Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 19, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 1-8726 | |
Entity Registrant Name | RPC, INC. | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 58-1550825 | |
Entity Central Index Key | 0000742278 | |
Entity Address, Address Line One | 2801 Buford Highway, Suite 300 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30329 | |
City Area Code | 404 | |
Local Phone Number | 321-2140 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Amendment Flag | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Trading Symbol | RES | |
Entity Common Stock, Shares Outstanding | 214,578,915 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 47,642 | $ 116,262 |
Accounts receivable, net of allowance for doubtful accounts of $5,577 in 2019 and $4,813 in 2018 | 358,002 | 323,533 |
Inventories | 118,606 | 130,083 |
Income taxes receivable | 4,674 | 35,832 |
Prepaid expenses | 8,154 | 9,766 |
Other current assets | 3,049 | 3,462 |
Total current assets | 540,127 | 618,938 |
Property, plant and equipment, less accumulated depreciation of $1,669,168 in 2019 and $1,633,827 in 2018 | 574,858 | 517,982 |
Operating lease right-of-use assets | 42,727 | |
Goodwill | 32,150 | 32,150 |
Other assets | 34,105 | 30,510 |
Total assets | 1,223,967 | 1,199,580 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 122,766 | 103,401 |
Accrued payroll and related expenses | 22,981 | 25,715 |
Accrued insurance expenses | 7,350 | 6,183 |
Accrued state, local and other taxes | 5,834 | 3,081 |
Income taxes payable | 1,059 | 4,706 |
Current portion of operating lease liabilities | 12,181 | |
Other accrued expenses | 213 | 151 |
Total current liabilities | 172,384 | 143,237 |
Long-term accrued insurance expenses | 14,280 | 12,072 |
Long-term pension liabilities | 33,675 | 29,638 |
Deferred income taxes | 47,823 | 60,375 |
Long-term operating lease liabilities | 31,624 | |
Other long-term liabilities | 2,506 | 3,839 |
Total liabilities | 302,292 | 249,161 |
Common stock | 21,458 | 21,454 |
Capital in excess of par value | 0 | 0 |
Retained earnings | 920,917 | 947,711 |
Accumulated other comprehensive loss | (20,700) | (18,746) |
Total stockholders' equity | 921,675 | 950,419 |
Total liabilities and stockholders' equity | $ 1,223,967 | $ 1,199,580 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets | ||
Allowance for doubtful accounts | $ 5,577 | $ 4,813 |
Accumulated depreciation of property, plant and equipment | $ 1,669,168 | $ 1,633,827 |
CONSOLIDATED STATEMENTS OF OPER
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 | |
Consolidated Statements of Operations | ||||
Revenues | $ 358,516 | $ 467,926 | $ 693,172 | $ 904,260 |
Cost of revenues (exclusive of items shown below) | 265,088 | 312,079 | 517,483 | 607,684 |
Selling, general and administrative expenses | 43,293 | 42,534 | 88,714 | 86,348 |
Depreciation and amortization | 42,881 | 40,094 | 85,386 | 77,574 |
Gain on disposition of assets, net | (1,133) | (1,810) | (4,637) | (3,173) |
Operating income | 8,387 | 75,029 | 6,226 | 135,827 |
Interest expense | (164) | (113) | (253) | (218) |
Interest income | 594 | 458 | 1,394 | 860 |
Other (expense) income, net | (53) | 4,104 | 392 | 9,499 |
Income before income taxes | 8,764 | 79,478 | 7,759 | 145,968 |
Income tax provision | 2,593 | 19,535 | 2,327 | 33,895 |
Net income | $ 6,171 | $ 59,943 | $ 5,432 | $ 112,073 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.03 | $ 0.28 | $ 0.02 | $ 0.52 |
Diluted (in dollars per share) | 0.03 | 0.28 | 0.02 | 0.52 |
Dividends per share (in dollars per share) | $ 0.05 | $ 0.10 | $ 0.15 | $ 0.20 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidated Statements of Comprehensive Income | ||||
Net income | $ 6,171 | $ 59,943 | $ 5,432 | $ 112,073 |
Other comprehensive income (loss): | ||||
Pension adjustment and reclassification adjustment, net of taxes | 174 | 155 | 347 | 328 |
Foreign currency translation | 333 | 66 | 431 | (415) |
Comprehensive income | $ 6,678 | $ 60,164 | $ 6,210 | $ 111,986 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total |
Balance at Dec. 31, 2017 | $ 21,654 | $ 906,745 | $ (16,702) | $ 911,697 | |
Balance (in shares) at Dec. 31, 2017 | 216,544 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock issued for stock incentive plans, net | $ 50 | $ 2,505 | 2,555 | ||
Stock issued for stock incentive plans, net (in shares) | 498 | ||||
Stock purchased and retired | $ (157) | (2,505) | (28,048) | (30,710) | |
Stock purchased and retired (in shares) | (1,573) | ||||
Net (loss) income | 52,130 | 52,130 | |||
Dividends | (21,657) | (21,657) | |||
Pension adjustment, net of taxes | 173 | 173 | |||
Foreign currency translation | (481) | (481) | |||
Balance at Mar. 31, 2018 | $ 21,547 | 909,185 | (17,025) | 913,707 | |
Balance (in shares) at Mar. 31, 2018 | 215,469 | ||||
Balance at Dec. 31, 2017 | $ 21,654 | 906,745 | (16,702) | 911,697 | |
Balance (in shares) at Dec. 31, 2017 | 216,544 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | 112,073 | ||||
Foreign currency translation | (415) | ||||
Balance at Jun. 30, 2018 | $ 21,483 | 940,308 | (16,804) | 944,987 | |
Balance (in shares) at Jun. 30, 2018 | 214,827 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Adoption of accounting standards (Note 2) | 15 | (15) | |||
Balance at Mar. 31, 2018 | $ 21,547 | 909,185 | (17,025) | 913,707 | |
Balance (in shares) at Mar. 31, 2018 | 215,469 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock issued for stock incentive plans, net | $ (8) | 2,039 | 2,031 | ||
Stock issued for stock incentive plans, net (in shares) | (82) | ||||
Stock purchased and retired | $ (56) | (2,039) | (7,291) | (9,386) | |
Stock purchased and retired (in shares) | (560) | ||||
Net (loss) income | 59,943 | 59,943 | |||
Dividends | (21,529) | (21,529) | |||
Pension adjustment, net of taxes | 155 | 155 | |||
Foreign currency translation | 66 | 66 | |||
Balance at Jun. 30, 2018 | $ 21,483 | 940,308 | (16,804) | 944,987 | |
Balance (in shares) at Jun. 30, 2018 | 214,827 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Adoption of accounting standards (Note 2) | 0 | ||||
Balance at Dec. 31, 2018 | $ 21,454 | 947,711 | (18,746) | 950,419 | |
Balance (in shares) at Dec. 31, 2018 | 214,544 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock issued for stock incentive plans, net | $ 84 | 2,368 | 2,452 | ||
Stock issued for stock incentive plans, net (in shares) | 843 | ||||
Stock purchased and retired | $ (24) | (2,368) | (306) | (2,698) | |
Stock purchased and retired (in shares) | (245) | ||||
Net (loss) income | (739) | (739) | |||
Dividends | (21,486) | (21,486) | |||
Pension adjustment, net of taxes | 173 | 173 | |||
Foreign currency translation | 98 | 98 | |||
Balance at Mar. 31, 2019 | $ 21,514 | 927,556 | (21,207) | 927,863 | |
Balance (in shares) at Mar. 31, 2019 | 215,142 | ||||
Balance at Dec. 31, 2018 | $ 21,454 | 947,711 | (18,746) | 950,419 | |
Balance (in shares) at Dec. 31, 2018 | 214,544 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | 5,432 | ||||
Foreign currency translation | 431 | ||||
Balance at Jun. 30, 2019 | $ 21,458 | 920,917 | (20,700) | 921,675 | |
Balance (in shares) at Jun. 30, 2019 | 214,579 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Adoption of accounting standards (Note 2) | 2,376 | (2,732) | (356) | ||
Balance at Mar. 31, 2019 | $ 21,514 | 927,556 | (21,207) | 927,863 | |
Balance (in shares) at Mar. 31, 2019 | 215,142 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock issued for stock incentive plans, net | $ (2) | 2,438 | 2,436 | ||
Stock issued for stock incentive plans, net (in shares) | (23) | ||||
Stock purchased and retired | $ (54) | $ (2,438) | (2,159) | (4,651) | |
Stock purchased and retired (in shares) | (540) | ||||
Net (loss) income | 6,171 | 6,171 | |||
Dividends | (10,738) | (10,738) | |||
Pension adjustment, net of taxes | 174 | 174 | |||
Foreign currency translation | 333 | 333 | |||
Balance at Jun. 30, 2019 | $ 21,458 | 920,917 | $ (20,700) | 921,675 | |
Balance (in shares) at Jun. 30, 2019 | 214,579 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Adoption of accounting standards (Note 2) | $ 87 | $ 87 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 5,432 | $ 112,073 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and other non-cash charges | 86,809 | 79,410 |
Stock-based compensation expense | 4,888 | 4,586 |
Gain on disposition of assets, net | (4,637) | (3,173) |
Deferred income tax (benefit) provision | (12,579) | 5,171 |
(Increase) decrease in assets: | ||
Accounts receivable | (34,337) | 843 |
Income taxes receivable | 31,158 | 18,984 |
Inventories | 11,701 | (11,880) |
Prepaid expenses | 1,614 | 2,607 |
Other current assets | 600 | 990 |
Other non-current assets | (3,609) | (1,113) |
Increase (decrease) in liabilities: | ||
Accounts payable | 2,764 | 22,892 |
Income taxes payable | (3,647) | 4,342 |
Accrued payroll and related expenses | (2,758) | 515 |
Accrued insurance expenses | 1,167 | 293 |
Accrued state, local and other taxes | 2,753 | (2,751) |
Other accrued expenses | (349) | 160 |
Pension liabilities | 4,497 | (4,367) |
Long-term accrued insurance expenses | 2,208 | 440 |
Other long-term liabilities | (245) | (818) |
Net cash provided by operating activities | 93,430 | 229,204 |
INVESTING ACTIVITIES | ||
Capital expenditures | (132,253) | (149,692) |
Proceeds from sale of assets | 9,776 | 6,895 |
Net cash used for investing activities | (122,477) | (142,797) |
FINANCING ACTIVITIES | ||
Payment of dividends | (32,224) | (43,186) |
Cash paid for common stock purchased and retired | (7,349) | (40,096) |
Net cash used for financing activities | (39,573) | (83,282) |
Net (decrease) increase in cash and cash equivalents | (68,620) | 3,125 |
Cash and cash equivalents at beginning of period | 116,262 | 91,050 |
Cash and cash equivalents at end of period | 47,642 | 94,175 |
Supplemental cash flows disclosure: | ||
Income taxes (refund) paid, net | (12,125) | 4,977 |
Supplemental disclosure of noncash investing activities: | ||
Capital expenditures included in accounts payable | $ 31,407 | $ 19,727 |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2019 | |
GENERAL | |
GENERAL | 1. GENERAL The accompanying unaudited consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (“RPC” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation” and Rule 3A-02(a) of Regulation S-X. In accordance with ASC Topic 810 and Rule 3A-02 (a) of Regulation S-X, the Company’s policy is to consolidate all subsidiaries and investees where it has voting control. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019. The balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2018. A group that includes the Company’s Chairman of the Board, R. Randall Rollins, and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power. |
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2019 | |
RECENT ACCOUNTING STANDARDS | |
RECENT ACCOUNTING STANDARDS | 2. RECENT ACCOUNTING STANDARDS The FASB issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments provide an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. The Company adopted the standard in the first quarter of 2019 and elected to reclassify approximately ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. based payments to nonemployees and employees. The Company adopted these provisions in the first quarter of 2019 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2020 and later: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. |
REVENUES
REVENUES | 6 Months Ended |
Jun. 30, 2019 | |
REVENUES | |
REVENUES | 3. REVENUES Accounting Policy: RPC’s contract revenues are generated principally from providing oilfield services. These services are based on mutually agreed upon pricing with the customer prior to the services being delivered and, given the nature of the services, do not include the right of return. Pricing for these services is a function of rates based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. RPC typically satisfies its performance obligations over time as the services are performed. RPC records revenues based on the transaction price agreed upon with its customers. Sales tax charged to customers is presented on a net basis within the consolidated statements of operations and therefore excluded from revenues. Nature of services: RPC provides a broad range of specialized oilfield services to independent and major oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States and in selected international markets. RPC manages its business as either (1) services offered on the well site with equipment and personnel (Technical Services) or (2) services and tools offered off the well site (Support Services). For more detailed information about operating segments, see Note 6. RPC contracts with its customers to provide the following services by reportable segment: Technical Services ● Includes pressure pumping, downhole tools services, coiled tubing, nitrogen, snubbing and other oilfield related services including wireline, well control, fishing and pump down services. Support Services ● Rental tools – RPC rents tools to its customers for use with onshore and offshore oil and gas well drilling, completion and workover activities. ● Other support services include oilfield pipe inspection services, pipe management and pipe storage; well control training and consulting. Our contracts with customers are generally very short-term in nature and generally consist of a single performance obligation – the provision of oilfield services. Payment terms: RPC’s contracts with customers state the final terms of the sales, including the description, quantity, and price of each service to be delivered. The Company’s contracts are generally short-term in nature and in most situations, RPC provides services ahead of payment - i.e., RPC has fulfilled the performance obligation prior to submitting a customer invoice. RPC invoices the customer upon completion of the specified services and collection generally occurs between Significant judgments: RPC believes the output method is a reasonable measure of progress for the satisfaction of our performance obligations, which are satisfied over time, as it provides a faithful depiction of (1) our performance toward complete satisfaction of the performance obligation under the contract and (2) the value transferred to the customer of the services performed under the contract. RPC has elected the right to invoice practical expedient for recognizing revenue related to its performance obligations. Disaggregation of revenues: See Note 6 for disaggregation of revenue by operating segment and services offered in each of them and by geographic regions. Timing of revenue recognition for each of the periods presented is shown below: Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Oilfield services transferred at a point in time $ — $ — $ — $ — Oilfield services transferred over time 358,516 467,926 693,172 904,260 Total revenues $ 358,516 $ 467,926 $ 693,172 $ 904,260 Contract balances: Contract assets representing the Company’s rights to consideration for work completed but not billed are included in accounts receivable, net on the consolidated balance sheets are shown below: June 30, December 31, June 30, December 31, (in thousands) 2019 2018 2018 2017 Unbilled trade receivables $ 95,898 $ 56,408 $ 113,453 $ 68,494 Substantially all of the unbilled trade receivables disclosed were invoiced during the following quarter. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 4. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. The following table shows the restricted shares of common stock (participating securities) outstanding and a reconciliation of outstanding weighted average shares is as follows: Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Net income available for stockholders: $ 6,171 $ 59,943 $ 5,432 $ 112,073 Less: Adjustments for earnings attributable to participating securities (109) (673) (334) (1,266) Net income used in calculating earnings per share $ 6,062 $ 59,270 $ 5,098 $ 110,807 Weighted average shares outstanding (including participating securities) 214,908 215,194 214,974 215,641 Adjustment for participating securities (2,569) (2,473) (2,559) (2,528) Shares used in calculating basic and diluted earnings per share 212,339 212,721 212,415 213,113 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2019 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 5. STOCK-BASED COMPENSATION In April 2014, the Company reserved 8,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of 10 years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted shares. As of June 30, 2019, there were 4,578,747 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Pre-tax expense $ 2,436 $ 2,031 $ 4,888 $ 4,586 After tax expense $ 1,839 $ 1,533 $ 3,690 $ 3,462 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2019: Weighted Average Shares Grant-Date Fair Value Non-vested shares at December 31, 2018 2,352,150 $ 17.15 Granted 858,150 11.39 Vested (615,160) 14.71 Forfeited (37,613) 15.69 Non-vested shares at June 30, 2019 2,557,527 $ 13.21 The total fair value of shares vested was $6,970,000 during the six months ended June 30, 2019 and $16,194,000 during the six months ended June 30, 2018. Excess tax benefits or deficits realized from tax compensation deductions in excess of, or lower than compensation expense are recorded as either a beneficial or detrimental discrete tax adjustment. This discrete tax adjustment was a detriment of $510,000 for the six months ended June 30, 2019 and a benefit of $1,620,000 for the six months ended June 30, 2018. As of June 30, 2019, total unrecognized compensation cost related to non-vested restricted shares was $48,384,000, which is expected to be recognized over a weighted-average period of 3.9 years. |
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2019 | |
BUSINESS SEGMENT INFORMATION | |
BUSINESS SEGMENT INFORMATION | 6. BUSINESS SEGMENT INFORMATION RPC’s reportable segments are the same as its operating segments. RPC manages its business under Technical Services and Support Services. Technical Services is comprised of service lines that generate revenue based on equipment, personnel or materials at the well site and are closely aligned with completion and production activities of the customers. Support Services is comprised of service lines which generate revenue from services and tools offered off the well site and are more closely aligned with the customers’ drilling activities. Selected overhead including centralized support services and regulatory compliance are classified as Corporate. Technical Services consists primarily of pressure pumping, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline and fishing. The services offered under Technical Services are high capital and personnel intensive businesses. The Company considers all of these services to be closely integrated oil and gas well servicing businesses, and makes resource allocation and performance assessment decisions based on this operating segment as a whole across these various services. Support Services consist primarily of drill pipe and related tools, pipe handling, pipe inspection and storage services, and oilfield training and consulting services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The Company’s Chief Operating Decision Maker (“CODM”) assesses performance and makes resource allocation decisions regarding, among others, staffing, growth and maintenance capital expenditures and key initiatives based on the operating segments outlined above. Segment Revenues: RPC’s operating segment revenues by major service lines are shown in the following table: Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Technical Services: Pressure Pumping $ 170,066 $ 269,040 $ 317,825 $ 525,195 Downhole Tools 112,763 107,521 222,434 200,562 Coiled Tubing 21,284 27,404 41,462 52,600 Nitrogen 12,219 11,784 23,527 23,215 Snubbing 4,355 6,055 7,818 10,027 All other 17,347 28,048 39,047 57,316 Total Technical Services $ 338,034 $ 449,852 $ 652,113 $ 868,915 Support Services: Rental Tools $ 13,962 $ 12,550 $ 27,898 $ 22,570 All other 6,520 5,524 13,161 12,775 Total Support Services $ 20,482 $ 18,074 $ 41,059 $ 35,345 Total revenues $ 358,516 $ 467,926 $ 693,172 $ 904,260 The following summarizes revenues for the United States and separately for all international locations combined for the three and six months ended June 30, 2019. The revenues are presented based on the location of the use of the equipment or services. Assets related to international operations are less than 10 percent of RPC’s consolidated assets, and therefore are not presented. Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 United States revenues $ 343,688 $ 443,922 $ 657,656 $ 861,306 International revenues 14,828 24,004 35,516 42,954 Total revenues $ 358,516 $ 467,926 $ 693,172 $ 904,260 The accounting policies of the reportable segments are the same as those described in Note 1 to these consolidated financial statements. RPC evaluates the performance of its segments based on revenues, operating profits and return on invested capital. Gains or losses on disposition of assets are reviewed by the CODM on a consolidated basis, and accordingly the Company does not report gains or losses at the segment level. Inter-segment revenues are generally recorded in segment operating results at prices that management believes approximate prices for arm’s length transactions and are not material to operating results. Summarized financial information with respect RPC’s reportable segments for the three and six months ended June 30, 2019 and 2018 are shown in the following table: Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Revenues: Technical Services $ 338,034 $ 449,852 $ 652,113 $ 868,915 Support Services 20,482 18,074 41,059 35,345 Total revenues $ 358,516 $ 467,926 $ 693,172 $ 904,260 Operating income (loss): Technical Services $ 6,850 $ 75,624 $ 2,392 $ 140,629 Support Services 4,018 1,193 7,155 288 Corporate (3,614) (3,598) (7,958) (8,263) Gain on disposition of assets, net 1,133 1,810 4,637 3,173 Total operating income $ 8,387 $ 75,029 $ 6,226 $ 135,827 Interest expense (164) (113) (253) (218) Interest income 594 458 1,394 860 Other (expense) income , net (53) 4,104 392 9,499 Income before income taxes $ 8,764 $ 79,478 $ 7,759 $ 145,968 As of and for the six months ended Technical Support June 30, 2019 Services Services Corporate Total (in thousands) Depreciation and amortization $ 80,370 $ 4,856 $ 160 $ 85,386 Capital expenditures 125,171 6,260 822 132,253 Identifiable assets $ 1,030,073 $ 86,928 $ 106,966 $ 1,223,967 As of and for the six months ended Technical Support June 30, 2018 Services Services Corporate Total (in thousands) Depreciation and amortization $ 70,910 $ 6,444 $ 220 $ 77,574 Capital expenditures 144,511 4,467 714 149,692 Identifiable assets $ 983,177 $ 77,372 $ 158,099 $ 1,218,648 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2019 | |
INVENTORIES | |
INVENTORIES | 7. INVENTORIES Inventories of $118,606,000 at June 30, 2019 and $130,083,000 at December 31, 2018 consist of raw materials, parts and supplies. |
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN | 6 Months Ended |
Jun. 30, 2019 | |
EMPLOYEE BENEFIT PLAN | |
EMPLOYEE BENEFIT PLAN | 8. EMPLOYEE BENEFIT PLAN The following represents the net periodic benefit cost and related components of the Company’s multiple employers Retirement Income Plan: Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Interest cost $ 490 $ 458 $ 980 $ 916 Expected return on plan assets (650) (709) (1,300) (1,418) Amortization of net losses 230 206 460 412 Net periodic benefit cost (credit) $ 70 $ (45) $ 140 $ (90) The Company did not make any contributions to this plan during the six months ended June 30, 2019; and a contribution of $5,000,000 was made during the six months ended June 30, 2018. The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The SERP assets are marked to market and totaled $26,454,000 as of June 30, 2019 and $22,815,000 as of December 31, 2018. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as compensation cost in selling, general and administrative expenses. Unrealized gains (losses), net related to the SERP assets were approximately as follows: Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Unrealized gains, net $ 785 $ 871 $ 3,636 $ 385 The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations. |
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS | 6 Months Ended |
Jun. 30, 2019 | |
NOTES PAYABLE TO BANKS | |
NOTES PAYABLE TO BANKS | 9. NOTES PAYABLE TO BANKS The Company has a revolving credit facility with Bank of America and five other lenders which provides for a line of credit of up to $125 million, including a $35 million letter of credit subfacility, and a $35 million swingline subfacility. The revolving credit facility contains customary terms and conditions, including restrictions on indebtedness, dividend payments, business combinations and other related items. The revolving credit facility includes a full and unconditional guarantee by the Company's 100 percent owned domestic subsidiaries whose assets equal substantially all of the consolidated assets of the Company and its subsidiaries. Certain of the Company's minor subsidiaries are not guarantors. On July 26, 2018, the Company entered into Amendment No. 4 to Credit Agreement (the “Amendment”). The Amendment, among other matters, replaces the existing minimum tangible net worth covenant with the following covenants: (i) when RPC’s trailing four quarter EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50 million, a maximum consolidated leverage ratio of 2.50:1.00 and a minimum debt service coverage ratio of 2.00:1.00, and (ii) otherwise, a minimum tangible net worth covenant of no less than $600 million. The Amendment additionally (1) extends the Credit Agreement maturity date from January 17, 2019 to July 26, 2023, (2) eliminates any borrowing base limitations on revolving loans when RPC’s trailing four quarter EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50 million, (3) reduces the commitment fees payable by RPC by 7.5 basis points at each pricing level and (4) reduces the letter of credit sublimit from $50 million to $35 million. As of June 30, 2019, the Company was in compliance with these covenants. Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: ● the Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”); plus, a margin ranging from 1.125% to 2.125% , based on a quarterly consolidated leverage ratio calculation; or ● the Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50% , (b) Bank of America’s publicly announced “prime rate,” and (c) the Eurodollar Rate plus 1.00% ; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly consolidated leverage ratio calculation. In addition, the Company pays an annual fee ranging from 0.15% to 0.25%, based on a quarterly consolidated leverage ratio calculation, on the unused portion of the credit facility. The Company has incurred total loan origination fees and other debt related costs associated with this revolving credit facility in the aggregate of approximately $3.3 million. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining net balance of $0.3 million at June 30, 2019 is classified as part of non-current other assets. As of June 30, 2019, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $20.6 million; therefore, a total of $104.4 million of the facility was available. Interest incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan cost, and interest paid on the credit facility were as follows for the periods indicated: Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Interest incurred $ 89 $ 103 $ 178 $ 206 Interest paid 58 62 121 133 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2019 | |
INCOME TAXES | |
INCOME TAXES | 10. INCOME TAXES The Company determines its periodic income tax expense or benefit based upon the current period income or loss and the annual estimated tax rate for the Company adjusted for discrete items including changes to prior period estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. For the three months ended June 30, 2019, the income tax provision reflects an effective tax rate of 29.6 percent compared to 24.6 percent for the comparable period in the prior year. For the six months ended June 30, 2019, the income tax provision reflects an effective tax rate of 30.0 percent compared to 23.2 percent for the comparable period in the prior year. The 2019 effective rate includes detrimental discrete adjustments of $2.2 million resulting from restricted stock vesting and dividends as compared to the 2018 effective rate. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Jun. 30, 2019 | |
FAIR VALUE DISCLOSURES | |
FAIR VALUE DISCLOSURES | 11. FAIR VALUE DISCLOSURES The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis in the balance sheets as of June 30, 2019 and December 31, 2018: Fair Value Measurements at June 30, 2019 with: Quoted prices in Significant active markets other Significant for identical observable unobservable (in thousands) Total assets inputs inputs (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 232 $ 232 $ — $ — Investments measured at net asset value $ 26,454 Fair Value Measurements at December 31, 2018 with: Quoted prices in Significant active markets other Significant for identical observable unobservable (in thousands) Total assets inputs inputs (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 211 $ 211 $ — $ — Investments measured at net asset value $ 22,815 The Company determines the fair value of equity securities that have a readily determinable fair value through quoted market prices. The total fair value is the final closing price, as defined by the exchange in which the asset is actively traded, on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Marketable securities comprised of the SERP assets, as described in Note 8, are recorded primarily at their net cash surrender values, calculated using their net asset values, which approximates fair value, as provided by the issuing insurance company. Significant observable inputs, in addition to quoted market prices, were used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the period ended June 30, 2019, there were no significant transfers in or out of levels 1, 2 or 3. Under the Company’s revolving credit facility, there was no balance outstanding at June 30, 2019 and December 31, 2018. Borrowings under our revolving credit facility are typically based on the quote from the lender (level 2 inputs), which approximates fair value, and bear variable interest rates as described in Note 9. The Company is subject to interest rate risk on the variable component of the interest rate. The carrying amounts of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether it will elect this option for financial instruments acquired in the future. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 6 Months Ended |
Jun. 30, 2019 | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 12. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income consists of the following (in thousands): Foreign Pension Currency Adjustment Translation Total Balance at December 31, 2018 $ (15,878) $ (2,868) $ (18,746) Change during the period: Before-tax amount — 431 431 Adoption of accounting standard (Note 2) (2,732) (2,732) Reclassification adjustment, net of taxes: Amortization of net loss (1) 347 — 347 Total activity for the period (2,385) 431 (1,954) Balance at June 30, 2019 $ (18,263) $ (2,437) $ (20,700) (1) Reported as part of selling, general and administrative expenses. Unrealized Foreign Pension Gain (Loss) On Currency Adjustment Securities Translation Total Balance at December 31, 2017 $ (14,470) $ 15 $ (2,247) $ (16,702) Change during the period: Before-tax amount — (15) (415) (430) Reclassification adjustment, net of taxes: Amortization of net loss (1) 328 — — 328 Total activity for the period 328 (15) (415) (102) Balance at June 30, 2018 $ (14,142) $ — $ (2,662) $ (16,804) (1) Reported as part of selling, general and administrative expenses. As of January 1, 2018, the balance related to the cumulative unrealized gain on marketable securities included in accumulated other comprehensive income was reclassed upon adoption of ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In the first quarter of 2019, the Company adopted the provisions of ASU 2018-02, which provides an option to reclassify stranded tax effects within accumulated other comprehensive income/(loss) (AOCI) to retained earnings due to the change in the U.S. federal tax rate as a result of the Tax Cuts and Jobs Act, which took effect in January 2018. Accordingly, the Company elected to reclassify approximately $2.7 million of stranded tax effects related to its pension plan from AOCI to retained earnings. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2019 | |
LEASES | |
LEASES | 13. LEASES The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. Prior year financial statements have not been restated and therefore those amounts are not presented below. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed for a carry-forward of the historical lease classification. For leases with terms greater than 12 months, the Company has recorded the related Right-Of-Use (ROU) asset and liability at the present value of lease payments over the term. A few of the leases include rental escalation clauses or renewal options and they have been factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. ROU assets exclude lessor incentives received. The Company’s lease population consists primarily of real estate including its corporate headquarters, office space and warehouses, in addition to vehicles, railcars, storage containers and office equipment. The Company does not have any finance leases. The Company has a significant population of month-to-month real estate leases that have been classified as short-term leases, and therefore has not recognized a ROU asset or lease liability related to them. The Company determines at contract inception, if an arrangement is a lease or contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant and equipment for a period of time in exchange for consideration. The Company has elected not to separate non-lease components from lease components for its leases. Variable lease payments relate primarily to taxes and insurance on real estate contracts and are recognized as expense when incurred. The Company subleases certain real estate to third parties. Our sublease portfolio consists solely of operating leases. As of June 30, 2019, the Company had no operating leases that had not yet commenced. During the six months ended June 30, 2019, the Company entered into new leases or modified existing leases that resulted in an increase of ROU assets in exchange for operating lease liabilities as disclosed below. Lease position: The table below presents the assets and liabilities related to operating leases recorded on the balance sheet: (in thousands) Classification on the Consolidated Balance Sheet June 30, 2019 Assets: Operating lease assets Operating lease right-of-use assets $ 42,727 Liabilities: Current – operating leases Current portion of operating leases $ 12,181 Non-current – operating leases Long-term operating lease liabilities 31,624 Total lease liabilities $ 43,805 Lease costs: The components of lease expense for the period are reported as follows: Classification on the Consolidated Three months ended Six months ended (in thousands) Statements of Operations June 30, 2019 June 30, 2019 Operating lease cost Selling, general and administrative expenses $ 3,904 $ 7,878 Short-term lease cost Selling, general and administrative expenses 2,142 3,916 Variable lease cost Selling, general and administrative expenses 26 52 Sublease income Selling, general and administrative expenses (18) (36) Total lease cost $ 6,054 $ 11,810 Six months ended Other information: June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) $ 6,992 ROU assets obtained in exchange for operating lease liabilities (in thousands) $ 6,559 Weighted average remaining lease term – operating leases 5.5 years Weighted average discount rate – operating leases 3.74 % Operating Maturity of lease liabilities (in thousands) Leases 2019 (excluding the six months ended June 30, 2019) $ 7,021 2020 11,900 2021 9,147 2022 6,370 2023 3,881 Thereafter 10,868 Total lease payments 49,187 Less: Amounts representing interest (5,382) Present value of lease liabilities $ 43,805 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Jun. 30, 2019 | |
SUBSEQUENT EVENT | |
SUBSEQUENT EVENT | 14. SUBSEQUENT EVENT On July 23, 2019, the Board of Directors voted to suspend RPC's dividend to common stockholders. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
ACCOUNTING POLICIES | |
RECENT ACCOUNTING STANDARDS | Recently Adopted Accounting Standards: Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments provide an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. The Company adopted the standard in the first quarter of 2019 and elected to reclassify approximately ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. based payments to nonemployees and employees. The Company adopted these provisions in the first quarter of 2019 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2020 and later: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. |
REVENUES (Tables)
REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
REVENUES | |
Schedule of disaggregation of revenues | Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Oilfield services transferred at a point in time $ — $ — $ — $ — Oilfield services transferred over time 358,516 467,926 693,172 904,260 Total revenues $ 358,516 $ 467,926 $ 693,172 $ 904,260 |
Schedule of contract assets included in accounts receivable | June 30, December 31, June 30, December 31, (in thousands) 2019 2018 2018 2017 Unbilled trade receivables $ 95,898 $ 56,408 $ 113,453 $ 68,494 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
EARNINGS PER SHARE | |
Schedule of reconciliation of weighted average shares outstanding | Three months ended Six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Net income available for stockholders: $ 6,171 $ 59,943 $ 5,432 $ 112,073 Less: Adjustments for earnings attributable to participating securities (109) (673) (334) (1,266) Net income used in calculating earnings per share $ 6,062 $ 59,270 $ 5,098 $ 110,807 Weighted average shares outstanding (including participating securities) 214,908 215,194 214,974 215,641 Adjustment for participating securities (2,569) (2,473) (2,559) (2,528) Shares used in calculating basic and diluted earnings per share 212,339 212,721 212,415 213,113 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
STOCK-BASED COMPENSATION | |
Schedule of stock-based employee compensation expense | Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Pre-tax expense $ 2,436 $ 2,031 $ 4,888 $ 4,586 After tax expense $ 1,839 $ 1,533 $ 3,690 $ 3,462 |
Schedule of changes in non-vested restricted shares | Weighted Average Shares Grant-Date Fair Value Non-vested shares at December 31, 2018 2,352,150 $ 17.15 Granted 858,150 11.39 Vested (615,160) 14.71 Forfeited (37,613) 15.69 Non-vested shares at June 30, 2019 2,557,527 $ 13.21 |
BUSINESS SEGMENT INFORMATION (T
BUSINESS SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
BUSINESS SEGMENT INFORMATION | |
Schedule of operating segment revenues by major service lines | Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Technical Services: Pressure Pumping $ 170,066 $ 269,040 $ 317,825 $ 525,195 Downhole Tools 112,763 107,521 222,434 200,562 Coiled Tubing 21,284 27,404 41,462 52,600 Nitrogen 12,219 11,784 23,527 23,215 Snubbing 4,355 6,055 7,818 10,027 All other 17,347 28,048 39,047 57,316 Total Technical Services $ 338,034 $ 449,852 $ 652,113 $ 868,915 Support Services: Rental Tools $ 13,962 $ 12,550 $ 27,898 $ 22,570 All other 6,520 5,524 13,161 12,775 Total Support Services $ 20,482 $ 18,074 $ 41,059 $ 35,345 Total revenues $ 358,516 $ 467,926 $ 693,172 $ 904,260 |
Schedule of revenues are presented based on the location of the use of the product or service | Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 United States revenues $ 343,688 $ 443,922 $ 657,656 $ 861,306 International revenues 14,828 24,004 35,516 42,954 Total revenues $ 358,516 $ 467,926 $ 693,172 $ 904,260 |
Schedule of segment reporting information by segment | Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Revenues: Technical Services $ 338,034 $ 449,852 $ 652,113 $ 868,915 Support Services 20,482 18,074 41,059 35,345 Total revenues $ 358,516 $ 467,926 $ 693,172 $ 904,260 Operating income (loss): Technical Services $ 6,850 $ 75,624 $ 2,392 $ 140,629 Support Services 4,018 1,193 7,155 288 Corporate (3,614) (3,598) (7,958) (8,263) Gain on disposition of assets, net 1,133 1,810 4,637 3,173 Total operating income $ 8,387 $ 75,029 $ 6,226 $ 135,827 Interest expense (164) (113) (253) (218) Interest income 594 458 1,394 860 Other (expense) income , net (53) 4,104 392 9,499 Income before income taxes $ 8,764 $ 79,478 $ 7,759 $ 145,968 As of and for the six months ended Technical Support June 30, 2019 Services Services Corporate Total (in thousands) Depreciation and amortization $ 80,370 $ 4,856 $ 160 $ 85,386 Capital expenditures 125,171 6,260 822 132,253 Identifiable assets $ 1,030,073 $ 86,928 $ 106,966 $ 1,223,967 As of and for the six months ended Technical Support June 30, 2018 Services Services Corporate Total (in thousands) Depreciation and amortization $ 70,910 $ 6,444 $ 220 $ 77,574 Capital expenditures 144,511 4,467 714 149,692 Identifiable assets $ 983,177 $ 77,372 $ 158,099 $ 1,218,648 |
EMPLOYEE BENEFIT PLAN (Tables)
EMPLOYEE BENEFIT PLAN (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
EMPLOYEE BENEFIT PLAN | |
Schedule of net periodic benefit cost and related components | Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Interest cost $ 490 $ 458 $ 980 $ 916 Expected return on plan assets (650) (709) (1,300) (1,418) Amortization of net losses 230 206 460 412 Net periodic benefit cost (credit) $ 70 $ (45) $ 140 $ (90) |
Schedule of trading gains (losses) related to SERP assets | Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Unrealized gains, net $ 785 $ 871 $ 3,636 $ 385 |
NOTES PAYABLE TO BANKS (Tables)
NOTES PAYABLE TO BANKS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
NOTES PAYABLE TO BANKS | |
Schedule of interest incurred on unused portion of credit facility and amortization of loan costs | Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Interest incurred $ 89 $ 103 $ 178 $ 206 Interest paid 58 62 121 133 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
FAIR VALUE DISCLOSURES | |
Schedule of valuation of financial instruments measured at fair value on a recurring basis | Fair Value Measurements at June 30, 2019 with: Quoted prices in Significant active markets other Significant for identical observable unobservable (in thousands) Total assets inputs inputs (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 232 $ 232 $ — $ — Investments measured at net asset value $ 26,454 Fair Value Measurements at December 31, 2018 with: Quoted prices in Significant active markets other Significant for identical observable unobservable (in thousands) Total assets inputs inputs (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 211 $ 211 $ — $ — Investments measured at net asset value $ 22,815 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | |
Schedule of accumulated other comprehensive (loss) income | Foreign Pension Currency Adjustment Translation Total Balance at December 31, 2018 $ (15,878) $ (2,868) $ (18,746) Change during the period: Before-tax amount — 431 431 Adoption of accounting standard (Note 2) (2,732) (2,732) Reclassification adjustment, net of taxes: Amortization of net loss (1) 347 — 347 Total activity for the period (2,385) 431 (1,954) Balance at June 30, 2019 $ (18,263) $ (2,437) $ (20,700) (1) Reported as part of selling, general and administrative expenses. Unrealized Foreign Pension Gain (Loss) On Currency Adjustment Securities Translation Total Balance at December 31, 2017 $ (14,470) $ 15 $ (2,247) $ (16,702) Change during the period: Before-tax amount — (15) (415) (430) Reclassification adjustment, net of taxes: Amortization of net loss (1) 328 — — 328 Total activity for the period 328 (15) (415) (102) Balance at June 30, 2018 $ (14,142) $ — $ (2,662) $ (16,804) (1) Reported as part of selling, general and administrative expenses. As of January 1, 2018, the balance related to the cumulative unrealized gain on marketable securities included in accumulated other comprehensive income was reclassed upon adoption of ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In the first quarter of 2019, the Company adopted the provisions of ASU 2018-02, which provides an option to reclassify stranded tax effects within accumulated other comprehensive income/(loss) (AOCI) to retained earnings due to the change in the U.S. federal tax rate as a result of the Tax Cuts and Jobs Act, which took effect in January 2018. Accordingly, the Company elected to reclassify approximately $2.7 million of stranded tax effects related to its pension plan from AOCI to retained earnings. |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
LEASES | |
Schedule of operating leased assets and liabilities | (in thousands) Classification on the Consolidated Balance Sheet June 30, 2019 Assets: Operating lease assets Operating lease right-of-use assets $ 42,727 Liabilities: Current – operating leases Current portion of operating leases $ 12,181 Non-current – operating leases Long-term operating lease liabilities 31,624 Total lease liabilities $ 43,805 |
Schedule of operating lease expense | Classification on the Consolidated Three months ended Six months ended (in thousands) Statements of Operations June 30, 2019 June 30, 2019 Operating lease cost Selling, general and administrative expenses $ 3,904 $ 7,878 Short-term lease cost Selling, general and administrative expenses 2,142 3,916 Variable lease cost Selling, general and administrative expenses 26 52 Sublease income Selling, general and administrative expenses (18) (36) Total lease cost $ 6,054 $ 11,810 |
Schedule of lease cost | Six months ended Other information: June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) $ 6,992 ROU assets obtained in exchange for operating lease liabilities (in thousands) $ 6,559 Weighted average remaining lease term – operating leases 5.5 years Weighted average discount rate – operating leases 3.74 % |
Schedule of maturity of lease liabilities | Operating Maturity of lease liabilities (in thousands) Leases 2019 (excluding the six months ended June 30, 2019) $ 7,021 2020 11,900 2021 9,147 2022 6,370 2023 3,881 Thereafter 10,868 Total lease payments 49,187 Less: Amounts representing interest (5,382) Present value of lease liabilities $ 43,805 |
GENERAL - (Details)
GENERAL - (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Chairman of the Board and Director | |
Ownership control | |
Voting power (in percent) | 50.00% |
RECENT ACCOUNTING STANDARDS (De
RECENT ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | |
RECENT ACCOUNTING STANDARDS | |||
Operating Lease, Right-of-Use Asset | $ 42,727 | ||
ASU No. 2016-02, Leases (Topic 842) | |||
RECENT ACCOUNTING STANDARDS | |||
Operating Lease, Liability | $ 43,805 | ||
ASU No. 2016-02, Leases (Topic 842) | Restatement Adjustment | |||
RECENT ACCOUNTING STANDARDS | |||
Operating Lease, Liability | $ 44,000 | ||
Operating Lease, Right-of-Use Asset | $ 44,000 | ||
ASU No. 2018-02, (Topic 220) | |||
RECENT ACCOUNTING STANDARDS | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ 2,700 |
REVENUES - Payment Terms (Detai
REVENUES - Payment Terms (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Minimum | |
Revenue satisfaction period | 30 days |
Maximum | |
Revenue satisfaction period | 60 days |
REVENUES - Timing of revenue re
REVENUES - Timing of revenue recognition (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: | ||||
Revenues | $ 358,516 | $ 467,926 | $ 693,172 | $ 904,260 |
Oilfield services transferred at a point in time | ||||
Disaggregation of revenue: | ||||
Revenues | 0 | 0 | 0 | 0 |
Oilfield services transferred over time | ||||
Disaggregation of revenue: | ||||
Revenues | $ 358,516 | $ 467,926 | $ 693,172 | $ 904,260 |
REVENUES - Contract balances (D
REVENUES - Contract balances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts receivables, net | ||||
Disaggregation of revenue: | ||||
Unbilled trade receivables | $ 95,898 | $ 56,408 | $ 113,453 | $ 68,494 |
EARNINGS PER SHARE - (Details)
EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
EARNINGS PER SHARE | ||||||
Net income available for stockholders: | $ 6,171 | $ (739) | $ 59,943 | $ 52,130 | $ 5,432 | $ 112,073 |
Less: Adjustments for earnings attributable to participating securities | (109) | (673) | (334) | (1,266) | ||
Net income used in calculating earnings per share | $ 6,062 | $ 59,270 | $ 5,098 | $ 110,807 | ||
Weighted average shares outstanding (including participating securities) | 214,908 | 215,194 | 214,974 | 215,641 | ||
Adjustment for participating securities | (2,569) | (2,473) | (2,559) | (2,528) | ||
Shares used in calculating basic and diluted earnings per share | 212,339 | 212,721 | 212,415 | 213,113 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - shares | 1 Months Ended | |
Apr. 30, 2014 | Jun. 30, 2019 | |
STOCK-BASED COMPENSATION | ||
Stock authorized (in shares) | 8,000,000 | |
Term (in years) | 10 years | |
Available for grant (in shares) | 4,578,747 |
STOCK-BASED COMPENSATION - Comp
STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
STOCK-BASED COMPENSATION | ||||
Pre-tax expense | $ 2,436 | $ 2,031 | $ 4,888 | $ 4,586 |
After tax expense | $ 1,839 | $ 1,533 | $ 3,690 | $ 3,462 |
STOCK-BASED COMPENSATION - Non-
STOCK-BASED COMPENSATION - Non-vested RSU's (Details) - Restricted Stock | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Shares | |
Non-vested shares at December 31, 2018 | shares | 2,352,150 |
Granted | shares | 858,150 |
Vested | shares | (615,160) |
Forfeited | shares | (37,613) |
Non-vested shares at June 30, 2019 | shares | 2,557,527 |
Weighted Average Grant-Date Fair Value | |
Non-vested shares at December 31, 2018 | $ / shares | $ 17.15 |
Granted | $ / shares | 11.39 |
Vested | $ / shares | 14.71 |
Forfeited | $ / shares | 15.69 |
Non-vested shares at June 30, 2019 | $ / shares | $ 13.21 |
STOCK-BASED COMPENSATION - Othe
STOCK-BASED COMPENSATION - Other Information (Details) - Restricted Stock - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Stock-based compensation | ||
Fair value, shares vested | $ 6,970,000 | $ 16,194,000 |
Tax (expense) benefits for compensation tax deductions in excess of compensation expense | (510,000) | $ 1,620,000 |
Unrecognized compensation cost related to non-vested restricted shares | $ 48,384,000 | |
Unrecognized compensation cost related to non-vested restricted shares recognized period | 3 years 10 months 24 days |
BUSINESS SEGMENT INFORMATION -
BUSINESS SEGMENT INFORMATION - Revenues by major service lines (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment information: | ||||
Revenues | $ 358,516 | $ 467,926 | $ 693,172 | $ 904,260 |
Technical Services | ||||
Segment information: | ||||
Revenues | 338,034 | 449,852 | 652,113 | 868,915 |
Technical Services | Pressure Pumping | ||||
Segment information: | ||||
Revenues | 170,066 | 269,040 | 317,825 | 525,195 |
Technical Services | Downhole Tools | ||||
Segment information: | ||||
Revenues | 112,763 | 107,521 | 222,434 | 200,562 |
Technical Services | Coiled Tubing | ||||
Segment information: | ||||
Revenues | 21,284 | 27,404 | 41,462 | 52,600 |
Technical Services | Nitrogen | ||||
Segment information: | ||||
Revenues | 12,219 | 11,784 | 23,527 | 23,215 |
Technical Services | Snubbing | ||||
Segment information: | ||||
Revenues | 4,355 | 6,055 | 7,818 | 10,027 |
Technical Services | All other | ||||
Segment information: | ||||
Revenues | 17,347 | 28,048 | 39,047 | 57,316 |
Support Services | ||||
Segment information: | ||||
Revenues | 20,482 | 18,074 | 41,059 | 35,345 |
Support Services | Rental Tools | ||||
Segment information: | ||||
Revenues | 13,962 | 12,550 | 27,898 | 22,570 |
Support Services | All other | ||||
Segment information: | ||||
Revenues | $ 6,520 | $ 5,524 | $ 13,161 | $ 12,775 |
BUSINESS SEGMENT INFORMATION _2
BUSINESS SEGMENT INFORMATION - Disaggregate revenue by locations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment information: | ||||
Revenues | $ 358,516 | $ 467,926 | $ 693,172 | $ 904,260 |
United States revenues | ||||
Segment information: | ||||
Revenues | 343,688 | 443,922 | 657,656 | 861,306 |
International revenues | ||||
Segment information: | ||||
Revenues | $ 14,828 | $ 24,004 | $ 35,516 | $ 42,954 |
BUSINESS SEGMENT INFORMATION _3
BUSINESS SEGMENT INFORMATION - Segment Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenues: | |||||
Revenues | $ 358,516 | $ 467,926 | $ 693,172 | $ 904,260 | |
Operating income (loss): | |||||
Gain on disposition of assets, net | 1,133 | 1,810 | 4,637 | 3,173 | |
Total operating income (loss) | 8,387 | 75,029 | 6,226 | 135,827 | |
Interest expense | (164) | (113) | (253) | (218) | |
Interest income | 594 | 458 | 1,394 | 860 | |
Other (expense) income , net | (53) | 4,104 | 392 | 9,499 | |
Income before income taxes | 8,764 | 79,478 | 7,759 | 145,968 | |
Depreciation and amortization | 42,881 | 40,094 | 85,386 | 77,574 | |
Capital expenditures | 132,253 | 149,692 | |||
Identifiable assets | 1,223,967 | 1,218,648 | 1,223,967 | 1,218,648 | $ 1,199,580 |
Technical Services | |||||
Revenues: | |||||
Revenues | 338,034 | 449,852 | 652,113 | 868,915 | |
Operating income (loss): | |||||
Total operating income (loss) | 6,850 | 75,624 | 2,392 | 140,629 | |
Depreciation and amortization | 80,370 | 70,910 | |||
Capital expenditures | 125,171 | 144,511 | |||
Identifiable assets | 1,030,073 | 983,177 | 1,030,073 | 983,177 | |
Support Services | |||||
Revenues: | |||||
Revenues | 20,482 | 18,074 | 41,059 | 35,345 | |
Operating income (loss): | |||||
Total operating income (loss) | 4,018 | 1,193 | 7,155 | 288 | |
Depreciation and amortization | 4,856 | 6,444 | |||
Capital expenditures | 6,260 | 4,467 | |||
Identifiable assets | 86,928 | 77,372 | 86,928 | 77,372 | |
Corporate | |||||
Operating income (loss): | |||||
Total operating income (loss) | (3,614) | (3,598) | (7,958) | (8,263) | |
Depreciation and amortization | 160 | 220 | |||
Capital expenditures | 822 | 714 | |||
Identifiable assets | $ 106,966 | $ 158,099 | $ 106,966 | $ 158,099 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
INVENTORIES | ||
Total inventories | $ 118,606 | $ 130,083 |
EMPLOYEE BENEFIT PLAN (Details)
EMPLOYEE BENEFIT PLAN (Details) - Multiple Employers Retirement Income Plan - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee benefit plan | ||||
Interest cost | $ 490,000 | $ 458,000 | $ 980,000 | $ 916,000 |
Expected return on plan assets | (650,000) | (709,000) | (1,300,000) | (1,418,000) |
Amortization of net losses | 230,000 | 206,000 | 460,000 | 412,000 |
Net periodic benefit cost (credit) | $ 70,000 | $ (45,000) | $ 140,000 | (90,000) |
Employer contributions | $ 5,000,000 |
EMPLOYEE BENEFIT PLAN- SERP (De
EMPLOYEE BENEFIT PLAN- SERP (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
SERP | ||
Fair value of plan assets | ||
Fair value of plan assets | $ 26,454,000 | $ 22,815,000 |
EMPLOYEE BENEFIT PLAN - Unreali
EMPLOYEE BENEFIT PLAN - Unrealized gains, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
SERP | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrealized gains, net | $ 785 | $ 871 | $ 3,636 | $ 385 |
NOTES PAYABLE TO BANKS - Credit
NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands | Jul. 26, 2018USD ($) | Jun. 30, 2019USD ($)Lender | Dec. 31, 2018USD ($) |
Amendment | |||
Revolving credit facility | |||
Maximum consolidated leverage ratio | 2.50% | ||
Minimum Debt Service Coverage Ratio | 2.00% | ||
Minimum EBITDA | $ 50,000 | ||
Minimum net worth covenant | $ 600,000 | ||
Revolving credit facility | |||
Revolving credit facility | |||
Number of additional credit lenders | Lender | 5 | ||
Maximum borrowing capacity | $ 125,000 | ||
Origination and other costs | 3,300 | ||
Unamortized origination and other costs | 300 | ||
Outstanding debt | 0 | ||
Remaining borrowing capacity | $ 104,400 | ||
Revolving credit facility | Minimum | |||
Revolving credit facility | |||
Annual fee (as a percent) | 0.15% | ||
Revolving credit facility | Maximum | |||
Revolving credit facility | |||
Annual fee (as a percent) | 0.25% | ||
Revolving credit facility | Amendment | |||
Revolving credit facility | |||
Reduction in commitment fees (in points) | 7.50% | ||
Revolving credit facility | Amendment | Eurodollar Rate | LIBOR | Minimum | |||
Revolving credit facility | |||
Basis points added | 1.125% | ||
Revolving credit facility | Amendment | Eurodollar Rate | LIBOR | Maximum | |||
Revolving credit facility | |||
Basis points added | 2.125% | ||
Revolving credit facility | Amendment | Base Rate | Minimum | |||
Revolving credit facility | |||
Basis points added | 0.125% | ||
Revolving credit facility | Amendment | Base Rate | Maximum | |||
Revolving credit facility | |||
Basis points added | 1.125% | ||
Revolving credit facility | Amendment | Base Rate | Federal Funds Rate | |||
Revolving credit facility | |||
Basis points added | 0.50% | ||
Revolving credit facility | Amendment | Base Rate | Eurodollar Rate | |||
Revolving credit facility | |||
Basis points added | 1.00% | ||
Revolving credit facility | Letter of credit | |||
Revolving credit facility | |||
Maximum borrowing capacity | $ 35,000 | $ 50,000 | |
Outstanding debt | 20,600 | ||
Revolving credit facility | Letter of credit | Amendment | |||
Revolving credit facility | |||
Maximum borrowing capacity | $ 35,000 | ||
Revolving credit facility | Swingline | |||
Revolving credit facility | |||
Maximum borrowing capacity | $ 35,000 |
NOTES PAYABLE TO BANKS - Intere
NOTES PAYABLE TO BANKS - Interest incurred (Details) - Revolving credit facility - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revolving credit facility | ||||
Interest incurred | $ 89 | $ 103 | $ 178 | $ 206 |
Interest paid | $ 58 | $ 62 | $ 121 | $ 133 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
INCOME TAXES | ||||
Effective tax rate (as a percent) | 29.60% | 24.60% | 30.00% | 23.20% |
RSU vesting and dividends adjustments | $ 2.2 |
FAIR VALUE DISCLOSURES (Details
FAIR VALUE DISCLOSURES (Details) - Fair value on a recurring basis - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Equity securities | $ 232 | $ 211 |
Investments measured at net asset value | 26,454 | 22,815 |
Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Equity securities | 232 | 211 |
Significant other observable inputs (Level 2) | ||
Assets: | ||
Equity securities | 0 | 0 |
Significant unobservable inputs (Level 3) | ||
Assets: | ||
Equity securities | $ 0 | $ 0 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ (18,746) | $ (16,702) | |
Change during the period: | |||
Before-tax amount | 431 | (430) | |
Adoption of accounting standards (Note 2) | 87 | 0 | $ (356) |
Reclassification adjustment, net of taxes: | |||
Amortization of net loss | 347 | 328 | |
Total activity for the period | (1,954) | (102) | |
Balance | (20,700) | (16,804) | |
ASU No. 2018-02, (Topic 220) | |||
Change during the period: | |||
Adoption of accounting standards (Note 2) | (2,732) | ||
Pension Adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (15,878) | (14,470) | |
Change during the period: | |||
Before-tax amount | 0 | 0 | |
Reclassification adjustment, net of taxes: | |||
Amortization of net loss | 347 | 328 | |
Total activity for the period | (2,385) | 328 | |
Balance | (18,263) | (14,142) | |
Pension Adjustment | ASU No. 2018-02, (Topic 220) | |||
Change during the period: | |||
Adoption of accounting standards (Note 2) | (2,732) | ||
Unrealized Gain (Loss) On Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 15 | ||
Change during the period: | |||
Before-tax amount | (15) | ||
Reclassification adjustment, net of taxes: | |||
Amortization of net loss | 0 | ||
Total activity for the period | (15) | ||
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (2,868) | (2,247) | |
Change during the period: | |||
Before-tax amount | 431 | (415) | |
Reclassification adjustment, net of taxes: | |||
Amortization of net loss | 0 | 0 | |
Total activity for the period | 431 | (415) | |
Balance | $ (2,437) | $ (2,662) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - ASU 2018-02 (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
ASU No. 2018-02, (Topic 220) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ 2.7 |
LEASES - Assets and liabilities
LEASES - Assets and liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Assets: | |
Operating lease right-of-use assets | $ 42,727 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating lease right-of-use assets |
Liabilities | |
Current - operating leases | $ 12,181 |
Non-current - operating leases | $ 31,624 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Non-current - operating leases |
ASU No. 2016-02, Leases (Topic 842) | |
Liabilities | |
Total lease liabilities | $ 43,805 |
LEASES - Components of lease ex
LEASES - Components of lease expense (Details) - ASU No. 2016-02, Leases (Topic 842) - Selling, general and administrative expenses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
LEASES | ||
Operating lease cost | $ 3,904 | $ 7,878 |
Short-term lease cost | 2,142 | 3,916 |
Variable lease cost | 26 | 52 |
Sublease income | (18) | (36) |
Total lease cost | $ 6,054 | $ 11,810 |
LEASES - Other information (Det
LEASES - Other information (Details) - ASU No. 2016-02, Leases (Topic 842) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
LEASES | |
Cash paid for amounts included in the measurement of lease liabilities - operating leases | $ 6,992 |
ROU assets obtained in exchange for operating lease liabilities | $ 6,559 |
Weighted average remaining lease term - operating leases | 5 years 6 months |
Weighted average discount rate - operating leases | 3.74% |
LEASES - Future minimum lease p
LEASES - Future minimum lease payments (Details) - ASU No. 2016-02, Leases (Topic 842) $ in Thousands | Jun. 30, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | |
2019 (excluding the six months ended June 30, 2019) | $ 7,021 |
2020 | 11,900 |
2021 | 9,147 |
2022 | 6,370 |
2023 | 3,881 |
Thereafter | 10,868 |
Total lease payments | 49,187 |
Less: Amounts representing interest | (5,382) |
Total lease liabilities | $ 43,805 |