Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 03, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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, Postal Zip Code | 77380 | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 64,937,973 | ||
Entity Common Stock, Shares Outstanding | 126,635,900 | ||
Entity Central Index Key | 0000844965 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Address, Address Line One | 24955 Interstate 45 North | ||
Entity Address, City or Town | The Woodlands, | ||
Entity Address, State or Province | TX | ||
Trading Symbol | TTI | ||
City Area Code | 281 | ||
Local Phone Number | 367-1983 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements [Abstract] | |
Organization and Operations | ORGANIZATION AND OPERATIONS We are a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, comprehensive water management, frac flowback and production well testing. We were incorporated in Delaware in 1981. Our products and services are delivered through two reporting segments – Completion Fluids & Products and Water & Flowback Services. 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. Our Completion Fluids & Products Division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East and Africa. The Division also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of markets outside the energy industry. Our Water & Flowback Services Division |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowings | LONG-TERM DEBT AND OTHER BORROWINGS Consolidated long-term debt consists of the following: December 31, December 31, (In Thousands) TETRA Scheduled Maturity Asset-based credit agreement September 10, 2023 $ — $ — Term credit agreement (1) September 10, 2025 199,894 204,633 Total long-term debt $ 199,894 $ 204,633 (1) Net of unamortized discount of $5.5 million and $6.4 million as of December 31, 2020 and 2019, respectively, and net of unamortized deferred financing costs of $8.2 million and $9.5 million as of December 31, 2020 and 2019, respectively. Scheduled maturities for the next five years and thereafter are as follows: December 31, 2020 (In Thousands) 2021 $ — 2022 — 2023 — 2024 — 2025 213,549 Thereafter — Total maturities $ 213,549 Our credit agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. As of December 31, 2020, we were in compliance with all covenants under the credit agreements. Asset-Based Credit Agreement . As of December 31, 2020, TETRA had no balance outstanding and had $6.6 million in letters of credit against its asset-based lending agreement (“ABL Credit Agreement”). The ABL Credit Agreement provides for a senior secured revolving credit facility of up to $100 million, subject to a borrowing base to be determined by reference to the value of inventory and accounts receivable, and includes a sublimit of $20.0 million for letters of credit and a swingline loan sublimit of $10.0 million. The maturity date of the ABL Credit Agreement is September 10, 2023. The ABL Credit Agreement is subject to compliance with the covenants, borrowing base, and other provisions of the agreement that may limit borrowings, TETRA had an availability of $24.6 million under this agreement as of December 31, 2020. Because there was no outstanding balance on this ABL Credit Agreement as of December 31, 2020 or 2019, associated deferred financing costs of $1.0 million were classified as other long-term assets on the accompanying consolidated balance sheet. Borrowings under the ABL Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) LIBOR plus a margin based upon a fixed charge coverage ratio or (ii) a base rate plus a margin based on a fixed charge coverage ratio. The base rate is determined by reference to the highest of (a) the prime rate of interest as announced from time to time by JPMorgan Chase Bank, N.A. (b) the Federal Funds Effective Rate (as defined in the ABL Credit Agreement) plus 0.5% per annum and (c) LIBOR (adjusted to reflect any required bank reserves) for a one-month period on such day plus 1.0% per annum. Borrowings outstanding have an applicable margin ranging from 1.75% to 2.25% per annum for LIBOR-based loans and 0.75% to 1.25% per annum for base-rate loans, based upon the applicable fixed charge coverage ratio. In addition to paying interest on the outstanding principal under the ABL Credit Agreement, TETRA is required to pay a commitment fee in respect of the unutilized commitments at an applicable rate ranging from 0.375% to 0.5% per annum, paid monthly in arrears based on utilization of the commitments under the ABL Credit Agreement. TETRA is also required to pay a customary letter of credit fee equal to the applicable margin on LIBOR-based loans and fronting fees. All obligations under the ABL Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest for the benefit of the ABL Lenders on substantially all of the personal property of TETRA and certain subsidiaries of TETRA, the equity interests in certain domestic subsidiaries, and a maximum of 65% of the equity interests in certain foreign subsidiaries. Term Credit Agreement As of December 31, 2020 TETRA had $199.9 million outstanding, net of unamortized discounts and unamortized deferred financing costs under the Term Credit Agreement Borrowings under the Term Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) LIBOR plus a margin of 6.25% per annum or (ii) a base rate plus a margin of 5.25% per annum. In addition to paying interest on the outstanding principal under the Term Credit Agreement, TETRA is required to pay a commitment fee in respect of the unutilized commitments at the rate of 1.0% per annum, paid quarterly in arrears based on utilization of the commitments under the Term Credit Agreement. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 67,252 | $ 15,334 |
Restricted cash | 65 | 64 |
Trade accounts receivable, net of allowance for doubtful accounts | 64,078 | 111,194 |
Inventories | 76,658 | 80,473 |
Current assets associated with discontinued operations | 710,006 | 127,341 |
Prepaid expenses and other current assets | 13,487 | 16,948 |
Total current assets | 931,546 | 351,354 |
Property, plant, and equipment: | ||
Land and building | 26,506 | 25,461 |
Machinery and equipment | 365,296 | 358,688 |
Automobiles and trucks | 18,446 | 22,476 |
Chemical plants | 62,714 | 57,692 |
Construction in progress | 1,526 | 7,408 |
Total property, plant, and equipment | 474,488 | 471,725 |
Less accumulated depreciation | (377,632) | (355,455) |
Net property, plant, and equipment | 96,856 | 116,270 |
Other assets: | ||
Patents, trademarks, and other intangible assets, net of accumulated amortization | 41,487 | 46,182 |
Deferred tax assets, net | 52 | 0 |
Operating lease right-of-use assets | 43,448 | 47,125 |
Other assets | 19,450 | 15,633 |
Long-term assets associated with discontinued operations (1) | 0 | 695,358 |
Total other assets | 104,437 | 804,298 |
Total assets | 1,132,839 | 1,271,922 |
Current liabilities: | ||
Trade accounts payable | 22,573 | 41,080 |
Unearned income | 2,675 | 326 |
Accrued liabilities | 38,791 | 44,855 |
Current liabilities associated with discontinued operations (1) | 734,039 | 102,462 |
Total current liabilities | 798,078 | 188,723 |
Long-term debt, net | 199,894 | 204,633 |
Deferred income taxes | 1,942 | 1,777 |
Asset retirement obligations | 12,484 | 12,762 |
Warrants liability | 198 | 449 |
Operating lease liabilities | 37,569 | 40,097 |
Other liabilities | 11,612 | 7,351 |
Long-term liabilities associated with discontinued operations (1) | 0 | 653,304 |
Total long-term and other liabilities | 263,699 | 920,373 |
Equity: | ||
Common stock, par value $.01 per share; 100,000,000 shares authorized; 83,013,971 shares issued at December 31, 2015, and 82,322,876 shares issued at December 31, 2014 | 1,289 | 1,283 |
Additional paid-in capital | 472,134 | 466,959 |
Treasury stock, at cost; 2,766,958 shares held at December 31, 2015, and 2,672,930 shares held at December 31, 2014 | (19,484) | (19,164) |
Accumulated other comprehensive income (loss) | (49,914) | (52,183) |
Retained earnings | (413,665) | (362,522) |
Total TETRA stockholders' equity | (9,640) | 34,373 |
Noncontrolling interest | 80,702 | 128,453 |
Total equity | 71,062 | 162,826 |
Total liabilities and equity | $ 1,132,839 | $ 1,271,922 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Trade accounts receivable, allowances for doubtful accounts | $ 6,824 | $ 1,912 |
Other assets: | ||
Patents, trademarks, and other intangible assets, accumulated amortization | $ 66,078 | $ 60,671 |
Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized | 250,000,000 | |
Common stock, shares issued | 128,930,047 | 128,304,354 |
Treasury stock, shares held | 2,953,976 | 2,823,191 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Revenue | $ 377,715 | $ 561,241 | $ 560,102 |
Cost of revenues: | |||
Depreciation, amortization, and accretion | 38,214 | 47,563 | 44,425 |
Impairments of long-lived assets | 556 | 92,037 | 2,939 |
Insurance Recoveries | (126) | (1,216) | 0 |
Total cost of revenues | 310,172 | 549,434 | 456,821 |
Gross profit | 67,543 | 11,807 | 103,281 |
General and administrative expense | 76,697 | 96,466 | 92,902 |
Impairment of goodwill | 0 | (25,784) | 0 |
Interest expense, net | 18,926 | 21,256 | 19,041 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 2,878 | 1,665 | 512 |
Warrants fair value adjustment | (251) | (1,624) | (11,129) |
Other (income) expense, net | 135 | (301) | 5,607 |
Income (loss) before taxes and discontinued operations | (25,086) | (128,109) | (2,628) |
Provision (benefit) for income taxes | 1,758 | 2,811 | 3,684 |
Loss from continuing operations | (26,844) | (130,920) | (6,312) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (72,089) | (29,580) | (77,928) |
Less: income (loss) attributable to noncontrolling interest | $ 47,790 | 13,087 | 22,623 |
Net income (loss) attributable to TETRA stockholders | $ (147,413) | $ (61,617) | |
Basic and diluted net loss per common share attributable to TETRA stockholders: | |||
Loss from continuing operations (in dollars per share) | $ (0.22) | $ (1.04) | $ (0.05) |
Loss from discontinued operations (in dollars per share) | (0.19) | (0.13) | (0.45) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.41) | $ (1.17) | $ (0.50) |
Weighted average common shares outstanding: | |||
Weighted average common shares outstanding - basic and diluted (in shares) | 125,838 | 125,600 | 124,101 |
Service [Member] | |||
Revenues: | |||
Revenue | $ 144,994 | $ 301,688 | $ 315,729 |
Cost of revenues: | |||
Cost of Goods and Services Sold | 120,775 | 233,191 | 228,013 |
Product [Member] | |||
Revenues: | |||
Revenue | 232,721 | 259,553 | 244,373 |
Cost of revenues: | |||
Cost of Goods and Services Sold | $ 150,753 | $ 177,859 | $ 181,444 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation gain (loss), net of taxes of $0 in 2020, $0 in 2019, and $0 in 2018 | $ 2,386 | $ (188) | $ (10,084) |
Comprehensive loss | (96,547) | (160,688) | (94,324) |
Less: comprehensive loss attributable to noncontrolling interest | 47,673 | 12,755 | 24,811 |
Comprehensive loss attributable to TETRA stockholders | $ (48,874) | $ (147,933) | $ (69,513) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock Value [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Translation Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest [Member] |
Stockholders' equity rollforward | |||||||||
Cumulative effect adjustment | $ 352,561 | $ 1,185 | $ 425,648 | $ (18,651) | $ (43,767) | $ (156,335) | $ 144,481 | ||
Beginning balance at Dec. 31, 2017 | 352,561 | 1,185 | 425,648 | (18,651) | (43,767) | (156,335) | 144,481 | ||
Stockholders' equity rollforward | |||||||||
Net loss | (61,617) | (61,617) | |||||||
Net loss | (84,240) | (22,623) | |||||||
Translation adjustment, net of taxes | (10,084) | (7,896) | (2,188) | ||||||
Comprehensive loss | (94,324) | ||||||||
Distributions to public unitholders | (19,224) | 19,224 | |||||||
Exercise of common stock options | 274 | 23 | 251 | 0 | |||||
Grants of restricted stock, net | (299) | (299) | |||||||
Issuance of common stock for business combination | 28,212 | 77 | 28,135 | ||||||
Equity compensation expense | 7,165 | 6,715 | 450 | ||||||
Conversions of CCLP Series A Preferred | 38,322 | 38,322 | |||||||
Cumulative effect adjustment | 312,749 | $ 2,843 | 1,285 | 460,680 | (18,950) | (51,663) | (217,952) | $ 2,843 | 139,349 |
Other noncontrolling interests | 62 | 69 | 131 | ||||||
Ending balance at Dec. 31, 2018 | 312,749 | 2,843 | 1,285 | 460,680 | (18,950) | (51,663) | (217,952) | 2,843 | 139,349 |
Stockholders' equity rollforward | |||||||||
Cumulative effect adjustment | 312,749 | 2,843 | 1,285 | 460,680 | (18,950) | (51,663) | (217,952) | 2,843 | 139,349 |
Net loss | (147,413) | (147,413) | |||||||
Net loss | (160,500) | (13,087) | |||||||
Translation adjustment, net of taxes | (188) | (520) | 332 | ||||||
Comprehensive loss | (160,688) | ||||||||
Distributions to public unitholders | (1,233) | 1,233 | |||||||
Exercise of common stock options | (2) | (2) | 0 | 0 | |||||
Grants of restricted stock, net | (214) | (214) | |||||||
Equity compensation expense | 7,344 | 6,358 | 986 | ||||||
Conversions of CCLP Series A Preferred | 2,539 | 2,539 | |||||||
Cumulative effect adjustment | 312,749 | $ 2,843 | 1,283 | 466,959 | (19,164) | (52,183) | (362,522) | $ 2,843 | 128,453 |
Other noncontrolling interests | (512) | 79 | (433) | ||||||
Ending balance at Dec. 31, 2019 | 162,826 | 1,283 | 466,959 | (19,164) | (52,183) | (362,522) | 128,453 | ||
Stockholders' equity rollforward | |||||||||
Cumulative effect adjustment | 162,826 | 1,283 | 466,959 | (19,164) | (52,183) | (362,522) | 128,453 | ||
Net loss | (51,143) | ||||||||
Net loss | (98,933) | (47,790) | |||||||
Translation adjustment, net of taxes | 2,386 | 2,269 | 117 | ||||||
Comprehensive loss | (96,547) | ||||||||
Distributions to public unitholders | (1,244) | 1,244 | |||||||
Grants of restricted stock, net | (320) | (320) | |||||||
Issuance of common stock for business combination | 6 | 6 | 0 | ||||||
Equity compensation expense | 6,438 | 5,184 | 1,254 | ||||||
Cumulative effect adjustment | 71,062 | 1,289 | 472,134 | (19,484) | (49,914) | (413,665) | 80,702 | ||
Other noncontrolling interests | (97) | 9 | (88) | ||||||
Ending balance at Dec. 31, 2020 | 71,062 | 1,289 | 472,134 | (19,484) | (49,914) | (413,665) | 80,702 | ||
Stockholders' equity rollforward | |||||||||
Cumulative effect adjustment | $ 71,062 | $ 1,289 | $ 472,134 | $ (19,484) | $ (49,914) | $ (413,665) | $ 80,702 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of net income (loss) to cash provided by operating activities: | |||
Depreciation, amortization, and accretion | $ 118,747 | $ 124,278 | $ 117,010 |
Impairment of Long-Lived Assets to be Disposed of and Held-for-use | 20,940 | 95,196 | 3,621 |
Impairment of goodwill | 0 | 25,784 | 0 |
Provision (benefit) for deferred income taxes | 188 | (297) | (888) |
Equity-based compensation expense | 6,616 | 8,127 | 7,379 |
Provision for doubtful accounts | 6,857 | 5,039 | 2,156 |
Loss on disposal of discontinued operations | 0 | 7,500 | 34,072 |
Other Noncash Income (Expense) | 5,252 | 4,782 | 8,695 |
Gain from insurance recoveries associated with damaged equipment | (643) | (1,771) | 0 |
Debt exchange expenses | 4,892 | 0 | 0 |
CCLP Series A Preferred Unit distributions and adjustments | 0 | (3,574) | (4,005) |
Warrants fair value adjustment | (251) | (1,624) | (11,129) |
Contingent consideration liability fair value adjustment | 0 | (1,000) | 3,400 |
Noncontrolling interest associated with discontinued operations | (47,898) | (13,538) | (22,623) |
Gain on sale of assets | (4,668) | (2,333) | (729) |
Changes in operating assets and liabilities, net of assets acquired: | |||
Accounts receivable | 62,569 | 6,471 | (5,512) |
Inventories | 16,983 | (2,770) | (29,221) |
Prepaid expenses and other current assets | 1,672 | 579 | (3,888) |
Trade accounts payable and accrued expenses | (62,274) | (16,545) | 5,463 |
Other | (1,035) | (4,258) | (3,608) |
Net cash provided by operating activities | 76,912 | 90,232 | 46,586 |
Investing activities: | |||
Purchases of property, plant, and equipment, net | (29,386) | (108,273) | (141,931) |
Acquisition of businesses, net of cash acquired | 0 | (12,024) | (49,630) |
Proceeds from disposal of business | 0 | 0 | 3,121 |
Proceeds from sale of property, plant, and equipment | 36,168 | 12,885 | 1,138 |
Proceeds from insurance recoveries associated with damaged equipment | 643 | 1,771 | 0 |
Other investing activities | (1,387) | (801) | (1,344) |
Net cash provided by (used in) investing activities | 6,038 | (106,442) | (188,646) |
Financing activities: | |||
Proceeds from long-term debt | 477,647 | 282,590 | 767,887 |
Principal payments on long-term debt | (487,574) | (258,217) | (581,935) |
Distributions to CCLP public unitholders | (1,244) | (1,233) | (19,224) |
Redemptions of CCLP Series A Preferred | 0 | (28,049) | 0 |
Proceeds from sale of common stock and exercise of stock options | 0 | 0 | 251 |
Tax remittances on equity based compensation | (445) | (581) | (768) |
Debt issuance costs and other financing activities | (6,013) | (435) | (11,217) |
Net cash provided by (used in) financing activities | (17,629) | (5,925) | 154,994 |
Effect of exchange rate changes on cash | 805 | (199) | 779 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 66,126 | (22,334) | 13,713 |
Cash and cash equivalents and restricted cash at beginning of period | 17,768 | 40,102 | 26,389 |
Cash and cash equivalents and restricted cash at end of period | 83,894 | 17,768 | 40,102 |
Cash and cash equivalents at end of period associated with discontinued operations | (16,577) | (2,370) | (15,858) |
Cash and cash equivalents and restricted cash at end of period associated with continuing operations | 67,317 | 15,398 | 24,244 |
Supplemental cash flow information: | |||
Interest paid | 63,935 | 68,332 | 56,261 |
Taxes paid (refunded) | 5,633 | 7,274 | 4,680 |
Accrued capital expenditures | $ 1,573 | $ 3,625 | $ 1,561 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Noncontrolling interest associated with discontinued operations | $ 47,898 | $ 13,538 | $ 22,623 |
Net income (loss) | $ (98,933) | $ (160,500) | $ (84,240) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Our consolidated financial statements include the accounts of our wholly owned subsidiaries. We consolidated the financial statements of our former CSI Compressco LP subsidiary (“CCLP”), as we determined that CCLP was a variable interest entity and we were the primary beneficiary as of December 31, 2020. As of December 31, 2020, we controlled the financial interests of CCLP and had the ability to direct the activities of CCLP that most significantly impacted its economic performance through our ownership of its general partner. As of December 31, 2020, our cash flows from our investment in CCLP were limited to the quarterly distributions we received on our CCLP common units and general partner interest (including incentive distribution rights (“IDRs”)) and the amounts collected for services we performed on behalf of CCLP. TETRA’s capital structure and CCLP’s capital structure are separate, and do not include cross default provisions, cross collateralization provisions or cross guarantees. All intercompany accounts and transactions have been eliminated in consolidation. Substantially all of our former Compression Division’s operations were conducted through our partially-owned CCLP subsidiary. On January 29, 2021, we entered into the Purchase and Sale Agreement with Spartan Energy Partners LP and Spartan Energy Holdco, LLC (together, “Spartan”) pursuant to which we sold the general partner of CCLP, including the IDRs in CCLP and approximately 23.1% of the outstanding limited partner interests in CCLP, in exchange for a combination of $13.4 million in cash paid at closing, $0.5 million in cash payable on the six-month anniversary of the closing and $3.1 million in contingent consideration in the form of cash and/or CCLP common units if CCLP achieves certain financial targets on or before December 31, 2022. Following the closing of the transaction, we retained approximately 11.1% of the outstanding CCLP common units. Throughout this Annual Report, we refer to the transaction with Spartan as the “GP Sale.” We have reflected the operations of our former Compression Division as discontinued operations for all periods presented. See Note 3 - “Discontinued Operations” and Note 18 - “Subsequent Event.” for further information. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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. For a discussion of the reclassification of the financial presentation of our former Compression Division as discontinued operations, see Note 3 - “Discontinued Operations”. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. Cash Equivalents We consider all highly liquid cash investments with a maturity of three months or less when purchased to be cash equivalents. Financial Instruments Financial instruments that subject us to concentrations of credit risk consist principally of trade receivables with companies in the energy industry. Our policy is to evaluate, prior to providing goods or services, each customer’s financial condition and to determine the amount of open credit to be extended. We generally require appropriate, additional collateral as security for credit amounts in excess of approved limits. Our customers consist primarily of major, well-established oil and gas producers and independent oil and gas companies. Payment terms are on a short-term basis. We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. Our risk management activities include the use of foreign currency forward purchase and sale derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected international operations. We have no outstanding balance under our variable rate revolving credit facilities as of December 31, 2020. Outstanding balances on variable rate bank credit facilities create market risk exposure related to changes in applicable interest rates. Allowance for Doubtful Accounts The allowance for doubtful accounts is determined on a specific identification basis when we believe that the collection of specific amounts owed to us is not probable. Changes in the allowance are as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) At beginning of period $ 1,912 $ 1,354 $ 368 Activity in the period: Provision for doubtful accounts 5,672 2,580 1,152 Account (chargeoffs) recoveries (760) (2,022) (166) At end of period $ 6,824 $ 1,912 $ 1,354 Inventories Inventories are stated at the lower of cost or net realizable value. Except for work in progress inventory, cost is determined using the weighted average method. The cost of work in progress is determined using the specific identification method. Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Expenditures that increase the useful lives of assets are capitalized. The cost of repairs and maintenance is charged to operations as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows: Buildings 15 – 40 years Machinery and equipment 2 – 20 years Automobiles and trucks 3 – 4 years Chemical plants 15 – 30 years Leasehold improvements are depreciated over the shorter of the remaining term of the associated lease or its useful life. Depreciation expense, excluding impairments and other charges, for the years ended December 31, 2020, 2019, and 2018 was $32.4 million, $42.9 million and $39.4 million, respectively. Construction in progress as of December 31, 2020 and 2019 consisted primarily of equipment fabrication projects. Intangible Assets other than Goodwill Patents, trademarks, and other intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 1 to 13 years. Amortization expense of patents, trademarks, and other intangible assets was $5.3 million, $5.1 million, and $4.3 million for the years ended December 31, 2020, 2019, and 2018, respectively, and is included in depreciation, amortization and accretion. The estimated future annual amortization expense of patents, trademarks, and other intangible assets is $4.5 million for 2021, $4.1 million for 2022, $3.8 million for 2023, $3.7 million for 2024, and $3.7 million for 2025. Intangible assets other than goodwill are tested for recoverability whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. In such an event, we will determine the fair value of the asset using an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we will recognize a loss for the difference between the carrying value and the estimated fair value of the intangible asset. During 2018, certain intangible assets were impaired. See “Impairments of Long-Lived Assets” section in Note 6 - “Impairments and Other Charges”. Goodwill Goodwill represents the excess of cost over the fair value of the net assets acquired in business combinations. We perform a goodwill impairment test at a reporting unit level on an annual basis or whenever indicators of impairment are present. We perform the annual test of goodwill impairment as of the last day of the fourth quarter of each year. The first step of the impairment test is to compare the estimated fair value of the reporting unit to its recorded net book value (including goodwill). If the estimated fair value is higher than the recorded net book value, no impairment is deemed to exist and no further testing is required. If, however, the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is calculated based on the difference between the fair value and carrying value. These estimates are imprecise and are subject to our estimates of the future cash flows of the reporting unit. These estimates and judgments are affected by numerous factors, including the general economic environment at the time of our assessment. During the fourth quarter of 2019, we recorded an impairment on all our remaining goodwill. See Note 5 - “Goodwill” for additional discussion. Leases As a lessee, unless the lease meets the criteria of short-term and is excluded per our policy election described below, we initially recognize a lease liability and related right-of-use asset on the commencement date. The right-of-use asset represents our right to use an underlying asset and the lease liability represents our obligation to make lease payments to the lessor over the lease term. Long-term operating leases are included in operating lease right-of-use assets, accrued liabilities and other, and operating lease liabilities in our consolidated balance sheet as of December 31, 2020. Long-term finance leases are not material. We determine whether a contract is or contains a lease at inception of the contract. Where we are a lessee in a contract that includes an option to extend or terminate the lease, we include the extension period or exclude the period covered by the termination option in our lease term in determining the right-of-use asset and lease liability, if it is reasonably certain that we would exercise the option. As an accounting policy election, we do not include short-term leases on our balance sheet. Short-term leases include leases with a term of 12 months or less, inclusive of renewal options we are reasonably certain to exercise. The lease payments for short-term leases are included as operating lease costs on a straight-line basis over the lease term in cost of revenues or general and administrative expense based on the use of the underlying asset. We recognize lease costs for variable lease payments not included in the determination of a lease liability in the period in which an obligation is incurred. As allowed by U.S. GAAP, CCLP does not separate nonlease components from the associated lease component for its compression services contracts and instead accounts for those components as a single component based on the accounting treatment of the predominant component. In the evaluation of whether Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842 “Leases” or ASC 606 “Revenue from Contracts with Customers” is applicable to the combined component based on the predominant component, CCLP determined the services nonlease component is predominant, resulting in the ongoing recognition of compression services contracts following ASC 606. Our operating and finance leases are recognized at the present value of lease payments over the lease term. When the implicit discount rate is not readily determinable, we use our incremental borrowing rate to calculate the discount rate used to determine the present value of lease payments. Consistent with other long-lived assets or asset groups that are held and used, we test for impairment of our right-of-use assets when impairment indicators are present. Impairments of Long-Lived Assets 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 judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, an impairment is recognized for the excess of the carrying value over its fair value. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. See Note 6 - “Impairments and Other Charges” for additional discussion of recorded impairments. Asset Retirement Obligations We operate facilities in various U.S. and foreign locations that are used in the manufacture, storage, and sale of our products, inventories, and equipment. These facilities are a combination of owned and leased assets. We are required to take certain actions in connection with the retirement of these assets. Asset retirement obligations are recorded in accordance with ASC 410, “Asset Retirement and Environmental Obligations,” whereby the estimated fair value of a liability for asset retirement obligations is recognized in the period in which it is incurred and in which a reasonable estimate can be made. Such estimates are based on relevant assumptions that we believe are reasonable. We have reviewed our obligations in this regard in detail and estimated the cost of these actions. The associated asset retirement costs are capitalized as part of the carrying amount of these long-lived assets and are depreciated on a straight-line basis over the life of the assets. Environmental Liabilities Environmental expenditures that result in additions to property and equipment are capitalized, while other environmental expenditures are expensed. Environmental remediation liabilities are recorded on an undiscounted basis when environmental assessments or cleanups are probable and the costs can be reasonably estimated. We have no significant environmental remediation liabilities as of December 31, 2020 and 2019. Estimates of future environmental remediation expenditures often consist of a range of possible expenditure amounts, a portion of which may be in excess of amounts of liabilities recorded. In such an instance, we disclose the full range of amounts reasonably possible of being incurred. Any changes or developments in environmental remediation efforts are accounted for and disclosed each quarter as they occur. Any recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. Complexities involving environmental remediation efforts can cause estimates of the associated liability to be imprecise. Factors that cause uncertainties regarding the estimation of future expenditures include, but are not limited to, the effectiveness of the anticipated work plans in achieving targeted results and changes in the desired remediation methods and outcomes as prescribed by regulatory agencies. Uncertainties associated with environmental remediation contingencies are pervasive and often result in wide ranges of reasonably possible outcomes. Estimates developed in the early stages of remediation can vary significantly. Normally, a finite estimate of cost does not become fixed and determinable at a specific point in time. Rather, the costs associated with environmental remediation become estimable as the work is performed and the range of ultimate cost becomes more defined. It is possible that cash flows and results of operations could be materially affected by the impact of the ultimate resolution of these contingencies. 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 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 recognized at a point in time when we transfer control of our product offerings to our customers, generally 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. Services . Service revenues represent revenue recognized over time, as our customer arrangements typically provide agreed upon day-rates 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, and a small portion of Completion Fluids & Products Division revenue that is associated with completion fluid service arrangements. O ur 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. Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. 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. Equity-Based Compensation We have various equity incentive compensation plans which provide for the granting of restricted common stock, options for the purchase of our common stock, and other performance-based, equity-based compensation awards to our executive officers, key employees, nonexecutive officers, and directors. Total equity-based compensation expense, net of taxes, for the three years ended December 31, 2020, 2019, and 2018, was $4.3 million, $4.6 million and $5.3 million, respectively. For further discussion of equity-based compensation, see Note 14 – “Equity-Based Compensation and Other”. Mineral Resources Arrangements We are party to agreements in which Standard Lithium has the right to explore, produce and extract lithium in our Arkansas leases as well as additional potential resources in the Mojave region of California. The Company receives cash and stock of Standard Lithium (TSXV: SLL) under the terms of the arrangements. The cash and stock component of consideration received is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. During the years ended December 31, 2020, 2019 and 2018, income from this arrangement was 3.1 million, 1.1 million and 1.0 million, respectively, including the value of cash and stock received, and changes in the value of stock held. This income is included in other income (expense), net in our consolidated statements of operations. Unearned revenue associated with these agreements was 0.9 million and 0.2 million as of December 31, 2020 and 2019, respectively, and is included in unearned income on our consolidated balance sheets. See Note 15 - “Fair Value Measurements” for further discussion. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis amounts. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized as income or expense in the period that includes the enactment date. A portion of the carrying value of certain deferred tax assets are subject to a valuation allowance. See Note 16 – “Income Taxes” for further discussion. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Tax Reform Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or to treat any taxes on GILTI inclusions as period costs are both acceptable methods subject to an accounting policy election. We elected to account for GILTI as a period cost in the year the tax is incurred. Noncontrolling Interests Noncontrolling interests represent third-party ownership in the net assets of the Company’s consolidated subsidiaries and are presented as a component of equity. Substantially all of the Company’s noncontrolling interests represent third-party ownership in CCLP. Accumulated Other Comprehensive Income (Loss) Certain of our international operations maintain their accounting records in the local currencies that are their functional currencies. For these operations, the functional currency financial statements are converted to United States dollar equivalents, with the effect of the foreign currency translation adjustment reflected as a component of accumulated other comprehensive income (loss). Accumulated other comprehensive income (loss) is included in equity in the accompanying consolidated balance sheets and consists of the cumulative currency translation adjustments associated with such international operations. Activity within our accumulated other comprehensive income (loss) is not subject to reclassifications to net income. Income (Loss) per Common Share The calculation of basic and diluted earnings per share excludes losses attributable to noncontrolling interests. The calculation of basic earnings per share excludes any dilutive effects of equity awards or warrants. The calculation of diluted earnings per share includes the effect of equity awards and warrants, if dilutive, which is computed using the treasury stock method during the periods such equity awards and warrants were outstanding. For the years ended December 31, 2020, 2019, and 2018, 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 year. 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 $2.7 million, $(0.5) million, and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. On June 30, 2018, we determined the economy in Argentina to be highly inflationary. As a result of this determination and in accordance with U.S. GAAP, on July 1, 2018, the functional currency of our operations in Argentina was changed from the Argentine peso to the U.S. dollar. The remeasurement did not have a material impact on our consolidated financial position or results of operations. 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. See Note 15 - “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 FASB issued 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. On January 1, 2020, we adopted ASU 2018-15. 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. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 is effective for us 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 U.S. 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. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. As of December 31, 2020, we have not modified our credit agreements to remove references to LIBOR. We are currently evaluating the impact of the provisions of ASU 2020-04 on our consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS As discussed in Note 18 - “Subsequent Event,” on January 29, 2021, we entered into the Purchase and Sale Agreement with Spartan pursuant to which we sold the general partner of CCLP, including the IDRs in CCLP and approximately 23.1% of the outstanding limited partner interests in CCLP. Our interest in CCLP and the general partner represented substantially all of our Compression Division. As of December 31, 2020, our Compression Division met the held for sale criteria and is reflected as discontinued operations in our financial statements for all periods presented. In addition, as discussed in Note 11 - “Acquisitions and Dispositions,” 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. During the third quarter of 2019, as a result of the bankruptcy filing of Epic Companies, LLC, we recorded a reserve for the full amount of certain other receivables of discontinued operations related to our offshore division in the amount of $1.5 million and for the full amount of a $7.5 million promissory note, including accrued interest, that we received as part of the consideration for the sale. See Note 12 - “Commitments and Contingencies” for further discussion. Our consolidated balance sheets and consolidated statements of operations report discontinued operations separate from continuing operations. Our consolidated statements of comprehensive income, statements of equity and statements of cash flows combine continuing and discontinued operations. 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) Year Ended Compression Offshore Services Total Revenue $ 338,246 $ — $ 338,246 Cost of revenues 212,253 (330) 211,923 Depreciation, amortization, and accretion 80,533 — 80,533 Impairments and other charges 20,841 — 20,841 General and administrative expense 37,895 473 38,368 Interest expense, net 52,771 — 52,771 Other (income) expense, net 2,688 — 2,688 Pretax loss from discontinued operations (68,735) (143) (68,878) Income tax provision 3,211 Loss from discontinued operations (72,089) Loss from discontinued operations attributable to noncontrolling interest 47,898 Loss from discontinued operations attributable to TETRA stockholders $ (24,191) Year Ended Compression Offshore Services Maritech Total Revenue 476,692 — — 476,692 Cost of revenues 320,037 (192) — 319,845 Depreciation, amortization, and accretion 76,663 52 — 76,715 General and administrative expense 43,281 2,618 — 45,899 Interest expense, net 51,974 — — 51,974 CCLP Series A Preferred Units fair value adjustment (income) expense 1,309 — — 1,309 Other (income) expense, net (558) 117 118 (323) Pretax loss from discontinued operations (16,014) (2,595) (118) (18,727) Pretax loss on disposal of discontinued operations (7,500) Total pretax loss from discontinued operations (26,227) Income tax provision 3,353 Loss from discontinued operations (29,580) Loss from discontinued operations attributable to noncontrolling interest 13,538 Loss from discontinued operations attributable to TETRA stockholders (16,042) Year Ended Compression Offshore Services Maritech Total Revenue 438,673 4,487 187 443,347 Cost of revenues 309,156 11,151 139 320,446 Depreciation, amortization, and accretion 70,500 1,873 212 72,585 General and administrative expense 39,544 1,917 187 41,648 Interest expense, net 51,905 — — 51,905 CCLP Series A Preferred Units fair value adjustment (income) expense (733) — — (733) Other (income) expense, net 2,099 (1,036) — 1,063 Pretax loss from discontinued operations (33,798) (9,418) (351) (43,567) Pretax loss on disposal of discontinued operations (34,072) Total pretax loss from discontinued operations (77,639) Income tax provision 289 Loss from discontinued operations (77,928) Loss from discontinued operations attributable to noncontrolling interest 22,623 Loss from discontinued operations attributable to TETRA stockholders $ (55,305) Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) December 31, 2020 Compression Offshore Services Maritech Total Carrying amounts of major classes of assets included as part of discontinued operations Cash and cash equivalents $ 16,577 $ — $ — $ 16,577 Trade receivables 43,837 — — 43,837 Inventories 31,220 — — 31,220 Other current assets 5,231 — — 5,231 Property, plant, and equipment 551,401 — — 551,401 Other assets 61,740 — — 61,740 Total assets associated with discontinued operations (1) $ 96,865 $ — $ — $ 710,006 Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ 19,766 $ 1,222 $ — $ 20,988 Unearned income 269 — — 269 Accrued liabilities and other 36,318 352 228 36,898 Long-term debt, net 638,631 — — 638,631 Other liabilities 37,253 — — 37,253 Total liabilities associated with discontinued operations (1) $ 732,237 $ 1,574 $ 228 $ 734,039 |
Revenue from Contract with Cust
Revenue from Contract with Customer (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE FROM CONTRACTS WITH CUSTOMERS Our contract asset balances, primarily associated with customer documentation requirements, were $12.8 million, $25.3 million and $38.3 million as of December 31, 2020, 2019 and 2018, respectively. The decrease in contract asset balances is primarily due to lower activity in our Water & Flowback Services Division driven by the significant reduction in capital spending by our customers in response to the decline in oil prices. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. Unearned income balances were $1.9 million and $0.2 million as of December 31, 2020 and 2019, respectively, and vary based on the timing of invoicing and performance obligations being met. Revenues recognized during the years ended December 31, 2020 and 2019 deferred as of the end of the preceding year was not significant. During the years ended December 31, 2020, 2019 and 2018, contract costs were not significant. Disaggregation of Revenue. We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 17 - Industry Segments and Geographic Information . In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Year Ended December 31, 2020 2019 2018 (In Thousands) Completion Fluids & Products U.S. $ 100,076 $ 149,191 $ 129,160 International 142,585 130,064 128,248 242,661 279,255 257,408 Water & Flowback Services U.S. 125,759 262,093 261,238 International 9,295 19,893 41,834 135,054 281,986 303,072 Interdivision eliminations U.S. — — 5 International — — (383) — — (378) Total Revenue U.S. 225,835 411,284 390,403 International 151,880 149,957 169,699 $ 377,715 $ 561,241 $ 560,102 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure | GOODWILL Our Water & Flowback Services Division consists of two reporting units, Production Testing and Water Management. During the third quarter of 2019, as part of our internal long-term outlook for each of these reporting units, we updated our assessment of the Water Management reporting unit and determined that the current decreased energy industry outlook was an indicator requiring further analysis for impairment of goodwill. As part of the first step of goodwill impairment testing for our Water Management reporting unit, the only reporting unit with goodwill, we updated our assessment of the future cash flows, applying expected long-term growth rates, discount rates, and terminal values that we consider reasonable for the reporting unit. We calculated a present value of the cash flows for the Water Management reporting unit to arrive at an estimate of fair value using a combination of the income approach and the market approach. Based on these assumptions, we determined that the fair value of the Water Management reporting unit exceeded its carrying value, resulting in no impairment at September 30, 2019. During the fourth quarter of 2019, coinciding with the timing of our annual goodwill assessment, there was further decline in the energy industry outlook resulting in decreased expected future cash flows for our Water Management reporting unit. As part of the first step of goodwill impairment testing for our Water Management reporting unit, the only reporting unit with goodwill, we updated our assessment of the future cash flows, applying expected long-term growth rates, discount rates, and terminal values that we consider reasonable for the reporting unit. We calculated a present value of the cash flows for the Water Management reporting unit to arrive at an estimate of fair value using a combination of the income approach and the market approach. Based on these assumptions, we determined that the fair value of the Water Management reporting unit was less than its carrying value indicating an impairment. The amount of impairment is calculated based on the difference between the fair value and carrying value in accordance with our early adoption of ASU 2017-04 “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This resulted in an impairment of the entire goodwill balance of $25.8 million at December 31, 2019. The changes in the carrying amount of goodwill for the Water & Flowback Services reporting segment were as follows: Total (In Thousands) Balance as of December 31, 2017 $ 6,636 Goodwill acquired during the year 19,223 Balance as of December 31, 2018 25,859 Goodwill impaired during the year (25,784) Goodwill adjustments (75) Balance as of December 31, 2019 and 2020 — |
Impairments and Other Charges
Impairments and Other Charges | 12 Months Ended |
Dec. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Impairments and Other Charges | IMPAIRMENTS AND OTHER CHARGES Impairments of Long-Lived Assets During 2020, we recorded an impairment charge of $0.6 million primarily related to a right of use asset for the lease of our Canada office within our Water & Flowback Services Division as we ceased use of the office during the year. During the fourth quarter of 2019, we recorded an impairment of $91.6 million in our Completion Fluids & Products Division related to our El Dorado, Arkansas calcium chloride production plant facility assets. The impairment charge is primarily the result of a reduction in the cost of raw materials for certain of our other chemical production plants, following the execution of a long-term raw material supply agreement during the fourth quarter of 2019. As a result, we expect to reduce our dependence on calcium chloride produced at the El Dorado facility, which uses a different production process, involving mechanical evaporation. In addition, demand for calcium chloride from the El Dorado plant is expected to be reduced due to general market conditions in the oil and gas industry. Using the reduced expected future net cash flows on an undiscounted basis, we determined that the carrying value of the El Dorado facility was not recoverable. Fair value of the El Dorado facility was determined using a fair value in-exchange assumption, and the difference between the carrying value of the El Dorado facility asset group and its indicated fair value was recorded as an impairment. Also during the fourth quarter of 2019, we recorded an impairment of $0.3 million related to certain equipment assets in our Water & Flowback Services Division. During the third quarter of 2018, as a result of decreased expected future cash flows from a specific customer contract, we recorded a long-lived asset impairment of $2.9 million on an identified intangible asset within the Water & Flowback Services segment. |
Inventories Inventories (Notes)
Inventories Inventories (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | Inventories are stated at the lower of cost or net realizable value. Except for work in progress inventory, cost is determined using the weighted average method. The cost of work in progress is determined using the specific identification method. INVENTORIES Components of inventories, net of reserve, are as follows: December 31, 2020 2019 (In Thousands) Finished goods $ 68,121 $ 70,135 Raw materials 2,910 4,125 Parts and supplies 4,001 4,979 Work in progress 1,626 1,234 Total inventories $ 76,658 $ 80,473 Finished goods inventories include newly manufactured clear brine fluids as well as used brines that are repurchased from certain customers for recycling. |
Leases
Leases | 12 Months Ended |
Dec. 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 facility 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. 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 completion 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): Year Ended December 31, 2020 2019 (In Thousands) Operating lease expense $ 13,946 $ 15,131 Short-term lease expense 17,125 36,348 Total lease expense $ 31,071 $ 51,479 Rental expense for all operating leases was $31.1 million, $51.4 million, and $35.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. At December 31, 2020, future minimum rental receipts under a non-cancelable sublease for office space in one of our locations totaled $5.2 million. For the years ended December 31, 2020 and 2019, we recognized sublease income of $1.0 million. Variable rent expense was not material. Supplemental cash flow information: Year Ended December 31, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 13,612 $ 15,064 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,612 $ 3,944 Supplemental balance sheet information: December 31, 2020 December 31, 2019 (In Thousands) Operating leases: Operating lease right-of-use assets $ 43,448 $ 47,125 Accrued liabilities and other $ 8,795 $ 9,144 Operating lease liabilities $ 37,569 $ 40,097 Total operating lease liabilities $ 46,364 $ 49,241 Additional operating lease information: December 31, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 6.8 years 7.2 years Weighted average discount rate: Operating leases 9.62 % 9.56 % Future minimum lease payments by year and in the aggregate, under non-cancelable operating leases with terms in excess of one year consist of the following at December 31, 2020: Operating Leases (In Thousands) 2021 $ 12,798 2022 10,910 2023 8,673 2024 7,202 2025 5,332 Thereafter 18,460 Total lease payments 63,375 Less imputed interest (17,011) Total lease liabilities $ 46,364 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities are detailed as follows: December 31, 2020 2019 (In Thousands) Compensation and employee benefits $ 14,336 $ 18,657 Operating lease liabilities, current portion 8,795 9,144 Accrued taxes 4,323 6,894 Accrued interest 2,951 299 Accrued capital expenditures 194 978 Other accrued liabilities 8,192 8,883 Total accrued liabilities and other $ 38,791 $ 44,855 |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment [Abstract] | |
Acquisitions and Dispositions | ACQUISITIONS AND DISPOSITIONS Acquisition of SwiftWater Energy Services On February 28, 2018, pursuant to a purchase agreement dated February 13, 2018 (the “SwiftWater Purchase Agreement”), we purchased all of the equity interests in SwiftWater Energy Services, LLC (“SwiftWater”), which is engaged in the business of providing water management and water solutions to oil and gas operators in the Permian Basin market of Texas. Strategically, the acquisition of SwiftWater enhances our position as one of the leading integrated water management companies, providing water transfer, storage, and treatment services, along with proprietary automation technology and numerous other water-related services. Under the terms of the SwiftWater Purchase Agreement, consideration of $42.0 million of cash, subject to a working capital adjustment, and 7,772,021 shares of our common stock (valued at $28.2 million) were paid at closing. The allocation of the purchase price to the SwiftWater net tangible assets and liabilities and identifiable intangible assets was final as of December 31, 2018. Contingent consideration in the amount of $10.0 million was paid to the sellers during 2019 based on 2018 performance. As of December 31, 2019, all contingent consideration had been paid. Acquisition of JRGO Energy Services LLC On December 6, 2018, we purchased JRGO Energy Services LLC (“JRGO”) for a cash purchase price of $7.6 million paid at closing, subject to a working capital adjustment. In addition, contingent consideration of $1.4 million was paid during 2019, based on JRGO’s performance during the fourth quarter of 2018. JRGO specializes in delivering comprehensive water management services for oil and gas operators, as well as municipal, state and federal organizations. The acquisition of JRGO broadens our footprint in the Appalachian region and is expected to provide our customers an enhanced, more efficient, diverse, and strategically positioned portfolio of integrated water management services in the Marcellus and Utica basins. The allocation of the purchase price to the JRGO net tangible assets and liabilities and identifiable intangible assets was final as of December 31, 2019. Sale of Offshore Division On March 1, 2018, we closed a series of related transactions that resulted in the disposition of our Offshore Division. Pursuant to an Asset Purchase and Sale Agreement (the “Maritech Asset Purchase Agreement”) with Orinoco Natural Resources, LLC (“Orinoco”), Orinoco purchased certain remaining offshore oil, gas and mineral leases and related assets of Maritech (the “Maritech Properties”). Immediately thereafter, we closed the transactions contemplated by a Membership Interest Purchase and Sale Agreement (the “Maritech Equity Purchase Agreement”) with Orinoco, whereby Orinoco purchased all of the equity interests of Maritech (the “Maritech Equity Interests”). Immediately thereafter, we closed the transactions contemplated by an Equity Interest Purchase Agreement (the “Offshore Services Purchase Agreement”) with Epic Offshore Specialty, LLC, an affiliate of Orinoco (“Epic Offshore”), whereby Epic Offshore (the “Offshore Services Sale”) purchased all of the equity interests in the wholly owned subsidiaries that comprised our Offshore Services segment operations (the “Offshore Services Equity Interests”). Under the terms of the Maritech Asset Purchase Agreement, the Maritech Equity Purchase Agreement, and the Offshore Services Purchase Agreement, the consideration delivered by Orinoco and Epic Offshore for the Maritech Properties, the Maritech Equity Interests and the Offshore Services Equity Interests consisted of (i) the assumption by Orinoco of substantially all of the liabilities and obligations relating to the ownership, operation and condition of the Maritech Properties and the provision of certain indemnities by Orinoco to us under the Maritech Asset Purchase Agreement, (ii) the assumption by Orinoco of substantially all of the liabilities of Maritech and the provision of certain indemnities by Orinoco under the Maritech Equity Purchase Agreement, (iii) the assumption by Epic Offshore of substantially all of the liabilities of the Offshore Services Equity Interests relating to the periods following the closing of the Offshore Services Sale and the provision of certain indemnities by Epic Offshore under the Offshore Services Purchase Agreement, (iv) cash in the amount $3.1 million (v) a promissory note in the original principal amount of $7.5 million payable by Epic Offshore to us in full, together with interest at a rate of 1.52% per annum, on December 31, 2019, (vi) performance by Orinoco under a Bonding Agreement executed in connection with the Maritech Asset Purchase Agreement and the Maritech Equity Purchase Agreement whereby Orinoco provided at closing non-revocable performance bonds in an amount equal to $46.8 million to cover the performance by Orinoco and Maritech of the asset retirement obligations of Maritech, and (vii) the delivery of a personal guaranty agreement from Thomas M. Clarke and Ana M. Clarke guaranteeing the payment obligations of Orinoco under the Bonding Agreement (collectively, the “Transaction Consideration”). See Note 12 - “Commitments and Contingencies” for further discussion of the promissory note and the Bonding Agreement. As a result of these transactions, we have effectively exited the businesses of our Offshore Services and Maritech segments, and these operations are reflected as discontinued operations in our consolidated financial statements. See Note 3 - “Discontinued Operations” for further discussion. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 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. Product Purchase Obligations In the normal course of our Completion Fluids & Products Division operations, we enter into supply agreements with certain manufacturers of various raw materials and finished products. Some of these agreements have terms and conditions that specify a minimum or maximum level of purchases over the term of the agreement. Other agreements require us to purchase the entire output of the raw material or finished product produced by the manufacturer. Our purchase obligations under these agreements apply only with regard to raw materials and finished products that meet specifications set forth in the agreements. We recognize a liability for the purchase of such products at the time we receive them. As of December 31, 2020, the aggregate amount of the fixed and determinable portion of the purchase obligation pursuant to our Completion Fluids & Products Division’s supply agreements was approximately $85.3 million, including $9.5 million per year from 2021 to 2025 and $37.8 million thereafter, extending through 2029. Amounts purchased under these agreements for each of the years ended December 31, 2020, 2019, and 2018, was $17.3 million, $18.7 million, and $18.0 million, respectively. 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. Also in early 2018, 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 U.S. 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 does not provide the Interim Replacement Bonds or the Final Bonds, Orinoco is 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”). At the end of August 2019, Epic Companies filed for bankruptcy and we recorded a reserve of $7.5 million for the full amount of the promissory note, including accrued interest, and 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 and neither Epic nor the Clarkes made payment. TETRA filed a lawsuit against the Clarkes on January 15, 2020 for breach of the promissory note guaranty agreement. In September 2020, the court granted TETRA’s Motion for Summary Judgment and entered Final Judgment in our favor, dismissing counterclaims by the Clarkes and awarded TETRA $7.9 million in damages. The Clarkes have filed an appeal which we will defend. We cannot provide any assurance the Clarkes will pay the judgment or that they will not file for bankruptcy protection. If the Clarkes do file for bankruptcy protection, we likely would be unable to collect all, or even a significant portion of, the judgment owed to us. See Note 3 - “Discontinued Operations” and Note 11 - “Acquisitions and Dispositions” for further discussion. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2020 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Capital Stock | CAPITAL STOCK AND WARRANTS Our Restated Certificate of Incorporation, as amended during 2017, authorizes us to issue 250,000,000 shares of common stock, par value $.01 per share, and 5,000,000 shares of preferred stock, par value $.01 per share. As of December 31, 2020, we had 125,976,071 shares of common stock outstanding, with 2,953,976 shares held in treasury, and no shares of preferred stock outstanding. The voting, dividend, and liquidation rights of the holders of common stock are subject to the rights of the holders of preferred stock. The holders of common stock are entitled to one vote for each share held. There is no cumulative voting. Dividends may be declared and paid on common stock as determined by our Board of Directors, subject to any preferential dividend rights of any then outstanding preferred stock. Issuances of Common Stock. On February 28, 2018, we issued 7,772,021 shares of our common stock as part of the consideration paid for the acquisition of SwiftWater. For further discussion of the SwiftWater acquisition, see Note 11 - “Acquisitions and Dispositions”. On December 14, 2016, we completed a firm commitment underwritten offering of 22.3 million shares of our common stock at a price to the public of $5.15 per share ($4.9183 per share net of underwriting discounts) and the Warrants to purchase 11.2 million shares of our common stock at an exercise price of $5.75 per share prior to the 60-month expiration date of the Warrants. The 22.3 million shares of our common stock issued and the Warrants to purchase 11.2 million shares of our common stock includes 2.9 million shares of our common stock and Warrants to acquire an additional 1.5 million shares of our common stock related to the exercise of an option granted to the underwriters. We utilized the net offering proceeds of $109.7 million to repay outstanding indebtedness and other offering expenses. As of December 31, 2020, all of the Warrants remain outstanding. The Warrants were issued pursuant to a Warrant Agreement, dated December 14, 2016, and are exercisable immediately upon issuance and from time to time thereafter through and including the fifth year anniversary of the initial issuance date. At the request of a holder following a change of control, we or the successor entity will exchange such Warrant for consideration in accordance with a Black Scholes option pricing model in the form of, at our election, Rights (as defined in the Warrant Agreement) or cash. Similarly, within a period of time prior to the consummation of a change of control, we have the right to redeem all of the Warrants for cash in an amount determined in accordance with a Black-Scholes option pricing model. The Warrants are accounted for as a derivative liability in accordance with ASC 815 “Derivatives and Hedging” and accordingly are carried at their fair value, with changes in fair value included in earnings in the period of change. A summary of the activity of our common shares outstanding and treasury shares held for the three year period ending December 31, 2020, is as follows: Common Shares Outstanding Year Ended December 31, 2020 2019 2018 At beginning of period 125,481,163 125,737,565 115,877,704 Exercise of common stock options, net — — 65,524 Grants of restricted stock, net (1) 494,908 (256,402) 2,022,316 Issuance of common stock — — 7,772,021 At end of period 125,976,071 125,481,163 125,737,565 (1) Prior to 2019, we primarily granted restricted stock awards, which immediately impacted common shares outstanding. In contrast, during 2020 and 2019, we primarily granted restricted stock units which do not impact common shares outstanding until vesting. Vesting for restricted stock units began in 2020. Treasury Shares Held Year Ended December 31, 2020 2019 2018 At beginning of period 2,823,191 2,717,569 2,638,093 Shares received upon vesting of restricted stock, net 130,785 105,622 79,476 At end of period 2,953,976 2,823,191 2,717,569 Our Board of Directors is empowered, without approval of the stockholders, to cause shares of preferred stock to be issued in one or more series and to establish the number of shares to be included in each such series and the rights, powers, preferences, and limitations of each series. Because the Board of Directors has the power to establish the preferences and rights of each series, it may afford the holders of any series of preferred stock preferences, powers and rights, voting or otherwise, senior to the rights of holders of common stock. The issuance of the preferred stock could have the effect of delaying or preventing a change in control of the Company. Upon our dissolution or liquidation, whether voluntary or involuntary, holders of our common stock will be entitled to receive all of our assets available for distribution to our stockholders, subject to any preferential rights of any then outstanding preferred stock. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | NOTE 14 — EQUITY-BASED COMPENSATION AND OTHER Equity-Based Compensation We have various equity incentive compensation plans that provide for the granting of restricted common stock, options for the purchase of our common stock, and other performance-based, equity-based compensation awards to our executive officers, key employees, nonexecutive officers, and directors. Stock options are exercisable for periods of up to ten years. Compensation cost for all share-based payments is based on the grant date fair value and is recognized in earnings over the requisite service period. Total equity-based compensation expense before tax for the three years ended December 31, 2020, 2019, and 2018, was $5.5 million, $5.8 million, and $6.7 million, respectively, and is included in general and administrative expense. Stock Incentive Plans In May 2007, our stockholders approved the adoption of the TETRA Technologies, Inc. 2007 Equity Incentive Compensation Plan. In May 2008, our stockholders approved the adoption of the TETRA Technologies, Inc. Amended and Restated 2007 Equity Incentive Compensation Plan, which among other changes, resulted in an increase in the maximum number of shares authorized for issuance. In May 2010, our stockholders approved further amendments to the TETRA Technologies, Inc. Amended and Restated 2007 Equity Incentive Compensation Plan (renamed as the 2007 Long Term Incentive Compensation Plan) which, among other changes, resulted in an additional increase in the maximum number of shares authorized for issuance. Pursuant to the 2007 Long Term Incentive Compensation Plan, we are authorized to grant up to 5,590,000 shares in the form of stock options (including incentive stock options and nonqualified stock options); restricted stock; bonus stock; stock appreciation rights; and performance awards to employees, and non-employee directors. As of February 2017, no further awards may be granted under the TETRA Technologies, Inc. Amended and Restated 2007 Equity Incentive Compensation Plan. In May 2011, our stockholders approved the adoption of the TETRA Technologies, Inc. 2011 Long Term Incentive Compensation Plan. Pursuant to this plan, we were authorized to grant up to 2,200,000 shares in the form of stock options, restricted stock, bonus stock, stock appreciation rights, and performance awards to employees, and non-employee directors. On May 3, 2013, shareholders approved the TETRA Technologies, Inc. 2011 Long Term Incentive Compensation Plan that, among other things, increased the number of authorized shares to 5,600,000. On May 3, 2016, shareholders approved the TETRA Technologies, Inc. Third Amended and Restated 2011 Long Term Incentive Compensation Plan which, among other things, increased the number of authorized shares to 11,000,000. As of May 2018, no further awards may be granted under the TETRA Technologies, Inc. Third Amended and Restated 2011 Long Term Incentive Compensation Plan. In February 2018, the board of directors adopted the 2018 Inducement Restricted Stock Plan (“2018 Inducement Plan”). The 2018 Inducement Plan provides for grants of restricted stock up to a plan maximum of 1,000,000 shares. In May 2018, our stockholders approved the adoption of the TETRA Technologies, Inc. 2018 Equity Incentive Plan (“2018 Equity Plan”). Pursuant to this plan, we were authorized to grant up to 6,635,000 shares in the form of stock options, restricted stock, restricted stock units, bonus stock, stock appreciation rights, performance units, performance awards, other stock-based awards and cash-based awards to employees and non-employee directors. In May 2018, our stockholders approved the adoption of the TETRA Technologies, Inc. 2018 Non-Employee Director Equity Incentive Plan (“2018 Director Plan”). Pursuant to this plan, we were authorized to grant up to 335,000 shares in the form of nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock‑based awards and cash-based awards to non-employee directors. Stock Options We did not grant any stock options during the year ended December 31, 2020. The weighted average fair value of options granted during the years ended December 31, 2019, and 2018 , was $0.76 and $1.88, respectively, using the Black-Scholes option valuation model with the following weighted average assumptions: Year Ended December 31, 2019 2018 Expected stock price volatility 61 % 57 % Expected life of options 4.4 years 4.5 years Risk-free interest rate 2.3 % 2.6 % Expected dividend yield — — The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date for a period commensurate with the estimated expected life of the stock options. Expected volatility is based on the historical volatility of our stock over the period commensurate with the expected life of the stock options and other factors. The dividend yield is based on the current annualized dividend rate in effect during the quarter in which the grant was made. At the time of the stock option grants during each of the years ended December 31, 2019 and 2018, we had not historically paid any dividends and did not expect to pay any dividends during the expected life of the stock options. The following is a summary of stock option activity for the years ended December 31, 2020 and 2019: Shares Under Option Weighted Average Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (In Thousands) Outstanding at January 1, 2020 3,686 $ 6.90 Options canceled (302) 6.78 Options expired (176) 10.27 Outstanding at December 31, 2020 3,208 6.73 4.8 years $ — Expected to vest at December 31, 2020 3,208 6.73 4.8 years — Exercisable at December 31, 2020 3,171 6.76 4.8 years — Available for grant, end of year Shares Under Option Weighted Average Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (In Thousands) Outstanding at January 1, 2019 4,480 $ 6.65 Options granted 72 4.51 Options canceled (426) 6.85 Options exercised — — Options expired (440) 3.98 Outstanding at December 31, 2019 3,686 6.90 5.5 years $ — Expected to vest at December 31, 2019 3,686 6.90 5.5 years — Exercisable at December 31, 2019 3,369 7.18 5.3 years — Intrinsic value is the difference between the market value of our stock option multiplied by the number of stock options outstanding for those stock options where the market value exceeds their exercise price. The total intrinsic value of stock options exercised during the year ended December 31, 2018, was approximately $0.1 million. There were no options exercised during the years ended December 31, 2020 and 2019 . At December 31, 2020, total unrecognized compensation cost related to unvested stock options is not significant. Restricted Stock Restricted stock awards and restricted stock units are periodically granted to key employees, including grants for employment inducements, as well as to members of our Board of Directors. These awards historically have provided for vesting periods of three years. Non-employee director grants vest in full before the first anniversary of the grant. Upon vesting of restricted stock awards, shares are issued to award recipients. Restricted stock units may be settled in cash or shares at vest, as determined by the Compensation Committee or the Non-Executive Award Committee, as applicable. The following is a summary of activity for our outstanding restricted stock for the year ended December 31, 2020: Shares Weighted Average (In Thousands) Non-vested restricted stock outstanding at December 31, 2019 3,577 $ 2.85 Granted 1,958 1.39 Vested (1,577) 2.87 Canceled/Forfeited (225) 2.22 Non-vested restricted stock outstanding at December 31, 2020 3,733 2.11 Total compensation cost recognized for restricted stock was $5.1 million, $4.8 million, and $4.9 million for the years ended December 31, 2020, 2019, and 2018, respectively. Total unrecognized compensation cost at December 31, 2020, related to restricted stock is approximately $3.4 million which is expected to be recognized over a weighted-average remaining amortization period of 1.6 years. During the years ended December 31, 2020, 2019, and 2018, the total fair value of shares vested was $4.5 million, $4.0 million and $3.2 million, respectively. During 2020, 2019, and 2018, we received 130,785, 105,622 and 79,476 shares, respectively, of our common stock related to the vesting of certain employee restricted stock. Such surrendered shares received by us are included in treasury stock. At December 31, 2020, net of options previously exercised pursuant to our various equity compensation plans, we have a maximum of 2,771,052 shares of common stock issuable pursuant to awards previously granted and outstanding and awards authorized to be granted in the future. 401(k) Plan We have a 401(k) retirement plan (the “Plan”) that covers substantially all employees and entitles them to contribute up to 75% of their annual compensation, subject to maximum limitations imposed by the Internal Revenue Code. Effective October 1, 2018, enhancements were made to the Plan, including changing the employer match to 50% of each employee’s contribution up to 8%. Participants will be 100% vested in employer match contributions after 3 years of service, instead of after 5 years of service. In addition, we can make discretionary contributions which are allocable to participants in accordance with the Plan. During 2020, we suspended 401(k) matching for our employees due to the COVID pandemic and market conditions. Total expense related to our 401(k) plan was $1.5 million, $5.1 million, and $3.8 million for the years ended December 31, 2020, 2019, and 2018, respectively. Deferred Compensation Plan We provide our officers, directors, and certain key employees with the opportunity to participate in an unfunded, deferred compensation program. There were 16 participants in the program at December 31, 2020. Under the program, participants may defer up to 100% of their yearly total cash compensation. The amounts deferred remain our sole property, and we use a portion of the proceeds to purchase life insurance policies on the lives of certain of the participants. The insurance policies, which also remain our sole property, are payable to us upon the death of the insured. We separately contract with the participant to pay to the participant the amount of deferred compensation, as adjusted for gains or losses, invested in participant-selected investment funds. Participants may elect to receive deferrals and earnings at termination, death, or at a specified future date while still employed. Distributions while employed must be at least three years after the deferral election. The program is not qualified under Section 401 of the Internal Revenue Code. At December 31, 2020, the amounts payable under the plan approximated the value of the corresponding assets we owned. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that may differ from the transaction price or market price of the asset or liability. Under U.S. GAAP, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entity’s own judgments about the assumptions market participants would utilize in pricing the asset or liability. Financial Instruments Mineral Resources Arrangements The Company receives cash and stock of Standard Lithium (TSXV: SLL) under the terms of its arrangements. Our investment in Standard Lithium is recorded in other assets on our consolidated balance sheets based on the quoted market stock price (a Level 2 fair value measurement). The stock component of consideration received is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. The unearned income associated with the stock component of this agreement is not significant as of December 31, 2020 or 2019. Changes in the value of stock are recorded in other income (expense) in our consolidated statements of operations. Warrants The Warrants are valued by using a Black Scholes option valuation model that includes implied volatility of the trading price (a Level 3 fair value measurement). The fair value of the Warrants liability is increased by, among other factors, increases in our common stock price and increases in the volatility of our common stock price. Changes in the fair value of the Warrants will increase or decrease the associated liability and result in future adjustments to earnings for the associated valuation losses (gains). Contingent Consideration The February 2018 acquisition of SwiftWater resulted in a contingent purchase price consideration that was payable in two tranches based on 2018 and 2019 results. During the year ended December 31, 2019, the sellers received a payment of $10.0 million based on 2018 performance. Changes to the estimated contingent purchase price consideration for performance during 2019 resulted in $1.0 million being credited to other (income) expense, net, during the year ended December 31, 2019. Also during the year ended December 31, 2019, in accordance with the December 2018 purchase of JRGO, the sellers were paid contingent consideration of $1.4 million based on performance during the fourth quarter of 2018. As of December 31, 2019, there were no remaining contingent purchase price consideration liabilities for either acquisition. Derivative Contracts We are exposed to financial and market risks that affect our businesses. We have concentrations of credit risk as a result of trade receivables owed to us by companies in the energy industry. We have currency exchange rate risk exposure related to transactions denominated in foreign currencies as well as to investments in certain of our international operations. As a result of our variable rate debt facilities, we face market risk exposure related to changes in applicable interest rates. Our financial risk management activities may at times involve, among other measures, the use of derivative financial instruments, such as swap and collar agreements, to hedge the impact of market price risk exposures. We entered into, and we may in the future 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. 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 instruments during a period will be included in the determination of earnings for that period. The fair values of foreign currency derivative instruments are based on quoted market values (a Level 2 fair value measurement). The fair values of our foreign currency derivative instruments as of December 31, 2020 and 2019 was insignificant. During the years ended December 31, 2020, 2019, and 2018, we recognized approximately $0.2 million, $1.5 million and $(0.4) million of net (gains) losses, respectively, reflected in other (income) expense, net, associated with our foreign currency derivative program. A summary of significant recurring fair value measurements by valuation hierarchy as of December 31, 2020 and December 31, 2019, is as follows: Fair Value Measurements Using Total as of Quoted Prices Significant Significant Description Dec 31, 2020 (Level 1) (Level 2) (Level 3) (In Thousands) Investment in Standard Lithium $ 2,675 — 2,675 — Warrants liability (198) — — (198) Fair Value Measurements Using Total as of Quoted Prices Significant Significant Description Dec 31, 2019 (Level 1) (Level 2) (Level 3) (In Thousands) Investment in Standard Lithium $ 520 $ — $ 520 $ — Warrants liability (449) — — (449) During 2019, our Completion Fluids & Products and Water & Flowback Services Divisions each recorded certain long-lived tangible asset impairments. The Completion Fluids & Products Division recorded an impairment of $91.6 million related to our El Dorado, Arkansas calcium chloride production plant facility assets primarily due to a reduction in the cost of raw materials for certain of our other chemical production plants, following the execution of a long-term raw material supply agreement during the fourth quarter of 2019. Also in 2019, our Water & Flowback Services Division recorded goodwill impairment of $25.8 million. The fair values used in these impairment calculations were estimated based on discounted estimated future cash flows, including projected future cash flows and/or estimated replacement costs, or a fair value in-exchange assumption, which are based on significant unobservable inputs (Level 3) in accordance with the fair value hierarchy. For further discussion, see Note 6 - “Impairments and Other Charges”. A summary of these nonrecurring fair value measurements during the year ended December 31, 2019, using the fair value hierarchy, is as follows: Fair Value Measurements Using Description Fair Value Quoted Prices in Active Markets for Identical Assets Significant Significant Year-to-Date (In Thousands) Completion Fluids & Products production facility $ 9,459 $ — $ — $ 9,459 $ 91,606 Water & Flowback Services goodwill $ — — — — 25,784 Water & Flowback Services equipment $ — — — — 284 Total $ 9,459 $ 117,674 Other |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The income tax provision attributable to continuing operations for the years ended December 31, 2020, 2019, and 2018, consists of the following: Year Ended December 31, 2020 2019 2018 (In Thousands) Current Federal $ — $ — $ — State 191 400 360 Foreign 1,598 2,837 3,742 1,789 3,237 4,102 Deferred Federal (175) (161) (151) State (125) (395) (149) Foreign 269 130 (118) (31) (426) (418) Total tax provision $ 1,758 $ 2,811 $ 3,684 A reconciliation of the provision (benefit) for income taxes attributable to continuing operations, computed by applying the federal statutory rate to income (loss) before income taxes and the reported income taxes, is as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Income tax provision (benefit) computed at statutory federal income tax rates $ (5,268) $ (26,903) $ (552) State income taxes (net of federal benefit) (2,124) (2,388) (1,345) Impact of international operations 4,036 672 13,790 Impact of U.S. tax law change — — (2,510) Valuation allowance 4,598 30,640 (8,115) Other 516 790 2,416 Total tax provision $ 1,758 $ 2,811 $ 3,684 Income (loss) before taxes and discontinued operations includes the following components: Year Ended December 31, 2020 2019 2018 (In Thousands) Domestic $ (25,929) $ (135,668) $ (8,143) International 843 7,559 5,515 Total $ (25,086) $ (128,109) $ (2,628) A reconciliation of the beginning and ending amount of our gross unrecognized tax benefit is as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Gross unrecognized tax benefits at beginning of period $ 137 $ 328 $ 530 Lapse in statute of limitations (120) (191) (202) Gross unrecognized tax benefits at end of period $ 17 $ 137 $ 328 We recognize interest and penalties related to uncertain tax positions in income tax expense. During the years ended December 31, 2020, 2019, and 2018, we recognized $(0.2) million, $(0.3) million, and $(0.2) million, respectively, of interest and penalties. As of December 31, 2020 and 2019, we had less than $0.1 million and $0.2 million, respectively, of accrued potential interest and penalties associated with uncertain tax positions. The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized was less than $0.1 million and $0.4 million as of December 31, 2020 and 2019, respectively. We do not expect a significant change to the unrecognized tax benefits during the next twelve months. We file tax returns in the U.S. and in various state, local, and non-U.S. jurisdictions. The following table summarizes the earliest tax years that remain subject to examination by taxing authorities in any major jurisdiction in which we operate: Jurisdiction Earliest Open Tax Period United States – Federal 2012 United States – State and Local 2002 Non-U.S. jurisdictions 2011 We use the liability method for reporting income taxes, under which current and deferred tax assets and liabilities are recorded in accordance with enacted tax laws and rates. Under this method, at the end of each period, the amounts of deferred tax assets and liabilities are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. We establish a valuation allowance to reduce the deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. We considered all available evidence, both positive and negative, in determining whether, based on the weight of that evidence, a valuation allowance is needed for some portion or all of our deferred tax assets. In determining the need for a valuation allowance on our deferred tax assets we placed greater weight on recent and objectively verifiable current information, as compared to more forward-looking information that is used in valuating other assets on the balance sheet. While we have considered taxable income in prior carryback years, future reversals of existing taxable temporary differences, future taxable income, and tax planning strategies in assessing the need for the valuation allowance, there can be no guarantee that we will be able to realize our net deferred tax assets. Significant components of our deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows: December 31, 2020 2019 (In Thousands) Net operating losses $ 104,478 $ 103,834 Accruals 16,515 20,674 Depreciation and amortization for book in excess of tax expense 12,608 14,262 Investment in Partnership 23,344 — All other 12,743 16,583 Total deferred tax assets 169,688 155,353 Valuation allowance (146,678) (123,808) Net deferred tax assets $ 23,010 $ 31,545 December 31, 2020 2019 (In Thousands) Right of use asset $ 7,808 $ 9,091 Depreciation and amortization for tax in excess of book expense 15,402 18,596 All other 1,690 5,635 Total deferred tax liability 24,900 33,322 Net deferred tax liability $ 1,890 $ 1,777 We believe that it is more likely than not we will not realize all the tax benefits of the deferred tax assets within the allowable carryforward period. Therefore, an appropriate valuation allowance has been provided. The valuation allowance as of December 31, 2020 and 2019 primarily relates to federal deferred tax assets. The $22.9 million increase in the valuation allowance during the year ended December 31, 2020 was primarily due to the increase in Federal deferred tax assets, the majority of which is related to the sale of our partnership interest in CCLP in January 2021 as discussed in Note 18 - “Subsequent Event.” Entering into the GP Sale in January 2021 resulted in the recognition of temporary deferred assets associated with the outside basis difference of some of our subsidiaries at December 31, 2020. These temporary differences are fully offset by an increase to the valuation allowance. At December 31, 2020, we had federal, state, and foreign net operating loss carryforwards/carrybacks equal to approximately $80.0 million, $11.4 million, and $13.0 million, respectively. In those countries and states in which net operating losses are subject to an expiration period, our loss carryforwards, if not utilized, will expire at various dates from 2021 |
Industry Segments and Geographi
Industry Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Industry Segments and Geographic Information | INDUSTRY SEGMENTS AND GEOGRAPHIC INFORMATION We manage our operations through two divisions: Completion Fluids & Products and Water & Flowback Services. We generally evaluate the performance of and allocate resources to our segments based on profit or loss from their operations before income taxes and nonrecurring charges, return on investment, and other criteria. Transfers between segments and geographic areas are priced at the estimated fair value of the products or services as negotiated between the operating units. “Corporate overhead” includes corporate general and administrative expenses, corporate depreciation and amortization, interest income and expense, and other income and expense. Summarized financial information concerning the business segments is as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Revenues from external customers Product sales Completion Fluids & Products Division $ 229,809 $ 258,632 $ 242,412 Water & Flowback Services Division 2,912 921 1,961 Consolidated $ 232,721 $ 259,553 $ 244,373 Services Completion Fluids & Products Division $ 12,852 $ 20,623 $ 15,002 Water & Flowback Services Division 132,142 281,065 300,727 Consolidated $ 144,994 $ 301,688 $ 315,729 Interdivision revenues Completion Fluids & Products Division $ — $ — $ (6) Water & Flowback Services Division — — 384 Interdivision eliminations — — (378) Consolidated $ — $ — $ — Total revenues Completion Fluids & Products Division $ 242,661 $ 279,255 $ 257,408 Water & Flowback Services Division 135,054 281,986 303,072 Interdivision eliminations — — (378) Consolidated $ 377,715 $ 561,241 $ 560,102 Depreciation, amortization, and accretion Completion Fluids & Products $ 7,581 $ 13,518 $ 15,345 Water & Flowback Services 29,913 33,410 28,422 Corporate 720 635 658 Consolidated $ 38,214 $ 47,563 $ 44,425 Interest expense Completion Fluids & Products $ 73 $ 68 $ 179 Water & Flowback Services 4 7 5 Corporate 19,249 21,733 19,565 Consolidated interest expense 19,326 $ 21,808 $ 19,749 Consolidated interest income (400) (552) (708) Consolidated interest expense, net $ 18,926 $ 21,256 $ 19,041 Income (loss) before taxes and discontinued operations Completion Fluids & Products $ 55,334 $ (33,969) $ 30,623 Water & Flowback Services (21,850) (21,173) 28,712 Interdivision eliminations 12 14 11 Corporate (1) (58,582) (72,981) (61,974) Consolidated $ (25,086) $ (128,109) $ (2,628) (1) Amounts reflected include the following general corporate expenses: Year Ended December 31, 2020 2019 2018 (In Thousands) General and administrative expense $ 36,201 $ 51,466 $ 50,431 Depreciation and amortization 818 631 658 Interest expense, net 20,727 21,977 19,640 Warrants fair value adjustment (income) expense (251) (1,624) (11,128) Other general corporate (income) expense, net 1,087 531 2,373 Total $ 58,582 $ 72,981 $ 61,974 December 31, 2020 2019 (In Thousands) Total assets Completion Fluids & Products $ 218,952 $ 236,420 Water & Flowback Services 136,511 180,765 Corporate, other and eliminations 67,370 32,038 Assets of discontinued operations 710,006 822,699 Consolidated $ 1,132,839 $ 1,271,922 Year Ended December 31, 2020 2019 2018 (In Thousands) Capital expenditures Completion Fluids & Products $ 4,016 $ 7,140 $ 5,259 Water & Flowback Services 9,651 24,340 30,175 Corporate 1,023 1,033 809 Discontinued operations (2) 14,696 75,760 105,688 Consolidated $ 29,386 $ 108,273 $ 141,931 (2) Amounts presented are net of cost of equipment sold, including $12.7 million during 2020, $6.5 million during 2019 and $10.0 million during 2018 for our former Compression Division. Summarized financial information concerning the geographic areas of our customers and in which we operate at December 31, 2020, 2019, and 2018, is presented below: Year Ended December 31, 2020 2019 2018 (In Thousands) Revenues from external customers U.S. $ 225,835 $ 411,284 $ 390,403 Canada and Mexico 1,347 6,616 17,575 South America 11,583 13,188 16,067 Europe 90,303 93,327 91,997 Africa 8,128 16,874 12,039 Middle East, Asia and other 40,519 19,952 32,021 Total $ 377,715 $ 561,241 $ 560,102 Transfers between geographic areas: Europe 848 1,802 3,157 Eliminations (848) (1,802) (3,157) Total revenues $ 377,715 $ 561,241 $ 560,102 December 31, 2020 2019 (In Thousands) Identifiable assets U.S. $ 285,765 $ 338,054 Canada and Mexico 6,452 9,216 South America 10,388 13,632 Europe 85,733 62,684 Africa 9,195 10,812 Middle East, Asia and other 25,300 14,825 Assets of discontinued operations 710,006 822,699 Total identifiable assets $ 1,132,839 $ 1,271,922 During each of the two years ended December 31, 2020 and 2018, no single customer accounted for more than 10% of our consolidated revenues. One customer provided more than 10% of our total consolidated revenues during the year ended December 31, 2019. As of December 31, 2020 and 2019, no receivables from individual customers represented 10% or more of our consolidated trade accounts receivables net of allowance for doubtful accounts. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENT The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the transaction described below. On January 29, 2021, we entered into the Purchase and Sale Agreement with Spartan pursuant to which we sold the general partner of CCLP, including the IDRs and approximately 23.1% of the outstanding limited partner interests in CCLP, in exchange for combination of $13.4 million in cash paid at closing, $0.5 million in cash payable on the six-month anniversary of the closing and $3.1 million in contingent consideration in the form of cash and/or CCLP common units if CCLP achieves certain financial targets on or before December 31, 2022. As a result of these transactions, TETRA will not consolidate CCLP beginning in the first quarter of 2021 and TETRA is expected to report an accounting gain of approximately $125.0 million in the first quarter of 2021. Additionally, our former Compression division, including CCLP’s operations, are now included in discontinued operations. See Note 3 - “Discontinued Operations”. Following the transaction, TETRA owns 5.2 million common units of CCLP. TETRA will also continue to provide back-office support to CCLP under a Transition Services Agreement for a period of time until CCLP has completed a full separation from TETRA’s back-office support functions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation policy | Principles of Consolidation Our consolidated financial statements include the accounts of our wholly owned subsidiaries. We consolidated the financial statements of our former CSI Compressco LP subsidiary (“CCLP”), as we determined that CCLP was a variable interest entity and we were the primary beneficiary as of December 31, 2020. As of December 31, 2020, we controlled the financial interests of CCLP and had the ability to direct the activities of CCLP that most significantly impacted its economic performance through our ownership of its general partner. As of December 31, 2020, our cash flows from our investment in CCLP were limited to the quarterly distributions we received on our CCLP common units and general partner interest (including incentive distribution rights (“IDRs”)) and the amounts collected for services we performed on behalf of CCLP. TETRA’s capital structure and CCLP’s capital structure are separate, and do not include cross default provisions, cross collateralization provisions or cross guarantees. All intercompany accounts and transactions have been eliminated in consolidation. Substantially all of our former Compression Division’s operations were conducted through our partially-owned CCLP subsidiary. On January 29, 2021, we entered into the Purchase and Sale Agreement with Spartan Energy Partners LP and Spartan Energy Holdco, LLC (together, “Spartan”) pursuant to which we sold the general partner of CCLP, including the IDRs in CCLP and approximately 23.1% of the outstanding limited partner interests in CCLP, in exchange for a combination of $13.4 million in cash paid at closing, $0.5 million in cash payable on the six-month anniversary of the closing and $3.1 million in contingent consideration in the form of cash and/or CCLP common units if CCLP achieves certain financial targets on or before December 31, 2022. Following the closing of the transaction, we retained approximately 11.1% of the outstanding CCLP common units. Throughout this Annual Report, we refer to the transaction with Spartan as the “GP Sale.” We have reflected the operations of our former Compression Division as discontinued operations for all periods presented. See Note 3 - “Discontinued Operations” and Note 18 - “Subsequent Event.” for further information. |
Use of estimates policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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 |
Reclassifications policy | Reclassifications Certain previously reported financial information has been reclassified to conform to the current year’s presentation. For a discussion of the reclassification of the financial presentation of our former Compression Division as discontinued operations, see Note 3 - “Discontinued Operations”. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. |
Cash and cash equivalents policy | Cash Equivalents We consider all highly liquid cash investments with a maturity of three months or less when purchased to be cash equivalents. |
Restricted cash policy | . |
Financial instruments policy | Financial Instruments Financial instruments that subject us to concentrations of credit risk consist principally of trade receivables with companies in the energy industry. Our policy is to evaluate, prior to providing goods or services, each customer’s financial condition and to determine the amount of open credit to be extended. We generally require appropriate, additional collateral as security for credit amounts in excess of approved limits. Our customers consist primarily of major, well-established oil and gas producers and independent oil and gas companies. Payment terms are on a short-term basis. We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. Our risk management activities include the use of foreign currency forward purchase and sale derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected international operations. We have no outstanding balance under our variable rate revolving credit facilities as of December 31, 2020. Outstanding balances on variable rate bank credit facilities create market risk exposure related to changes in applicable interest rates. |
Allowances for doubtful accounts policy | Allowance for Doubtful Accounts The allowance for doubtful accounts is determined on a specific identification basis when we believe that the collection of specific amounts owed to us is not probable. Changes in the allowance are as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) At beginning of period $ 1,912 $ 1,354 $ 368 Activity in the period: Provision for doubtful accounts 5,672 2,580 1,152 Account (chargeoffs) recoveries (760) (2,022) (166) At end of period $ 6,824 $ 1,912 $ 1,354 |
Inventories policy | InventoriesInventories are stated at the lower of cost or net realizable value. Except for work in progress inventory, cost is determined using the weighted average method. The cost of work in progress is determined using the specific identification method. |
Assets held for sale policy | Property, plant, and equipment are stated at cost. Expenditures that increase the useful lives of assets are capitalized. The cost of repairs and maintenance is charged to operations as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows: Buildings 15 – 40 years Machinery and equipment 2 – 20 years Automobiles and trucks 3 – 4 years Chemical plants 15 – 30 years Leasehold improvements are depreciated over the shorter of the remaining term of the associated lease or its useful life. Depreciation expense, excluding impairments and other charges, for the years ended December 31, 2020, 2019, and 2018 was $32.4 million, $42.9 million and $39.4 million, respectively. Construction in progress as of December 31, 2020 and 2019 consisted primarily of equipment fabrication projects. |
Property, plant, and equipment policy | Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Expenditures that increase the useful lives of assets are capitalized. The cost of repairs and maintenance is charged to operations as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows: Buildings 15 – 40 years Machinery and equipment 2 – 20 years Automobiles and trucks 3 – 4 years Chemical plants 15 – 30 years Leasehold improvements are depreciated over the shorter of the remaining term of the associated lease or its useful life. Depreciation expense, excluding impairments and other charges, for the years ended December 31, 2020, 2019, and 2018 was $32.4 million, $42.9 million and $39.4 million, respectively. Construction in progress as of December 31, 2020 and 2019 consisted primarily of equipment fabrication projects. |
Intangible assets other than goodwill policy | Intangible Assets other than Goodwill Patents, trademarks, and other intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 1 to 13 years. Amortization expense of patents, trademarks, and other intangible assets was $5.3 million, $5.1 million, and $4.3 million for the years ended December 31, 2020, 2019, and 2018, respectively, and is included in depreciation, amortization and accretion. The estimated future annual amortization expense of patents, trademarks, and other intangible assets is $4.5 million for 2021, $4.1 million for 2022, $3.8 million for 2023, $3.7 million for 2024, and $3.7 million for 2025. Intangible assets other than goodwill are tested for recoverability whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. In such an event, we will determine the fair value of the asset using an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we will recognize a loss for the difference between the carrying value and the estimated fair value of the intangible asset. During 2018, certain intangible assets were impaired. See “Impairments of Long-Lived Assets” section in Note 6 - “Impairments and Other Charges”. |
Goodwill policy | Goodwill Goodwill represents the excess of cost over the fair value of the net assets acquired in business combinations. We perform a goodwill impairment test at a reporting unit level on an annual basis or whenever indicators of impairment are present. We perform the annual test of goodwill impairment as of the last day of the fourth quarter of each year. |
Leases | Leases As a lessee, unless the lease meets the criteria of short-term and is excluded per our policy election described below, we initially recognize a lease liability and related right-of-use asset on the commencement date. The right-of-use asset represents our right to use an underlying asset and the lease liability represents our obligation to make lease payments to the lessor over the lease term. Long-term operating leases are included in operating lease right-of-use assets, accrued liabilities and other, and operating lease liabilities in our consolidated balance sheet as of December 31, 2020. Long-term finance leases are not material. We determine whether a contract is or contains a lease at inception of the contract. Where we are a lessee in a contract that includes an option to extend or terminate the lease, we include the extension period or exclude the period covered by the termination option in our lease term in determining the right-of-use asset and lease liability, if it is reasonably certain that we would exercise the option. As an accounting policy election, we do not include short-term leases on our balance sheet. Short-term leases include leases with a term of 12 months or less, inclusive of renewal options we are reasonably certain to exercise. The lease payments for short-term leases are included as operating lease costs on a straight-line basis over the lease term in cost of revenues or general and administrative expense based on the use of the underlying asset. We recognize lease costs for variable lease payments not included in the determination of a lease liability in the period in which an obligation is incurred. As allowed by U.S. GAAP, CCLP does not separate nonlease components from the associated lease component for its compression services contracts and instead accounts for those components as a single component based on the accounting treatment of the predominant component. In the evaluation of whether Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842 “Leases” or ASC 606 “Revenue from Contracts with Customers” is applicable to the combined component based on the predominant component, CCLP determined the services nonlease component is predominant, resulting in the ongoing recognition of compression services contracts following ASC 606. Our operating and finance leases are recognized at the present value of lease payments over the lease term. When the implicit discount rate is not readily determinable, we use our incremental borrowing rate to calculate the discount rate used to determine the present value of lease payments. Consistent with other long-lived assets or asset groups that are held and used, we test for impairment of our right-of-use assets when impairment indicators are present. |
Impairment of long-lived assets policy | Impairments of Long-Lived Assets 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 judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, an impairment is recognized for the excess of the carrying value over its fair value. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. See Note 6 - “Impairments and Other Charges” for additional discussion of recorded impairments. |
Decommissioning liabilities policy | Asset Retirement ObligationsWe operate facilities in various U.S. and foreign locations that are used in the manufacture, storage, and sale of our products, inventories, and equipment. These facilities are a combination of owned and leased assets. We are required to take certain actions in connection with the retirement of these assets. Asset retirement obligations are recorded in accordance with ASC 410, “Asset Retirement and Environmental Obligations,” whereby the estimated fair value of a liability for asset retirement obligations is recognized in the period in which it is incurred and in which a reasonable estimate can be made. Such estimates are based on relevant assumptions that we believe are reasonable. We have reviewed our obligations in this regard in detail and estimated the cost of these actions. The associated asset retirement costs are capitalized as part of the carrying amount of these long-lived assets and are depreciated on a straight-line basis over the life of the assets. |
Environmental liabilities policy | Environmental Liabilities Environmental expenditures that result in additions to property and equipment are capitalized, while other environmental expenditures are expensed. Environmental remediation liabilities are recorded on an undiscounted basis when environmental assessments or cleanups are probable and the costs can be reasonably estimated. We have no significant environmental remediation liabilities as of December 31, 2020 and 2019. Estimates of future environmental remediation expenditures often consist of a range of possible expenditure amounts, a portion of which may be in excess of amounts of liabilities recorded. In such an instance, we disclose the full range of amounts reasonably possible of being incurred. Any changes or developments in environmental remediation efforts are accounted for and disclosed each quarter as they occur. Any recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. Complexities involving environmental remediation efforts can cause estimates of the associated liability to be imprecise. Factors that cause uncertainties regarding the estimation of future expenditures include, but are not limited to, the effectiveness of the anticipated work plans in achieving targeted results and changes in the desired remediation methods and outcomes as prescribed by regulatory agencies. Uncertainties associated with environmental remediation contingencies are pervasive and often result in wide ranges of reasonably possible outcomes. Estimates developed in the early stages of remediation can vary significantly. Normally, a finite estimate of cost does not become fixed and determinable at a specific point in time. Rather, the costs associated with environmental remediation become estimable as the work is performed and the range of ultimate cost becomes more defined. It is possible that cash flows and results of operations could be materially affected by the impact of the ultimate resolution of these contingencies. |
Revenue recognition policy | 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 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 recognized at a point in time when we transfer control of our product offerings to our customers, generally 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. Services . Service revenues represent revenue recognized over time, as our customer arrangements typically provide agreed upon day-rates 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, and a small portion of Completion Fluids & Products Division revenue that is associated with completion fluid service arrangements. O ur 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. Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. |
Operating costs policy | 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. |
Equity-based compensation policy | Equity-Based Compensation We have various equity incentive compensation plans which provide for the granting of restricted common stock, options for the purchase of our common stock, and other performance-based, equity-based compensation awards to our executive officers, key employees, nonexecutive officers, and directors. Total equity-based compensation expense, net of taxes, for the three years ended December 31, 2020, 2019, and 2018, was $4.3 million, $4.6 million and $5.3 million, respectively. For further discussion of equity-based compensation, see Note 14 – “Equity-Based Compensation and Other” |
Mineral resources arrangements policy | Mineral Resources Arrangements We are party to agreements in which Standard Lithium has the right to explore, produce and extract lithium in our Arkansas leases as well as additional potential resources in the Mojave region of California. The Company receives cash and stock of Standard Lithium (TSXV: SLL) under the terms of the arrangements. The cash and stock component of consideration received is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. During the years ended December 31, 2020, 2019 and 2018, income from this arrangement was 3.1 million, 1.1 million and 1.0 million, respectively, including the value of cash and stock received, and changes in the value of stock held. This income is included in other income (expense), net in our consolidated statements of operations. Unearned revenue associated with these agreements was 0.9 million and 0.2 million as of December 31, 2020 and 2019, respectively, and is included in unearned income on our consolidated balance sheets. See Note 15 - “Fair Value Measurements” for further discussion. |
Income tax policy | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis amounts. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized as income or expense in the period that includes the enactment date. A portion of the carrying value of certain deferred tax assets are subject to a valuation allowance. See Note 16 – “Income Taxes” for further discussion. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Tax Reform Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or to treat any taxes on GILTI inclusions as period costs are both acceptable methods subject to an accounting policy election. We elected to account for GILTI as a period cost in the year the tax is incurred. |
Noncontrolling interests policy | Noncontrolling Interests Noncontrolling interests represent third-party ownership in the net assets of the Company’s consolidated subsidiaries and are presented as a component of equity. Substantially all of the Company’s noncontrolling interests represent third-party ownership in CCLP. |
Comprehensive income policy | Accumulated Other Comprehensive Income (Loss) Certain of our international operations maintain their accounting records in the local currencies that are their functional currencies. For these operations, the functional currency financial statements are converted to United States dollar equivalents, with the effect of the foreign currency translation adjustment reflected as a component of accumulated other comprehensive income (loss). Accumulated other comprehensive income (loss) is included in equity in the accompanying consolidated balance sheets and consists of the cumulative currency translation adjustments associated with such international operations. Activity within our accumulated other comprehensive income (loss) is not subject to reclassifications to net income. |
Income (loss) per common share policy | Income (Loss) per Common Share The calculation of basic and diluted earnings per share excludes losses attributable to noncontrolling interests. The calculation of basic earnings per share excludes any dilutive effects of equity awards or warrants. The calculation of diluted earnings per share includes the effect of equity awards and warrants, if dilutive, which is computed using the treasury stock method during the periods such equity awards and warrants were outstanding. For the years |
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 $2.7 million, $(0.5) million, and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. On June 30, 2018, we determined the economy in Argentina to be highly inflationary. As a result of this determination and in accordance with U.S. GAAP, on July 1, 2018, the functional currency of our operations in Argentina was changed from the Argentine peso to the U.S. dollar. The remeasurement did not have a material impact on our consolidated financial position or results of operations. |
Fair value measurements policy | 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. See Note 15 - “Fair Value Measurements” for further discussion. |
New accounting pronouncements policy | New Accounting Pronouncements Standards adopted in 2020 In August 2018, the FASB issued 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. On January 1, 2020, we adopted ASU 2018-15. 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. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 is effective for us 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 U.S. 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. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. As of December 31, 2020, we have not modified our credit agreements to remove references to LIBOR. We are currently evaluating the impact of the provisions of ASU 2020-04 on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Allowances for Doubtful Accounts Table | Year Ended December 31, 2020 2019 2018 (In Thousands) At beginning of period $ 1,912 $ 1,354 $ 368 Activity in the period: Provision for doubtful accounts 5,672 2,580 1,152 Account (chargeoffs) recoveries (760) (2,022) (166) At end of period $ 6,824 $ 1,912 $ 1,354 |
Inventory Disclosure | Inventories are stated at the lower of cost or net realizable value. Except for work in progress inventory, cost is determined using the weighted average method. The cost of work in progress is determined using the specific identification method. INVENTORIES Components of inventories, net of reserve, are as follows: December 31, 2020 2019 (In Thousands) Finished goods $ 68,121 $ 70,135 Raw materials 2,910 4,125 Parts and supplies 4,001 4,979 Work in progress 1,626 1,234 Total inventories $ 76,658 $ 80,473 Finished goods inventories include newly manufactured clear brine fluids as well as used brines that are repurchased from certain customers for recycling. |
Property, Plant, and Equipment Table | Buildings 15 – 40 years Machinery and equipment 2 – 20 years Automobiles and trucks 3 – 4 years Chemical plants 15 – 30 years |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | 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) Year Ended Compression Offshore Services Total Revenue $ 338,246 $ — $ 338,246 Cost of revenues 212,253 (330) 211,923 Depreciation, amortization, and accretion 80,533 — 80,533 Impairments and other charges 20,841 — 20,841 General and administrative expense 37,895 473 38,368 Interest expense, net 52,771 — 52,771 Other (income) expense, net 2,688 — 2,688 Pretax loss from discontinued operations (68,735) (143) (68,878) Income tax provision 3,211 Loss from discontinued operations (72,089) Loss from discontinued operations attributable to noncontrolling interest 47,898 Loss from discontinued operations attributable to TETRA stockholders $ (24,191) Year Ended Compression Offshore Services Maritech Total Revenue 476,692 — — 476,692 Cost of revenues 320,037 (192) — 319,845 Depreciation, amortization, and accretion 76,663 52 — 76,715 General and administrative expense 43,281 2,618 — 45,899 Interest expense, net 51,974 — — 51,974 CCLP Series A Preferred Units fair value adjustment (income) expense 1,309 — — 1,309 Other (income) expense, net (558) 117 118 (323) Pretax loss from discontinued operations (16,014) (2,595) (118) (18,727) Pretax loss on disposal of discontinued operations (7,500) Total pretax loss from discontinued operations (26,227) Income tax provision 3,353 Loss from discontinued operations (29,580) Loss from discontinued operations attributable to noncontrolling interest 13,538 Loss from discontinued operations attributable to TETRA stockholders (16,042) Year Ended Compression Offshore Services Maritech Total Revenue 438,673 4,487 187 443,347 Cost of revenues 309,156 11,151 139 320,446 Depreciation, amortization, and accretion 70,500 1,873 212 72,585 General and administrative expense 39,544 1,917 187 41,648 Interest expense, net 51,905 — — 51,905 CCLP Series A Preferred Units fair value adjustment (income) expense (733) — — (733) Other (income) expense, net 2,099 (1,036) — 1,063 Pretax loss from discontinued operations (33,798) (9,418) (351) (43,567) Pretax loss on disposal of discontinued operations (34,072) Total pretax loss from discontinued operations (77,639) Income tax provision 289 Loss from discontinued operations (77,928) Loss from discontinued operations attributable to noncontrolling interest 22,623 Loss from discontinued operations attributable to TETRA stockholders $ (55,305) Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) December 31, 2020 Compression Offshore Services Maritech Total Carrying amounts of major classes of assets included as part of discontinued operations Cash and cash equivalents $ 16,577 $ — $ — $ 16,577 Trade receivables 43,837 — — 43,837 Inventories 31,220 — — 31,220 Other current assets 5,231 — — 5,231 Property, plant, and equipment 551,401 — — 551,401 Other assets 61,740 — — 61,740 Total assets associated with discontinued operations (1) $ 96,865 $ — $ — $ 710,006 Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ 19,766 $ 1,222 $ — $ 20,988 Unearned income 269 — — 269 Accrued liabilities and other 36,318 352 228 36,898 Long-term debt, net 638,631 — — 638,631 Other liabilities 37,253 — — 37,253 Total liabilities associated with discontinued operations (1) $ 732,237 $ 1,574 $ 228 $ 734,039 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Year Ended December 31, 2020 2019 2018 (In Thousands) Completion Fluids & Products U.S. $ 100,076 $ 149,191 $ 129,160 International 142,585 130,064 128,248 242,661 279,255 257,408 Water & Flowback Services U.S. 125,759 262,093 261,238 International 9,295 19,893 41,834 135,054 281,986 303,072 Interdivision eliminations U.S. — — 5 International — — (383) — — (378) Total Revenue U.S. 225,835 411,284 390,403 International 151,880 149,957 169,699 $ 377,715 $ 561,241 $ 560,102 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Total (In Thousands) Balance as of December 31, 2017 $ 6,636 Goodwill acquired during the year 19,223 Balance as of December 31, 2018 25,859 Goodwill impaired during the year (25,784) Goodwill adjustments (75) Balance as of December 31, 2019 and 2020 — |
Inventories Inventories (Tables
Inventories Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | Components of inventories, net of reserve, are as follows: December 31, 2020 2019 (In Thousands) Finished goods $ 68,121 $ 70,135 Raw materials 2,910 4,125 Parts and supplies 4,001 4,979 Work in progress 1,626 1,234 Total inventories $ 76,658 $ 80,473 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 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): Year Ended December 31, 2020 2019 (In Thousands) Operating lease expense $ 13,946 $ 15,131 Short-term lease expense 17,125 36,348 Total lease expense $ 31,071 $ 51,479 Supplemental cash flow information: Year Ended December 31, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 13,612 $ 15,064 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,612 $ 3,944 Supplemental balance sheet information: December 31, 2020 December 31, 2019 (In Thousands) Operating leases: Operating lease right-of-use assets $ 43,448 $ 47,125 Accrued liabilities and other $ 8,795 $ 9,144 Operating lease liabilities $ 37,569 $ 40,097 Total operating lease liabilities $ 46,364 $ 49,241 |
Future Minimum Lease Payments Table | Future minimum lease payments by year and in the aggregate, under non-cancelable operating leases with terms in excess of one year consist of the following at December 31, 2020: Operating Leases (In Thousands) 2021 $ 12,798 2022 10,910 2023 8,673 2024 7,202 2025 5,332 Thereafter 18,460 Total lease payments 63,375 Less imputed interest (17,011) Total lease liabilities $ 46,364 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities Table | December 31, 2020 2019 (In Thousands) Compensation and employee benefits $ 14,336 $ 18,657 Operating lease liabilities, current portion 8,795 9,144 Accrued taxes 4,323 6,894 Accrued interest 2,951 299 Accrued capital expenditures 194 978 Other accrued liabilities 8,192 8,883 Total accrued liabilities and other $ 38,791 $ 44,855 |
Long-Term Debt and Other Borr_2
Long-Term Debt and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt Table | Consolidated long-term debt consists of the following: December 31, December 31, (In Thousands) TETRA Scheduled Maturity Asset-based credit agreement September 10, 2023 $ — $ — Term credit agreement (1) September 10, 2025 199,894 204,633 Total long-term debt $ 199,894 $ 204,633 (1) Net of unamortized discount of $5.5 million and $6.4 million as of December 31, 2020 and 2019, respectively, and net of unamortized deferred financing costs of $8.2 million and $9.5 million as of December 31, 2020 and 2019, respectively. |
Scheduled Maturities Table | Scheduled maturities for the next five years and thereafter are as follows: December 31, 2020 (In Thousands) 2021 $ — 2022 — 2023 — 2024 — 2025 213,549 Thereafter — Total maturities $ 213,549 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common Shares Outstanding and Treasury Shares Held Rollforward Table | Common Shares Outstanding Year Ended December 31, 2020 2019 2018 At beginning of period 125,481,163 125,737,565 115,877,704 Exercise of common stock options, net — — 65,524 Grants of restricted stock, net (1) 494,908 (256,402) 2,022,316 Issuance of common stock — — 7,772,021 At end of period 125,976,071 125,481,163 125,737,565 (1) Prior to 2019, we primarily granted restricted stock awards, which immediately impacted common shares outstanding. In contrast, during 2020 and 2019, we primarily granted restricted stock units which do not impact common shares outstanding until vesting. Vesting for restricted stock units began in 2020. Treasury Shares Held Year Ended December 31, 2020 2019 2018 At beginning of period 2,823,191 2,717,569 2,638,093 Shares received upon vesting of restricted stock, net 130,785 105,622 79,476 At end of period 2,953,976 2,823,191 2,717,569 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Valuation Assumptions Table | Year Ended December 31, 2019 2018 Expected stock price volatility 61 % 57 % Expected life of options 4.4 years 4.5 years Risk-free interest rate 2.3 % 2.6 % Expected dividend yield — — |
Stock Option Award Activity Table | The following is a summary of stock option activity for the years ended December 31, 2020 and 2019: Shares Under Option Weighted Average Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (In Thousands) Outstanding at January 1, 2020 3,686 $ 6.90 Options canceled (302) 6.78 Options expired (176) 10.27 Outstanding at December 31, 2020 3,208 6.73 4.8 years $ — Expected to vest at December 31, 2020 3,208 6.73 4.8 years — Exercisable at December 31, 2020 3,171 6.76 4.8 years — Available for grant, end of year Shares Under Option Weighted Average Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (In Thousands) Outstanding at January 1, 2019 4,480 $ 6.65 Options granted 72 4.51 Options canceled (426) 6.85 Options exercised — — Options expired (440) 3.98 Outstanding at December 31, 2019 3,686 6.90 5.5 years $ — Expected to vest at December 31, 2019 3,686 6.90 5.5 years — Exercisable at December 31, 2019 3,369 7.18 5.3 years — |
Restricted Stock Award Activity Table | Shares Weighted Average (In Thousands) Non-vested restricted stock outstanding at December 31, 2019 3,577 $ 2.85 Granted 1,958 1.39 Vested (1,577) 2.87 Canceled/Forfeited (225) 2.22 Non-vested restricted stock outstanding at December 31, 2020 3,733 2.11 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis | A summary of significant recurring fair value measurements by valuation hierarchy as of December 31, 2020 and December 31, 2019, is as follows: Fair Value Measurements Using Total as of Quoted Prices Significant Significant Description Dec 31, 2020 (Level 1) (Level 2) (Level 3) (In Thousands) Investment in Standard Lithium $ 2,675 — 2,675 — Warrants liability (198) — — (198) Fair Value Measurements Using Total as of Quoted Prices Significant Significant Description Dec 31, 2019 (Level 1) (Level 2) (Level 3) (In Thousands) Investment in Standard Lithium $ 520 $ — $ 520 $ — Warrants liability (449) — — (449) |
Fair Value Measurements, Nonrecurring | A summary of these nonrecurring fair value measurements during the year ended December 31, 2019, using the fair value hierarchy, is as follows: Fair Value Measurements Using Description Fair Value Quoted Prices in Active Markets for Identical Assets Significant Significant Year-to-Date (In Thousands) Completion Fluids & Products production facility $ 9,459 $ — $ — $ 9,459 $ 91,606 Water & Flowback Services goodwill $ — — — — 25,784 Water & Flowback Services equipment $ — — — — 284 Total $ 9,459 $ 117,674 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision Table | Year Ended December 31, 2020 2019 2018 (In Thousands) Current Federal $ — $ — $ — State 191 400 360 Foreign 1,598 2,837 3,742 1,789 3,237 4,102 Deferred Federal (175) (161) (151) State (125) (395) (149) Foreign 269 130 (118) (31) (426) (418) Total tax provision $ 1,758 $ 2,811 $ 3,684 |
Effective Income Tax Rate Reconciliation Table | Year Ended December 31, 2020 2019 2018 (In Thousands) Income tax provision (benefit) computed at statutory federal income tax rates $ (5,268) $ (26,903) $ (552) State income taxes (net of federal benefit) (2,124) (2,388) (1,345) Impact of international operations 4,036 672 13,790 Impact of U.S. tax law change — — (2,510) Valuation allowance 4,598 30,640 (8,115) Other 516 790 2,416 Total tax provision $ 1,758 $ 2,811 $ 3,684 |
Domestic and Foreign Income Before Tax Table | Year Ended December 31, 2020 2019 2018 (In Thousands) Domestic $ (25,929) $ (135,668) $ (8,143) International 843 7,559 5,515 Total $ (25,086) $ (128,109) $ (2,628) |
Unrecognized Tax Benefit Liability Rollforward Table | Year Ended December 31, 2020 2019 2018 (In Thousands) Gross unrecognized tax benefits at beginning of period $ 137 $ 328 $ 530 Lapse in statute of limitations (120) (191) (202) Gross unrecognized tax benefits at end of period $ 17 $ 137 $ 328 |
Deferred Tax Assets and Liabilities Table | Significant components of our deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows: December 31, 2020 2019 (In Thousands) Net operating losses $ 104,478 $ 103,834 Accruals 16,515 20,674 Depreciation and amortization for book in excess of tax expense 12,608 14,262 Investment in Partnership 23,344 — All other 12,743 16,583 Total deferred tax assets 169,688 155,353 Valuation allowance (146,678) (123,808) Net deferred tax assets $ 23,010 $ 31,545 December 31, 2020 2019 (In Thousands) Right of use asset $ 7,808 $ 9,091 Depreciation and amortization for tax in excess of book expense 15,402 18,596 All other 1,690 5,635 Total deferred tax liability 24,900 33,322 Net deferred tax liability $ 1,890 $ 1,777 |
Industry Segments and Geograp_2
Industry Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Table | Year Ended December 31, 2020 2019 2018 (In Thousands) Revenues from external customers Product sales Completion Fluids & Products Division $ 229,809 $ 258,632 $ 242,412 Water & Flowback Services Division 2,912 921 1,961 Consolidated $ 232,721 $ 259,553 $ 244,373 Services Completion Fluids & Products Division $ 12,852 $ 20,623 $ 15,002 Water & Flowback Services Division 132,142 281,065 300,727 Consolidated $ 144,994 $ 301,688 $ 315,729 Interdivision revenues Completion Fluids & Products Division $ — $ — $ (6) Water & Flowback Services Division — — 384 Interdivision eliminations — — (378) Consolidated $ — $ — $ — Total revenues Completion Fluids & Products Division $ 242,661 $ 279,255 $ 257,408 Water & Flowback Services Division 135,054 281,986 303,072 Interdivision eliminations — — (378) Consolidated $ 377,715 $ 561,241 $ 560,102 Depreciation, amortization, and accretion Completion Fluids & Products $ 7,581 $ 13,518 $ 15,345 Water & Flowback Services 29,913 33,410 28,422 Corporate 720 635 658 Consolidated $ 38,214 $ 47,563 $ 44,425 Interest expense Completion Fluids & Products $ 73 $ 68 $ 179 Water & Flowback Services 4 7 5 Corporate 19,249 21,733 19,565 Consolidated interest expense 19,326 $ 21,808 $ 19,749 Consolidated interest income (400) (552) (708) Consolidated interest expense, net $ 18,926 $ 21,256 $ 19,041 Income (loss) before taxes and discontinued operations Completion Fluids & Products $ 55,334 $ (33,969) $ 30,623 Water & Flowback Services (21,850) (21,173) 28,712 Interdivision eliminations 12 14 11 Corporate (1) (58,582) (72,981) (61,974) Consolidated $ (25,086) $ (128,109) $ (2,628) (1) Amounts reflected include the following general corporate expenses: Year Ended December 31, 2020 2019 2018 (In Thousands) General and administrative expense $ 36,201 $ 51,466 $ 50,431 Depreciation and amortization 818 631 658 Interest expense, net 20,727 21,977 19,640 Warrants fair value adjustment (income) expense (251) (1,624) (11,128) Other general corporate (income) expense, net 1,087 531 2,373 Total $ 58,582 $ 72,981 $ 61,974 December 31, 2020 2019 (In Thousands) Total assets Completion Fluids & Products $ 218,952 $ 236,420 Water & Flowback Services 136,511 180,765 Corporate, other and eliminations 67,370 32,038 Assets of discontinued operations 710,006 822,699 Consolidated $ 1,132,839 $ 1,271,922 Year Ended December 31, 2020 2019 2018 (In Thousands) Capital expenditures Completion Fluids & Products $ 4,016 $ 7,140 $ 5,259 Water & Flowback Services 9,651 24,340 30,175 Corporate 1,023 1,033 809 Discontinued operations (2) 14,696 75,760 105,688 Consolidated $ 29,386 $ 108,273 $ 141,931 |
Financial Information by Geographic Area Table | Year Ended December 31, 2020 2019 2018 (In Thousands) Revenues from external customers U.S. $ 225,835 $ 411,284 $ 390,403 Canada and Mexico 1,347 6,616 17,575 South America 11,583 13,188 16,067 Europe 90,303 93,327 91,997 Africa 8,128 16,874 12,039 Middle East, Asia and other 40,519 19,952 32,021 Total $ 377,715 $ 561,241 $ 560,102 Transfers between geographic areas: Europe 848 1,802 3,157 Eliminations (848) (1,802) (3,157) Total revenues $ 377,715 $ 561,241 $ 560,102 |
Organization and Operations Org
Organization and Operations Organization and Operations (Details) | 12 Months Ended |
Dec. 31, 2020 | |
ORGANIZATION AND OPERATIONS [Abstract] | |
Number of operating segments | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity-based compensation expense | $ 4,300 | $ 4,600 | $ 5,300 |
Foreign currency exchange gains and losses | 2,700 | (500) | 1,300 |
Allowances for Doubtful Accounts [Table] | |||
At beginning of period | 1,912 | 1,354 | 368 |
Activity in the period: | |||
Provision for doubtful accounts | 5,672 | 2,580 | 1,152 |
Account chargeoffs | (760) | (2,022) | (166) |
At end of period | 6,824 | 1,912 | 1,354 |
Depreciation expense | 32,400 | 42,900 | 39,400 |
Amortization expense of patents, trademarks, and other intangible assets | 5,300 | 5,100 | 4,300 |
Future amortization expense, 2014 | 4,500 | ||
Future amortization expense, 2015 | 4,100 | ||
Future amortization expense, 2016 | 3,800 | ||
Future amortization expense, 2017 | 3,700 | ||
Future amortization expense, 2018 | 3,700 | ||
Parent Company [Member] | Line of Credit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Current amount outstanding | 0 | ||
Standard Lithium [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Revenue from related parties | 3,100 | 1,100 | $ 1,000 |
Unearned revenue | $ 900 | $ 200 | |
Building [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Automobiles and trucks [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 4 years | ||
Automobiles and trucks [Member] | Minimum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Chemical plants [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Chemical plants [Member] | Minimum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Finite-Lived Intangible Assets [Member] | Maximum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||
Finite-Lived Intangible Assets [Member] | Minimum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2019 | Mar. 01, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Purchases of property, plant, and equipment, net | $ 29,386 | $ 108,273 | $ 141,931 | ||
Proceeds from sale of property, plant, and equipment | 36,168 | 12,885 | 1,138 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||||
Revenue | 338,246 | 476,692 | 443,347 | ||
Cost of revenues | 211,923 | 319,845 | 320,446 | ||
Depreciation, amortization, and accretion | 80,533 | 76,715 | 72,585 | ||
Impairments and other charges | 20,841 | ||||
General and administrative expense | 38,368 | 45,899 | 41,648 | ||
Interest expense, net | 52,771 | 51,974 | 51,905 | ||
Other (income) expense, net | 2,688 | (323) | 1,063 | ||
Pretax loss from discontinued operations | (68,878) | (18,727) | (43,567) | ||
Pretax loss on disposal of discontinued operations | (7,500) | (34,072) | |||
Total pretax loss from discontinued operations | (26,227) | (77,639) | |||
Income tax provision | 3,211 | 3,353 | 289 | ||
Loss from discontinued operations attributable to noncontrolling interest | 47,898 | 13,538 | 22,623 | ||
Loss from discontinued operations attributable to TETRA stockholders | (24,191) | (16,042) | (55,305) | ||
Carrying amounts of major classes of assets included as part of discontinued operations | |||||
Cash and cash equivalents | 16,577 | 2,370 | |||
Trade receivables | 43,837 | 64,724 | |||
Inventories | 31,220 | 56,037 | |||
Other current assets | 5,231 | 4,210 | |||
Current assets associated with discontinued operations (1) | 710,006 | 127,341 | |||
Property, plant, and equipment | 551,401 | 642,367 | |||
Other assets | 61,740 | 52,991 | |||
Long-term assets associated with discontinued operations (1) | 0 | 695,358 | |||
Total assets associated with discontinued operations(1) | 710,006 | 822,699 | |||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||
Trade payables | 20,988 | 49,070 | |||
Unearned income | 269 | 9,505 | |||
Accrued liabilities and other | 36,898 | 43,887 | |||
Current liabilities associated with discontinued operations (1) | 734,039 | 102,462 | |||
Long-term debt, net | 638,631 | 638,238 | |||
Other liabilities | 37,253 | 15,066 | |||
Long-term liabilities associated with discontinued operations (1) | 0 | 653,304 | |||
Total liabilities associated with discontinued operations(1) | 734,039 | 755,766 | |||
Series A Preferred Stock | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||||
CCLP Series A Preferred Units fair value adjustment (income) expense | 1,309 | (733) | |||
Compression [Member] | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||||
Revenue | 338,246 | 476,692 | 438,673 | ||
Cost of revenues | 212,253 | 320,037 | 309,156 | ||
Depreciation, amortization, and accretion | 80,533 | 76,663 | 70,500 | ||
Impairments and other charges | 20,841 | ||||
General and administrative expense | 37,895 | 43,281 | 39,544 | ||
Interest expense, net | 52,771 | 51,974 | 51,905 | ||
Other (income) expense, net | 2,688 | (558) | 2,099 | ||
Pretax loss from discontinued operations | (68,735) | (16,014) | (33,798) | ||
Carrying amounts of major classes of assets included as part of discontinued operations | |||||
Cash and cash equivalents | 16,577 | 2,370 | |||
Trade receivables | 43,837 | 64,724 | |||
Inventories | 31,220 | 56,037 | |||
Other current assets | 5,231 | 4,210 | |||
Current assets associated with discontinued operations (1) | 127,341 | ||||
Property, plant, and equipment | 551,401 | 642,367 | |||
Other assets | 61,740 | 52,991 | |||
Long-term assets associated with discontinued operations (1) | 695,358 | ||||
Total assets associated with discontinued operations(1) | 96,865 | 822,699 | |||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||
Trade payables | 19,766 | 47,837 | |||
Unearned income | 269 | 9,505 | |||
Accrued liabilities and other | 36,318 | 43,022 | |||
Current liabilities associated with discontinued operations (1) | 100,364 | ||||
Long-term debt, net | 638,631 | 638,238 | |||
Other liabilities | 37,253 | 15,066 | |||
Long-term liabilities associated with discontinued operations (1) | 653,304 | ||||
Total liabilities associated with discontinued operations(1) | 732,237 | 753,668 | |||
Compression [Member] | Series A Preferred Stock | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||||
CCLP Series A Preferred Units fair value adjustment (income) expense | 1,309 | (733) | |||
Offshore Services [Member] | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||||
Revenue | 0 | 0 | 4,487 | ||
Cost of revenues | (330) | (192) | 11,151 | ||
Depreciation, amortization, and accretion | 0 | 52 | 1,873 | ||
Impairments and other charges | 0 | ||||
General and administrative expense | 473 | 2,618 | 1,917 | ||
Interest expense, net | 0 | 0 | 0 | ||
Other (income) expense, net | 0 | 117 | (1,036) | ||
Pretax loss from discontinued operations | (143) | (2,595) | (9,418) | ||
Carrying amounts of major classes of assets included as part of discontinued operations | |||||
Cash and cash equivalents | 0 | 0 | |||
Trade receivables | 0 | 0 | |||
Inventories | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Current assets associated with discontinued operations (1) | 0 | ||||
Property, plant, and equipment | 0 | 0 | |||
Other assets | 0 | 0 | |||
Long-term assets associated with discontinued operations (1) | 0 | ||||
Total assets associated with discontinued operations(1) | 0 | 0 | |||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||
Trade payables | 1,222 | 1,233 | |||
Unearned income | 0 | 0 | |||
Accrued liabilities and other | 352 | 745 | |||
Current liabilities associated with discontinued operations (1) | 1,978 | ||||
Long-term debt, net | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Long-term liabilities associated with discontinued operations (1) | 0 | ||||
Total liabilities associated with discontinued operations(1) | 1,574 | 1,978 | |||
Offshore Services [Member] | Series A Preferred Stock | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||||
CCLP Series A Preferred Units fair value adjustment (income) expense | 0 | 0 | |||
Maritech [Member] | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||||
Revenue | 0 | 187 | |||
Cost of revenues | 0 | 139 | |||
Depreciation, amortization, and accretion | 0 | 212 | |||
General and administrative expense | 0 | 187 | |||
Interest expense, net | 0 | 0 | |||
Other (income) expense, net | 118 | 0 | |||
Pretax loss from discontinued operations | (118) | (351) | |||
Carrying amounts of major classes of assets included as part of discontinued operations | |||||
Cash and cash equivalents | 0 | 0 | |||
Trade receivables | 0 | 0 | |||
Inventories | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Current assets associated with discontinued operations (1) | 0 | ||||
Property, plant, and equipment | 0 | 0 | |||
Other assets | 0 | 0 | |||
Long-term assets associated with discontinued operations (1) | 0 | ||||
Total assets associated with discontinued operations(1) | 0 | 0 | |||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||
Trade payables | 0 | 0 | |||
Unearned income | 0 | 0 | |||
Accrued liabilities and other | 228 | 120 | |||
Current liabilities associated with discontinued operations (1) | 120 | ||||
Long-term debt, net | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Long-term liabilities associated with discontinued operations (1) | 0 | ||||
Total liabilities associated with discontinued operations(1) | $ 228 | 120 | |||
Maritech [Member] | Series A Preferred Stock | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||||
CCLP Series A Preferred Units fair value adjustment (income) expense | $ 0 | $ 0 | |||
Offshore Division [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
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 |
Revenue from Contract with Cu_2
Revenue from Contract with Customer Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Contract with customer, asset | $ 12,800 | $ 25,300 | $ 38,300 |
Revenue | 377,715 | 561,241 | 560,102 |
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 225,835 | 411,284 | 390,403 |
Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 151,880 | 149,957 | 169,699 |
Completion Fluids & Products Division [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 242,661 | 279,255 | 257,408 |
Completion Fluids & Products Division [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 100,076 | 149,191 | 129,160 |
Completion Fluids & Products Division [Member] | Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 142,585 | 130,064 | 128,248 |
Water & Flowback Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 135,054 | 281,986 | 303,072 |
Water & Flowback Services [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 125,759 | 262,093 | 261,238 |
Water & Flowback Services [Member] | Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 9,295 | 19,893 | 41,834 |
Interdivision Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | (378) |
Interdivision Eliminations [Member] | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 5 |
Interdivision Eliminations [Member] | Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 0 | $ 0 | $ (383) |
Revenue from Contract with Cu_3
Revenue from Contract with Customer Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue | $ 1,900 | $ 200 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Goodwill [Line Items] | ||||
Impairment of goodwill | $ 0 | $ (25,784) | $ 0 | |
Goodwill [Roll Forward] | ||||
Beginning balance | $ 0 | 25,859 | ||
Goodwill acquired during the year | $ 19,223 | |||
Goodwill adjustments | (75) | |||
Ending balance | $ 0 | 25,859 | ||
Water & Flowback Services [Member] | ||||
Goodwill [Line Items] | ||||
Number of Reporting Units | 2 | |||
Goodwill [Roll Forward] | ||||
Beginning balance | $ 6,636 | |||
Ending balance | $ 6,636 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||||
Goodwill | $ 0 | $ 25,859 | ||
Goodwill acquired during the year | $ 19,223 | |||
Goodwill impaired during the year | $ 0 | (25,784) | $ 0 | |
Goodwill adjustments | $ (75) | |||
Water & Flowback Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 6,636 |
Impairments and Other Charges (
Impairments and Other Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment charge | $ 600 | ||||
Impairments of long-lived assets | $ (2,900) | (556) | $ (92,037) | $ (2,939) | |
Completion Fluids & Products Division [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairments of long-lived assets | $ (91,600) | $ (91,600) | |||
Water & Flowback Services [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairments of long-lived assets | $ (300) |
Inventories Inventories (Detail
Inventories Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods | $ 68,121 | $ 70,135 |
Inventory, Raw Materials | 2,910 | 4,125 |
Other Inventory, Supplies | 4,001 | 4,979 |
Inventory, Work in Process | 1,626 | 1,234 |
Inventories | $ 76,658 | $ 80,473 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 15 years | ||
Rental expense for operating leases | $ 31.1 | $ 51.4 | $ 35.3 |
Lessee, Operating Lease, Liability, Payments, Net Of Sublease Income, Due | $ 5.2 | ||
Sublease Income | $ 1 | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Remaining Lease Term | 1 year | ||
Operating Lease, Termination Option Period | 30 days | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Remaining Lease Term | 16 years | ||
Operating Lease, Termination Option Period | 6 months |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 13,612 | $ 15,064 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5,612 | $ 3,944 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 43,448 | $ 47,125 |
Operating lease liabilities, current portion | 8,795 | 9,144 |
Operating lease liabilities | 37,569 | 40,097 |
Operating Lease, Liability | $ 46,364 | $ 49,241 |
Leases Additional Operating Lea
Leases Additional Operating Lease Information (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 9 months 18 days | 7 years 2 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 9.62% | 9.56% |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 13,946 | $ 15,131 |
Short-term Lease, Cost | 17,125 | 36,348 |
Lease, Cost | $ 31,071 | $ 51,479 |
Leases Future Minimum Lease Pay
Leases Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Leases, Future Minimum Payments Due | $ 63,375 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 18,460 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 5,332 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 7,202 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 8,673 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 10,910 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 12,798 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 17,011 | |
Operating Lease, Liability | $ 46,364 | $ 49,241 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities Detail [Table] | ||
Compensation and employee benefits | $ 14,336 | $ 18,657 |
Operating lease liabilities, current portion | 8,795 | 9,144 |
Accrued taxes | 4,323 | 6,894 |
Accrued interest | 2,951 | 299 |
Accrued capital expenditures | 194 | 978 |
8192000 | 8,192 | 8,883 |
Total accrued liabilities and other | $ 38,791 | $ 44,855 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccruedLiabilitiesCurrentAndNoncurrent |
Long-Term Debt and Other Borr_3
Long-Term Debt and Other Borrowings (Details) - USD ($) | Sep. 10, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Long-term debt, net | $ 199,894,000 | $ 204,633,000 | |
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net | 199,894,000 | 204,633,000 | |
Scheduled Maturities Detail [Table] | |||
2021 | 0 | ||
2022 | 0 | ||
2023 | 0 | ||
2024 | 0 | ||
2025 | 213,549,000 | ||
Thereafter | 0 | ||
Long-term debt | 213,549,000 | ||
Parent Company [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Current amount outstanding | 0 | ||
Letters of credit outstanding | 6,600,000 | ||
Net availability | 24,600,000 | ||
Long-Term Line Of Credit, Deferred Financing Costs | 1,000,000 | 1,000,000 | |
Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 0 | |
Revolving Credit Facility [Member] | Parent Company [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 100,000,000 | ||
Revolving Credit Facility [Member] | Parent Company [Member] | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 20,000,000 | ||
Revolving Credit Facility [Member] | Parent Company [Member] | Swingline Loan Sublimit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 10,000,000 | ||
Term Loan [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | 8,200,000 | 9,500,000 | |
Debt Instrument, Unamortized Discount (Premium), Net | 5,500,000 | 6,400,000 | |
Long-term debt | $ 199,894,000 | $ 204,633,000 | |
Asset-Based Lending Credit Agreement [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Collateral, Percentage Of Equity Interest Issued By Certain Foreign Subsidiaries | 65.00% | ||
Asset-Based Lending Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Asset-Based Lending Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Term Credit Agreement [Member] | Term Loan [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Collateral, Percentage Of Equity Interest Issued By Certain Foreign Subsidiaries | 65.00% | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.00% | ||
Term Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 6.25% | ||
Term Credit Agreement [Member] | Base Rate [Member] | Term Loan [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 5.25% | ||
Minimum [Member] | Asset-Based Lending Credit Agreement [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||
Minimum [Member] | Asset-Based Lending Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Minimum [Member] | Asset-Based Lending Credit Agreement [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Maximum [Member] | Asset-Based Lending Credit Agreement [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||
Maximum [Member] | Asset-Based Lending Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Maximum [Member] | Asset-Based Lending Credit Agreement [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Acquisitions and Dispositions A
Acquisitions and Dispositions Acquisitions and Dispositions (Details) - USD ($) $ in Millions | Dec. 06, 2018 | Feb. 28, 2018 | Feb. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 02, 2018 | Feb. 27, 2018 |
Business Acquisition [Line Items] | ||||||||
Total number of new units issued | 0 | 0 | 7,772,021 | |||||
Offshore Division [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 3.1 | |||||||
Maximum borrowing capacity | 46.8 | |||||||
Offshore Division [Member] | Promissory Note | ||||||||
Business Acquisition [Line Items] | ||||||||
Notes Receivable, Related Parties | $ 7.5 | |||||||
Stated interest rate | 1.52% | |||||||
SwiftWater Energy Services | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price | $ 42 | |||||||
Total number of new units issued | 7,772,021 | |||||||
Contingent consideration | $ 10 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 28.2 | |||||||
JRGO Energy Services LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price | $ 7.6 | |||||||
Contingent consideration, maximum | $ 1.4 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2019 | Mar. 01, 2018 | |
Long-term Purchase Commitment [Line Items] | |||||
Discontinued Operation, Amounts of Material Contingent Liabilities Remaining, Performance Bonds | $ 46.8 | ||||
Future purchase obligations under Fluids supply agreement, aggregate | 85.3 | ||||
Future purchase obligations under Fluids supply agreement, 2021 | 9.5 | ||||
Future purchase obligations under Fluids supply agreement, 2022 | 9.5 | ||||
Future purchase obligations under Fluids supply agreement, 2023 | 9.5 | ||||
Future purchase obligations under Fluids supply agreement, 2024 | 9.5 | ||||
Future purchase obligations under Fluids supply agreement, 2025 | 9.5 | ||||
Future purchase obligations under Fluids supply agreement, after 2025 through 2029 | 37.8 | ||||
Purchases under Fluids supply agreement | 17.3 | $ 18.7 | $ 18 | ||
Within 90 Days Following Bonding Agreement Closing [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Discontinued Operation, Amounts of Material Contingent Liabilities Remaining, Performance Bonds | $ 47 | ||||
Offshore Division [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Consideration, Additional Receivable | $ 7.5 | ||||
Disposal Group, Including Discontinued Operation, Reserve, Other Receivables | $ 1.5 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 09, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Class of Warrant or Right [Line Items] | |||||||
Shares Issued, Price Per Share | $ 5.15 | ||||||
Proceeds from Issuance of Common Stock | $ 109,700 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.75 | ||||||
Warrants liability | $ 198 | $ 449 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 11,200,000 | ||||||
Warrants fair value adjustment | $ (251) | $ (1,624) | $ (11,129) | ||||
Total number of new units issued | 0 | 0 | 7,772,021 | ||||
underwriters option to purchase | 2,900,000 | ||||||
per share net of underwrtiter discount | $ 4.9183 | ||||||
Common Stock, Shares, Issued | 22,300,000 | 128,930,047 | 128,304,354 | ||||
Unitssubjecttounderwritersoption | 1,500,000 | ||||||
Common stock, shares authorized | 250,000,000 | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||||
Preferred stock, shares authorized | 5,000,000 | ||||||
Preferred stock, par value | $ 0.01 | ||||||
Common Stock, Shares, Outstanding | 125,481,163 | 125,737,565 | 115,877,704 | 125,976,071 | 125,481,163 | ||
Treasury stock, shares held | 2,953,976 | 2,717,569 | 2,638,093 | 2,953,976 | 2,823,191 | ||
Common Shares Outstanding and Treasury Shares Held Rollforward [Table] | |||||||
Common shares outstanding, beginning balance | 125,481,163 | 125,737,565 | 115,877,704 | ||||
Exercise of common stock options, net | 0 | 0 | 65,524 | ||||
Grants of restricted stock, net | 494,908 | (256,402) | 2,022,316 | ||||
Common shares outstanding, ending balance | 125,976,071 | 125,481,163 | 125,737,565 | ||||
Treasury stock, beginning balance | 2,823,191 | 2,717,569 | 2,638,093 | ||||
Shares received upon vesting of restricted stock, net | 130,785 | 105,622 | 79,476 | ||||
Treasury stock, ending balance | 2,953,976 | 2,823,191 | 2,717,569 |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2018 | May 03, 2013 |
Share-based Compensation Arrangements [Line Items] | ||||||
GrantsOfRestrictedSharesAggregateMarketValue | $ 5,100 | $ 4,800 | $ 4,900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Weighted average fair value of options granted | $ 0.76 | $ 1.88 | ||||
Stock Option Award Activity Detail [Table] | ||||||
Outstanding at beginning of period | 3,686,000 | 4,480,000 | ||||
Outstanding at beginning of period, weighted average option price per share | $ 6.90 | $ 6.65 | ||||
Options granted | 72,000 | |||||
Options granted, weighted average option price per share | $ 4.51 | |||||
Options cancelled | (302,000) | (426,000) | ||||
Options cancelled, weighted average option price per share | $ 6.78 | $ 6.85 | ||||
Options exercised | 0 | 0 | ||||
Options exercised, weighted average option price per share | $ 0 | |||||
Options expired | $ (176,000) | (440,000) | ||||
Options expired, weighted average option price per share | $ 10.27 | $ 3.98 | ||||
Outstanding at end of period | 3,208,000 | 3,686,000 | 4,480,000 | |||
Outstanding at end of period, weighted average option price per share | $ 6.73 | $ 6.90 | $ 6.65 | |||
Outstanding at end of period, weighted average remaining contractual life | 4 years 9 months 18 days | 5 years 6 months | ||||
Outstanding at end of period, aggregate intrinsic value | $ 0 | $ 0 | ||||
Options vested and expected to vest | 3,208,000 | 3,686,000 | ||||
Options expected to vest, weighted average option price per share | $ 6.73 | $ 6.90 | ||||
Options vested and expected to vest, weighted average remaining contractual life | 4 years 9 months 18 days | 5 years 6 months | ||||
Options vested and expected to vest, aggregate intrinsic value | $ 0 | $ 0 | ||||
Options exercisable at period end | 3,171,000 | 3,369,000 | ||||
Options exercisable at period end, weighted average option price per share | $ 6.76 | $ 7.18 | ||||
Options exercisable, weighted average remaining contractual life | 4 years 9 months 18 days | 5 years 3 months 18 days | ||||
Options exercisable, aggregate intrinsic value | $ 0 | $ 0 | ||||
Maximum number of shares authorized for issuance | 11,000,000 | |||||
Total intrinsic value of options exercised | $ 100 | |||||
Stock Option Valuation Assumptions Detail [Abstract] | ||||||
Expected stock price volatility (maximum) | 61.00% | 57.00% | ||||
Expected life of options | 4 years 4 months 24 days | 4 years 6 months | ||||
Risk free interest rate (maximum) | 2.30% | 2.60% | ||||
Expected dividend yield | 0.00% | 0.00% | ||||
Weighted average fair value of options granted | $ 0.76 | $ 1.88 | ||||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 7 months 6 days | |||||
Shares surrendered related to restricted stock vesting | 130,785 | 105,622 | 79,476 | |||
Maximum number of shares issuable under stock options outstanding and stock options authorized for future grants | 2,771,052 | |||||
Equity-Based Compensation, Before Tax | $ 5,500 | $ 5,800 | $ 6,700 | |||
Equity-based compensation expense | 4,300 | 4,600 | 5,300 | |||
Restricted shares vested during the period, aggregate fair value | $ 4,500 | 4,000 | 3,200 | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | |||||
Defined Contribution Plan, Cost | $ 1,500 | $ 5,100 | $ 3,800 | |||
2018 Equity Plan [Member] | ||||||
Stock Option Award Activity Detail [Table] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,635,000 | |||||
2018 Director Plan [Member] | ||||||
Stock Option Award Activity Detail [Table] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 335,000 | |||||
TETRA 2007 Long Term Incentive Compensation Plan [Member] | ||||||
Stock Option Award Activity Detail [Table] | ||||||
Maximum number of shares authorized for issuance | 5,590,000 | |||||
TETRA 2011 Long Term Incentive Compensation Plan [Member] | ||||||
Stock Option Award Activity Detail [Table] | ||||||
Maximum number of shares authorized for issuance | 5,600,000 | 2,200,000 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Total estimated unrecognized compensation cost | $ 3,400 | |||||
Restricted Stock/Unit Award Activity Detail [Table] | ||||||
Nonvested restricted shares/units outstanding at beginning of period | 3,577,000 | |||||
Nonvested restricted shares/units at beginning of period, weighted average grant date fair value per share | $ 2.85 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,958,000 | |||||
Shares/units granted, weighted average grant date fair value per share | $ 1.39 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (1,577,000) | |||||
Shares/units cancelled, weighted average grant date fair value per share | $ 2.87 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (225,000) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 2.22 | |||||
Nonvested restricted shares/units outstanding at end of period | 3,733,000 | 3,577,000 | ||||
Nonvested restricted shares/units at end of period, weighted average grant date fair value per share | $ 2.11 | $ 2.85 | ||||
Stock Option Award Activity Detail [Table] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 1,000,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||||
Contingent consideration liability fair value adjustment | $ 0 | $ (1,000) | $ 3,400 | ||
Business Combination, Liabilities Arising from Contingencies, Amount Recognized | 0 | ||||
Impairments of long-lived assets | $ 2,900 | 556 | 92,037 | 2,939 | |
Goodwill, Impairment Loss | 0 | 25,784 | 0 | ||
Net losses associated with foreign currency derivative program | 200 | 1,500 | $ (400) | ||
Fair Value, Recurring [Member] | Warrant [Member] | |||||
Derivative [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 449 | ||||
Derivatives [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 449 | ||||
Fair Value, Recurring [Member] | Investments | |||||
Derivative [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ (2,675) | (2,675) | (520) | ||
Derivatives [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (2,675) | (2,675) | (520) | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Warrant [Member] | |||||
Derivative [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Derivatives [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Investments | |||||
Derivative [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Derivatives [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Warrant [Member] | |||||
Derivative [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Derivatives [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Investments | |||||
Derivative [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (2,675) | (2,675) | (520) | ||
Derivatives [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (2,675) | (2,675) | (520) | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Warrant [Member] | |||||
Derivative [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 198 | 198 | 449 | ||
Derivatives [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 198 | 198 | 449 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Investments | |||||
Derivative [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Derivatives [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | $ 0 | ||
Completion Fluids & Products Division [Member] | |||||
Derivative [Line Items] | |||||
Impairments of long-lived assets | $ 91,600 | $ 91,600 |
Fair Value Measurements Derivat
Fair Value Measurements Derivative Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairments of long-lived assets | $ 2,900 | $ 556 | $ 92,037 | $ 2,939 | |
Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairments of long-lived assets | 117,674 | ||||
Assets, Fair Value Disclosure | 9,459 | ||||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | |||||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | |||||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | |||||
Completion Fluids & Products Division [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairments of long-lived assets | $ 91,600 | 91,600 | |||
Completion Fluids & Products Division [Member] | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | 9,459 | ||||
Impairments of long-lived assets | 91,606 | ||||
Completion Fluids & Products Division [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | 9,459 | ||||
Completion Fluids & Products Division [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||||
Completion Fluids & Products Division [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||||
Water & Flowback Services Intangible Assets [Member] | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | ||||
Impairments of long-lived assets | 25,784 | ||||
Water & Flowback Services Intangible Assets [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | ||||
Water & Flowback Services Intangible Assets [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | ||||
Water & Flowback Services Intangible Assets [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | ||||
Water & Flowback Services Equipment | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||||
Impairments of long-lived assets | 284 | ||||
Water & Flowback Services Equipment | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||||
Water & Flowback Services Equipment | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||||
Water & Flowback Services Equipment | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||||
Warrant [Member] | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (449) | ||||
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (198) | (198) | (449) | ||
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Investments | Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,675 | 2,675 | 520 | ||
Investments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Investments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,675 | 2,675 | 520 | ||
Investments | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Liabilities, Leasing Arrangements | $ 7,808 | $ 9,091 | |
Current | |||
Federal | 0 | 0 | $ 0 |
State | 191 | 400 | 360 |
Foreign | 1,598 | 2,837 | 3,742 |
Total current | 1,789 | 3,237 | 4,102 |
Deferred | |||
Federal | (175) | (161) | (151) |
State | (125) | (395) | (149) |
Foreign | 269 | 130 | (118) |
Total deferred | (31) | (426) | (418) |
Total tax provision | 1,758 | 2,811 | 3,684 |
Effective Income Tax Rate Reconciliation Detail [Table] | |||
Income tax provision (benefit) computed at statutory federal income tax rates | (5,268) | (26,903) | (552) |
State income taxes (net of federal benefit) | (2,124) | (2,388) | (1,345) |
Impact of international operations | 4,036 | 672 | 13,790 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 0 | (2,510) |
Valuation allowance | 4,598 | 30,640 | (8,115) |
Other | 516 | 790 | 2,416 |
Total tax provision | 1,758 | 2,811 | 3,684 |
Domestic and Foreign Income Before Tax Detail [Table] | |||
Domestic | (25,929) | (135,668) | (8,143) |
International | 843 | 7,559 | 5,515 |
Total | (25,086) | (128,109) | (2,628) |
Unrecognized Tax Benefit Liability Rollforward Detail [Table] | |||
Gross unrecognized tax benefits at beginning of period | 137 | 328 | 530 |
Lapse in statute of limitations | (120) | (191) | (202) |
Gross unrecognized tax benefits at end of period | 17 | 137 | 328 |
Recognized interest and penalties | (200) | (300) | $ (200) |
Accrued potential interest and penalties | 100 | 200 | |
Amount of unrecognized tax benefits that would affect effective tax rate | 100 | 400 | |
Deferred tax assets: | |||
Net operating losses | 104,478 | 103,834 | |
Accruals | 16,515 | 20,674 | |
Depreciation and amortization for book in excess of tax expense | 12,608 | 14,262 | |
Investment in Partnership | 23,344 | 0 | |
All other | 12,743 | 16,583 | |
Total deferred tax assets | 169,688 | 155,353 | |
Valuation allowance | (146,678) | (123,808) | |
Net deferred tax assets | 23,010 | 31,545 | |
Deferred tax liabilities: | |||
Excess book over tax basis in property, plant, and equipment | 15,402 | 18,596 | |
All other | 1,690 | 5,635 | |
Total deferred tax liability | 24,900 | 33,322 | |
Net deferred tax liability | 1,890 | $ 1,777 | |
Increase (decrease) in valuation allowance | 22,900 | ||
Foreign and state net operating loss carryforwards | 80,000 | ||
Operating Loss Carryforwards | 11,400 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 13,000 |
Industry Segments and Geograp_3
Industry Segments and Geographic Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Industry Segments Details [Line Items] | |||
Warrants fair value adjustment | $ (251) | $ (1,624) | $ (11,129) |
Other Nonoperating Income (Expense) | 135 | (301) | 5,607 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 26,844 | 130,920 | 6,312 |
General and administrative expense | 76,697 | 96,466 | 92,902 |
Revenue | 377,715 | 561,241 | 560,102 |
Depreciation, amortization, and accretion | 38,214 | 47,563 | 44,425 |
Interest expense, net | 19,326 | 21,808 | 19,749 |
Consolidated interest income | (400) | (552) | (708) |
Interest expense, net | 18,926 | 21,256 | 19,041 |
Income (loss) before taxes and discontinued operations | (25,086) | (128,109) | (2,628) |
Total assets | 1,132,839 | 1,271,922 | |
Capital expenditures | $ 29,386 | 108,273 | 141,931 |
Number of operating segments | 2 | ||
Completion Fluids & Products Division [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | $ 242,661 | 279,255 | 257,408 |
Depreciation, amortization, and accretion | 7,581 | 13,518 | 15,345 |
Interest expense, net | 73 | 68 | 179 |
Income (loss) before taxes and discontinued operations | 55,334 | (33,969) | 30,623 |
Total assets | 218,952 | 236,420 | |
Capital expenditures | 4,016 | 7,140 | 5,259 |
Water & Flowback Services [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | 135,054 | 281,986 | 303,072 |
Depreciation, amortization, and accretion | 29,913 | 33,410 | 28,422 |
Interest expense, net | 4 | 7 | 5 |
Income (loss) before taxes and discontinued operations | (21,850) | (21,173) | 28,712 |
Total assets | 136,511 | 180,765 | |
Capital expenditures | 9,651 | 24,340 | 30,175 |
Compression [Member] | |||
Industry Segments Details [Line Items] | |||
Total assets | 710,006 | 822,699 | |
Capital expenditures | 14,696 | 75,760 | 105,688 |
Cost of Goods and Services Sold | 12,700 | 6,500 | 10,000 |
Corporate Segment [Member] | |||
Industry Segments Details [Line Items] | |||
Depreciation, amortization, and accretion | 720 | 635 | 658 |
Total assets | 67,370 | 32,038 | |
Capital expenditures | 1,023 | 1,033 | 809 |
Interdivision Eliminations [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | 0 | 0 | (378) |
Income (loss) before taxes and discontinued operations | 12 | 14 | 11 |
Corporate Overhead [Member] | |||
Industry Segments Details [Line Items] | |||
Warrants fair value adjustment | (251) | (1,624) | (11,128) |
Other Nonoperating Income (Expense) | 1,087 | 531 | 2,373 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 58,582 | 72,981 | 61,974 |
General and administrative expense | 36,201 | 51,466 | 50,431 |
Depreciation, amortization, and accretion | 818 | 631 | 658 |
Interest expense, net | 19,249 | 21,733 | 19,565 |
Interest expense, net | (20,727) | (21,977) | (19,640) |
Income (loss) before taxes and discontinued operations | (58,582) | (72,981) | (61,974) |
Service [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | 144,994 | 301,688 | 315,729 |
Cost of Goods and Services Sold | 120,775 | 233,191 | 228,013 |
Service [Member] | Completion Fluids & Products Division [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | 12,852 | 20,623 | 15,002 |
Service [Member] | Water & Flowback Services [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | 132,142 | 281,065 | 300,727 |
Product [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | 232,721 | 259,553 | 244,373 |
Cost of Goods and Services Sold | 150,753 | 177,859 | 181,444 |
Product [Member] | Completion Fluids & Products Division [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | 229,809 | 258,632 | 242,412 |
Product [Member] | Water & Flowback Services [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | 2,912 | 921 | 1,961 |
Operating Segments | |||
Industry Segments Details [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Completion Fluids & Products Division [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | 0 | 0 | (6) |
Operating Segments | Water & Flowback Services [Member] | |||
Industry Segments Details [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 384 |
Industry Segments and Geograp_4
Industry Segments and Geographic Information Industry Segments and Geographic Information 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 377,715 | $ 561,241 | $ 560,102 |
Transfers between geographic areas | (848) | (1,802) | (3,157) |
Identifiable assets | 1,132,839 | 1,271,922 | |
Offshore Services [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Identifiable assets | 710,006 | 822,699 | |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 225,835 | 411,284 | 390,403 |
Identifiable assets | 285,765 | 338,054 | |
Canada and Mexico [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,347 | 6,616 | 17,575 |
Identifiable assets | 6,452 | 9,216 | |
South America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 11,583 | 13,188 | 16,067 |
Identifiable assets | 10,388 | 13,632 | |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 90,303 | 93,327 | 91,997 |
Transfers between geographic areas | 848 | 1,802 | 3,157 |
Identifiable assets | 85,733 | 62,684 | |
Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 8,128 | 16,874 | 12,039 |
Identifiable assets | 9,195 | 10,812 | |
Asia and other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 40,519 | 19,952 | $ 32,021 |
Identifiable assets | $ 25,300 | $ 14,825 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] shares in Millions, $ in Millions | Jan. 29, 2021USD ($)shares |
Subsequent Event [Line Items] | |
Gain (loss) on sale of previously unissued stock by subsidiary | $ 125 |
Common unit, issued (in shares) | shares | 5.2 |
CSI Compressco [Member] | Spartan Energy Partners LP [Member] | |
Subsequent Event [Line Items] | |
Proceeds from related party | $ 13.4 |
Due to related parties | 0.5 |
Contingent consideration | $ 3.1 |
CSI Compressco [Member] | Spartan Energy Partners LP [Member] | Spartan Energy Partners LP [Member] | |
Subsequent Event [Line Items] | |
Subsidiary of limited liability company or limited partnership, ownership interest | 23.10% |