Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | May 06, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-13455 | |
Entity Registrant Name | TETRA Technologies, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2148293 | |
Entity Address, Address Line One | 24955 Interstate 45 North | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, Postal Zip Code | 77380 | |
Entity Address, State or Province | TX | |
City Area Code | 281 | |
Local Phone Number | 367-1983 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | TTI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 125,898,683 | |
Entity Central Index Key | 0000844965 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 222,942 | $ 243,728 |
Cost of Goods and Services Sold [Abstract] | ||
Depreciation, amortization, and accretion | 29,460 | 30,628 |
Impairment of Long-Lived Assets Held-for-use | 5,371 | 146 |
Total cost of revenues | 183,525 | 207,518 |
Gross profit | 39,417 | 36,210 |
General and administrative expense | 30,537 | 34,277 |
Interest expense, net | 17,856 | 18,379 |
Fair Value Adjustment Of Warrants, Income Statement | (338) | 407 |
Preferred, Fair Value Adjustment | 0 | 1,163 |
Other (income) expense, net | 439 | (951) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (9,077) | (17,065) |
Provision (benefit) for income taxes | 1,154 | 1,609 |
Income (loss) before taxes | (10,231) | (18,674) |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (145) | (426) |
Net income (loss) | (10,376) | (19,100) |
(Income) loss attributable to noncontrolling interest | 8,825 | 8,262 |
Net income (loss) attributable to TETRA stockholders | $ (1,551) | $ (10,838) |
Basic net income per common share: | ||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.01) | $ (0.09) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 |
Net income (loss) attributable to TETRA stockholders | $ (0.01) | $ (0.09) |
Weighted Average Number of Shares Outstanding, Basic | 125,587 | 125,681 |
Diluted net income per common share: | ||
Income (Loss) from Continuing Operations, Per Diluted Share | $ (0.01) | $ (0.09) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 |
Net income (loss) attributable to TETRA stockholders | $ (0.01) | $ (0.09) |
Weighted Average Number of Shares Outstanding, Diluted | 125,587 | 125,681 |
Product [Member] | ||
Revenues | $ 85,033 | $ 91,781 |
Cost of Goods and Services Sold [Abstract] | ||
Cost of product sales | 58,967 | 74,588 |
Service [Member] | ||
Revenues | 137,909 | 151,947 |
Cost of Goods and Services Sold [Abstract] | ||
Cost of product sales | $ 89,727 | $ 102,156 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (10,376) | $ (19,100) |
Foreign currency translation adjustment, net of taxes of $0 in 2019 and 2018 | (6,467) | (406) |
Comprehensive income | (16,843) | (19,506) |
Comprehensive (income) loss attributable to noncontrolling interest | 9,054 | 8,086 |
Comprehensive income (loss) attributable to TETRA stockholders | $ (7,789) | $ (11,420) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign Currency Translation Adjustment, Tax | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 29,473 | $ 17,704 |
Restricted cash | 53 | 64 |
Trade accounts receivable, net of allowances | 169,231 | 176,291 |
Inventories | 142,116 | 136,510 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 |
Prepaid expenses and other current assets | 23,107 | 20,785 |
Total current assets | 363,980 | 351,354 |
Property, plant, and equipment: | ||
Land and building | 57,357 | 60,586 |
Machinery and equipment | 1,347,642 | 1,335,157 |
Automobiles and trucks | 30,052 | 31,681 |
Chemical plants | 58,327 | 57,692 |
Construction in progress | 24,760 | 34,393 |
Total property, plant, and equipment | 1,518,138 | 1,519,509 |
Less accumulated depreciation | (777,891) | (760,872) |
Net property, plant, and equipment | 740,247 | 758,637 |
Other assets: | ||
Patents, trademarks and other intangible assets, net of accumulated amortization | 72,104 | 74,199 |
Deferred tax assets, net | 24 | 24 |
Operating lease right-of-use assets | 75,344 | 68,131 |
Other assets | 18,065 | 19,577 |
Total other assets | 165,537 | 161,931 |
Total assets | 1,269,764 | 1,271,922 |
Current liabilities: | ||
Trade accounts payable | 88,204 | 88,917 |
Unearned income | 28,422 | 9,831 |
Accrued liabilities | 76,559 | 87,877 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 2,011 | 2,098 |
Total current liabilities | 195,196 | 188,723 |
Long-term debt, net | 845,842 | 842,871 |
Deferred income taxes | 2,762 | 2,988 |
Decommissioning and other asset retirement obligations, net | 12,878 | 12,762 |
Warranty Liability | 112 | 449 |
Operating lease liabilities | 59,845 | 53,919 |
Other liabilities | 6,198 | 7,384 |
Total long-term liabilities | 927,637 | 920,373 |
Equity: | ||
Common stock, par value $0.01 per share | 1,287 | 1,283 |
Additional paid-in capital | 468,088 | 466,959 |
Treasury stock, at cost | (19,253) | (19,164) |
Accumulated other comprehensive income (loss) | (58,421) | (52,183) |
Retained earnings | (364,073) | (362,522) |
Total TETRA stockholders' equity | 27,628 | 34,373 |
Noncontrolling interests | 119,303 | 128,453 |
Total equity | 146,931 | 162,826 |
Total liabilities and equity | $ 1,269,764 | $ 1,271,922 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Trade accounts receivable, allowances for doubtful accounts | $ 6,308 | $ 5,262 |
Other assets: | ||
Patents, trademarks, and other intangible assets, accumulated amortization | $ 89,450 | $ 88,422 |
Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 128,693,692 | 128,304,354 |
Treasury stock, shares held | 2,896,627 | 2,823,191 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net income (loss) | $ (10,376) | $ (19,100) |
Reconciliation of net income (loss) to cash provided by (used in) operating activities: | ||
Depreciation, amortization, and accretion | 29,460 | 30,627 |
Impairment of Long-Lived Assets Held-for-use | 5,371 | 146 |
Provision (benefit) for deferred income taxes | 55 | 229 |
Equity-based compensation expense | 784 | 2,165 |
Provision for doubtful accounts | 1,380 | 627 |
Amortization of deferred financing costs | 569 | 1,292 |
Liabilities, Fair Value Adjustment | 0 | 2,159 |
Fair Value Adjustment of Warrants | (337) | 407 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | (400) |
Gain on sale of assets | (833) | (201) |
Changes in operating assets and liabilities, net of assets acquired: | ||
Accounts receivable | 3,601 | 2,353 |
Inventories | (12,414) | (15,809) |
Prepaid expenses and other current assets | (2,442) | (3,222) |
Trade accounts payable and accrued expenses | 8,742 | 6,638 |
Other | (1,384) | (499) |
Net cash provided by (used in) operating activities | 22,176 | 7,412 |
Investing activities: | ||
Payments to Acquire Property, Plant, and Equipment | 12,390 | 32,409 |
Proceeds on sale of property, plant, and equipment | 1,425 | 364 |
Other investing activities | 350 | 319 |
Net cash provided by (used in) investing activities | (10,615) | (31,726) |
Financing activities: | ||
Proceeds from long-term debt | 56,512 | 66,000 |
Principal payments on long-term debt | (54,511) | (35,451) |
CCLP distributions | (309) | (307) |
Redemptions of CCLP Series A Preferred | 0 | (8,346) |
Tax remittances on equity based compensation | (319) | (429) |
Debt issuance costs and other financing activities | (235) | (155) |
Net cash provided by (used in) financing activities | 1,138 | 21,312 |
Effect of exchange rate changes on cash | (940) | (167) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 11,759 | (3,169) |
Cash, cash equivalents, and restricted cash | 29,527 | 36,933 |
Supplemental cash flow information: | ||
Interest paid | 15,421 | 15,544 |
Income taxes paid | $ 1,479 | $ 1,644 |
Consolidated Statement of Equit
Consolidated Statement of Equity Statement - USD ($) $ in Thousands | Total | Common Stock Value [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 312,749 | $ 1,285 | $ 460,680 | $ (18,950) | $ (51,663) | $ (217,952) | $ 139,349 |
Net Income (Loss) Attributable to Parent | (10,838) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (19,100) | (8,262) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (406) | (582) | 176 | ||||
Other Comprehensive Income (Loss), Net of Tax | (19,506) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (307) | 307 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | (1) | ||||||
Proceeds from Issuance of Common Stock | (1) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (155) | (155) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 1,939 | 1,628 | 311 | ||||
Conversion of CCLP Preferred Stock, Amount Converted | 2,539 | 2,539 | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 9 | 67 | 76 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 300,110 | 1,284 | 462,241 | (19,105) | (52,245) | (225,947) | 133,882 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 162,826 | 1,283 | 466,959 | (19,164) | (52,183) | (362,522) | 128,453 |
Net Income (Loss) Attributable to Parent | (1,551) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (10,376) | (8,825) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (6,467) | (6,238) | (229) | ||||
Other Comprehensive Income (Loss), Net of Tax | (16,843) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (309) | 309 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 4 | ||||||
Proceeds from Issuance of Common Stock | (4) | 0 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (89) | (89) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 1,373 | 1,145 | 228 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (31) | 16 | (15) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 146,931 | $ 1,287 | $ 468,088 | $ (19,253) | $ (58,421) | $ (364,073) | $ 119,303 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Translation adjustment, tax | $ 0 | $ 0 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Organization We are a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback, production well testing and offshore rig cooling services, and compression services and equipment. We were incorporated in Delaware in 1981. We are composed of three divisions – Completion Fluids & Products, Water & Flowback Services, and Compression . Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its consolidated subsidiaries on a consolidated basis. Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended March 31, 2020 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2020 . We consolidate the financial statements of our CSI Compressco LP subsidiary ("CCLP") as part of our Compression Division, as we determined that CCLP is a variable interest entity and we are the primary beneficiary. We control the financial interests of CCLP and have the ability to direct the activities of CCLP that most significantly impact its economic performance through our ownership of its general partner. The share of CCLP net assets and earnings that is not owned by us is presented as noncontrolling interest in our consolidated financial statements. Our cash flows from our investment in CCLP are limited to the quarterly distributions we receive on our CCLP common units and general partner interest (including incentive distribution rights) and the amounts collected for services we perform on behalf of CCLP, as TETRA's capital structure and CCLP's capital structure are separate, and do not include cross default provisions, cross collateralization provisions, or cross guarantees. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission ("SEC") and do not include all information and footnotes required by U.S. generally accepted accounting principles ("U.S. GAAP") for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and notes thereto included in our Annual Report on Form 10-K , which we filed with the SEC on March 16, 2020. Significant Accounting Policies Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2019 included in our Annual Report on Form 10-K . There have been no significant changes in our accounting policies or the application thereof during the first quarter of 2020. Use of 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 and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. Reclassifications Certain previously reported financial information has been reclassified to conform to the current year's presentation. The impact of such reclassifications was not significant to the prior year's overall presentation. Impairments and Other Charges Impairments of long-lived assets, including identified intangible assets, are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgment as to the future undiscounted operating cash flows to be generated from the relevant assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related assets, an impairment is recognized for the excess of the carrying value over fair value. Fair value of intangible assets is generally determined using the discounted present value of future cash flows using discount rates commensurate with the risks inherent with the specific assets. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. See Note 3 - "Impairments and Other Charges" for additional discussion of recorded impairments. Revenue Recognition Performance Obligations. Revenue is generally recognized when we transfer control of our products or services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or providing services to our customers. We receive cash equal to the invoice price for most sales of product and services and payment terms typically range from 30 to 60 days from the date we invoice our customer. Since the period between when we deliver products or services and when the customer pays for such products or services is not expected to exceed one year, we have elected not to calculate or disclose a financing component for our customer contracts. Depending on the terms of the arrangement, we may also defer the recognition of revenue for a portion of the consideration received because we have to satisfy a future performance obligation. For example, consideration received from customers during the fabrication of new compressor packages is typically deferred until control of the compressor package is transferred to our customer. For any arrangements with multiple performance obligations, we use management's estimated selling price to determine the stand-alone selling price for separate performance obligations. For revenue associated with mobilization of service equipment as part of a service contract arrangement, such revenue, if significant, is deferred and amortized over the estimated service period. Product Sales. Product sales revenues are generally recognized when we ship products from our facility to our customer. The product sales for our Completion Fluids & Products Division consist primarily of clear brine fluids ("CBFs"), additives, and associated manufactured products. Product sales for our Water & Flowback Services Division are typically attributed to specific performance obligations within certain production testing service arrangements. Parts and equipment sales comprise the product sales for the Compression Division. Services . Service revenues represent revenue recognized over time, as our customer arrangements typically provide agreed upon day-rates (monthly service rates for compression services) and we recognize service revenue based upon the number of days services have been performed. Service revenue recognized over time is associated with a majority of our Water & Flowback Services Division arrangements, compression service and aftermarket service contracts within our Compression Division, and a small portion of Completion Fluids & Products Division revenue that is associated with completion fluid service arrangements. With the exception of the initial terms of the compression services contracts for medium- and high-horsepower compressor packages of our Compression Division, our customer contracts are generally for terms of one year or less. The majority of the service arrangements in the Water & Flowback Services Division are for a period of 90 days or less. Sales taxes, value added taxes, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. We have elected to recognize the cost for freight and shipping costs as part of cost of product sales when control over our products (i.e. delivery) has transferred to the customer. Use of Estimates. In recognizing revenue for variable consideration arrangements, the amount of variable consideration recognized is limited so that it is probable that significant amounts of revenues will not be reversed in future periods when the uncertainty is resolved. For products returned by the customer, we estimate the expected returns based on an analysis of historical experience. For volume discounts earned by the customer, we estimate the discount (if any) based on our estimate of the total expected volume of products sold or services to be provided to the customer during the discount period. In certain contracts for the sale of CBFs, we may agree to issue credits for the repurchase of reclaimable used fluids from certain customers at an agreed price that is based on the condition of the fluids. Contract Assets and Liabilities. We consider contract assets to be trade accounts receivable when we have an unconditional right to consideration and only the passage of time is required before payment is due. In certain instances, particularly those requiring customer specific documentation prior to invoicing, our invoicing of the customer is delayed until certain documentation requirements are met. In those cases, we recognize a contract asset rather than a billed trade accounts receivable until we are able to invoice the customer. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. We classify contract liabilities as unearned income in our consolidated balance sheets. Such deferred revenue typically results from advance payments received on orders for new compressor equipment prior to the time such equipment is completed and transferred to the customer in accordance with the customer contract. New equipment sales orders generally take less than twelve months to build and deliver. Bill-and-Hold Arrangements. We design and fabricate compressor packages based on our customer’s specifications. In some cases, the customer will request us to hold the equipment, upon completion of the unit, until the job site is ready to receive the equipment. When this occurs, we along with the customer sign a bill-and-hold agreement, which outlines that the customer has title to the equipment, the equipment is ready for delivery, we cannot use the equipment or direct it to another customer, and we have a present right to payment. When those criteria have been met and the agreement is executed, we recognize the revenue on the equipment because control of the equipment has passed to our customer and our performance obligations are complete. Entering into these arrangements is something we have done as a courtesy for certain customers for many years. The equipment subject to the bill-and-hold agreements has generally been invoiced and paid for through progressive billings such that at the time the bill-and-hold agreement is executed, the majority of the contractual cash obligation of the customer has been received by us. Operating Costs Cost of product sales includes direct and indirect costs of manufacturing and producing our products, including raw materials, fuel, utilities, labor, overhead, repairs and maintenance, materials, services, transportation, warehousing, equipment rentals, insurance, and certain taxes. Cost of services includes operating expenses we incur in delivering our services, including labor, equipment rental, fuel, repair and maintenance, transportation, overhead, insurance, and certain taxes. We include in product sales revenues the reimbursements we receive from customers for shipping and handling costs. Shipping and handling costs are included in cost of product sales. Amounts we incur for “out-of-pocket” expenses in the delivery of our services are recorded as cost of services. Reimbursements for “out-of-pocket” expenses we incur in the delivery of our services are recorded as service revenues. Depreciation, amortization, and accretion includes depreciation expense for all of our facilities, equipment and vehicles, amortization expense on our intangible assets, and accretion expense related to our decommissioning and other asset retirement obligations. We include in general and administrative expense all costs not identifiable to our specific product or service operations, including divisional and general corporate overhead, professional services, corporate office costs, sales and marketing expenses, insurance, and certain taxes. Foreign Currency Translation We have designated the euro, the British pound, the Norwegian krone, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Norway, Canada, Brazil, and certain of our operations in Mexico, respectively. The U.S. dollar is the designated functional currency for all of our other foreign operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the U.S. dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $1.9 million during the three months ended March 31, 2020 , and $(1.2) million during the three months ended March 31, 2019 , respectively. Fair Value Measurements We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized on a recurring basis in the determination of the carrying values of certain liabilities, including the liabilities for the warrants to purchase 11.2 million shares of our common stock (the "Warrants") and our foreign currency derivative contracts. Refer to Note 9 - "Fair Value Measurements" for further discussion. Fair value measurements are also utilized on a nonrecurring basis in certain circumstances, such as in the allocation of purchase consideration for acquisition transactions to the assets and liabilities acquired, including intangible assets and goodwill (a Level 3 fair value measurement), the initial recording of our asset retirement obligations, and for the impairment of long-lived assets, including goodwill (a Level 3 fair value measurement). New Accounting Pronouncements Standards adopted in 2020 In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 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." ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. We are continuing to work through our implementation plan which includes evaluating the impact on our allowance for doubtful accounts methodology, identifying new reporting requirements, and implementing changes to business processes, systems, and controls to support adoption of the standard. Upon adoption, the allowance for doubtful accounts is expected to increase with an offsetting adjustment to retained earnings. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 has an effective date of the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for us the first quarter of fiscal 2021. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impacts of the provisions of ASU 2020-04 on our consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE FROM CONTRACTS WITH CUSTOMERS As of March 31, 2020 , we had $56.7 million of remaining contractual performance obligations for compression services. As a practical expedient, this amount does not reflect revenue for compression service contracts whose original expected duration is less than twelve months and does not consider the effects of the time value of money. Expected revenue to be recognized in the future as of March 31, 2020 for completion of performance obligations of compression service contracts are as follows: 2020 2021 2022 2023 2024 Total (In Thousands) Compression service contracts remaining performance obligations $ 38,720 $ 15,941 $ 2,026 $ 54 $ — $ 56,741 For sales of CBFs where we have agreed to issue credits for the repurchase of reclaimable used fluids at an agreed price based on the condition of the fluid upon return, we adjust the revenue recognized in the period of shipment by an estimated amount, based on historical experience, of the credit expected to be issued. As of March 31, 2020 , the amount of remaining credits expected to be issued for the repurchase of reclaimable used fluids was $5.6 million recorded in inventory (right of return asset) and either accounts payable or as a reduction to accounts receivable . T here were no material differences between amounts recognized during the three month period ended March 31, 2020 , compared to estimates made in a prior period from these variable consideration arrangements. Our contract asset balances, primarily associated with customer documentation requirements, were $33.3 million and $34.9 million as of March 31, 2020 and December 31, 2019 , respectively. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. Collections primarily associated with progressive billings to customers for the construction of compression equipment is included in unearned income in the consolidated balance sheets. The following table reflects the changes in unearned income in our consolidated balance sheets for the periods indicated: Three Months Ended 2020 2019 (In Thousands) Unearned Income, beginning of period $ 9,678 $ 25,333 Additional unearned income 23,869 49,363 Revenue recognized (5,767 ) (24,858 ) Unearned income, end of period $ 27,780 $ 49,838 During the three month period ended March 31, 2020 , we recognized product sales revenue of $2.9 million from unearned income that was deferred as of December 31, 2019 . During the three months ended March 31, 2019 , we recognized product sales revenue of $11.0 million from unearned income that was deferred as of December 31, 2018 . As of March 31, 2020 , contract costs were immaterial. We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our three reportable segments in Note 11 . In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Three Months Ended March 31, 2020 2019 (In Thousands) Completion Fluids & Products U.S. $ 37,958 $ 31,606 International 37,279 29,975 75,237 61,581 Water & Flowback Services U.S. 54,384 73,199 International 3,083 5,479 57,467 78,678 Compression U.S. 80,599 93,517 International 9,639 9,952 90,238 103,469 Total Revenue U.S. 172,941 198,322 International 50,001 45,406 $ 222,942 $ 243,728 |
Impairments and Other Charges (
Impairments and Other Charges (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Impairments and Other Charges | IMPAIRMENTS AND OTHER CHARGES Impairments of Long-Lived Assets During the first quarter of 2020, the COVID-19 pandemic and decline in oil prices had a significant impact on our customers and industry. We started to see our customers revise their capital budgets downwards and adjust their operations accordingly, which led to a decline in orders for new compression equipment to be fabricated and sold to third parties, among other impacts. We concluded these events were indicators of impairment for all asset groups within our Compression Division and certain asset groups within our Completion Fluids & Products Division. As a result, we performed recoverability analyses on the relevant asset groups within these divisions. Based upon these recoverability analyses, we determined that the carrying values of our Midland manufacturing facility and related new unit sales inventory in our Compression Division exceeded their respective fair values. Therefore, we recorded impairments of approximately $5.4 million during the first quarter of 2020 related to these assets. Fair value was estimated based on a market approach. No other recoverability analysis performed indicated an impairment as of March 31, 2020. Given the dynamic nature of the events beginning in the first quarter of 2020, we are not able to reasonably estimate how long our operations will be adversely impacted and the full extent these events will have on our operations. As a result, we could have indicators of impairment again in future periods resulting in additional asset impairments. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Components of inventories as of March 31, 2020 and December 31, 2019 are as follows: March 31, 2020 December 31, 2019 (In Thousands) Finished goods $ 67,824 $ 70,135 Raw materials 3,886 4,125 Parts and supplies 38,859 47,793 Work in progress 31,547 14,457 Total inventories $ 142,116 $ 136,510 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES We have operating leases for some of our transportation equipment, office space, warehouse space, operating locations, and machinery and equipment. We have finance leases for certain storage tanks and equipment rentals. These finance leases are not material to our financial statements. Our leases have remaining lease terms ranging from 1 to 16 years . Some of our leases have options to extend for various periods, while some have termination options with prior notice of generally 30 days or six months. The office space, warehouse space, operating location leases, and machinery and equipment leases generally require us to pay all maintenance and insurance costs. During the fourth quarter of 2019, CCLP entered into a lease agreement commitment for 14 compressor packages. The leases are for an initial term of seven years and commence upon the completion of the equipment fabrication. During the first quarter, CCLP took delivery of eight compressor packages. We anticipate taking delivery of the remaining six compressor packages when the compression units are completed, which is expected to occur during the second quarter of 2020. We have no other lease commitments that have not yet commenced that create significant rights and obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Variable rent expense was not material. Our corporate headquarters facility located in The Woodlands, Texas, was sold on December 31, 2012, pursuant to a sale and leaseback transaction. As a condition to the consummation of the purchase and sale of the facility, the parties entered into a lease agreement for the facility having an initial lease term of 15 years , which is classified as an operating lease. Under the terms of the lease agreement, we have the ability to extend the lease for five successive five-year periods at base rental rates to be determined at the time of each extension. Components of lease expense, included in either cost of revenues or general and administrative expense based on the use of the underlying asset, are as follows (inclusive of lease expense for leases not included on our consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less): Three Months Ended March 31, 2020 2019 (In Thousands) Operating lease expense $ 5,148 $ 5,044 Short-term lease expense 9,430 11,161 Total lease expense $ 14,578 $ 16,205 Supplemental cash flow information: Three Months Ended March 31, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 5,949 $ 4,657 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,844 $ 3,257 Supplemental balance sheet information: March 31, 2020 December 31, 2019 (In Thousands) Operating leases: Operating lease right-of-use assets $ 75,344 $ 68,131 Accrued liabilities and other $ 16,782 $ 15,850 Operating lease liabilities 59,845 53,919 Total operating lease liabilities $ 76,627 $ 69,769 Additional operating lease information: March 31, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 6.37 Years 6.43 Years Weighted average discount rate: Operating leases 9.43 % 9.46 % Future minimum lease payments by year and in the aggregate, under non-cancellable operating leases with terms in excess of one year consist of the following at March 31, 2020 : Operating Leases (In Thousands) Remainder of 2020 $ 19,961 2021 22,092 2022 18,422 2023 14,776 2024 12,372 Thereafter 30,268 Total lease payments 117,891 Less imputed interest (41,264 ) Total lease liabilities $ 76,627 At March 31, 2020 , future minimum rental receipts under a non-cancellable sublease for office space in one of our locations totaled $6.1 million . For the three months ended March 31, 2020 , we recognized sublease income of $0.3 million |
Leases | LEASES We have operating leases for some of our transportation equipment, office space, warehouse space, operating locations, and machinery and equipment. We have finance leases for certain storage tanks and equipment rentals. These finance leases are not material to our financial statements. Our leases have remaining lease terms ranging from 1 to 16 years . Some of our leases have options to extend for various periods, while some have termination options with prior notice of generally 30 days or six months. The office space, warehouse space, operating location leases, and machinery and equipment leases generally require us to pay all maintenance and insurance costs. During the fourth quarter of 2019, CCLP entered into a lease agreement commitment for 14 compressor packages. The leases are for an initial term of seven years and commence upon the completion of the equipment fabrication. During the first quarter, CCLP took delivery of eight compressor packages. We anticipate taking delivery of the remaining six compressor packages when the compression units are completed, which is expected to occur during the second quarter of 2020. We have no other lease commitments that have not yet commenced that create significant rights and obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Variable rent expense was not material. Our corporate headquarters facility located in The Woodlands, Texas, was sold on December 31, 2012, pursuant to a sale and leaseback transaction. As a condition to the consummation of the purchase and sale of the facility, the parties entered into a lease agreement for the facility having an initial lease term of 15 years , which is classified as an operating lease. Under the terms of the lease agreement, we have the ability to extend the lease for five successive five-year periods at base rental rates to be determined at the time of each extension. Components of lease expense, included in either cost of revenues or general and administrative expense based on the use of the underlying asset, are as follows (inclusive of lease expense for leases not included on our consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less): Three Months Ended March 31, 2020 2019 (In Thousands) Operating lease expense $ 5,148 $ 5,044 Short-term lease expense 9,430 11,161 Total lease expense $ 14,578 $ 16,205 Supplemental cash flow information: Three Months Ended March 31, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 5,949 $ 4,657 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,844 $ 3,257 Supplemental balance sheet information: March 31, 2020 December 31, 2019 (In Thousands) Operating leases: Operating lease right-of-use assets $ 75,344 $ 68,131 Accrued liabilities and other $ 16,782 $ 15,850 Operating lease liabilities 59,845 53,919 Total operating lease liabilities $ 76,627 $ 69,769 Additional operating lease information: March 31, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 6.37 Years 6.43 Years Weighted average discount rate: Operating leases 9.43 % 9.46 % Future minimum lease payments by year and in the aggregate, under non-cancellable operating leases with terms in excess of one year consist of the following at March 31, 2020 : Operating Leases (In Thousands) Remainder of 2020 $ 19,961 2021 22,092 2022 18,422 2023 14,776 2024 12,372 Thereafter 30,268 Total lease payments 117,891 Less imputed interest (41,264 ) Total lease liabilities $ 76,627 At March 31, 2020 , future minimum rental receipts under a non-cancellable sublease for office space in one of our locations totaled $6.1 million . For the three months ended March 31, 2020 , we recognized sublease income of $0.3 million |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowings | LONG-TERM DEBT AND OTHER BORROWINGS We believe our capital structure, excluding CCLP, ("TETRA") and CCLP's capital structure should be considered separately, as there are no cross default provisions, cross collateralization provisions, or cross guarantees between CCLP's debt and TETRA's debt. Consolidated long-term debt as of March 31, 2020 and December 31, 2019 , consists of the following: March 31, 2020 December 31, 2019 (In Thousands) TETRA Scheduled Maturity Asset-based credit agreement (presented net of unamortized deferred financing costs of $1.3 million as of March 31, 2020 and $1.0 million as of December 31, 2019) September 2023 $ 2,246 $ — Term credit agreement (presented net of the unamortized discount of $6.2 million as of March 31, 2020 and $6.4 million as of December 31, 2019 and net of unamortized deferred financing costs of $9.2 million as of March 31, 2020 and $9.5 million as of December 31, 2019) September 2025 205,167 204,633 TETRA total debt 207,413 204,633 Less current portion — — TETRA total long-term debt $ 207,413 $ 204,633 CCLP CCLP asset-based credit agreement (presented net of unamortized deferred financing costs of $0.8 million as of March 31, 2020 and $0.9 million of December 31, 2019) June 2023 2,184 2,622 CCLP 7.25% Senior Notes (presented net of the unamortized discount of $1.5 million as of March 31, 2020 and $1.7 million as of December 31, 2019 and net of unamortized deferred financing costs of $2.6 million as of March 31, 2020 and $2.8 million as of December 31, 2019) August 2022 291,863 291,444 CCLP 7.50% Senior Secured Notes (presented net of unamortized deferred financing costs of $5.6 million as of March 31, 2020 and $5.8 million as of December 31, 2019) April 2025 344,382 344,172 CCLP total debt 638,429 638,238 Less current portion — — CCLP total long-term debt $ 638,429 $ 638,238 Consolidated total long-term debt $ 845,842 $ 842,871 As of March 31, 2020 , TETRA had a $3.5 million outstanding balance and $7.9 million in letters of credit against its asset-based credit agreement ("ABL Credit Agreement"). As of March 31, 2020 , subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, TETRA had an availability of $40.8 million under this agreement. There was a $3.0 million balance outstanding and $3.0 million in letters of credit against the CCLP asset-based credit agreement ("CCLP Credit Agreement") as of March 31, 2020 . As of March 31, 2020 , and subject to compliance with the covenants, borrowing base, and other provisions of the CCLP Credit Agreement that may limit borrowings, CCLP had availability of $20.4 million . TETRA and CCLP credit and senior note agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. TETRA and CCLP are both in compliance with all covenants of their respective credit and senior note agreements as of March 31, 2020 |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS On March 1, 2018, we closed a series of related transactions that resulted in the disposition of our Offshore Division. As a result, we have accounted for our Offshore Division, consisting of our Offshore Services and Maritech segments, as discontinued operations. See Note 8 - "Commitments and Contingencies" for further discussion. A summary of financial information related to our discontinued operations is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations (in thousands) Three Months Ended Three Months Ended Offshore Services Maritech Total Offshore Services Maritech Total Major classes of line items constituting pretax loss from discontinued operations Revenue $ — $ — $ — $ — $ — $ — Cost of revenues (60 ) — (60 ) 22 — 22 Depreciation, amortization, and accretion — — — — — — General and administrative expense 205 — 205 404 — 404 Other (income) expense, net — — — — — — Pretax loss from discontinued operations (145 ) — (145 ) (426 ) — (426 ) Pretax loss on disposal of discontinued operations — — Total pretax loss from discontinued operations (145 ) (426 ) Income tax benefit — — Total loss from discontinued operations $ (145 ) $ (426 ) Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) March 31, 2020 December 31, 2019 Offshore Services Maritech Total Offshore Services Maritech Total Carrying amounts of major classes of assets included as part of discontinued operations Trade receivables $ — $ — $ — $ — $ — $ — Other current assets — — — — — — Assets of discontinued operations $ — $ — $ — $ — $ — $ — Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ 1,303 $ — $ 1,303 $ 1,233 $ — $ 1,233 Accrued liabilities 480 228 708 745 120 865 Liabilities of discontinued operations $ 1,783 $ 228 $ 2,011 $ 1,978 $ 120 $ 2,098 |
Market Risks and Derivative Hed
Market Risks and Derivative Hedge Contracts | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedge Contracts | FAIR VALUE MEASUREMENTS Financial Instruments Warrants The Warrants are valued using a Black Scholes option valuation model that includes implied volatility of the trading price (a Level 3 fair value measurement). Derivative Contracts We and CCLP each enter into short term foreign currency forward derivative contracts with third parties as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries. As of March 31, 2020 , we and CCLP had the following foreign currency derivative contracts outstanding relating to portions of our foreign operations: Derivative Contracts US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward purchase Euro $ 8,167 1.08 4/21/2020 Forward purchase Euro 10,497 1.10 4/21/2020 Forward purchase pounds sterling 9,400 1.17 4/21/2020 Forward sale pounds sterling 500 1.18 4/21/2020 Forward sale pounds sterling 1,875 1.17 4/21/2020 Forward sale Norwegian krone 1,000 11.76 4/21/2020 Forward purchase Norwegian krone 4,300 11.36 4/21/2020 Forward sale Mexican peso 4,974 24.40 4/21/2020 Derivative Contracts British Pound Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward purchase Euro £ 3,445 0.92 4/21/2020 Derivative Contracts Swedish Krona Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward purchase Euro 210 kr 10.90 4/6/2020 Forward purchase Euro 66,690 kr 10.91 4/6/2020 Forward purchase Euro 2,400 kr 11.24 4/21/2020 Under this program, we and CCLP may enter into similar derivative contracts from time to time. Although contracts pursuant to this program will serve as an economic hedge of the cash flow of our currency exchange risk exposure, they are not formally designated as hedge contracts or qualify for hedge accounting treatment. Accordingly, any change in the fair value of these derivative contracts during a period will be included in the determination of earnings for that period. The fair values of foreign currency derivative contracts are based on quoted market values (a Level 2 fair value measurement). The fair values of our and CCLP's foreign currency derivative contracts as of March 31, 2020 and December 31, 2019 , are as follows: Foreign currency derivative contracts Balance Sheet Location Fair Value at March 31, 2020 Fair Value at December 31, 2019 (In Thousands) Forward purchase contracts Current assets $ 1,160 $ 86 Forward sale contracts Current liabilities (433 ) (53 ) Forward purchase contracts Current liabilities (181 ) (3 ) Net asset (liability) $ 546 $ 30 None of our foreign currency derivative contracts contain credit risk related contingent features that would require us to post assets or collateral for contracts that are classified as liabilities. During the three months ended March 31, 2020 and March 31, 2019 , we recognized $(1.0) million and $0.6 million of net (gains) losses , respectively, reflected in other (income) expense, net, associated with our foreign currency derivative program. During the first quarter of 2020, we recorded impairments of approximately $5.4 million , reflecting the decreased fair value for certain assets. The fair values used in these impairment calculations were estimated based on a market approach, which is based on significant unobservable inputs (Level 3) in accordance with the fair value hierarchy. Recurring and nonrecurring fair value measurements by valuation hierarchy as of March 31, 2020 and December 31, 2019 , are as follows: Fair Value Measurements Using Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description March 31, 2020 (Level 1) (Level 2) (Level 3) (In Thousands) Midland manufacturing facility and related assets $ 19,646 $ — $ — $ 19,646 Warrants liability (112 ) — — (112 ) Asset for foreign currency derivative contracts 1,160 — 1,160 — Liability for foreign currency derivative contracts (614 ) — (614 ) — Net asset $ 20,080 Fair Value Measurements Using Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2019 (Level 1) (Level 2) (Level 3) (In Thousands) Warrants liability $ (449 ) $ — $ — $ (449 ) Asset for foreign currency derivative contracts 86 — 86 — Liability for foreign currency derivative contracts (56 ) — (56 ) — Net liability $ (419 ) The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt pursuant to TETRA's ABL Credit Agreement and Term Credit Agreement, and the CCLP Credit Agreement approximate their carrying amounts. The fair values of the publicly traded CCLP 7.25% Senior Notes at March 31, 2020 and December 31, 2019 , were approximately $148.0 million and $266.0 million , respectively. Those fair values compare to the face amount of $ 295.9 million both at March 31, 2020 and December 31, 2019 . The fair values of the CCLP 7.50% Senior Secured Notes at March 31, 2020 and December 31, 2019 were approximately $239.8 million and $344.8 million , respectively. These fair values compare to aggregate principal amount of such notes at both March 31, 2020 and December 31, 2019 , of $350.0 million . We based the fair values of the CCLP 7.25% Senior Notes and the CCLP 7.50% Senior Secured Notes as of March 31, 2020 |
Net Income (Loss) per Share (No
Net Income (Loss) per Share (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | NET INCOME (LOSS) PER SHARE The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income (loss) per common and common equivalent share: Three Months Ended 2020 2019 (In Thousands) Number of weighted average common shares outstanding 125,587 125,681 Assumed exercise of equity awards and warrants — — Average diluted shares outstanding 125,587 125,681 For the three month periods ended March 31, 2020 and March 31, 2019 , the average diluted shares outstanding excludes the impact of all outstanding equity awards and warrants, as the inclusion of these shares would have been anti-dilutive due to the net losses recorded during the periods. In addition, for the three month period ended March 31, 2019 , the calculation of diluted earnings per common share excludes the impact of the CSI Compressco LP Series A Convertible Preferred Units (the "CCLP Preferred Units"), as the inclusion of the impact from conversion of the CCLP Preferred Units into CCLP common units would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Litigation We are named defendants in several lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity. Contingencies of Discontinued Operations In early 2018, we closed the Maritech Asset Purchase and Sale Agreement with Orinoco Natural Resources, LLC ("Orinoco") that provided for the purchase by Orinoco of Maritech's remaining oil and gas properties and related assets. Shortly thereafter, we closed the Maritech Membership Interest Purchase and Sale Agreement with Orinoco that provided for the purchase by Orinoco of all of the outstanding membership interests in Maritech. As a result of these transactions, we have effectively exited the business of our former Maritech segment. Under the Maritech Asset Purchase and Sale Agreement, Orinoco assumed all of Maritech’s decommissioning liabilities related to the leases sold to Orinoco (the “Orinoco Lease Liabilities”) and, under the Maritech Membership Interest Purchase and Sale Agreement, Orinoco assumed all other liabilities of Maritech, including the decommissioning liabilities associated with the oil and gas properties previously sold by Maritech (the “Legacy Liabilities”), subject to certain limited exceptions unrelated to the decommissioning liabilities. To the extent that Maritech or Orinoco fails to satisfy decommissioning liabilities associated with any of the Orinoco Lease Liabilities or the Legacy Liabilities, we may be required to satisfy such liabilities under third party indemnity agreements and corporate guarantees that we previously provided to the US Department of the Interior and other parties, respectively. Pursuant to a Bonding Agreement entered into as part of these transactions (the "Bonding Agreement"), Orinoco provided non-revocable performance bonds in an aggregate amount of $46.8 million to cover the performance by Orinoco and Maritech of the asset retirement obligations of Maritech (the “Initial Bonds”) and agreed to replace, within 90 days following the closing, the Initial Bonds with other non-revocable performance bonds, meeting certain requirements, in the aggregate sum of $47.0 million (collectively, the “Interim Replacement Bonds”). Orinoco further agreed to replace, within 180 days following the closing, the Interim Replacement Bonds with a maximum of three non-revocable performance bonds in the aggregate sum of $47.0 million , meeting certain requirements (the “Final Bonds”). Among the other requirements of the Final Bonds was that they must provide coverage for all of the asset retirement obligations of Maritech instead of only relating to specific properties. In the event Orinoco did not provide the Interim Replacement Bonds or the Final Bonds, Orinoco was required to make certain cash escrow payments to us. The payment obligations of Orinoco under the Bonding Agreement were guaranteed by Thomas M. Clarke and Ana M. Clarke pursuant to a separate guaranty agreement (the “Clarke Bonding Guaranty Agreement”). Orinoco has not delivered such replacement bonds and neither it nor the Clarkes has made any of the agreed upon cash escrow payments and we filed a lawsuit against Orinoco and the Clarkes to enforce the terms of the Bonding Agreement and the Clarke Bonding Guaranty Agreement. A summary judgment was initially granted in favor of Orinoco and the Clarkes which dismissed our claims against Orinoco under the Bonding Agreement and against the Clarkes under the Clarke Bonding Guaranty Agreement. We filed an appeal and also asked the trial court to grant a new trial on the summary judgment or to modify the judgment because we believe this judgment should not have been granted. On November 5, 2019, the trial court signed an order granting our motion for new trial and vacating the prior order granting summary judgment for Orinoco and the Clarkes. The parties are awaiting direction from the court on a new scheduling order and/or trial setting. The Initial Bonds, which are non-revocable, remain in effect. If we become liable in the future for any decommissioning liability associated with any property covered by either an Initial Bond or an Interim Replacement Bond while such bonds are outstanding and the payment made to us under such bond is not sufficient to satisfy such liability, the Bonding Agreement provides that Orinoco will pay us an amount equal to such deficiency and if Orinoco fails to pay any such amount, such amount must be paid by the Clarkes under the Clarke Bonding Guaranty Agreement. However, if the Final Bonds or the full amount of the escrowed cash have been provided, neither Orinoco nor the Clarkes would be liable to pay us for any such deficiency. Our financial condition and results of operations may be negatively affected if Orinoco is unable to cover any such deficiency or if we become liable for a significant portion of the decommissioning liabilities. In early 2018, we also closed the sale of our Offshore Division to Epic Companies, LLC (“Epic Companies,” formerly known as Epic Offshore Specialty, LLC). Part of the consideration we received was a promissory note of Epic Companies in the original principal amount of $7.5 million (the “Epic Promissory Note”) payable to us in full, together with interest at a rate of 1.52% per annum, on December 31, 2019, along with a personal guaranty agreement from Thomas M. Clarke and Ana M. Clarke guaranteeing the payment obligations of Epic Companies pursuant to the Epic Promissory Note (the “Clarke Promissory Note Guaranty Agreement”). Additionally, pursuant to the Equity Interest Purchase Agreement (the “Offshore Services Purchase Agreement”) and other agreements with Epic Companies, certain other amounts relating to the Offshore Division totaling approximately $1.5 million were payable to us. At the end of August 2019, Epic Companies filed for bankruptcy. We recorded a reserve of $7.5 million for the full amount of the promissory note, including accrued interest, and the certain other receivables in the amount of $1.5 million during the quarter ended September 30, 2019. The Epic Promissory Note became due on December 31, 2019 but neither Epic nor the Clarkes made the required payment. Upon the default by Epic and the Clarkes, we filed a lawsuit against the Clarkes on January 15, 2020 in Montgomery County, Texas for breach of the Clarke Promissory Note Guaranty Agreement, seeking the amounts due under the Epic Promissory Note and related interest, as well as attorneys’ fees and expenses. The Clarkes each filed an answer and counterclaims for fraud and negligent misrepresentation and seek monetary damages in excess of $1 million, punitive damages, and attorneys’ fees. We will vigorously prosecute our claim and defend against the claims by the Clarkes. |
Industry Segments
Industry Segments | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Industry Segments | INDUSTRY SEGMENTS We manage our operations through three Divisions: Completion Fluids & Products, Water & Flowback Services, and Compression . Summarized financial information concerning the business segments is as follows: Three Months Ended 2020 2019 (In Thousands) Revenues from external customers Product sales Completion Fluids & Products Division $ 70,190 $ 57,328 Water & Flowback Services Division 25 364 Compression Division 14,818 34,089 Consolidated $ 85,033 $ 91,781 Services Completion Fluids & Products Division $ 5,047 $ 4,253 Water & Flowback Services Division 57,442 78,314 Compression Division 75,420 69,380 Consolidated $ 137,909 $ 151,947 Total revenues Completion Fluids & Products Division $ 75,237 $ 61,581 Water & Flowback Services Division 57,467 78,678 Compression Division 90,238 103,469 Interdivision eliminations — — Consolidated $ 222,942 $ 243,728 Income (loss) before taxes Completion Fluids & Products Division $ 19,396 $ 6,186 Water & Flowback Services Division (2,244 ) 2,231 Compression Division (12,790 ) (7,801 ) Interdivision eliminations 5 6 Corporate Overhead (1) (13,444 ) (17,687 ) Consolidated $ (9,077 ) $ (17,065 ) (1) Amounts reflected include the following general corporate expenses: Three Months Ended 2020 2019 (In Thousands) General and administrative expense $ 8,081 $ 12,089 Depreciation and amortization 197 168 Interest expense 5,455 5,342 Warrants fair value adjustment (income) expense (338 ) 407 Other general corporate (income) expense, net 49 (319 ) Total $ 13,444 $ 17,687 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS In April 2020, we announced our plan to shutdown our Midland manufacturing facility as a result of a decline in orders for new equipment from third parties and the expectation that no incremental equipment will be fabricated for our fleet in the second half of 2020. As a result of the decision to close this facility and solely utilize third party fabricators in the future for our own service fleet, we are pursuing the sale of the Midland facility in an effort to further improve our balance sheet, and have entered into an agreement with a third party purchaser, which is subject to numerous conditions. While we will continue to operate the facility until the completion and sale of our remaining backlog, we no longer intend to fabricate new compressor packages for sales to third parties . We have and will continue to evaluate the sale of other non-core assets, including our low-horsepower compression fleet. We can provide no assurance that we will consummate a sale of the Midland manufacturing facility, our low-horsepower compression fleet, or any other non-core asset. In April 2020, we began the process of discontinuing chemical production operations at our El Dorado, Arkansas production facility, which primarily produced calcium chloride from underground brine reserves. The current COVID-19 pandemic and oil oversupply events have led to unprecedented market conditions and this facility’s relatively high fixed costs have led us to rationalize our manufacturing base. We will continue to manufacture and deliver all products through early June 2020, at which time we will begin a sequenced shutdown of the manufacturing facility. We will continue to ship product until the inventory is gone, at which time production operations at the plant will be shutdown. Going forward, we will continue to meet our customer demand for liquid calcium chloride products through our network of other manufacturing plants and terminals. On April 17, 2020, CCLP announced the commencement of an offer (the "Exchange Offer") to certain eligible noteholders ("Eligible Holders") to exchange any and all of their outstanding 7.25% Senior Notes due 2022 (the “Unsecured Notes”) for newly issued 7.50% Senior Secured First Lien Notes due 2025 and 7.25% Senior Secured Second Lien Notes due 2027. In conjunction with the offer, consents are being solicited from Eligible Holders to eliminate substantially all restrictive covenants and certain of the default provisions in the indenture governing the Unsecured Notes. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation policy | Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended March 31, 2020 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2020 . We consolidate the financial statements of our CSI Compressco LP subsidiary ("CCLP") as part of our Compression Division, as we determined that CCLP is a variable interest entity and we are the primary beneficiary. We control the financial interests of CCLP and have the ability to direct the activities of CCLP that most significantly impact its economic performance through our ownership of its general partner. The share of CCLP net assets and earnings that is not owned by us is presented as noncontrolling interest in our consolidated financial statements. Our cash flows from our investment in CCLP are limited to the quarterly distributions we receive on our CCLP common units and general partner interest (including incentive distribution rights) and the amounts collected for services we perform on behalf of CCLP, as TETRA's capital structure and CCLP's capital structure are separate, and do not include cross default provisions, cross collateralization provisions, or cross guarantees. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission ("SEC") and do not include all information and footnotes required by U.S. generally accepted accounting principles ("U.S. GAAP") for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and notes thereto included in our Annual Report on Form 10-K , which we filed with the SEC on March 16, 2020. |
Use of estimates policy | Use of 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 and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. |
Reclassifications [Text Block] | Reclassifications Certain previously reported financial information has been reclassified to conform to the current year's presentation. The impact of such reclassifications was not significant to the prior year's overall presentation. |
Lessee, Leases [Policy Text Block] | |
Foreign currency translation policy | Foreign Currency Translation We have designated the euro, the British pound, the Norwegian krone, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Norway, Canada, Brazil, and certain of our operations in Mexico, respectively. The U.S. dollar is the designated functional currency for all of our other foreign operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the U.S. dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $1.9 million during the three months ended March 31, 2020 , and $(1.2) million during the three months ended March 31, 2019 , respectively. |
New Accounting Pronouncements policy | New Accounting Pronouncements Standards adopted in 2020 In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 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." ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. We are continuing to work through our implementation plan which includes evaluating the impact on our allowance for doubtful accounts methodology, identifying new reporting requirements, and implementing changes to business processes, systems, and controls to support adoption of the standard. Upon adoption, the allowance for doubtful accounts is expected to increase with an offsetting adjustment to retained earnings. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 has an effective date of the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for us the first quarter of fiscal 2021. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impacts of the provisions of ASU 2020-04 on our consolidated financial statements. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | as follows: 2020 2021 2022 2023 2024 Total (In Thousands) Compression service contracts remaining performance obligations $ 38,720 $ 15,941 $ 2,026 $ 54 $ — $ 56,741 |
Summary of Changes in Contract Liabilities | The following table reflects the changes in unearned income in our consolidated balance sheets for the periods indicated: Three Months Ended 2020 2019 (In Thousands) Unearned Income, beginning of period $ 9,678 $ 25,333 Additional unearned income 23,869 49,363 Revenue recognized (5,767 ) (24,858 ) Unearned income, end of period $ 27,780 $ 49,838 |
Disaggregation of Revenue [Table Text Block] | In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Three Months Ended March 31, 2020 2019 (In Thousands) Completion Fluids & Products U.S. $ 37,958 $ 31,606 International 37,279 29,975 75,237 61,581 Water & Flowback Services U.S. 54,384 73,199 International 3,083 5,479 57,467 78,678 Compression U.S. 80,599 93,517 International 9,639 9,952 90,238 103,469 Total Revenue U.S. 172,941 198,322 International 50,001 45,406 $ 222,942 $ 243,728 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Components of inventories as of March 31, 2020 and December 31, 2019 are as follows: March 31, 2020 December 31, 2019 (In Thousands) Finished goods $ 67,824 $ 70,135 Raw materials 3,886 4,125 Parts and supplies 38,859 47,793 Work in progress 31,547 14,457 Total inventories $ 142,116 $ 136,510 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | Components of lease expense, included in either cost of revenues or general and administrative expense based on the use of the underlying asset, are as follows (inclusive of lease expense for leases not included on our consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less): Three Months Ended March 31, 2020 2019 (In Thousands) Operating lease expense $ 5,148 $ 5,044 Short-term lease expense 9,430 11,161 Total lease expense $ 14,578 $ 16,205 Supplemental cash flow information: Three Months Ended March 31, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 5,949 $ 4,657 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,844 $ 3,257 |
Assets and Liabilities, Lessee | upplemental balance sheet information: March 31, 2020 December 31, 2019 (In Thousands) Operating leases: Operating lease right-of-use assets $ 75,344 $ 68,131 Accrued liabilities and other $ 16,782 $ 15,850 Operating lease liabilities 59,845 53,919 Total operating lease liabilities $ 76,627 $ 69,769 Additional operating lease information: March 31, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 6.37 Years 6.43 Years Weighted average discount rate: Operating leases 9.43 % 9.46 % |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments by year and in the aggregate, under non-cancellable operating leases with terms in excess of one year consist of the following at March 31, 2020 : Operating Leases (In Thousands) Remainder of 2020 $ 19,961 2021 22,092 2022 18,422 2023 14,776 2024 12,372 Thereafter 30,268 Total lease payments 117,891 Less imputed interest (41,264 ) Total lease liabilities $ 76,627 |
Finance Lease, Liability, Maturity | Future minimum lease payments by year and in the aggregate, under non-cancellable operating leases with terms in excess of one year consist of the following at March 31, 2020 : Operating Leases (In Thousands) Remainder of 2020 $ 19,961 2021 22,092 2022 18,422 2023 14,776 2024 12,372 Thereafter 30,268 Total lease payments 117,891 Less imputed interest (41,264 ) Total lease liabilities $ 76,627 |
Long-Term Debt and Other Borr_2
Long-Term Debt and Other Borrowings Long-Term Debt and Other Borrowings (Table) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt Table | March 31, 2020 December 31, 2019 (In Thousands) TETRA Scheduled Maturity Asset-based credit agreement (presented net of unamortized deferred financing costs of $1.3 million as of March 31, 2020 and $1.0 million as of December 31, 2019) September 2023 $ 2,246 $ — Term credit agreement (presented net of the unamortized discount of $6.2 million as of March 31, 2020 and $6.4 million as of December 31, 2019 and net of unamortized deferred financing costs of $9.2 million as of March 31, 2020 and $9.5 million as of December 31, 2019) September 2025 205,167 204,633 TETRA total debt 207,413 204,633 Less current portion — — TETRA total long-term debt $ 207,413 $ 204,633 CCLP CCLP asset-based credit agreement (presented net of unamortized deferred financing costs of $0.8 million as of March 31, 2020 and $0.9 million of December 31, 2019) June 2023 2,184 2,622 CCLP 7.25% Senior Notes (presented net of the unamortized discount of $1.5 million as of March 31, 2020 and $1.7 million as of December 31, 2019 and net of unamortized deferred financing costs of $2.6 million as of March 31, 2020 and $2.8 million as of December 31, 2019) August 2022 291,863 291,444 CCLP 7.50% Senior Secured Notes (presented net of unamortized deferred financing costs of $5.6 million as of March 31, 2020 and $5.8 million as of December 31, 2019) April 2025 344,382 344,172 CCLP total debt 638,429 638,238 Less current portion — — CCLP total long-term debt $ 638,429 $ 638,238 Consolidated total long-term debt $ 845,842 $ 842,871 |
Fair Value Measurements Market
Fair Value Measurements Market Risks and Derivative Hedge Contracts (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions Table | Derivative Contracts US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward purchase Euro $ 8,167 1.08 4/21/2020 Forward purchase Euro 10,497 1.10 4/21/2020 Forward purchase pounds sterling 9,400 1.17 4/21/2020 Forward sale pounds sterling 500 1.18 4/21/2020 Forward sale pounds sterling 1,875 1.17 4/21/2020 Forward sale Norwegian krone 1,000 11.76 4/21/2020 Forward purchase Norwegian krone 4,300 11.36 4/21/2020 Forward sale Mexican peso 4,974 24.40 4/21/2020 Derivative Contracts British Pound Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward purchase Euro £ 3,445 0.92 4/21/2020 Derivative Contracts Swedish Krona Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward purchase Euro 210 kr 10.90 4/6/2020 Forward purchase Euro 66,690 kr 10.91 4/6/2020 Forward purchase Euro 2,400 kr 11.24 4/21/2020 |
Derivatives Designated as Hedging Instruments Table | Foreign currency derivative contracts Balance Sheet Location Fair Value at March 31, 2020 Fair Value at December 31, 2019 (In Thousands) Forward purchase contracts Current assets $ 1,160 $ 86 Forward sale contracts Current liabilities (433 ) (53 ) Forward purchase contracts Current liabilities (181 ) (3 ) Net asset (liability) $ 546 $ 30 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income (loss) per common and common equivalent share: Three Months Ended 2020 2019 (In Thousands) Number of weighted average common shares outstanding 125,587 125,681 Assumed exercise of equity awards and warrants — — Average diluted shares outstanding 125,587 125,681 |
Industry Segments (Tables)
Industry Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Table | Three Months Ended 2020 2019 (In Thousands) Revenues from external customers Product sales Completion Fluids & Products Division $ 70,190 $ 57,328 Water & Flowback Services Division 25 364 Compression Division 14,818 34,089 Consolidated $ 85,033 $ 91,781 Services Completion Fluids & Products Division $ 5,047 $ 4,253 Water & Flowback Services Division 57,442 78,314 Compression Division 75,420 69,380 Consolidated $ 137,909 $ 151,947 Total revenues Completion Fluids & Products Division $ 75,237 $ 61,581 Water & Flowback Services Division 57,467 78,678 Compression Division 90,238 103,469 Interdivision eliminations — — Consolidated $ 222,942 $ 243,728 Income (loss) before taxes Completion Fluids & Products Division $ 19,396 $ 6,186 Water & Flowback Services Division (2,244 ) 2,231 Compression Division (12,790 ) (7,801 ) Interdivision eliminations 5 6 Corporate Overhead (1) (13,444 ) (17,687 ) Consolidated $ (9,077 ) $ (17,065 ) (1) Amounts reflected include the following general corporate expenses: Three Months Ended 2020 2019 (In Thousands) General and administrative expense $ 8,081 $ 12,089 Depreciation and amortization 197 168 Interest expense 5,455 5,342 Warrants fair value adjustment (income) expense (338 ) 407 Other general corporate (income) expense, net 49 (319 ) Total $ 13,444 $ 17,687 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies - Additional Information (Details) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($) | |
Accounting Policies [Abstract] | ||
Number of Operating Segments | 3 | |
Foreign Currency Transaction Gain (Loss), Realized | $ | $ 1.9 | $ (1.2) |
Class of Warrant or Right, Outstanding | shares | 11.2 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Operating lease right-of-use assets | $ 75,344 | $ 68,131 |
Accrued liabilities and other | 16,782 | 15,850 |
Operating lease liabilities | $ 59,845 | $ 53,919 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Services (Details) $ in Millions | Mar. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining credits expected to be issued | $ 5.6 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Revenue Performance Obligation (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 56,741 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 38,720 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 15,941 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,026 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 54 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 222,942 | $ 243,728 |
Remaining credits expected to be issued | 5,600 | |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 172,941 | 198,322 |
Non-US [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 50,001 | 45,406 |
Completion Fluids & Products Division [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 75,237 | 61,581 |
Completion Fluids & Products Division [Member] | UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 37,958 | 31,606 |
Completion Fluids & Products Division [Member] | Non-US [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 37,279 | 29,975 |
Water & Flowback Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 57,467 | 78,678 |
Water & Flowback Services [Member] | UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 54,384 | 73,199 |
Water & Flowback Services [Member] | Non-US [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,083 | 5,479 |
Compression Division [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 90,238 | 103,469 |
Compression Division [Member] | UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 80,599 | 93,517 |
Compression Division [Member] | Non-US [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9,639 | 9,952 |
Interdivision Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 0 | $ 0 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract with customer, asset balances | $ 33,300 | $ 34,900 | ||
Unearned income | 2,900 | $ 11,000 | ||
Deferred Revenue | 27,780 | 49,838 | $ 9,678 | $ 25,333 |
Deferred Revenue, Additions | 23,869 | 49,363 | ||
Contract with Customer, Liability, Revenue Recognized | $ (5,767) | $ (24,858) |
Impairments and Other Charges_2
Impairments and Other Charges (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Asset Impairment Charges [Abstract] | |
Impairment charges | $ 5.4 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Gross | $ 67,824 | $ 70,135 |
Inventory, Raw Materials, Gross | 3,886 | 4,125 |
Other Inventory, Supplies, Gross | 38,859 | 47,793 |
Inventory, Work in Process, Gross | 31,547 | 14,457 |
Inventories | $ 142,116 | $ 136,510 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease, initial lease term | 15 years |
Lessee, operating lease, liability, payments, net of sublease income, due | $ 6.1 |
Sublease income | $ 0.3 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, remaining lease term | 16 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 5,148 | $ 5,044 |
Short-term lease expense | 9,430 | 11,161 |
Total lease expense | $ 14,578 | $ 16,205 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows - operating leases | $ 5,949 | $ 4,657 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 11,844 | $ 3,257 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating leases: | ||
Operating lease right-of-use assets | $ 75,344 | $ 68,131 |
Accrued liabilities and other | 16,782 | 15,850 |
Operating lease liabilities | 59,845 | 53,919 |
Total operating lease liabilities | $ 76,627 | $ 69,769 |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 31, 2020 | Dec. 31, 2019 |
Weighted average remaining lease term: | ||
Operating leases | 6 years 4 months 13 days | 6 years 5 months 4 days |
Weighted average discount rate: | ||
Operating leases | 9.43% | 9.46% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2019 | $ 19,961 | |
2020 | 22,092 | |
2021 | 18,422 | |
2022 | 14,776 | |
2023 | 12,372 | |
Thereafter | 30,268 | |
Total lease payments | 117,891 | |
Less imputed interest | (41,264) | |
Total operating lease liabilities | $ 76,627 | $ 69,769 |
Long-Term Debt and Other Borr_3
Long-Term Debt and Other Borrowings Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 845,842 | $ 842,871 |
New Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 3,000 | |
Long-term Debt | 2,184 | 2,622 |
Compressco Partners Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 291,863 | 291,444 |
Compressco Partners Senior Notes 7.50% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 344,382 | 344,172 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 207,413 | 204,633 |
Long-term Debt, Current Maturities | 0 | 0 |
Long-term Debt, Excluding Current Maturities | 207,413 | 204,633 |
Parent Company [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 3,500 | |
CSI Compressco [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 638,429 | 638,238 |
Revolving Credit Facility [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 2,246 | 0 |
Term Loan [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 205,167 | $ 204,633 |
Long-Term Debt and Other Borr_4
Long-Term Debt and Other Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Bank line of credit, net availability | $ 20,400 | |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 207,413 | $ 204,633 |
Compressco Partners Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 291,863 | 291,444 |
Compressco Partners Senior Notes 7.50% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 344,382 | 344,172 |
Line of Credit [Member] | Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 3,500 | |
Bank line of credit, letters of credit and guarantees | 7,900 | |
Bank line of credit, net availability | 40,800 | |
New Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 3,000 | |
Bank line of credit, letters of credit and guarantees | 3,000 | |
Long-term debt | 2,184 | 2,622 |
Unamortized deferred finance costs | 800 | 900 |
CSI Compressco [Member] | Compressco Partners Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred finance costs | 2,600 | 2,800 |
Unamortized discount | $ 1,500 | $ 1,700 |
Senior Note interest rate | 7.25% | 7.25% |
CSI Compressco [Member] | Compressco Partners Senior Notes 7.50% [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred finance costs | $ 5,600 | $ 5,800 |
Senior Note interest rate | 7.50% | |
Revolving Credit Facility [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,246 | 0 |
Unamortized deferred finance costs | 1,300 | 1,000 |
Term Loan [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 205,167 | 204,633 |
Unamortized deferred finance costs | 9,200 | 9,500 |
Unamortized discount | $ 6,200 | $ 6,400 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Aug. 31, 2019 | Mar. 01, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group Including Discontinued Operation Revenue | $ 0 | $ 0 | |||
Disposal Group, Including Discontinued Operation, Cost of Revenue | (60) | 22 | |||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 205 | 404 | |||
Disposal Group, Including Discontinued Operation, Other Income | 0 | ||||
Disposal Group, Including Discontinued Operation, Other Expense | 0 | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | (145) | (426) | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 0 | |||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (145) | (426) | |||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (145) | (426) | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | $ 0 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 1,303 | 1,233 | |||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 708 | 865 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 2,011 | 2,098 | |||
Maritech [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group Including Discontinued Operation Revenue | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Cost of Revenue | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 0 | |||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 228 | 120 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 228 | 120 | |||
Offshore Services [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group Including Discontinued Operation Revenue | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Cost of Revenue | (60) | 22 | |||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 205 | 404 | |||
Disposal Group, Including Discontinued Operation, Other Income | 0 | ||||
Disposal Group, Including Discontinued Operation, Other Expense | 0 | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | (145) | $ (426) | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | |||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 1,303 | 1,233 | |||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 480 | 745 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Current | $ 1,783 | $ 1,978 | |||
Discontinued Operations, Disposed of by Sale | Offshore Division | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Reserve, Other Receivables | $ 1,500 | ||||
Disposal Group, Including Discontinued Operation, Consideration, Additional Receivable | $ 7,500 |
Fair Value Measurements CCLP Pr
Fair Value Measurements CCLP Preferred Units (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Preferred, Fair Value Adjustment | $ 0 | $ (1,163) |
Net Income (Loss) per Share (De
Net Income (Loss) per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 125,587 | 125,681 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 125,587 | 125,681 |
Fair Value Measurements Warrant
Fair Value Measurements Warrants (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Adjustment Of Warrants, Income Statement | $ (338) | $ 407 |
Fair Value Measurements Additio
Fair Value Measurements Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Business Acquisition, Contingent Consideration [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 0 | $ (400,000) | |
Compressco Partners Senior Notes 7.50% [Member] | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Original principal amount | $ 350,000,000 |
Market Risks and Derivative H_2
Market Risks and Derivative Hedge Contracts (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Forward purchase contracts | $ 546 | $ 30 | |
Net gains associated with foreign currency derivatives | (1,000) | $ 600 | |
Impairment charges | $ 5,400 | ||
Compressco Partners Senior Notes [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.25% | ||
Fair value of Senior Notes | $ 148,000 | 266,000 | |
Carrying value of Senior Notes | $ 295,900 | 295,900 | |
Compressco Partners Senior Notes 7.50% [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.50% | ||
Fair value of Senior Notes | $ 239,800 | 344,800 | |
Fair Value, Recurring [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 20,080 | (419) | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 1,160 | 86 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 614 | 56 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1,160 | 86 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 614 | 56 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |
Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward sale contracts | (1,160) | (86) | |
Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Forward sale contracts | (433) | (53) | |
Forward purchase contracts | (181) | (3) | |
Mandatorily Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 19,646 | ||
Mandatorily Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||
Mandatorily Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||
Mandatorily Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 19,646 | ||
Warrant [Member] | Fair Value, Recurring [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (112) | (449) | |
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (112) | $ (449) | |
Forward Purchase Contract, Euro, Swedish Krona Notional Amount [3] [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 2,400 | ||
Traded exchange rate | 11.24 | ||
Value date | Apr. 21, 2020 | ||
Forward Purchase Contract, Euro [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 8,167 | ||
Traded exchange rate | 1.08 | ||
Value date | Apr. 21, 2020 | ||
Forward Purchase Contract, Euros, Two [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 10,497 | ||
Traded exchange rate | 1.10 | ||
Value date | Apr. 21, 2020 | ||
Forward Purchase Contract, Pounds Sterling [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 9,400 | ||
Traded exchange rate | 1.17 | ||
Value date | Apr. 21, 2020 | ||
Forward Sale Contract, Pounds Sterling [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 500 | ||
Traded exchange rate | 1.18 | ||
Value date | Apr. 21, 2020 | ||
Forward Sale Contract, Pounds Sterling [Two] [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 1,875 | ||
Traded exchange rate | 1.17 | ||
Value date | Apr. 21, 2020 | ||
Forward Sale Contract, Norwegian krone [Domain] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 1,000 | ||
Traded exchange rate | 11.76 | ||
Value date | Apr. 21, 2020 | ||
Forward Sale Contract, Norwegian Krone [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 4,300 | ||
Traded exchange rate | 11.36 | ||
Value date | Apr. 21, 2020 | ||
Forward Sale Contract, Mexican Pesos (2) [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 4,974 | ||
Traded exchange rate | 24.40 | ||
Value date | Apr. 21, 2020 | ||
Forward Purchase Contract, Euro, British Pound Notional Amount [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 3,445 | ||
Traded exchange rate | 0.92 | ||
Value date | Apr. 21, 2020 | ||
Forward Purchase Contract, Euro [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 210 | ||
Traded exchange rate | 10.90 | ||
Value date | Apr. 6, 2020 | ||
Forward Purchase Contract, Euro, Swedish Krona Notional Amount [2] [Member] | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 66,690 | ||
Traded exchange rate | 10.91 | ||
Value date | Apr. 6, 2020 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Aug. 31, 2019 | Mar. 01, 2018 |
Long-term Purchase Commitment [Line Items] | |||
Discontinued operation, amounts of material contingent liabilities remaining, performance bonds | $ 47 | ||
Offshore Division | Discontinued Operations, Disposed of by Sale | |||
Long-term Purchase Commitment [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration, Additional Receivable | $ 7.5 | ||
Disposal group, including discontinued operation, consideration, promissory note receivable, interest rate | 1.52% | ||
Disposal Group, Including Discontinued Operation, Reserve, Other Receivables | $ 1.5 |
Industry Segments - Revenue, In
Industry Segments - Revenue, Income from Operations, and Assets by Reporting Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Industry Segments Details [Line Items] | ||
Revenues | $ 222,942 | $ 243,728 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (9,077) | (17,065) |
Completion Fluids & Products Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 75,237 | 61,581 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 19,396 | 6,186 |
Water & Flowback Services [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 57,467 | 78,678 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (2,244) | 2,231 |
Compression Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 90,238 | 103,469 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (12,790) | (7,801) |
Interdivision Eliminations [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 5 | 6 |
Corporate Overhead [Member] | ||
Industry Segments Details [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (13,444) | (17,687) |
Product [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 85,033 | 91,781 |
Product [Member] | Completion Fluids & Products Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 70,190 | 57,328 |
Product [Member] | Water & Flowback Services [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 25 | 364 |
Product [Member] | Compression Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 14,818 | 34,089 |
Service [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 137,909 | 151,947 |
Service [Member] | Completion Fluids & Products Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 5,047 | 4,253 |
Service [Member] | Water & Flowback Services [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 57,442 | 78,314 |
Service [Member] | Compression Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | $ 75,420 | $ 69,380 |
Industry Segments - Corporate E
Industry Segments - Corporate Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
General and administrative expense | $ 30,537 | $ 34,277 |
Depreciation, amortization, and accretion | 29,460 | 30,628 |
Interest expense, net | 17,856 | 18,379 |
Fair Value Adjustment of Warrants | (337) | 407 |
Other (income) expense, net | 439 | (951) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 10,231 | 18,674 |
Corporate Overhead [Member] | ||
Segment Reporting Information [Line Items] | ||
General and administrative expense | 8,081 | 12,089 |
Depreciation, amortization, and accretion | 197 | 168 |
Interest expense, net | 5,455 | 5,342 |
Fair Value Adjustment of Warrants | (338) | 407 |
Other (income) expense, net | 49 | (319) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 13,444 | $ 17,687 |
Industry Segments Additional De
Industry Segments Additional Details (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Industry Segments Details [Line Items] | ||
Number of Reportable Segments | 3 | |
Revenues | $ 222,942 | $ 243,728 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (9,077) | (17,065) |
General and administrative expense | 30,537 | 34,277 |
Depreciation, amortization, and accretion | 29,460 | 30,628 |
Interest expense, net | 17,856 | 18,379 |
Fair Value Adjustment of Warrants | (337) | 407 |
Other Nonoperating Income (Expense) | (439) | 951 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (10,231) | (18,674) |
Completion Fluids & Products Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 75,237 | 61,581 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 19,396 | 6,186 |
Water & Flowback Services [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 57,467 | 78,678 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (2,244) | 2,231 |
Compression Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 90,238 | 103,469 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (12,790) | (7,801) |
Interdivision Eliminations [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 5 | 6 |
Corporate Overhead [Member] | ||
Industry Segments Details [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (13,444) | (17,687) |
General and administrative expense | 8,081 | 12,089 |
Depreciation, amortization, and accretion | 197 | 168 |
Interest expense, net | 5,455 | 5,342 |
Fair Value Adjustment of Warrants | (338) | 407 |
Other Nonoperating Income (Expense) | (49) | 319 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (13,444) | (17,687) |
Product [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 85,033 | 91,781 |
Product [Member] | Completion Fluids & Products Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 70,190 | 57,328 |
Product [Member] | Water & Flowback Services [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 25 | 364 |
Product [Member] | Compression Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 14,818 | 34,089 |
Service [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 137,909 | 151,947 |
Service [Member] | Completion Fluids & Products Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 5,047 | 4,253 |
Service [Member] | Water & Flowback Services [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | 57,442 | 78,314 |
Service [Member] | Compression Division [Member] | ||
Industry Segments Details [Line Items] | ||
Revenues | $ 75,420 | $ 69,380 |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 17, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Compressco Partners Senior Notes [Member] | CSI Compressco [Member] | |||
Subsequent Event [Line Items] | |||
Senior Note interest rate | 7.25% | 7.25% | |
Compressco Partners Senior Notes [Member] | CSI Compressco [Member] | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Senior Note interest rate | 7.25% | ||
Senior Secured First Lien Notes Due 2025 | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Senior Note interest rate | 7.50% | ||
Senior Secured Second Lien Notes Due 2027 | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Senior Note interest rate | 7.25% |
Uncategorized Items - a20200331
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 40,102,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 17,768,000 |