Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 23, 2019 | |
Cover [Abstract] | ||
Entity Registrant Name | CORE LABORATORIES N.V. | |
Entity Central Index Key | 0001000229 | |
Trading Symbol | CLB | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 44,374,852 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-14273 | |
Entity Incorporation, State or Country Code | P7 | |
Entity Address, Address Line One | Strawinskylaan 913 | |
Entity Address, Address Line Two | Tower A, Level 9 | |
Entity Address, City or Town | Amsterdam | |
Entity Address, Country | NL | |
Entity Address, Postal Zip Code | 1077 XX | |
City Area Code | 31-20 | |
Local Phone Number | 420-3191 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock (par value EUR 0.02) | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 13,128 | $ 13,116 |
Accounts receivable, net of allowance for doubtful accounts of $2,858 and $2,650 at 2019 and 2018, respectively | 137,355 | 129,157 |
Inventories | 53,528 | 45,664 |
Prepaid expenses | 12,508 | 15,351 |
Income taxes receivable | 7,853 | 13,993 |
Other current assets | 6,314 | 13,696 |
TOTAL CURRENT ASSETS | 230,686 | 230,977 |
PROPERTY, PLANT AND EQUIPMENT, net | 125,078 | 122,917 |
RIGHT OF USE ASSETS | 76,238 | |
INTANGIBLES, net | 17,763 | 13,054 |
GOODWILL | 213,425 | 219,412 |
DEFERRED TAX ASSETS, net | 71,296 | 11,252 |
OTHER ASSETS | 53,210 | 51,215 |
TOTAL ASSETS | 787,696 | 648,827 |
CURRENT LIABILITIES: | ||
Accounts payable | 42,191 | 41,155 |
Accrued payroll and related costs | 27,866 | 22,549 |
Taxes other than payroll and income | 7,961 | 7,488 |
Unearned revenues | 12,348 | 17,325 |
Operating lease liabilities | 11,869 | |
Income taxes payable | 4,996 | 2,917 |
Other current liabilities | 12,766 | 11,113 |
TOTAL CURRENT LIABILITIES | 119,997 | 102,547 |
LONG-TERM DEBT, net | 297,148 | 289,770 |
LONG-TERM OPERATING LEASE LIABILITIES | 63,754 | |
DEFERRED COMPENSATION | 49,072 | 49,359 |
DEFERRED TAX LIABILITIES, net | 29,196 | 7,634 |
OTHER LONG-TERM LIABILITIES | 33,968 | 38,617 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Preference shares, EUR 0.02 par value; 6,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common shares, EUR 0.02 par value; 200,000,000 shares authorized, 44,796,252 issued and 44,374,852 outstanding at 2019 and 44,796,252 issued and 44,316,845 outstanding at 2018 | 1,148 | 1,148 |
Additional paid-in capital | 64,498 | 57,438 |
Retained earnings | 174,615 | 156,130 |
Accumulated other comprehensive income (loss) | (6,604) | (5,456) |
Treasury shares (at cost), 421,400 at 2019 and 479,407 at 2018 | (43,411) | (52,501) |
Total Core Laboratories N.V. shareholders' equity | 190,246 | 156,759 |
Non-controlling interest | 4,315 | 4,141 |
TOTAL EQUITY | 194,561 | 160,900 |
TOTAL LIABILITIES AND EQUITY | $ 787,696 | $ 648,827 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical $ in Thousands | Sep. 30, 2019USD ($)shares | Sep. 30, 2019€ / shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018€ / shares |
Statement Of Financial Position [Abstract] | ||||
Allowance for doubtful accounts | $ | $ 2,858 | $ 2,650 | ||
Preferred stock, par value per share | € / shares | € 0.02 | € 0.02 | ||
Preferred stock, shares authorized | 6,000,000 | 6,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, par value per share | € / shares | € 0.02 | € 0.02 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock, shares, issued | 44,796,252 | 44,796,252 | ||
Common shares, outstanding | 44,374,852 | 44,316,845 | ||
Treasury stock, shares | 421,400 | 479,407 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
REVENUES: | ||||
Revenue | $ 173,200 | $ 182,146 | $ 511,432 | $ 527,639 |
OPERATING EXPENSES: | ||||
General and administrative expense, exclusive of depreciation expense shown below | 11,012 | 13,278 | 38,250 | 38,189 |
Depreciation | 5,199 | 5,436 | 15,631 | 16,646 |
Amortization | 498 | 244 | 1,439 | 720 |
Other (income) expense, net | (712) | 130 | 2,653 | 170 |
OPERATING INCOME | 31,207 | 34,879 | 75,629 | 100,644 |
Interest expense | 3,662 | 3,278 | 11,102 | 9,694 |
Income from continuing operations before income tax expense | 27,545 | 31,601 | 64,527 | 90,950 |
Income tax expense (benefit) | 3,335 | 9,404 | (19,467) | 19,697 |
Income from continuing operations | 24,210 | 22,197 | 83,994 | 71,253 |
Income (loss) from discontinued operations, net of income taxes | (397) | 208 | 7,833 | (466) |
Net income | 23,813 | 22,405 | 91,827 | 70,787 |
Net income (loss) attributable to non-controlling interest | 84 | (7) | 174 | 96 |
Net income attributable to Core Laboratories N.V. | $ 23,729 | $ 22,412 | $ 91,653 | $ 70,691 |
EARNINGS (LOSS) PER SHARE INFORMATION: | ||||
Basic earnings per share from continuing operations (in dollar per share) | $ 0.55 | $ 0.50 | $ 1.89 | $ 1.61 |
Basic earnings (loss) per share from discontinued operations | (0.01) | 0.01 | 0.18 | (0.01) |
Basic earnings per share attributable to Core Laboratories N.V. (in dollar per share) | 0.54 | 0.51 | 2.07 | 1.60 |
Diluted earnings per share from continuing operations (in dollar per share) | 0.54 | 0.50 | 1.87 | 1.60 |
Diluted earnings (loss) per share from discontinued operations | (0.01) | 0.17 | (0.01) | |
Diluted earnings per share attributable to Core Laboratories N.V. (in dollar per share) | $ 0.53 | $ 0.50 | $ 2.04 | $ 1.59 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
Basic (in shares) | 44,371 | 44,216 | 44,349 | 44,199 |
Diluted (in shares) | 44,716 | 44,591 | 44,854 | 44,613 |
Service [Member] | ||||
REVENUES: | ||||
Revenue | $ 120,817 | $ 124,145 | $ 359,029 | $ 366,025 |
OPERATING EXPENSES: | ||||
Cost of services and product sales exclusive of depreciation expense shown below | 86,243 | 88,435 | 262,616 | 258,482 |
Product [Member] | ||||
REVENUES: | ||||
Revenue | 52,383 | 58,001 | 152,403 | 161,614 |
OPERATING EXPENSES: | ||||
Cost of services and product sales exclusive of depreciation expense shown below | $ 39,753 | $ 39,744 | $ 115,214 | $ 112,788 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 23,813 | $ 22,405 | $ 91,827 | $ 70,787 |
Changes in fair value of interest rate swaps | (293) | 205 | (1,322) | 1,086 |
Interest rate swap amounts reclassified to interest expense | (8) | 4 | (102) | 93 |
Income taxes on derivatives | 63 | (44) | 299 | (248) |
Total derivatives | (238) | 165 | (1,125) | 931 |
Prior service cost | (25) | (19) | (75) | (58) |
Unrecognized net actuarial loss | 15 | 84 | 44 | 252 |
Income taxes on pension and other postretirement benefit plans | 3 | (17) | 8 | (49) |
Total pension and other postretirement benefit plans | (7) | 48 | (23) | 145 |
Total other comprehensive income (loss) | (245) | 213 | (1,148) | 1,076 |
Comprehensive income | 23,568 | 22,618 | 90,679 | 71,863 |
Net income (loss) attributable to non-controlling interest | 84 | (7) | 174 | 96 |
Comprehensive income attributable to Core Laboratories N.V. | $ 23,484 | $ 22,625 | $ 90,505 | $ 71,767 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Treasury Stock | Noncontrolling Interest |
Balance at Beginning of Period at Dec. 31, 2017 | $ 148,732 | $ 1,148 | $ 54,463 | $ 173,855 | $ (8,353) | $ (76,269) | $ 3,888 |
Stock based-awards | 18,533 | 7,186 | 11,347 | ||||
Repurchase of common shares | (4,777) | (4,777) | |||||
Dividends paid | (72,929) | (72,929) | |||||
Non-controlling interest additions | (10) | (10) | |||||
Amortization of deferred pension costs, net of tax | 145 | 145 | |||||
Interest rate swaps, net of tax | 931 | 931 | |||||
Net income | 70,787 | 70,691 | 96 | ||||
Balance at End of Period at Sep. 30, 2018 | $ 161,412 | 1,148 | 61,649 | 171,617 | (7,277) | (69,699) | 3,974 |
Cash Dividends per Share | $ 1.65 | ||||||
Balance at Beginning of Period at Jun. 30, 2018 | $ 157,774 | 1,148 | 58,927 | 173,499 | (7,490) | (72,301) | 3,991 |
Stock based-awards | 6,141 | 2,722 | 3,419 | ||||
Repurchase of common shares | (817) | (817) | |||||
Dividends paid | (24,294) | (24,294) | |||||
Non-controlling interest additions | (10) | (10) | |||||
Amortization of deferred pension costs, net of tax | 48 | 48 | |||||
Interest rate swaps, net of tax | 165 | 165 | |||||
Net income | 22,405 | 22,412 | (7) | ||||
Balance at End of Period at Sep. 30, 2018 | $ 161,412 | 1,148 | 61,649 | 171,617 | (7,277) | (69,699) | 3,974 |
Cash Dividends per Share | $ 0.55 | ||||||
Balance at Beginning of Period at Dec. 31, 2018 | $ 160,900 | 1,148 | 57,438 | 156,130 | (5,456) | (52,501) | 4,141 |
Stock based-awards | 17,652 | 7,060 | 10,592 | ||||
Repurchase of common shares | (1,502) | (1,502) | |||||
Dividends paid | (73,168) | (73,168) | |||||
Amortization of deferred pension costs, net of tax | (23) | (23) | |||||
Interest rate swaps, net of tax | (1,125) | (1,125) | |||||
Net income | 91,827 | 91,653 | 174 | ||||
Balance at End of Period at Sep. 30, 2019 | $ 194,561 | 1,148 | 64,498 | 174,615 | (6,604) | (43,411) | 4,315 |
Cash Dividends per Share | $ 1.65 | ||||||
Balance at Beginning of Period at Jun. 30, 2019 | $ 192,492 | 1,148 | 64,064 | 175,285 | (6,359) | (45,877) | 4,231 |
Stock based-awards | 3,311 | 434 | 2,877 | ||||
Repurchase of common shares | (411) | (411) | |||||
Dividends paid | (24,399) | (24,399) | |||||
Amortization of deferred pension costs, net of tax | (7) | (7) | |||||
Interest rate swaps, net of tax | (238) | (238) | |||||
Net income | 23,813 | 23,729 | 84 | ||||
Balance at End of Period at Sep. 30, 2019 | $ 194,561 | $ 1,148 | $ 64,498 | $ 174,615 | $ (6,604) | $ (43,411) | $ 4,315 |
Cash Dividends per Share | $ 0.55 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Income from continuing operations | $ 83,994 | $ 71,253 |
Income (loss) from discontinued operations, net of tax | 7,833 | (466) |
Net income | 91,827 | 70,787 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 17,652 | 18,533 |
Depreciation and amortization | 17,070 | 17,366 |
Changes to value of life insurance policies | (2,110) | (3,459) |
Deferred income taxes | (38,469) | (311) |
Gain on sale of business | (1,154) | |
Gain on sale of discontinued operations | (8,411) | |
Other non-cash items | 309 | 1,114 |
Changes in assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable | (8,924) | (11,972) |
Inventories | (7,202) | (12,121) |
Prepaid expenses and other current assets | 5,285 | (935) |
Other assets | 1,486 | (451) |
Accounts payable | 1,762 | (2,571) |
Accrued expenses | 10,900 | (1,452) |
Unearned revenues | (6,545) | 742 |
Other long-term liabilities | (5,251) | (1,344) |
Net cash provided by operating activities | 68,225 | 73,926 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (17,537) | (16,063) |
Patents and other intangibles | (90) | (970) |
Business acquisitions, net of cash acquired | (47,314) | |
Proceeds from sale of assets | 700 | 270 |
Proceeds from sale of business | 2,980 | |
Proceeds from sale of discontinued operations | 14,789 | |
Premiums on life insurance | (1,385) | (788) |
Net cash used in investing activities | (543) | (64,865) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of debt borrowings | (96,000) | (80,000) |
Proceeds from debt borrowings | 103,000 | 150,000 |
Debt financing costs | (1,645) | |
Non-controlling interest-dividends | (10) | |
Dividends paid | (73,168) | (72,929) |
Repurchase of common shares | (1,502) | (4,777) |
Net cash used in financing activities | (67,670) | (9,361) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 12 | (300) |
CASH AND CASH EQUIVALENTS, beginning of period | 13,116 | 14,400 |
CASH AND CASH EQUIVALENTS, end of period | 13,128 | 14,100 |
Supplemental disclosures of cash flow information: | ||
Cash payments for interest | 11,832 | 9,768 |
Cash payments for income taxes | $ 11,081 | $ 21,821 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of Core Laboratories N.V. and its subsidiaries for which we have a controlling voting interest and/or a controlling financial interest. These financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information using the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information and footnote disclosures required by U.S. GAAP and should be read in conjunction with the audited financial statements and the summary of significant accounting policies and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Annual Report"). Core Laboratories N.V. uses the equity method of accounting for investments in which it has less than a majority interest and over which it does not exercise control but does exert significant influence. We use the cost method to record certain other investments in which we own less than 20% of the outstanding equity and do not exercise control or exert significant influence. Non-controlling interests have been recorded to reflect outside ownership attributable to consolidated subsidiaries that are less than 100% owned. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods presented have been included in these financial statements. Furthermore, the operating results presented for the three and nine months ended September 30, 2019 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2019. Core Laboratories N.V.'s balance sheet information for the year ended December 31, 2018 was derived from the 2018 audited consolidated financial statements but does not include all disclosures in accordance with U.S. GAAP. References to "Core Lab", the "Company", "we", "our" and similar phrases are used throughout this Quarterly Report on Form 10-Q and relate collectively to Core Laboratories N.V. and its consolidated subsidiaries. We operate our business in two reportable segments. These complementary segments provide different services and products and utilize different technologies for improving reservoir performance and increasing oil and gas recovery from new and existing fields. • Reservoir Description: • Production Enhancement: Certain reclassifications were made to prior period amounts in order to conform to the current period presentation. These reclassifications had no impact on the reported net income or cash flows for the three and nine months ended September 30, 2018. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. INVENTORIES Inventories consisted of the following (in thousands): September 30, 2019 December 31, 2018 Finished goods $ 28,915 $ 26,636 Parts and materials 22,385 13,704 Work in progress 2,228 5,324 Total inventories $ 53,528 $ 45,664 We include freight costs incurred for shipping inventory to our clients in the Cost of product sales caption in the accompanying Consolidated Statements of Operations. |
Significant Accounting Policies
Significant Accounting Policies Update | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies Update | 3. SIGNIFICANT ACCOUNTING POLICIES UPDATE Our significant accounting policies are detailed in "Note 2: Summary of Significant Accounting Policies" of our Annual Report on Form 10-K for the year ended December 31, 2018. Significant changes to our accounting policies as a result of adopting Topic 842 - Leases Leases We have operating leases primarily consisting of offices and lab space, machinery and equipment and vehicles. We determine if an arrangement is a lease at inception. Operating leases are included in right of use (“ROU”) assets, current operating lease liabilities and long-term operating lease liabilities in our Consolidated Balance Sheet. Finance leases, if any, are included in property and equipment, other current liabilities and other long term liabilities in our Consolidated Balance Sheet. Lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Where our lease does not provide an implicit rate, we estimate the discount rate used to discount the future minimum lease payments using our incremental borrowing rate and other information available at the commencement date. The ROU assets also include all initial direct costs incurred. Our lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. |
Contract Assets and Liabilities
Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Contract Assets and Liabilities | 4. CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets and liabilities result due to the timing of revenue recognition, billings and cash collections. Contract assets include our right to payment for goods and services already transferred to a customer when the right to payment is conditional on something other than the passage of time, for example contracts where we recognize revenue over time but do not have a contractual right to payment until we complete the performance obligations. Contract assets are included in accounts receivable in our Consolidated Balance Sheet. Contract liabilities consist of advance payments received and billings in excess of revenue recognized. We generally receive up-front payments relating to our consortia studies; we recognize revenue over the life of the study as the testing and analysis results are made available to our consortia members. We record billings in excess of revenue recognized for contracts with a duration less than twelve months as unearned revenue. We classify contract liabilities for contracts with a duration greater than twelve months as current or non-current based on the timing of when we expect to recognize revenue. The current portion of contract liabilities is included in unearned revenue and the non-current portion of contract liabilities is included in other long-term liabilities in our Consolidated Balance Sheet. The balance of contract assets and contract liabilities consisted of the following (in thousands): September 30, 2019 December 31, 2018 Contract assets Current $ 1,339 $ 1,145 Non-Current 397 188 $ 1,736 $ 1,333 Contract Liabilities Current $ 3,929 $ 5,963 Non-current 434 1,401 $ 4,363 $ 7,364 September 30, 2019 Estimate of when contract liabilities will be recognized as revenue within 12 months $ 3,929 within 12 to 24 months 434 greater than 24 months — We did not recognize any impairment losses on our receivables and contract assets for the three and nine months ended September 30, 2019. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 5. ACQUISITIONS In 2018, we acquired a business providing downhole technologies associated with perforating systems for $48.9 million in cash. These downhole technologies will significantly enhance Core Lab's Production Enhancement operations and its ability to bring new and innovative product offerings to our clients. During the three months ended September 30, 2019, we finalized the fair value assessment of the assets acquired. We have determined the fair value of tangible assets acquired to be $4.1 million, and intangible assets, including patents, customer-relationship benefits, non-compete agreements and trade secrets to be $9.4 million. We have accounted for this acquisition by allocating the purchase price to the net assets acquired based on their fair values at the date of acquisition which resulted in an increase to goodwill of $35.4 million. During the three months ended September 30, 2019, we increased the fair value of intangible assets by $0.9 million. The acquisition is included in the Production Enhancement business segment. The acquisition of this business did not have a material impact on our Consolidated Balance Sheet or Consolidated Statements of Operations. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 6. DISCONTINUED OPERATIONS In 2018, in a continuing effort to streamline our business and align our business strategy for further integration of services and products, the Company committed to divest the business of our full range of permanent downhole monitoring systems and related services, which had been part of our Production Enhancement segment. On June 7, 2019, we entered into a definitive purchase agreement for the divestiture of our full range of permanent downhole monitoring systems and related services, which was previously part of our Production Enhancement segment for approximately $16.6 million in cash. The purchase agreement also provides for additional proceeds of up to $2.5 million based on the results of operations of the sold business in 2019 and 2020, none of which has been recognized. A pre-tax gain of $8.3 million was recognized in connection with this transaction, subject to adjustments for working capital purposes and is classified in Income from discontinued operations in the Consolidated Statements of Operations. The associated results of operations are separately reported as Discontinued Operations for all periods presented on the Consolidated Statements of Operations. Balance sheet items for this discontinued business, including an allocation of goodwill from the Production Enhancement segment, have been reclassified to Other current assets and Other current liabilities in the Consolidated Balance Sheet as of December 31, 2018. Cash flows from this discontinued business are shown below. As such, the results from continuing operations for the Company and segment highlights for Production Enhancement, exclude these discontinued operations. Selected data for this discontinued business consisted of the following (in thousands): Three Months Ended September 30, 2019 September 30, 2018 Service revenue $ — $ 167 Product sales — 2,058 Total revenue — 2,225 Cost of services, exclusive of depreciation expense shown below — 87 Cost of product sales, exclusive of depreciation expense shown below — 1,944 Depreciation and amortization — 14 Other expense — (1 ) Operating income (loss) — 181 Adjustment to gain on sale (485 ) — Income (loss) from discontinued operations before income tax expense (485 ) 181 Income tax expense (benefit) (88 ) (27 ) Income (loss) from discontinued operations, net of income taxes $ (397 ) $ 208 Nine Months Ended September 30, 2019 September 30, 2018 Service revenue $ 1,165 $ 1,069 Product sales 4,233 3,768 Total revenue 5,398 4,837 Cost of services, exclusive of depreciation expense shown below 690 961 Cost of product sales, exclusive of depreciation expense shown below 3,196 4,124 Depreciation and amortization — 115 Other expense 91 22 Operating income (loss) 1,421 (385 ) Gain on sale 8,319 — Income (loss) from discontinued operations before income tax expense 9,740 (385 ) Income tax expense 1,907 81 Income (loss) from discontinued operations, net of income taxes $ 7,833 $ (466 ) September 30, 2019 December 31, 2018 Current assets $ — $ 3,712 Non-current assets — 1,848 Total assets $ — $ 5,560 Current liabilities $ — $ 1,633 Non-current liabilities — 82 Total liabilities $ — $ 1,715 Net cash provided by (used in) operating activities of discontinued operations for the nine months ended September 30, 2019 and 2018 was $0.1 million and $(0.5) million, respectively. Net cash provided by investing activities of discontinued operations for the nine months ended September 30, 2019 and 2018 was $14.8 million and $0.0 million, respectively. |
Long-Term Debt, Net
Long-Term Debt, Net | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net | 7. LONG-TERM DEBT, NET We have no financing lease obligations. Long-term debt is as follows (in thousands): September 30, 2019 December 31, 2018 Senior Notes $ 150,000 $ 150,000 Credit Facility 149,000 142,000 Total long-term debt 299,000 292,000 Less: Debt issuance costs (1,852 ) (2,230 ) Long-term debt, net $ 297,148 $ 289,770 We have two series of senior notes outstanding with an aggregate principal amount of $150 million ("Senior Notes") issued in a private placement transaction. Series A consists of $75 million in aggregate principal amount of notes that bear interest at a fixed rate of 4.01% and are due in full on September 30, 2021. Series B consists of $75 million in aggregate principal amount of notes that bear interest at a fixed rate of 4.11% and are due in full on September 30, 2023. Interest on each series of the Senior Notes is payable semi-annually on March 30 and September 30. The aggregate borrowing commitment under our revolving credit facility (the “Credit Facility”) is $300 million. The Credit Facility provides an option to increase the commitment under the Credit Facility by an additional $100 million to bring the total borrowings available to $400 million if certain prescribed conditions are met by the Company. The Credit Facility bears interest at variable rates from LIBOR plus 1.375% to a maximum of LIBOR plus 2.00%. Any outstanding balance under the Credit Facility is due June 19, 2023, when the Credit Facility matures. Our available capacity at any point in time is reduced by borrowings outstanding at the time and outstanding letters of credit which totaled $19.1 million at September 30, 2019, resulting in an available borrowing capacity under the Credit Facility of $131.9 million. In addition to those items under the Credit Facility, we had $12.0 million of outstanding letters of credit and performance guarantees and bonds from other sources as of September 30, 2019. The terms of the Credit Facility and Senior Notes require us to meet certain covenants, including, but not limited to, an interest coverage ratio (consolidated EBITDA divided by interest expense) and a leverage ratio (consolidated net indebtedness divided by consolidated EBITDA), where consolidated EBITDA (as defined in each agreement) and interest expense are calculated using the most recent four fiscal quarters. The Credit Facility has the more restrictive covenants with a minimum interest coverage ratio of 3.0 to 1.0 and a maximum leverage ratio of 2.5 to 1.0. The terms of our Credit Facility allow us to negotiate in good faith to amend any ratio or requirement to preserve the original intent of the agreement if any change in accounting principle would affect the computation of any financial ratio or requirement of the Credit Facility. The adoption on January 1, 2019 of ASU 2016-02 does not affect the calculation of consolidated EBITDA under the agreement. We believe that we are in compliance with all such covenants contained in our credit agreements. Certain of our material, wholly-owned subsidiaries are guarantors or co-borrowers under the Credit Facility and Senior Notes. In 2014, we entered into two interest rate swap agreements for a total notional amount of $50 million, one of which expired during the three months ended September 30, 2019. See Note 15 - Derivative Instruments and Hedging Activities The estimated fair value of total debt at September 30, 2019 and December 31, 2018 approximated the book value of total debt. The fair value was estimated using Level 2 inputs by calculating the sum of the discounted future interest and principal payments through the date of maturity. |
Pension
Pension | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension | 8. PENSION Defined Benefit Plan We provide a noncontributory defined benefit pension plan covering substantially all of our Dutch employees ("Dutch Plan") who were hired prior to 2000. The pension benefit is based on years of service and final pay or career average pay, depending on when the employee began participating. The benefits earned by the employees are immediately vested. The following table summarizes the components of net periodic pension cost under the Dutch Plan (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Service cost $ 191 $ 359 $ 572 $ 1,100 Interest cost 259 308 778 944 Expected return on plan assets (231 ) (266 ) (692 ) (815 ) Amortization of prior service cost (25 ) (19 ) (75 ) (58 ) Amortization of actuarial loss 15 84 44 252 Net periodic pension cost $ 209 $ 466 $ 627 $ 1,423 During the nine months ended September 30, 2019, we contributed $1.5 million to fund the estimated 2019 premiums on investment contracts held by the Dutch Plan. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES We have been and may from time to time be named as a defendant in legal actions that arise in the ordinary course of business. These include, but are not limited to, employment-related claims and contractual disputes or claims for personal injury or property damage which occur in connection with the provision of our services and products. A liability is accrued when a loss is both probable and can be reasonably estimated. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Equity | 10. EQUITY During the three and nine months ended September 30, 2019, we repurchased 8,397 and 24,453 of our common shares for $0.4 million and $1.5 million, respectively, which were surrendered to us pursuant to the terms of a stock-based compensation plan in consideration of the participants' tax burdens that may result from the issuance of common shares under that plan. Such common shares, unless canceled, may be reissued for a variety of purposes such as future acquisitions, non-employee director stock awards or employee stock awards. We distributed 28,452 and 82,460 treasury shares upon vesting of stock-based awards during the three and nine months ended September 30, 2019. In February, May and August 2019, we paid a quarterly dividend of $0.55 per share of common stock. In addition, on October 8, 2019, we declared a quarterly dividend of $0.55 per share of common stock for shareholders of record on October 18, 2019 and payable on November 19, 2019. Accumulated other comprehensive loss consisted of the following (in thousands): September 30, 2019 December 31, 2018 Prior service cost $ 537 $ 593 Unrecognized net actuarial loss (6,210 ) (6,243 ) Fair value of derivatives, net of tax (931 ) 194 Total accumulated other comprehensive loss $ (6,604 ) $ (5,456 ) |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 11. EARNINGS PER SHARE We compute basic earnings per common share by dividing net income attributable to Core Laboratories N.V. by the weighted average number of common shares outstanding during the period. Diluted earnings per common and potential common shares include additional shares in the weighted average share calculations associated with the incremental effect of dilutive restricted stock awards and contingently issuable shares, as determined using the treasury stock method. The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings per share (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Weighted average basic common shares outstanding 44,371 44,216 44,349 44,199 Effect of dilutive securities: Performance shares 4 221 111 269 Restricted stock 341 154 394 145 Weighted average diluted common and potential common shares outstanding 44,716 44,591 44,854 44,613 |
Other (Income) Expense, Net
Other (Income) Expense, Net | 9 Months Ended |
Sep. 30, 2019 | |
Other Income And Expenses [Abstract] | |
Other (Income) Expense, Net | 12. OTHER (INCOME) EXPENSE, NET The components of other (income) expense, net, were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Gain on sale of assets $ (151 ) $ (136 ) $ (458 ) $ (643 ) Results of non-consolidated subsidiaries (96 ) (57 ) (193 ) (126 ) Foreign exchange 570 1,135 389 2,221 Rents and royalties (134 ) (264 ) (727 ) (500 ) Employment related charges — — 2,866 — Return on pension assets and other pension costs (232 ) (201 ) (714 ) (621 ) Acquisition-related costs — 623 — 623 Gain on sale of business — — (1,154 ) — Cost reduction and other charges — — 2,977 — Other, net (669 ) (970 ) (333 ) (784 ) Total other (income) expense, net $ (712 ) $ 130 $ 2,653 $ 170 Foreign exchange gains and losses are summarized in the following table (in thousands): Three Months Ended Nine Months Ended September 30, September 30, (Gains) losses by currency 2019 2018 2019 2018 British Pound $ 163 $ 89 $ 341 $ 65 Canadian Dollar 197 (113 ) 285 244 Euro 18 108 20 92 Other currencies, net 192 1,051 (257 ) 1,820 Total loss, net $ 570 $ 1,135 $ 389 $ 2,221 During the nine months ended September 30, 2019, we sold a business for a cash payment of $3.0 million. As this represented a single location within our business units, the sale did not constitute a discontinued operation and, accordingly, the effects of this transaction are included in continuing operations. |
Income Tax Expense
Income Tax Expense | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | 13. INCOME TAX EXPENSE The effective tax rates for the three months ended September 30, 2019 and 2018 were 12.1% and 29.8%, respectively. The income tax expense of $3.3 million for the three months ended September 30, 2019 decreased by $6.1 million compared to $9.4 million in the same period in 2018, due to the result of several items discrete to each quarter, along with changes in activity levels in jurisdictions with differing tax rates. The effective tax rates for the nine months ended September 30, 2019 and 2018 were (30.2)% and 21.7%, respectively. Tax expense for the nine months ended September 30, 2019 includes a net tax benefit of $58.5 million which resulted from a corporate restructuring in the first quarter and tax expense of $26.7 million related to unremitted earnings of foreign subsidiaries that we no longer consider to be indefinitely reinvested, each of which was a discrete item in the first quarter of 2019. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 14. LEASES We have operating leases primarily consisting of offices and lab space, machinery and equipment and vehicles. The components of lease expense are as follows (in thousands): Three months ended Nine months ended September 30, 2019 September 30, 2019 Lease Cost Operating lease cost $ 4,724 $ 14,027 Short-term lease cost 402 1,024 Variable lease cost 162 521 Total lease cost $ 5,288 $ 15,572 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,306 $ 13,729 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 3,837 $ 11,066 Weighted-average remaining lease term- operating leases 9.18 years 9.18 years Weighted-average discount rate - operating leases 4.95 % 4.95 % Scheduled undiscounted cash flows for non-cancellable leases at September 30, 2019 consist of the following (in thousands): Operating Leases Remainder of 2019 $ 4,132 2020 14,566 2021 12,130 2022 10,754 2023 9,193 Thereafter 43,842 Total undiscounted lease payments $ 94,617 Less: Imputed Interest (18,994 ) Total lease liabilities $ 75,623 We adopted ASU 2017-06 using the cumulative effect transition method on January 1, 2019. As required, the following disclosure is provided for periods prior to adoption. Scheduled minimum rental commitments under non-cancellable operating leases at December 31, 2018, consist of the following (in thousands): Operating Leases 2019 $ 16,267 2020 12,572 2021 9,774 2022 7,955 2023 4,938 Thereafter 14,815 Total commitments $ 66,321 The Company has elected to apply the short-term lease exemption to all of its classes of underlying assets. Accordingly, no ROU asset or lease liability is recognized for leases with a term of twelve months or less. The Company has elected to apply the practical expedient for combining lease and non-lease components for vehicle leases and elected not to apply the practical expedient for combining lease and non-lease components to all other classes of underlying assets. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 15. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risks related to fluctuations in interest rates. To mitigate these risks, we utilize derivative instruments in the form of interest rate swaps. We do not enter into derivative transactions for speculative purposes. Interest Rate Risk In 2014, we entered into two interest rate swap agreements for a total notional amount of $50 million to hedge changes in the variable rate interest expense on $50 million of our existing or replacement LIBOR-priced debt. The first swap agreement of $25 million expired on August 29, 2019, and under the second swap agreement, we have fixed the LIBOR portion of the interest rate at 2.5% through August 29, 2024. This swap is measured at fair value and recorded in our Consolidated Balance Sheet as an asset or liability. It is designated and qualifies as a cash flow hedging instrument and is highly effective. Unrealized losses are deferred to shareholders' equity as a component of accumulated other comprehensive gain (loss) and are recognized in income as an increase or decrease to interest expense in the period in which the related cash flows being hedged are recognized in expense. Our Credit Facility bears interest at variable rates from LIBOR plus 1.375% to a maximum of LIBOR plus 2.00%. As a result of the interest rate swap agreement, we are subject to interest rate risk on debt in excess of $25 million drawn on our Credit Facility. At September 30, 2019, we had fixed rate long-term debt aggregating $175 million and variable rate long-term debt aggregating $124 million, after taking into account the effect of the swap. The fair values of outstanding derivative instruments are as follows (in thousands): Fair Value of Derivatives September 30, 2019 December 31, 2018 Balance Sheet Classification Derivatives designated as hedges: 5 year interest rate swap $ — $ 135 Other current assets 10 year interest rate swap (1,359 ) (70 ) Other long-term (liabilities) $ (1,359 ) $ 65 The fair value of all outstanding derivatives was determined using a model with inputs that are observable in the market (Level 2) or can be derived from or corroborated by observable data. The effect of the interest rate swaps on the Consolidated Statement of Operations was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Income Statement Classification Derivatives designated as hedges: 5 year interest rate swap $ (24 ) $ (23 ) $ (120 ) $ (27 ) (Decrease) to interest expense 10 year interest rate swap 16 27 18 120 Increase to interest expense $ (8 ) $ 4 $ (102 ) $ 93 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 16. FINANCIAL INSTRUMENTS The Company's only financial assets and liabilities which are measured at fair value on a recurring basis relate to certain aspects of the Company's benefit plans and our derivative instruments. We use the market approach to value certain assets and liabilities at fair value using significant other observable inputs (Level 2) with the assistance of a third-party specialist. We do not have any assets or liabilities measured at fair value on a recurring basis using quoted prices in an active market (Level 1) or significant unobservable inputs (Level 3). Gains and losses related to the fair value changes in the deferred compensation assets and liabilities are recorded in General and administrative expense in the Consolidated Statements of Operations. Gains and losses related to the fair value of the interest rate swaps are recorded in Other comprehensive income. The following table summarizes the fair value balances (in thousands): Fair Value Measurement at September 30, 2019 Total Level 1 Level 2 Level 3 Assets: Deferred compensation assets (1) $ 44,630 $ — $ 44,630 $ — $ 44,630 $ — $ 44,630 $ — Liabilities: Deferred compensation plan $ 33,714 $ — $ 33,714 $ — 10 year 1,359 — 1,359 — $ 35,073 $ — $ 35,073 $ — Fair Value Measurement at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Deferred compensation assets (1) $ 42,161 $ — $ 42,161 $ — 5 year 135 — 135 — $ 42,296 $ — $ 42,296 $ — Liabilities: Deferred compensation plan $ 33,287 $ — $ 33,287 $ — 10 year 70 — 70 — $ 33,357 $ — $ 33,357 $ — (1) Deferred compensation assets consist of the cash surrender value of life insurance policies and are intended to assist in the funding of the deferred compensation agreements. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. SEGMENT REPORTING We operate our business in two reportable segments. These complementary segments provide different services and products and utilize different technologies for improving reservoir performance and increasing oil and gas recovery from new and existing fields. • Reservoir Description: Encompasses the characterization of petroleum reservoir rock, fluid and gas samples to increase production and improve recovery of oil and gas from our clients' reservoirs. We provide laboratory based analytical and field services to characterize properties of crude oil and petroleum products to the oil and gas industry. We also provide proprietary and joint industry studies based on these types of analysis. • Production Enhancement: Results for these segments are presented below. We use the same accounting policies to prepare our segment results as are used to prepare our Consolidated Financial Statements. All interest and other non-operating income (expense) is attributable to Corporate & Other and is not allocated to specific segments. Summarized financial information concerning our segments is shown in the following table (in thousands): Reservoir Description Production Enhancement Corporate & Other 1 Consolidated Three months ended September 30, 2019 Revenue from unaffiliated clients $ 109,339 $ 63,861 $ — $ 173,200 Inter-segment revenue 99 199 (298 ) — Segment operating income 18,835 11,456 916 31,207 Total assets (at end of period) 347,475 287,431 152,790 787,696 Capital expenditures 3,260 1,982 65 5,307 Depreciation and amortization 3,684 1,650 363 5,697 Three months ended September 30, 2018 Revenue from unaffiliated clients $ 103,609 $ 78,537 $ — $ 182,146 Inter-segment revenue 58 141 (199 ) — Segment operating income 14,956 19,243 680 34,879 Total assets (at end of period) 321,025 276,345 69,227 666,597 Capital expenditures 2,437 1,680 31 4,148 Depreciation and amortization 4,138 1,037 505 5,680 Nine months ended September 30, 2019 Revenue from unaffiliated clients $ 318,280 $ 193,152 $ — $ 511,432 Inter-segment revenue 346 419 (765 ) — Segment operating income 40,892 31,792 2,945 75,629 Total assets 347,475 287,431 152,790 787,696 Capital expenditures 7,906 9,114 517 17,537 Depreciation and amortization 11,505 4,377 1,188 17,070 Nine months ended September 30, 2018 Revenue from unaffiliated clients $ 306,525 $ 221,114 $ — $ 527,639 Inter-segment revenue 178 293 (471 ) — Segment operating income 44,473 55,357 814 100,644 Total assets 321,025 276,345 69,227 666,597 Capital expenditures 10,002 5,465 596 16,063 Depreciation and amortization 12,675 3,045 1,646 17,366 (1) "Corporate & Other" represents those items that are not directly related to a particular segment, eliminations and the assets and liabilities of discontinued operations. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 18. RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements Adopted in 2019 In February 2016, the FASB issued ASU 2016-02 ("Leases"), which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. In July 2018, the FASB issued ASU 2018-11 ("Targeted Improvements to Leases"), which provides companies with an additional transition method that allows the effects of the adoption of the new standard to be recognized as a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We elected this optional transition method for adoption. The adoption of this standard on January 1, 2019 had a material impact to our Consolidated Balance Sheet ; but not to our Consolidated Statement of Operations or Cash Flows. The most significant impact was the recognition of $ 77.5 million of ROU assets and liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. Pronouncements Not Yet Effective In June 2016, the FASB issued ASU 2016-13 ("Measurement of Credit Losses on Financial Instruments") which replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of this standard will not have a significant impact on our consolidated financial statements or on our accounting policies and processes. |
Significant Accounting Polici_2
Significant Accounting Policies Update (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Leases | Leases We have operating leases primarily consisting of offices and lab space, machinery and equipment and vehicles. We determine if an arrangement is a lease at inception. Operating leases are included in right of use (“ROU”) assets, current operating lease liabilities and long-term operating lease liabilities in our Consolidated Balance Sheet. Finance leases, if any, are included in property and equipment, other current liabilities and other long term liabilities in our Consolidated Balance Sheet. Lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Where our lease does not provide an implicit rate, we estimate the discount rate used to discount the future minimum lease payments using our incremental borrowing rate and other information available at the commencement date. The ROU assets also include all initial direct costs incurred. Our lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): September 30, 2019 December 31, 2018 Finished goods $ 28,915 $ 26,636 Parts and materials 22,385 13,704 Work in progress 2,228 5,324 Total inventories $ 53,528 $ 45,664 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Contract Assets and Liabilities | The balance of contract assets and contract liabilities consisted of the following (in thousands): September 30, 2019 December 31, 2018 Contract assets Current $ 1,339 $ 1,145 Non-Current 397 188 $ 1,736 $ 1,333 Contract Liabilities Current $ 3,929 $ 5,963 Non-current 434 1,401 $ 4,363 $ 7,364 September 30, 2019 Estimate of when contract liabilities will be recognized as revenue within 12 months $ 3,929 within 12 to 24 months 434 greater than 24 months — |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Selected data for this discontinued business consisted of the following (in thousands): Three Months Ended September 30, 2019 September 30, 2018 Service revenue $ — $ 167 Product sales — 2,058 Total revenue — 2,225 Cost of services, exclusive of depreciation expense shown below — 87 Cost of product sales, exclusive of depreciation expense shown below — 1,944 Depreciation and amortization — 14 Other expense — (1 ) Operating income (loss) — 181 Adjustment to gain on sale (485 ) — Income (loss) from discontinued operations before income tax expense (485 ) 181 Income tax expense (benefit) (88 ) (27 ) Income (loss) from discontinued operations, net of income taxes $ (397 ) $ 208 Nine Months Ended September 30, 2019 September 30, 2018 Service revenue $ 1,165 $ 1,069 Product sales 4,233 3,768 Total revenue 5,398 4,837 Cost of services, exclusive of depreciation expense shown below 690 961 Cost of product sales, exclusive of depreciation expense shown below 3,196 4,124 Depreciation and amortization — 115 Other expense 91 22 Operating income (loss) 1,421 (385 ) Gain on sale 8,319 — Income (loss) from discontinued operations before income tax expense 9,740 (385 ) Income tax expense 1,907 81 Income (loss) from discontinued operations, net of income taxes $ 7,833 $ (466 ) September 30, 2019 December 31, 2018 Current assets $ — $ 3,712 Non-current assets — 1,848 Total assets $ — $ 5,560 Current liabilities $ — $ 1,633 Non-current liabilities — 82 Total liabilities $ — $ 1,715 |
Long-Term Debt, Net (Tables)
Long-Term Debt, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt is as follows (in thousands): September 30, 2019 December 31, 2018 Senior Notes $ 150,000 $ 150,000 Credit Facility 149,000 142,000 Total long-term debt 299,000 292,000 Less: Debt issuance costs (1,852 ) (2,230 ) Long-term debt, net $ 297,148 $ 289,770 |
Pension (Tables)
Pension (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The following table summarizes the components of net periodic pension cost under the Dutch Plan (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Service cost $ 191 $ 359 $ 572 $ 1,100 Interest cost 259 308 778 944 Expected return on plan assets (231 ) (266 ) (692 ) (815 ) Amortization of prior service cost (25 ) (19 ) (75 ) (58 ) Amortization of actuarial loss 15 84 44 252 Net periodic pension cost $ 209 $ 466 $ 627 $ 1,423 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following (in thousands): September 30, 2019 December 31, 2018 Prior service cost $ 537 $ 593 Unrecognized net actuarial loss (6,210 ) (6,243 ) Fair value of derivatives, net of tax (931 ) 194 Total accumulated other comprehensive loss $ (6,604 ) $ (5,456 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings per share (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Weighted average basic common shares outstanding 44,371 44,216 44,349 44,199 Effect of dilutive securities: Performance shares 4 221 111 269 Restricted stock 341 154 394 145 Weighted average diluted common and potential common shares outstanding 44,716 44,591 44,854 44,613 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The components of other (income) expense, net, were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Gain on sale of assets $ (151 ) $ (136 ) $ (458 ) $ (643 ) Results of non-consolidated subsidiaries (96 ) (57 ) (193 ) (126 ) Foreign exchange 570 1,135 389 2,221 Rents and royalties (134 ) (264 ) (727 ) (500 ) Employment related charges — — 2,866 — Return on pension assets and other pension costs (232 ) (201 ) (714 ) (621 ) Acquisition-related costs — 623 — 623 Gain on sale of business — — (1,154 ) — Cost reduction and other charges — — 2,977 — Other, net (669 ) (970 ) (333 ) (784 ) Total other (income) expense, net $ (712 ) $ 130 $ 2,653 $ 170 |
Foreign Currency Gains Losses By Currency | Foreign exchange gains and losses are summarized in the following table (in thousands): Three Months Ended Nine Months Ended September 30, September 30, (Gains) losses by currency 2019 2018 2019 2018 British Pound $ 163 $ 89 $ 341 $ 65 Canadian Dollar 197 (113 ) 285 244 Euro 18 108 20 92 Other currencies, net 192 1,051 (257 ) 1,820 Total loss, net $ 570 $ 1,135 $ 389 $ 2,221 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense are as follows (in thousands): Three months ended Nine months ended September 30, 2019 September 30, 2019 Lease Cost Operating lease cost $ 4,724 $ 14,027 Short-term lease cost 402 1,024 Variable lease cost 162 521 Total lease cost $ 5,288 $ 15,572 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,306 $ 13,729 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 3,837 $ 11,066 Weighted-average remaining lease term- operating leases 9.18 years 9.18 years Weighted-average discount rate - operating leases 4.95 % 4.95 % |
Schedule of Undiscounted Cash Flows for Non-cancellable Leases | Scheduled undiscounted cash flows for non-cancellable leases at September 30, 2019 consist of the following (in thousands): Operating Leases Remainder of 2019 $ 4,132 2020 14,566 2021 12,130 2022 10,754 2023 9,193 Thereafter 43,842 Total undiscounted lease payments $ 94,617 Less: Imputed Interest (18,994 ) Total lease liabilities $ 75,623 |
Schedule of Minimum Rental Commitments Under Non-Cancellable Operating Leases | We adopted ASU 2017-06 using the cumulative effect transition method on January 1, 2019. As required, the following disclosure is provided for periods prior to adoption. Scheduled minimum rental commitments under non-cancellable operating leases at December 31, 2018, consist of the following (in thousands): Operating Leases 2019 $ 16,267 2020 12,572 2021 9,774 2022 7,955 2023 4,938 Thereafter 14,815 Total commitments $ 66,321 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Liabilities at Fair Value | The fair values of outstanding derivative instruments are as follows (in thousands): Fair Value of Derivatives September 30, 2019 December 31, 2018 Balance Sheet Classification Derivatives designated as hedges: 5 year interest rate swap $ — $ 135 Other current assets 10 year interest rate swap (1,359 ) (70 ) Other long-term (liabilities) $ (1,359 ) $ 65 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of the interest rate swaps on the Consolidated Statement of Operations was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Income Statement Classification Derivatives designated as hedges: 5 year interest rate swap $ (24 ) $ (23 ) $ (120 ) $ (27 ) (Decrease) to interest expense 10 year interest rate swap 16 27 18 120 Increase to interest expense $ (8 ) $ 4 $ (102 ) $ 93 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table summarizes the fair value balances (in thousands): Fair Value Measurement at September 30, 2019 Total Level 1 Level 2 Level 3 Assets: Deferred compensation assets (1) $ 44,630 $ — $ 44,630 $ — $ 44,630 $ — $ 44,630 $ — Liabilities: Deferred compensation plan $ 33,714 $ — $ 33,714 $ — 10 year 1,359 — 1,359 — $ 35,073 $ — $ 35,073 $ — Fair Value Measurement at December 31, 2018 Total Level 1 Level 2 Level 3 Assets: Deferred compensation assets (1) $ 42,161 $ — $ 42,161 $ — 5 year 135 — 135 — $ 42,296 $ — $ 42,296 $ — Liabilities: Deferred compensation plan $ 33,287 $ — $ 33,287 $ — 10 year 70 — 70 — $ 33,357 $ — $ 33,357 $ — (1) Deferred compensation assets consist of the cash surrender value of life insurance policies and are intended to assist in the funding of the deferred compensation agreements. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Results for these segments are presented below. We use the same accounting policies to prepare our segment results as are used to prepare our Consolidated Financial Statements. All interest and other non-operating income (expense) is attributable to Corporate & Other and is not allocated to specific segments. Summarized financial information concerning our segments is shown in the following table (in thousands): Reservoir Description Production Enhancement Corporate & Other 1 Consolidated Three months ended September 30, 2019 Revenue from unaffiliated clients $ 109,339 $ 63,861 $ — $ 173,200 Inter-segment revenue 99 199 (298 ) — Segment operating income 18,835 11,456 916 31,207 Total assets (at end of period) 347,475 287,431 152,790 787,696 Capital expenditures 3,260 1,982 65 5,307 Depreciation and amortization 3,684 1,650 363 5,697 Three months ended September 30, 2018 Revenue from unaffiliated clients $ 103,609 $ 78,537 $ — $ 182,146 Inter-segment revenue 58 141 (199 ) — Segment operating income 14,956 19,243 680 34,879 Total assets (at end of period) 321,025 276,345 69,227 666,597 Capital expenditures 2,437 1,680 31 4,148 Depreciation and amortization 4,138 1,037 505 5,680 Nine months ended September 30, 2019 Revenue from unaffiliated clients $ 318,280 $ 193,152 $ — $ 511,432 Inter-segment revenue 346 419 (765 ) — Segment operating income 40,892 31,792 2,945 75,629 Total assets 347,475 287,431 152,790 787,696 Capital expenditures 7,906 9,114 517 17,537 Depreciation and amortization 11,505 4,377 1,188 17,070 Nine months ended September 30, 2018 Revenue from unaffiliated clients $ 306,525 $ 221,114 $ — $ 527,639 Inter-segment revenue 178 293 (471 ) — Segment operating income 44,473 55,357 814 100,644 Total assets 321,025 276,345 69,227 666,597 Capital expenditures 10,002 5,465 596 16,063 Depreciation and amortization 12,675 3,045 1,646 17,366 (1) "Corporate & Other" represents those items that are not directly related to a particular segment, eliminations and the assets and liabilities of discontinued operations. |
Basis of Presentation (Details)
Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2019segment | |
Basis Of Presentation [Line Items] | |
Number of reportable segments | 2 |
Maximum [Member] | |
Basis Of Presentation [Line Items] | |
Percentage of cost method investments | 20.00% |
Percentage of non controlling interest | 100.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 28,915 | $ 26,636 |
Parts and materials | 22,385 | 13,704 |
Work in progress | 2,228 | 5,324 |
Total inventories | $ 53,528 | $ 45,664 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities Changes in Net Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Contract assets | ||
Contract asset, current | $ 1,339 | $ 1,145 |
Contract asset, non-current | 397 | 188 |
Contract asset | 1,736 | 1,333 |
Contract Liabilities | ||
Contract liability, current | 3,929 | 5,963 |
Contract liability, non-current | 434 | 1,401 |
Contract liabilities | $ 4,363 | $ 7,364 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities Current and Long-term Contract Liabilities (Details 1) $ in Thousands | Sep. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract liability | $ 3,929 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract liability | $ 434 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract liability | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Contract Assets and Contract Li
Contract Assets and Contract Liabilities - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Impairment losses on receivables | $ 0 | $ 0 |
Impairment losses on contract assets | $ 0 | $ 0 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Consideration transferred | $ 48.9 | |
Tangible assets acquired | $ 4.1 | |
Intangible assets acquired | 9.4 | |
Goodwill, acquired during period | 35.4 | |
Increase in fair value of intangible assets | $ 0.9 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Divestiture of business | $ 16,600 | ||
Gain on divestiture, net of tax | 8,300 | $ 8,319 | |
Cash provided by (used in) operating activities, discontinued operations | 100 | $ (500) | |
Cash provided by (used in) investing activities, discontinued operations | $ 14,800 | $ 0 | |
Maximum [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Additional proceeds from divestiture of business based on result of operations | $ 2,500 |
Discontinued Operations - Dispo
Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |||||
Service revenue | $ 167 | $ 1,165 | $ 1,069 | ||
Product sales | 2,058 | 4,233 | 3,768 | ||
Total revenue | 2,225 | 5,398 | 4,837 | ||
Cost of services, exclusive of depreciation expense shown below | 87 | 690 | 961 | ||
Cost of product sales, exclusive of depreciation expense shown below | 1,944 | 3,196 | 4,124 | ||
Depreciation and amortization | 14 | 115 | |||
Other Expense (income) | (1) | 91 | 22 | ||
Operating income (loss) | 181 | 1,421 | (385) | ||
Adjustment to gain on sale | $ (485) | ||||
Gain on sale | 8,300 | 8,319 | |||
Income (loss) from discontinued operations before income tax expense | (485) | 181 | 9,740 | (385) | |
Income tax expense (benefit) | (88) | (27) | 1,907 | 81 | |
Income (loss) from discontinued operations, net of income taxes | $ (397) | $ 208 | $ 7,833 | $ (466) | |
Current assets | $ 3,712 | ||||
Non-current assets | 1,848 | ||||
Total assets | 5,560 | ||||
Current liabilities | 1,633 | ||||
Non-current liabilities | 82 | ||||
Total liabilities | $ 1,715 |
Long-Term Debt, Net - Additiona
Long-Term Debt, Net - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2019USD ($)SeriesNote | Dec. 31, 2014USD ($)instrument | |
Debt Instrument [Line Items] | ||
Financing lease obligations | $ 0 | |
Number of series of debt issued | SeriesNote | 2 | |
Maturity date | Jun. 19, 2023 | |
Current borrowing capacity | $ 300,000,000 | |
Uncommitted borrowings available | 100,000,000 | |
Maximum borrowing capacity | $ 400,000,000 | |
Basis spread on variable rate | 1.375% | |
Performance bonds under credit facility | $ 19,100,000 | |
Remaining borrowing capacity | 131,900,000 | |
Performance bonds | $ 12,000,000 | |
Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative, number of instruments held | instrument | 2 | |
Derivative, notional amount | $ 50,000,000 | |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest coverage ratio, minimum | 3.00% | |
Covenant leverage ratio, minimum | 2.50% | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 150,000,000 | |
Senior Notes Series A [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 75,000,000 | |
Interest rate, effective percentage | 4.01% | |
Maturity date | Sep. 30, 2021 | |
Senior Notes Series B [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 75,000,000 | |
Interest rate, effective percentage | 4.11% | |
Maturity date | Sep. 30, 2023 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% |
Schedule of Long-term Debt Inst
Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 299,000 | $ 292,000 |
Debt Issuance Costs, Net | (1,852) | (2,230) |
Long-term debt, net | 297,148 | 289,770 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 150,000 | 150,000 |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 149,000 | $ 142,000 |
Pension - Components of Net Per
Pension - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Service cost | $ 191 | $ 359 | $ 572 | $ 1,100 |
Interest cost | 259 | 308 | 778 | 944 |
Expected return on plan assets | (231) | (266) | (692) | (815) |
Amortization of prior service cost | (25) | (19) | (75) | (58) |
Amortization of actuarial loss | 15 | 84 | 44 | 252 |
Net periodic pension cost | $ 209 | $ 466 | $ 627 | $ 1,423 |
Pension (Details)
Pension (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Contributions by employer | $ 1.5 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 08, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Equity [Abstract] | ||||||||
Treasury stock, shares, acquired | 8,397 | 24,453 | ||||||
Treasury stock, value | $ 411 | $ 817 | $ 1,502 | $ 4,777 | ||||
Treasury stock reissued | 28,452 | 82,460 | ||||||
Cash Dividends per Share | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 1.65 | $ 1.65 | |
Dividends payable, date declared | Oct. 8, 2019 | |||||||
Dividends declared (in dollars per share) | $ 0.55 | |||||||
Dividends payable, date of record | Oct. 18, 2019 | |||||||
Dividends payable, date to be paid | Nov. 19, 2019 |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Prior service cost | $ 537 | $ 593 |
Unrecognized net actuarial loss | (6,210) | (6,243) |
Fair value of derivatives, net of tax | (931) | 194 |
Total accumulated other comprehensive loss | $ (6,604) | $ (5,456) |
Earnings per Share (Details)
Earnings per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted average basic common shares outstanding | 44,371 | 44,216 | 44,349 | 44,199 |
Performance shares | 4 | 221 | 111 | 269 |
Restricted stock | 341 | 154 | 394 | 145 |
Weighted average diluted common and potential common shares outstanding | 44,716 | 44,591 | 44,854 | 44,613 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | $ (712) | $ 130 | $ 2,653 | $ 170 |
Gain on sale of assets [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | (151) | (136) | (458) | (643) |
Results of non-consolidated subsidiaries [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | (96) | (57) | (193) | (126) |
Foreign exchange [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | 570 | 1,135 | 389 | 2,221 |
Rents and royalties [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | (134) | (264) | (727) | (500) |
Employment-related charges [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | 2,866 | |||
Return on pension assets and other pension costs [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | (232) | (201) | (714) | (621) |
Acquisition-related costs [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | 623 | 623 | ||
Gain on sale of business [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | (1,154) | |||
Cost reduction and other charges [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | 2,977 | |||
Other, net [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Other (Income) expense, net | $ (669) | $ (970) | $ (333) | $ (784) |
Other (Income) Expense Foreign
Other (Income) Expense Foreign Currency Gain Loss by Currency (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other (Income) Expense [Line Items] | ||||
Gain (loss) by currency | $ 570 | $ 1,135 | $ 389 | $ 2,221 |
British Pound [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Gain (loss) by currency | 163 | 89 | 341 | 65 |
Canadian Dollar [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Gain (loss) by currency | 197 | (113) | 285 | 244 |
Euro [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Gain (loss) by currency | 18 | 108 | 20 | 92 |
Other Currencies Net [Member] | ||||
Other (Income) Expense [Line Items] | ||||
Gain (loss) by currency | $ 192 | $ 1,051 | $ (257) | $ 1,820 |
Other (Income) Expense, Net - A
Other (Income) Expense, Net - Additional Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Other Income And Expenses [Abstract] | |
Proceeds from sale of business | $ 2,980 |
Income Tax Expense (Details)
Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Expense [Line Items] | |||||
Effective income tax rate | 12.10% | 29.80% | (30.20%) | 21.70% | |
Income tax expense (benefit) | $ 3,335 | $ 9,404 | $ (19,467) | $ 19,697 | |
Increase (decrease) in income tax expense compared to the same period in 2018 | $ (6,100) | ||||
Income tax expense (benefit) related to unremitted earnings of foreign subsidiaries | $ 26,700 | ||||
Corporate Restructuring [Member] | |||||
Income Tax Expense [Line Items] | |||||
Income tax expense (benefit) | $ (58,500) |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Lease Cost | ||
Operating lease cost | $ 4,724 | $ 14,027 |
Short-term lease cost | 402 | 1,024 |
Variable lease cost | 162 | 521 |
Total lease cost | 5,288 | 15,572 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 4,306 | 13,729 |
Right-of-use assets obtained in exchange for new lease obligations: | ||
Operating leases | $ 3,837 | $ 11,066 |
Weighted-average remaining lease term- operating leases | 9 years 2 months 4 days | 9 years 2 months 4 days |
Weighted-average discount rate - operating leases | 4.95% | 4.95% |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flows for Non-cancellable Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Operating Leases, Remainder of 2019 | $ 4,132 |
Operating Leases, 2020 | 14,566 |
Operating Leases, 2021 | 12,130 |
Operating Leases, 2022 | 10,754 |
Operating Leases, 2023 | 9,193 |
Operating Leases, Thereafter | 43,842 |
Operating Leases, Total undiscounted lease payments | 94,617 |
Operating Leases, Less: Imputed Interest | (18,994) |
Operating Leases, Lease Liabilities | $ 75,623 |
Leases - Schedule of Minimum Re
Leases - Schedule of Minimum Rental Commitments Under Non-Cancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2019 | $ 16,267 |
2020 | 12,572 |
2021 | 9,774 |
2022 | 7,955 |
2023 | 4,938 |
Thereafter | 14,815 |
Total commitments | $ 66,321 |
Leases (Details)
Leases (Details) | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
ROU asset | $ 0 |
ROU Lease liability | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($) | Dec. 31, 2014USD ($)instrument | |
Derivatives, Fair Value [Line Items] | ||
Basis spread on variable rate | 1.375% | |
Excess line of credit facility subject to interest rate risk | $ 25,000,000 | |
Long-term debt, percentage bearing fixed interest, amount | 175,000,000 | |
Long-term debt, percentage bearing variable interest, amount | $ 124,000,000 | |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, number of instruments held | instrument | 2 | |
Derivative, notional amount | $ 50,000,000 | |
Derivative, amount of hedged item | $ 50,000,000 | |
Interest Rate Swap No. 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fixed interest rate | 2.50% | |
Derivative, maturity date | Aug. 29, 2024 | |
Interest Rate Swap No. 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 25,000,000 | |
Derivative, maturity date | Aug. 29, 2019 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities Derivative Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Interest Rate Swap No. 2 [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, term of contract | 5 years | 5 years | |||
Fair value of interest rate derivatives | $ 135 | ||||
Unrealized gain (loss) on interest rate cash flow hedges | $ (24) | $ (23) | $ (120) | $ (27) | |
Interest Rate Swap No. 1 [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, term of contract | 10 years | 10 years | |||
Fair value of interest rate derivatives | (1,359) | $ (1,359) | $ (70) | ||
Unrealized gain (loss) on interest rate cash flow hedges | 16 | 27 | 18 | 120 | |
Interest Rate Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Fair value of interest rate derivatives | (1,359) | (1,359) | $ 65 | ||
Unrealized gain (loss) on interest rate cash flow hedges | $ (8) | $ 4 | $ (102) | $ 93 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation trust assets | $ 44,630 | $ 42,161 |
Deferred compensation plan, asset | 44,630 | 42,296 |
Deferred compensation liability | 33,714 | 33,287 |
Deferred compensation plan, liability | 35,073 | 33,357 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation trust assets | 0 | 0 |
Deferred compensation plan, asset | 0 | 0 |
Deferred compensation liability | 0 | 0 |
Deferred compensation plan, liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation trust assets | 44,630 | 42,161 |
Deferred compensation plan, asset | 44,630 | 42,296 |
Deferred compensation liability | 33,714 | 33,287 |
Deferred compensation plan, liability | 35,073 | 33,357 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation trust assets | 0 | 0 |
Deferred compensation plan, asset | 0 | 0 |
Deferred compensation liability | 0 | 0 |
Deferred compensation plan, liability | $ 0 | $ 0 |
Interest Rate Swap No. 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, term of contract | 5 years | 5 years |
Fair value of interest rate derivatives | $ 135 | |
Interest Rate Swap No. 2 [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of interest rate derivatives | $ 0 | |
Interest Rate Swap No. 2 [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, term of contract | 5 years | |
Fair value of interest rate derivatives | $ 135 | |
Interest Rate Swap No. 2 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of interest rate derivatives | $ 0 | |
Interest Rate Swap No. 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, term of contract | 10 years | 10 years |
Fair value of interest rate derivatives | $ (1,359) | $ (70) |
Fair value of interest rate derivatives | 1,359 | 70 |
Interest Rate Swap No. 1 [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of interest rate derivatives | $ 0 | $ 0 |
Interest Rate Swap No. 1 [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative, term of contract | 10 years | 10 years |
Fair value of interest rate derivatives | $ 1,359 | $ 70 |
Interest Rate Swap No. 1 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of interest rate derivatives | $ 0 | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 2 | ||||
Revenue | $ 173,200 | $ 182,146 | $ 511,432 | $ 527,639 | |
Segment operating income | 31,207 | 34,879 | 75,629 | 100,644 | |
Total assets (at end of period) | 787,696 | 666,597 | 787,696 | 666,597 | $ 648,827 |
Capital expenditures | 5,307 | 4,148 | 17,537 | 16,063 | |
Depreciation and amortization | 5,697 | 5,680 | 17,070 | 17,366 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Reservoir Description [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 109,339 | 103,609 | 318,280 | 306,525 | |
Segment operating income | 18,835 | 14,956 | 40,892 | 44,473 | |
Total assets (at end of period) | 347,475 | 321,025 | 347,475 | 321,025 | |
Capital expenditures | 3,260 | 2,437 | 7,906 | 10,002 | |
Depreciation and amortization | 3,684 | 4,138 | 11,505 | 12,675 | |
Reservoir Description [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 99 | 58 | 346 | 178 | |
Production Enhancement [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 63,861 | 78,537 | 193,152 | 221,114 | |
Segment operating income | 11,456 | 19,243 | 31,792 | 55,357 | |
Total assets (at end of period) | 287,431 | 276,345 | 287,431 | 276,345 | |
Capital expenditures | 1,982 | 1,680 | 9,114 | 5,465 | |
Depreciation and amortization | 1,650 | 1,037 | 4,377 | 3,045 | |
Production Enhancement [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 199 | 141 | 419 | 293 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | |||
Segment operating income | 916 | 680 | 2,945 | 814 | |
Total assets (at end of period) | 152,790 | 69,227 | 152,790 | 69,227 | |
Capital expenditures | 65 | 31 | 517 | 596 | |
Depreciation and amortization | 363 | 505 | 1,188 | 1,646 | |
Corporate and Other [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ (298) | $ (199) | $ (765) | $ (471) |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating Leases, Lease Liabilities | $ 75,623 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 77,500 | |
Operating Leases, Lease Liabilities | $ 77,500 | |
Minimum [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Term of lease | 12 months |