Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 14, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Superior Energy Services Inc | ||
Entity Central Index Key | 886,835 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 155,931,859 | ||
Entity Public Float | $ 1,520 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Trading Symbol | spn | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 158,050 | $ 172,000 |
Accounts receivable, net of allowance for doubtful accounts of $12,080 and $29,037 at December 31, 2018 and 2017, respectively | 447,353 | 398,056 |
Income taxes receivable | 959 | |
Prepaid expenses | 45,802 | 42,128 |
Inventory and other current assets | 121,700 | 134,032 |
Assets held for sale | 13,644 | |
Total current assets | 772,905 | 760,819 |
Property, plant and equipment, net of accumulated depreciation and depletion | 1,109,126 | 1,316,944 |
Goodwill | 136,788 | 807,860 |
Notes receivable | 63,993 | 60,149 |
Restricted cash | 5,698 | 20,483 |
Intangible and other long-term assets, net of accumulated amortization | 127,452 | 143,970 |
Total assets | 2,215,962 | 3,110,225 |
Current liabilities: | ||
Accounts payable | 139,325 | 119,716 |
Accrued expenses | 219,180 | 221,757 |
Income taxes payable | 734 | |
Current portion of decommissioning liabilities | 3,538 | 27,261 |
Liabilities held for sale | 6,463 | |
Total current liabilities | 362,777 | 375,197 |
Deferred income taxes | 61,058 | |
Decommissioning liabilities | 126,558 | 103,136 |
Long-term debt, net | 1,282,921 | 1,279,771 |
Other long-term liabilities | 152,967 | 158,634 |
Stockholders' equity: | ||
Preferred stock of $0.01 par value. Authorized - 5,000,000 shares; none issued | ||
Common stock of $0.001 par value. Authorized-250,000,000, Issued and Outstanding-154,885,418 at December 31, 2018; Authorized-250,000,000, Issued and Outstanding-153,263,097 at December 31, 2017 | 155 | 153 |
Additional paid in capital | 2,735,125 | 2,713,161 |
Accumulated other comprehensive loss, net | (73,177) | (67,427) |
Retained deficit | (2,371,364) | (1,513,458) |
Total stockholders' equity | 290,739 | 1,132,429 |
Total liabilities and stockholders' equity | $ 2,215,962 | $ 3,110,225 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $ 12,080 | $ 29,037 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.001 | |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 154,885,418 | 153,263,097 |
Common stock, shares outstanding | 154,885,418 | 153,263,097 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||||||
Revenues | $ 539,331 | $ 573,068 | $ 535,548 | $ 482,318 | $ 2,130,265 | $ 1,874,076 | $ 1,450,047 |
Costs and expenses: | |||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | 384,445 | 404,389 | 369,810 | 343,460 | 1,502,104 | 1,398,695 | 1,123,274 |
Depreciation, depletion, amortization and accretion | 97,264 | 99,892 | 97,973 | 105,719 | 400,848 | 438,716 | 509,971 |
General and administrative expenses | 289,252 | 295,507 | 346,606 | ||||
Reduction in value of assets | 739,725 | 739,725 | 14,155 | 500,405 | |||
Loss from operations | (801,664) | (272,997) | (1,030,209) | ||||
Other expense: | |||||||
Interest expense, net | (99,477) | (101,455) | (92,753) | ||||
Other expense | (1,678) | (3,299) | 22,621 | ||||
Loss from continuing operations before income taxes | (902,819) | (377,751) | (1,100,341) | ||||
Income taxes | (45,433) | (190,740) | (267,001) | ||||
Net loss from continuing operations | (750,185) | (21,816) | (25,437) | (59,948) | (857,386) | (187,011) | (833,340) |
Loss from discontinued operations, net of income tax | (953) | 224 | (729) | (18,910) | (53,559) | ||
Net loss | $ (750,185) | $ (21,816) | $ (26,390) | $ (59,724) | $ (858,115) | $ (205,921) | $ (886,899) |
Basic and diluted: | |||||||
Net loss from continuing operations | $ (4.85) | $ (0.14) | $ (0.16) | $ (0.39) | $ (5.55) | $ (1.22) | $ (5.50) |
Loss from discontinued operations | $ (4.85) | $ (0.01) | (0.01) | (0.13) | (0.35) | ||
Net loss | $ (5.56) | $ (1.35) | (5.85) | ||||
Cash dividends declared per share | $ 0.08 | ||||||
Weighted average common shares used in computing loss per share: | |||||||
Basic and diluted | 154,367 | 152,933 | 151,558 | ||||
Services [Member] | |||||||
Revenues: | |||||||
Revenues | $ 1,749,969 | $ 1,594,140 | $ 1,162,244 | ||||
Costs and expenses: | |||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | 1,365,969 | 1,284,567 | 975,941 | ||||
Depreciation, depletion, amortization and accretion | 329,187 | 372,787 | 408,752 | ||||
Rentals [Member] | |||||||
Revenues: | |||||||
Revenues | 380,296 | 279,936 | 287,803 | ||||
Costs and expenses: | |||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | 136,135 | 114,128 | 147,333 | ||||
Depreciation, depletion, amortization and accretion | $ 71,661 | $ 65,929 | $ 101,219 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statement of Comprehensive Loss [Abstract] | |||||||||||
Net loss | $ (750,185) | $ (21,816) | $ (26,390) | $ (59,724) | $ 8,593 | $ (59,049) | $ (63,806) | $ (91,659) | $ (858,115) | $ (205,921) | $ (886,899) |
Change in cumulative translation adjustment, net of tax | (5,750) | 12,821 | (34,554) | ||||||||
Comprehensive loss | $ (863,865) | $ (193,100) | $ (921,453) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss, Net [Member] | Retained Deficit [Member] | Total |
Beginning balance, value at Dec. 31, 2015 | $ 151 | $ 2,664,517 | $ (45,694) | $ (408,162) | $ 2,210,812 |
Beginning balance, shares at Dec. 31, 2015 | 150,861,500 | ||||
Net loss | (886,899) | (886,899) | |||
Foreign currency translation adjustment | (34,554) | (34,554) | |||
Cash dividends declared | (12,476) | (12,476) | |||
Stock-based compensation expense, net of forfeitures | 30,122 | 30,122 | |||
Restricted stock forfeited, shares | (1,495) | ||||
Exercise of stock options, value | 524 | 524 | |||
Exercise of stock options, shares | 40,723 | ||||
Restricted stock units vested, Value | $ 1 | (1) | |||
Restricted stock units vested, shares | 1,034,068 | ||||
Shares withheld and retired, value | (3,669) | (3,669) | |||
Shares withheld and retired, shares | (364,122) | ||||
Tax effect | (5,112) | (5,112) | |||
Shares issued under Employee Stock Purchase Plan, value | 5,172 | $ 5,172 | |||
Shares issued under Employee Stock Purchase Plan | 290,987 | 290,987 | |||
Ending balance, value at Dec. 31, 2016 | $ 152 | 2,691,553 | (80,248) | (1,307,537) | $ 1,303,920 |
Ending balance, shares at Dec. 31, 2016 | 151,861,661 | ||||
Net loss | (205,921) | (205,921) | |||
Foreign currency translation adjustment | 12,821 | 12,821 | |||
Stock-based compensation expense, net of forfeitures | 26,221 | 26,221 | |||
Exercise of stock options, value | 99 | 99 | |||
Exercise of stock options, shares | 5,998 | ||||
Restricted stock units vested, Value | $ 2 | (2) | |||
Restricted stock units vested, shares | (1,500,605) | ||||
Shares withheld and retired, value | $ (1) | (8,325) | (8,326) | ||
Shares withheld and retired, shares | (465,632) | ||||
Shares issued under Employee Stock Purchase Plan, value | 3,615 | $ 3,615 | |||
Shares issued under Employee Stock Purchase Plan | 360,465 | 360,465 | |||
Ending balance, value at Dec. 31, 2017 | $ 153 | 2,713,161 | (67,427) | (1,513,458) | $ 1,132,429 |
Ending balance, shares at Dec. 31, 2017 | 153,263,097 | ||||
Net loss | (858,115) | (858,115) | |||
Foreign currency translation adjustment | (5,750) | (5,750) | |||
Forfeited dividends | 209 | 209 | |||
Stock-based compensation expense, net of forfeitures | 24,076 | 24,076 | |||
Restricted stock units vested, Value | $ 2 | (2) | |||
Restricted stock units vested, shares | 1,533,018 | ||||
Shares withheld and retired, value | (5,198) | (5,198) | |||
Shares withheld and retired, shares | (461,647) | ||||
Shares issued under Employee Stock Purchase Plan, value | 3,088 | $ 3,088 | |||
Shares issued under Employee Stock Purchase Plan | 550,950 | 550,950 | |||
Ending balance, value at Dec. 31, 2018 | $ 155 | $ 2,735,125 | $ (73,177) | $ (2,371,364) | $ 290,739 |
Ending balance, shares at Dec. 31, 2018 | 154,885,418 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends declared per share | $ 0.08 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (858,115) | $ (205,921) | $ (886,899) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 400,848 | 438,716 | 509,971 |
Deferred income taxes | (61,058) | (182,553) | (142,520) |
Reduction in value of assets | 739,725 | 14,155 | 500,405 |
Stock based compensation expense | 31,451 | 36,503 | 41,779 |
Other reconciling items, net | (9,545) | 2,505 | 62,056 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (50,116) | (93,309) | 128,086 |
Inventory and other current assets | (7,559) | (2,455) | (7,646) |
Accounts payable | 8,912 | 23,648 | 3,667 |
Accrued expenses | (21,113) | (8,458) | (73,902) |
Income taxes | 2,320 | 99,089 | (107,643) |
Other, net | (10,693) | (25,494) | 33,898 |
Net cash provided by operating activities | 165,057 | 96,426 | 61,252 |
Cash flows from investing activities: | |||
Payments for capital expenditures | (221,370) | (164,933) | (80,548) |
Proceeds from sales of assets | 33,299 | 28,269 | 7,515 |
Other | (1,014) | ||
Net cash used in investing activities | (188,071) | (136,664) | (74,047) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 500,000 | ||
Principal payments on long-term debt | (500,000) | (337,576) | |
Payment of debt issuance costs | (11,967) | (2,711) | |
Cash dividends | (12,111) | ||
Tax withholdings for vested restricted stock units | (5,199) | (8,326) | (3,669) |
Other | 2,613 | 3,268 | 587 |
Net cash used in financing activities | (2,586) | (17,025) | (355,480) |
Effect of exchange rate changes on cash | (3,135) | 3,654 | (7,959) |
Net decrease in cash, cash equivalents, and restricted cash | (28,735) | (53,609) | (376,234) |
Cash, cash equivalents, and restricted cash at beginning of period | 192,483 | 246,092 | 622,326 |
Cash, cash equivalents, and restricted cash at end of period | 163,748 | 192,483 | 246,092 |
Cash Payments: | |||
Interest paid | 101,056 | 88,125 | 93,353 |
Income taxes paid (net of income tax refunds received) | 3,137 | (117,376) | (28,933) |
Non-cash investing activity: | |||
Capital expenditures included in accounts payable and accrued expenses | $ 26,259 | $ 11,522 | $ 4,905 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Superior Energy Services, Inc. and subsidiaries (the Company). All significant intercompany accounts and transactions are eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the 2018 presentation. Business The Company provides a wide variety of services and products to the energy industry. The Company serves major, national and independent oil and natural gas companies around the world and offers products and services with respect to the various phases of a well’s economic life cycle. The Company reports its operating results in four business segments: Drilling Products and Services; Onshore Completion and Workover Services; Production Services; and Technical Solutions. Given the Company’s long-term strategy of expanding geographically, the Company also provides supplemental segment revenue information in three geographic areas: U.S. land; Gulf of Mexico; and International. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Major Customers and Concentration of Credit Risk The majority of the Company’s business is conducted with major and independent oil and gas companies. The Company evaluates the financial strength of its customers and provides allowances for probable credit losses when deemed necessary. The market for the Company’s services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility. The Company derives a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of the Company’s total revenues in 2018. Anadarko accounted for approximately 13% and 11% of the Company’s revenues in 2017 and 2016, respectively, primarily within the Onshore Completion and Workover Services segment. The Company’s assets that are potentially exposed to concentrations of credit risk consist primarily of cash, cash equivalents and trade receivables. The financial institutions in which the Company transacts business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines , thereby minimizing it s exposure to credit risks for deposits in excess of federally insured amounts. Cash Equivalents The Company considers all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Accounts Receivable and Allowances Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. The Company maintains allowances for estimated uncollectible receivables, including bad debts and other items. The allowance for doubtful accounts is based on the Company’s best estimate of probable uncollectible amounts in existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific identification. Inventory Inventories are stated at the lower of cost or net realizable value. The Company applies net realizable value and obsolescence to the gross value of the inventory. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables consist principally of products used in the Company’s services provided to its customers. The components of inventory balances are as follows (in thousands): December 31, 2018 2017 Finished goods $ 54,144 $ 61,764 Raw materials 16,795 13,727 Work-in-process 5,544 6,174 Supplies and consumables 30,822 24,923 Total $ 107,305 $ 106,588 Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets for which reduction in value is recorded during the period and assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. Depreciation is computed using the straight line method over the estimated useful lives of the related assets as follows: Buildings and improvements 5 to 40 years Marine vessels and equipment 5 to 25 years Machinery and equipment 2 to 25 years Automobiles, trucks, tractors and trailers 3 to 10 years Furniture and fixtures 2 to 10 years Reduction in Value of Long-Lived Assets Long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of such assets to their fair value calculated, in part, by the estimated undiscounted future cash flows expected to be generated by the assets. Cash flow estimates are based upon, among other things, historical results adjusted to reflect the best estimate of future market rates, utilization levels, and operating performance. Estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. The Company’s assets are grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. If the asset grouping’s fair value is less than the carrying amount of those items, impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less estimated costs to sell. The net carrying value of assets not fully recoverable is reduced to fair value. The estimate of fair value represents the Company’s best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying values of these assets and, in periods of prolonged down cycles, may result in impairment charges. See note 10 for a discussion of the reduction in value of long-lived assets recorded during 2018, 2017 and 2016. Goodwill The following table summarizes the activity for the Company’s goodwill (in thousands): Onshore Drilling Completion Products and Workover Production and Services Services Services Total Balance, December 31, 2016 $ 135,961 $ 583,550 $ 84,406 $ 803,917 Foreign currency translation adjustment 2,532 - 1,411 3,943 Balance, December 31, 2017 138,493 583,550 85,817 807,860 Foreign currency translation adjustment (1,705) - (529) (2,234) Reduction in value of assets - (583,550) (85,288) (668,838) Balance, December 31, 2018 $ 136,788 $ - $ - $ 136,788 During 2017, the Company adopted the Financial Accounting Standards Board (FASB) update (ASU) 2017-04, Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in the ASU eliminate Step 2 from the goodwill impairment test. The annual or interim goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The Company performs the goodwill impairment test on an annual basis as of October 1 or more often if events or circumstances indicate there may be impairment. Goodwill impairment testing is performed at the reporting unit level, which is consistent with the reporting segments. The Company assesses whether any indicators of impairment exist, which requires a significant amount of judgment. Such indicators may include a sustained decrease in the Company’s stock price and market capitalization; a decline in the expected future cash flows; overall weakness in the industry; and slower growth rates. Goodwill impairment exists when the estimated fair value of the reporting unit is below the carrying value. In estimating the fair value of the reporting units, the Company uses a combination of an income approach and a market-based approach. · Income approach – The Company discounts the expected cash flows of each reporting unit. The discount rate used represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in the Company’s operations and cash flows and the rate of return an outside investor would expect to earn. · Market-based approach – The Company uses the guideline public company method, which focuses on comparing the Company’s risk profile and growth prospects to select reasonably similar publicly traded companies. The Company weighted the income approach 80% and the market-based approach 20% due to differences between the Company’s reporting units and the peer companies’ size, profitability and diversity of operations. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to market capitalization was performed for each unit on a standalone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with the Company’s capitalization. The Company uses all available information to estimate fair value of the reporting units, including discounted cash flows. A significant amount of judgment was involved in performing these evaluations given that the results are based on estimated future events. During the fourth quarter of 2018, the industry climate deteriorated rapidly due to the dramatic decline in crude oil prices and the related large sell-off in the equity markets for issuers in the energy industry. As a result of the adverse changes in the business environment that occurred during the fourth quarter of 2018 and the strategic review of the Company’s expected near-term cash flows from operations, the Company reviewed the goodwill for impairment. It was concluded that at December 31, 2018, the Onshore Completion and Workover Services segment’s goodwill of $583.6 million and the Production Services segment’s goodwill of $85.3 million were fully impaired. The fair value of the Drilling Products and Services segment was substantially in excess of its carrying value. A significant amount of judgment was involved in performing these evaluations given that the results are based on estimated future events. See note 10 for a discussion of the reduction in value of goodwill recorded during 2018 and 2016. At December 31, 2018 and 2017, the Company’s accumulated reduction in value of goodwill was $2,417.1 million and $1,748.2 million, respectively. Notes Receivable The Company’s wholly owned subsidiary, Wild Well, has decommissioning obligations related to its ownership of the oil and gas property and related assets. Notes receivable consist of a commitment from the seller of the property’s sole platform towards its eventual abandonment. Pursuant to an agreement with the seller, the Company will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of this obligation totaled $ 115.0 million and is recorded at present value using an effective interest rate of 6.58 %. The related discount is amortized to interest income based on the expected timing of the platform’s removal. The Company recorded interest income related to notes receivable of $ 3.9 million during 2018 and $ 3.6 million in each of 2017 and 2016 . Restricted Cash Restricted cash represents cash held in escrow to secure the future decommissioning obligations related to the oil and gas property. Intangible and Other Long-Term Assets Intangible assets consist of the following (in thousands): December 31, 2018 2017 Estimated Gross Accumulated Net Gross Accumulated Net Useful Lives Amount Amortization Balance Amount Amortization Balance Customer relationships 17 years $ 133,374 $ (59,711) $ 73,663 $ 165,036 $ (62,930) $ 102,106 Tradenames 10 years 20,717 (13,334) 7,383 30,732 (17,188) 13,544 Non-compete agreements 3 years 4,474 (3,313) 1,161 4,299 (3,241) 1,058 Total $ 158,565 $ (76,358) $ 82,207 $ 200,067 $ (83,359) $ 116,708 Amortization expense was $ 12.7 million, $12.7 million and $16.2 million during 2018 , 2017 and 2016 , respectively. Based on the carrying values of intangible assets at December 31, 2018, amortization expense for the next five years (2019 through 2023) is estimated to be $ 10.0 million per year. During 2018, the Company recorded $21.7 million of expense related to the reduction in carrying values of intangibles in the Onshore Completion and Workover Services and Production Services segments (see note 10). Decommissioning Liabilities The Company’s decommissioning liabilities associated with the oil and gas property and its related assets consist of costs related to the plugging of wells, the removal of the related platform and equipment, and site restoration. The Company reviews the adequacy of its decommissioning liabilities whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially. The following table summarizes the activity for the Company’s decommissioning liabilities (in thousands): December 31, 2018 2017 Balance at beginning of period $ 130,397 $ 123,677 Accretion 4,906 6,837 Liability acquisitions and dispositions - (117) Liabilities settled (5,207) - Balance at end of period $ 130,096 $ 130,397 Income Taxes The Company accounts for income taxes and the related accounts under the asset and liability method. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and rates that are in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on the deferred income taxes is recognized in income in the period in which the change occurs. A valuation allowance is recorded when management believes it is more likely than not that at least some portion of any deferred tax asset will not be realized. It is the Company’s policy to recognize interest and applicable penalties related to uncertain tax positions in income tax expense. Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional shares of common stock that could have been outstanding assuming the exercise of stock options and conversion of restricted stock units. During 2018, 2017 and 2016, the Company incurred losses from continuing operations; as such, the impact of any incremental shares would be anti-dilutive. Foreign Currency Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are reported as accumulated other comprehensive loss in the Company’s stockholders’ equity. For international subsidiaries where the functional currency is the U.S. dollar, financial statements are remeasured into U.S. dollars using the historical exchange rate for most of the long-term assets and liabilities and the balance sheet date exchange rate for most of the current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change. During 2018, 2017 and 2016 , the Company recorded foreign currency gains/(losses) of $(1.9) million, $(2.2) million and $23.5 million, respectively. Stock-Based Compensation The Company records compensation costs relating to share-based payment transactions and includes such costs in general and administrative expenses in the consolidated statements of operations. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). Self-Insurance Reserves The Company is self-insured, through deductibles and retentions, up to certain levels for losses under its insurance programs. The Company accrues for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. The Company regularly reviews the estimates of asserted and unasserted claims and provides for losses through reserves. The Company obtains actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis. New Accounting Pronouncements Standards adopted In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting. The guidance in this ASU applies to all entities that change the terms or conditions of a share-based payment award. The amendments provide clarity and reduce diversity in practice as well as cost and complexity when applying the guidance in Topic 718, Compensation – Stock Compensation, to the modification of the terms and conditions of a share-based payment award. The amendments in ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. The Company adopted the accounting guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments affect all companies and other reporting organizations that must determine whether they have acquired or sold a business. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments provide a more robust framework to use in determining when a set of assets and activities is a business. The Company adopted the accounting guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statements of Cash Flows (Topic 230): Restricted Cash. The guidance in this ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the accounting guidance as of January 1, 2018 and applied it retrospectively to the periods presented in the Company’s consolidated statements of cash flows. For 2017, net cash used in investing activities was adjusted to exclude the change in restricted cash related to cash held in escrow for the future decommissioning obligations associated with an oil and gas property. The adjustment resulted in a $30.6 million decrease in net cash used in investing activities for the year ended December 31, 2017. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The guidance in this ASU requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The Company adopted the accounting guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which replaced most existing revenue recognition guidance in GAAP. The guidance in this ASU requires an entity to recognize the amount of revenue that it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this ASU as of January 1, 2018. The Company adopted this ASU using the modified retrospective adoption method. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and no cumulative effect adjustment was recognized. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires lessees to recognize the assets and liabilities arising from leases on the balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. The Company adopted the new standard on January 1, 2019 and used the effective date as the date of initial application. Therefore, prior period financial information that will be presented in the Company’s future filings will not be adjusted and will continue to be reflected in accordance with the Company’s historical accounting policy. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients,” which, among other things, allows the Company to carry forward its historical lease classification. On January 1, 2019, the Company recognized additional operating liabilities of approximately $100.0 million, with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments for existing operating leases. Subsequent Events In accordance with authoritative guidance, the Company has evaluated and disclosed all material subsequent events that occurred after the balance sheet date, but before financial statements were issued . |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Revenue | (2) Revenue Adoption of ASU 2014-09, Revenue from Contracts with Customers Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The Company adopted this ASU using the modified retrospective adoption method. There was no impact on the consolidated financial statements and no cumulative effect adjustment was recognized. Revenue Recognition Revenues are recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services rendered or rentals provided. Taxes collected from customers and remitted to governmental authorities and revenues are reported on a net basis in the Company’s financial statements. Performance Obligations A performance obligation arises under contracts with customers to render services or provide rentals, and is the unit of account under Topic 606. The Company accounts for services rendered and rentals provided separately if they are distinct and the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered or rentals provided on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. A contract’s standalone selling prices are determined based on the prices that the Company charges for its services rendered and rentals provided. The majority of the Company’s performance obligations are satisfied over time, which is generally represented by a period of 30 days or less. The Company’s payment terms vary by the type of products or services offered. The term between invoicing and when the payment is due is typically 30 days. Services revenue primarily represents amounts charged to customers for the completion of services rendered, including labor, products and supplies necessary to perform the service. Rates for these services vary depending on the type of services provided and can be based on a per job, per hour or per day basis. Rentals revenue is primarily priced on a per day, per man hour or similar basis and consists of fees charged to customers for use of the Company’s rental equipment over the term of the rental period, which is generally less than twelve months. The Company expenses sales commissions when incurred because the amortization period would have been one year or less. Disaggregation of revenue The following table presents the Company’s revenues by segment disaggregated by geography (in thousands): 2018 2017 2016 U.S. land Drilling Products and Services $ 176,448 $ 117,856 $ 64,251 Onshore Completion and Workover Services 1,057,656 935,183 523,966 Production Services 195,363 151,632 87,434 Technical Solutions 31,137 34,283 42,097 Total U.S. land $ 1,460,604 $ 1,238,954 $ 717,748 Gulf of Mexico Drilling Products and Services $ 100,855 $ 91,507 $ 120,323 Onshore Completion and Workover Services - - - Production Services 66,512 74,033 84,839 Technical Solutions 160,507 161,766 157,603 Total Gulf of Mexico $ 327,874 $ 327,306 $ 362,765 International Drilling Products and Services $ 106,416 $ 84,327 $ 108,968 Onshore Completion and Workover Services - - - Production Services 156,650 147,116 176,090 Technical Solutions 78,721 76,373 84,476 Total International $ 341,787 $ 307,816 $ 369,534 Total Revenues $ 2,130,265 $ 1,874,076 $ 1,450,047 The following table presents the Company’s revenues by segment disaggregated by type (in thousands): 2018 2017 2016 Services Drilling Products and Services $ 101,969 $ 81,788 $ 77,628 Onshore Completion and Workover Services 1,015,908 903,048 503,777 Production Services 381,957 354,445 308,226 Technical Solutions 250,135 254,859 272,613 Total services $ 1,749,969 $ 1,594,140 $ 1,162,244 Rentals Drilling Products and Services $ 281,750 $ 211,902 $ 215,915 Onshore Completion and Workover Services 41,748 32,135 20,188 Production Services 36,568 18,336 40,137 Technical Solutions 20,230 17,563 11,563 Total rentals $ 380,296 $ 279,936 $ 287,803 Total Revenues $ 2,130,265 $ 1,874,076 $ 1,450,047 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | (3) Property, Plant and Equipment A summary of property, plant and equipment is as follows (in thousands): December 31, 2018 2017 Machinery and equipment $ 3,229,793 $ 3,505,171 Buildings, improvements and leasehold improvements 278,339 293,133 Automobiles, trucks, tractors and trailers 26,522 32,185 Furniture and fixtures 52,045 62,632 Construction-in-progress 38,119 37,236 Land 58,047 58,363 Oil and gas producing assets 66,605 64,844 Total 3,749,470 4,053,564 Accumulated depreciation and depletion (2,640,344) (2,736,620) Property, plant and equipment, net $ 1,109,126 $ 1,316,944 The Company had $ 74.9 million and $73.6 million of leasehold improvements at December 31, 2018 and 2017, respectively. These leasehold improvements are depreciated over the shorter of the life of the asset or the term of the lease using the straight line method. Depreciation expense (excluding depletion, amortization and accretion) was $ 374.5 million, $419.2 million and $ 486.9 million during 2018, 2017 and 2016 , respectively. During 2018, the Company recorded $49.1 million related to reduction in value of property, plant and equipment (see note 10). |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Debt | (4) Debt The Company’s outstanding debt is as follows (in thousands): December 31, 2018 2017 Long-term Long-term Senior unsecured notes due September 2024 $ 500,000 $ 500,000 Senior unsecured notes due December 2021 800,000 800,000 Total debt, gross 1,300,000 1,300,000 Unamortized debt issuance costs (17,079) (20,229) Total debt, net $ 1,282,921 $ 1,279,771 Debt maturities presented as of December 31, 2018 are as follows (in thousands): 2019 $ - 2020 - 2021 800,000 2022 - 2023 - Thereafter 500,000 Total $ 1,300,000 Credit Facility The Company has an asset-based revolving credit facility which matures in October 2022. The borrowing base under the credit facility is calculated based on a formula referencing the borrower’s and the subsidiary guarantors’ eligible accounts receivable, eligible inventory and eligible premium rental drill pipe less reserves. Availability under the credit facility is the lesser of (i) the commitments, (ii) the borrowing base and (iii) the highest principal amount permitted to be secured under the indenture governing the 7 1/8% senior unsecured notes due 2021. At December 31, 2018, the borrowing base was $2 49.6 million and the Company had $52.3 million of letters of credit outstanding that reduced its borrowing availability under the revolving credit facility. The credit agreement contains various covenants, including, but not limited to, limitations on the incurrence of indebtedness, permitted investments, liens on assets, making distributions, transactions with affiliates, merger, consolidations, dispositions of assets and other provisions customary in similar types of agreements. Senior Unsecured Notes The Company has outstanding $500 million of 7 3/4% senior unsecured notes due September 2024. The indenture governing the 7 3/4% senior unsecured notes due 2024 requires semi-annual interest payments on March 15 and September 15 of each year through the maturity date of September 15, 2024. The Company also has outstanding $ 800 million of 7 1/8% senior unsecured notes due December 2021. The indenture governing the 7 1/8% senior unsecured notes due 2021 requires semi-annual interest payments on June 15 and December 15 of each year through the maturity date of December 15, 2021. |
Stock-Based And Long-Term Incen
Stock-Based And Long-Term Incentive Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based And Long-Term Incentive Compensation [Abstract] | |
Stock-Based And Long-Term Incentive Compensation | (5) Stock-Based and Long-Term Incentive Compensation The Company is authorized to grant restricted stock units, stock options, performance share units and other cash and stock awards as part of the Long-Term Incentive Program (LTIP). The Compensation Committee determines the recipients of the equity awards, the type of awards made, the required performance measures, and the timing and duration of each grant. At December 31, 2018, 5,877,000 shares of the Company’s common stock were available for future grants under the plan. Total stock-based compensation expense and the associated tax benefits are as follows (in thousands): Years ended December 31, 2018 2017 2016 Stock options $ 4,247 $ 4,289 $ 4,870 Restricted stock - - 382 Restricted stock units 19,828 21,899 24,762 Performance share units 6,912 9,740 10,167 Total compensation expense 30,987 35,928 40,181 Related income taxes 7,189 8,335 14,867 Total compensation expense, net of income taxes $ 23,798 $ 27,593 $ 25,314 Total stock-based compensation expense is reflected in general and administrative expenses in the consolidated statements of operations. Stock Options Stock options are granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. The stock options generally vest in equal installments over three years and expire in ten years from the grant date. Non-vested stock options are generally forfeited upon termination of employment. The Company recognizes compensation expense for stock option grants based on the fair value at the date of grant using the Black-Scholes-Merton option pricing model. The Company uses historical data, among other factors, to estimate the expected volatility and the expected life of the stock options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the stock option. The dividend yield is based on our historical and projected dividend payouts. The weighted average fair values of stock options granted and the assumptions used in estimating those fair values are as follows: Years ended December 31, 2018 2017 2016 Weighted average fair value of stock options granted $ 5.61 $ 8.36 $ 3.61 Black-Scholes-Merton Assumptions: Risk free interest rate 2.43 % 1.96 % 1.46 % Expected life (years) 6 6 5 Volatility 51.21 % 48.22 % 55.72 % Dividend yield - - 3.28 The following table summarizes stock option activity for 2018: Number of Options Weighted Average Option Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of period 6,138,653 $ 18.75 5.4 $ - Granted 567,967 $ 11.04 Exercised - $ - Expired (271,167) $ 14.1 Outstanding at end of period 6,435,453 $ 18.27 5.0 $ - Exercisable at end of period 5,022,592 $ 20.13 4.2 $ - Options expected to vest at end of period 1,412,861 $ 11.65 8.0 $ - The total intrinsic value of stock options exercised during 2018, 2017 and 2016 was $0 , $ 0 and $0.3 million, respectively. The Company received $0 , $0.1 million and $0.5 million during 2018, 2017 and 2016, respectively, from employee stock option exercises. The Company has reported tax benefits of $ 0 , $0 and $0.1 million from the exercise of stock options for 2018, 2017 and 2016, respectively. The following table summarizes non-vested stock option activity for 2018: Number of Options Weighted Average Grant Date Fair Value Non-vested at beginning of period 1,748,933 $ 12.18 Granted 567,967 $ 11.04 Vested (904,039) $ 12.3 Non-vested at end of period 1,412,861 $ 8.00 At December 31, 2018 , the unrecognized compensation expense related to non-vested stock options was $3.3 million. The Company expects to recognize $2.2 million and $1.1 million of compensation expense associated with these options during 2019 and 2020, respectively. Restricted Stock Units Restricted stock unit awards (RSUs) vest in equal annual installments over three years. On the vesting date, each RSU is converted to one share of the Company’s common stock having an aggregate value determined by the Company’s closing stock price on the vesting date. Holders of RSUs are not entitled to any rights of a stockholder, such as the right to vote shares. The following table summarizes RSU activity for 2018: Number of RSUs Weighted Average Grant Date Fair Value Non-vested at beginning of period 3,192,000 $ 14.87 Granted 2,030,896 $ 11.31 Vested (1,534,153) $ 14.26 Forfeited (266,307) $ 12.51 Non-vested at end of period 3,422,436 $ 13.22 At December 31, 2018 , there was $21.0 million of unrecognized compensation expense related to unvested RSUs. The Company expects to recognize $13.7 million, $7.0 million, and $0.3 million associated with unvested RSUs for 2019, 2020, and 2021, respectively. Performance Share Units The Company has issued performance share units (PSUs) to its employees as part of the Company’s LTIP. There is a three -year performance period associated with each PSU grant. The two performance metrics are the Company’s return on assets and total stockholder return relative to those of the Company’s pre-defined “peer group.” The PSUs will settle in cash or a combination of cash and up to 50 % of equivalent value in the Company’s common stock, at the discretion of the Compensation Committee. At December 31, 2018 , there were 320,284 PSUs outstanding ( 115,397 , 97,044 and 107,843 related to performance periods ending December 31, 2018, 2019 and 2020, respectively). The Company has recorded both current and long-term liabilities for this liability-based compensation award. Employee Stock Purchase Plan (ESPP) Eligible employees are allowed to purchase shares of the Company’s common stock at a discount during six-month offering periods beginning on January 1st and July 1st of each year and ending on June 30 and December 31 of each year, respectively. The following table summarizes ESPP activity (in thousands except shares): Years ended December 31, 2018 2017 2016 Cash received for shares issued $ 2,625 $ 3,074 $ 3,681 Compensation expense $ 463 $ 542 $ 1,492 Shares issued 550,950 360,465 290,987 401(k)/Profit Sharing Plan The Company maintains a defined contribution profit sharing plan for employees who have satisfied minimum service requirements. Employees may contribute up to 75 % of their eligible earnings to the plan subject to the contribution limitations imposed by the Internal Revenue Service. The Company provides a nondiscretionary match of 100 % of an employee’s contributions to the plan, up to 4 % of the employee’s salary. The Company made contributions of $ 10.0 million, $ 8.4 million and $ 8.7 million 2018, 2017 and 2016 , respectively. Non-Qualified Deferred Compensation Plans The Company maintains a non-qualified deferred compensation plan which allows senior management to defer up to 75 % of their base salary, up to 100 % of their bonus, up to 100 % of the cash portion of their PSU compensation and up to 100% of the vested RSUs to the plan. The Company also maintains a non-qualified deferred compensation plan for its non-employee directors which allows each director to defer up to 100 % of their cash compensation paid by the Company and up to 100% of their vested RSUs to the plan. Payments are made to participants based on their annual enrollment elections and plan balances. The following table summarizes deferred compensation balances (in thousands): December 31, Balance sheet location 2018 2017 Deferred compensation assets Intangible and other long-term assets, net $ 13,306 $ 14,187 Deferred compensation liabilities, short-term Accounts payable $ 1,138 $ 1,253 Deferred compensation liabilities, long-term Other long-term liabilities $ 19,766 $ 21,085 Supplemental Executive Retirement Plan The Company has a supplemental executive retirement plan (SERP). The SERP provides retirement benefits to the Company’s executive officers and certain other designated key employees. The SERP is an unfunded, non-qualified defined contribution retirement plan, and all contributions under the plan are unfunded credits to a notional account maintained for each participant. Under the SERP, the Company will generally make annual contributions to a retirement account based on age and years of service. The participants in the plan receive contributions ranging from 5 % to 35 % of salary and annual cash bonus, which totaled $1. 2 million, $ 0. 9 million and $2.2 million during 2018 , 2017 and 2016 , respectively. During 2018, 2017 and 2016, the Company paid $ 0 , $0 and $ 1.4 million, respectively, to eligible participants in the SERP. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | (6) Income Taxes The components of loss from continuing operations before income taxes are as follows (in thousands): Years ended December 31, 2018 2017 2016 Domestic $ (880,988) $ (336,095) $ (1,097,109) Foreign (21,831) (41,656) (3,232) $ (902,819) $ (377,751) $ (1,100,341) The components of income tax benefit (provision) are as follows (in thousands): Years ended December 31, 2018 2017 2016 Current: Federal $ - $ - $ (101,578) State 2,118 (750) (159) Foreign 14,856 9,137 19,156 16,974 8,387 (82,581) Deferred: Federal (68,469) (201,768) (179,721) State (4,161) 6,109 (9,348) Foreign 10,223 (3,468) 4,649 (62,407) (199,127) (184,420) $ (45,433) $ (190,740) $ (267,001) A reconciliation of the U.S. statutory federal tax rate to the consolidated effective tax rate is as follows (in thousands): Years ended December 31, 2018 2017 2016 Computed expected tax benefit $ (189,592) $ (132,213) $ (385,119) Increase (decrease) resulting from State and foreign income taxes 10,437 16,437 (8,038) Reduction in value of assets 115,253 - 115,725 U.S. Tax Reform - (76,529) - Other 18,469 1,565 10,431 Income tax benefit $ (45,433) $ (190,740) $ (267,001) During 2018, the Company recorded a $668.9 million reduction in value of goodwill relating to its Onshore Completion and Workover Services and Production Services segments. For tax purposes, the goodwill impairment generated a reduction to the permanent book-tax basis difference of $548.8 million and a reduction to the book-tax temporary basis difference of $102.0 million net of current year amortization expense of $18.0 million. On December 22, 2017, U.S. Tax Reform was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017 and the transition of U.S. international taxation from a worldwide tax system to a modified territorial system. As a result, the Company recorded a provisional income tax benefit of $76.5 million during the fourth quarter of 2017. During 2018, the Company finalized its assessment of the impact of U.S. Tax Reform and no material adjustments were recorded. The tax effects of temporary differences that give rise to significant components of deferred income tax assets and liabilities are as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Allowance for doubtful accounts $ 856 $ 5,717 Operating loss and tax credit carryforwards 146,926 118,687 Compensation and employee benefits 38,006 38,261 Decommissioning liabilities 27,979 26,875 Other 25,331 28,807 239,098 218,347 Valuation allowance (25,571) (8,722) Net deferred tax assets 213,527 209,625 Deferred tax liabilities: Property, plant and equipment 146,971 177,231 Notes receivable 12,977 12,977 Goodwill and other intangible assets 38,955 64,746 Other 14,624 15,729 Deferred tax liabilities 213,527 270,683 Net deferred tax liability $ - $ 61,058 At December 31, 2018 , the Company had $ 222.8 million in U.S. net operating loss carryforwards, which are available to reduce future taxable income. The expiration date for utilization of the U.S. loss carryforwards is 2037 for losses generated before 2018. Losses generated in 2018 and later cannot be carried back and have an indefinite carryforward that is limited to 80% of taxable income. At December 31, 2018 , the Company also had various state net operating loss carryforwards with expiration dates from 2019 to 2038. A net deferred tax asset of $ 24.6 million reflects the expected future tax benefit for the state loss carryforwards. At December 31, 2018, the Company also had a U.S. foreign tax credit carryforward of $54.5 million with expiration dates from 2021 to 2028. The net deferred tax assets reflect management’s estimate of the amount that will be realized from future profitability and the reversal of taxable temporary differences that can be predicted with reasonable certainty. After considering all available evidence at December 31, 2018, the Company determined that it was more likely than not that a portion of the carryforwards would not be realized. Accordingly, the Company increased deferred income tax expense by an additional $16. 8 million in the valuation allowance. The Company has not provided income tax expense on earnings of its foreign subsidiaries, since the Company has reinvested or expects to reinvest undistributed earnings outside the U.S. indefinitely. At December 31, 2018 , the Company’s foreign subsidiaries had an overall accumulated deficit in earnings. The Company does not intend to repatriate the earnings of its profitable foreign subsidiaries. The Company has not provided U.S. income taxes for such earnings, except to the extent that such earnings were previously subject to U.S. income taxes. These earnings could become subject to U.S. income tax if repatriated. It is not practicable to estimate the amount of taxes that might be payable on such undistributed earnings. The U.S. Tax Reform imposes a tax on post-1986 earnings of non-U.S. affiliates that have not been repatriated for purposes of US federal income tax, with those earnings taxed at rates of 15.5% for earnings reflected by cash and cash equivalent items and 8% for other assets. The cash tax effects of this deemed repatriation can be remitted in installments over an eight-year period. The Company made reasonable estimates of the effects and determined the impact was not material to its financial statements. The Company files income tax returns in the U.S., including federal and various state filings, and certain foreign jurisdictions. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. The Company remains subject to U.S. federal tax examinations for years after 2017. The Company had unrecognized tax benefits of $30. 6 million, $ 30. 7 million and $ 29. 9 million as of December 31, 2018 , 2017 and 2016 , respectively, all of which would impact the Company’s effective tax rate if recognized. The activity in unrecognized tax benefits is as follows (in thousands): Years ended December 31, 2018 2017 2016 Unrecognized tax benefits at beginning of period $ 30,656 $ 29,956 $ 29,715 Additions based on tax positions related to prior years 1,899 5,576 6,874 Reductions based on tax positions related to prior years (1,864) (4,671) (3,582) Reductions as a result of a lapse of the applicable statute of limitations (133) (205) (3,051) Unrecognized tax benefits at end of period $ 30,558 $ 30,656 $ 29,956 The amounts above include accrued interest and penalties of $9.7 million, $9.7 million and $7.4 million at December 31, 2018, 2017 and 2016, respectively . The Company recorded $0 , $2.2 million and $2.5 million of interest and penalties for 2018, 2017 and 2016, respectively, classified as a component of income tax expense in the consolidated statements of operations. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Information [Abstract] | |
Segment Information | (7) Segment Information Business Segments The Drilling Products and Services segment rents and sells bottom hole assemblies, premium drill pipe, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, completion, production and workover activities. It also provides on-site accommodations and machining services. The Onshore Completion and Workover Services segment provides pressure pumping services used to complete and stimulate production in new oil and gas wells, fluid handling services and well servicing rigs that provide a variety of well completion, workover and maintenance services. The Production Services segment provides intervention services such as coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, production testing and optimization, and remedial pumping services. The Technical Solutions segment provides services typically requiring specialized engineering, manufacturing or project planning, including well containment systems, stimulation and sand control services, well plug and abandonment services and the production and sale of oil and gas. The Company evaluates the performance of its reportable segments based on income or loss from operations excluding allocated corporate expenses. The segment measure is calculated as follows: segment revenues less segment operating expenses, depreciation, depletion, amortization and accretion expense and reduction in value of assets. The Company uses this segment measure to evaluate its reportable segments because it is the measure that is most consistent with how the Company organizes and manages its business operations. Corporate and other costs primarily include expenses related to support functions, salaries and benefits for corporate employees and stock-based compensation expense. Summarized financial information for the Company’s segments is as follows (in thousands): 2018 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 383,719 $ 1,057,656 $ 418,525 $ 270,365 $ - $ 2,130,265 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 148,019 846,907 342,420 164,758 - 1,502,104 Depreciation, depletion, amortization and accretion 112,111 190,592 66,993 25,653 5,499 400,848 General and administrative expenses 53,688 37,170 41,499 57,600 99,295 289,252 Reduction in value of assets - 644,813 92,252 - 2,660 739,725 Income (loss) from operations 69,901 (661,826) (124,639) 22,354 (107,454) (801,664) Interest income (expense), net - - - 3,915 (103,392) (99,477) Other expense - - - - (1,678) (1,678) Income (loss) from continuing operations before income taxes $ 69,901 $ (661,826) $ (124,639) $ 26,269 $ (212,524) $ (902,819) 2017 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 293,690 $ 935,183 $ 372,781 $ 272,422 $ - $ 1,874,076 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 128,381 791,581 303,256 175,477 - 1,398,695 Depreciation, depletion, amortization and accretion 131,394 193,098 78,999 29,506 5,719 438,716 General and administrative expenses 51,265 44,766 48,655 51,679 99,142 295,507 Reduction in value of assets 1,356 4,684 - 8,115 - 14,155 Income (loss) from operations (18,706) (98,946) (58,129) 7,645 (104,861) (272,997) Interest income (expense), net - - - 3,567 (105,022) (101,455) Other expense - - - - (3,299) (3,299) Income (loss) from continuing operations before income taxes $ (18,706) $ (98,946) $ (58,129) $ 11,212 $ (213,182) $ (377,751) 2016 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 293,543 $ 523,965 $ 348,363 $ 284,176 $ - $ 1,450,047 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 136,719 515,784 276,223 194,548 - 1,123,274 Depreciation, depletion, amortization and accretion 159,937 207,038 93,878 42,393 6,725 509,971 General and administrative expenses 64,182 48,837 49,687 65,299 118,601 346,606 Reduction in value of assets 48,903 190,835 235,067 25,600 - 500,405 Income (loss) from operations (116,198) (438,529) (306,492) (43,664) (125,326) (1,030,209) Interest income (expense), net - - (1,343) 3,553 (94,963) (92,753) Other expense - - - - 22,621 22,621 Income (loss) from continuing operations before income taxes $ (116,198) $ (438,529) $ (307,835) $ (40,111) $ (197,668) $ (1,100,341) Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total December 31, 2018 $ 587,264 $ 808,037 $ 434,430 $ 340,161 $ 46,070 $ 2,215,962 December 31, 2017 $ 662,968 $ 1,501,214 $ 512,256 $ 377,549 $ 56,238 $ 3,110,225 December 31, 2016 $ 824,287 $ 1,534,008 $ 598,167 $ 439,521 $ 74,272 $ 3,470,255 Capital Expenditures Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total December 31, 2018 $ 46,649 $ 147,793 $ 8,651 $ 16,221 $ 2,056 $ 221,370 December 31, 2017 $ 27,219 $ 115,415 $ 7,860 $ 13,296 $ 1,143 $ 164,933 December 31, 2016 $ 35,413 $ 20,094 $ 20,848 $ 3,829 $ 364 $ 80,548 Geographic Segments The Company attributes revenue to various countries based on the location where services are performed or the destination of the drilling products or equipment sold or rented. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period. The Company’s revenue attributed to the U.S. and to other countries and the value of its long-lived assets by those locations is as follows (in thousands): Revenues Years ended December 31, 2018 2017 2016 United States $ 1,788,478 $ 1,566,260 $ 1,080,513 Other countries 341,787 307,816 369,534 Total $ 2,130,265 $ 1,874,076 $ 1,450,047 Long-Lived Assets December 31, 2018 2017 United States $ 903,520 $ 1,064,823 Other countries 205,606 252,121 Total $ 1,109,126 $ 1,316,944 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (8) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities; Level 2 : Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets or model-derived valuations or other inputs that can be corroborated by observable market data; and Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis (in thousands): Fair Value at December 31, 2018 Level 1 Level 2 Level 3 Total Intangible and other long-term assets, net: Non-qualified deferred compensation assets $ 376 $ 12,930 $ - $ 13,306 Accounts payable: Non-qualified deferred compensation liabilities $ - $ 1,138 $ - $ 1,138 Other long-term liabilities: Non-qualified deferred compensation liabilities $ - $ 19,766 $ - $ 19,766 Total debt $ 1,084,711 $ - $ - $ 1,084,711 Fair Value at December 31, 2017 Level 1 Level 2 Level 3 Total Intangible and other long-term assets, net: Non-qualified deferred compensation assets $ 370 $ 13,817 $ - $ 14,187 Accounts payable: Non-qualified deferred compensation liabilities $ - $ 1,253 $ - $ 1,253 Other long-term liabilities: Non-qualified deferred compensation liabilities $ - $ 21,085 $ - $ 21,085 Total debt $ 1,346,985 $ - $ - $ 1,346,985 The Company’s non-qualified deferred compensation plans allow officers, certain highly compensated employees and non-employee directors to defer receipt of a portion of their compensation and contribute such amounts to one or more hypothetical investment funds (see note 5). The Company entered into separate trust agreements, subject to general creditors, to segregate assets of each plan and reports the accounts of the trusts in its consolidated financial statements. These investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent Levels 1 and 2, respectively, in the fair value hierarchy. The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued expenses, as reflected in the consolidated balance sheets, approximates fair value due to the short maturities. The fair value of the debt instruments is determined by reference to the market value of the instrument as quoted in an over-the-counter market. The following table reflects the fair value measurements used in testing the impairment of long-lived assets and goodwill (in thousands): Years Ended December 31, 2018 Impairment Fair Value Property, plant and equipment, net $ 49,198 $ 65,441 Goodwill $ 668,838 $ - Intangible assets $ 21,689 $ - Fair value is measured as of the impairment date using Level 3 inputs. See note 10 for discussion of reduction in value of assets recorded during 2018. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (9) Commitments and Contingencies The Company leases most of its office, service and assembly facilities under operating leases. In addition, the Company also leases certain assets used in providing services under operating leases. The leases expire at various dates over an extended period of time. For 2018, total operating lease expense, which includes short-term and variable lease expenses, was $ 53.9 million. For 2017 and 2016, total rent expense was $ 15.3 million and $ 24.1 million, respectively. Future minimum lease payments under long-term leases for the five years ending December 31, 2019 through 2023 and thereafter are as follows: $ 30.8 million, $ 24.3 million, $ 16.6 million, $ 9.8 million and $ 6.9 million, respectively. Due to the nature of the Company’s business, the Company is involved, from time to time, in routine litigation or subject to disputes or claims regarding its business activities. Legal costs related to these matters are expensed as incurred. However, based on current circumstances, the Company does not believe that the ultimate resolution of these proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on its financial position, results of operations or cash flows. |
Reduction in Value of Assets
Reduction in Value of Assets | 12 Months Ended |
Dec. 31, 2018 | |
Reduction In Value Of Assets [Abstract] | |
Reduction In Value Of Assets | (10) Reduction in Value of Assets During 201 8 , 2017 and 2016, the Company recorded $739.7 million, $14. 2 million and $500.4 million in expense related to reduction in value of assets, respectively. The components of the reductions in value of assets are as follows (in thousands): Years ended December 31, 2018 2017 2016 Reduction in value of goodwill $ 668,838 $ - $ 330,500 Reduction in value of long-lived assets 70,887 14,155 143,803 Retirements of long-lived assets - - 26,102 Total reduction in value of assets $ 739,725 $ 14,155 $ 500,405 Reduction in Value of Goodwill During 2018, the Company recorded a $668.9 million reduction in value of goodwill relating to its Onshore Completion and Workover Services and Production Services segments. The Company determined that the fair value of its goodwill for the Onshore Completion and Workover Services segment was less than its carrying value and fully wrote-off the goodwill balance of $583.6 million. In addition, the Company determined that the fair value of its goodwill for the Production Services segment was less than its carrying value and fully wrote-off the goodwill balance of $85.3 million. During 2016 , the Company recorded a $330.5 million reduction in value of goodwill relating to its Onshore Completion and Workover Services and Production Services segments. The Company determined that the implied fair value of its goodwill for the Onshore Completion and Workover Services segment was less than its carrying value and recorded a $140.0 million impairment of the Onshore Completion and Workover Services segment’s goodwill. In addition, the Company determined that the implied fair value of its goodwill for the Production Services segment was less than its carrying value and recorded a $190.5 million impairment of the Production Services segment’s goodwill. Reduction in Value of Long-Lived Assets During 2018, the Company recorded $70.8 million in connection with the reduction in value of its long-lived assets. The reduction in value of assets was comprised of $41.4 million and $19.8 million related to property, plant and equipment and intangibles, respectively, in the well servicing rigs business in the Onshore Completion and Workover Services segment and $5.1 million related to property, plant and equipment and $1.9 million related to intangibles in the Production Services segment. The reduction in value of assets recorded during 2018 was primarily driven by the decline in demand for these services and the forecast did not indicate a timely recovery sufficient to support the carrying values of these assets. In addition, the Company recorded a $2.6 million reduction in carrying value of its former corporate facility and its related assets. During 2017, the Company recorded $14.2 million in connection with the reduction in value of its long-lived assets. The reduction in value of assets was comprised of $8.1 million related to property, plant and equipment in the Technical Solutions segment and $6.1 million related to property, plant and equipment primarily in the Onshore Completion and Workover Services segment. During 2016, the Company recorded $ 143.8 million in connection with the reduction in value of its long-lived assets. The reduction in value of assets was comprised of $4.9 million related to equipment and $45.9 million related to intangibles in the fluid management business in the Onshore Completion and Workover Services segment and $21.4 million related to equipment and $21.0 million related to intangibles, primarily relating to the cementing business in the Production Services segment. Also, the Company recorded $25.0 million related to the reduction in carrying values of certain accommodation units included in the Drilling Products and Services segment. In addition, the Company recorded $25.6 million related to the reduction in carrying values of the marine vessels and equipment in the conventional decommissioning division in its Technical Solutions segment. The reduction in value of assets recorded during 2016 was primarily driven by the decline in demand for these services. Retirements of Long-Lived Assets During 2016, the Company recorded $26.1 million, primarily in the Drilling Products and Services segment, for retirement and abandonment of excess and inoperable and/or functionally obsolete long-lived assets that would require a significant cost to refurbish. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | (11) Discontinued Operations During 2018, the remaining marine vessels and equipment of the Company’s former subsea construction business were disposed of, resulting in a $0.8 million loss on sale. Loss from discontinued operations for 2018, 2017 and 2016 was $0.7 million, $18.9 million and $53.6 million, respectively. The following summarizes the assets and liabilities related to the business reported as discontinued operations (in thousands): December 31, 2017 Current assets $ 3,144 Property, plant and equipment, net 10,500 Total assets $ 13,644 Current liabilities $ 6,463 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information | (12) Supplemental Guarantor Information SESI, L.L.C. (the Issuer), a 100% owned subsidiary of Superior Energy Services, Inc. (Parent), has $500 million of 7 3/4% senior unsecured notes due 2024. The Parent, along with certain of its 100% owned domestic subsidiaries, fully and unconditionally guaranteed the senior unsecured notes, and such guarantees are joint and several. SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Balance Sheets December 31, 2018 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ - $ 102,224 $ 707 $ 55,119 $ - $ 158,050 Accounts receivable, net - 160 367,497 79,696 - 447,353 Intercompany accounts receivable - 12,279 74,906 3,489 (90,674) - Other current assets - 12,805 111,560 43,137 - 167,502 Total current assets - 127,468 554,670 181,441 (90,674) 772,905 Property, plant and equipment, net - 10,129 920,978 178,019 - 1,109,126 Goodwill - - 80,544 56,244 - 136,788 Notes receivable - - 63,993 - - 63,993 Long-term intercompany accounts receivable 2,243,431 - 1,991,912 182,284 (4,417,627) - Equity investments of consolidated subsidiaries (1,952,647) 3,754,887 5,992 - (1,808,232) - Restricted cash - - 5,653 45 - 5,698 Intangible and other long-term assets, net - 19,255 100,847 7,350 - 127,452 Total assets $ 290,784 $ 3,911,739 $ 3,724,589 $ 605,383 $ (6,316,533) $ 2,215,962 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ - $ 8,807 $ 109,903 $ 20,615 $ - $ 139,325 Accrued expenses 45 102,845 86,926 29,364 - 219,180 Income taxes payable - 1,237 - (503) - 734 Intercompany accounts payable - 724 6,869 83,081 (90,674) - Current portion of decommissioning liabilities - - - 3,538 - 3,538 Total current liabilities 45 113,613 203,698 136,095 (90,674) 362,777 Decommissioning liabilities - - 126,558 - - 126,558 Long-term debt, net - 1,282,921 - - - 1,282,921 Long-term intercompany accounts payable - 4,417,627 - - (4,417,627) - Other long-term liabilities - 50,225 76,543 26,199 - 152,967 Total stockholders' equity (deficit) 290,739 (1,952,647) 3,317,790 443,089 (1,808,232) 290,739 Total liabilities and stockholders' equity $ 290,784 $ 3,911,739 $ 3,724,589 $ 605,383 $ (6,316,533) $ 2,215,962 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Balance Sheets December 31, 2017 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ - $ 126,533 $ 440 $ 45,027 $ - $ 172,000 Accounts receivable, net - - 332,402 70,889 (5,235) 398,056 Income taxes receivable - - (221) 1,180 - 959 Intercompany accounts receivable - 6,460 58,375 5,865 (70,700) - Other current assets - 11,895 129,970 34,295 - 176,160 Assets held for sale - - - 13,644 - 13,644 Total current assets - 144,888 520,966 170,900 (75,935) 760,819 Property, plant and equipment, net - 12,055 1,093,446 211,443 - 1,316,944 Goodwill - - 657,099 150,761 - 807,860 Notes receivable - - 60,149 - - 60,149 Long-term intercompany accounts receivable 2,221,697 - 2,032,056 177,842 (4,431,595) - Equity investments of consolidated subsidiaries (1,088,736) 4,481,702 6,590 - (3,399,556) - Restricted cash - - 20,483 - - 20,483 Intangible and other long-term assets, net - 22,118 113,632 8,220 - 143,970 Total assets $ 1,132,961 $ 4,660,763 $ 4,504,421 $ 719,166 $ (7,907,086) $ 3,110,225 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ - $ 14,339 $ 89,714 $ 20,898 $ (5,235) $ 119,716 Accrued expenses 532 116,767 80,825 23,633 - 221,757 Intercompany accounts payable - 724 7,918 62,058 (70,700) - Current portion of decommissioning liabilities - - 25,670 1,591 - 27,261 Liabilities held for sale - - - 6,463 - 6,463 Total current liabilities 532 131,830 204,127 114,643 (75,935) 375,197 Deferred income taxes - (147,116) 205,386 2,788 - 61,058 Decommissioning liabilities - - 101,293 1,843 - 103,136 Long-term debt, net - 1,279,771 - - - 1,279,771 Long-term intercompany accounts payable - 4,431,595 - - (4,431,595) - Other long-term liabilities - 53,419 79,061 26,154 - 158,634 Total stockholders' equity (deficit) 1,132,429 (1,088,736) 3,914,554 573,738 (3,399,556) 1,132,429 Total liabilities and stockholders' equity $ 1,132,961 $ 4,660,763 $ 4,504,421 $ 719,166 $ (7,907,086) $ 3,110,225 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 1,889,751 271,769 (31,255) $ 2,130,265 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - (13,265) 1,355,524 191,100 (31,255) 1,502,104 Depreciation, depletion, amortization and accretion - 3,945 351,974 44,929 - 400,848 General and administrative expenses - 95,725 142,451 51,076 - 289,252 Reduction in value of assets - - 647,441 92,284 - 739,725 Income (loss) from operations - (86,405) (607,639) (107,620) - (801,664) Other income (expense): Interest expense, net - (103,594) 3,950 167 - (99,477) Other income (expense) - 71 1,014 (2,763) - (1,678) Equity in earnings (losses) of consolidated subsidiaries (858,115) (707,348) (597) - 1,566,060 - Income (loss) from operations before income taxes (858,115) (897,276) (603,272) (110,216) 1,566,060 (902,819) Income taxes - (39,161) (6,554) 282 - (45,433) Net loss from continuing operations (858,115) (858,115) (596,718) (110,498) 1,566,060 (857,386) Loss from discontinued operations, net of income tax - - - (729) - (729) Net income (loss) $ (858,115) $ (858,115) $ (596,718) $ (111,227) $ 1,566,060 $ (858,115) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (858,115) $ (858,115) $ (596,718) $ (111,227) $ 1,566,060 $ (858,115) Change in cumulative translation adjustment, net of tax (5,750) (5,750) - (5,750) 11,500 (5,750) Comprehensive income (loss) $ (863,865) $ (863,865) $ (596,718) $ (116,977) $ 1,577,560 $ (863,865) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 1,655,114 $ 234,663 $ (15,701) $ 1,874,076 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - (4,123) 1,242,486 176,033 (15,701) 1,398,695 Depreciation, depletion, amortization and accretion - 4,149 383,713 50,854 - 438,716 General and administrative expenses - 86,840 152,076 56,591 - 295,507 Reduction in value of assets - - 6,038 8,117 - 14,155 Loss from operations - (86,866) (129,199) (56,932) - (272,997) Other income (expense): Interest expense, net - (105,585) 4,451 (321) - (101,455) Other income (expense) - (1,350) 202 (2,151) - (3,299) Equity in losses of consolidated subsidiaries (205,921) (76,394) (964) - 283,279 - Loss from continuing operations before income taxes (205,921) (270,195) (125,510) (59,404) 283,279 (377,751) Income taxes - (64,274) (118,347) (8,119) - (190,740) Net loss from continuing operations (205,921) (205,921) (7,163) (51,285) 283,279 (187,011) Loss from discontinued operations, net of income tax - - - (18,910) - (18,910) Net loss $ (205,921) $ (205,921) $ (7,163) $ (70,195) $ 283,279 $ (205,921) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (205,921) $ (205,921) $ (7,163) $ (70,195) $ 283,279 $ (205,921) Change in cumulative translation adjustment, net of tax 12,821 12,821 - 12,821 (25,642) 12,821 Comprehensive loss $ (193,100) $ (193,100) $ (7,163) $ (57,374) $ 257,637 $ (193,100) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 1,193,233 $ 281,310 $ (24,496) $ 1,450,047 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - 6,582 944,349 196,839 (24,496) 1,123,274 Depreciation, depletion, amortization and accretion - 4,592 452,180 53,199 - 509,971 General and administrative expenses - 117,781 176,430 52,395 - 346,606 Reduction in value of assets - - 486,976 13,429 - 500,405 Loss from operations - (128,955) (866,702) (34,552) - (1,030,209) Other income (expense): Interest expense, net - (95,040) 3,425 (1,138) - (92,753) Other income (expense) - (4,345) 196 26,770 - 22,621 Equity in losses of consolidated subsidiaries (886,899) (738,047) (643) - 1,625,589 - Loss from continuing operations before income taxes (886,899) (966,387) (863,724) (8,920) 1,625,589 (1,100,341) Income taxes - (79,488) (189,850) 2,337 - (267,001) Net loss from continuing operations (886,899) (886,899) (673,874) (11,257) 1,625,589 (833,340) Loss from discontinued operations, net of income tax - - - (53,559) - (53,559) Net loss $ (886,899) $ (886,899) $ (673,874) $ (64,816) $ 1,625,589 $ (886,899) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (886,899) $ (886,899) $ (673,874) $ (64,816) $ 1,625,589 $ (886,899) Change in cumulative translation adjustment, net of tax (34,554) (34,554) - (34,554) 69,108 (34,554) Comprehensive loss $ (921,453) $ (921,453) $ (673,874) $ (99,370) $ 1,694,697 $ (921,453) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 23,866 $ (2,013) $ 150,510 $ (4,023) $ (3,283) $ 165,057 Cash flows from investing activities: Payments for capital expenditures - (2,055) (207,640) (11,675) - (221,370) Proceeds from sales of assets - - 20,003 13,296 - 33,299 Net cash used in investing activities - (2,055) (187,637) 1,621 - (188,071) Cash flows from financing activities: Intercompany dividends - - - (3,283) 3,283 - Changes in notes with affiliated companies, net (21,734) (19,787) 22,564 18,957 - - Other (2,132) (454) - - - (2,586) Net cash provided by (used in) financing activities (23,866) (20,241) 22,564 15,674 3,283 (2,586) Effect of exchange rate changes on cash - - - (3,135) - (3,135) Net decrease in cash, cash equivalents, and restricted cash - (24,309) (14,563) 10,137 - (28,735) Cash, cash equivalents, and restricted cash at beginning of period - 126,533 20,923 45,027 - 192,483 Cash, cash equivalents, and restricted cash at end of period $ - $ 102,224 $ 6,360 $ 55,164 $ - $ 163,748 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 26,221 $ 3,369 $ 89,739 $ (22,903) $ 96,426 Cash flows from investing activities: Payments for capital expenditures - (1,041) (148,738) (15,154) (164,933) Other - - 23,485 4,784 28,269 Net cash used in investing activities - (1,041) (125,253) (10,370) (136,664) Cash flows from financing activities: Proceeds from issuance of long-term debt - 500,000 - - 500,000 Principal payments on long-term debt - (500,000) - - (500,000) Payment of debt issuance costs - (11,967) - - (11,967) Changes in notes with affiliated companies, net (21,163) 8,727 4,648 7,788 - Other (5,058) - - - (5,058) Net cash provided by (used in) financing activities (26,221) (3,240) 4,648 7,788 (17,025) Effect of exchange rate changes on cash - - - 3,654 3,654 Net decrease in cash, cash equivalents, and restricted cash - (912) (30,866) (21,831) (53,609) Cash, cash equivalents, and restricted cash at beginning of period - 127,445 51,789 66,858 246,092 Cash, cash equivalents, and restricted cash at end of period $ - $ 126,533 $ 20,923 $ 45,027 $ 192,483 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 29,149 $ (139,666) $ 248,627 $ (1,091) $ (75,767) $ 61,252 Cash flows from investing activities: Payments for capital expenditures - (405) (64,478) (15,665) - (80,548) Other - - 6,501 - - 6,501 Net cash used in investing activities - (405) (57,977) (15,665) - (74,047) Cash flows from financing activities: Proceeds from revolving credit facility - 325,123 - - - 325,123 Payments on revolving credit facility - (325,123) - - - (325,123) Payments on long-term debt - (325,000) - (12,576) - (337,576) Payment of debt issuance costs - (2,711) - - - (2,711) Intercompany dividends - - (73,017) (2,750) 75,767 - Changes in notes with affiliated companies, net (13,956) 185,950 (127,595) (44,399) - - Dividends paid (12,111) - - - - (12,111) Other (3,082) - - - - (3,082) Net cash provided by (used in) financing activities (29,149) (141,761) (200,612) (59,725) 75,767 (355,480) Effect of exchange rate changes on cash - - - (7,959) - (7,959) Net decrease in cash, cash equivalents, and restricted cash - (281,832) (9,962) (84,440) - (376,234) Cash, cash equivalents, and restricted cash at beginning of period - 409,277 61,751 151,298 - 622,326 Cash, cash equivalents, and restricted cash at end of period $ - $ 127,445 $ 51,789 $ 66,858 $ - $ 246,092 |
Interim Financial Information
Interim Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Interim Financial Information [Abstract] | |
Interim Financial Information | (13) Interim Financial Information (Unaudited) The following is a summary of consolidated interim financial information (in thousands): 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 482,318 $ 535,548 $ 573,068 $ 539,331 Less: Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 343,460 369,810 404,389 384,445 Depreciation, depletion, amortization and accretion 105,719 97,973 99,892 97,264 Gross profit 33,139 67,765 68,787 57,622 Reduction in value of assets - - - 739,725 Income (loss) from continuing operations (59,948) (25,437) (21,816) (750,185) Income (loss) from discontinued operations, net of tax 224 (953) - - Net loss $ (59,724) $ (26,390) $ (21,816) $ (750,185) Loss per share from continuing operations: Basic and diluted $ (0.39) $ (0.16) $ (0.14) $ (4.85) Loss per share from discontinued operations: Basic and diluted $ - $ (0.01) $ - $ (4.85) 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 400,936 $ 470,068 $ 506,029 $ 497,043 Less: Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 321,986 351,802 368,279 356,628 Depreciation, depletion, amortization and accretion 114,281 108,119 108,751 107,565 Gross profit (35,331) 10,147 28,999 32,850 Reduction in value of assets - - 9,953 4,202 Income (loss) from continuing operations (89,661) (62,039) (57,189) 21,878 Loss from discontinued operations, net of tax (1,998) (1,767) (1,860) (13,285) Net income (loss) $ (91,659) $ (63,806) $ (59,049) $ 8,593 Income (loss) per share from continuing operations: Basic $ (0.59) $ (0.41) $ (0.37) $ 0.14 Diluted (0.59) (0.41) (0.37) 0.14 Loss per share from discontinued operations: Basic $ (0.01) $ (0.01) $ (0.02) $ (0.08) Diluted (0.01) (0.01) (0.02) (0.08) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Schedule II Valuation and Qualifying Accounts Years Ended December 31, 2018 , 2017 and 2016 (in thousands) Balance at the Charged to beginning of costs and Balance at the Description the year expenses Deductions end of the year 2018 Allowance for doubtful accounts $ 29,037 $ 3,569 $ 20,526 $ 12,080 2017 Allowance for doubtful accounts $ 29,740 $ 4,254 $ 4,957 $ 29,037 2016 Allowance for doubtful accounts $ 28,242 $ 7,825 $ 6,327 $ 29,740 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Superior Energy Services, Inc. and subsidiaries (the Company). All significant intercompany accounts and transactions are eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the 2018 presentation. |
Business | Business The Company provides a wide variety of services and products to the energy industry. The Company serves major, national and independent oil and natural gas companies around the world and offers products and services with respect to the various phases of a well’s economic life cycle. The Company reports its operating results in four business segments: Drilling Products and Services; Onshore Completion and Workover Services; Production Services; and Technical Solutions. Given the Company’s long-term strategy of expanding geographically, the Company also provides supplemental segment revenue information in three geographic areas: U.S. land; Gulf of Mexico; and International. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Major Customers and Concentration of Credit Risk | Major Customers and Concentration of Credit Risk The majority of the Company’s business is conducted with major and independent oil and gas companies. The Company evaluates the financial strength of its customers and provides allowances for probable credit losses when deemed necessary. The market for the Company’s services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility. The Company derives a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of the Company’s total revenues in 2018. Anadarko accounted for approximately 13% and 11% of the Company’s revenues in 2017 and 2016, respectively, primarily within the Onshore Completion and Workover Services segment. The Company’s assets that are potentially exposed to concentrations of credit risk consist primarily of cash, cash equivalents and trade receivables. The financial institutions in which the Company transacts business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines , thereby minimizing it s exposure to credit risks for deposits in excess of federally insured amounts. |
Cash Equivalents | Cash Equivalents The Company considers all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. |
Accounts Receivable and Allowances | Accounts Receivable and Allowances Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. The Company maintains allowances for estimated uncollectible receivables, including bad debts and other items. The allowance for doubtful accounts is based on the Company’s best estimate of probable uncollectible amounts in existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific identification. |
Inventory | Inventory Inventories are stated at the lower of cost or net realizable value. The Company applies net realizable value and obsolescence to the gross value of the inventory. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables consist principally of products used in the Company’s services provided to its customers. The components of inventory balances are as follows (in thousands): December 31, 2018 2017 Finished goods $ 54,144 $ 61,764 Raw materials 16,795 13,727 Work-in-process 5,544 6,174 Supplies and consumables 30,822 24,923 Total $ 107,305 $ 106,588 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets for which reduction in value is recorded during the period and assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. Depreciation is computed using the straight line method over the estimated useful lives of the related assets as follows: Buildings and improvements 5 to 40 years Marine vessels and equipment 5 to 25 years Machinery and equipment 2 to 25 years Automobiles, trucks, tractors and trailers 3 to 10 years Furniture and fixtures 2 to 10 years |
Reduction In Value Of Long-Lived Assets | Reduction in Value of Long-Lived Assets Long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of such assets to their fair value calculated, in part, by the estimated undiscounted future cash flows expected to be generated by the assets. Cash flow estimates are based upon, among other things, historical results adjusted to reflect the best estimate of future market rates, utilization levels, and operating performance. Estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. The Company’s assets are grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. If the asset grouping’s fair value is less than the carrying amount of those items, impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less estimated costs to sell. The net carrying value of assets not fully recoverable is reduced to fair value. The estimate of fair value represents the Company’s best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying values of these assets and, in periods of prolonged down cycles, may result in impairment charges. See note 10 for a discussion of the reduction in value of long-lived assets recorded during 2018, 2017 and 2016. |
Goodwill | Goodwill The following table summarizes the activity for the Company’s goodwill (in thousands): Onshore Drilling Completion Products and Workover Production and Services Services Services Total Balance, December 31, 2016 $ 135,961 $ 583,550 $ 84,406 $ 803,917 Foreign currency translation adjustment 2,532 - 1,411 3,943 Balance, December 31, 2017 138,493 583,550 85,817 807,860 Foreign currency translation adjustment (1,705) - (529) (2,234) Reduction in value of assets - (583,550) (85,288) (668,838) Balance, December 31, 2018 $ 136,788 $ - $ - $ 136,788 During 2017, the Company adopted the Financial Accounting Standards Board (FASB) update (ASU) 2017-04, Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in the ASU eliminate Step 2 from the goodwill impairment test. The annual or interim goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The Company performs the goodwill impairment test on an annual basis as of October 1 or more often if events or circumstances indicate there may be impairment. Goodwill impairment testing is performed at the reporting unit level, which is consistent with the reporting segments. The Company assesses whether any indicators of impairment exist, which requires a significant amount of judgment. Such indicators may include a sustained decrease in the Company’s stock price and market capitalization; a decline in the expected future cash flows; overall weakness in the industry; and slower growth rates. Goodwill impairment exists when the estimated fair value of the reporting unit is below the carrying value. In estimating the fair value of the reporting units, the Company uses a combination of an income approach and a market-based approach. · Income approach – The Company discounts the expected cash flows of each reporting unit. The discount rate used represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in the Company’s operations and cash flows and the rate of return an outside investor would expect to earn. · Market-based approach – The Company uses the guideline public company method, which focuses on comparing the Company’s risk profile and growth prospects to select reasonably similar publicly traded companies. The Company weighted the income approach 80% and the market-based approach 20% due to differences between the Company’s reporting units and the peer companies’ size, profitability and diversity of operations. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to market capitalization was performed for each unit on a standalone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with the Company’s capitalization. The Company uses all available information to estimate fair value of the reporting units, including discounted cash flows. A significant amount of judgment was involved in performing these evaluations given that the results are based on estimated future events. During the fourth quarter of 2018, the industry climate deteriorated rapidly due to the dramatic decline in crude oil prices and the related large sell-off in the equity markets for issuers in the energy industry. As a result of the adverse changes in the business environment that occurred during the fourth quarter of 2018 and the strategic review of the Company’s expected near-term cash flows from operations, the Company reviewed the goodwill for impairment. It was concluded that at December 31, 2018, the Onshore Completion and Workover Services segment’s goodwill of $583.6 million and the Production Services segment’s goodwill of $85.3 million were fully impaired. The fair value of the Drilling Products and Services segment was substantially in excess of its carrying value. A significant amount of judgment was involved in performing these evaluations given that the results are based on estimated future events. See note 10 for a discussion of the reduction in value of goodwill recorded during 2018 and 2016. At December 31, 2018 and 2017, the Company’s accumulated reduction in value of goodwill was $2,417.1 million and $1,748.2 million, respectively. |
Notes Receivable | Notes Receivable The Company’s wholly owned subsidiary, Wild Well, has decommissioning obligations related to its ownership of the oil and gas property and related assets. Notes receivable consist of a commitment from the seller of the property’s sole platform towards its eventual abandonment. Pursuant to an agreement with the seller, the Company will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of this obligation totaled $ 115.0 million and is recorded at present value using an effective interest rate of 6.58 %. The related discount is amortized to interest income based on the expected timing of the platform’s removal. The Company recorded interest income related to notes receivable of $ 3.9 million during 2018 and $ 3.6 million in each of 2017 and 2016 . |
Restricted Cash | Restricted Cash Restricted cash represents cash held in escrow to secure the future decommissioning obligations related to the oil and gas property. |
Intangible and Other Long-Term Assets | Intangible and Other Long-Term Assets Intangible assets consist of the following (in thousands): December 31, 2018 2017 Estimated Gross Accumulated Net Gross Accumulated Net Useful Lives Amount Amortization Balance Amount Amortization Balance Customer relationships 17 years $ 133,374 $ (59,711) $ 73,663 $ 165,036 $ (62,930) $ 102,106 Tradenames 10 years 20,717 (13,334) 7,383 30,732 (17,188) 13,544 Non-compete agreements 3 years 4,474 (3,313) 1,161 4,299 (3,241) 1,058 Total $ 158,565 $ (76,358) $ 82,207 $ 200,067 $ (83,359) $ 116,708 Amortization expense was $ 12.7 million, $12.7 million and $16.2 million during 2018 , 2017 and 2016 , respectively. Based on the carrying values of intangible assets at December 31, 2018, amortization expense for the next five years (2019 through 2023) is estimated to be $ 10.0 million per year. During 2018, the Company recorded $21.7 million of expense related to the reduction in carrying values of intangibles in the Onshore Completion and Workover Services and Production Services segments (see note 10). |
Decommissioning Liabilities | Decommissioning Liabilities The Company’s decommissioning liabilities associated with the oil and gas property and its related assets consist of costs related to the plugging of wells, the removal of the related platform and equipment, and site restoration. The Company reviews the adequacy of its decommissioning liabilities whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially. The following table summarizes the activity for the Company’s decommissioning liabilities (in thousands): December 31, 2018 2017 Balance at beginning of period $ 130,397 $ 123,677 Accretion 4,906 6,837 Liability acquisitions and dispositions - (117) Liabilities settled (5,207) - Balance at end of period $ 130,096 $ 130,397 |
Income Taxes | Income Taxes The Company accounts for income taxes and the related accounts under the asset and liability method. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and rates that are in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on the deferred income taxes is recognized in income in the period in which the change occurs. A valuation allowance is recorded when management believes it is more likely than not that at least some portion of any deferred tax asset will not be realized. It is the Company’s policy to recognize interest and applicable penalties related to uncertain tax positions in income tax expense. |
Earnings Per Share | Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional shares of common stock that could have been outstanding assuming the exercise of stock options and conversion of restricted stock units. During 2018, 2017 and 2016, the Company incurred losses from continuing operations; as such, the impact of any incremental shares would be anti-dilutive. |
Foreign Currency | Foreign Currency Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are reported as accumulated other comprehensive loss in the Company’s stockholders’ equity. For international subsidiaries where the functional currency is the U.S. dollar, financial statements are remeasured into U.S. dollars using the historical exchange rate for most of the long-term assets and liabilities and the balance sheet date exchange rate for most of the current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change. During 2018, 2017 and 2016 , the Company recorded foreign currency gains/(losses) of $(1.9) million, $(2.2) million and $23.5 million, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company records compensation costs relating to share-based payment transactions and includes such costs in general and administrative expenses in the consolidated statements of operations. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). |
Self-Insurance Reserves | Self-Insurance Reserves The Company is self-insured, through deductibles and retentions, up to certain levels for losses under its insurance programs. The Company accrues for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. The Company regularly reviews the estimates of asserted and unasserted claims and provides for losses through reserves. The Company obtains actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis. |
New Accounting Pronouncements | New Accounting Pronouncements Standards adopted In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting. The guidance in this ASU applies to all entities that change the terms or conditions of a share-based payment award. The amendments provide clarity and reduce diversity in practice as well as cost and complexity when applying the guidance in Topic 718, Compensation – Stock Compensation, to the modification of the terms and conditions of a share-based payment award. The amendments in ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. The Company adopted the accounting guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments affect all companies and other reporting organizations that must determine whether they have acquired or sold a business. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments provide a more robust framework to use in determining when a set of assets and activities is a business. The Company adopted the accounting guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statements of Cash Flows (Topic 230): Restricted Cash. The guidance in this ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the accounting guidance as of January 1, 2018 and applied it retrospectively to the periods presented in the Company’s consolidated statements of cash flows. For 2017, net cash used in investing activities was adjusted to exclude the change in restricted cash related to cash held in escrow for the future decommissioning obligations associated with an oil and gas property. The adjustment resulted in a $30.6 million decrease in net cash used in investing activities for the year ended December 31, 2017. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The guidance in this ASU requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The Company adopted the accounting guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which replaced most existing revenue recognition guidance in GAAP. The guidance in this ASU requires an entity to recognize the amount of revenue that it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this ASU as of January 1, 2018. The Company adopted this ASU using the modified retrospective adoption method. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and no cumulative effect adjustment was recognized. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires lessees to recognize the assets and liabilities arising from leases on the balance sheet and disclose key information about leasing arrangements. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. The Company adopted the new standard on January 1, 2019 and used the effective date as the date of initial application. Therefore, prior period financial information that will be presented in the Company’s future filings will not be adjusted and will continue to be reflected in accordance with the Company’s historical accounting policy. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients,” which, among other things, allows the Company to carry forward its historical lease classification. On January 1, 2019, the Company recognized additional operating liabilities of approximately $100.0 million, with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments for existing operating leases. |
Subsequent Events | Subsequent Events In accordance with authoritative guidance, the Company has evaluated and disclosed all material subsequent events that occurred after the balance sheet date, but before financial statements were issued |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Inventory | December 31, 2018 2017 Finished goods $ 54,144 $ 61,764 Raw materials 16,795 13,727 Work-in-process 5,544 6,174 Supplies and consumables 30,822 24,923 Total $ 107,305 $ 106,588 |
Estimated Useful Lives Of The Related Assets | Buildings and improvements 5 to 40 years Marine vessels and equipment 5 to 25 years Machinery and equipment 2 to 25 years Automobiles, trucks, tractors and trailers 3 to 10 years Furniture and fixtures 2 to 10 years |
Summary Of Activity Of Goodwill | Onshore Drilling Completion Products and Workover Production and Services Services Services Total Balance, December 31, 2016 $ 135,961 $ 583,550 $ 84,406 $ 803,917 Foreign currency translation adjustment 2,532 - 1,411 3,943 Balance, December 31, 2017 138,493 583,550 85,817 807,860 Foreign currency translation adjustment (1,705) - (529) (2,234) Reduction in value of assets - (583,550) (85,288) (668,838) Balance, December 31, 2018 $ 136,788 $ - $ - $ 136,788 |
Composition Of Intangible And Other Long-term Assets | December 31, 2018 2017 Estimated Gross Accumulated Net Gross Accumulated Net Useful Lives Amount Amortization Balance Amount Amortization Balance Customer relationships 17 years $ 133,374 $ (59,711) $ 73,663 $ 165,036 $ (62,930) $ 102,106 Tradenames 10 years 20,717 (13,334) 7,383 30,732 (17,188) 13,544 Non-compete agreements 3 years 4,474 (3,313) 1,161 4,299 (3,241) 1,058 Total $ 158,565 $ (76,358) $ 82,207 $ 200,067 $ (83,359) $ 116,708 |
Summary Of The Activity For Company's Decommissioning Liabilities | December 31, 2018 2017 Balance at beginning of period $ 130,397 $ 123,677 Accretion 4,906 6,837 Liability acquisitions and dispositions - (117) Liabilities settled (5,207) - Balance at end of period $ 130,096 $ 130,397 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Disaggregation Of Revenues | 2018 2017 2016 U.S. land Drilling Products and Services $ 176,448 $ 117,856 $ 64,251 Onshore Completion and Workover Services 1,057,656 935,183 523,966 Production Services 195,363 151,632 87,434 Technical Solutions 31,137 34,283 42,097 Total U.S. land $ 1,460,604 $ 1,238,954 $ 717,748 Gulf of Mexico Drilling Products and Services $ 100,855 $ 91,507 $ 120,323 Onshore Completion and Workover Services - - - Production Services 66,512 74,033 84,839 Technical Solutions 160,507 161,766 157,603 Total Gulf of Mexico $ 327,874 $ 327,306 $ 362,765 International Drilling Products and Services $ 106,416 $ 84,327 $ 108,968 Onshore Completion and Workover Services - - - Production Services 156,650 147,116 176,090 Technical Solutions 78,721 76,373 84,476 Total International $ 341,787 $ 307,816 $ 369,534 Total Revenues $ 2,130,265 $ 1,874,076 $ 1,450,047 The following table presents the Company’s revenues by segment disaggregated by type (in thousands): 2018 2017 2016 Services Drilling Products and Services $ 101,969 $ 81,788 $ 77,628 Onshore Completion and Workover Services 1,015,908 903,048 503,777 Production Services 381,957 354,445 308,226 Technical Solutions 250,135 254,859 272,613 Total services $ 1,749,969 $ 1,594,140 $ 1,162,244 Rentals Drilling Products and Services $ 281,750 $ 211,902 $ 215,915 Onshore Completion and Workover Services 41,748 32,135 20,188 Production Services 36,568 18,336 40,137 Technical Solutions 20,230 17,563 11,563 Total rentals $ 380,296 $ 279,936 $ 287,803 Total Revenues $ 2,130,265 $ 1,874,076 $ 1,450,047 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant And Equipment [Abstract] | |
Summary Of Property, Plant And Equipment | December 31, 2018 2017 Machinery and equipment $ 3,229,793 $ 3,505,171 Buildings, improvements and leasehold improvements 278,339 293,133 Automobiles, trucks, tractors and trailers 26,522 32,185 Furniture and fixtures 52,045 62,632 Construction-in-progress 38,119 37,236 Land 58,047 58,363 Oil and gas producing assets 66,605 64,844 Total 3,749,470 4,053,564 Accumulated depreciation and depletion (2,640,344) (2,736,620) Property, plant and equipment, net $ 1,109,126 $ 1,316,944 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Summary Of Long-Term Debt | December 31, 2018 2017 Long-term Long-term Senior unsecured notes due September 2024 $ 500,000 $ 500,000 Senior unsecured notes due December 2021 800,000 800,000 Total debt, gross 1,300,000 1,300,000 Unamortized debt issuance costs (17,079) (20,229) Total debt, net $ 1,282,921 $ 1,279,771 |
Schedule Of Maturities Of Long-Term Debt | 2019 $ - 2020 - 2021 800,000 2022 - 2023 - Thereafter 500,000 Total $ 1,300,000 |
Stock-Based And Long-Term Inc_2
Stock-Based And Long-Term Incentive Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based And Long-Term Incentive Compensation [Abstract] | |
Summary Of Compensation Expense And Tax Benefits | Years ended December 31, 2018 2017 2016 Stock options $ 4,247 $ 4,289 $ 4,870 Restricted stock - - 382 Restricted stock units 19,828 21,899 24,762 Performance share units 6,912 9,740 10,167 Total compensation expense 30,987 35,928 40,181 Related income taxes 7,189 8,335 14,867 Total compensation expense, net of income taxes $ 23,798 $ 27,593 $ 25,314 |
Summary Of The Valuation Assumptions Used To Calculate The Fair Value Of Stock Option Grants | Years ended December 31, 2018 2017 2016 Weighted average fair value of stock options granted $ 5.61 $ 8.36 $ 3.61 Black-Scholes-Merton Assumptions: Risk free interest rate 2.43 % 1.96 % 1.46 % Expected life (years) 6 6 5 Volatility 51.21 % 48.22 % 55.72 % Dividend yield - - 3.28 |
Summary Of Stock Option Activity | Number of Options Weighted Average Option Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of period 6,138,653 $ 18.75 5.4 $ - Granted 567,967 $ 11.04 Exercised - $ - Expired (271,167) $ 14.1 Outstanding at end of period 6,435,453 $ 18.27 5.0 $ - Exercisable at end of period 5,022,592 $ 20.13 4.2 $ - Options expected to vest at end of period 1,412,861 $ 11.65 8.0 $ - |
Summary Of Non-Vested Stock Option Activity | Number of Options Weighted Average Grant Date Fair Value Non-vested at beginning of period 1,748,933 $ 12.18 Granted 567,967 $ 11.04 Vested (904,039) $ 12.3 Non-vested at end of period 1,412,861 $ 8.00 |
Summary Of Restricted Stock Unit Activity | Number of RSUs Weighted Average Grant Date Fair Value Non-vested at beginning of period 3,192,000 $ 14.87 Granted 2,030,896 $ 11.31 Vested (1,534,153) $ 14.26 Forfeited (266,307) $ 12.51 Non-vested at end of period 3,422,436 $ 13.22 |
Schedule Of ESPP Activity | Years ended December 31, 2018 2017 2016 Cash received for shares issued $ 2,625 $ 3,074 $ 3,681 Compensation expense $ 463 $ 542 $ 1,492 Shares issued 550,950 360,465 290,987 |
Schedule Of Deferred Compensation Balances | December 31, Balance sheet location 2018 2017 Deferred compensation assets Intangible and other long-term assets, net $ 13,306 $ 14,187 Deferred compensation liabilities, short-term Accounts payable $ 1,138 $ 1,253 Deferred compensation liabilities, long-term Other long-term liabilities $ 19,766 $ 21,085 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Components Of Income And Loss From Continuing Operations Before Income Taxes | Years ended December 31, 2018 2017 2016 Domestic $ (880,988) $ (336,095) $ (1,097,109) Foreign (21,831) (41,656) (3,232) $ (902,819) $ (377,751) $ (1,100,341) |
Schedule Of Components Of Income Tax Expense (Benefit) | Years ended December 31, 2018 2017 2016 Current: Federal $ - $ - $ (101,578) State 2,118 (750) (159) Foreign 14,856 9,137 19,156 16,974 8,387 (82,581) Deferred: Federal (68,469) (201,768) (179,721) State (4,161) 6,109 (9,348) Foreign 10,223 (3,468) 4,649 (62,407) (199,127) (184,420) $ (45,433) $ (190,740) $ (267,001) |
Schedule Of Effective Income Tax Rate Reconciliation | Years ended December 31, 2018 2017 2016 Computed expected tax benefit $ (189,592) $ (132,213) $ (385,119) Increase (decrease) resulting from State and foreign income taxes 10,437 16,437 (8,038) Reduction in value of assets 115,253 - 115,725 U.S. Tax Reform - (76,529) - Other 18,469 1,565 10,431 Income tax benefit $ (45,433) $ (190,740) $ (267,001) |
Schedule Of Deferred Tax Assets and Liabilities | December 31, 2018 2017 Deferred tax assets: Allowance for doubtful accounts $ 856 $ 5,717 Operating loss and tax credit carryforwards 146,926 118,687 Compensation and employee benefits 38,006 38,261 Decommissioning liabilities 27,979 26,875 Other 25,331 28,807 239,098 218,347 Valuation allowance (25,571) (8,722) Net deferred tax assets 213,527 209,625 Deferred tax liabilities: Property, plant and equipment 146,971 177,231 Notes receivable 12,977 12,977 Goodwill and other intangible assets 38,955 64,746 Other 14,624 15,729 Deferred tax liabilities 213,527 270,683 Net deferred tax liability $ - $ 61,058 |
Summary Of Activity In Unrecognized Tax Benefits | Years ended December 31, 2018 2017 2016 Unrecognized tax benefits at beginning of period $ 30,656 $ 29,956 $ 29,715 Additions based on tax positions related to prior years 1,899 5,576 6,874 Reductions based on tax positions related to prior years (1,864) (4,671) (3,582) Reductions as a result of a lapse of the applicable statute of limitations (133) (205) (3,051) Unrecognized tax benefits at end of period $ 30,558 $ 30,656 $ 29,956 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Information [Abstract] | |
Schedule Of Segment Reporting Information | 2018 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 383,719 $ 1,057,656 $ 418,525 $ 270,365 $ - $ 2,130,265 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 148,019 846,907 342,420 164,758 - 1,502,104 Depreciation, depletion, amortization and accretion 112,111 190,592 66,993 25,653 5,499 400,848 General and administrative expenses 53,688 37,170 41,499 57,600 99,295 289,252 Reduction in value of assets - 644,813 92,252 - 2,660 739,725 Income (loss) from operations 69,901 (661,826) (124,639) 22,354 (107,454) (801,664) Interest income (expense), net - - - 3,915 (103,392) (99,477) Other expense - - - - (1,678) (1,678) Income (loss) from continuing operations before income taxes $ 69,901 $ (661,826) $ (124,639) $ 26,269 $ (212,524) $ (902,819) 2017 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 293,690 $ 935,183 $ 372,781 $ 272,422 $ - $ 1,874,076 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 128,381 791,581 303,256 175,477 - 1,398,695 Depreciation, depletion, amortization and accretion 131,394 193,098 78,999 29,506 5,719 438,716 General and administrative expenses 51,265 44,766 48,655 51,679 99,142 295,507 Reduction in value of assets 1,356 4,684 - 8,115 - 14,155 Income (loss) from operations (18,706) (98,946) (58,129) 7,645 (104,861) (272,997) Interest income (expense), net - - - 3,567 (105,022) (101,455) Other expense - - - - (3,299) (3,299) Income (loss) from continuing operations before income taxes $ (18,706) $ (98,946) $ (58,129) $ 11,212 $ (213,182) $ (377,751) 2016 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 293,543 $ 523,965 $ 348,363 $ 284,176 $ - $ 1,450,047 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 136,719 515,784 276,223 194,548 - 1,123,274 Depreciation, depletion, amortization and accretion 159,937 207,038 93,878 42,393 6,725 509,971 General and administrative expenses 64,182 48,837 49,687 65,299 118,601 346,606 Reduction in value of assets 48,903 190,835 235,067 25,600 - 500,405 Income (loss) from operations (116,198) (438,529) (306,492) (43,664) (125,326) (1,030,209) Interest income (expense), net - - (1,343) 3,553 (94,963) (92,753) Other expense - - - - 22,621 22,621 Income (loss) from continuing operations before income taxes $ (116,198) $ (438,529) $ (307,835) $ (40,111) $ (197,668) $ (1,100,341) |
Schedule Of Identifiable Assets | Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total December 31, 2018 $ 587,264 $ 808,037 $ 434,430 $ 340,161 $ 46,070 $ 2,215,962 December 31, 2017 $ 662,968 $ 1,501,214 $ 512,256 $ 377,549 $ 56,238 $ 3,110,225 December 31, 2016 $ 824,287 $ 1,534,008 $ 598,167 $ 439,521 $ 74,272 $ 3,470,255 |
Schedule Of Capital Expenditures, By Segment | Capital Expenditures Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total December 31, 2018 $ 46,649 $ 147,793 $ 8,651 $ 16,221 $ 2,056 $ 221,370 December 31, 2017 $ 27,219 $ 115,415 $ 7,860 $ 13,296 $ 1,143 $ 164,933 December 31, 2016 $ 35,413 $ 20,094 $ 20,848 $ 3,829 $ 364 $ 80,548 |
Schedule Of Revenues By Geographic Segment | Revenues Years ended December 31, 2018 2017 2016 United States $ 1,788,478 $ 1,566,260 $ 1,080,513 Other countries 341,787 307,816 369,534 Total $ 2,130,265 $ 1,874,076 $ 1,450,047 Long-Lived Assets December 31, 2018 2017 United States $ 903,520 $ 1,064,823 Other countries 205,606 252,121 Total $ 1,109,126 $ 1,316,944 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | Fair Value at December 31, 2018 Level 1 Level 2 Level 3 Total Intangible and other long-term assets, net: Non-qualified deferred compensation assets $ 376 $ 12,930 $ - $ 13,306 Accounts payable: Non-qualified deferred compensation liabilities $ - $ 1,138 $ - $ 1,138 Other long-term liabilities: Non-qualified deferred compensation liabilities $ - $ 19,766 $ - $ 19,766 Total debt $ 1,084,711 $ - $ - $ 1,084,711 Fair Value at December 31, 2017 Level 1 Level 2 Level 3 Total Intangible and other long-term assets, net: Non-qualified deferred compensation assets $ 370 $ 13,817 $ - $ 14,187 Accounts payable: Non-qualified deferred compensation liabilities $ - $ 1,253 $ - $ 1,253 Other long-term liabilities: Non-qualified deferred compensation liabilities $ - $ 21,085 $ - $ 21,085 Total debt $ 1,346,985 $ - $ - $ 1,346,985 |
Fair Value Measurements Used in Testing | Years Ended December 31, 2018 Impairment Fair Value Property, plant and equipment, net $ 49,198 $ 65,441 Goodwill $ 668,838 $ - Intangible assets $ 21,689 $ - |
Reduction in Value of Assets (T
Reduction in Value of Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reduction In Value Of Assets [Abstract] | |
Reduction In Value Of Assets | Years ended December 31, 2018 2017 2016 Reduction in value of goodwill $ 668,838 $ - $ 330,500 Reduction in value of long-lived assets 70,887 14,155 143,803 Retirements of long-lived assets - - 26,102 Total reduction in value of assets $ 739,725 $ 14,155 $ 500,405 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations [Abstract] | |
Assets And Liabilities Of Disposal Groups | December 31, 2017 Current assets $ 3,144 Property, plant and equipment, net 10,500 Total assets $ 13,644 Current liabilities $ 6,463 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Guarantor Information [Abstract] | |
Condensed Consolidating Balance Sheets | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Balance Sheets December 31, 2018 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ - $ 102,224 $ 707 $ 55,119 $ - $ 158,050 Accounts receivable, net - 160 367,497 79,696 - 447,353 Intercompany accounts receivable - 12,279 74,906 3,489 (90,674) - Other current assets - 12,805 111,560 43,137 - 167,502 Total current assets - 127,468 554,670 181,441 (90,674) 772,905 Property, plant and equipment, net - 10,129 920,978 178,019 - 1,109,126 Goodwill - - 80,544 56,244 - 136,788 Notes receivable - - 63,993 - - 63,993 Long-term intercompany accounts receivable 2,243,431 - 1,991,912 182,284 (4,417,627) - Equity investments of consolidated subsidiaries (1,952,647) 3,754,887 5,992 - (1,808,232) - Restricted cash - - 5,653 45 - 5,698 Intangible and other long-term assets, net - 19,255 100,847 7,350 - 127,452 Total assets $ 290,784 $ 3,911,739 $ 3,724,589 $ 605,383 $ (6,316,533) $ 2,215,962 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ - $ 8,807 $ 109,903 $ 20,615 $ - $ 139,325 Accrued expenses 45 102,845 86,926 29,364 - 219,180 Income taxes payable - 1,237 - (503) - 734 Intercompany accounts payable - 724 6,869 83,081 (90,674) - Current portion of decommissioning liabilities - - - 3,538 - 3,538 Total current liabilities 45 113,613 203,698 136,095 (90,674) 362,777 Decommissioning liabilities - - 126,558 - - 126,558 Long-term debt, net - 1,282,921 - - - 1,282,921 Long-term intercompany accounts payable - 4,417,627 - - (4,417,627) - Other long-term liabilities - 50,225 76,543 26,199 - 152,967 Total stockholders' equity (deficit) 290,739 (1,952,647) 3,317,790 443,089 (1,808,232) 290,739 Total liabilities and stockholders' equity $ 290,784 $ 3,911,739 $ 3,724,589 $ 605,383 $ (6,316,533) $ 2,215,962 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Balance Sheets December 31, 2017 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ - $ 126,533 $ 440 $ 45,027 $ - $ 172,000 Accounts receivable, net - - 332,402 70,889 (5,235) 398,056 Income taxes receivable - - (221) 1,180 - 959 Intercompany accounts receivable - 6,460 58,375 5,865 (70,700) - Other current assets - 11,895 129,970 34,295 - 176,160 Assets held for sale - - - 13,644 - 13,644 Total current assets - 144,888 520,966 170,900 (75,935) 760,819 Property, plant and equipment, net - 12,055 1,093,446 211,443 - 1,316,944 Goodwill - - 657,099 150,761 - 807,860 Notes receivable - - 60,149 - - 60,149 Long-term intercompany accounts receivable 2,221,697 - 2,032,056 177,842 (4,431,595) - Equity investments of consolidated subsidiaries (1,088,736) 4,481,702 6,590 - (3,399,556) - Restricted cash - - 20,483 - - 20,483 Intangible and other long-term assets, net - 22,118 113,632 8,220 - 143,970 Total assets $ 1,132,961 $ 4,660,763 $ 4,504,421 $ 719,166 $ (7,907,086) $ 3,110,225 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ - $ 14,339 $ 89,714 $ 20,898 $ (5,235) $ 119,716 Accrued expenses 532 116,767 80,825 23,633 - 221,757 Intercompany accounts payable - 724 7,918 62,058 (70,700) - Current portion of decommissioning liabilities - - 25,670 1,591 - 27,261 Liabilities held for sale - - - 6,463 - 6,463 Total current liabilities 532 131,830 204,127 114,643 (75,935) 375,197 Deferred income taxes - (147,116) 205,386 2,788 - 61,058 Decommissioning liabilities - - 101,293 1,843 - 103,136 Long-term debt, net - 1,279,771 - - - 1,279,771 Long-term intercompany accounts payable - 4,431,595 - - (4,431,595) - Other long-term liabilities - 53,419 79,061 26,154 - 158,634 Total stockholders' equity (deficit) 1,132,429 (1,088,736) 3,914,554 573,738 (3,399,556) 1,132,429 Total liabilities and stockholders' equity $ 1,132,961 $ 4,660,763 $ 4,504,421 $ 719,166 $ (7,907,086) $ 3,110,225 |
Condensed Consolidating Statements of Operations And Comprehensive Income | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 1,889,751 271,769 (31,255) $ 2,130,265 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - (13,265) 1,355,524 191,100 (31,255) 1,502,104 Depreciation, depletion, amortization and accretion - 3,945 351,974 44,929 - 400,848 General and administrative expenses - 95,725 142,451 51,076 - 289,252 Reduction in value of assets - - 647,441 92,284 - 739,725 Income (loss) from operations - (86,405) (607,639) (107,620) - (801,664) Other income (expense): Interest expense, net - (103,594) 3,950 167 - (99,477) Other income (expense) - 71 1,014 (2,763) - (1,678) Equity in earnings (losses) of consolidated subsidiaries (858,115) (707,348) (597) - 1,566,060 - Income (loss) from operations before income taxes (858,115) (897,276) (603,272) (110,216) 1,566,060 (902,819) Income taxes - (39,161) (6,554) 282 - (45,433) Net loss from continuing operations (858,115) (858,115) (596,718) (110,498) 1,566,060 (857,386) Loss from discontinued operations, net of income tax - - - (729) - (729) Net income (loss) $ (858,115) $ (858,115) $ (596,718) $ (111,227) $ 1,566,060 $ (858,115) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (858,115) $ (858,115) $ (596,718) $ (111,227) $ 1,566,060 $ (858,115) Change in cumulative translation adjustment, net of tax (5,750) (5,750) - (5,750) 11,500 (5,750) Comprehensive income (loss) $ (863,865) $ (863,865) $ (596,718) $ (116,977) $ 1,577,560 $ (863,865) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 1,655,114 $ 234,663 $ (15,701) $ 1,874,076 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - (4,123) 1,242,486 176,033 (15,701) 1,398,695 Depreciation, depletion, amortization and accretion - 4,149 383,713 50,854 - 438,716 General and administrative expenses - 86,840 152,076 56,591 - 295,507 Reduction in value of assets - - 6,038 8,117 - 14,155 Loss from operations - (86,866) (129,199) (56,932) - (272,997) Other income (expense): Interest expense, net - (105,585) 4,451 (321) - (101,455) Other income (expense) - (1,350) 202 (2,151) - (3,299) Equity in losses of consolidated subsidiaries (205,921) (76,394) (964) - 283,279 - Loss from continuing operations before income taxes (205,921) (270,195) (125,510) (59,404) 283,279 (377,751) Income taxes - (64,274) (118,347) (8,119) - (190,740) Net loss from continuing operations (205,921) (205,921) (7,163) (51,285) 283,279 (187,011) Loss from discontinued operations, net of income tax - - - (18,910) - (18,910) Net loss $ (205,921) $ (205,921) $ (7,163) $ (70,195) $ 283,279 $ (205,921) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (205,921) $ (205,921) $ (7,163) $ (70,195) $ 283,279 $ (205,921) Change in cumulative translation adjustment, net of tax 12,821 12,821 - 12,821 (25,642) 12,821 Comprehensive loss $ (193,100) $ (193,100) $ (7,163) $ (57,374) $ 257,637 $ (193,100) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 1,193,233 $ 281,310 $ (24,496) $ 1,450,047 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - 6,582 944,349 196,839 (24,496) 1,123,274 Depreciation, depletion, amortization and accretion - 4,592 452,180 53,199 - 509,971 General and administrative expenses - 117,781 176,430 52,395 - 346,606 Reduction in value of assets - - 486,976 13,429 - 500,405 Loss from operations - (128,955) (866,702) (34,552) - (1,030,209) Other income (expense): Interest expense, net - (95,040) 3,425 (1,138) - (92,753) Other income (expense) - (4,345) 196 26,770 - 22,621 Equity in losses of consolidated subsidiaries (886,899) (738,047) (643) - 1,625,589 - Loss from continuing operations before income taxes (886,899) (966,387) (863,724) (8,920) 1,625,589 (1,100,341) Income taxes - (79,488) (189,850) 2,337 - (267,001) Net loss from continuing operations (886,899) (886,899) (673,874) (11,257) 1,625,589 (833,340) Loss from discontinued operations, net of income tax - - - (53,559) - (53,559) Net loss $ (886,899) $ (886,899) $ (673,874) $ (64,816) $ 1,625,589 $ (886,899) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (886,899) $ (886,899) $ (673,874) $ (64,816) $ 1,625,589 $ (886,899) Change in cumulative translation adjustment, net of tax (34,554) (34,554) - (34,554) 69,108 (34,554) Comprehensive loss $ (921,453) $ (921,453) $ (673,874) $ (99,370) $ 1,694,697 $ (921,453) |
Condensed Consolidating Statements Of Cash Flows | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 23,866 $ (2,013) $ 150,510 $ (4,023) $ (3,283) $ 165,057 Cash flows from investing activities: Payments for capital expenditures - (2,055) (207,640) (11,675) - (221,370) Proceeds from sales of assets - - 20,003 13,296 - 33,299 Net cash used in investing activities - (2,055) (187,637) 1,621 - (188,071) Cash flows from financing activities: Intercompany dividends - - - (3,283) 3,283 - Changes in notes with affiliated companies, net (21,734) (19,787) 22,564 18,957 - - Other (2,132) (454) - - - (2,586) Net cash provided by (used in) financing activities (23,866) (20,241) 22,564 15,674 3,283 (2,586) Effect of exchange rate changes on cash - - - (3,135) - (3,135) Net decrease in cash, cash equivalents, and restricted cash - (24,309) (14,563) 10,137 - (28,735) Cash, cash equivalents, and restricted cash at beginning of period - 126,533 20,923 45,027 - 192,483 Cash, cash equivalents, and restricted cash at end of period $ - $ 102,224 $ 6,360 $ 55,164 $ - $ 163,748 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 26,221 $ 3,369 $ 89,739 $ (22,903) $ 96,426 Cash flows from investing activities: Payments for capital expenditures - (1,041) (148,738) (15,154) (164,933) Other - - 23,485 4,784 28,269 Net cash used in investing activities - (1,041) (125,253) (10,370) (136,664) Cash flows from financing activities: Proceeds from issuance of long-term debt - 500,000 - - 500,000 Principal payments on long-term debt - (500,000) - - (500,000) Payment of debt issuance costs - (11,967) - - (11,967) Changes in notes with affiliated companies, net (21,163) 8,727 4,648 7,788 - Other (5,058) - - - (5,058) Net cash provided by (used in) financing activities (26,221) (3,240) 4,648 7,788 (17,025) Effect of exchange rate changes on cash - - - 3,654 3,654 Net decrease in cash, cash equivalents, and restricted cash - (912) (30,866) (21,831) (53,609) Cash, cash equivalents, and restricted cash at beginning of period - 127,445 51,789 66,858 246,092 Cash, cash equivalents, and restricted cash at end of period $ - $ 126,533 $ 20,923 $ 45,027 $ 192,483 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 29,149 $ (139,666) $ 248,627 $ (1,091) $ (75,767) $ 61,252 Cash flows from investing activities: Payments for capital expenditures - (405) (64,478) (15,665) - (80,548) Other - - 6,501 - - 6,501 Net cash used in investing activities - (405) (57,977) (15,665) - (74,047) Cash flows from financing activities: Proceeds from revolving credit facility - 325,123 - - - 325,123 Payments on revolving credit facility - (325,123) - - - (325,123) Payments on long-term debt - (325,000) - (12,576) - (337,576) Payment of debt issuance costs - (2,711) - - - (2,711) Intercompany dividends - - (73,017) (2,750) 75,767 - Changes in notes with affiliated companies, net (13,956) 185,950 (127,595) (44,399) - - Dividends paid (12,111) - - - - (12,111) Other (3,082) - - - - (3,082) Net cash provided by (used in) financing activities (29,149) (141,761) (200,612) (59,725) 75,767 (355,480) Effect of exchange rate changes on cash - - - (7,959) - (7,959) Net decrease in cash, cash equivalents, and restricted cash - (281,832) (9,962) (84,440) - (376,234) Cash, cash equivalents, and restricted cash at beginning of period - 409,277 61,751 151,298 - 622,326 Cash, cash equivalents, and restricted cash at end of period $ - $ 127,445 $ 51,789 $ 66,858 $ - $ 246,092 |
Interim Financial Information (
Interim Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interim Financial Information [Abstract] | |
Schedule Of Interim Financial Information | 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 482,318 $ 535,548 $ 573,068 $ 539,331 Less: Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 343,460 369,810 404,389 384,445 Depreciation, depletion, amortization and accretion 105,719 97,973 99,892 97,264 Gross profit 33,139 67,765 68,787 57,622 Reduction in value of assets - - - 739,725 Income (loss) from continuing operations (59,948) (25,437) (21,816) (750,185) Income (loss) from discontinued operations, net of tax 224 (953) - - Net loss $ (59,724) $ (26,390) $ (21,816) $ (750,185) Loss per share from continuing operations: Basic and diluted $ (0.39) $ (0.16) $ (0.14) $ (4.85) Loss per share from discontinued operations: Basic and diluted $ - $ (0.01) $ - $ (4.85) 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 400,936 $ 470,068 $ 506,029 $ 497,043 Less: Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 321,986 351,802 368,279 356,628 Depreciation, depletion, amortization and accretion 114,281 108,119 108,751 107,565 Gross profit (35,331) 10,147 28,999 32,850 Reduction in value of assets - - 9,953 4,202 Income (loss) from continuing operations (89,661) (62,039) (57,189) 21,878 Loss from discontinued operations, net of tax (1,998) (1,767) (1,860) (13,285) Net income (loss) $ (91,659) $ (63,806) $ (59,049) $ 8,593 Income (loss) per share from continuing operations: Basic $ (0.59) $ (0.41) $ (0.37) $ 0.14 Diluted (0.59) (0.41) (0.37) 0.14 Loss per share from discontinued operations: Basic $ (0.01) $ (0.01) $ (0.02) $ (0.08) Diluted (0.01) (0.01) (0.02) (0.08) |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Business) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018segmentregion | |
Summary Of Significant Accounting Policies [Abstract] | |
Number of segments | segment | 4 |
Number of geographic regions of operations | region | 3 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Major Customers And Concentration Of Credit Risk) (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration percent | 13.00% | 11.00% |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Cash Equivalents) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Maximum maturity of short-term investments purchased to be cash equivalents | 90 days |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies [Abstract] | ||
Finished goods | $ 54,144 | $ 61,764 |
Raw materials | 16,795 | 13,727 |
Work-in-process | 5,544 | 6,174 |
Supplies and consumables | 30,822 | 24,923 |
Total | $ 107,305 | $ 106,588 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Estimated Useful Lives Of The Related Assets) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings And Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 5 years |
Buildings And Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 40 years |
Marine Vessels And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 5 years |
Marine Vessels And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 25 years |
Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 2 years |
Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 25 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 3 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Furniture And Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 2 years |
Furniture And Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies (Goodwill) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Reduction in value of goodwill | $ 668,838 | $ 330,500 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 2,417,100 | $ 1,748,200 | |
Valuation, Income Approach [Member] | |||
Goodwill [Line Items] | |||
Goodwill Impairment, Percentage of method used in determining impairment | 80.00% | ||
Valuation, Market Approach [Member] | |||
Goodwill [Line Items] | |||
Goodwill Impairment, Percentage of method used in determining impairment | 20.00% | ||
Onshore Completion And Workover Services [Member] | |||
Goodwill [Line Items] | |||
Reduction in value of goodwill | $ 583,550 | 140,000 | |
Production Services [Member] | |||
Goodwill [Line Items] | |||
Reduction in value of goodwill | $ 85,288 | $ 190,500 |
Summary Of Significant Accou_10
Summary Of Significant Accounting Policies (Summary Of Activity Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | |||
Beginning Balance | $ 807,860 | $ 803,917 | |
Foreign currency translation adjustments | (2,234) | 3,943 | |
Reduction in value of assets | (668,838) | $ (330,500) | |
Ending Balance | 136,788 | 807,860 | 803,917 |
Drilling Products And Services [Member] | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 138,493 | 135,961 | |
Foreign currency translation adjustments | (1,705) | 2,532 | |
Ending Balance | 136,788 | 138,493 | 135,961 |
Onshore Completion And Workover Services [Member] | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 583,550 | 583,550 | |
Reduction in value of assets | (583,550) | (140,000) | |
Ending Balance | 583,550 | 583,550 | |
Production Services [Member] | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 85,817 | 84,406 | |
Foreign currency translation adjustments | (529) | 1,411 | |
Reduction in value of assets | $ (85,288) | (190,500) | |
Ending Balance | $ 85,817 | $ 84,406 |
Summary Of Significant Accou_11
Summary Of Significant Accounting Policies (Notes Receivable) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes Receivable [Abstract] | |||
Amount of notes receivable net | $ 115 | ||
Interest rate percentage to record present value of notes receivable | 6.58% | ||
Company recorded interest income | $ 3.9 | $ 3.6 | $ 3.6 |
Summary Of Significant Accou_12
Summary Of Significant Accounting Policies (Intangible And Other Long-Term Assets) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense exclusive of debt acquisition costs | $ 12,700 | $ 12,700 | $ 16,200 |
Amortization of intangible assets exclusive of debt acquisitions costs for 2019 | 10,000 | ||
Amortization of intangible assets exclusive of debt acquisitions costs for 2020 | 10,000 | ||
Amortization of intangible assets exclusive of debt acquisitions costs for 2021 | 10,000 | ||
Amortization of intangible assets exclusive of debt acquisitions costs for 2022 | 10,000 | ||
Amortization of intangible assets exclusive of debt acquisitions costs for 2023 | 10,000 | ||
Reduction in carrying value of intangibles | 21,689 | ||
Onshore Completion and Workover Services and Production Services [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Reduction in carrying value of intangibles | $ 21,700 |
Summary Of Significant Accou_13
Summary Of Significant Accounting Policies (Summary Of The Activity For Company's Decommissioning Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Balance at beginning of period | $ 130,397 | $ 123,677 |
Accretion | 4,906 | 6,837 |
Liability acquisitions and dispositions | (117) | |
Liabilities settled | (5,207) | |
Balance at end of period | $ 130,096 | $ 130,397 |
Summary Of Significant Accou_14
Summary Of Significant Accounting Policies (Composition Of Intangible And Other Long-term Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Intangible Assets by Major Class [Line Items] | ||
Gross Amount | $ 158,565 | $ 200,067 |
Accumulated Amortization | (76,358) | (83,359) |
Net Balance | $ 82,207 | 116,708 |
Customer Relationships [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Estimated Useful Lives | 17 years | |
Gross Amount | $ 133,374 | 165,036 |
Accumulated Amortization | (59,711) | (62,930) |
Net Balance | $ 73,663 | 102,106 |
Tradenames [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Estimated Useful Lives | 10 years | |
Gross Amount | $ 20,717 | 30,732 |
Accumulated Amortization | (13,334) | (17,188) |
Net Balance | $ 7,383 | 13,544 |
Non-compete [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Estimated Useful Lives | 3 years | |
Gross Amount | $ 4,474 | 4,299 |
Accumulated Amortization | (3,313) | (3,241) |
Net Balance | $ 1,161 | $ 1,058 |
Summary Of Significant Accou_15
Summary Of Significant Accounting Policies (Foreign Currency) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Foreign currency gains (losses) | $ (1.9) | $ (2.2) | $ 23.5 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies (Recently Adopted Accounting Guidance) (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2017 |
Accounting Standards Update 2016-18 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Effect of change in accounting principle | $ 30.6 | |
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Effect of change in accounting principle | $ 100 |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 539,331 | $ 573,068 | $ 535,548 | $ 482,318 | $ 497,043 | $ 506,029 | $ 470,068 | $ 400,936 | $ 2,130,265 | $ 1,874,076 | $ 1,450,047 |
Drilling Products And Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 383,719 | 293,690 | 293,543 | ||||||||
Production Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 418,525 | 372,781 | 348,363 | ||||||||
Technical Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 270,365 | 272,422 | 284,176 | ||||||||
U.S. Land [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,460,604 | 1,238,954 | 717,748 | ||||||||
U.S. Land [Member] | Drilling Products And Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 176,448 | 117,856 | 64,251 | ||||||||
U.S. Land [Member] | Onshore Completion and Workover Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,057,656 | 935,183 | 523,966 | ||||||||
U.S. Land [Member] | Production Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 195,363 | 151,632 | 87,434 | ||||||||
U.S. Land [Member] | Technical Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 31,137 | 34,283 | 42,097 | ||||||||
Gulf Of Mexico [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 327,874 | 327,306 | 362,765 | ||||||||
Gulf Of Mexico [Member] | Drilling Products And Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 100,855 | 91,507 | 120,323 | ||||||||
Gulf Of Mexico [Member] | Production Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 66,512 | 74,033 | 84,839 | ||||||||
Gulf Of Mexico [Member] | Technical Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 160,507 | 161,766 | 157,603 | ||||||||
International [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 341,787 | 307,816 | 369,534 | ||||||||
International [Member] | Drilling Products And Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 106,416 | 84,327 | 108,968 | ||||||||
International [Member] | Production Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 156,650 | 147,116 | 176,090 | ||||||||
International [Member] | Technical Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 78,721 | $ 76,373 | $ 84,476 |
Revenue (Disaggregation Of Re_2
Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 539,331 | $ 573,068 | $ 535,548 | $ 482,318 | $ 497,043 | $ 506,029 | $ 470,068 | $ 400,936 | $ 2,130,265 | $ 1,874,076 | $ 1,450,047 |
Drilling Products And Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 383,719 | 293,690 | 293,543 | ||||||||
Production Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 418,525 | 372,781 | 348,363 | ||||||||
Technical Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 270,365 | 272,422 | 284,176 | ||||||||
Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,749,969 | 1,594,140 | 1,162,244 | ||||||||
Services [Member] | Drilling Products And Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 101,969 | 81,788 | 77,628 | ||||||||
Services [Member] | Onshore Completion and Workover Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,015,908 | 903,048 | 503,777 | ||||||||
Services [Member] | Production Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 381,957 | 354,445 | 308,226 | ||||||||
Services [Member] | Technical Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 250,135 | 254,859 | 272,613 | ||||||||
Rentals [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 380,296 | 279,936 | 287,803 | ||||||||
Rentals [Member] | Drilling Products And Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 281,750 | 211,902 | 215,915 | ||||||||
Rentals [Member] | Onshore Completion and Workover Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 41,748 | 32,135 | 20,188 | ||||||||
Rentals [Member] | Production Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 36,568 | 18,336 | 40,137 | ||||||||
Rentals [Member] | Technical Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 20,230 | $ 17,563 | $ 11,563 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant And Equipment [Abstract] | |||
Impairment of long lived assets | $ 49,198 | ||
Leasehold Improvements, Gross | 74,900 | $ 73,600 | |
Depreciation | $ 374,500 | $ 419,200 | $ 486,900 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | $ 3,749,470 | $ 4,053,564 |
Accumulated depreciation and depletion | (2,640,344) | (2,736,620) |
Property, plant and equipment, net | 1,109,126 | 1,316,944 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 3,229,793 | 3,505,171 |
Buildings, Improvements And Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 278,339 | 293,133 |
Automobiles, trucks, tractors and trailers [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 26,522 | 32,185 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 52,045 | 62,632 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 38,119 | 37,236 |
Land [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 58,047 | 58,363 |
Oil and Gas Producing Assets [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | $ 66,605 | $ 64,844 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
Credit facility, borrowing base | $ 249.6 |
Letters of Credit Outstanding, Amount | 52.3 |
Unsecured Senior Notes Due 2024 [Member] | |
Debt Instrument [Line Items] | |
Senior Notes | $ 500 |
Stated interest rate on unsecured senior notes | 7.75% |
Unsecured Senior Notes Due 2021 [Member] | |
Debt Instrument [Line Items] | |
Senior Notes | $ 800 |
Stated interest rate on unsecured senior notes | 7.125% |
Debt (Summary Of Long-Term Debt
Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,300,000 | $ 1,300,000 |
Unamortized debt issuance costs | (17,079) | (20,229) |
Total debt, net | 1,282,921 | 1,279,771 |
Senior Unsecured Notes Due September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 500,000 | 500,000 |
Senior Unsecured Notes Due December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 800,000 | $ 800,000 |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt [Abstract] | ||
2,019 | ||
2,020 | ||
2,021 | 800,000 | |
2,023 | ||
Thereafter | 500,000 | |
Total | $ 1,300,000 | $ 1,300,000 |
Stock-Based And Long-Term Inc_3
Stock-Based And Long-Term Incentive Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Shares available for future grants | 5,877,000 | ||
Employee Stock Option [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Share-based payment vesting period, years | 3 years | ||
Share-based payment expiration period, years | 10 years | ||
Intrinsic value of options exercised | $ 0 | $ 0 | $ 0.3 |
Cash received from exercising options | 0 | 0.1 | 0.5 |
Tax benefit from exercising stock options | 0 | $ 0 | 0.1 |
Unrecognized compensation expense related to non-vested options oustanding | 3.3 | ||
Compensation expense expected to be recognizes in next year | 2.2 | ||
Compensation expense expected to be recognized in 2 years | $ 1.1 | ||
Restricted Stock Units (RSUs) [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Share-based payment vesting period, years | 3 years | ||
Unrecognized compensation expense related to non-vested options oustanding | $ 21 | ||
Compensation expense expected to be recognizes in next year | 13.7 | ||
Compensation expense expected to be recognized in 2 years | 7 | ||
Compensation expense expected to be recognized in 3 years | $ 0.3 | ||
Resticted stock granted | 2,030,896 | ||
Shares outstanding | 3,422,436 | 3,192,000 | |
Performance Share Units [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Shares outstanding | 320,284 | ||
Performance period of PSU grant, years | 3 years | ||
Portion of equivalent value in common stock of company after meeting service requirements, at discretion of compensation committee | 50.00% | ||
Performance Share Units Outstanding, in next year | 115,397 | ||
Performance Share Units Outstanding, in 2 years | 97,044 | ||
Performance Share Units Outstanding, in 3 years | 107,843 | ||
Supplemental Executive Retirement Plan [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Employers Contribution to be received by plan participants, Minimum | 5.00% | ||
Employers Contribution to be received by plan participants, Maximum | 35.00% | ||
Employers contribution | $ 1.2 | $ 0.9 | 2.2 |
Distribution to select participants | $ 0 | 0 | 1.4 |
Other Pension Plan [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Maximum employee contribution to be matched by employer | 4.00% | ||
Maximum empoyee contribution | 75.00% | ||
Company contribution, percent | 100.00% | ||
Company discretionary contributions | $ 10 | $ 8.4 | $ 8.7 |
Non-Qualified Deferred Compensation Plans [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Maximum portion of base salary to defer under non-qualified deferred compensation plan | 75.00% | ||
Maximum portion of bonus to defer under non-qualified deferred compensation plan | 100.00% | ||
Non-employee cash deferred to non-qualified compensation plan | 100.00% | ||
Maximum of cash portion of PSU compensation to defer under non-qualified deferred compensation plan | 100.00% |
Stock-Based And Long-Term Inc_4
Stock-Based And Long-Term Incentive Compensation (Summary Of Compensation Expense and Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | $ 30,987 | $ 35,928 | $ 40,181 |
Related income taxes | 7,189 | 8,335 | 14,867 |
Total compensation expense, net of income taxes | 23,798 | 27,593 | 25,314 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 4,247 | 4,289 | 4,870 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 382 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 19,828 | 21,899 | 24,762 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | $ 6,912 | $ 9,740 | $ 10,167 |
Stock-Based And Long-Term Inc_5
Stock-Based And Long-Term Incentive Compensation (Summary Of The Valuation Assumptions Used To Calculate The Fair Value Of Stock Option Grants) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted average fair value of stock options granted | $ 5.61 | $ 8.36 | $ 3.61 |
Black-Scholes-Merton Assumptions: | |||
Risk free interest rate | 2.43% | 1.96% | 1.46% |
Expected life (years) | 6 years | 6 years | 5 years |
Volatility | 51.21% | 48.22% | 55.72% |
Dividend yield | 3.28% |
Stock-Based And Long-Term Inc_6
Stock-Based And Long-Term Incentive Compensation (Summary Of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summarization of stock option activity | ||
Number of options outstanding, beginning | 6,138,653 | |
Number of options granted | 567,967 | |
Number of options expired | (271,167) | |
Number of options outstanding, ending | 6,435,453 | 6,138,653 |
Number of options exercisable | 5,022,592 | |
Number of options expected to vest | 1,412,861 | |
Weighted average option price outstanding, beginning | $ 18.75 | |
Weighted average option price granted | 11.04 | |
Weighted average option price expired | 14.10 | |
Weighted average option price outstanding, ending | 18.27 | $ 18.75 |
Weighted average option price exercisable | 20.13 | |
Weighted average option price expected to vest | $ 11.65 | |
Weighted average remaining contractual term, outstanding | 5 years | 5 years 4 months 24 days |
Weighted average remaining contractual term, exercisable | 4 years 2 months 12 days | |
Weighted average remaining contractual term, expected to vest | 8 years |
Stock-Based And Long-Term Inc_7
Stock-Based And Long-Term Incentive Compensation (Summary Of Non-Vested Stock Option Activity) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Options | |
Beginning balance | shares | 1,748,933 |
Granted | shares | 567,967 |
Vested | shares | (904,039) |
Ending balance | shares | 1,412,861 |
Weighted Average Grant Date Fair Value | |
Beginning balance | $ / shares | $ 12.18 |
Granted | $ / shares | 11.04 |
Vested | $ / shares | 12.30 |
Ending balance | $ / shares | $ 8 |
Stock-Based And Long-Term Inc_8
Stock-Based And Long-Term Incentive Compensation (Summary Of Activity Of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | shares | 3,192,000 |
Granted | shares | 2,030,896 |
Shares, vested | shares | (1,534,153) |
Shares, fofeited | shares | (266,307) |
Ending balance | shares | 3,422,436 |
Weighted average grant date fair value, beginning balance | $ / shares | $ 14.87 |
Weighted average grant date fair value, granted | $ / shares | 11.31 |
Weighted average grant date fair value, vested | $ / shares | 14.26 |
Weighted average grant date fair value, forfeited | $ / shares | 12.51 |
Weighted average grant date fair value, ending balance | $ / shares | $ 13.22 |
Stock-Based And Long-Term Inc_9
Stock-Based And Long-Term Incentive Compensation (Schedule Of ESPP Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received for shares issued | $ 2,625 | $ 3,074 | $ 3,681 |
Compensation expense | $ 30,987 | $ 35,928 | $ 40,181 |
Shares issued | 550,950 | 360,465 | 290,987 |
2013 Employee Stock Purchase Plan Member | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 463 | $ 542 | $ 1,492 |
Stock-Based And Long-Term In_10
Stock-Based And Long-Term Incentive Compensation (Schedule Of Deferred Compensation Balances) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Stock-Based And Long-Term Incentive Compensation [Abstract] | ||
Deferred compensation assets | $ 13,306 | $ 14,187 |
Deferred compensation liabilities, short-term | 1,138 | 1,253 |
Deferred compensation liabilities, long-term | $ 19,766 | $ 21,085 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | ||||
Reduction in value of goodwill | $ 668,838 | $ 330,500 | ||
Effect on permanent book-tax basis difference | 548,800 | |||
Effect on book-tax temporary basis difference | 102,000 | |||
Goodwill impairment, amortization expense | $ 18,000 | |||
U.S. Federal income tax rate | 21.00% | 35.00% | ||
U.S. Tax Reform | $ 76,529 | |||
Income tax rate on repatriated earnings, cash items | 15.50% | |||
Income tax rate on repatriated earnings, other assets | 8.00% | |||
Net operating loss carryforwards | $ 222,800 | |||
Limitation on operating loss carryforward usage as percent of taxable income | 80.00% | |||
Deferred tax assets, various state | $ 24,600 | |||
Foreign tax credit carryforward | 54,500 | |||
Unrecorded tax benefits | 30,558 | 30,656 | 29,956 | $ 29,715 |
Interest and penalties recorded | 0 | 2,200 | 2,500 | |
Interest and penalties accrued | 9,700 | $ 9,700 | $ 7,400 | |
Increase in valuation allowance | $ 16,800 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income And Loss From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $ (880,988) | $ (336,095) | $ (1,097,109) |
Foreign | (21,831) | (41,656) | (3,232) |
Loss from continuing operations before income taxes | $ (902,819) | $ (377,751) | $ (1,100,341) |
Income Taxes (Schedule Of Com_2
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current, federal | $ (101,578) | ||
Current, state | $ 2,118 | $ (750) | (159) |
Current, foreign | 14,856 | 9,137 | 19,156 |
Current, total | 16,974 | 8,387 | (82,581) |
Deferred, federal | (68,469) | (201,768) | (179,721) |
Deferred, state | (4,161) | 6,109 | (9,348) |
Deferred, foreign | 10,223 | (3,468) | 4,649 |
Deferred income taxes | (62,407) | (199,127) | (184,420) |
Income tax benefit | $ (45,433) | $ (190,740) | $ (267,001) |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed expected tax benefit | $ (189,592) | $ (132,213) | $ (385,119) |
State and foreign income taxes | 10,437 | 16,437 | (8,038) |
Reduction in value of assets | 115,253 | 115,725 | |
U.S. Tax Reform | (76,529) | ||
Other | 18,469 | 1,565 | 10,431 |
Income tax benefit | $ (45,433) | $ (190,740) | $ (267,001) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 856 | $ 5,717 |
Operating loss and tax credit carryforwards | 146,926 | 118,687 |
Compensation and employee benefits | 38,006 | 38,261 |
Decommissioning liabilities | 27,979 | 26,875 |
Other | 25,331 | 28,807 |
Deferred tax assets, gross | 239,098 | 218,347 |
Valuation allowance | (25,571) | (8,722) |
Net deferred tax assets | 213,527 | 209,625 |
Deferred tax liabilities: | ||
Property, plant and equipment | 146,971 | 177,231 |
Notes receivable | 12,977 | 12,977 |
Goodwill and other intangible assets | 38,955 | 64,746 |
Other | 14,624 | 15,729 |
Deferred tax liabilities | $ 213,527 | 270,683 |
Net deferred tax liability | $ 61,058 |
Income Taxes (Summary Of Activi
Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at beginning of period | $ 30,656 | $ 29,956 | $ 29,715 |
Additions based on tax positions related to prior years | 1,899 | 5,576 | 6,874 |
Reductions based on tax positions related to prior years | (1,864) | (4,671) | (3,582) |
Reductions as a result of a lapse of the applicable statute of limitations | (133) | (205) | (3,051) |
Unrecognized tax benefits at end of period | $ 30,558 | $ 30,656 | $ 29,956 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 539,331 | $ 573,068 | $ 535,548 | $ 482,318 | $ 497,043 | $ 506,029 | $ 470,068 | $ 400,936 | $ 2,130,265 | $ 1,874,076 | $ 1,450,047 |
Costs (exclusive of depreciation, depletion, amortization and accretion) | 384,445 | 404,389 | 369,810 | 343,460 | 356,628 | 368,279 | 351,802 | 321,986 | 1,502,104 | 1,398,695 | 1,123,274 |
Depreciation, depletion, amortization and accretion | 97,264 | $ 99,892 | $ 97,973 | $ 105,719 | 107,565 | 108,751 | $ 108,119 | $ 114,281 | 400,848 | 438,716 | 509,971 |
General and administrative expenses | 289,252 | 295,507 | 346,606 | ||||||||
Reduction in value of assets | $ 739,725 | $ 4,202 | $ 9,953 | 739,725 | 14,155 | 500,405 | |||||
Income (loss) from operations | (801,664) | (272,997) | (1,030,209) | ||||||||
Interest expense, net | (99,477) | (101,455) | (92,753) | ||||||||
Other expense | (1,678) | (3,299) | 22,621 | ||||||||
Income (loss) from continuing operations before income taxes | (902,819) | (377,751) | (1,100,341) | ||||||||
Drilling Products And Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 383,719 | 293,690 | 293,543 | ||||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | 148,019 | 128,381 | 136,719 | ||||||||
Depreciation, depletion, amortization and accretion | 112,111 | 131,394 | 159,937 | ||||||||
General and administrative expenses | 53,688 | 51,265 | 64,182 | ||||||||
Reduction in value of assets | 1,356 | 48,903 | |||||||||
Income (loss) from operations | 69,901 | (18,706) | (116,198) | ||||||||
Income (loss) from continuing operations before income taxes | 69,901 | (18,706) | (116,198) | ||||||||
Onshore Completion And Workover Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,057,656 | 935,183 | 523,965 | ||||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | 846,907 | 791,581 | 515,784 | ||||||||
Depreciation, depletion, amortization and accretion | 190,592 | 193,098 | 207,038 | ||||||||
General and administrative expenses | 37,170 | 44,766 | 48,837 | ||||||||
Reduction in value of assets | 644,813 | 4,684 | 190,835 | ||||||||
Income (loss) from operations | (661,826) | (98,946) | (438,529) | ||||||||
Income (loss) from continuing operations before income taxes | (661,826) | (98,946) | (438,529) | ||||||||
Production Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 418,525 | 372,781 | 348,363 | ||||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | 342,420 | 303,256 | 276,223 | ||||||||
Depreciation, depletion, amortization and accretion | 66,993 | 78,999 | 93,878 | ||||||||
General and administrative expenses | 41,499 | 48,655 | 49,687 | ||||||||
Reduction in value of assets | 92,252 | 235,067 | |||||||||
Income (loss) from operations | (124,639) | (58,129) | (306,492) | ||||||||
Interest expense, net | (1,343) | ||||||||||
Income (loss) from continuing operations before income taxes | (124,639) | (58,129) | (307,835) | ||||||||
Technical Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 270,365 | 272,422 | 284,176 | ||||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | 164,758 | 175,477 | 194,548 | ||||||||
Depreciation, depletion, amortization and accretion | 25,653 | 29,506 | 42,393 | ||||||||
General and administrative expenses | 57,600 | 51,679 | 65,299 | ||||||||
Reduction in value of assets | 8,115 | 25,600 | |||||||||
Income (loss) from operations | 22,354 | 7,645 | (43,664) | ||||||||
Interest expense, net | 3,915 | 3,567 | 3,553 | ||||||||
Income (loss) from continuing operations before income taxes | 26,269 | 11,212 | (40,111) | ||||||||
Corporate And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation, depletion, amortization and accretion | 5,499 | 5,719 | 6,725 | ||||||||
General and administrative expenses | 99,295 | 99,142 | 118,601 | ||||||||
Reduction in value of assets | 2,660 | ||||||||||
Income (loss) from operations | (107,454) | (104,861) | (125,326) | ||||||||
Interest expense, net | (103,392) | (105,022) | (94,963) | ||||||||
Other expense | (1,678) | (3,299) | 22,621 | ||||||||
Income (loss) from continuing operations before income taxes | $ (212,524) | $ (213,182) | $ (197,668) |
Segment Information (Schedule_2
Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | |||
Assets | $ 2,215,962 | $ 3,110,225 | $ 3,470,255 |
Drilling Products And Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 587,264 | 662,968 | 824,287 |
Onshore Completion And Workover Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 808,037 | 1,501,214 | 1,534,008 |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 434,430 | 512,256 | 598,167 |
Technical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 340,161 | 377,549 | 439,521 |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 46,070 | $ 56,238 | $ 74,272 |
Segment Information (Schedule_3
Segment Information (Schedule Of Capital Expenditures, By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 221,370 | $ 164,933 | $ 80,548 |
Drilling Products And Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 46,649 | 27,219 | 35,413 |
Onshore Completion And Workover Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 147,793 | 115,415 | 20,094 |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 8,651 | 7,860 | 20,848 |
Technical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 16,221 | 13,296 | 3,829 |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 2,056 | $ 1,143 | $ 364 |
Segment Information (Schedule_4
Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 539,331 | $ 573,068 | $ 535,548 | $ 482,318 | $ 497,043 | $ 506,029 | $ 470,068 | $ 400,936 | $ 2,130,265 | $ 1,874,076 | $ 1,450,047 |
Long-lived assets | 1,109,126 | 1,316,944 | 1,109,126 | 1,316,944 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,788,478 | 1,566,260 | 1,080,513 | ||||||||
Long-lived assets | 903,520 | 1,064,823 | 903,520 | 1,064,823 | |||||||
International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 341,787 | 307,816 | $ 369,534 | ||||||||
Long-lived assets | $ 205,606 | $ 252,121 | $ 205,606 | $ 252,121 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt | $ 1,084,711 | $ 1,346,985 |
Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | 13,306 | 14,187 |
Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | 1,138 | 1,253 |
Other long-term liabilities | 19,766 | 21,085 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt | 1,084,711 | 1,346,985 |
Level 1 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | 376 | 370 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt | ||
Level 2 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | 12,930 | 13,817 |
Level 2 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | 1,138 | 1,253 |
Other long-term liabilities | 19,766 | 21,085 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt | ||
Level 3 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | ||
Level 3 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | ||
Other long-term liabilities |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements Used in Testing) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | ||
Fair Value, Property, plant and equipment, net | $ 65,441 | |
Impairment, Property, plant and equipment, net | 49,198 | |
Impairment, Goodwill | 668,838 | $ 330,500 |
Impairment, Intangible assets | $ 21,689 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |||
Rent expense | $ 53.9 | $ 15.3 | $ 24.1 |
2,018 | 30.8 | ||
2,019 | 24.3 | ||
2,020 | 16.6 | ||
2,021 | 9.8 | ||
2,022 | $ 6.9 |
Reduction in Value of Assets (N
Reduction in Value of Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Impairment Charges [Line Items] | ||||||
Retirments of long-lived assets | $ 26,102 | |||||
Reduction in value of long-lived assets | $ 70,887 | $ 14,155 | 143,803 | |||
Reduction in value of goodwill | 668,838 | 330,500 | ||||
Reduction in value of assets | $ 739,725 | $ 4,202 | $ 9,953 | 739,725 | 14,155 | 500,405 |
Reduction in value of assets related to sale of a business | 2,600 | |||||
Drilling Products And Services [Member] | ||||||
Asset Impairment Charges [Line Items] | ||||||
Retirments of long-lived assets | 26,100 | |||||
Reduction in value of assets | 1,356 | 48,903 | ||||
Impairment of Property, Plant and Equipment | 25,000 | |||||
Technical Solutions [Member] | ||||||
Asset Impairment Charges [Line Items] | ||||||
Reduction in value of long-lived assets | 8,100 | |||||
Reduction in value of assets | 8,115 | 25,600 | ||||
Impairment of Property, Plant and Equipment | 25,600 | |||||
Production Services [Member] | ||||||
Asset Impairment Charges [Line Items] | ||||||
Reduction in value of goodwill | 85,288 | 190,500 | ||||
Reduction in value of assets | 92,252 | 235,067 | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 1,900 | 21,000 | ||||
Impairment of Property, Plant and Equipment | 5,100 | 21,400 | ||||
Onshore Completion And Workover Services [Member] | ||||||
Asset Impairment Charges [Line Items] | ||||||
Reduction in value of long-lived assets | 6,100 | |||||
Reduction in value of goodwill | 583,550 | 140,000 | ||||
Reduction in value of assets | 644,813 | $ 4,684 | 190,835 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 19,800 | 45,900 | ||||
Impairment of Property, Plant and Equipment | $ 41,400 | $ 4,900 |
Reduction in Value of Assets (C
Reduction in Value of Assets (Components of the Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reduction In Value Of Assets [Abstract] | ||||||
Reduction in value of goodwill | $ 668,838 | $ 330,500 | ||||
Reduction in value of long-lived assets | 70,887 | $ 14,155 | 143,803 | |||
Retirments of long-lived assets | 26,102 | |||||
Total reduction in value of assets | $ 739,725 | $ 4,202 | $ 9,953 | $ 739,725 | $ 14,155 | $ 500,405 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from discontinued operations | $ 0.7 | $ 18.9 | $ 53.6 |
Subsea Construction Marine Vessels [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss from discontinued operations | $ 0.8 |
Discontinued Operations (Assets
Discontinued Operations (Assets And Liabilities of Disposal Groups) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | |
Current assets | $ 3,144 |
Property, plant and equipment, net | 10,500 |
Total assets | 13,644 |
Current liabilities | $ 6,463 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Subsidiary ownership | 100.00% |
Unsecured Senior Notes Due 2024 [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Unsecured senior notes | $ 500,000,000 |
Stated interest rate on unsecured senior notes | 7.75% |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 158,050 | $ 172,000 | ||
Accounts receivable, net | 447,353 | 398,056 | ||
Income taxes receivable | 959 | |||
Other current assets | 167,502 | 176,160 | ||
Assets held for sale | 13,644 | |||
Total current assets | 772,905 | 760,819 | ||
Property, plant and equipment, net | 1,109,126 | 1,316,944 | ||
Goodwill | 136,788 | 807,860 | $ 803,917 | |
Notes receivable | 63,993 | 60,149 | ||
Restricted cash | 5,698 | 20,483 | ||
Intangible and other long-term assets, net | 127,452 | 143,970 | ||
Total assets | 2,215,962 | 3,110,225 | 3,470,255 | |
Current liabilities: | ||||
Accounts payable | 139,325 | 119,716 | ||
Accrued expenses | 219,180 | 221,757 | ||
Income taxes payable | 734 | |||
Current portion of decommissioning liabilities | 3,538 | 27,261 | ||
Liabilities held for sale | 6,463 | |||
Total current liabilities | 362,777 | 375,197 | ||
Deferred income taxes | 61,058 | |||
Decommissioning liabilities | 126,558 | 103,136 | ||
Long-term debt, net | 1,282,921 | 1,279,771 | ||
Other long-term liabilities | 152,967 | 158,634 | ||
Total stockholders' equity | 290,739 | 1,132,429 | $ 1,303,920 | $ 2,210,812 |
Total liabilities and stockholders' equity | 2,215,962 | 3,110,225 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Accounts receivable, net | (5,235) | |||
Intercompany accounts receivable | (90,674) | (70,700) | ||
Total current assets | (90,674) | (75,935) | ||
Long term intercompany accounts receivable | (4,417,627) | (4,431,595) | ||
Equity investments of consolidated subsidiaries | (1,808,232) | (3,399,556) | ||
Total assets | (6,316,533) | (7,907,086) | ||
Current liabilities: | ||||
Accounts payable | (5,235) | |||
Intercompany accounts payable | (90,674) | (70,700) | ||
Total current liabilities | (90,674) | (75,935) | ||
Long-term intercompany accounts payable | (4,417,627) | (4,431,595) | ||
Total stockholders' equity | (1,808,232) | (3,399,556) | ||
Total liabilities and stockholders' equity | (6,316,533) | (7,907,086) | ||
Parent [Member] | ||||
Current assets: | ||||
Long term intercompany accounts receivable | 2,243,431 | 2,221,697 | ||
Equity investments of consolidated subsidiaries | (1,952,647) | (1,088,736) | ||
Total assets | 290,784 | 1,132,961 | ||
Current liabilities: | ||||
Accrued expenses | 45 | 532 | ||
Total current liabilities | 45 | 532 | ||
Total stockholders' equity | 290,739 | 1,132,429 | ||
Total liabilities and stockholders' equity | 290,784 | 1,132,961 | ||
Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 102,224 | 126,533 | ||
Accounts receivable, net | 160 | |||
Intercompany accounts receivable | 12,279 | 6,460 | ||
Other current assets | 12,805 | 11,895 | ||
Total current assets | 127,468 | 144,888 | ||
Property, plant and equipment, net | 10,129 | 12,055 | ||
Equity investments of consolidated subsidiaries | 3,754,887 | 4,481,702 | ||
Intangible and other long-term assets, net | 19,255 | 22,118 | ||
Total assets | 3,911,739 | 4,660,763 | ||
Current liabilities: | ||||
Accounts payable | 8,807 | 14,339 | ||
Accrued expenses | 102,845 | 116,767 | ||
Income taxes payable | 1,237 | |||
Intercompany accounts payable | 724 | 724 | ||
Total current liabilities | 113,613 | 131,830 | ||
Deferred income taxes | (147,116) | |||
Long-term debt, net | 1,282,921 | 1,279,771 | ||
Long-term intercompany accounts payable | 4,417,627 | 4,431,595 | ||
Other long-term liabilities | 50,225 | 53,419 | ||
Total stockholders' equity | (1,952,647) | (1,088,736) | ||
Total liabilities and stockholders' equity | 3,911,739 | 4,660,763 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 707 | 440 | ||
Accounts receivable, net | 367,497 | 332,402 | ||
Income taxes receivable | (221) | |||
Intercompany accounts receivable | 74,906 | 58,375 | ||
Other current assets | 111,560 | 129,970 | ||
Total current assets | 554,670 | 520,966 | ||
Property, plant and equipment, net | 920,978 | 1,093,446 | ||
Goodwill | 80,544 | 657,099 | ||
Notes receivable | 63,993 | 60,149 | ||
Long term intercompany accounts receivable | 1,991,912 | 2,032,056 | ||
Equity investments of consolidated subsidiaries | 5,992 | 6,590 | ||
Restricted cash | 5,653 | 20,483 | ||
Intangible and other long-term assets, net | 100,847 | 113,632 | ||
Total assets | 3,724,589 | 4,504,421 | ||
Current liabilities: | ||||
Accounts payable | 109,903 | 89,714 | ||
Accrued expenses | 86,926 | 80,825 | ||
Intercompany accounts payable | 6,869 | 7,918 | ||
Current portion of decommissioning liabilities | 25,670 | |||
Total current liabilities | 203,698 | 204,127 | ||
Deferred income taxes | 205,386 | |||
Decommissioning liabilities | 126,558 | 101,293 | ||
Other long-term liabilities | 76,543 | 79,061 | ||
Total stockholders' equity | 3,317,790 | 3,914,554 | ||
Total liabilities and stockholders' equity | 3,724,589 | 4,504,421 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 55,119 | 45,027 | ||
Accounts receivable, net | 79,696 | 70,889 | ||
Income taxes receivable | 1,180 | |||
Intercompany accounts receivable | 3,489 | 5,865 | ||
Other current assets | 43,137 | 34,295 | ||
Assets held for sale | 13,644 | |||
Total current assets | 181,441 | 170,900 | ||
Property, plant and equipment, net | 178,019 | 211,443 | ||
Goodwill | 56,244 | 150,761 | ||
Long term intercompany accounts receivable | 182,284 | 177,842 | ||
Restricted cash | 45 | |||
Intangible and other long-term assets, net | 7,350 | 8,220 | ||
Total assets | 605,383 | 719,166 | ||
Current liabilities: | ||||
Accounts payable | 20,615 | 20,898 | ||
Accrued expenses | 29,364 | 23,633 | ||
Income taxes payable | (503) | |||
Intercompany accounts payable | 83,081 | 62,058 | ||
Current portion of decommissioning liabilities | 3,538 | 1,591 | ||
Liabilities held for sale | 6,463 | |||
Total current liabilities | 136,095 | 114,643 | ||
Deferred income taxes | 2,788 | |||
Decommissioning liabilities | 1,843 | |||
Other long-term liabilities | 26,199 | 26,154 | ||
Total stockholders' equity | 443,089 | 573,738 | ||
Total liabilities and stockholders' equity | $ 605,383 | $ 719,166 |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information (Condensed Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | $ 539,331 | $ 573,068 | $ 535,548 | $ 482,318 | $ 497,043 | $ 506,029 | $ 470,068 | $ 400,936 | $ 2,130,265 | $ 1,874,076 | $ 1,450,047 |
Costs (exclusive of depreciation, depletion, amortization and accretion) | 384,445 | 404,389 | 369,810 | 343,460 | 356,628 | 368,279 | 351,802 | 321,986 | 1,502,104 | 1,398,695 | 1,123,274 |
Depreciation, depletion, amortization and accretion | 97,264 | 99,892 | 97,973 | 105,719 | 107,565 | 108,751 | 108,119 | 114,281 | 400,848 | 438,716 | 509,971 |
General and administrative expenses | 289,252 | 295,507 | 346,606 | ||||||||
Reduction in value of assets | 739,725 | 4,202 | 9,953 | 739,725 | 14,155 | 500,405 | |||||
Loss from operations | (801,664) | (272,997) | (1,030,209) | ||||||||
Other expense: | |||||||||||
Interest expense, net | (99,477) | (101,455) | (92,753) | ||||||||
Other income (expense) | (1,678) | (3,299) | 22,621 | ||||||||
Loss from continuing operations before income taxes | (902,819) | (377,751) | (1,100,341) | ||||||||
Income taxes | (45,433) | (190,740) | (267,001) | ||||||||
Net loss from continuing operations | (750,185) | (21,816) | (25,437) | (59,948) | 21,878 | (57,189) | (62,039) | (89,661) | (857,386) | (187,011) | (833,340) |
Loss from discontinued operations, net of income tax | (953) | 224 | (13,285) | (1,860) | (1,767) | (1,998) | (729) | (18,910) | (53,559) | ||
Net loss | $ (750,185) | $ (21,816) | $ (26,390) | $ (59,724) | $ 8,593 | $ (59,049) | $ (63,806) | $ (91,659) | (858,115) | (205,921) | (886,899) |
Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | (31,255) | (15,701) | (24,496) | ||||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | (31,255) | (15,701) | (24,496) | ||||||||
Other expense: | |||||||||||
Equity in losses of consolidated subsidiaries | 1,566,060 | 283,279 | 1,625,589 | ||||||||
Loss from continuing operations before income taxes | 1,566,060 | 283,279 | 1,625,589 | ||||||||
Net loss from continuing operations | 1,566,060 | 283,279 | 1,625,589 | ||||||||
Net loss | 1,566,060 | 283,279 | 1,625,589 | ||||||||
Parent [Member] | |||||||||||
Other expense: | |||||||||||
Equity in losses of consolidated subsidiaries | (858,115) | (205,921) | (886,899) | ||||||||
Loss from continuing operations before income taxes | (858,115) | (205,921) | (886,899) | ||||||||
Net loss from continuing operations | (858,115) | (205,921) | (886,899) | ||||||||
Net loss | (858,115) | (205,921) | (886,899) | ||||||||
Issuer [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | (13,265) | (4,123) | 6,582 | ||||||||
Depreciation, depletion, amortization and accretion | 3,945 | 4,149 | 4,592 | ||||||||
General and administrative expenses | 95,725 | 86,840 | 117,781 | ||||||||
Loss from operations | (86,405) | (86,866) | (128,955) | ||||||||
Other expense: | |||||||||||
Interest expense, net | (103,594) | (105,585) | (95,040) | ||||||||
Other income (expense) | 71 | (1,350) | (4,345) | ||||||||
Equity in losses of consolidated subsidiaries | (707,348) | (76,394) | (738,047) | ||||||||
Loss from continuing operations before income taxes | (897,276) | (270,195) | (966,387) | ||||||||
Income taxes | (39,161) | (64,274) | (79,488) | ||||||||
Net loss from continuing operations | (858,115) | (205,921) | (886,899) | ||||||||
Net loss | (858,115) | (205,921) | (886,899) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 1,889,751 | 1,655,114 | 1,193,233 | ||||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | 1,355,524 | 1,242,486 | 944,349 | ||||||||
Depreciation, depletion, amortization and accretion | 351,974 | 383,713 | 452,180 | ||||||||
General and administrative expenses | 142,451 | 152,076 | 176,430 | ||||||||
Reduction in value of assets | 647,441 | 6,038 | 486,976 | ||||||||
Loss from operations | (607,639) | (129,199) | (866,702) | ||||||||
Other expense: | |||||||||||
Interest expense, net | 3,950 | 4,451 | 3,425 | ||||||||
Other income (expense) | 1,014 | 202 | 196 | ||||||||
Equity in losses of consolidated subsidiaries | (597) | (964) | (643) | ||||||||
Loss from continuing operations before income taxes | (603,272) | (125,510) | (863,724) | ||||||||
Income taxes | (6,554) | (118,347) | (189,850) | ||||||||
Net loss from continuing operations | (596,718) | (7,163) | (673,874) | ||||||||
Net loss | (596,718) | (7,163) | (673,874) | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 271,769 | 234,663 | 281,310 | ||||||||
Costs (exclusive of depreciation, depletion, amortization and accretion) | 191,100 | 176,033 | 196,839 | ||||||||
Depreciation, depletion, amortization and accretion | 44,929 | 50,854 | 53,199 | ||||||||
General and administrative expenses | 51,076 | 56,591 | 52,395 | ||||||||
Reduction in value of assets | 92,284 | 8,117 | 13,429 | ||||||||
Loss from operations | (107,620) | (56,932) | (34,552) | ||||||||
Other expense: | |||||||||||
Interest expense, net | 167 | (321) | (1,138) | ||||||||
Other income (expense) | (2,763) | (2,151) | 26,770 | ||||||||
Loss from continuing operations before income taxes | (110,216) | (59,404) | (8,920) | ||||||||
Income taxes | 282 | (8,119) | 2,337 | ||||||||
Net loss from continuing operations | (110,498) | (51,285) | (11,257) | ||||||||
Loss from discontinued operations, net of income tax | (729) | (18,910) | (53,559) | ||||||||
Net loss | $ (111,227) | $ (70,195) | $ (64,816) |
Supplemental Guarantor Inform_6
Supplemental Guarantor Information (Consolidating Statements of Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net loss | $ (750,185) | $ (21,816) | $ (26,390) | $ (59,724) | $ 8,593 | $ (59,049) | $ (63,806) | $ (91,659) | $ (858,115) | $ (205,921) | $ (886,899) |
Change in cumulative translation adjustment, net of tax | (5,750) | 12,821 | (34,554) | ||||||||
Comprehensive loss | (863,865) | (193,100) | (921,453) | ||||||||
Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net loss | 1,566,060 | 283,279 | 1,625,589 | ||||||||
Change in cumulative translation adjustment, net of tax | 11,500 | (25,642) | 69,108 | ||||||||
Comprehensive loss | 1,577,560 | 257,637 | 1,694,697 | ||||||||
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net loss | (858,115) | (205,921) | (886,899) | ||||||||
Change in cumulative translation adjustment, net of tax | (5,750) | 12,821 | (34,554) | ||||||||
Comprehensive loss | (863,865) | (193,100) | (921,453) | ||||||||
Issuer [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net loss | (858,115) | (205,921) | (886,899) | ||||||||
Change in cumulative translation adjustment, net of tax | (5,750) | 12,821 | (34,554) | ||||||||
Comprehensive loss | (863,865) | (193,100) | (921,453) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net loss | (596,718) | (7,163) | (673,874) | ||||||||
Comprehensive loss | (596,718) | (7,163) | (673,874) | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net loss | (111,227) | (70,195) | (64,816) | ||||||||
Change in cumulative translation adjustment, net of tax | (5,750) | 12,821 | (34,554) | ||||||||
Comprehensive loss | $ (116,977) | $ (57,374) | $ (99,370) |
Supplemental Guarantor Inform_7
Supplemental Guarantor Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | $ 165,057 | $ 96,426 | $ 61,252 |
Cash flows from investing activities: | |||
Payments for capital expenditures | (221,370) | (164,933) | (80,548) |
Proceeds from sales of assets | 33,299 | 28,269 | 7,515 |
Other | 28,269 | 6,501 | |
Net cash used in investing activities | (188,071) | (136,664) | (74,047) |
Cash flows from financing activities: | |||
Proceeds from revolving line of credit | 325,123 | ||
Payments on revolving credit facility | (325,123) | ||
Proceeds from long-term debt | 500,000 | ||
Principal payments on long-term debt | (500,000) | (337,576) | |
Payment of debt issuance costs | (11,967) | (2,711) | |
Dividends paid | (11,967) | (12,111) | |
Other | (2,586) | (5,058) | (3,082) |
Net cash provided by (used in) financing activities | (2,586) | (17,025) | (355,480) |
Effect of exchange rate changes on cash | (3,135) | 3,654 | (7,959) |
Net increase (decrease) in cash and cash equivalents | (28,735) | (53,609) | (376,234) |
Cash, cash equivalents, and restricted cash at beginning of period | 192,483 | 246,092 | 622,326 |
Cash, cash equivalents, and restricted cash at end of period | 163,748 | 192,483 | 246,092 |
Eliminations [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | (3,283) | (75,767) | |
Cash flows from financing activities: | |||
Dividends paid | 3,283 | 75,767 | |
Net cash provided by (used in) financing activities | 3,283 | 75,767 | |
Parent [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | 23,866 | 26,221 | 29,149 |
Cash flows from financing activities: | |||
Changes in notes with affiliated companies, net | (21,734) | (21,163) | (13,956) |
Dividends paid | (12,111) | ||
Other | (2,132) | (5,058) | (3,082) |
Net cash provided by (used in) financing activities | (23,866) | (26,221) | (29,149) |
Issuer [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | (2,013) | 3,369 | (139,666) |
Cash flows from investing activities: | |||
Payments for capital expenditures | (2,055) | (1,041) | (405) |
Net cash used in investing activities | (2,055) | (1,041) | (405) |
Cash flows from financing activities: | |||
Proceeds from revolving line of credit | 325,123 | ||
Payments on revolving credit facility | (325,123) | ||
Proceeds from long-term debt | 500,000 | ||
Principal payments on long-term debt | (500,000) | (325,000) | |
Payment of debt issuance costs | (2,711) | ||
Changes in notes with affiliated companies, net | (19,787) | 8,727 | 185,950 |
Dividends paid | (11,967) | ||
Other | (454) | ||
Net cash provided by (used in) financing activities | (20,241) | (3,240) | (141,761) |
Net increase (decrease) in cash and cash equivalents | (24,309) | (912) | (281,832) |
Cash, cash equivalents, and restricted cash at beginning of period | 126,533 | 127,445 | 409,277 |
Cash, cash equivalents, and restricted cash at end of period | 102,224 | 126,533 | 127,445 |
Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | 150,510 | 89,739 | 248,627 |
Cash flows from investing activities: | |||
Payments for capital expenditures | (207,640) | (148,738) | (64,478) |
Proceeds from sales of assets | 20,003 | ||
Other | 23,485 | 6,501 | |
Net cash used in investing activities | (187,637) | (125,253) | (57,977) |
Cash flows from financing activities: | |||
Changes in notes with affiliated companies, net | 22,564 | 4,648 | (127,595) |
Dividends paid | (73,017) | ||
Net cash provided by (used in) financing activities | 22,564 | 4,648 | (200,612) |
Net increase (decrease) in cash and cash equivalents | (14,563) | (30,866) | (9,962) |
Cash, cash equivalents, and restricted cash at beginning of period | 20,923 | 51,789 | 61,751 |
Cash, cash equivalents, and restricted cash at end of period | 6,360 | 20,923 | 51,789 |
Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | (4,023) | (22,903) | (1,091) |
Cash flows from investing activities: | |||
Payments for capital expenditures | (11,675) | (15,154) | (15,665) |
Proceeds from sales of assets | 13,296 | ||
Other | 4,784 | ||
Net cash used in investing activities | 1,621 | (10,370) | (15,665) |
Cash flows from financing activities: | |||
Principal payments on long-term debt | (12,576) | ||
Changes in notes with affiliated companies, net | 18,957 | 7,788 | (44,399) |
Dividends paid | (3,283) | (2,750) | |
Net cash provided by (used in) financing activities | 15,674 | 7,788 | (59,725) |
Effect of exchange rate changes on cash | (3,135) | 3,654 | (7,959) |
Net increase (decrease) in cash and cash equivalents | 10,137 | (21,831) | (84,440) |
Cash, cash equivalents, and restricted cash at beginning of period | 45,027 | 66,858 | 151,298 |
Cash, cash equivalents, and restricted cash at end of period | $ 55,164 | $ 45,027 | $ 66,858 |
Interim Financial Information_2
Interim Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues | $ 539,331 | $ 573,068 | $ 535,548 | $ 482,318 | $ 497,043 | $ 506,029 | $ 470,068 | $ 400,936 | $ 2,130,265 | $ 1,874,076 | $ 1,450,047 |
Costs (exclusive of depreciation, depletion, amortization and accretion) | 384,445 | 404,389 | 369,810 | 343,460 | 356,628 | 368,279 | 351,802 | 321,986 | 1,502,104 | 1,398,695 | 1,123,274 |
Depreciation, depletion, amortization and accretion | 97,264 | 99,892 | 97,973 | 105,719 | 107,565 | 108,751 | 108,119 | 114,281 | 400,848 | 438,716 | 509,971 |
Gross Profit | 57,622 | 68,787 | 67,765 | 33,139 | 32,850 | 28,999 | 10,147 | (35,331) | |||
Reduction in value of assets | 739,725 | 4,202 | 9,953 | 739,725 | 14,155 | 500,405 | |||||
Income (loss) from continuing operations | (750,185) | (21,816) | (25,437) | (59,948) | 21,878 | (57,189) | (62,039) | (89,661) | (857,386) | (187,011) | (833,340) |
Loss from discontinued operations, net of income tax | (953) | 224 | (13,285) | (1,860) | (1,767) | (1,998) | (729) | (18,910) | (53,559) | ||
Net loss | $ (750,185) | $ (21,816) | $ (26,390) | $ (59,724) | $ 8,593 | $ (59,049) | $ (63,806) | $ (91,659) | $ (858,115) | $ (205,921) | $ (886,899) |
Earnings Per Share [Abstract] | |||||||||||
Continuing operations, basic | $ 0.14 | $ (0.37) | $ (0.41) | $ (0.59) | |||||||
Continuing operations, diluted | 0.14 | (0.37) | (0.41) | (0.59) | |||||||
Discontinued operations, basic | (0.08) | (0.02) | (0.01) | (0.01) | |||||||
Discontinued operations, diluted | $ (0.08) | $ (0.02) | $ (0.01) | $ (0.01) |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | $ 29,037 | $ 29,740 | $ 28,242 |
Valuation Allowances and Reserves, Charged to Costs and Expenses | 3,569 | 4,254 | 7,825 |
Valuation Allowances and Reserves, Deductions | 20,526 | 4,957 | 6,327 |
Valuation Allowances and Reserves, Balance, Ending Balance | $ 12,080 | $ 29,037 | $ 29,740 |