million and $2.9 million , respectively, of new operating lease liabilities in exchange for leased assets. Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) Operating leases 6.5 Finance leases 4.2 Weighted-average discount rate Operating leases 4.3 % Finance leases 4.5 % As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting guidance, future minimum payments under non-cancelable operating leases at December 31, 2018, 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) 2019 $ 9,112 2020 5,707 2021 4,630 2022 3,816 2023 3,144 Thereafter 4,507 $ 30,916 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
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. While the outcome of litigation or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, has been incurred that is expected to have a material adverse impact on our consolidated financial statements. Kenedy, Texas Drilling Fluids Facility Fire In July 2018, a fire occurred at our Kenedy, Texas drilling fluids facility, destroying the distribution warehouse, including inventory and surrounding equipment. In addition, nearby residences and businesses were evacuated as part of the response to the fire. In order to avoid any customer service disruptions, we implemented contingency plans to supply products from alternate facilities in the area and region. During the third quarter of 2018, we received a petition filed on behalf of 23 plaintiffs seeking a total of $1.5 million for alleged bodily injuries and property damage claimed to have been incurred as a result of the fire and the subsequent efforts we undertook to remediate any potential smoke damage. The plaintiffs’ counsel subsequently filed amended petitions that increased the number of plaintiffs to 41 and also seeks punitive damages. While no trial date has been set for the matter at this time, we have been advised by our insurer that these claims are insured under our general liability insurance program. While this event and related claims are covered by our property, business interruption, and general liability insurance programs, these programs contain self-insured retentions, which remain our financial obligations. During 2018, we incurred fire-related costs of $4.8 million , which included $1.9 million for inventory and property, plant and equipment, $2.1 million in property-related cleanup and other costs, and $0.8 million relating to our self-insured retention for third-party claims. Based on the provisions of our insurance policies and initial insurance claims filed, we estimated $4.0 million in expected insurance recoveries and recognized a charge of $0.8 million in other operating (income) loss, net, in the third quarter of 2018. The insurance receivable balance included in other receivables was $0.6 million as of June 30, 2019, and December 31, 2018. As of June 30, 2019, the claims related to the fire under our property, business interruption, and general liability insurance programs have not been finalized. |
Supplemental Disclosures to the
Supplemental Disclosures to the Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures to the Statements of Cash Flows | Supplemental Disclosures to the Statements of Cash Flows Supplemental disclosures to the statements of cash flows are presented below: First Half (In thousands) 2019 2018 Cash paid for: Income taxes (net of refunds) $ 5,927 $ 7,175 Interest $ 4,705 $ 4,245 Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (In thousands) June 30, 2019 December 31, 2018 Cash and cash equivalents $ 49,035 $ 56,118 Restricted cash (included in other current assets) 11,389 8,148 Cash, cash equivalents, and restricted cash $ 60,424 $ 64,266 |
Segment Data
Segment Data | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): Second Quarter First Half (In thousands) 2019 2018 2019 2018 Revenues Fluids systems $ 172,544 $ 179,738 $ 333,197 $ 357,117 Mats and integrated services 43,868 56,524 94,688 106,438 Total revenues $ 216,412 $ 236,262 $ 427,885 $ 463,555 Operating income (loss) Fluids systems $ 12,184 $ 13,327 $ 16,058 $ 23,804 Mats and integrated services 9,276 14,853 22,814 26,939 Corporate office (10,546 ) (9,037 ) (22,279 ) (17,762 ) Total operating income $ 10,914 $ 19,143 $ 16,593 $ 32,981 The following table presents further disaggregated revenues for the Fluids Systems segment: Second Quarter First Half (In thousands) 2019 2018 2019 2018 United States $ 117,154 $ 104,333 $ 220,213 $ 196,802 Canada 4,988 11,285 18,254 34,357 Total North America 122,142 115,618 238,467 231,159 EMEA 44,455 49,546 82,220 100,981 Asia Pacific 4,539 5,671 9,663 8,160 Latin America 1,408 8,903 2,847 16,817 Total International 50,402 64,120 94,730 125,958 Total Fluids Systems revenues $ 172,544 $ 179,738 $ 333,197 $ 357,117 The following table presents further disaggregated revenues for the Mats and Integrated Services segment: Second Quarter First Half (In thousands) 2019 2018 2019 2018 Service revenues $ 19,909 $ 24,447 $ 41,059 $ 45,751 Rental revenues 17,675 20,938 39,255 39,750 Product sales revenues 6,284 11,139 14,374 20,937 Total Mats and Integrated Services revenues $ 43,868 $ 56,524 $ 94,688 $ 106,438 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Change in Accounting Estimates | The preparation of financial statements in conformity with U.S. 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. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2018 . |
New Accounting Pronouncements | Standards Adopted in 2019 Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) amended the guidance related to the accounting for leases. The new guidance provides principles for the recognition, measurement, presentation, and disclosure of leases and requires lessees to recognize both assets and liabilities arising from finance and operating leases. The classification as either a finance 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. We adopted this new guidance as of January 1, 2019 using the modified retrospective transition method, and recorded approximately $28 million of operating lease assets and liabilities as of January 1, 2019, with no cumulative effect adjustment to retained earnings. The new guidance had no impact on our consolidated statements of operations or cash flows. Results for reporting periods beginning after December 31, 2018 are presented under the new guidance, while prior period amounts were not adjusted and continue to be reported in accordance with previous guidance. As permitted under the transition guidance within the new standard, we elected to carry forward the historical lease identification and classification for existing leases upon adoption. We have also made an accounting policy election to not recognize leases with an initial term of 12 months or less in the consolidated balance sheets. See Note 8 for additional required disclosures. Standards Not Yet Adopted Credit Losses. In June 2016, the FASB issued new guidance which requires financial assets measured at amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. The new guidance requires an entity to estimate its lifetime “expected credit loss” for such assets at inception which will generally result in the earlier recognition of allowances for losses. This guidance is effective for us in the first quarter of 2020 with early adoption permitted, and will be applied using a modified retrospective transition method through a cumulative-effect adjustment, if any, to retained earnings as of the date of adoption. As part of our assessment work to date, we have formed an implementation work team and conducted a preliminary analysis of the new guidance. Based on our current financial assets measured at amortized cost basis, we anticipate the new guidance will require us to reflect additional credit loss expense; 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 and related disclosures. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of net income per share | The following table presents the reconciliation of the numerator and denominator for calculating net income per share: Second Quarter First Half (In thousands, except per share data) 2019 2018 2019 2018 Numerator Net income - basic and diluted $ 4,306 $ 10,846 $ 5,588 $ 18,068 Denominator Weighted average common shares outstanding - basic 89,806 89,703 89,958 89,400 Dilutive effect of stock options and restricted stock awards 1,900 2,823 2,082 2,730 Dilutive effect of 2021 Convertible Notes — 1,265 — 636 Weighted average common shares outstanding - diluted 91,706 93,791 92,040 92,766 Net income per common share Basic $ 0.05 $ 0.12 $ 0.06 $ 0.20 Diluted $ 0.05 $ 0.12 $ 0.06 $ 0.19 |
Schedule of weighted-average potential shares excluded from diluted net income per share | We excluded the following weighted-average potential shares from the calculations of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive: Second Quarter First Half (In thousands) 2019 2018 2019 2018 Stock options and restricted stock awards 1,707 1,173 1,710 1,412 |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Schedule of receivables | Receivables consisted of the following: (In thousands) June 30, 2019 December 31, 2018 Trade receivables: Gross trade receivables $ 242,009 $ 248,176 Allowance for doubtful accounts (9,473 ) (10,034 ) Net trade receivables 232,536 238,142 Income tax receivables 9,620 9,027 Other receivables 7,041 7,225 Total receivables, net $ 249,197 $ 254,394 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consisted of the following: (In thousands) June 30, 2019 December 31, 2018 Raw materials: Fluids systems $ 144,699 $ 148,737 Mats and integrated services 6,380 1,485 Total raw materials 151,079 150,222 Blended fluids systems components 34,515 38,088 Finished goods - mats 7,870 8,586 Total inventories $ 193,464 $ 196,896 |
Financing Arrangements and Fa_2
Financing Arrangements and Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of financing arrangements | Financing arrangements consisted of the following: June 30, 2019 December 31, 2018 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt 2021 Convertible Notes $ 100,000 $ (15,097 ) $ 84,903 $ 100,000 $ (17,752 ) $ 82,248 ABL Facility 70,800 — 70,800 76,300 — 76,300 Other debt 6,609 — 6,609 3,199 — 3,199 Total debt 177,409 (15,097 ) 162,312 179,499 (17,752 ) 161,747 Less: Current portion (5,657 ) — (5,657 ) (2,522 ) — (2,522 ) Long-term debt $ 171,752 $ (15,097 ) $ 156,655 $ 176,977 $ (17,752 ) $ 159,225 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of leases | During the second quarter and first half of 2019 , we entered into $1.5 million and $2.9 million , respectively, of new operating lease liabilities in exchange for leased assets. Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) Operating leases 6.5 Finance leases 4.2 Weighted-average discount rate Operating leases 4.3 % Finance leases 4.5 % Leases consisted of the following: (In thousands) Balance Sheet Classification June 30, 2019 Assets: Operating Operating lease assets $ 27,365 Finance Property, plant and equipment, net 1,241 Total lease assets $ 28,606 Liabilities: Current: Operating Accrued liabilities $ 6,495 Finance Current debt 274 Noncurrent: Operating Noncurrent operating lease liabilities $ 21,850 Finance Long-term debt, less current portion 952 Total lease liabilities $ 29,571 |
Maturity of lease liabilities, finance leases | The maturity of lease liabilities as of June 30, 2019 is as follows: (In thousands) Operating Leases Finance Leases Total 2019 (remainder of year) $ 4,330 $ 168 $ 4,498 2020 6,234 320 6,554 2021 5,062 320 5,382 2022 3,987 320 4,307 2023 3,071 215 3,286 Thereafter 9,882 — 9,882 Total lease payments 32,566 1,343 33,909 Less: Interest 4,221 117 4,338 Present value of lease liabilities $ 28,345 $ 1,226 $ 29,571 |
Maturity of lease liabilities, operating leases | The maturity of lease liabilities as of June 30, 2019 is as follows: (In thousands) Operating Leases Finance Leases Total 2019 (remainder of year) $ 4,330 $ 168 $ 4,498 2020 6,234 320 6,554 2021 5,062 320 5,382 2022 3,987 320 4,307 2023 3,071 215 3,286 Thereafter 9,882 — 9,882 Total lease payments 32,566 1,343 33,909 Less: Interest 4,221 117 4,338 Present value of lease liabilities $ 28,345 $ 1,226 $ 29,571 |
Maturity of lease liabilities, non-cancelable operating leases | As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting guidance, future minimum payments under non-cancelable operating leases at December 31, 2018, 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) 2019 $ 9,112 2020 5,707 2021 4,630 2022 3,816 2023 3,144 Thereafter 4,507 $ 30,916 |
Supplemental Disclosures to t_2
Supplemental Disclosures to the Statements of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental disclosures of cash flows | Supplemental disclosures to the statements of cash flows are presented below: First Half (In thousands) 2019 2018 Cash paid for: Income taxes (net of refunds) $ 5,927 $ 7,175 Interest $ 4,705 $ 4,245 |
Cash, cash equivalents and restricted cash | Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (In thousands) June 30, 2019 December 31, 2018 Cash and cash equivalents $ 49,035 $ 56,118 Restricted cash (included in other current assets) 11,389 8,148 Cash, cash equivalents, and restricted cash $ 60,424 $ 64,266 |
Segment Data (Tables)
Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of operating results for reportable segments | Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): Second Quarter First Half (In thousands) 2019 2018 2019 2018 Revenues Fluids systems $ 172,544 $ 179,738 $ 333,197 $ 357,117 Mats and integrated services 43,868 56,524 94,688 106,438 Total revenues $ 216,412 $ 236,262 $ 427,885 $ 463,555 Operating income (loss) Fluids systems $ 12,184 $ 13,327 $ 16,058 $ 23,804 Mats and integrated services 9,276 14,853 22,814 26,939 Corporate office (10,546 ) (9,037 ) (22,279 ) (17,762 ) Total operating income $ 10,914 $ 19,143 $ 16,593 $ 32,981 |
Schedule of disaggregated revenues, geographic | The following table presents further disaggregated revenues for the Fluids Systems segment: Second Quarter First Half (In thousands) 2019 2018 2019 2018 United States $ 117,154 $ 104,333 $ 220,213 $ 196,802 Canada 4,988 11,285 18,254 34,357 Total North America 122,142 115,618 238,467 231,159 EMEA 44,455 49,546 82,220 100,981 Asia Pacific 4,539 5,671 9,663 8,160 Latin America 1,408 8,903 2,847 16,817 Total International 50,402 64,120 94,730 125,958 Total Fluids Systems revenues $ 172,544 $ 179,738 $ 333,197 $ 357,117 |
Schedule of disaggregated revenues, segments | The following table presents further disaggregated revenues for the Mats and Integrated Services segment: Second Quarter First Half (In thousands) 2019 2018 2019 2018 Service revenues $ 19,909 $ 24,447 $ 41,059 $ 45,751 Rental revenues 17,675 20,938 39,255 39,750 Product sales revenues 6,284 11,139 14,374 20,937 Total Mats and Integrated Services revenues $ 43,868 $ 56,524 $ 94,688 $ 106,438 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - New Guidance (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Operating lease, right-of-use asset | $ 27,365 | |
Operating lease, liability | $ 28,345 | |
ASU 2016-02 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Operating lease, right-of-use asset | $ 28,000 | |
Operating lease, liability | $ 28,000 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator | ||||
Net income - basic and diluted | $ 4,306 | $ 10,846 | $ 5,588 | $ 18,068 |
Denominator | ||||
Weighted average common shares outstanding - basic (in shares) | 89,806 | 89,703 | 89,958 | 89,400 |
Dilutive effect of stock options and restricted stock awards (in shares) | 1,900 | 2,823 | 2,082 | 2,730 |
Dilutive effect of 2021 Convertible Notes (in shares) | 0 | 1,265 | 0 | 636 |
Weighted average common shares outstanding - diluted (in shares) | 91,706 | 93,791 | 92,040 | 92,766 |
Net income per common share | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.12 | $ 0.06 | $ 0.20 |
Diluted (in dollars per share) | $ 0.05 | $ 0.12 | $ 0.06 | $ 0.19 |
Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period (in shares) | 1,707 | 1,173 | 1,710 | 1,412 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) | Jun. 30, 2019$ / shares |
Convertible Notes due 2021 | Senior notes | |
Debt Instrument [Line Items] | |
Debt instrument, convertible, conversion price (in dollars per share) | $ 9.33 |
Repurchase Program (Details)
Repurchase Program (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Nov. 30, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Shares repurchased, value | $ 10,524,000 | $ 15,537,000 | ||
Share repurchase program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, authorized amount | $ 100,000,000 | |||
Shares repurchased (in shares) | 2,047,014 | 0 | ||
Shares repurchased, value | $ 15,500,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 84,500,000 | $ 84,500,000 |
Stock-Based and Other Long-Te_2
Stock-Based and Other Long-Term Incentive Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Performance-based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | $ 2.3 | |
Time-based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of outstanding stock, minimum | 0.00% | |
Percentage of outstanding stock, maximum | 200.00% | |
The 2015 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation, authorized (in shares) | 12,300,000 | 9,800,000 |
Plan modification, expense recognized | $ 4 | |
The 2015 Plan | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation, authorized (in shares) | 1,135,216 | |
The 2015 Plan | Executive officer and key employees | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Equity-based compensation, available for grant (in shares) | 3,229,820 | |
Weighted average grant-date fair value (in dollars per share) | $ 7.34 | |
The 2015 Plan | Non-employee director | Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation (in shares) | 104,900 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Trade receivables: | ||
Gross trade receivables | $ 242,009 | $ 248,176 |
Allowance for doubtful accounts | (9,473) | (10,034) |
Net trade receivables | 232,536 | 238,142 |
Income tax receivables | 9,620 | 9,027 |
Other receivables | 7,041 | 7,225 |
Total receivables, net | $ 249,197 | $ 254,394 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | $ 7,041 | $ 7,225 |
Foreign | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | $ 6,000 | $ 6,300 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Raw materials | $ 151,079 | $ 150,222 |
Total inventory | 193,464 | 196,896 |
Fluids systems | ||
Inventory [Line Items] | ||
Raw materials | 144,699 | 148,737 |
Mats and integrated services | ||
Inventory [Line Items] | ||
Raw materials | 6,380 | 1,485 |
Finished goods | 7,870 | 8,586 |
Blended fluids systems components | ||
Inventory [Line Items] | ||
Finished goods | $ 34,515 | $ 38,088 |
Financing Arrangements and Fa_3
Financing Arrangements and Fair Value of Financial Instruments - Schedule of Financing Arrangements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 177,409 | $ 179,499 |
Unamortized discount and debt issuance costs | (15,097) | (17,752) |
Long-term debt | 162,312 | 161,747 |
Long-term debt, current portion, gross | (5,657) | (2,522) |
Unamortized discount and debt issuance costs, current portion | 0 | 0 |
Long-term debt, current portion | (5,657) | (2,522) |
Long-term debt, excluding current maturities, gross | 171,752 | 176,977 |
Unamortized discount and debt issuance costs, noncurrent | (15,097) | (17,752) |
Long-term debt, excluding current maturities | 156,655 | 159,225 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 6,609 | 3,199 |
Long-term debt | 6,609 | 3,199 |
Revolving credit facility | ABL Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 70,800 | 76,300 |
Long-term debt | 70,800 | 76,300 |
Senior notes | Convertible Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 100,000 | 100,000 |
Unamortized discount and debt issuance costs | (15,097) | (17,752) |
Long-term debt | $ 84,903 | $ 82,248 |
Financing Arrangements and Fa_4
Financing Arrangements and Fair Value of Financial Instruments - Narrative (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 31, 2016USD ($) | Jun. 30, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)trading_dayshares | Oct. 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 12, 2016USD ($) | |
Business day period | 5 days | |||||
Consecutive trading day period | 5 days | |||||
Percent threshold last reported sale price | 98.00% | |||||
Long-term debt, excluding current maturities | $ 156,655,000 | $ 159,225,000 | ||||
Current debt | 5,657,000 | 2,522,000 | ||||
Restricted cash and cash equivalents, current | 9,400,000 | |||||
Foreign Operations | ||||||
Current debt | 1,300,000 | $ 1,100,000 | ||||
Restricted cash and cash equivalents, current | $ 2,000,000 | |||||
Senior notes | ||||||
Debt instrument, convertible, threshold trading days | trading_day | 20 | |||||
Debt instrument, convertible, threshold consecutive trading days | trading_day | 30 | |||||
Conversion price percentage | 130.00% | |||||
Debt conversion, principal amount as basis for conversion rate | $ 1,000 | |||||
Debt conversion, converted shares for basis principal (shares) | shares | 107.1381 | |||||
Interest rate, effective percentage | 11.30% | |||||
Convertible Notes due 2021 | Senior notes | ||||||
Debt instrument, face amount | $ 100,000,000 | |||||
Interest rate, stated percentage | 4.00% | |||||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 9.33 | |||||
Convertible debt, fair value | $ 107,000,000 | $ 120,900,000 | ||||
Convertible Notes due 2021 | Revolving credit facility | ||||||
Fixed charge coverage ratio, amount | $ 25,000,000 | |||||
ABL Facility | Federal Funds Rate | ||||||
Base rate basis spread on variable rate | 0.50% | |||||
ABL Facility | London Interbank Offered Rate (LIBOR) | ||||||
Base rate basis spread on variable rate | 1.00% | |||||
Basis spread on variable rate | 1.50% | |||||
ABL Facility | Base Rate | ||||||
Basis spread on variable rate | 50.00% | |||||
ABL Facility | Minimum | London Interbank Offered Rate (LIBOR) | ||||||
Basis spread on variable rate | 1.50% | |||||
ABL Facility | Minimum | Base Rate | ||||||
Basis spread on variable rate | 50.00% | |||||
ABL Facility | Maximum | London Interbank Offered Rate (LIBOR) | ||||||
Basis spread on variable rate | 2.00% | |||||
ABL Facility | Maximum | Base Rate | ||||||
Basis spread on variable rate | 1.00% | |||||
ABL Facility | Revolving credit facility | ||||||
Maximum borrowing capacity | $ 165,700,000 | $ 200,000,000 | ||||
Maximum borrowing capacity, maximum | $ 275,000,000 | |||||
Secured debt | 70,800,000 | |||||
Remaining borrowing capacity | $ 94,900,000 | |||||
Fixed charge coverage ratio, amount | $ 22,500,000 | |||||
Debt, weighted average interest rate | 4.30% | |||||
Unused capacity, commitment fee percentage | 0.375% | |||||
Covenant terms acceleration of other indebtedness | $ 25,000,000 | |||||
ABL Facility | Revolving credit facility | Minimum | ||||||
Unused capacity, commitment fee percentage | 0.25% | |||||
ABL Facility | Revolving credit facility | Maximum | ||||||
Unused capacity, commitment fee percentage | 0.375% | |||||
Credit Agreement | ||||||
Letters of credit outstanding, amount | $ 8,900,000 | |||||
Credit Agreement | Foreign Operations | ||||||
Letters of credit outstanding, amount | 39,300,000 | |||||
Convertible debt, debt component | ||||||
Long-term debt, excluding current maturities | 84,900,000 | |||||
Debt issuance cost | 1,600,000 | |||||
Unamortized debt discount | $ 13,500,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | $ 7.3 | $ 14.4 |
Operating lease liabilities in exchange for leased assets | 1.5 | 2.9 |
Current operating lease liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | 4.8 | 9.4 |
Noncurrent operating lease liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | $ 2.5 | $ 5 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease, remaining lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease, remaining lease term | 8 years |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating lease assets | $ 27,365 |
Finance lease assets | 1,241 |
Total lease assets | 28,606 |
Current operating lease liabilities | 6,495 |
Current finance lease liabilities | 274 |
Noncurrent operating lease liabilities | 21,850 |
Noncurrent finance lease liabilities | 952 |
Lease, Liability | $ 29,571 |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2019 (remainder of year) | $ 4,330 | |
2020 | 6,234 | |
2021 | 5,062 | |
2022 | 3,987 | |
2023 | 3,071 | |
Thereafter | 9,882 | |
Total lease payments | 32,566 | |
Less: Interest | 4,221 | |
Present value of lease liabilities | 28,345 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2019 (remainder of year) | 168 | |
2020 | 320 | |
2021 | 320 | |
2022 | 320 | |
2023 | 215 | |
Thereafter | 0 | |
Total lease payments | 1,343 | |
Less: Interest | 117 | |
Present value of lease liabilities | 1,226 | |
Total | ||
2019 (remainder of year) | 4,498 | |
2020 | 6,554 | |
2021 | 5,382 | |
2022 | 4,307 | |
2023 | 3,286 | |
Thereafter | 9,882 | |
Total lease payments | 33,909 | |
Less: Interest | 4,338 | |
Present value of lease liabilities | $ 29,571 | |
Operating Leases Before Topic 842 Adoption | ||
2019 | $ 9,112 | |
2020 | 5,707 | |
2021 | 4,630 | |
2022 | 3,816 | |
2023 | 3,144 | |
Thereafter | 4,507 | |
Total operating leases | $ 30,916 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term, operating leases | 6 years 6 months |
Weighted-average remaining lease term, finance leases | 4 years 2 months 12 days |
Weighted-average discount rate, operating leases | 4.30% |
Weighted-average discount rate, finance leases | 4.50% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Damage from fire $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018USD ($)plaintiff | Sep. 30, 2018USD ($)plaintiff | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($) | |
Natural disasters | ||||
Loss Contingencies [Line Items] | ||||
Number of plaintiffs | plaintiff | 41 | 23 | ||
Damages sought, value | $ 1.5 | |||
Loss contingency, costs incurred | $ 4.8 | |||
Loss contingency, receivable | $ 0.6 | 4 | 0.6 | $ 0.6 |
Net of insurance proceeds | $ 0.8 | |||
Inventory and property, plant and equipment | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, costs incurred | 1.9 | |||
Property-related cleanup and other costs | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, costs incurred | 2.1 | |||
Self-insured retention for third-party claims | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, costs incurred | $ 0.8 |
Supplemental Disclosures to t_3
Supplemental Disclosures to the Statements of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | ||
Income taxes (net of refunds) | $ 5,927 | $ 7,175 |
Interest | $ 4,705 | $ 4,245 |
Supplemental Disclosures to t_4
Supplemental Disclosures to the Statements of Cash Flows - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 49,035 | $ 56,118 | ||
Restricted cash (included in other current assets) | 11,389 | 8,148 | ||
Cash, cash equivalents, and restricted cash | $ 60,424 | $ 64,266 | $ 80,510 | $ 65,460 |
Segment Data - Reportable Segme
Segment Data - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 216,412 | $ 236,262 | $ 427,885 | $ 463,555 |
Operating Income (Loss) | 10,914 | 19,143 | 16,593 | 32,981 |
Operating segments | Fluids systems | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 172,544 | 179,738 | 333,197 | 357,117 |
Operating Income (Loss) | 12,184 | 13,327 | 16,058 | 23,804 |
Operating segments | Mats and integrated services | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 43,868 | 56,524 | 94,688 | 106,438 |
Operating Income (Loss) | 9,276 | 14,853 | 22,814 | 26,939 |
Corporate, non-segment | Corporate office | ||||
Revenue, Major Customer [Line Items] | ||||
Operating Income (Loss) | $ (10,546) | $ (9,037) | $ (22,279) | $ (17,762) |
Segment Data - Disaggregated Re
Segment Data - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 216,412 | $ 236,262 | $ 427,885 | $ 463,555 |
Operating segments | Fluids systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 172,544 | 179,738 | 333,197 | 357,117 |
Operating segments | Fluids systems | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 122,142 | 115,618 | 238,467 | 231,159 |
Operating segments | Fluids systems | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 117,154 | 104,333 | 220,213 | 196,802 |
Operating segments | Fluids systems | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,988 | 11,285 | 18,254 | 34,357 |
Operating segments | Fluids systems | Total International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 50,402 | 64,120 | 94,730 | 125,958 |
Operating segments | Fluids systems | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 44,455 | 49,546 | 82,220 | 100,981 |
Operating segments | Fluids systems | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,539 | 5,671 | 9,663 | 8,160 |
Operating segments | Fluids systems | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,408 | $ 8,903 | $ 2,847 | $ 16,817 |
Segment Data Segment Data - Dis
Segment Data Segment Data - Disaggregated Revenues, Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 216,412 | $ 236,262 | $ 427,885 | $ 463,555 |
Operating segments | Mats and integrated services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 43,868 | 56,524 | 94,688 | 106,438 |
Operating segments | Mats and integrated services | Service revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 19,909 | 24,447 | 41,059 | 45,751 |
Operating segments | Mats and integrated services | Rental revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17,675 | 20,938 | 39,255 | 39,750 |
Operating segments | Mats and integrated services | Product sales revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 6,284 | $ 11,139 | $ 14,374 | $ 20,937 |
Uncategorized Items - a2019q210
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (6,764,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (6,764,000) |