Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 04, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | CORE LABORATORIES N.V. | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Trading Symbol | CLB | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001000229 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 886,307,680 | ||
Entity Common Stock, Shares Outstanding | 44,573,622 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Shares, EUR 0.02 Par Value Per Share | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-14273 | ||
Entity Incorporation, State or Country Code | P7 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Address, Address Line One | Van Heuven Goedhartlaan 7 B | ||
Entity Address, City or Town | Amstelveen | ||
Entity Address, Country | NL | ||
Entity Address, Postal Zip Code | 1181 LE | ||
City Area Code | 31-20 | ||
Local Phone Number | 420-3191 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant's definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2021, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 13,806,000 | $ 11,092,000 |
Accounts receivable, net of allowance for credit losses of $4,068 and $2,730 at 2020 and 2019, respectively | 83,192,000 | 131,579,000 |
Inventories | 38,151,000 | 50,163,000 |
Prepaid expenses | 14,797,000 | 15,951,000 |
Income taxes receivable | 9,675,000 | 6,527,000 |
Other current assets | 6,227,000 | 5,925,000 |
TOTAL CURRENT ASSETS | 165,848,000 | 221,237,000 |
PROPERTY, PLANT AND EQUIPMENT, net | 115,293,000 | 123,506,000 |
RIGHT OF USE ASSETS | 66,385,000 | 75,697,000 |
INTANGIBLES AND GOODWILL | 108,028,000 | 230,875,000 |
DEFERRED TAX ASSETS, net | 72,775,000 | 67,312,000 |
OTHER ASSETS | 40,250,000 | 56,046,000 |
TOTAL ASSETS | 568,579,000 | 774,673,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 23,028,000 | 35,611,000 |
Accrued payroll and related costs | 26,526,000 | 26,689,000 |
Taxes other than payroll and income | 6,556,000 | 8,366,000 |
Unearned revenues | 5,457,000 | 13,381,000 |
Operating lease liabilities | 11,437,000 | 11,841,000 |
Income taxes payable | 8,347,000 | 6,324,000 |
Other current liabilities | 8,399,000 | 9,382,000 |
TOTAL CURRENT LIABILITIES | 89,750,000 | 111,594,000 |
LONG-TERM DEBT, net | 259,433,000 | 305,283,000 |
LONG-TERM OPERATING LEASE LIABILITIES | 56,108,000 | 64,660,000 |
DEFERRED COMPENSATION | 39,145,000 | 50,485,000 |
DEFERRED TAX LIABILITIES, net | 20,585,000 | 27,338,000 |
OTHER LONG-TERM LIABILITIES | 27,985,000 | 33,173,000 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Preference shares, EUR 0.02 par value; 6,000,000 shares authorized, none issued or outstanding | ||
Common shares, EUR 0.02 par value; 200,000,000 shares authorized, 44,796,252 issued and 44,572,801 outstanding at 2020 and 44,796,252 issued and 44,465,562 outstanding at 2019 | 1,148,000 | 1,148,000 |
Additional paid-in capital | 41,184,000 | 51,872,000 |
Retained earnings | 50,456,000 | 160,539,000 |
Accumulated other comprehensive income (loss) | (7,200,000) | (6,330,000) |
Treasury shares (at cost), 223,451 at 2020 and 330,690 at 2019 | (14,075,000) | (29,364,000) |
Total Core Laboratories N.V. shareholders' equity | 71,513,000 | 177,865,000 |
Non-controlling interest | 4,060,000 | 4,275,000 |
TOTAL EQUITY | 75,573,000 | 182,140,000 |
TOTAL LIABILITIES AND EQUITY | $ 568,579,000 | $ 774,673,000 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical $ in Thousands | Dec. 31, 2020USD ($)shares | Dec. 31, 2020€ / shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019€ / shares |
Statement Of Financial Position [Abstract] | ||||
Allowance for doubtful accounts | $ | $ 4,068 | $ 2,730 | ||
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 | 44,572,801 | 44,465,562 | ||
Treasury stock, shares | 223,451 | 330,690 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES: | |||
Revenue | $ 487,267 | $ 668,210 | $ 700,846 |
OPERATING EXPENSES: | |||
General and administrative expenses, exclusive of depreciation expense shown below | 34,033 | 48,023 | 62,910 |
Depreciation | 19,727 | 20,812 | 22,013 |
Amortization | 1,140 | 1,793 | 1,074 |
Impairments and other charges | 122,204 | ||
Inventory write-down | 10,375 | ||
Other (income) expense, net | 1,826 | 5,319 | (737) |
OPERATING INCOME (LOSS) | (76,805) | 96,684 | 118,622 |
Interest expense | 14,372 | 14,690 | 13,328 |
Income (loss) before income tax | (91,177) | 81,994 | 105,294 |
Income tax expense (benefit) | 5,896 | (12,290) | 25,447 |
Income (loss) from continuing operations | (97,073) | 94,284 | 79,847 |
Income (loss) from discontinued operations | (424) | 7,833 | (58) |
Net income (loss) | (97,497) | 102,117 | 79,789 |
Net income (loss) attributable to non-controlling interest | 140 | 134 | 263 |
Net income (loss) attributable to Core Laboratories N.V. | $ (97,637) | $ 101,983 | $ 79,526 |
EARNINGS (LOSS) PER SHARE INFORMATION: | |||
Basic earnings (loss) per share from continuing operations | $ (2.18) | $ 2.13 | $ 1.81 |
Basic earnings (loss) per share from discontinued operations | (0.01) | 0.17 | (0.01) |
Basic earnings (loss) per share attributable to Core Laboratories N.V. | (2.20) | 2.30 | 1.80 |
Diluted earnings (loss) per share from continuing operations | (2.18) | 2.11 | 1.80 |
Diluted earnings (loss) per share from discontinued operations | (0.01) | 0.17 | (0.01) |
Diluted earnings (loss) per share attributable to Core Laboratories N.V. | $ (2.20) | $ 2.28 | $ 1.79 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic (in shares) | 44,477,000 | 44,357,000 | 44,206,000 |
Assuming dilution (in shares) | 44,477,000 | 44,646,000 | 44,474,000 |
Service [Member] | |||
REVENUES: | |||
Revenue | $ 376,421 | $ 474,193 | $ 486,820 |
OPERATING EXPENSES: | |||
Cost of services and product sales exclusive of depreciation expense and inventory write-down shown below | 279,281 | 345,641 | 343,833 |
Product [Member] | |||
REVENUES: | |||
Revenue | 110,846 | 194,017 | 214,026 |
OPERATING EXPENSES: | |||
Cost of services and product sales exclusive of depreciation expense and inventory write-down shown below | $ 95,486 | $ 149,938 | $ 153,131 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (97,497) | $ 102,117 | $ 79,789 |
Gain (loss) on fair value of interest rate swaps | (2,106) | (1,058) | 418 |
Interest expense reclassified to net income (loss) | 669 | (61) | 69 |
Income tax expense (benefit) on interest rate swaps reclassified to net income (loss) | 302 | 235 | (102) |
Total interest rate swaps | (1,135) | (884) | 385 |
Adjustment of unrecognized pension actuarial gain (loss) | 351 | (1,988) | 1,557 |
Prior service cost recognized during year | 157 | ||
Amortization of prior service cost reclassified to net income (loss) | (848) | (106) | |
Amortization actuarial gain (loss) reclassified to net income (loss) | 3,171 | 1,706 | |
Income tax expense (benefit) on pension and other postretirement benefit plans reclassified to net income (loss) | (86) | (325) | (802) |
Total pension and other postretirement benefit plans | 265 | 10 | 2,512 |
Total other comprehensive income (loss) | (870) | (874) | 2,897 |
Comprehensive income (loss) | (98,367) | 101,243 | 82,686 |
Net income (loss) attributable to non-controlling interest | 140 | 134 | 263 |
Comprehensive income (loss) attributable to Core Laboratories N.V. | $ (98,507) | $ 101,109 | $ 82,423 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Shares | Non-Controlling Interest | Common Stock Outstanding |
Balance at Beginning of Period at Dec. 31, 2017 | $ 148,732 | $ 1,148 | $ 54,463 | $ 173,855 | $ (8,353) | $ (76,269) | $ 3,888 | |
Balance at Beginning of Period (shares) at Dec. 31, 2017 | 44,796,252 | (612,047) | 44,184,205 | |||||
Stock-based compensation | 34,194 | 2,975 | $ 31,219 | |||||
Stock-based compensation (shares) | 218,625 | 218,625 | ||||||
Repurchase of common shares | (7,451) | $ (7,451) | ||||||
Repurchase of common shares (shares) | (85,985) | (85,985) | ||||||
Dividends paid | (97,251) | (97,251) | ||||||
Non-controlling interest additions | (10) | (10) | ||||||
Pension and other post retirement benefit plans, net of income tax | 2,512 | 2,512 | ||||||
Interest rate swaps, net of income tax | 385 | 385 | ||||||
Net income (loss) | 79,789 | 79,526 | 263 | |||||
Balance at End of Period at Dec. 31, 2018 | $ 160,900 | $ 1,148 | 57,438 | 156,130 | (5,456) | $ (52,501) | 4,141 | |
Balance at End of Period (shares) at Dec. 31, 2018 | 44,796,252 | (479,407) | 44,316,845 | |||||
Cash Dividends per Share | $ 2.20 | |||||||
Stock-based compensation | $ 20,879 | (5,566) | $ 26,445 | |||||
Stock-based compensation (shares) | 220,417 | 220,417 | ||||||
Repurchase of common shares | (3,308) | $ (3,308) | ||||||
Repurchase of common shares (shares) | (71,700) | (71,700) | ||||||
Dividends paid | (97,574) | (97,574) | ||||||
Pension and other post retirement benefit plans, net of income tax | 10 | 10 | ||||||
Interest rate swaps, net of income tax | (884) | (884) | ||||||
Net income (loss) | 102,117 | 101,983 | 134 | |||||
Balance at End of Period at Dec. 31, 2019 | $ 182,140 | $ 1,148 | 51,872 | 160,539 | (6,330) | $ (29,364) | 4,275 | |
Balance at End of Period (shares) at Dec. 31, 2019 | 44,796,252 | (330,690) | 44,465,562 | |||||
Cash Dividends per Share | $ 2.20 | |||||||
Stock-based compensation | $ 7,394 | (10,688) | $ 18,082 | |||||
Stock-based compensation (shares) | 208,168 | 208,168 | 208,168 | |||||
Repurchase of common shares | $ (2,793) | $ (2,793) | ||||||
Repurchase of common shares (shares) | (100,929) | (100,929) | ||||||
Dividends paid | (12,446) | (12,446) | ||||||
Non-controlling interest dividends | (355) | (355) | ||||||
Pension and other post retirement benefit plans, net of income tax | 265 | 265 | ||||||
Interest rate swaps, net of income tax | (1,135) | (1,135) | ||||||
Net income (loss) | (97,497) | (97,637) | 140 | |||||
Balance at End of Period at Dec. 31, 2020 | $ 75,573 | $ 1,148 | $ 41,184 | $ 50,456 | $ (7,200) | $ (14,075) | $ 4,060 | |
Balance at End of Period (shares) at Dec. 31, 2020 | 44,796,252 | (223,451) | 44,572,801 | |||||
Cash Dividends per Share | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Income (loss) from continuing operations | $ (97,073) | $ 94,284 | $ 79,847 |
Income (loss) from discontinued operations | (424) | 7,833 | (58) |
Net income (loss) | (97,497) | 102,117 | 79,789 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Stock-based compensation | 7,394 | 20,879 | 34,194 |
Depreciation and amortization | 20,867 | 22,605 | 23,087 |
Impairments, inventory write-down and other charges | 132,579 | ||
Changes in value of life insurance policies | (894) | (2,899) | (874) |
Deferred income taxes | (12,216) | (36,345) | 1,832 |
Realization of pension obligation | 188 | (112) | 2,257 |
Net provision for credit losses | 1,618 | 754 | 692 |
Gain on sale of business | (1,154) | ||
(Gain) loss on sale of discontinued operations | 573 | (8,411) | |
Other non-cash items | (683) | (200) | (159) |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | 46,421 | (3,191) | 2,265 |
Inventories | 1,471 | (3,892) | (10,403) |
Prepaid expenses and other current assets | (2,296) | 3,561 | (9,048) |
Other assets | (1,905) | (46) | 6,264 |
Accounts payable | (12,838) | (3,757) | (1,752) |
Accrued expenses | 602 | 8,067 | (6,903) |
Unearned revenue | (7,924) | (5,513) | 1,825 |
Other liabilities | (17,592) | (2,936) | (11,239) |
Net cash provided by operating activities | 57,868 | 89,527 | 111,827 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (11,880) | (22,269) | (21,741) |
Patents and other intangibles | (498) | (180) | (1,190) |
Acquisitions, net of cash acquired | (47,314) | ||
Distribution received from life insurance policies | 20,443 | ||
Proceeds from sale of assets | 1,734 | 887 | 882 |
Proceeds from sale of business | 2,980 | ||
Proceeds (payment) from sale of discontinued operations | (225) | 14,789 | |
Premiums on life insurance policies | (1,723) | (1,884) | (1,276) |
Net cash provided by (used in) investing activities | 7,851 | (5,677) | (70,639) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of long-term debt | (102,000) | (123,000) | (114,000) |
Proceeds from long-term debt | 56,000 | 138,000 | 178,000 |
Debt financing costs | (1,536) | (1,760) | |
Dividends paid | (12,446) | (97,574) | (97,251) |
Repurchase of common shares | (2,793) | (3,308) | (7,451) |
Other financing activities | (230) | 8 | (10) |
Net cash used in financing activities | (63,005) | (85,874) | (42,472) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 2,714 | (2,024) | (1,284) |
CASH AND CASH EQUIVALENTS, beginning of year | 11,092 | 13,116 | 14,400 |
CASH AND CASH EQUIVALENTS, end of year | 13,806 | 11,092 | 13,116 |
Supplemental disclosures of cash flow information: | |||
Cash payments for interest | 11,669 | 13,631 | 11,499 |
Cash payments for income taxes | 21,325 | 13,804 | 31,928 |
Non-cash investing and financing activities: | |||
Capital expenditures incurred but not paid for as of the end of the year | $ 1,064 | $ 222 | $ 628 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Description Of Business [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS Core Laboratories N.V. ("Core Laboratories", "Core Lab", "the Company", "we", "our" or "us") is a Netherlands limited liability company. We were established in 1936 and are one of the world's leading providers of proprietary and patented reservoir description and production enhancement services and products to the oil and gas industry. These services and products can enable our clients to improve reservoir performance and increase oil and gas recovery from their producing fields. We have over 70 offices in more than 50 countries and have approximately 3,700 employees. We operate our business in two reportable segments: (1) Reservoir Description and (2) Production Enhancement. 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. For a description of product types and services offered by these business segments, see Note 21 - Segment Reporting and Other Disaggregated Information 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. We completed the divestment of this business in 2019; the disclosure relating to the divestment of this business is included in Note 20 - Discontinued Operations |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of Core Laboratories and its subsidiaries for which we have a controlling voting interest and/or a controlling financial interest. These financials have been prepared in accordance with the United States generally accepted accounting principles ("U.S. GAAP"). We use the equity method of accounting for investments in which we have less than a majority interest and do not exercise control but do 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. We record non-controlling 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 year ended December 31, 2020, 2019 and 2018. Recent Accounting Pronouncements 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 U.S. 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. We adopted this standard on January 1, 2020, and there has been no significant impact on our consolidated financial statements or on our accounting policies and processes. In January 2017, the FASB issued ASU 2017-04 (“Simplifying the Test for Goodwill Impairment”) which eliminates a step in computing the implied fair value of goodwill with a new methodology of an entity performing an annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. We adopted this standard on January 1, 2020. The new methodology was applied for the interim goodwill impairment analysis performed upon the triggering event of the COVID-19 pandemic during the three month period ended March 31, 2020, and it did not change the conclusion that goodwill had been impaired. There has been no significant impact on our consolidated financial statements or on our accounting policies and processes as a result of adopting this updated accounting standard. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimates on an ongoing basis and utilize our historical experience, as well as various other assumptions that we believe are reasonable in a given circumstance, in order to make these estimates. Actual results could differ from our estimates, as assumptions and conditions change. The following accounts, among others, require us to use estimates and assumptions: ▪ allowance for credit losses; ▪ obsolete inventory; ▪ depreciation and amortization; ▪ long-lived assets, intangibles and goodwill; ▪ income taxes; ▪ pensions and other postretirement benefits; ▪ stock-based compensation; and ▪ leases. Accounting policies relating to these accounts and the nature of these estimates are further discussed under the applicable caption. For each of these critical estimates it is at least reasonably possible that changes in these estimates will occur in the short term which may impact our financial position or results of operations. Concentration of Credit Risk Our financial instruments that potentially subject us to concentrations of credit risk relate primarily to cash and cash equivalents and trade accounts receivable. All cash and cash equivalents are on deposit at commercial banks or investment firms with significant financial resources. Our trade receivables are with a variety of domestic, international and national oil and gas companies. We had no clients who provided more than 10% of our revenue for the years ended December 31, 2020, 2019 and 2018. We consider our credit risk related to trade accounts receivable to be limited due to the creditworthiness and financial resources of our clients. We have adopted the expected credit losses methodology for measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss impairment methodology. We evaluate our estimate for credit losses on an on-going basis throughout the year. Concentration of Interest Rate Risk We are exposed to interest rate risk on our revolving credit facility (the "Credit Facility") debt, which carries a variable interest rate. We are exposed to interest rate risk on our Senior Notes which carry a fixed interest rate, but whose fair value will fluctuate based on changes in interest rates and market perception of our credit risk. See Note 9 - Long-term Debt, net Cash and Cash Equivalents Cash and cash equivalents include all short-term, highly liquid instruments purchased with an original maturity of three months or less. These items are carried at cost, which approximates fair value. Derivative Instruments We may enter into a variety of derivative instruments in connection with the management of our exposure to fluctuations in interest rates or currency exchange rates. See Note 15 - Derivative Instruments and Hedging Activities We do not enter into derivatives for speculative purposes. Accounts Receivable Trade accounts receivable are recorded at their invoiced amounts and do not bear interest. We perform ongoing credit evaluations of our clients, monitor collections and payments, consider our historical collection experience and our current aging of client receivables outstanding, in addition to client's representations and our understanding of the economic environment in which our clients operate. Based on our review we establish or adjust allowances for credit losses for specific clients and the accounts receivable, as a whole, and recognize expense. When an account is determined to be uncollectible, we charge the receivable to our allowance for credit losses. Our allowance for credit losses totaled $4.1 million and $2.7 million at December 31, 2020 and 2019, respectively. The net carrying value of accounts receivable approximates fair value. Inventories Inventories consist of manufactured goods, materials and supplies used for sales or services to clients. Inventories are stated at the lower of cost or estimated net realizable value. Inventory costs are recorded at standard cost which approximates the first-in, first-out method. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised primarily of prepaid insurance, value added taxes and prepaid rents. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are capitalized while maintenance and repair costs are charged to expense as incurred. They are depreciated using the straight-line method based on their individual estimated useful lives, except for leasehold improvements, which are depreciated over the remaining lease term, if shorter. We estimate the useful lives and salvage values of our assets based on historical data as follows: Buildings and leasehold improvements 3 - 40 years Machinery and equipment 3 - 10 years When long-lived assets are sold or retired, the remaining costs and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized. We review our long-lived assets for impairment when events or changes in circumstances indicate that their net book value may not be recovered over their remaining service lives. Indicators of possible impairment may include significant declines in activity levels in regions where specific assets or groups of assets are located, extended periods of idle use, declining revenue or cash flow or overall changes in general market conditions. Whenever possible impairment is indicated, we compare the carrying value of the assets to the sum of the estimated undiscounted future cash flows expected from use, plus salvage value, less the costs of the subsequent disposition of the assets. If impairment is still indicated, we compare the fair value of the assets to the carrying amount and recognize an impairment loss for the amount by which the carrying value exceeds the fair value. We did not record any material impairment charges relating to our long-lived assets held for use during the years ended December 31, 2020, 2019 and 2018. Leases Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the transition method in which prior periods are not adjusted for this change in accounting principle. Upon adoption, we recognized $77.5 million of right-of-use (“ROU”) assets and liabilities for operating leases. Under previous accounting, ROU assets and operating lease liabilities were not reflected on the Consolidated Balance Sheet. Adoption of this new standard did not have a material impact to our Consolidated Statement of Operations or Cash Flows. We have operating leases primarily consisting of offices and lab space, machinery and equipment and vehicles. We determine if an arrangement is an operating or finance lease at inception. 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. Operating leased assets also include all initial direct costs incurred. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating leased assets are included in ROU assets and current and long-term operating lease liabilities in our consolidated balance sheet. Finance leases are included in property, plant and equipment and other current and other long- term liabilities in our consolidated balance sheet. ROU assets are subsequently depreciated over the estimated useful life of the asset and operating lease liabilities are carried at amortized cost using the effective interest rate method. The Company has elected to apply the short-term lease exemption to all 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. Intangibles and Goodwill Intangible assets, including patents, trademarks, technology and trade names, are carried at cost less accumulated amortization, for intangibles with a definite life, and any accumulated impairment. Intangibles with definite lives are amortized using the straight-line method based on the estimated useful life of the intangible. Intangibles with indefinite lives, which consist primarily of corporate trade names, are not amortized, but are tested for impairment annually or whenever events or changes in circumstances indicate that impairment is possible. We record goodwill as the excess of the purchase price over the fair value of the net assets acquired in acquisitions accounted for under the purchase method of accounting. We test goodwill for impairment annually, or more frequently if circumstances indicate possible impairment. We assess goodwill for impairment by comparing the fair value of the reporting unit to its carrying value. If the fair value of a reporting unit is less than its carrying value, then there is an impairment loss limited to the amount of goodwill allocated to that reporting unit. Our reporting units are the same as our two reportable segments. We estimate the fair value of each reporting unit using a discounted future cash flow analysis. Estimated future cash flows are based on the Company's best estimate of future performance. Our impairment analysis is both qualitative and quantitative, and includes subjective estimates based on assumptions regarding future revenue growth rates, discount rates and expected margins. We recorded $122.2 million of impairment charges relating to our goodwill and certain intangibles assets during the year ended December 31, 2020. We did not record impairment charges relating to our goodwill or our indefinite-lived intangible assets during the years ended December 31, 2019 and 2018. Any subsequent impairment loss could result in a material adverse effect upon our financial position and results of operations. Other Assets Other assets consist of the following (in thousands): December 31, 2020 2019 Cash surrender value of life insurance policies $ 31,201 $ 47,195 Investments in unconsolidated affiliates 4,094 3,969 Other 4,955 4,882 Total other assets $ 40,250 $ 56,046 Cash surrender value of life insurance policies relates to postretirement benefit plans. See Note 11 - Pension and Other Postretirement Benefit Plans Accounts Payable Trade accounts payable are recorded at their invoiced amounts and do not bear interest. The carrying value of accounts payable approximates fair value. Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the asset is expected to be recovered or the liability is expected to be settled. We include interest and penalties from tax judgments in income tax expense. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return. We also recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 10 Income Taxes Comprehensive Income Comprehensive income is comprised of net income and other charges or credits to equity that are not the result of transactions with owners. Accumulated other comprehensive income consists of prior service costs and unrecognized net actuarial gain or loss from a pension plan and changes in the fair value of our interest rate swaps. See Note 11 - Pension and Other Postretirement Benefit Plans 15 - Derivative Instruments and Hedging Activities Revenue Recognition All of our revenue is derived from contracts with clients. Our contracts generally include standard commercial payment terms generally acceptable in each region, and do not include financing with extended payment terms. We have no significant obligations for refunds, warranties, or similar obligations. Our revenue does not include taxes collected from our customers. In certain circumstances we apply the guidance in Accounting Standards Codification Topic 606 - Revenue from Contracts with Customers We recognize revenue at an amount that reflects the consideration expected to be received in exchange for such services or goods as described below by applying the five-step method to: (1) identify the contract(s) with clients; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract; and (5) recognize revenue when (or as) we satisfy the performance obligation(s).A performance obligation is a promise in a contract to transfer a distinct service or good to a client, and is the unit of account under Topic 606. We have contracts with two general groups of performance obligations: those that require us to perform analysis and/or diagnostic tests in our laboratory or at the client's wellsite and those from the sale of tools, diagnostic and equipment products and related services. Services Revenue : We provide a variety of services to clients in the oil and gas industry. Where services are provided related to the testing and analysis of rock and fluids, we recognize revenue upon the provision of the test results or analysis to the client. For our design, field engineering and completion diagnostic services, we recognize revenue upon the delivery of those services at the well site or delivery of diagnostic data. In the case of our consortia studies, we have multiple performance obligations and revenue is recognized at the point in time when the testing and analysis results on each contributed core are made available to our consortia members. For arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the client for each promised service or product if it were sold on a standalone basis. To a lesser extent, we enter into other types of contracts including service arrangements and non-subscription software and licensing agreements. We recognize revenue for these arrangements over time or at a point in time depending on our evaluation of when the client obtains control of the promised services or products Product Sales Revenue : We manufacture equipment that we sell to our clients in the oil and gas industry. We recognize revenue when control of the promised product is transferred to the client. Control of the product usually passes to the client at the time shipment is made or picked up by the client at our facilities, as defined within the contract. Contract Assets and Liabilities Contract assets and liabilities arise from differences in 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, we have contracts where we recognize revenue over time but do not have a contractual right to payment until we complete the performance obligations. 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 revenue recognition. Disaggregation of Revenue We contract with clients for service revenue and/or product sales revenue. We present revenue disaggregated by services and product sales in our consolidated statements of operations. For revenue disaggregated by reportable segment, see Note 21 - Segment Reporting and Other Disaggregated Information. Foreign Currencies Our functional currency is the U.S. Dollar ("USD"). All inter-company financing, transactions and cash flows with our subsidiaries are transacted in USD. Revenue and expenses denominated in other currencies are measured at the applicable month-end exchange rate which approximates the average exchange rate. We remeasure monetary assets and liabilities denominated in other currencies to USD at year-end exchange rates. Non-monetary items, depreciation, amortization and certain components of cost of sales are measured at historical rates. For the years ended December 31, 2020, 2019 and 2018, we incurred net remeasurement losses of $1.2 million, $1.7 million, and $2.6 million, respectively. Remeasurement and settlement difference are included in other (income) expense, net in the accompanying consolidated statements of operations. Pension and Other Postretirement Benefit Plans We provide a non-contributory defined benefit pension plan covering substantially all of our Dutch employees ("Dutch Plan") who were hired prior to 2000. We recognize net periodic pension costs associated with the Dutch plan in income and recognize the unfunded status of the plan, if any, as a long-term liability. We recognize the actuarial gains or losses and prior service costs or credits that arise during the period as a component of other comprehensive income. The projection of benefit obligation and fair value of plan assets requires the use of assumptions and estimates. Actual results could differ from those estimates. See Note 11 - Pension and Other Postretirement Benefit Plans We maintain defined contribution plans for the benefit of eligible employees primarily in Canada, the Netherlands, the United Kingdom and the United States. We expense contributions in the period the contribution is made. Non-controlling Interests We maintain non-controlling interests in several investment ventures and disclose such interests clearly as a portion of equity separate from the parent's equity. The amount of consolidated net income attributable to these non-controlling interests is also clearly presented on the consolidated statements of operations. In addition, when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary will be initially measured at fair value and recorded as a gain or loss. Stock-Based Compensation For new awards issued and awards modified, repurchased or canceled, we record compensation expense in the consolidated statements of operations equal to the fair value of the award at the date of the grant, modification, repurchase or cancellation over the requisite service period of the award. 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 share includes the incremental effect of contingently issuable shares from performance and restricted stock awards, as determined using the treasury stock method. The following table summarizes the calculation of weighted average common shares outstanding used in the computation of basic and diluted earnings per share (in thousands): For the Years Ended December 31, 2020 2019 2018 Weighted average common shares outstanding - basic 44,477 44,357 44,206 Effect of dilutive securities: Performance shares — 242 221 Restricted stock — 47 47 Weighted average common shares outstanding - assuming dilution 44,477 44,646 44,474 For the year ended December 31, 2020, the number of outstanding performance shares and restricted shares of Core Laboratories N.V. common stock that were excluded from diluted earnings per share calculation, as their impact would be antidilutive, were as follows (in thousands): December 31, 2020 Performance shares 308 Restricted Stock 189 |
Contract Assets and Liabilities
Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Contract Assets and Liabilities | 3. CONTRACT ASSETS AND LIABILITIES The balance of contract assets and contract liabilities consist of the following (in thousands): December 31, 2020 2019 Contract assets Current $ 1,238 $ 2,183 Non-Current — 244 $ 1,238 $ 2,427 Contract Liabilities Current $ 953 $ 4,473 Non-current 293 383 $ 1,246 $ 4,856 Estimate of when contract liabilities will be recognized within 12 months $ 953 within 12 to 24 months $ 293 greater than 24 months $ — The current portion of contract assets are included in our accounts receivable as of December 31, 2020 and 2019. 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. We did not recognize any impairment losses on our receivables and contract assets for the year ended December 31, 2020 and 2019. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 4. 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. 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 technology 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 value at the date of acquisition which resulted in an increase to goodwill of $35.4 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 Sheets or Consolidated Statements of Operations. We had no significant acquisitions during the years ended December 31, 2020 and 2019. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES Inventories consist of the following (in thousands): December 31, 2020 2019 Finished goods $ 16,461 $ 26,507 Parts and materials 19,098 21,419 Work in progress 2,592 2,237 Total inventories $ 38,151 $ 50,163 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. See Note 18 - Inventory Write-down |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | 6. PROPERTY, PLANT AND EQUIPMENT, NET The components of property, plant and equipment, net are as follows (in thousands): December 31, 2020 2019 Land $ 11,395 $ 11,435 Building and leasehold improvements 117,098 116,306 Machinery and equipment 280,778 277,952 Total property, plant and equipment 409,271 405,693 Less - accumulated depreciation (293,978 ) (282,187 ) Property, plant and equipment, net $ 115,293 $ 123,506 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 7. 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): For the Year Ended December 31, 2020 2019 Operating lease expense $ 17,848 $ 18,639 Short-term lease expense 1,801 1,228 Variable lease expense 1,442 920 Total lease expense $ 21,091 $ 20,787 Other Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17,049 $ 18,195 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 5,654 11,688 Weighted-average remaining lease term - operating leases 8.69 years 9.07 years Weighted-average discount rate - operating leases 4.70 % 4.94 % Scheduled undiscounted lease payments for non-cancellable leases consist of the following (in thousands): December 31, 2020 2021 $ 13,769 2022 12,062 2023 10,301 2024 8,123 2025 7,040 Thereafter 31,156 Total undiscounted lease payments $ 82,451 Less: Imputed interest (14,906 ) Total lease liabilities $ 67,545 During the year ended December 31, 2020, the Company recorded a net loss on lease abandonment of $0.5 million, for certain properties that ceased in use and are expected to provide no future economic benefits. |
Intangibles and Goodwill
Intangibles and Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangibles and Goodwill | 8. INTANGIBLES AND GOODWILL The components of intangibles, net are as follows (in thousands): December 31, 2020 2019 Useful life Gross Carrying Accumulated Amortization Gross Carrying Accumulated in years Value and Impairment Value Amortization Acquired trade secrets 2-20 $ 4,278 $ 3,120 $ 3,613 $ 2,463 Acquired patents, technology and trademarks 4-15 15,348 12,677 15,622 4,193 Agreements not to compete 2-5 1,149 1,036 1,149 919 Acquired trade names Indefinite 4,641 — 4,641 — Total intangibles, net $ 25,416 $ 16,833 $ 25,025 $ 7,575 Our estimated amortization expense relating to these intangibles for the next five years is summarized in the following table (in thousands): 2021 $ 1,335 2022 $ 1,309 2023 $ 1,042 2024 $ 1,034 2025 $ 892 The changes in the carrying amount of goodwill for each reportable segment are as follows (in thousands): Reservoir Production Description Enhancement Total Balance at January 1, 2019 $ 99,484 $ 119,928 $ 219,412 Adjustments to goodwill acquired in previous year — (5,987 ) (5,987 ) Balance at December 31, 2019 99,484 113,941 213,425 Impairment — (113,941 ) (113,941 ) Other (39 ) — (39 ) Balance at December 31, 2020 $ 99,445 $ — $ 99,445 |
Long-Term Debt, Net
Long-Term Debt, Net | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net | 9. LONG-TERM DEBT, NET We have no finance lease obligations. Debt is summarized in the following table (in thousands): December 31, 2020 2019 2011 Senior Notes $ 150,000 $ 150,000 Credit Facility 111,000 157,000 Total long-term debt 261,000 307,000 Less: Debt issuance costs (1,567 ) (1,717 ) Long-term debt, net $ 259,433 $ 305,283 We have two series of senior notes outstanding with an aggregate principal amount of $150 million ("2011 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 2011 Senior Notes is payable semi-annually on March 30 and September 30. On June 22, 2020, we entered into Amendment No. 1 (the “Amendment”) to the Seventh Amended and Restated Credit Agreement, dated June 19, 2018 (as amended, the “Credit Facility”). The Amendment increases the maximum leverage ratio permitted under the Credit Facility for certain periods. Pursuant to the terms of the Amendment, the maximum leverage ratio permitted under the Credit Facility is as follows: Quarter ending Maximum leverage ratio permitted June 30, 2020 up to and including June 30, 2021 3.00 September 30, 2021 2.75 December 31, 2021 and thereafter 2.50 Moreover, the Amendment modified the range of variable interest rates that the Credit Facility may bear to be a range from LIBOR plus 1.500% to LIBOR plus 2.875% and included the addition of a LIBOR floor of 0.50%. The Amendment also reduced the aggregate borrowing commitment under the Credit Facility to $225 million and the amount by which we may elect to increase the facility size, known as the “accordion” feature, to $50 million, subject to the satisfaction of certain conditions. Interest payment terms are variable depending upon the specific type of borrowing under this facility. Any outstanding balance under the Credit Facility is due on maturity on June 19, 2023 . Our available capacity at any point in time is reduced by outstanding borrowings and outstanding letters of credit which totaled $ million , resulting in an available borrowing capacity under the Credit Facility of $ million , at December 31, 2020 . In addition to indebtedness under the Credit Facility, we had $ million of outstanding letters of credit and performance guarantees and bonds from other sources as of December 31, 20 20 . The Credit Facility remains unsecured, and contains customary representations, warranties, terms and conditions for similar types of facilities. The terms of the Credit Facility and 2011 Senior Notes require us to meet certain covenants, including, but not limited to, an interest coverage ratio (calculated as consolidated EBITDA divided by interest expense) and a leverage ratio (calculated as 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 and 2011 Senior Notes each include a cross-default provision, whereby a default under one agreement may trigger a default in the other agreement. The Credit Facility has the more restrictive covenants with a minimum interest coverage ratio of 3.0 to 1.0 and permits a maximum leverage ratio as described above. The Credit Facility allows non-cash charges such as impairment of assets, stock compensation and other non-cash charges to be added back in the calculation of consolidated EBITDA. The terms of our Credit Facility also 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 principles would affect the computation of any financial ratio or covenant of the Credit Facility. In accordance with the terms of the Credit Facility, our leverage ratio is 2.82, and our interest coverage ratio is 6.09, each for the period ended December 31, 2020. We believe that we are in compliance with all covenants contained in our Credit Facility and 2011 Senior Notes. We, along with certain of our material, wholly-owned subsidiaries are guarantors or co-borrowers under the Credit Facility and 2011 Senior Notes. We entered into two interest rate swap agreements for a total of $50 million, including one of which was entered during the year ended December 31, 2020. See Note 15 - Derivative Instruments and Hedging Activities The estimated fair value of total debt at December 31, 2020 and 2019 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 maturity date. During the year ended December 31, 2020, the Company incurred approximately $1.6 million in professional service fees and expenses associated with the evaluation of various corporate debt issuances and debt refinancing opportunities. These corporate finance and capital structure costs were expensed immediately and classified as interest expense. On October 16, 2020, we, along with our wholly-owned subsidiary Core Laboratories (U.S.) Interests Holdings, Inc. as issuer, entered into an agreement (the “2020 Notes Purchase Agreement”) to issue two new series of senior notes with aggregate principal amount of $60 million in a private placement transaction (“2020 Senior Notes”). The 2020 Senior Notes were issued and funded on January 12, 2021, and the proceeds were used to reduce outstanding borrowings under the Credit Facility. Series A of the 2020 Senior Notes consists of $45 million in aggregate principal amount that bear interest at a fixed rate of 4.09% and are due in full on January 12, 2026. Series B of the 2020 Senior Notes consists of $15 million in aggregate principal amount that bear interest at a fixed rate of 4.38% and are due in full on January 12, 2028. Interest on each series of the 2020 Senior Notes is payable semi-annually on June 30 and December 30, commencing on June 30, 2021. The terms of the 2020 Senior Notes require us to meet certain covenants, including, but not limited to, an interest coverage ratio (calculated as consolidated EBITDA divided by interest expense) and a leverage ratio (calculated as consolidated net indebtedness divided by consolidated EBITDA), where consolidated EBITDA (as defined in the 2020 Note Purchase Agreement) and interest expense are calculated using the most recent four fiscal quarters; and a priority indebtedness ratio (calculated as Priority Indebtedness divided by Consolidated Total Assets (as defined in the 2020 Notes Purchase Agreement). The financial covenants for the 2020 Senior Notes are aligned with the Credit Facility and the associated 2020 Note Purchase Agreement also allows renegotiation of the ratios in consideration of changes in accounting principles. We, along with certain of our material, wholly-owned subsidiaries, are guarantors or co-borrowers under the 2020 Senior Notes. The proceeds of the 2020 Senior Notes were used to reduce outstanding borrowings under the Credit Facility, and along with $15 million of existing available capacity under the Credit Facility, will refinance the $75 million Series A 2011 Senior Notes due in September 2021. Accordingly, we have reclassified amounts due under the Series A 2011 Senior Notes as long-term debt. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 10. INCOME TAXES The components of income (loss) before income tax are as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 United States $ (45,167 ) $ 61,374 $ 61,680 Other countries (46,010 ) 20,620 43,614 Income (loss) before income tax $ (91,177 ) $ 81,994 $ 105,294 The components of income tax expense are as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 Current: United States $ 5,181 $ 8,786 $ 13,198 Other countries 11,926 13,267 10,132 State and provincial 618 (28 ) 1,548 Total current 17,725 22,025 24,878 Deferred: United States (69 ) (57,250 ) (1,340 ) Other countries (11,144 ) 23,558 1,909 State and provincial (616 ) (623 ) — Total deferred (11,829 ) (34,315 ) 569 Income tax expense (benefit) $ 5,896 $ (12,290 ) $ 25,447 The differences in income tax expense (benefit) computed using the Netherlands statutory income tax rate of 25% For the Years Ended December 31, 2020 2019 2018 Tax at the Netherlands income tax rate $ (23,005 ) $ 22,895 $ 26,189 International earnings taxed at rates other than the Netherlands statutory rate 14,986 (1,343 ) (14,997 ) Non-deductible expenses 2,977 3,516 4,452 Change in valuation allowance 23 (3,491 ) 1,513 State and provincial taxes (227 ) (825 ) 1,566 Tax credits (5,975 ) (3,893 ) (3,939 ) Benefit from corporate restructuring — (59,336 ) — Unremitted earnings of subsidiaries 418 26,126 — Adjustments of prior year taxes 545 (1,684 ) 2,350 Adjustments of income tax reserves (1,965 ) 1,084 (1,613 ) Non-deductible goodwill impairment 15,547 — — Foreign exchange 226 2,014 5,936 Accrued withholding taxes 2,092 2,603 2,911 Other 254 44 1,079 Income tax expense (benefit) $ 5,896 $ (12,290 ) $ 25,447 Deferred tax assets and liabilities result from various temporary differences between the financial statement carrying amount and their tax basis. Deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carry-forwards $ 13,892 $ 7,209 Tax credit carry-forwards 2,996 1,888 Accruals for compensation 8,587 8,240 Accruals for inventory capitalization 3,445 1,788 Unrealized benefit from corporate restructuring 53,501 56,985 Intangibles 830 — Unrealized benefit plan loss 2,366 3,740 Unrealized foreign exchange 2,852 3,842 Unearned revenue 741 1,849 Other 1,989 1,839 Total deferred tax assets 91,199 87,380 Valuation allowance (6,264 ) (6,241 ) Net deferred tax assets 84,935 81,139 Deferred tax liabilities: Intangibles — (6,263 ) Property, plant and equipment (4,998 ) (3,546 ) Accrued interest — (1,679 ) Accrued withholding taxes (26,916 ) (26,718 ) Unrealized foreign exchange (610 ) (2,653 ) Other (221 ) (306 ) Total deferred tax liabilities (32,745 ) (41,165 ) Net deferred income taxes $ 52,190 $ 39,974 December 31, 2020 2019 Long-term deferred tax assets $ 72,775 $ 67,312 Long-term deferred tax liabilities (20,585 ) (27,338 ) Total deferred tax assets (liabilities) $ 52,190 $ 39,974 At December 31, 2020, we had tax net operating loss carry-forwards in various tax jurisdictions of $62.3 million. Although we cannot be certain that these operating loss carry-forwards will be utilized, we anticipate that we will have sufficient taxable income in future years to allow us to fully utilize the carry-forwards that are not subject to a valuation allowance. As of December 31, 2020, if unused, $11.2 million will expire between 2021 and 2023, $5.2 million will expire between 2024 and 2026, $7.0 million will expire between 2027 and 2030 and $15.9 million will expire beyond 2031. The remaining balance of $23.0 million is not subject to expiration. During 2020, we have no net operating loss carry-forwards, which carried a full valuation allowance, that expired unused. We file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. We are currently undergoing multiple examinations in various jurisdictions, and the years 2009 through 2019 remain open for examination in various tax jurisdictions in which we operate. The ultimate settlement and timing of these additional tax assessments is uncertain but the Company will continue to vigorously defend its return filing position and does not view the assessments as probable at this time. During 20 20 , adjustments were made to estimates for uncertain tax positions in certain tax jurisdictions based upon changes in facts and circumstances, resulting in a reduction to the unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 Unrecognized tax benefits at January 1, $ 7,301 $ 7,471 $ 10,124 Tax positions, current period 1,650 495 543 Tax positions, prior period (491 ) (361 ) (304 ) Settlements with taxing authorities (2,159 ) (18 ) (2,207 ) Lapse of applicable statute of limitations (46 ) (286 ) (685 ) Unrecognized tax benefits at December 31, $ 6,255 $ 7,301 $ 7,471 Our policy is to record accrued interest and penalties on uncertain tax positions, net of any tax effect, as part of total tax expense for the period. The corresponding liability is carried along with the tax exposure as a non-current payable in Other Long-term Liabilities. For the years ended December 31, 2020, 2019 and 2018, we recognized $0.9 million, $1.3 million and $0.6 million, respectively, in interest and penalties. For the years ended December 31, 2020, 2019 and 2018, we had $4.2 million, $5.1 million and $3.9 million, respectively, accrued for the payment of interest and penalties. Changes in our estimate of unrecognized tax benefits would affect our effective tax rate. As of December 31, 2020, 2019 and 2018 there are $0.5 million, $0.9 million and $0.6 million, respectively, of unrecognized tax benefits that could be resolved within the next twelve months which could have a positive effect on the annual effective tax rate. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefit Plans | 11. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Defined Benefit Plan Prior to January 2020, we provided a noncontributory defined benefit pension plan covering substantially all of our Dutch employees ("Dutch Plan") who were hired prior to 2000. This pension benefit was based on years of service and final pay depending on when the employee began participating. The benefits earned by the employees are immediately vested. We funded the future obligations of the Dutch Plan by purchasing an insurance contract from a large multi-national insurance company with a five-year During 2019 and 2018, there was a curtailment of the Dutch Plan for our Dutch employees whose pension benefit was based on years of service and final pay or career average pay, depending on when the employee began participating. These employees have been moved into the Dutch defined contribution plan. This event resulted in a curtailment gain of $1.0 million, $2.6 million and $1.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. However, the unconditional indexation for this group of participants continues for so long as they remain in active service with the Company. There is no further contribution required to fund the Dutch Plan after December 31, 2019. The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch Plan (in thousands): December 31, 2020 2019 Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 65,246 $ 60,671 Service cost — 755 Interest cost 679 1,027 Amendments/curtailments (1,049 ) (2,621 ) Benefits paid and administrative expenses (1,329 ) (1,229 ) Actuarial (gain) loss, net 5,056 7,979 Unrealized (gain) loss on foreign exchange 6,080 (1,336 ) Projected benefit obligation at end of year $ 74,683 $ 65,246 Fair Value of Plan Assets: Fair value of plan assets at beginning of year $ 59,318 $ 53,273 Increase in plan asset value 6,041 6,905 Employer contributions 601 1,558 Benefits paid and administrative expenses (1,329 ) (1,246 ) Unrealized gain (loss) on foreign exchange 5,688 (1,172 ) Fair value of plan assets at end of year $ 70,319 $ 59,318 Under-funded status of the plan at end of the year $ (4,364 ) $ (5,928 ) Accumulated Benefit Obligation $ 74,683 $ 65,246 The following actuarial assumptions were used to determine the actuarial present value of our projected benefit obligation and the net periodic pension costs for the Dutch Plan: December 31, 2020 2019 Weighted average assumed discount rate 0.45 % 1.05 % Expected long-term rate of return on plan assets 0.45 % 1.05 % Weighted average rate of compensation increase 1.50 % 1.80 % The discount rate used to determine our projected benefit obligation at December 31, 2020 was decreased from 1.05% to 0.45%, consistent with a general decrease in interest rates in Europe for AAA-rated long-term Euro government bonds. Amounts recognized for the Dutch Plan in the Consolidated Balance consist of (in thousands): December 31, 2020 2019 Deferred tax asset $ 1,192 $ 1,482 Other long-term liabilities 4,364 5,928 Accumulated other comprehensive loss (5,375 ) (5,640 ) The components of net periodic pension cost for the Dutch Plan include (in thousands): For the Years Ended December 31, 2020 2019 2018 Service cost $ — $ 755 $ 1,453 Interest cost 679 1,027 1,244 Expected return on plan assets (634 ) (914 ) (1,077 ) Administrative charges — 17 37 Curtailment (1,049 ) (2,621 ) (1,219 ) Prior service cost — (848 ) (106 ) Net actuarial loss — 3,171 1,706 Net periodic pension cost $ (1,004 ) $ 587 $ 2,038 Plan assets at December 31, 2020 and 2019 consist of insurance contracts with returns equal to the contractual rate, which are comparable with governmental debt securities. Our expected long-term rate of return assumptions are based on the weighted-average contractual rates for each contract. Dutch law dictates the minimum requirements for pension funding. Our goal is to meet these minimum funding requirements, while our insurance carrier invests to minimize risks associated with future benefit payments. In 2021, our minimum funding requirements are expected to be $0.6 million. Our estimate of future annual contributions is based on current funding and the unconditional indexation requirements, and we believe these contributions will be sufficient to fund the plan. Expected benefit payments to eligible participants under this plan for the next five years are as follows (in thousands): December 31, 2020 2021 $ 1,527 2022 $ 1,618 2023 $ 1,662 2024 $ 1,785 2025 $ 1,861 Succeeding five years $ 11,490 Defined Contribution Plans We maintain defined contribution plans for the benefit of eligible employees primarily in Canada, the Netherlands, the United Kingdom, and the United States. In accordance with the terms of each plan, we and our participating employees contribute up to specified limits and under certain plans, we may make discretionary contributions in accordance with the defined contribution plans. Our primary obligation under these defined contribution plans is limited to paying the annual contributions. For the years ended December 31, 2020, 2019 and 2018, we paid $3.6 million, $5.3 million and $4.3 million, respectively, for our contributions and our additional discretionary contributions to the defined contribution plans. Vesting in all employer contributions is accelerated upon the death of the participant or a change in control. Employer contributions under the plans are forfeited upon a participant’s termination of employment to the extent they are not vested at that time. Deferred Compensation Arrangements We have entered into deferred compensation contracts for certain key employees to provide additional retirement income to the participants. The benefit is determined by the contract for either a fixed amount or by a calculation using years of service or age at retirement along with the average of their base salary for the five years prior to retirement. We are not required to fund this arrangement; however, we have purchased life insurance policies with cash surrender values to assist us in providing the benefits pursuant to these deferred compensation contracts with the actual benefit payments made by Core Laboratories. The charge to expense for these deferred compensation contracts for the years ended December 31, 2020, 2019 and 2018 was $1.0 million, $2.0 million and $1.2 million, respectively. We provide severance compensation to certain current key employees if employment is terminated under certain circumstances, such as following a change in control or for any reason other than upon their death or disability, for “cause” or upon a material breach of a material provision of their employment agreement, as defined in their employment agreements. In addition, there are certain countries where we are legally required to make severance payments to employees when they leave our service. We have accrued for all of these severance payments, but they are not funded. We have also adopted a non-qualified deferred compensation plan (“Deferred Compensation Plan”) that allows certain highly compensated employees to defer a portion of their salary, commission and bonus, as well as the amount of any reductions in their deferrals under the Deferred Compensation Plan for employees in the United States, due to certain limitations imposed by the U.S. Internal Revenue Code of 1986, as amended (the “Code”). Contributions to the plan are invested in equity and other investment fund assets, and carried on the balance sheet at fair value. The benefits under these contracts are fully vested. Our primary obligation for the Deferred Compensation Plan is limited to our annual contributions. Employer contributions to the Deferred Compensation Plan for the years ended December 31, 2020, 2019 and 2018 were $ 0.03 million , $ 0.1 million, and $ million, respectively. Vesting in all employer contributions is accelerated upon the death of the participant or a change in control. Employer contributions under the plans are forfeited upon a participant's termination of employment to the extent they are not vested at that time. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. 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. In 1998, we entered into employment agreements with three senior executive officers that provided for certain deferred compensation benefits. All of these executive officers have retired from the Company and the payment of these deferred compensation benefits have been made as of December 31, 2020. We do not maintain any off-balance sheet debt or other similar financing arrangements nor have we formed any special purpose entities for the purpose of maintaining off-balance sheet debt. See Note 9 Long-term debt, net |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | 13. EQUITY Common Shares On December 17, 2020, we entered into an Equity Distribution Agreement with Wells Fargo Securities, LLC (the “Equity Distribution Agreement”) for the issuance and sale of up to $60.0 million of our common shares. Under terms of the Equity Distribution Agreement, the sales of our common shares may be made by any method deemed to be an “at-the-market offering” as defined in Rule 415 under the Securities Act of 1933. The Company elects when to issue a placement notice which may, among other sales parameters, specify the number of shares to be sold, the minimum price per share to be accepted, the daily volume of shares that may be sold and the range of dates when shares may be sold. We incurred $0.2 million of issuance costs associated with the Equity Distribution Agreement. These costs have been deferred and are included in other current assets on the Consolidated Balance Sheets. The costs will be charged to additional paid-in capital when a sale occurs based on the dollar amount of common shares sold to the total dollar amount of anticipated common share sales under the Equity Distribution Agreement of $60.0 million. Any remaining deferred issuance costs at the termination of the agreement will be charged to expense. All other issuance costs associated with a sale under the agreement will be charged to additional paid-in capital at the date of the sales transaction. There have been no sales under the agreement as of December 31, 2020, or for the time period of January 1, 2021 through February 5, 2021. Treasury Shares In connection with our initial public offering in September 1995, our shareholders authorized our Management Board to repurchase up to 10% of our issued share capital, the maximum allowed under Dutch law at the time, for a period of 18 months. This authorization was renewed at subsequent annual or special shareholder meetings. At our annual shareholders' meeting on May 20, 2020, our shareholders authorized an extension to repurchase up to 10% of our issued share capital through November 20, 2021. The repurchase of shares in the open market is at the discretion of management pursuant to this shareholder authorization. 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. From the activation of the share repurchase program on October 29, 2002 through December 31, 2020, pursuant to shareholder approvals, we have repurchased 39,790,928 shares for an aggregate purchase price of approximately $1.7 billion, or an average price of $41.54 per share and have canceled 33,475,406 shares with an historical cost of $1.2 billion. At December 31, 2020, we held 223,451 shares in treasury with the authority to repurchase 4,256,174 additional shares under our stock repurchase program. Subsequent to year-end, we have repurchased 549 shares at a total cost of $17.3 thousand. During the year ended December 31, 2020, we repurchased rights to 70,929 shares valued at $1.7 million, 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. Dividend Policy In 2008, Core Laboratories announced the initiation of a cash dividend program. Cash dividends of $0.25 per share were paid in the first quarter of 2020 and $0.01 per share in each remaining quarter of 2020. Cash dividends of $0.55 per share were paid each quarter of 2019. The declaration and payment of future dividends will be at the discretion of the Supervisory Board of Directors and will depend upon, among other things, future earnings, general financial condition, liquidity, capital requirements, and general business conditions. On January 15, 2021, the Company declared a cash dividend of $0.01 per share of common stock payable February 16, 2021 to shareholders of record on January 25, 2021. Accumulated Other Comprehensive Income (Loss) Amounts recognized, net of income tax, in Accumulated other comprehensive income (loss) consist of the following (in thousands): December 31, 2020 2019 Pension and other postretirement benefit plans - unrecognized prior service costs and net actuarial loss $ (5,375 ) $ (5,640 ) Interest rate swaps - net fair value loss (1,825 ) (690 ) Total Accumulated other comprehensive income (loss) $ (7,200 ) $ (6,330 ) |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock Based Compensation [Abstract] | |
Stock-based Compensation | 14. STOCK-BASED COMPENSATION We have granted restricted stock awards under two stock incentive plans: the 2020 Long-Term Incentive Plan and the 2014 Nonemployee Director Stock Incentive Plan. Awards under the following three compensation programs have been granted pursuant to both plans: (1) the Performance Share Award Program ("PSAP"); (2) the Restricted Share Award Program ("RSAP") and (3) the Restricted Share Award Program for Nonemployee Directors (the "Program"). We issue shares from either treasury stock or authorized shares upon the lapsing of vesting restrictions on restricted stock. In 2020, we issued 208,168 shares out of treasury stock relating to the vesting of restricted stock. We do not use cash to settle equity instruments issued under stock-based compensation awards. 2020 Long-Term Incentive Plan In 2020, the 2014 Long-Term Incentive Plan was amended, restated and renamed as the 2020 Long-Term Incentive Plan (the "Plan"). The primary changes effected by the 2020 amendment and restatement were to (a) extend the period during which awards may be granted under the Plan to May 20, 2025, and (b) increase the number of common shares subject to the Plan by 1,100,000 shares. The Plan, as amended, provides for a maximum of 13,000,000 common shares to be granted to eligible employees. At December 31, 2020, approximately 952,697 shares remained available for the grant of new awards under the Plan. Specifically, we encourage share ownership by awarding various long-term equity incentive awards under the Plan, consisting of the PSAP and RSAP. We believe that widespread common share ownership by key employees is an important means of encouraging superior performance and employee retention. Additionally, our equity-based compensation programs encourage performance and retention by providing additional incentives for executives to further our growth, development and financial success over a longer time horizon by personally benefiting through the ownership of our common shares and/or rights. Performance Share Award Program The PSAP allows us to compensate our executive and senior management teams as we meet or exceed our business objectives. The PSAP shares are unvested and may not be sold, assigned, pledged, hedged, margined or otherwise transferred by an award recipient until such time as, and then only to the extent that, the restricted performance shares have vested. In the event of a change in control (as defined in the Plan) prior to the last day of the Performance Period, all of the award recipient's restricted performance shares will vest as of the effective date of such change in control. Subject to continued employment with us, or upon death or disability, PSAP shares vest if we meet or exceed our business objectives. The company recorded $6.8 million and $7.2 million of additional non-cash stock compensation expense in the year ended December 31, 2020 and 2019, respectively, associated with the 2020 and 2019 PSAP awards for certain members of our executive management team who became retirement eligible during those years. The additional stock compensation expense has been recorded in accordance with FASB ASC Topic 718, "Compensation - Stock Compensation" vest in the awarded shares if they voluntarily retire from the Company after attaining the retirement age as defined in each agreement. On February 13, 2018, certain executives were awarded rights to receive an aggregate of up to 162,772 common shares (the “2018 PSAP awards”) if our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ends on the last trading day of 2020, December 31, 2020. This arrangement is recorded as an equity award that requires us to recognize compensation expense totaling $16.0 million over the shorter of the 3-year performance period or requisite service period, as determined for each participant individually, of which $3.0 million and $11.4 million has been recognized in 2019 and 2018, respectively. In 2020, due to the significant impact of the global pandemic, COVID-19, to the oil and gas industry, the awards were modified in consideration of one time non-cash charges to determine normalized metrics. As a result, 110,248 shares vested (the target level) out of an aggregate amount of up to 162,772 (7,800 shares were previously forfeited). An adjustment of $11.9 million was recorded in the fourth quarter of 2020 to reverse previously recognized stock compensation expense for shares that were granted but did not vest, and to reflect the current fair value of the awards which did vest on December 31, 2020 as a result of the modification. This adjustment resulted in a net credit of $7.4 million for stock compensation expense recognized in 2020 for the 2018 PSAP awards, of which $6.8 million was classified in general and administrative expenses and $0.6 million is classified as cost of sales. We issued these common shares on December 31, 2020 and, simultaneously, the participants surrendered 42,033 common shares to settle any personal tax liabilities which may result from the award, as permitted by the agreement. We recorded these surrendered shares as treasury stock with an aggregate cost of $1.1 million at $26.51 per share. On February 12, 2019, certain executives were awarded rights to receive an aggregate of up to 220,065 common shares of our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ends on the last trading day of 2021, December 31, 2021. This arrangement is recorded as an equity award that requires us to recognize compensation expense totaling $13.1 million over the shorter of the 3-year performance period or requisite service period, as determined for each participant individually, of which $1.9 million and $8.8 million has been recognized in 2020 and 2019, respectively. The unrecognized compensation expense is expected to be recognized over an estimated amortization period of 12 months. On February 11, 2020, certain executives were awarded rights to receive an aggregate of up to 267,506 common shares if our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ends on the last trading day of 2022, December 30, 2022. The Compensation Committee had added a modifier Restricted Share Award Program In 2004, the Compensation Committee of our Board of Supervisory Directors approved the RSAP to attract and retain the best employees, and to better align employee interests with those of our shareholders. Under this arrangement we awarded grants totaling 321,084 shares, 182,533 shares, and 115,618 shares in 2020, 2019 and 2018, respectively. Each of these grants has a vesting period of principally six years and vests ratably on an annual basis. There are no performance accelerators for early vesting for these awards. Awards under the RSAP are classified as equity awards and recorded at the grant-date fair value with the compensation expense recognized over the expected life of the award. As of December 31, 2020, there was $27.2 million of unrecognized total stock-based compensation expense relating to non-vested RSAP awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 43 months. The grant-date fair value of shares granted was $4.8 million, $8.7 million and $11.6 million in 2020, 2019 and 2018, respectively. We recognized compensation expense of $6.4 million, $8.0 million and $8.9 million in 2020, 2019 and 2018, respectively. The total grant-date fair value, which is the intrinsic value, of the shares vested was $7.7 million, $8.7 million and $9.0 million in 2020, 2019 and 2018, respectively. 2014 Nonemployee Director Stock Incentive Plan In 2014, the 2006 Nonemployee Director Stock Option Plan was amended, restated and renamed as the 2014 Nonemployee Director Stock Incentive Plan (the "Director Plan"). The primary change effected by the 2014 amendment was to extend the period during which awards may be granted under the Director Plan to May 12, 2024. The Director Plan provides common shares for grant to our eligible Supervisory Directors. The maximum number of shares available for award under this plan is 1,400,000 common shares. As of December 31, 2020 approximately 644,509 shares remained available for issuance under the Director Plan. Only non-employee Supervisory Directors are eligible for these equity-based awards under the Director Plan. In 2011, the Compensation Committee of our Supervisory Board of Directors approved the restricted share award program (the "Program") to compensate our non-employee Supervisory Directors. Under this arrangement we awarded grants totaling 87,042 shares, 10,885 shares and 8,322 shares in 2020, 2019 and 2018, respectively. The shares awarded in 2020, 2019 and 2018 have a vesting period of one year for each grant. There are no performance accelerators for early vesting for these awards. Awards under the Program are classified as equity awards and recorded at the grant-date fair value with compensation expense recognized over the expected life of the award. As of December 31, 2020, there was $0.2 million of unrecognized stock-based compensation relating to non-vested Program awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 3 months. The grant-date fair value of shares granted was $1.1 million, $0.7 million and $0.9 million in 2020, 2019 and 2018, respectively, and we have recognized compensation expense of $0.8 million, $0.8 million and $1.4 million in 2020, 2019 and 2018, respectively. Equity Compensation Plan Information Information about our equity compensation plans as of December 31, 2020 is as follows: Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights Weighted Average Exercise Price of Outstanding Options, Warrants and Rights Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans Equity compensation plans approved by our shareholders 2020 Long-Term Incentive Plan 1,057,146 — 952,697 2014 Nonemployee Director Stock Incentive Plan 87,042 — 560,658 Total 1,144,188 1,513,355 Stock-based Compensation Non-vested restricted share awards outstanding as of December 31, 2020 and changes during the year under both the Plan and the Director Plan are as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested at December 31, 2019 670,697 $ 75.93 Granted 747,632 $ 22.01 Vested (208,168 ) $ 92.85 Forfeited (67,689 ) $ 64.71 Non-vested at December 31, 2020 1,142,472 $ 38.23 Stock-based compensation expense under both the Plan and the Director Plan recognized in the income statement is as follows (in thousands): December 31, 2020 2019 2018 Cost of product sales and services $ 5,170 $ 7,288 $ 8,648 General and administrative 2,224 13,591 25,546 Total stock-based compensation expense $ 7,394 $ 20,879 $ 34,194 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 15. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Interest Rate Risk 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. Our Credit Facility bears interest at variable rates from LIBOR plus 1.500% to a maximum of LIBOR plus 2.875% and includes a LIBOR floor of 0.500%. As a result of two interest rate swap agreements, we are subject to interest rate risk on any debt in excess of $50 million drawn on our Credit Facility. 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. Under the first swap agreement of $25 million, we have fixed the LIBOR portion of the interest rate at 2.50% through August 29, 2024. In February 2020, we entered into the second swap agreement of $25 million, under which we have fixed the LIBOR portion of the interest rate at 1.3% through February 28, 2025. Each swap is measured at fair value and recorded in our consolidated balance sheet as an asset or liability. They are designated and qualify as cash flow hedging instruments and are highly effective. Unrealized losses are deferred to shareholders' equity as a component of accumulated other comprehensive income (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. At December 31, 2020, we had fixed rate long-term debt aggregating $200 million and variable rate long-term debt aggregating $61 million, after taking into account the effect of the swaps. The fair values of outstanding derivative instruments are as follows (in thousands): Fair Value of Derivatives at December 31, 2020 2019 Balance Sheet Classification Derivatives designated as hedges: 5 year interest rate swap $ (368 ) $ — Other Long-term (Liabilities) 10 year interest rate swap (2,123 ) (1,054 ) Other Long-term (Liabilities) $ (2,491 ) $ (1,054 ) The fair value of all outstanding derivatives was determined using a model with inputs that are observable in the market or can be derived from or corroborated by observable data (Level 2). The effect of the interest rate swaps on the consolidated statements of operations was as follows (in thousands): For the years ended December 31, 2020 2019 Income Statement Classification Derivatives designated as hedges: 5 year interest rate swap $ 191 $ (121 ) Interest Expense 10 year interest rate swap 478 60 Interest Expense $ 669 $ (61 ) |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
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 determine the fair value of these assets and liabilities 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 expenses 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 December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 30,985 $ — $ 30,985 $ — $ 30,985 $ — $ 30,985 $ — Liabilities: Deferred compensation liabilities $ 22,559 $ — $ 22,559 $ — 5 year 368 — 368 — 10 year 2,123 — 2,123 — $ 25,050 $ — $ 25,050 $ — Fair Value Measurement at December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 47,009 $ — $ 47,009 $ — $ 47,009 $ — $ 47,009 $ — Liabilities: Deferred compensation liabilities $ 34,081 $ — $ 34,081 $ — 10 year 1,054 — 1,054 — $ 35,135 $ — $ 35,135 $ — (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 liabilities. |
Impairments and Other Charges
Impairments and Other Charges | 12 Months Ended |
Dec. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Impairments and Other Charges | 17. IMPAIRMENTS AND OTHER CHARGES The coronavirus disease 2019 (“COVID-19”) global pandemic resulted in government mandated shut-downs, cross-border travel restrictions, home sheltering and social distancing efforts to contain the virus and mitigate the incidence of infection. The COVID-19 mitigation efforts globally resulted in a sharp decline in the consumption of crude-oil and refined petroleum products, which in turn led to a significant decrease in spot and forward commodity prices. These events have resulted in substantial declines in the valuation of companies operating in the oil and gas services industry, including Core Laboratories. As a result, we determined that it was more likely than not that the fair value of our reporting units was less than their carrying value, which triggered an updated impairment assessment by the Company as of March 31, 2020. We performed an impairment test in accordance with ASC Topic 360 Impairment or Disposal of Long-Lived Assets and ASC Topic 350 Intangibles-Goodwill and Other as updated by ASU 2017-04 Simplifying the Test for Goodwill Impairment on our indefinite-lived and long-lived assets related to asset groups, and our reporting units. We have two reporting units that are the same as our two reportable segments, with goodwill balances aggregating $213.4 million as of March 31, 2020. We performed a detailed quantitative impairment assessment of our reporting units. We determined that the fair value of one of the reporting units, our Production Enhancement segment representing approximately $114.0 million of the goodwill, was less than the carrying value. As a result, we concluded that the goodwill associated with our Production Enhancement segment was fully impaired, resulting in a $114.0 million goodwill impairment charge in March 2020. We determined that the Reservoir Description reporting unit’s fair value is above the carrying value, which represented the remaining balance of $99.4 million of goodwill. We identified a triggering event for one of the asset groups under the Production Enhancement reporting unit. The estimated fair value, based on applying the income approach model, of one of the asset groups was determined to be below its carrying value. As of March 31, 2020, we recorded a charge of $8.2 million to impair the intangible assets relating to the business acquisition of Guardian Technology in 2018. There were no other triggering events during the year and, based on our annual assessment, we determined there was no further impairment for any of our reporting units or asset groups |
Inventory Write-Down
Inventory Write-Down | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Write-Down | 18. INVENTORY WRITE-DOWN During the year ended December 31, 2020 as a result of the continuing adverse impact of COVID-19 and significant reduction in rig count and completions that affect the current consumption and anticipated demand for certain of our products, we recorded an additional inventory obsolescence and write-down of $10.4 million in our Production Enhancement segment. |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Other (Income) Expense, Net | 19. OTHER (INCOME) EXPENSE, NET The components of other (income) expense, net are as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 Gain on sale of assets $ (1,254 ) $ (583 ) $ (1,078 ) Results of non-consolidated subsidiaries (125 ) (208 ) (203 ) Foreign exchange (gain) loss 1,160 1,725 2,598 Rents and royalties (466 ) (607 ) (510 ) Employment related charges — 2,998 — Return on pension assets and other pension costs (1,502 ) (1,501 ) (644 ) Acquisition-related costs — — 623 Gain on sale of business — (1,154 ) — Insurance settlement — — (707 ) Loss on lease abandonment 504 — — Cost reduction and other charges 3,943 5,555 — Other, net (434 ) (906 ) (816 ) Total Other (income) expense, net $ 1,826 $ 5,319 $ (737 ) Foreign Currency Risk We operate in a number of international areas which exposes us to foreign currency exchange rate risk. We do not currently hold or issue forward exchange contracts or other derivative instruments for hedging or speculative purposes. A forward exchange contract is an agreement to exchange different currencies at a given date and at a specified rate. Foreign exchange gains and losses result from fluctuations in the USD against foreign currencies and are included in other (income) expense, net in the consolidated statements of operations. We recognize foreign exchange losses in countries where the USD weakened against the local currency and we had net monetary liabilities denominated in the local currency; as well as countries where the USD strengthened against the local currency and we had net monetary assets denominated in the local currency. We recognize foreign exchange gains in countries where the USD strengthened against the local currency and we had net monetary liabilities denominated in the local currency and in countries where the USD weakened against the local currency and we had net monetary assets denominated in the local currency. Foreign exchange (gains) losses by currency are summarized in the following table (in thousands): For the Years Ended December 31, 2020 2019 2018 Australian Dollar $ 174 $ 158 $ 183 British Pound 653 599 158 Canadian Dollar 590 489 458 Euro 458 469 208 Other currencies, net (715 ) 10 1,591 Foreign exchange (gain) loss, net $ 1,160 $ 1,725 $ 2,598 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 20. DISCONTINUED 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 approximately $16.6 million in cash. 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 as Income from discontinued operations in the consolidated statements of operations. 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. During the year ended December 31, 2020, we concluded final adjustments to the purchase agreement of $0.6 million, and we determined no additional proceeds based on the results of operations of the sold business in 2019. There are no other activities recorded in the consolidated statements of operations for the year ended December 31, 2020 and no balances recorded in the consolidated balance sheet for the discontinued operations as of December 31, 2020 and 2019. The associated results of operations are separately reported as Discontinued Operations for all periods presented on the Consolidated Statements of Operations. 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 consist of the following (in thousands): For the Years Ended December 31, 2020 2019 2018 Services $ — $ 1,165 $ 1,462 Product sales — 4,233 5,708 Total revenue — 5,398 7,170 Cost of services — 690 1,163 Cost of product sales — 3,196 5,696 Depreciation and amortization — — 115 Other expense (income) — 91 72 Operating income — 1,421 124 Gain (adjustment) on sale (573 ) 8,319 — Income (loss) from discontinued operations before income tax (573 ) 9,740 124 Income tax expense (benefit) (149 ) 1,907 182 Income (loss) from discontinued operations $ (424 ) $ 7,833 $ (58 ) Net cash provided by operating activities of discontinued operations for the years ended December 31, 2019 and 2018 was $0.1 million and $0.2 million, respectively. Net cash provided by (used in) investing activities of discontinued operations for the year ended December 31, 2020 and 2019 was $(0.2) million and $14.8 million, respectively. |
Segment Reporting And Other Dis
Segment Reporting And Other Disaggregated Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting And Other Disaggregated Information | 21. SEGMENT REPORTING AND OTHER DISAGGREGATED INFORMATION Segment Reporting We operate our business in two reportable segments. These complementary segments provide different services and products and utilize different technologies for evaluating and improving reservoir performance and increasing oil and gas recovery from new and existing fields: • Reservoir Description : Encompasses the characterization of petroleum reservoir rock and reservoir fluids samples to increase production and improve recovery of crude oil and natural gas from our clients' reservoirs. We provide laboratory-based analytical and field services to characterize properties of crude oil and crude oil-derived products to the oil and gas industry. We also provide proprietary and joint industry studies based on these types of analyses and manufacture associated laboratory equipment. • Production Enhancement : Includes services and manufactured products relating to reservoir well completions, perforations, stimulations and production. We provide integrated diagnostic services to evaluate and monitor the effectiveness of well completions and to develop solutions aimed at increasing the effectiveness of enhanced oil recovery projects. 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): At and for the years ended: Reservoir Description Production Enhancement Corporate & Other (1) Consolidated December 31, 2020 Revenue from unaffiliated clients $ 355,041 $ 132,226 $ — $ 487,267 Inter-segment revenue 313 521 (834 ) — Segment operating income (loss) 55,044 (133,449 ) 1,600 (76,805 ) Total assets (at end of period) 327,386 129,568 111,625 568,579 Capital expenditures 6,135 5,460 285 11,880 Depreciation and amortization 13,612 6,203 1,052 20,867 December 31, 2019 Revenue from unaffiliated clients $ 420,897 $ 247,313 $ — $ 668,210 Inter-segment revenue 436 500 (936 ) — Segment operating income (loss) 55,140 38,378 3,166 96,684 Total assets (at end of period) 343,405 279,769 151,499 774,673 Capital expenditures 10,439 11,253 577 22,269 Depreciation and amortization 15,109 5,645 1,851 22,605 December 31, 2018 Revenue from unaffiliated clients $ 413,082 $ 287,764 $ — $ 700,846 Inter-segment revenue 988 378 (1,366 ) — Segment operating income (loss) 54,847 63,039 736 118,622 Total assets (at end of period) 315,503 270,832 62,492 648,827 Capital expenditures 12,829 8,222 690 21,741 Depreciation and amortization 16,747 4,271 2,069 23,087 (1) "Corporate and other" represents those items not directly relating to a particular segment, eliminations and the assets and liabilities of discontinued operations in 2018. Disaggregated Revenue We derive our revenue from services and product sales contracts with clients primarily in the oil and gas industry. We attribute service revenue to the country in which the service was performed rather than where the reservoir or project is located while we attribute product sales revenue to the country where the product was shipped as we feel this gives a clearer view of our operations. We do, however, have significant levels of service revenue performed and recorded in the U.S. that are sourced from projects on non-U.S. oilfields. No single client accounted for 10% or more of revenue in any of the periods presented. The following table shows the disaggregation of services and product sales by reportable segment (in thousands): For the Years Ended December 31, 2020 2019 2018 Reservoir Description Services $ 332,085 $ 389,801 $ 387,098 Production Enhancement Services 44,336 84,392 99,722 Total Revenue - Services $ 376,421 $ 474,193 $ 486,820 Reservoir Description Product sales $ 22,956 $ 31,096 $ 25,984 Production Enhancement Product sales 87,890 162,921 188,042 Total Revenue - Product sales $ 110,846 $ 194,017 $ 214,026 Total Revenue $ 487,267 $ 668,210 $ 700,846 Geographic Information The following table shows a summary of our U.S. and non-U.S. operations and fixed assets (in thousands): United Other At and for the years ended: States Countries (1) (2) Consolidated December 31, 2020 Revenue $ 158,937 $ 328,330 $ 487,267 Property, plant and equipment, net 62,619 52,674 115,293 December 31, 2019 Revenue $ 289,173 $ 379,037 $ 668,210 Property, plant and equipment, net 66,053 57,453 123,506 December 31, 2018 Revenue $ 324,073 $ 376,773 $ 700,846 Property, plant and equipment, net 65,073 57,844 122,917 (1) Revenue earned in other countries, including the Netherlands, was not individually greater than 10% (2) Property, plant and equipment, net in other countries, including the Netherlands, were not individually greater than 10% |
Unaudited Selected Quarterly Fi
Unaudited Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Unaudited Selected Quarterly Financial Data | 22. UNAUDITED SELECTED QUARTERLY FINANCIAL DATA Summarized below is our unaudited quarterly financial data (in thousands, except per share data): At and For the Quarters Ended 2020 December 31 September 30 June 30 March 31 Services and product sales revenue $ 113,749 $ 105,382 $ 115,736 $ 152,400 Cost of services and product sales 87,918 81,038 90,680 115,131 Other operating expenses (3) 2,427 13,013 27,623 146,242 Operating income (loss) 23,404 11,331 (2,567 ) (108,973 ) Interest expense 2,920 4,672 3,369 3,411 Income (loss) before income tax 20,484 6,659 (5,936 ) (112,384 ) Income tax expense (benefit) 6,540 3,663 (261 ) (4,046 ) Income (loss) from continuing operations 13,944 2,996 (5,675 ) (108,338 ) Income (loss) from discontinued operations (424 ) — — — Net income (loss) 13,520 2,996 (5,675 ) (108,338 ) Net income (loss) attributable to non-controlling interest (17 ) 33 41 83 Net income (loss) attributable to Core Laboratories N.V. $ 13,537 $ 2,963 $ (5,716 ) $ (108,421 ) Per share information: Basic earnings (loss) per share (1) (2) $ 0.30 $ 0.07 $ (0.13 ) $ (2.44 ) Diluted earnings (loss) per share (1) (2) $ 0.30 $ 0.07 $ (0.13 ) $ (2.44 ) Weighted average common shares outstanding: Basic 44,499 44,491 44,470 44,447 Assuming dilution 44,958 44,899 44,470 44,447 At and For the Quarters Ended 2019 December 31 September 30 June 30 March 31 Services and product sales revenue $ 156,778 $ 173,200 $ 169,038 $ 169,194 Cost of services and product sales 117,749 125,996 124,451 127,383 Other operating expenses (3) 17,974 15,997 16,579 25,397 Operating income 21,055 31,207 28,008 16,414 Interest expense 3,588 3,662 3,714 3,726 Income before income tax 17,467 27,545 24,294 12,688 Income tax expense (benefit) 7,177 3,335 4,808 (27,610 ) Income (loss) from continuing operations 10,290 24,210 19,486 40,298 Income (loss) from discontinued operations — (397 ) 7,971 259 Net income 10,290 23,813 27,457 40,557 Net income (loss) attributable to non-controlling interest (40 ) 84 43 47 Net income attributable to Core Laboratories N.V. $ 10,330 $ 23,729 $ 27,414 $ 40,510 Per share information: Basic earnings per share (1) (2) $ 0.23 $ 0.54 $ 0.62 $ 0.91 Diluted earnings per share (1) (2) $ 0.23 $ 0.53 $ 0.61 $ 0.91 Weighted average common shares outstanding: Basic 44,379 44,371 44,354 44,323 Assuming dilution 44,634 44,716 44,815 44,734 (1) Basic earnings per share and Diluted earnings per share are based on Net income attributable to Core Laboratories N.V. (2) The sum of the individual quarterly earnings per share amounts may not agree with the year-to-date earnings per share amounts as each quarterly computation is based on the weighted average number of common shares outstanding during that period. (3) First quarter of 2019 includes charges of $7.2 million, of additional stock compensation expenses. See Note 14. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Account | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts Abstract | |
Schedule II - Valuation and Qualifying Account | CORE LABORATORIES N.V. Schedule II - Valuation and Qualifying Account (In thousands) Balance at Beginning of Period Additions Charged to/Recovered from Expense Write-offs Other (1) Balance at End of Period Year ended December 31, 2020 Reserve for credit losses $ 2,730 $ 1,618 $ (650 ) $ 370 $ 4,068 Year ended December 31, 2019 Reserve for credit losses $ 2,650 $ 594 $ (454 ) $ (60 ) $ 2,730 Year ended December 31, 2018 Reserve for credit losses $ 2,590 $ 605 $ (560 ) $ 15 $ 2,650 (1) Comprised primarily of differences due to changes in exchange rate and adjustments associated with the discontinued operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of Core Laboratories and its subsidiaries for which we have a controlling voting interest and/or a controlling financial interest. These financials have been prepared in accordance with the United States generally accepted accounting principles ("U.S. GAAP"). We use the equity method of accounting for investments in which we have less than a majority interest and do not exercise control but do 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. We record non-controlling 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 year ended December 31, 2020, 2019 and 2018. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 U.S. 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. We adopted this standard on January 1, 2020, and there has been no significant impact on our consolidated financial statements or on our accounting policies and processes. In January 2017, the FASB issued ASU 2017-04 (“Simplifying the Test for Goodwill Impairment”) which eliminates a step in computing the implied fair value of goodwill with a new methodology of an entity performing an annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. We adopted this standard on January 1, 2020. The new methodology was applied for the interim goodwill impairment analysis performed upon the triggering event of the COVID-19 pandemic during the three month period ended March 31, 2020, and it did not change the conclusion that goodwill had been impaired. There has been no significant impact on our consolidated financial statements or on our accounting policies and processes as a result of adopting this updated accounting standard. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimates on an ongoing basis and utilize our historical experience, as well as various other assumptions that we believe are reasonable in a given circumstance, in order to make these estimates. Actual results could differ from our estimates, as assumptions and conditions change. The following accounts, among others, require us to use estimates and assumptions: ▪ allowance for credit losses; ▪ obsolete inventory; ▪ depreciation and amortization; ▪ long-lived assets, intangibles and goodwill; ▪ income taxes; ▪ pensions and other postretirement benefits; ▪ stock-based compensation; and ▪ leases. Accounting policies relating to these accounts and the nature of these estimates are further discussed under the applicable caption. For each of these critical estimates it is at least reasonably possible that changes in these estimates will occur in the short term which may impact our financial position or results of operations. |
Concentration of Credit Risk | Concentration of Credit Risk Our financial instruments that potentially subject us to concentrations of credit risk relate primarily to cash and cash equivalents and trade accounts receivable. All cash and cash equivalents are on deposit at commercial banks or investment firms with significant financial resources. Our trade receivables are with a variety of domestic, international and national oil and gas companies. We had no clients who provided more than 10% of our revenue for the years ended December 31, 2020, 2019 and 2018. We consider our credit risk related to trade accounts receivable to be limited due to the creditworthiness and financial resources of our clients. We have adopted the expected credit losses methodology for measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss impairment methodology. We evaluate our estimate for credit losses on an on-going basis throughout the year. |
Concentration of Interest Rate Risk | Concentration of Interest Rate Risk We are exposed to interest rate risk on our revolving credit facility (the "Credit Facility") debt, which carries a variable interest rate. We are exposed to interest rate risk on our Senior Notes which carry a fixed interest rate, but whose fair value will fluctuate based on changes in interest rates and market perception of our credit risk. See Note 9 - Long-term Debt, net |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all short-term, highly liquid instruments purchased with an original maturity of three months or less. These items are carried at cost, which approximates fair value. |
Derivative Instruments | Derivative Instruments We may enter into a variety of derivative instruments in connection with the management of our exposure to fluctuations in interest rates or currency exchange rates. See Note 15 - Derivative Instruments and Hedging Activities We do not enter into derivatives for speculative purposes. |
Accounts Receivable | Accounts Receivable Trade accounts receivable are recorded at their invoiced amounts and do not bear interest. We perform ongoing credit evaluations of our clients, monitor collections and payments, consider our historical collection experience and our current aging of client receivables outstanding, in addition to client's representations and our understanding of the economic environment in which our clients operate. Based on our review we establish or adjust allowances for credit losses for specific clients and the accounts receivable, as a whole, and recognize expense. When an account is determined to be uncollectible, we charge the receivable to our allowance for credit losses. Our allowance for credit losses totaled $4.1 million and $2.7 million at December 31, 2020 and 2019, respectively. The net carrying value of accounts receivable approximates fair value. |
Inventories | Inventories Inventories consist of manufactured goods, materials and supplies used for sales or services to clients. Inventories are stated at the lower of cost or estimated net realizable value. Inventory costs are recorded at standard cost which approximates the first-in, first-out method. |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised primarily of prepaid insurance, value added taxes and prepaid rents. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are capitalized while maintenance and repair costs are charged to expense as incurred. They are depreciated using the straight-line method based on their individual estimated useful lives, except for leasehold improvements, which are depreciated over the remaining lease term, if shorter. We estimate the useful lives and salvage values of our assets based on historical data as follows: Buildings and leasehold improvements 3 - 40 years Machinery and equipment 3 - 10 years When long-lived assets are sold or retired, the remaining costs and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized. We review our long-lived assets for impairment when events or changes in circumstances indicate that their net book value may not be recovered over their remaining service lives. Indicators of possible impairment may include significant declines in activity levels in regions where specific assets or groups of assets are located, extended periods of idle use, declining revenue or cash flow or overall changes in general market conditions. Whenever possible impairment is indicated, we compare the carrying value of the assets to the sum of the estimated undiscounted future cash flows expected from use, plus salvage value, less the costs of the subsequent disposition of the assets. If impairment is still indicated, we compare the fair value of the assets to the carrying amount and recognize an impairment loss for the amount by which the carrying value exceeds the fair value. We did not record any material impairment charges relating to our long-lived assets held for use during the years ended December 31, 2020, 2019 and 2018. |
Leases | Leases Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the transition method in which prior periods are not adjusted for this change in accounting principle. Upon adoption, we recognized $77.5 million of right-of-use (“ROU”) assets and liabilities for operating leases. Under previous accounting, ROU assets and operating lease liabilities were not reflected on the Consolidated Balance Sheet. Adoption of this new standard did not have a material impact to our Consolidated Statement of Operations or Cash Flows. We have operating leases primarily consisting of offices and lab space, machinery and equipment and vehicles. We determine if an arrangement is an operating or finance lease at inception. 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. Operating leased assets also include all initial direct costs incurred. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating leased assets are included in ROU assets and current and long-term operating lease liabilities in our consolidated balance sheet. Finance leases are included in property, plant and equipment and other current and other long- term liabilities in our consolidated balance sheet. ROU assets are subsequently depreciated over the estimated useful life of the asset and operating lease liabilities are carried at amortized cost using the effective interest rate method. The Company has elected to apply the short-term lease exemption to all 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. |
Intangibles and Goodwill | Intangibles and Goodwill Intangible assets, including patents, trademarks, technology and trade names, are carried at cost less accumulated amortization, for intangibles with a definite life, and any accumulated impairment. Intangibles with definite lives are amortized using the straight-line method based on the estimated useful life of the intangible. Intangibles with indefinite lives, which consist primarily of corporate trade names, are not amortized, but are tested for impairment annually or whenever events or changes in circumstances indicate that impairment is possible. We record goodwill as the excess of the purchase price over the fair value of the net assets acquired in acquisitions accounted for under the purchase method of accounting. We test goodwill for impairment annually, or more frequently if circumstances indicate possible impairment. We assess goodwill for impairment by comparing the fair value of the reporting unit to its carrying value. If the fair value of a reporting unit is less than its carrying value, then there is an impairment loss limited to the amount of goodwill allocated to that reporting unit. Our reporting units are the same as our two reportable segments. We estimate the fair value of each reporting unit using a discounted future cash flow analysis. Estimated future cash flows are based on the Company's best estimate of future performance. Our impairment analysis is both qualitative and quantitative, and includes subjective estimates based on assumptions regarding future revenue growth rates, discount rates and expected margins. We recorded $122.2 million of impairment charges relating to our goodwill and certain intangibles assets during the year ended December 31, 2020. We did not record impairment charges relating to our goodwill or our indefinite-lived intangible assets during the years ended December 31, 2019 and 2018. Any subsequent impairment loss could result in a material adverse effect upon our financial position and results of operations. |
Other Assets | Other Assets Other assets consist of the following (in thousands): December 31, 2020 2019 Cash surrender value of life insurance policies $ 31,201 $ 47,195 Investments in unconsolidated affiliates 4,094 3,969 Other 4,955 4,882 Total other assets $ 40,250 $ 56,046 Cash surrender value of life insurance policies relates to postretirement benefit plans. See Note 11 - Pension and Other Postretirement Benefit Plans |
Accounts Payable | Accounts Payable Trade accounts payable are recorded at their invoiced amounts and do not bear interest. The carrying value of accounts payable approximates fair value. |
Income Taxes | Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the asset is expected to be recovered or the liability is expected to be settled. We include interest and penalties from tax judgments in income tax expense. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return. We also recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 10 Income Taxes |
Comprehensive Income | Comprehensive Income Comprehensive income is comprised of net income and other charges or credits to equity that are not the result of transactions with owners. Accumulated other comprehensive income consists of prior service costs and unrecognized net actuarial gain or loss from a pension plan and changes in the fair value of our interest rate swaps. See Note 11 - Pension and Other Postretirement Benefit Plans 15 - Derivative Instruments and Hedging Activities |
Revenue Recognition | Revenue Recognition All of our revenue is derived from contracts with clients. Our contracts generally include standard commercial payment terms generally acceptable in each region, and do not include financing with extended payment terms. We have no significant obligations for refunds, warranties, or similar obligations. Our revenue does not include taxes collected from our customers. In certain circumstances we apply the guidance in Accounting Standards Codification Topic 606 - Revenue from Contracts with Customers We recognize revenue at an amount that reflects the consideration expected to be received in exchange for such services or goods as described below by applying the five-step method to: (1) identify the contract(s) with clients; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract; and (5) recognize revenue when (or as) we satisfy the performance obligation(s).A performance obligation is a promise in a contract to transfer a distinct service or good to a client, and is the unit of account under Topic 606. We have contracts with two general groups of performance obligations: those that require us to perform analysis and/or diagnostic tests in our laboratory or at the client's wellsite and those from the sale of tools, diagnostic and equipment products and related services. Services Revenue : We provide a variety of services to clients in the oil and gas industry. Where services are provided related to the testing and analysis of rock and fluids, we recognize revenue upon the provision of the test results or analysis to the client. For our design, field engineering and completion diagnostic services, we recognize revenue upon the delivery of those services at the well site or delivery of diagnostic data. In the case of our consortia studies, we have multiple performance obligations and revenue is recognized at the point in time when the testing and analysis results on each contributed core are made available to our consortia members. For arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the client for each promised service or product if it were sold on a standalone basis. To a lesser extent, we enter into other types of contracts including service arrangements and non-subscription software and licensing agreements. We recognize revenue for these arrangements over time or at a point in time depending on our evaluation of when the client obtains control of the promised services or products Product Sales Revenue : We manufacture equipment that we sell to our clients in the oil and gas industry. We recognize revenue when control of the promised product is transferred to the client. Control of the product usually passes to the client at the time shipment is made or picked up by the client at our facilities, as defined within the contract. Contract Assets and Liabilities Contract assets and liabilities arise from differences in 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, we have contracts where we recognize revenue over time but do not have a contractual right to payment until we complete the performance obligations. 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 revenue recognition. Disaggregation of Revenue We contract with clients for service revenue and/or product sales revenue. We present revenue disaggregated by services and product sales in our consolidated statements of operations. For revenue disaggregated by reportable segment, see Note 21 - Segment Reporting and Other Disaggregated Information. |
Foreign Currencies | Foreign Currencies Our functional currency is the U.S. Dollar ("USD"). All inter-company financing, transactions and cash flows with our subsidiaries are transacted in USD. Revenue and expenses denominated in other currencies are measured at the applicable month-end exchange rate which approximates the average exchange rate. We remeasure monetary assets and liabilities denominated in other currencies to USD at year-end exchange rates. Non-monetary items, depreciation, amortization and certain components of cost of sales are measured at historical rates. For the years ended December 31, 2020, 2019 and 2018, we incurred net remeasurement losses of $1.2 million, $1.7 million, and $2.6 million, respectively. Remeasurement and settlement difference are included in other (income) expense, net in the accompanying consolidated statements of operations. |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans We provide a non-contributory defined benefit pension plan covering substantially all of our Dutch employees ("Dutch Plan") who were hired prior to 2000. We recognize net periodic pension costs associated with the Dutch plan in income and recognize the unfunded status of the plan, if any, as a long-term liability. We recognize the actuarial gains or losses and prior service costs or credits that arise during the period as a component of other comprehensive income. The projection of benefit obligation and fair value of plan assets requires the use of assumptions and estimates. Actual results could differ from those estimates. See Note 11 - Pension and Other Postretirement Benefit Plans We maintain defined contribution plans for the benefit of eligible employees primarily in Canada, the Netherlands, the United Kingdom and the United States. We expense contributions in the period the contribution is made. |
Non-controlling Interests | Non-controlling Interests We maintain non-controlling interests in several investment ventures and disclose such interests clearly as a portion of equity separate from the parent's equity. The amount of consolidated net income attributable to these non-controlling interests is also clearly presented on the consolidated statements of operations. In addition, when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary will be initially measured at fair value and recorded as a gain or loss. |
Stock-Based Compensation | Stock-Based Compensation For new awards issued and awards modified, repurchased or canceled, we record compensation expense in the consolidated statements of operations equal to the fair value of the award at the date of the grant, modification, repurchase or cancellation over the requisite service period of the award. |
Earnings Per Share | 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 share includes the incremental effect of contingently issuable shares from performance and restricted stock awards, as determined using the treasury stock method. The following table summarizes the calculation of weighted average common shares outstanding used in the computation of basic and diluted earnings per share (in thousands): For the Years Ended December 31, 2020 2019 2018 Weighted average common shares outstanding - basic 44,477 44,357 44,206 Effect of dilutive securities: Performance shares — 242 221 Restricted stock — 47 47 Weighted average common shares outstanding - assuming dilution 44,477 44,646 44,474 For the year ended December 31, 2020, the number of outstanding performance shares and restricted shares of Core Laboratories N.V. common stock that were excluded from diluted earnings per share calculation, as their impact would be antidilutive, were as follows (in thousands): December 31, 2020 Performance shares 308 Restricted Stock 189 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment, Useful life | We estimate the useful lives and salvage values of our assets based on historical data as follows: Buildings and leasehold improvements 3 - 40 years Machinery and equipment 3 - 10 years |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2020 2019 Cash surrender value of life insurance policies $ 31,201 $ 47,195 Investments in unconsolidated affiliates 4,094 3,969 Other 4,955 4,882 Total other assets $ 40,250 $ 56,046 |
Schedule of Weighted Average Number of Shares | The following table summarizes the calculation of weighted average common shares outstanding used in the computation of basic and diluted earnings per share (in thousands): For the Years Ended December 31, 2020 2019 2018 Weighted average common shares outstanding - basic 44,477 44,357 44,206 Effect of dilutive securities: Performance shares — 242 221 Restricted stock — 47 47 Weighted average common shares outstanding - assuming dilution 44,477 44,646 44,474 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | For the year ended December 31, 2020, the number of outstanding performance shares and restricted shares of Core Laboratories N.V. common stock that were excluded from diluted earnings per share calculation, as their impact would be antidilutive, were as follows (in thousands): December 31, 2020 Performance shares 308 Restricted Stock 189 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Contract Assets and Liabilities | The balance of contract assets and contract liabilities consist of the following (in thousands): December 31, 2020 2019 Contract assets Current $ 1,238 $ 2,183 Non-Current — 244 $ 1,238 $ 2,427 Contract Liabilities Current $ 953 $ 4,473 Non-current 293 383 $ 1,246 $ 4,856 Estimate of when contract liabilities will be recognized within 12 months $ 953 within 12 to 24 months $ 293 greater than 24 months $ — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following (in thousands): December 31, 2020 2019 Finished goods $ 16,461 $ 26,507 Parts and materials 19,098 21,419 Work in progress 2,592 2,237 Total inventories $ 38,151 $ 50,163 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | The components of property, plant and equipment, net are as follows (in thousands): December 31, 2020 2019 Land $ 11,395 $ 11,435 Building and leasehold improvements 117,098 116,306 Machinery and equipment 280,778 277,952 Total property, plant and equipment 409,271 405,693 Less - accumulated depreciation (293,978 ) (282,187 ) Property, plant and equipment, net $ 115,293 $ 123,506 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense are as follows (in thousands): For the Year Ended December 31, 2020 2019 Operating lease expense $ 17,848 $ 18,639 Short-term lease expense 1,801 1,228 Variable lease expense 1,442 920 Total lease expense $ 21,091 $ 20,787 Other Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17,049 $ 18,195 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 5,654 11,688 Weighted-average remaining lease term - operating leases 8.69 years 9.07 years Weighted-average discount rate - operating leases 4.70 % 4.94 % |
Schedule of Undiscounted Cash Flows for Non-cancellable Leases | Scheduled undiscounted lease payments for non-cancellable leases consist of the following (in thousands): December 31, 2020 2021 $ 13,769 2022 12,062 2023 10,301 2024 8,123 2025 7,040 Thereafter 31,156 Total undiscounted lease payments $ 82,451 Less: Imputed interest (14,906 ) Total lease liabilities $ 67,545 |
Intangibles and Goodwill (Table
Intangibles and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class | The components of intangibles, net are as follows (in thousands): December 31, 2020 2019 Useful life Gross Carrying Accumulated Amortization Gross Carrying Accumulated in years Value and Impairment Value Amortization Acquired trade secrets 2-20 $ 4,278 $ 3,120 $ 3,613 $ 2,463 Acquired patents, technology and trademarks 4-15 15,348 12,677 15,622 4,193 Agreements not to compete 2-5 1,149 1,036 1,149 919 Acquired trade names Indefinite 4,641 — 4,641 — Total intangibles, net $ 25,416 $ 16,833 $ 25,025 $ 7,575 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Our estimated amortization expense relating to these intangibles for the next five years is summarized in the following table (in thousands): 2021 $ 1,335 2022 $ 1,309 2023 $ 1,042 2024 $ 1,034 2025 $ 892 |
Schedule of Goodwill | The changes in the carrying amount of goodwill for each reportable segment are as follows (in thousands): Reservoir Production Description Enhancement Total Balance at January 1, 2019 $ 99,484 $ 119,928 $ 219,412 Adjustments to goodwill acquired in previous year — (5,987 ) (5,987 ) Balance at December 31, 2019 99,484 113,941 213,425 Impairment — (113,941 ) (113,941 ) Other (39 ) — (39 ) Balance at December 31, 2020 $ 99,445 $ — $ 99,445 |
Long-Term Debt, Net (Tables)
Long-Term Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt is summarized in the following table (in thousands): December 31, 2020 2019 2011 Senior Notes $ 150,000 $ 150,000 Credit Facility 111,000 157,000 Total long-term debt 261,000 307,000 Less: Debt issuance costs (1,567 ) (1,717 ) Long-term debt, net $ 259,433 $ 305,283 |
Schedule of Maximum Leverage Ratios | Pursuant to the terms of the Amendment, the maximum leverage ratio permitted under the Credit Facility is as follows: Quarter ending Maximum leverage ratio permitted June 30, 2020 up to and including June 30, 2021 3.00 September 30, 2021 2.75 December 31, 2021 and thereafter 2.50 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income (loss) before income tax are as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 United States $ (45,167 ) $ 61,374 $ 61,680 Other countries (46,010 ) 20,620 43,614 Income (loss) before income tax $ (91,177 ) $ 81,994 $ 105,294 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 Current: United States $ 5,181 $ 8,786 $ 13,198 Other countries 11,926 13,267 10,132 State and provincial 618 (28 ) 1,548 Total current 17,725 22,025 24,878 Deferred: United States (69 ) (57,250 ) (1,340 ) Other countries (11,144 ) 23,558 1,909 State and provincial (616 ) (623 ) — Total deferred (11,829 ) (34,315 ) 569 Income tax expense (benefit) $ 5,896 $ (12,290 ) $ 25,447 |
Schedule of Effective Income Tax Rate Reconciliation | The differences in income tax expense (benefit) computed using the Netherlands statutory income tax rate of 25% For the Years Ended December 31, 2020 2019 2018 Tax at the Netherlands income tax rate $ (23,005 ) $ 22,895 $ 26,189 International earnings taxed at rates other than the Netherlands statutory rate 14,986 (1,343 ) (14,997 ) Non-deductible expenses 2,977 3,516 4,452 Change in valuation allowance 23 (3,491 ) 1,513 State and provincial taxes (227 ) (825 ) 1,566 Tax credits (5,975 ) (3,893 ) (3,939 ) Benefit from corporate restructuring — (59,336 ) — Unremitted earnings of subsidiaries 418 26,126 — Adjustments of prior year taxes 545 (1,684 ) 2,350 Adjustments of income tax reserves (1,965 ) 1,084 (1,613 ) Non-deductible goodwill impairment 15,547 — — Foreign exchange 226 2,014 5,936 Accrued withholding taxes 2,092 2,603 2,911 Other 254 44 1,079 Income tax expense (benefit) $ 5,896 $ (12,290 ) $ 25,447 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities result from various temporary differences between the financial statement carrying amount and their tax basis. Deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carry-forwards $ 13,892 $ 7,209 Tax credit carry-forwards 2,996 1,888 Accruals for compensation 8,587 8,240 Accruals for inventory capitalization 3,445 1,788 Unrealized benefit from corporate restructuring 53,501 56,985 Intangibles 830 — Unrealized benefit plan loss 2,366 3,740 Unrealized foreign exchange 2,852 3,842 Unearned revenue 741 1,849 Other 1,989 1,839 Total deferred tax assets 91,199 87,380 Valuation allowance (6,264 ) (6,241 ) Net deferred tax assets 84,935 81,139 Deferred tax liabilities: Intangibles — (6,263 ) Property, plant and equipment (4,998 ) (3,546 ) Accrued interest — (1,679 ) Accrued withholding taxes (26,916 ) (26,718 ) Unrealized foreign exchange (610 ) (2,653 ) Other (221 ) (306 ) Total deferred tax liabilities (32,745 ) (41,165 ) Net deferred income taxes $ 52,190 $ 39,974 December 31, 2020 2019 Long-term deferred tax assets $ 72,775 $ 67,312 Long-term deferred tax liabilities (20,585 ) (27,338 ) Total deferred tax assets (liabilities) $ 52,190 $ 39,974 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 Unrecognized tax benefits at January 1, $ 7,301 $ 7,471 $ 10,124 Tax positions, current period 1,650 495 543 Tax positions, prior period (491 ) (361 ) (304 ) Settlements with taxing authorities (2,159 ) (18 ) (2,207 ) Lapse of applicable statute of limitations (46 ) (286 ) (685 ) Unrecognized tax benefits at December 31, $ 6,255 $ 7,301 $ 7,471 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch Plan (in thousands): December 31, 2020 2019 Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 65,246 $ 60,671 Service cost — 755 Interest cost 679 1,027 Amendments/curtailments (1,049 ) (2,621 ) Benefits paid and administrative expenses (1,329 ) (1,229 ) Actuarial (gain) loss, net 5,056 7,979 Unrealized (gain) loss on foreign exchange 6,080 (1,336 ) Projected benefit obligation at end of year $ 74,683 $ 65,246 Fair Value of Plan Assets: Fair value of plan assets at beginning of year $ 59,318 $ 53,273 Increase in plan asset value 6,041 6,905 Employer contributions 601 1,558 Benefits paid and administrative expenses (1,329 ) (1,246 ) Unrealized gain (loss) on foreign exchange 5,688 (1,172 ) Fair value of plan assets at end of year $ 70,319 $ 59,318 Under-funded status of the plan at end of the year $ (4,364 ) $ (5,928 ) Accumulated Benefit Obligation $ 74,683 $ 65,246 |
Schedule of Assumptions Used | The following actuarial assumptions were used to determine the actuarial present value of our projected benefit obligation and the net periodic pension costs for the Dutch Plan: December 31, 2020 2019 Weighted average assumed discount rate 0.45 % 1.05 % Expected long-term rate of return on plan assets 0.45 % 1.05 % Weighted average rate of compensation increase 1.50 % 1.80 % |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized for the Dutch Plan in the Consolidated Balance consist of (in thousands): December 31, 2020 2019 Deferred tax asset $ 1,192 $ 1,482 Other long-term liabilities 4,364 5,928 Accumulated other comprehensive loss (5,375 ) (5,640 ) |
Schedule of Net Benefit Costs | The components of net periodic pension cost for the Dutch Plan include (in thousands): For the Years Ended December 31, 2020 2019 2018 Service cost $ — $ 755 $ 1,453 Interest cost 679 1,027 1,244 Expected return on plan assets (634 ) (914 ) (1,077 ) Administrative charges — 17 37 Curtailment (1,049 ) (2,621 ) (1,219 ) Prior service cost — (848 ) (106 ) Net actuarial loss — 3,171 1,706 Net periodic pension cost $ (1,004 ) $ 587 $ 2,038 |
Schedule of Expected Benefit Payments | Expected benefit payments to eligible participants under this plan for the next five years are as follows (in thousands): December 31, 2020 2021 $ 1,527 2022 $ 1,618 2023 $ 1,662 2024 $ 1,785 2025 $ 1,861 Succeeding five years $ 11,490 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts recognized, net of income tax, in Accumulated other comprehensive income (loss) consist of the following (in thousands): December 31, 2020 2019 Pension and other postretirement benefit plans - unrecognized prior service costs and net actuarial loss $ (5,375 ) $ (5,640 ) Interest rate swaps - net fair value loss (1,825 ) (690 ) Total Accumulated other comprehensive income (loss) $ (7,200 ) $ (6,330 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock Based Compensation [Abstract] | |
Schedule of Equity Compensation Plan | Information about our equity compensation plans as of December 31, 2020 is as follows: Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights Weighted Average Exercise Price of Outstanding Options, Warrants and Rights Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans Equity compensation plans approved by our shareholders 2020 Long-Term Incentive Plan 1,057,146 — 952,697 2014 Nonemployee Director Stock Incentive Plan 87,042 — 560,658 Total 1,144,188 1,513,355 |
Schedule of Nonvested Restricted Stock Units Activity | Non-vested restricted share awards outstanding as of December 31, 2020 and changes during the year under both the Plan and the Director Plan are as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested at December 31, 2019 670,697 $ 75.93 Granted 747,632 $ 22.01 Vested (208,168 ) $ 92.85 Forfeited (67,689 ) $ 64.71 Non-vested at December 31, 2020 1,142,472 $ 38.23 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense under both the Plan and the Director Plan recognized in the income statement is as follows (in thousands): December 31, 2020 2019 2018 Cost of product sales and services $ 5,170 $ 7,288 $ 8,648 General and administrative 2,224 13,591 25,546 Total stock-based compensation expense $ 7,394 $ 20,879 $ 34,194 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 at December 31, 2020 2019 Balance Sheet Classification Derivatives designated as hedges: 5 year interest rate swap $ (368 ) $ — Other Long-term (Liabilities) 10 year interest rate swap (2,123 ) (1,054 ) Other Long-term (Liabilities) $ (2,491 ) $ (1,054 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of the interest rate swaps on the consolidated statements of operations was as follows (in thousands): For the years ended December 31, 2020 2019 Income Statement Classification Derivatives designated as hedges: 5 year interest rate swap $ 191 $ (121 ) Interest Expense 10 year interest rate swap 478 60 Interest Expense $ 669 $ (61 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table summarizes the fair value balances (in thousands): Fair Value Measurement at December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 30,985 $ — $ 30,985 $ — $ 30,985 $ — $ 30,985 $ — Liabilities: Deferred compensation liabilities $ 22,559 $ — $ 22,559 $ — 5 year 368 — 368 — 10 year 2,123 — 2,123 — $ 25,050 $ — $ 25,050 $ — Fair Value Measurement at December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 47,009 $ — $ 47,009 $ — $ 47,009 $ — $ 47,009 $ — Liabilities: Deferred compensation liabilities $ 34,081 $ — $ 34,081 $ — 10 year 1,054 — 1,054 — $ 35,135 $ — $ 35,135 $ — (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 liabilities. |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The components of other (income) expense, net are as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 Gain on sale of assets $ (1,254 ) $ (583 ) $ (1,078 ) Results of non-consolidated subsidiaries (125 ) (208 ) (203 ) Foreign exchange (gain) loss 1,160 1,725 2,598 Rents and royalties (466 ) (607 ) (510 ) Employment related charges — 2,998 — Return on pension assets and other pension costs (1,502 ) (1,501 ) (644 ) Acquisition-related costs — — 623 Gain on sale of business — (1,154 ) — Insurance settlement — — (707 ) Loss on lease abandonment 504 — — Cost reduction and other charges 3,943 5,555 — Other, net (434 ) (906 ) (816 ) Total Other (income) expense, net $ 1,826 $ 5,319 $ (737 ) |
Foreign Currency Gains Losses By Currency | Foreign exchange (gains) losses by currency are summarized in the following table (in thousands): For the Years Ended December 31, 2020 2019 2018 Australian Dollar $ 174 $ 158 $ 183 British Pound 653 599 158 Canadian Dollar 590 489 458 Euro 458 469 208 Other currencies, net (715 ) 10 1,591 Foreign exchange (gain) loss, net $ 1,160 $ 1,725 $ 2,598 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Selected data for this discontinued business consist of the following (in thousands): For the Years Ended December 31, 2020 2019 2018 Services $ — $ 1,165 $ 1,462 Product sales — 4,233 5,708 Total revenue — 5,398 7,170 Cost of services — 690 1,163 Cost of product sales — 3,196 5,696 Depreciation and amortization — — 115 Other expense (income) — 91 72 Operating income — 1,421 124 Gain (adjustment) on sale (573 ) 8,319 — Income (loss) from discontinued operations before income tax (573 ) 9,740 124 Income tax expense (benefit) (149 ) 1,907 182 Income (loss) from discontinued operations $ (424 ) $ 7,833 $ (58 ) |
Segment Reporting And Other D_2
Segment Reporting And Other Disaggregated Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | 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): At and for the years ended: Reservoir Description Production Enhancement Corporate & Other (1) Consolidated December 31, 2020 Revenue from unaffiliated clients $ 355,041 $ 132,226 $ — $ 487,267 Inter-segment revenue 313 521 (834 ) — Segment operating income (loss) 55,044 (133,449 ) 1,600 (76,805 ) Total assets (at end of period) 327,386 129,568 111,625 568,579 Capital expenditures 6,135 5,460 285 11,880 Depreciation and amortization 13,612 6,203 1,052 20,867 December 31, 2019 Revenue from unaffiliated clients $ 420,897 $ 247,313 $ — $ 668,210 Inter-segment revenue 436 500 (936 ) — Segment operating income (loss) 55,140 38,378 3,166 96,684 Total assets (at end of period) 343,405 279,769 151,499 774,673 Capital expenditures 10,439 11,253 577 22,269 Depreciation and amortization 15,109 5,645 1,851 22,605 December 31, 2018 Revenue from unaffiliated clients $ 413,082 $ 287,764 $ — $ 700,846 Inter-segment revenue 988 378 (1,366 ) — Segment operating income (loss) 54,847 63,039 736 118,622 Total assets (at end of period) 315,503 270,832 62,492 648,827 Capital expenditures 12,829 8,222 690 21,741 Depreciation and amortization 16,747 4,271 2,069 23,087 (1) "Corporate and other" represents those items not directly relating to a particular segment, eliminations and the assets and liabilities of discontinued operations in 2018. |
Revenue from External Customers by Products and Services | The following table shows the disaggregation of services and product sales by reportable segment (in thousands): For the Years Ended December 31, 2020 2019 2018 Reservoir Description Services $ 332,085 $ 389,801 $ 387,098 Production Enhancement Services 44,336 84,392 99,722 Total Revenue - Services $ 376,421 $ 474,193 $ 486,820 Reservoir Description Product sales $ 22,956 $ 31,096 $ 25,984 Production Enhancement Product sales 87,890 162,921 188,042 Total Revenue - Product sales $ 110,846 $ 194,017 $ 214,026 Total Revenue $ 487,267 $ 668,210 $ 700,846 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table shows a summary of our U.S. and non-U.S. operations and fixed assets (in thousands): United Other At and for the years ended: States Countries (1) (2) Consolidated December 31, 2020 Revenue $ 158,937 $ 328,330 $ 487,267 Property, plant and equipment, net 62,619 52,674 115,293 December 31, 2019 Revenue $ 289,173 $ 379,037 $ 668,210 Property, plant and equipment, net 66,053 57,453 123,506 December 31, 2018 Revenue $ 324,073 $ 376,773 $ 700,846 Property, plant and equipment, net 65,073 57,844 122,917 (1) Revenue earned in other countries, including the Netherlands, was not individually greater than 10% (2) Property, plant and equipment, net in other countries, including the Netherlands, were not individually greater than 10% |
Unaudited Selected Quarterly _2
Unaudited Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | Summarized below is our unaudited quarterly financial data (in thousands, except per share data): At and For the Quarters Ended 2020 December 31 September 30 June 30 March 31 Services and product sales revenue $ 113,749 $ 105,382 $ 115,736 $ 152,400 Cost of services and product sales 87,918 81,038 90,680 115,131 Other operating expenses (3) 2,427 13,013 27,623 146,242 Operating income (loss) 23,404 11,331 (2,567 ) (108,973 ) Interest expense 2,920 4,672 3,369 3,411 Income (loss) before income tax 20,484 6,659 (5,936 ) (112,384 ) Income tax expense (benefit) 6,540 3,663 (261 ) (4,046 ) Income (loss) from continuing operations 13,944 2,996 (5,675 ) (108,338 ) Income (loss) from discontinued operations (424 ) — — — Net income (loss) 13,520 2,996 (5,675 ) (108,338 ) Net income (loss) attributable to non-controlling interest (17 ) 33 41 83 Net income (loss) attributable to Core Laboratories N.V. $ 13,537 $ 2,963 $ (5,716 ) $ (108,421 ) Per share information: Basic earnings (loss) per share (1) (2) $ 0.30 $ 0.07 $ (0.13 ) $ (2.44 ) Diluted earnings (loss) per share (1) (2) $ 0.30 $ 0.07 $ (0.13 ) $ (2.44 ) Weighted average common shares outstanding: Basic 44,499 44,491 44,470 44,447 Assuming dilution 44,958 44,899 44,470 44,447 At and For the Quarters Ended 2019 December 31 September 30 June 30 March 31 Services and product sales revenue $ 156,778 $ 173,200 $ 169,038 $ 169,194 Cost of services and product sales 117,749 125,996 124,451 127,383 Other operating expenses (3) 17,974 15,997 16,579 25,397 Operating income 21,055 31,207 28,008 16,414 Interest expense 3,588 3,662 3,714 3,726 Income before income tax 17,467 27,545 24,294 12,688 Income tax expense (benefit) 7,177 3,335 4,808 (27,610 ) Income (loss) from continuing operations 10,290 24,210 19,486 40,298 Income (loss) from discontinued operations — (397 ) 7,971 259 Net income 10,290 23,813 27,457 40,557 Net income (loss) attributable to non-controlling interest (40 ) 84 43 47 Net income attributable to Core Laboratories N.V. $ 10,330 $ 23,729 $ 27,414 $ 40,510 Per share information: Basic earnings per share (1) (2) $ 0.23 $ 0.54 $ 0.62 $ 0.91 Diluted earnings per share (1) (2) $ 0.23 $ 0.53 $ 0.61 $ 0.91 Weighted average common shares outstanding: Basic 44,379 44,371 44,354 44,323 Assuming dilution 44,634 44,716 44,815 44,734 (1) Basic earnings per share and Diluted earnings per share are based on Net income attributable to Core Laboratories N.V. (2) The sum of the individual quarterly earnings per share amounts may not agree with the year-to-date earnings per share amounts as each quarterly computation is based on the weighted average number of common shares outstanding during that period. (3) First quarter of 2019 includes charges of $7.2 million, of additional stock compensation expenses. See Note 14. |
Description of Business (Detail
Description of Business (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020segment | Dec. 31, 2020EmployeeOfficeCountrysegment | |
Description Of Business [Abstract] | ||
Number of stores | Office | 70 | |
Number of countries in which entity operates | Country | 50 | |
Number of employees | Employee | 3,700 | |
Number of reportable segments | segment | 2 | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts | $ 4,068 | $ 2,730 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings and Leasehold Improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Buildings and Leasehold Improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Leases (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Accounting Policies [Abstract] | |||
RIGHT OF USE ASSETS | $ 66,385,000 | $ 75,697,000 | $ 77,500 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Intangibles and Goodwill (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020segment | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounting Policies [Abstract] | ||||
Goodwill and intangible asset impairment | $ | $ 122.2 | $ 0 | $ 0 | |
Number of reportable segments | segment | 2 | 2 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Cash surrender value of life insurance policies | $ 31,201 | $ 47,195 |
Investments in unconsolidated affiliates | 4,094 | 3,969 |
Other | 4,955 | 4,882 |
Total other assets | $ 40,250 | $ 56,046 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Foreign Currency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Component of Other Operating Cost [Line Items] | |||
Other (Income) expense, net | $ 1,826 | $ 5,319 | $ (737) |
Foreign Currency Gain (Loss) [Member] | |||
Component of Other Operating Cost [Line Items] | |||
Other (Income) expense, net | $ 1,160 | $ 1,725 | $ 2,598 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies Earnings Per Share (Details) - shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||||||||||
Basic (in shares) | 44,499 | 44,491 | 44,470 | 44,447 | 44,379 | 44,371 | 44,354 | 44,323 | 44,477,000 | 44,357,000 | 44,206,000 |
Performance shares (in shares) | 242,000 | 221,000 | |||||||||
Restricted stock (in shares) | 47,000 | 47,000 | |||||||||
Weighted average common shares outstanding - assuming dilution | 44,958 | 44,899 | 44,470 | 44,447 | 44,634 | 44,716 | 44,815 | 44,734 | 44,477,000 | 44,646,000 | 44,474,000 |
Number of Common Stock Excluded
Number of Common Stock Excluded from Diluted Earnings Per Share Calculation (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020shares | |
Performance Shares [Member] | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Common stock excluded from the diluted earnings per share calculation | 308 |
Restricted Stock [Member] | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Common stock excluded from the diluted earnings per share calculation | 189 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities Changes in Net Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract assets | ||
Current | $ 1,238 | $ 2,183 |
Non-Current | 244 | |
Contract assets | 1,238 | 2,427 |
Contract Liabilities | ||
Current | 953 | 4,473 |
Non-current | 293 | 383 |
Contract liabilities | $ 1,246 | $ 4,856 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities Current and Long-term Contract Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract liability | $ 953 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Contract liability | $ 293 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
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) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Impairment losses on receivables | $ 0 |
Impairment losses on contract assets | $ 0 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Goodwill, acquired during period | $ 0 | $ 0 | |
Guardian Global Technologies Ltd [Member] | |||
Business Acquisition [Line Items] | |||
Consideration transferred | $ 48,900,000 | ||
Tangible assets acquired | 4,100,000 | ||
Intangible assets acquired | 9,400,000 | ||
Goodwill, acquired during period | $ 35,400,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 16,461 | $ 26,507 |
Parts and materials | 19,098 | 21,419 |
Work in progress | 2,592 | 2,237 |
Total inventories | $ 38,151 | $ 50,163 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Abstract] | |||
Land | $ 11,395 | $ 11,435 | |
Building and leasehold improvements | 117,098 | 116,306 | |
Machinery and equipment | 280,778 | 277,952 | |
Total property, plant and equipment | 409,271 | 405,693 | |
Less - accumulated depreciation | (293,978) | (282,187) | |
Property, plant and equipment, net | $ 115,293 | $ 123,506 | $ 122,917 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 17,848 | $ 18,639 |
Short-term lease expense | 1,801 | 1,228 |
Variable lease expense | 1,442 | 920 |
Total lease expense | 21,091 | 20,787 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 17,049 | 18,195 |
Right-of-use assets obtained in exchange for new lease obligations: | ||
Operating leases | $ 5,654 | $ 11,688 |
Weighted-average remaining lease term - operating leases | 8 years 8 months 8 days | 9 years 25 days |
Weighted-average discount rate - operating leases | 4.70% | 4.94% |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flows for Non-cancellable Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Operating Leases, 2021 | $ 13,769 |
Operating Leases, 2022 | 12,062 |
Operating Leases, 2023 | 10,301 |
Operating Leases, 2024 | 8,123 |
Operating Leases, 2025 | 7,040 |
Operating Leases, Thereafter | 31,156 |
Operating Leases, Total undiscounted lease payments | 82,451 |
Operating Leases, Less: Imputed Interest | (14,906) |
Operating Leases, Lease Liabilities | $ 67,545 |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Leases [Abstract] | |
Net loss on lease abandonment | $ 0.5 |
Intangibles and Goodwill (Detai
Intangibles and Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | $ 25,416 | $ 25,025 |
Intangible, accumulated amortization and impairment | 16,833 | |
Intangible, accumulated amortization | 7,575 | |
Trade Secrets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | 4,278 | 3,613 |
Intangible, accumulated amortization and impairment | 3,120 | |
Intangible, accumulated amortization | 2,463 | |
Patents, Technology and Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | 15,348 | 15,622 |
Intangible, accumulated amortization and impairment | 12,677 | |
Intangible, accumulated amortization | 4,193 | |
Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | 1,149 | 1,149 |
Intangible, accumulated amortization and impairment | 1,036 | |
Intangible, accumulated amortization | 919 | |
Trade Name Infinite Lived [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible, gross carrying value | $ 4,641 | $ 4,641 |
Minimum [Member] | Trade Secrets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 2 years | |
Minimum [Member] | Patents, Technology and Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 4 years | |
Minimum [Member] | Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 2 years | |
Maximum [Member] | Trade Secrets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 20 years | |
Maximum [Member] | Patents, Technology and Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 15 years | |
Maximum [Member] | Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 5 years |
Intangibles and Goodwill - Esti
Intangibles and Goodwill - Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2021 | $ 1,335 |
2022 | 1,309 |
2023 | 1,042 |
2024 | 1,034 |
2025 | $ 892 |
Intangibles and Goodwill - Sche
Intangibles and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill. start | $ 213,425 | $ 219,412 |
Adjustments to goodwill acquired in previous year | (5,987) | |
Impairment | (113,941) | |
Other | (39) | |
Goodwill. end | 99,445 | 213,425 |
Reservoir Description Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill. start | 99,484 | 99,484 |
Adjustments to goodwill acquired in previous year | 0 | |
Impairment | 0 | |
Other | (39) | |
Goodwill. end | 99,445 | 99,484 |
Production Enhancement Segment [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill. start | 113,941 | 119,928 |
Adjustments to goodwill acquired in previous year | (5,987) | |
Impairment | (113,941) | |
Other | 0 | |
Goodwill. end | $ 0 | $ 113,941 |
Long-Term Debt, Net - Additiona
Long-Term Debt, Net - Additional Information (Details) | Oct. 16, 2020USD ($)SeriesNote | Dec. 31, 2020USD ($)SeriesNoteinstrument | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||
Finance lease obligations | $ 0 | ||
Number of series of debt issued | SeriesNote | 2 | 2 | |
Maturity date | Jun. 19, 2023 | ||
Current borrowing capacity | $ 225,000,000 | ||
Line of credit facility reduced minimum borrowing capacity | $ 50,000,000 | ||
Basis spread on variable rate | 1.50% | ||
Performance bonds under credit facility | $ 12,900,000 | ||
Remaining borrowing capacity | 101,100,000 | ||
Performance bonds | $ 6,100,000 | ||
Calculated covenant leverage ratio | 2.82% | ||
Calculated interest coverage ratio | 6.09% | ||
Professional service fees and expenses | $ 1,600,000 | ||
Total long-term debt | $ 261,000,000 | $ 307,000,000 | |
Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, number of instruments held | instrument | 2 | ||
Derivative, notional amount | $ 50,000,000 | ||
LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR floor interest rate | 0.50% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.875% | ||
2011 Seniors Notes [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 150,000,000 | ||
Senior Notes Series A [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 45,000,000 | $ 75,000,000 | |
Interest rate, effective percentage | 4.09% | 4.01% | |
Maturity date | Jan. 12, 2026 | Sep. 30, 2021 | |
Outstanding borrowings | $ 15,000,000 | ||
Total long-term debt | 75,000,000 | ||
Senior Notes Series B [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 15,000,000 | $ 75,000,000 | |
Interest rate, effective percentage | 4.38% | 4.11% | |
Maturity date | Jan. 12, 2028 | Sep. 30, 2023 | |
Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest coverage ratio, minimum | 3.00% | ||
Total long-term debt | $ 111,000,000 | 157,000,000 | |
2020 Seniors Notes [Member] | |||
Debt Instrument [Line Items] | |||
Face amount | $ 60,000,000 | ||
Total long-term debt | $ 150,000,000 | $ 150,000,000 |
Schedule of Long-term Debt Inst
Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 261,000 | $ 307,000 |
Less: Debt issuance costs | (1,567) | (1,717) |
Long-term debt, net | 259,433 | 305,283 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 150,000 | 150,000 |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 111,000 | $ 157,000 |
Schedule of Maximum Leverage Ra
Schedule of Maximum Leverage Ratios (Details) - Amended Credit Facility | Dec. 31, 2020 |
June 30, 2020 up to and including June 30, 2021 | |
Debt Instrument [Line Items] | |
Maximum leverage ratio permitted | 3 |
September 30, 2020 | |
Debt Instrument [Line Items] | |
Maximum leverage ratio permitted | 2.75 |
December 31, 2021 and thereafter | |
Debt Instrument [Line Items] | |
Maximum leverage ratio permitted | 2.50 |
Income Taxes Income Before Inco
Income Taxes Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (45,167) | $ 61,374 | $ 61,680 |
Other countries | (46,010) | 20,620 | 43,614 |
Income (loss) before income tax | $ (91,177) | $ 81,994 | $ 105,294 |
Income Taxes Income Tax Expense
Income Taxes Income Tax Expense Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||||||||||
Current federal tax expense (benefit) | $ 5,181 | $ 8,786 | $ 13,198 | ||||||||
Current foreign tax expense (benefit) | 11,926 | 13,267 | 10,132 | ||||||||
Current state and local tax expense (benefit) | 618 | (28) | 1,548 | ||||||||
Current income tax expense (benefit) | 17,725 | 22,025 | 24,878 | ||||||||
Deferred: | |||||||||||
Deferred federal income tax expense (benefit) | (69) | (57,250) | (1,340) | ||||||||
Deferred foreign income tax expense (benefit) | (11,144) | 23,558 | 1,909 | ||||||||
Deferred state and local income tax expense (benefit) | (616) | (623) | |||||||||
Deferred income tax expense (benefit) | (11,829) | (34,315) | 569 | ||||||||
Income tax expense (benefit) | $ 6,540 | $ 3,663 | $ (261) | $ (4,046) | $ 7,177 | $ 3,335 | $ 4,808 | $ (27,610) | $ 5,896 | $ (12,290) | $ 25,447 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation, at federal statutory income tax rate | 25.00% | 25.00% | 25.00% |
Operating loss carryforwards | $ 62.3 | ||
Operating loss carryforwards, expiring in next three years | 11.2 | ||
Operating loss carryforwards, expiring in years four, five and six | 5.2 | ||
Operating loss carryforwards, expiring in years seven, eight and nine | 7 | ||
Operating loss carryforwards, expiring thereafter | 15.9 | ||
Deferred tax assets, operating loss carryforwards, not subject to expiration | 23 | ||
Expired net operating loss carryforwards | 0 | ||
Unrecognized tax benefits, income tax penalties and interest expense | 0.9 | $ 1.3 | $ 0.6 |
Unrecognized tax benefits, income tax penalties and interest accrued | 4.2 | 5.1 | 3.9 |
Unrecognized tax benefits that would impact effective tax rate | $ 0.5 | $ 0.9 | $ 0.6 |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax at the Netherlands income tax rate | $ (23,005) | $ 22,895 | $ 26,189 | ||||||||
International earnings taxed at rates other than the Netherlands statutory rate | 14,986 | (1,343) | (14,997) | ||||||||
Non-deductible expenses | 2,977 | 3,516 | 4,452 | ||||||||
Change in valuation allowance | 23 | (3,491) | 1,513 | ||||||||
State and provincial taxes | (227) | (825) | 1,566 | ||||||||
Tax credits | (5,975) | (3,893) | (3,939) | ||||||||
Benefit from corporate restructuring | (59,336) | ||||||||||
Unremitted earnings of subsidiaries | 418 | 26,126 | |||||||||
Adjustments of prior year taxes | 545 | (1,684) | 2,350 | ||||||||
Adjustments of income tax reserves | (1,965) | 1,084 | (1,613) | ||||||||
Non-deductible goodwill impairment | 15,547 | ||||||||||
Foreign exchange | 226 | 2,014 | 5,936 | ||||||||
Accrued withholding taxes | 2,092 | 2,603 | 2,911 | ||||||||
Other | 254 | 44 | 1,079 | ||||||||
Income tax expense (benefit) | $ 6,540 | $ 3,663 | $ (261) | $ (4,046) | $ 7,177 | $ 3,335 | $ 4,808 | $ (27,610) | $ 5,896 | $ (12,290) | $ 25,447 |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carry-forwards | $ 13,892 | $ 7,209 |
Tax credit carry-forwards | 2,996 | 1,888 |
Accruals for compensation | 8,587 | 8,240 |
Accruals for inventory capitalization | 3,445 | 1,788 |
Unrealized benefit from corporate restructuring | 53,501 | 56,985 |
Intangibles | 830 | |
Unrealized benefit plan loss | 2,366 | 3,740 |
Unrealized foreign exchange | 2,852 | 3,842 |
Unearned revenue | 741 | 1,849 |
Other | 1,989 | 1,839 |
Total deferred tax assets | 91,199 | 87,380 |
Valuation allowance | (6,264) | (6,241) |
Net deferred tax assets | 84,935 | 81,139 |
Deferred tax liabilities: | ||
Intangibles | (6,263) | |
Property, plant and equipment | (4,998) | (3,546) |
Accrued interest | (1,679) | |
Accrued withholding taxes | (26,916) | (26,718) |
Unrealized foreign exchange | (610) | (2,653) |
Other | (221) | (306) |
Total deferred tax liabilities | (32,745) | (41,165) |
Net deferred income taxes | 52,190 | 39,974 |
Long-term deferred tax assets | 72,775 | 67,312 |
Long-term deferred tax liabilities | (20,585) | (27,338) |
Total deferred tax assets (liabilities) | $ 52,190 | $ 39,974 |
Income Taxes Income Tax Conting
Income Taxes Income Tax Contingency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at January 1, | $ 7,301 | $ 7,471 | $ 10,124 |
Tax positions, current period | 1,650 | 495 | 543 |
Tax positions, prior period | (491) | (361) | (304) |
Settlements with taxing authorities | (2,159) | (18) | (2,207) |
Lapse of applicable statute of limitations | (46) | (286) | (685) |
Unrecognized tax benefits at December 31, | $ 6,255 | $ 7,301 | $ 7,471 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Term of insurance contracts to fund benefits | 5 years | ||
Curtailment | $ 1,049,000 | $ 2,621,000 | $ 1,219,000 |
Contributions by employer | $ 601,000 | $ 1,558,000 | $ 0 |
Assumptions used calculating benefit obligation, discount rate | 0.45% | 1.05% |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans Projected Benefit Obligation and Fair Value of Plan Asset (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Projected Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 65,246,000 | $ 60,671,000 | |
Service cost | 755,000 | $ 1,453,000 | |
Interest cost | 679,000 | 1,027,000 | 1,244,000 |
Amendments/curtailments | (1,049,000) | (2,621,000) | |
Benefits paid and administrative expenses | (1,329,000) | (1,229,000) | |
Actuarial (gain) loss, net | 5,056,000 | 7,979,000 | |
Unrealized (gain) loss on foreign exchange | 6,080,000 | (1,336,000) | |
Projected benefit obligation at end of year | 74,683,000 | 65,246,000 | 60,671,000 |
Fair Value of Plan Assets: | |||
Fair value of plan assets at beginning of year | 59,318,000 | 53,273,000 | |
Increase in plan asset value | 6,041,000 | 6,905,000 | |
Contributions by employer | 601,000 | 1,558,000 | 0 |
Benefits paid and administrative expenses | (1,329,000) | (1,246,000) | |
Unrealized gain (loss) on foreign exchange | 5,688,000 | (1,172,000) | |
Fair value of plan assets at end of year | 70,319,000 | 59,318,000 | $ 53,273,000 |
Under-funded status of the plan at end of the year | (4,364,000) | (5,928,000) | |
Accumulated Benefit Obligation | $ 74,683,000 | $ 65,246,000 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans Actuarial Assumptions Used to Determine the Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pensions Costs (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||
Weighted average assumed discount rate | 0.45% | 1.05% |
Expected long-term rate of return on plan assets | 0.45% | 1.05% |
Weighted average rate of compensation increase | 1.50% | 1.80% |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefit Plans Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Deferred tax asset | $ 52,190 | $ 39,974 |
OTHER LONG-TERM LIABILITIES | 27,985 | 33,173 |
Accumulated other comprehensive income (loss) | (7,200) | (6,330) |
Dutch Plan | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Deferred tax asset | 1,192 | 1,482 |
OTHER LONG-TERM LIABILITIES | 4,364 | 5,928 |
Accumulated other comprehensive income (loss) | $ (5,375) | $ (5,640) |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefit Plans Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Service cost | $ 755 | $ 1,453 | |
Interest cost | $ 679 | 1,027 | 1,244 |
Expected return on plan assets | (634) | (914) | (1,077) |
Administrative charges | 17 | 37 | |
Curtailment | (1,049) | (2,621) | (1,219) |
Prior service cost | (848) | (106) | |
Net actuarial loss | 3,171 | 1,706 | |
Net periodic pension cost | $ (1,004) | $ 587 | $ 2,038 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans Schedule of Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
2021 | $ 1,527 |
2022 | 1,618 |
2023 | 1,662 |
2024 | 1,785 |
2025 | 1,861 |
Succeeding five years | $ 11,490 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Defined contribution plan, cost | $ 3.6 | $ 5.3 | $ 4.3 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans Deferred Compensation Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Base salary period used to determine benefit | 5 years | ||
Compensation expense | $ 1,000 | $ 2,000 | $ 1,200 |
Contributions by employer | $ 30 | $ 100 | $ 100 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Dec. 31, 1998Individual |
Loss Contingency [Abstract] | |
Number of individuals with benefits | 3 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) | Jan. 15, 2021 | Dec. 17, 2020 | Feb. 08, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 24, 2018 | Dec. 31, 1995 |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||||||||||
Payment for issuance costs | $ 200,000 | ||||||||||||
Stock repurchase program, number of shares authorized to be repurchased, percent | 10.00% | 10.00% | |||||||||||
Treasury stock, shares, acquired | 549 | 39,790,928 | |||||||||||
Treasury stock, value, acquired, cost method | $ 17,300 | $ 1,700,000,000 | |||||||||||
Treasury stock acquired, average cost per share | $ 41.54 | ||||||||||||
Treasury stock, shares, retired | 33,475,406 | ||||||||||||
Treasury stock, retired, cost method, amount | $ 1,200,000,000 | ||||||||||||
Treasury stock, shares | 223,451 | 330,690 | 223,451 | 330,690 | |||||||||
Stock repurchase program, remaining authorized repurchase amount (in shares) | 4,256,174 | 4,256,174 | |||||||||||
Treasury stock, value | $ 2,793,000 | $ 3,308,000 | $ 7,451,000 | ||||||||||
Cash dividends per share (in dollar per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.25 | $ 0.55 | $ 0.28 | $ 2.20 | $ 2.20 | |||||
Subsequent Event [Member] | |||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||||||||||
Cash dividends per share (in dollar per share) | $ 0.01 | ||||||||||||
Dividends payable, date declared | Jan. 15, 2021 | ||||||||||||
Dividends payable, date to be paid | Feb. 16, 2021 | ||||||||||||
Dividends payable, date of record | Jan. 25, 2021 | ||||||||||||
Stock Rights [Member] | |||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||||||||||
Repurchase of common shares (shares) | 70,929 | ||||||||||||
Treasury stock, value | $ 1,700,000 | ||||||||||||
Wells Fargo Securities, LLC [Member] | |||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||||||||||
Sale of common shares | $ 0 | ||||||||||||
At-The-Market Offerings [Member] | Wells Fargo Securities, LLC [Member] | |||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||||||||||
Sale of common shares | $ 60,000,000 |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Pension and other postretirement benefit plans - unrecognized prior service costs and net actuarial loss | $ (5,375) | $ (5,640) |
Interest rate swaps - net fair value loss | (1,825) | (690) |
Total Accumulated other comprehensive income (loss) | $ (7,200) | $ (6,330) |
Stock-based Compensation (Detai
Stock-based Compensation (Details) $ / shares in Units, $ in Thousands | Feb. 11, 2020shares | Feb. 12, 2019shares | Feb. 13, 2018shares | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Plan$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2014shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of plans | Plan | 2 | |||||||
Stock-based compensation, net of awards issued (shares) | shares | 208,168 | |||||||
Number of additional shares authorized (shares) | shares | 1,100,000 | |||||||
Stock-based compensation | $ 7,200 | $ 7,394 | $ 20,879 | $ 34,194 | ||||
Granted (shares) | shares | 747,632 | |||||||
Executive Management [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 6,800 | 7,200 | ||||||
Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares available for grant (shares) | shares | 644,509 | |||||||
Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares available for grant (shares) | shares | 952,697 | |||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2020 Grant [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted (shares) | shares | 267,506 | |||||||
Allocated share-based compensation expense, net of tax | $ 14,700 | |||||||
Award vesting period | 3 years | |||||||
Allocated share-based compensation expense | $ 9,500 | |||||||
Compensation cost not yet recognized, period for recognition | 24 months | |||||||
Options, outstanding, number (shares) | shares | 110,248 | |||||||
Options, previously forfeited, number (shares) | shares | 7,800 | |||||||
Stock Based Compensation Expense Adjustment | $ 11,900 | |||||||
Shares, issued (shares) | shares | 42,033 | |||||||
Stock comp shares surrendered, value | $ 1,100 | |||||||
Stock comp shares surrendered, per share price (USD per share) | $ / shares | $ 26.51 | |||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2018 Grant [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted (shares) | shares | 162,772 | |||||||
Allocated share-based compensation expense, net of tax | $ 7,400 | $ 16,000 | ||||||
Award vesting period | 3 years | |||||||
Allocated share-based compensation expense | $ 3,000 | 11,400 | ||||||
General and Administrative Expense | 6,800 | |||||||
Operating Costs and Expenses | 600 | |||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2019 Grant [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted (shares) | shares | 220,065 | |||||||
Allocated share-based compensation expense, net of tax | $ 13,100 | |||||||
Award vesting period | 3 years | |||||||
Allocated share-based compensation expense | 1,900 | $ 8,800 | ||||||
Compensation cost not yet recognized, period for recognition | 12 months | |||||||
Restricted Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 800 | $ 800 | $ 1,400 | |||||
Granted (shares) | shares | 87,042 | 10,885 | 8,322 | |||||
Award vesting period | 1 year | 1 year | 1 year | |||||
Compensation cost not yet recognized, period for recognition | 3 months | |||||||
Compensation cost not yet recognized | $ 200 | |||||||
Grants, fair value | 1,100 | $ 700 | $ 900 | |||||
Restricted Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 6,400 | $ 8,000 | $ 8,900 | |||||
Granted (shares) | shares | 321,084 | 182,533 | 115,618 | |||||
Award vesting period | 6 years | |||||||
Compensation cost not yet recognized, period for recognition | 43 months | |||||||
Compensation cost not yet recognized | $ 27,200 | |||||||
Grants, fair value | 4,800 | $ 8,700 | $ 11,600 | |||||
Vested in period, intrinsic value | $ 7,700 | $ 8,700 | $ 9,000 | |||||
Maximum [Member] | Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares authorized (shares) | shares | 13,000,000 | |||||||
Number of shares available for grant (shares) | shares | 1,400,000 |
Schedule of Equity Compensation
Schedule of Equity Compensation Plan (Details) - Total Restricted Stock Award [Member] - Restricted Stock Units (RSUs) [Member] | Dec. 31, 2020shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | 1,144,188 |
Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans | 1,513,355 |
Employee Stock Award Program [Member] | Equity Compensation Plans Approved By Our Shareholders [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | 1,057,146 |
Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans | 952,697 |
Director Stock Award Program [Member] | Equity Compensation Plans Approved By Our Shareholders [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | 87,042 |
Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans | 560,658 |
Stock-based Compensation by Pay
Stock-based Compensation by Payment Award (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Stock Based Compensation [Abstract] | |
Non-vested, share, beginning | shares | 670,697 |
Granted (shares) | shares | 747,632 |
Vested (shares) | shares | (208,168) |
Forfeited (shares) | shares | (67,689) |
Non-vested, share, end | shares | 1,142,472 |
Nonvested, weighted average grant date fair value, beginning (USD per share) | $ / shares | $ / shares | $ 75.93 |
Grants in period, weighted average grant date fair value (USD per share) | $ / shares | $ / shares | 22.01 |
Vested in period, weighted average grant date fair value (USD per share) | $ / shares | $ / shares | 92.85 |
Forfeited in period, weighted average grant date fair value (USD per share) | $ / shares | $ / shares | 64.71 |
Nonvested, weighted average grant date fair value, end (USD per share) | $ / shares | $ / shares | $ 38.23 |
Stock-based Compensation Employ
Stock-based Compensation Employee Service Share-based Compensation, Allocation of Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 7,200 | $ 7,394 | $ 20,879 | $ 34,194 |
Cost of services and sales, exclusive of depreciation [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 5,170 | 7,288 | 8,648 | |
General and Adminstrative Expense, exclusive of depreciation [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 2,224 | $ 13,591 | $ 25,546 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) | 1 Months Ended | 12 Months Ended |
Feb. 29, 2020USD ($) | Dec. 31, 2020USD ($)instrument | |
Derivatives Fair Value [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Excess line of credit facility subject to interest rate risk | $ 50,000,000 | |
Debt instrument, interest rate, increase (decrease) | 0.50% | |
Long-term debt, percentage bearing fixed interest, amount | $ 200,000,000 | |
Long-term debt, percentage bearing variable interest, amount | $ 61,000,000 | |
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. 1 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative, notional amount | $ 25,000,000 | |
Derivative, fixed interest rate | 2.50% | |
Derivative, maturity date | Aug. 29, 2024 | |
Interest Rate Swap No. 2 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative, notional amount | $ 25,000,000 | |
Derivative, fixed interest rate | 1.30% | |
Derivative, maturity date | Feb. 28, 2025 | |
Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Basis spread on variable rate | 2.875% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities Derivative Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ (368) | |
Unrealized gain (loss) on interest rate cash flow hedges | $ 191 | $ (121) |
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 | $ (2,123) | $ (1,054) |
Unrealized gain (loss) on interest rate cash flow hedges | 478 | 60 |
Interest Rate Swap [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Fair value of interest rate derivatives | (2,491) | (1,054) |
Unrealized gain (loss) on interest rate cash flow hedges | $ 669 | $ (61) |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Company owned life insurance policies | [1] | $ 30,985 | $ 47,009 |
Company owned life insurance policies, assets | 30,985 | 47,009 | |
Deferred compensation liabilities | 22,559 | 34,081 | |
Deferred compensation plan, liability | 25,050 | 35,135 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Company owned life insurance policies | [1] | 30,985 | 47,009 |
Company owned life insurance policies, assets | 30,985 | 47,009 | |
Deferred compensation liabilities | 22,559 | 34,081 | |
Deferred compensation plan, liability | 25,050 | $ 35,135 | |
Interest Rate Swap No. 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of interest rate derivatives | $ 368 | ||
Derivative, term of contract | 5 years | 5 years | |
Interest Rate Swap No. 2 [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of interest rate derivatives | $ 368 | ||
Derivative, term of contract | 5 years | ||
Interest Rate Swap No. 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of interest rate derivatives | $ 2,123 | $ 1,054 | |
Derivative, term of contract | 10 years | 10 years | |
Interest Rate Swap No. 1 [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of interest rate derivatives | $ 2,123 | $ 1,054 | |
Derivative, term of contract | 10 years | 10 years | |
[1] | (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 liabilities. |
Impairments and Other Charges -
Impairments and Other Charges - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($)segmentUnit | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Goodwill [Line Items] | ||||
Number of reporting units | Unit | 2 | |||
Number of reportable segments | segment | 2 | 2 | ||
Goodwill related to reporting units | $ 213,400 | |||
GOODWILL | $ 99,445 | $ 213,425 | $ 219,412 | |
Goodwill impairment charge | $ 113,941 | |||
Guardian Technology [Member] | ||||
Goodwill [Line Items] | ||||
Impairment of intangible assets relating to business acquisition | 8,200 | |||
Reporting Unit One [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill related to reporting units | 114,000 | |||
Reporting Unit Two [Member] | ||||
Goodwill [Line Items] | ||||
GOODWILL | 99,400 | |||
Production Enhancement [Member] | Reporting Unit One [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charge | $ 114,000 |
Inventory Write-Down (Details)
Inventory Write-Down (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill [Line Items] | |
Inventory write-down | $ 10,375 |
COVID - 19 [Member] | |
Goodwill [Line Items] | |
Inventory write-down | $ 10,400 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income Expense [Line Items] | |||
Other (Income) expense, net | $ 1,826 | $ 5,319 | $ (737) |
Gain on sale of assets [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (1,254) | (583) | (1,078) |
Results of non-consolidated subsidiaries [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (125) | (208) | (203) |
Foreign Currency Gain (Loss) [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | 1,160 | 1,725 | 2,598 |
Rents and royalties [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (466) | (607) | (510) |
Employment Related Charges [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | 2,998 | ||
Return on pension assets and other pension costs [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (1,502) | (1,501) | (644) |
Acquisition-related costs [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | 623 | ||
Gain On Sale Of Business [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (1,154) | ||
Insurance settlement [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | (707) | ||
Cost reduction and other charges [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | 3,943 | 5,555 | |
Loss on lease abandonment [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | 504 | ||
Other, net [Member] | |||
Other Income Expense [Line Items] | |||
Other (Income) expense, net | $ (434) | $ (906) | $ (816) |
Other (Income) Expense Foreign
Other (Income) Expense Foreign Currency Gain Loss by Currency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | $ 1,160 | $ 1,725 | $ 2,598 |
Australian Dollar [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 174 | 158 | 183 |
British Pound [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 653 | 599 | 158 |
Canadian Dollar [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 590 | 489 | 458 |
Euro [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 458 | 469 | 208 |
Other Currencies Net [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | $ (715) | $ 10 | $ 1,591 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) | Jun. 07, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Divestiture of business | $ 16,600,000 | |||
Pre-tax gain on divestiture | $ 8,300,000 | $ (573,000) | $ 8,319,000 | |
Final Adjustments To Purchase Agreement | 600,000 | |||
Balance recorded for discontinued operation | 0 | 0 | ||
Cash provided by operating activities, discontinued operations | 100,000 | $ 200,000 | ||
Cash provided by (used in) investing activities, discontinued operations | (200,000) | 14,800,000 | ||
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 | $ 0 | $ 2,500,000 |
Discontinued Operations - Dispo
Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands | Jun. 07, 2019 | Dec. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Discontinued Operations And Disposal Groups [Abstract] | ||||||||
Services | $ 1,165 | $ 1,462 | ||||||
Product sales | 4,233 | 5,708 | ||||||
Total revenue | 5,398 | 7,170 | ||||||
Cost of services | 690 | 1,163 | ||||||
Cost of product sales | 3,196 | 5,696 | ||||||
Depreciation and amortization | 115 | |||||||
Other expense (income) | 91 | 72 | ||||||
Operating income | 1,421 | 124 | ||||||
Gain (adjustment) on sale | $ 8,300 | $ (573) | 8,319 | |||||
Income (loss) from discontinued operations before income tax | (573) | 9,740 | 124 | |||||
Income tax expense (benefit) | (149) | 1,907 | 182 | |||||
Income (loss) from discontinued operations | $ (424) | $ (397) | $ 7,971 | $ 259 | $ (424) | $ 7,833 | $ (58) |
Segment Reporting And Other D_3
Segment Reporting And Other Disaggregated Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Segment Reporting Information [Line Items] | ||||||||||||
Number of reportable segments | segment | 2 | 2 | ||||||||||
Revenue | $ 113,749 | $ 105,382 | $ 115,736 | $ 152,400 | $ 156,778 | $ 173,200 | $ 169,038 | $ 169,194 | $ 487,267 | $ 668,210 | $ 700,846 | |
Segment operating income (loss) | 23,404 | $ 11,331 | $ (2,567) | $ (108,973) | 21,055 | $ 31,207 | $ 28,008 | $ 16,414 | (76,805) | 96,684 | 118,622 | |
Total assets (at end of period) | 568,579 | 774,673 | 568,579 | 774,673 | 648,827 | |||||||
Capital expenditures | 11,880 | 22,269 | 21,741 | |||||||||
Depreciation and amortization | 20,867 | 22,605 | 23,087 | |||||||||
Reservoir Description [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 355,041 | 420,897 | 413,082 | |||||||||
Segment operating income (loss) | 55,044 | 55,140 | 54,847 | |||||||||
Total assets (at end of period) | 327,386 | 343,405 | 327,386 | 343,405 | 315,503 | |||||||
Capital expenditures | 6,135 | 10,439 | 12,829 | |||||||||
Depreciation and amortization | 13,612 | 15,109 | 16,747 | |||||||||
Reservoir Description [Member] | Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 313 | 436 | 988 | |||||||||
Production Enhancement [Member] | Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 132,226 | 247,313 | 287,764 | |||||||||
Segment operating income (loss) | (133,449) | 38,378 | 63,039 | |||||||||
Total assets (at end of period) | 129,568 | 279,769 | 129,568 | 279,769 | 270,832 | |||||||
Capital expenditures | 5,460 | 11,253 | 8,222 | |||||||||
Depreciation and amortization | 6,203 | 5,645 | 4,271 | |||||||||
Production Enhancement [Member] | Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 521 | 500 | 378 | |||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment operating income (loss) | [1] | 1,600 | 3,166 | 736 | ||||||||
Total assets (at end of period) | [1] | $ 111,625 | $ 151,499 | 111,625 | 151,499 | 62,492 | ||||||
Capital expenditures | [1] | 285 | 577 | 690 | ||||||||
Depreciation and amortization | [1] | 1,052 | 1,851 | 2,069 | ||||||||
Corporate and Other [Member] | Intersegment Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | [1] | $ (834) | $ (936) | $ (1,366) | ||||||||
[1] | Corporate and other" represents those items not directly relating to a particular segment, eliminations and the assets and liabilities of discontinued operations in 2018. |
Segment Reporting And Other D_4
Segment Reporting And Other Disaggregated Information - Revenue by Product Sales and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 113,749 | $ 105,382 | $ 115,736 | $ 152,400 | $ 156,778 | $ 173,200 | $ 169,038 | $ 169,194 | $ 487,267 | $ 668,210 | $ 700,846 |
Service [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 376,421 | 474,193 | 486,820 | ||||||||
Service [Member] | Reservoir Description [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 332,085 | 389,801 | 387,098 | ||||||||
Service [Member] | Production Enhancement [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 44,336 | 84,392 | 99,722 | ||||||||
Product [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 110,846 | 194,017 | 214,026 | ||||||||
Product [Member] | Reservoir Description [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 22,956 | 31,096 | 25,984 | ||||||||
Product [Member] | Production Enhancement [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 87,890 | $ 162,921 | $ 188,042 |
Segment Reporting And Other D_5
Segment Reporting And Other Disaggregated Information - Schedule of Revenues from External Customers and Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | $ 113,749 | $ 105,382 | $ 115,736 | $ 152,400 | $ 156,778 | $ 173,200 | $ 169,038 | $ 169,194 | $ 487,267 | $ 668,210 | $ 700,846 | |
Property, plant and equipment, net | 115,293 | 123,506 | 115,293 | 123,506 | 122,917 | |||||||
United States [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 158,937 | 289,173 | 324,073 | |||||||||
Property, plant and equipment, net | 62,619 | 66,053 | 62,619 | 66,053 | 65,073 | |||||||
Other Countries [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [1],[2] | 328,330 | 379,037 | 376,773 | ||||||||
Property, plant and equipment, net | [1],[2] | $ 52,674 | $ 57,453 | $ 52,674 | $ 57,453 | $ 57,844 | ||||||
[1] | Property, plant and equipment, net in other countries, including the Netherlands, were not individually greater than 10% | |||||||||||
[2] | Revenue earned in other countries, including the Netherlands, was not individually greater than 10% |
Segment Reporting And Other D_6
Segment Reporting And Other Disaggregated Information - Schedule of Revenues from External Customers and Long-Lived Assets (Parenthetical) (Details) - Maximum [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of Property, plant and equipment, net | 10.00% | 10.00% | 10.00% |
Revenue [Member] | Geographic Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of Revenue earned in other countries | 10.00% | 10.00% | 10.00% |
Unaudited Selected Quarterly _3
Unaudited Selected Quarterly Financial Data - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
Services and product sales revenue | $ 113,749 | $ 105,382 | $ 115,736 | $ 152,400 | $ 156,778 | $ 173,200 | $ 169,038 | $ 169,194 | $ 487,267 | $ 668,210 | $ 700,846 | |||||||||
Cost of services and product sales | 87,918 | 81,038 | 90,680 | 115,131 | 117,749 | 125,996 | 124,451 | 127,383 | ||||||||||||
Other operating expenses | [1] | 2,427 | 13,013 | 27,623 | 146,242 | 17,974 | 15,997 | 16,579 | 25,397 | |||||||||||
OPERATING INCOME (LOSS) | 23,404 | 11,331 | (2,567) | (108,973) | 21,055 | 31,207 | 28,008 | 16,414 | (76,805) | 96,684 | 118,622 | |||||||||
Interest expense | 2,920 | 4,672 | 3,369 | 3,411 | 3,588 | 3,662 | 3,714 | 3,726 | 14,372 | 14,690 | 13,328 | |||||||||
Income (loss) before income tax | 20,484 | 6,659 | (5,936) | (112,384) | 17,467 | 27,545 | 24,294 | 12,688 | (91,177) | 81,994 | 105,294 | |||||||||
Income tax expense (benefit) | 6,540 | 3,663 | (261) | (4,046) | 7,177 | 3,335 | 4,808 | (27,610) | 5,896 | (12,290) | 25,447 | |||||||||
Income (loss) from continuing operations | 13,944 | 2,996 | (5,675) | (108,338) | 10,290 | 24,210 | 19,486 | 40,298 | (97,073) | 94,284 | 79,847 | |||||||||
Income (loss) from discontinued operations | (424) | (397) | 7,971 | 259 | (424) | 7,833 | (58) | |||||||||||||
Net income (loss) | 13,520 | 2,996 | (5,675) | (108,338) | 10,290 | 23,813 | 27,457 | 40,557 | (97,497) | 102,117 | 79,789 | |||||||||
Net income (loss) attributable to non-controlling interest | (17) | 33 | 41 | 83 | (40) | 84 | 43 | 47 | 140 | 134 | 263 | |||||||||
Net income (loss) attributable to Core Laboratories N.V. | $ 13,537 | $ 2,963 | $ (5,716) | $ (108,421) | $ 10,330 | $ 23,729 | $ 27,414 | $ 40,510 | $ (97,637) | $ 101,983 | $ 79,526 | |||||||||
Basic earnings (loss) per share | $ 0.30 | [2],[3] | $ 0.07 | [2],[3] | $ (0.13) | [2],[3] | $ (2.44) | [2],[3] | $ 0.23 | [2],[3] | $ 0.54 | [2],[3] | $ 0.62 | [2],[3] | $ 0.91 | [2],[3] | $ (2.20) | $ 2.30 | $ 1.80 | |
Diluted earnings (loss) per share | $ 0.30 | [2],[3] | $ 0.07 | [2],[3] | $ (0.13) | [2],[3] | $ (2.44) | [2],[3] | $ 0.23 | [2],[3] | $ 0.53 | [2],[3] | $ 0.61 | [2],[3] | $ 0.91 | [2],[3] | $ (2.20) | $ 2.28 | $ 1.79 | |
Basic (in shares) | 44,499 | 44,491 | 44,470 | 44,447 | 44,379 | 44,371 | 44,354 | 44,323 | 44,477,000 | 44,357,000 | 44,206,000 | |||||||||
Assuming dilution | 44,958 | 44,899 | 44,470 | 44,447 | 44,634 | 44,716 | 44,815 | 44,734 | 44,477,000 | 44,646,000 | 44,474,000 | |||||||||
[1] | First quarter of 2019 includes charges of $7.2 million, of additional stock compensation expenses. See Note 14. | |||||||||||||||||||
[2] | Basic earnings per share and Diluted earnings per share are based on Net income attributable to Core Laboratories N.V. | |||||||||||||||||||
[3] | The sum of the individual quarterly earnings per share amounts may not agree with the year-to-date earnings per share amounts as each quarterly computation is based on the weighted average number of common shares outstanding during that period. |
Unaudited Selected Quarterly _4
Unaudited Selected Quarterly Financial Data - Quarterly Financial Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | ||||
Stock-based compensation | $ 7,200 | $ 7,394 | $ 20,879 | $ 34,194 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Account (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement In Valuation Allowances And Reserves Roll Forward | |||
Reserve for doubtful accounts, start | $ 2,730 | $ 2,650 | $ 2,590 |
Additions charged to / recovered from?expense | 1,618 | 594 | 605 |
Write-offs | (650) | (454) | (560) |
Other | 370 | (60) | 15 |
Reserve for doubtful accounts, end | $ 4,068 | $ 2,730 | $ 2,650 |