Tesco 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document Entity Information [Abstract]
Entity Registrant Name	TESCO CORP
Entity Central Index Key	1,022,705
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		46,756,282

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 64,581	$ 91,489
Accounts receivable trade, net of allowance for doubtful accounts of $8,199 and $9,134 as of September 30, 2017 and December 31, 2016, respectively	44,577	33,320
Inventories, net	77,569	76,226
Income taxes recoverable	2,726	4,906
Prepaid and other current assets	13,784	15,034
Total current assets	203,237	220,975
Property, plant and equipment, net	106,842	120,743
Intangible and other assets, net	2,811	2,561
Total assets	312,890	344,279
Current liabilities
Accounts payable	15,571	13,492
Deferred revenue	3,370	4,369
Income taxes payable	1,774	2,120
Accrued payroll and benefits	6,672	6,293
Accrued taxes other than income taxes	4,131	4,301
Other current liabilities	4,976	2,135
Total current liabilities	36,494	32,710
Deferred income taxes	326	406
Other liabilities	1,589	1,580
Total liabilities	38,409	34,696
Commitments and contingencies
Shareholders’ equity
Common shares; no par value; unlimited shares authorized; 46,756 and 46,688 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	268,666	264,940
Retained earnings (deficit)	(29,686)	9,142
Accumulated other comprehensive income	35,501	35,501
Total shareholders’ equity	274,481	309,583
Total liabilities and shareholders’ equity	$ 312,890	$ 344,279

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets, Current [Abstract]
Accounts receivable trade, allowance for doubtful accounts	$ 8,199	$ 9,134
Stockholders' Equity Attributable to Parent [Abstract]
Common stock, issued (in shares)	46,756	46,688
Common stock, shares outstanding (in shares)	46,756	46,688

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue
Products	$ 14,798	$ 10,236	$ 45,033	$ 35,680
Services	25,716	20,179	72,368	63,774
Total revenue	40,514	30,415	117,401	99,454
Cost of sales and services
Products	13,471	16,965	43,440	47,068
Services	30,567	27,363	87,928	87,783
Total cost of sales and services	44,038	44,328	131,368	134,851
Selling, general and administrative	8,391	6,725	20,745	20,691
Long-lived asset impairments	0	0	0	35,514
Research and engineering	788	1,248	2,401	4,258
Total operating expenses	53,217	52,301	154,514	195,314
Operating loss	(12,703)	(21,886)	(37,113)	(95,860)
Other expense (income)
Interest expense	165	196	287	850
Interest income	(37)	(42)	(141)	(471)
Foreign exchange loss (gain)	(127)	352	186	1,537
Other expense (income)	241	233	(85)	260
Total other expense	242	739	247	2,176
Loss before income taxes	(12,945)	(22,625)	(37,360)	(98,036)
Income tax provision (benefit)	83	(556)	1,468	(257)
Net loss	$ (13,028)	$ (22,069)	$ (38,828)	$ (97,779)
Loss per share:
Basic (in usd per share)	$ (0.28)	$ (0.48)	$ (0.83)	$ (2.33)
Diluted (in usd per share)	$ (0.28)	$ (0.48)	$ (0.83)	$ (2.33)
Weighted average number of shares:
Basic (in shares)	46,755	46,382	46,733	42,039
Diluted (in shares)	46,755	46,382	46,733	42,039

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities
Net loss	$ (38,828)	$ (97,779)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	17,159	22,516
Stock compensation expense	3,726	3,247
Bad debt expense (recovery)	(688)	514
Deferred income taxes	(81)	152
Amortization of financial items	0	406
Gain on sale of operating assets	(2,121)	(616)
Long-lived asset impairments	0	35,514
Changes in the fair value of contingent earn-out obligations	0	(74)
Changes in operating assets and liabilities:
Accounts receivable trade, net	(9,055)	24,780
Inventories, net	(1,344)	14,919
Prepaid and other current assets	602	3,164
Accounts payable and accrued liabilities	1,012	(12,668)
Income taxes payable	1,939	608
Other non-current assets and liabilities, net	595	(228)
Net cash used in operating activities	(27,084)	(5,545)
Investing Activities
Additions to property, plant, equipment and intangibles	(2,911)	(4,529)
Proceeds on sale of operating assets	2,439	2,865
Other, net	0	226
Net cash used in investing activities	(472)	(1,438)
Financing Activities
Proceeds from stock issuance	0	47,918
Stock issuance costs	0	364
Changes in restricted cash	648	(1,951)
Net cash provided by financing activities	648	45,603
Change in cash and cash equivalents	(26,908)	38,620
Cash and cash equivalents, beginning of period	91,489	51,507
Cash and cash equivalents, end of period	64,581	90,127
Supplemental cash flow information
Cash payments for interest	0	355
Cash payments for income taxes, net of refunds	(730)	1,350
Property, plant and equipment accrued in accounts payable	$ 398	$ 2,329

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common shares	Retained earnings (deficit)	Accumulated other comprehensive income
Beginning balance (in shares) at Dec. 31, 2015		39,218
Beginning balance at Dec. 31, 2015	$ 374,954	$ 212,383	$ 127,070	$ 35,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(97,779)		(97,779)
Stock Issued During Period, Shares, New Issues		7,131
Stock Issued During Period, Value, New Issues	47,554	$ 47,554
Stock compensation related activity (in shares)		55
Stock compensation related activity	3,247	$ 3,247
Ending balance (in shares) at Sep. 30, 2016		46,404
Ending balance at Sep. 30, 2016	$ 327,976	$ 263,184	29,291	35,501
Beginning balance (in shares) at Dec. 31, 2016	46,688	46,688
Beginning balance at Dec. 31, 2016	$ 309,583	$ 264,940	9,142	35,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(38,828)		(38,828)
Stock compensation related activity (in shares)		68
Stock compensation related activity	$ 3,726	$ 3,726
Ending balance (in shares) at Sep. 30, 2017	46,756	46,756
Ending balance at Sep. 30, 2017	$ 274,481	$ 268,666	$ (29,686)	$ 35,501

Combination of TESCO with Nabor

Combination of TESCO with Nabors Industries Ltd. (Notes)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Combination of TESCO with Nabors Industries Ltd.	Combination of TESCO with Nabors Industries Ltd. On August 13, 2017, the Company entered into an Arrangement Agreement (the “Arrangement Agreement”) with Nabors Industries Ltd, a Bermuda exempted company (“Nabors”), and Nabors Maple Acquisition Ltd. (“Nabors Maple”), a corporation organized under the laws of Alberta, Canada, pursuant to which Nabors Maple will acquire all of the issued and outstanding common shares of the Company (the “Tesco Common Shares”) pursuant to a statutory plan of arrangement under section 193 of the Business Corporations Act (Alberta) (the “Arrangement”). Subject to the terms and conditions of the Arrangement Agreement, at the effective time of the Arrangement, each outstanding Tesco Common Share, other than Tesco Common Shares with respect to which dissent rights have been properly exercised and not withdrawn, will be exchanged for 0.68 of a common share of Nabors (“Nabors Shares”) (the “Share Consideration”). Each dissenting Tesco Common Share will be transferred to Nabors Maple in accordance with, and for the consideration contemplated in, the Arrangement Agreement. Pursuant to the Arrangement, at the effective time of the Arrangement: (i) all outstanding, unexpired Company options to purchase Tesco Common Shares under any Company stock incentive plan (“Company Option”) will be accelerated, cancelled, and exchanged for the right to receive an amount in cash per share, less tax withholdings, equal to (a) the excess of the Market Value per share over the option’s exercise price, multiplied by (b) the aggregate number of Tesco Common Shares subject to such Company Option immediately prior to the effective time, and each Company Option with an exercise price per share that is equal to or greater than the Market Value will be cancelled for no consideration; (ii) all outstanding Company restricted stock units (including performance-based restricted stock units) (“RSUs”) will vest and be cancelled in exchange for the right to receive an amount in cash, less tax withholding, equal to (a) the Market Value per share, multiplied by (b) the aggregate number of Tesco Common Shares underlying the Company RSUs immediately prior to the effective time. Market Value means 0.68 multiplied by the closing price of one common share of Nabors on the New York Stock Exchange (“NYSE”) on the last trading day prior to the effective date of the Arrangement. The closing of the Arrangement is subject to satisfaction of certain conditions, including, among others, approval of the Arrangement by the Company’s security holders; approval of the interim and final order by the Court of Queen’s Bench of Alberta, and receipt of any regulatory or stock exchange approvals, including approval of the NYSE. The Arrangement Agreement contains certain customary termination rights for both the Company and Nabors. In addition, upon termination of the Arrangement Agreement under specified circumstances, including in order to enter into a binding written agreement related to a superior proposal, the Company will be required to pay a cash termination fee of $8 million

Nature of Operations and Basis

Nature of Operations and Basis of Preparation	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Preparation	Nature of Operations and Basis of Preparation Nature of Operations Tesco Corporation is a global leader in the design, assembly, and service delivery of technology-based solutions for the upstream energy industry. The Company seeks to improve the way wells are drilled by delivering safer and more efficient solutions that add value by reducing the costs of drilling for, and producing, oil and natural gas. Product and service offerings consist mainly of equipment sales and services to oilfield service companies ("OFS") and exploration and production ("E&P") operating companies throughout the world. Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair presentation of operating results for the interim periods presented. Adjustments consist of normal and recurring accruals. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required for annual financial statements presented in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Significant Accounting Policies There have been no material changes to our accounting policies as described in the notes to our audited consolidated financial statements included in our 2016 Annual Report on Form 10-K. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) , which clarifies the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update will be effective January 1, 2018. Early adoption is permitted on January 1, 2017. We will adopt the standard as of January 1, 2018. The standard provides for adoption retrospectively for each period presented (full retrospective) or retrospectively with the cumulative effect recognized as of the date of initial adoption (modified retrospective). We plan to apply the modified retrospective approach. We have the necessary resources dedicated to carry out the evaluation and adoption of the new standard and are currently reviewing the Company’s existing contracts under the principles of the new standard and identifying the modifications needed to our current revenue recognition accounting policy, business processes and system requirements. We anticipate the adoption of the new standard may require us to make significant changes to our business processes, and we are currently evaluating the overall impact this guidance will have on the consolidated financial statements and related disclosures of the Company. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) , which is a comprehensive new lease standard that amends various aspects of existing accounting guidance for leases. It will require recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The update will be effective January 1, 2019. Although early adoption is permitted, we will adopt the standard effective January 1, 2019.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories, net At September 30, 2017 and December 31, 2016 , inventories, net of reserves for excess and obsolete inventories of $1.6 million and $9.1 million , respectively, by major classification were as follows (in thousands): September 30, December 31, Raw materials and component parts $ 68,437 $ 66,731 Work in progress 3,473 3,420 Finished goods 5,659 6,075 $ 77,569 $ 76,226 The decrease in the reserves is due to the application of $5.2 million reserves directly to specific inventory items and $2.3 million

Prepaid and other current asset

Prepaid and other current assets	9 Months Ended
	Sep. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid and other current assets	Prepaid and Other Current Assets At September 30, 2017 and December 31, 2016 , prepaid and other current assets consisted of the following (in thousands): September 30, December 31, Prepaid taxes other than income $ 2,125 $ 2,036 Prepaid insurance 1,237 1,180 Other prepaid expenses 2,987 3,118 Deposits 3,895 3,063 Restricted cash 2,845 3,493 Non-trade receivables 226 325 Deferred job costs 469 1,819 $ 13,784 $ 15,034

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment At September 30, 2017 and December 31, 2016 , property, plant and equipment by major classification were as follows (in thousands): September 30, December 31, Land, buildings and leaseholds $ 27,020 $ 27,499 Drilling equipment 263,084 264,388 Manufacturing equipment 13,412 13,188 Office equipment and other 28,155 28,452 Capital work in progress 1,426 3,887 333,097 337,414 Less: Accumulated depreciation (226,255 ) (216,671 ) $ 106,842 $ 120,743 For the nine months ended September 30, 2017 and the year ended December 31, 2016 , $3.1 million and $1.6 million , respectively, were capitalized into fixed assets from inventory, and the related cash expenditures were reflected through operating cash flow. Depreciation and amortization expense for the three and nine months ended September 30, 2017 and 2016 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Cost of sales and services $ 5,247 $ 7,186 $ 16,858 $ 21,879 Selling, general and administrative expense 87 156 301 637 $ 5,334 $ 7,342 $ 17,159 $ 22,516 During the second quarter of 2017, we reevaluated the remaining useful life of our CDS TM assets in the Tubular Services segment and determined these assets had a remaining life of 7 years. This change was effective June 1, 2017, and has been accounted for prospectively. Sale of Operating Assets When pipe handling products that we manufacture are used in our rental fleet and subsequently sold, the sales proceeds are included in revenue and the net book value of the equipment sold is included in cost of sales and services within product sales of our Products segment. When CDS TM and other tubular services products that we manufacture or purchase are used in our operations and subsequently sold, the sales proceeds are included in revenue and the net book value of the equipment sold is included in cost of sales and services within CDS, parts and accessories of our Tubular Services segment. During the three and nine months ended September 30, 2017 zero and four used top drives were sold from our rental fleet. During the three and nine months ended September 30, 2016 , zero and six

Warranties

Warranties	9 Months Ended
	Sep. 30, 2017
Product Warranties Disclosures [Abstract]
Warranties	Warranties Changes in our warranty reserves during the nine months ended September 30, 2017 were as follows (in thousands): Nine Months Ended Balance as of December 31, 2016 $ 474 Provisions 127 Expirations (156 ) Claims (141 ) Balance as of September 30, 2017 $ 304

Earnings per Share and Sharehol

Earnings per Share and Shareholders' Equity	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share and Shareholders' Equity	Earnings per Share and Shareholders' Equity Weighted Average Shares The following table reconciles basic and diluted weighted average shares (in thousands): Three Months Ended September 30, Nine Months Ended 2017 2016 2017 2016 Basic weighted average number of shares outstanding 46,755 46,382 46,733 42,039 Dilutive effect of stock-based compensation — — — — Diluted weighted average number of shares outstanding 46,755 46,382 46,733 42,039 Anti-dilutive options excluded from calculation due to exercise prices — — — — There were approximately 558,000 and 474,000 shares excluded from the calculation of the diluted weighted average number of shares outstanding as the Company was in a net loss position for the three and nine months ended September 30, 2017 . There were approximately 426,000 and 408,000 shares excluded from the calculation of the diluted weighted average number of shares outstanding as the Company was in a net loss position for the three and nine months ended September 30, 2016 . The inclusion of the shares would be anti-dilutive. Common Stock Issued In June 2016, the Company completed a secondary public equity offering of 7.1 million common shares that generated proceeds of $47.6 million , net of underwriting discounts, commissions, issuance costs and expenses. In July 2016, our underwriter partially exercised its over-allotment option to purchase an additional 130,752 common shares that generated nearly $1 million

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are an Alberta, Canada corporation. We conduct business and are taxed on profits earned in certain jurisdictions around the world. Income taxes have been provided for based on the laws and rates in effect in the countries in which operations are conducted or in which we are considered a resident for income tax purposes. Our income tax provision for the three and nine months ended September 30, 2017 and 2016 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Current tax provision (benefit) $ 83 $ (981 ) $ 1,549 $ (409 ) Deferred tax provision (benefit) — 425 (81 ) 152 Income tax provision (benefit) $ 83 $ (556 ) $ 1,468 $ (257 ) Our effective tax rate, which is income tax expense as a percentage of loss before income taxes, was a 1% expense and a 4% expense for the three and nine months ended September 30, 2017 , respectively, compared to a 2% benefit and 0% for the same periods in 2016 . The current income tax expense for the three and nine months ended September 30, 2017 was due to certain tax jurisdictions where we remain profitable.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Contingencies In the normal course of our business, we are subject to legal proceedings brought by or against us and our subsidiaries. None of the proceedings involves a claim for damages exceeding ten percent of our current assets on a consolidated basis. There can be no assurance as to the eventual outcome or the amount of loss we may suffer as a result of these proceedings. On September 28, 2017, a shareholder of the Company filed a lawsuit in the U.S. District Court for the Southern District of Texas against TESCO and its directors. Two other shareholders of the Company filed putative class action lawsuits in the U.S. District Court for the Southern District of Texas against the Company and its directors on September 29, 2017 and October 10, 2017, respectively. The lawsuits assert claims under Section 14(a) and Section 20 of the Securities Exchange Act and allege that the Company has made materially incomplete and misleading disclosures regarding the proposed arrangement between the Company, Nabors and Nabors Maple. At the current time, the Company believes the chance that it incurs a material loss related to the litigation is remote, so it has not made any accrual related to the litigation. Other Contingencies We are contingently liable under letters of credit and similar instruments that we enter in connection with the importation of equipment into international countries and to secure our performance on certain contracts. As of September 30, 2017 and December 31, 2016 , our total exposure under outstanding letters of credit was $2.0 million and $2.7 million , respectively. Of this amount, $2.0 million and $2.5 million were secured by restricted cash on deposit at September 30, 2017 and December 31, 2016

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information Business Segments Significant financial information relating to our business segments is presented below (in thousands): Three Months Ended September 30, 2017 Products Tubular Services Research & Engineering Corporate & Other Total Revenue $ 18,515 $ 21,999 $ — $ — $ 40,514 Depreciation and amortization 960 3,931 — 443 5,334 Operating loss (2,171 ) (2,305 ) (788 ) (7,439 ) (12,703 ) Other expense 242 Loss before income taxes $ (12,945 ) Three Months Ended September 30, 2016 Products Tubular Services Research & Engineering Corporate & Other Total Revenue $ 16,957 $ 13,458 $ — $ — $ 30,415 Depreciation and amortization 1,395 5,356 — 591 7,342 Operating loss (7,437 ) (7,986 ) (1,248 ) (5,215 ) (21,886 ) Other expense 739 Loss before income taxes $ (22,625 ) Nine Months Ended September 30, 2017 Products Tubular Services Research & Engineering Corporate & Other Total Revenue $ 58,089 $ 59,312 $ — $ — $ 117,401 Depreciation and amortization 2,644 13,058 — 1,457 17,159 Operating loss (3,453 ) (12,533 ) (2,401 ) (18,726 ) (37,113 ) Other expense 247 Loss before income taxes $ (37,360 ) Nine Months Ended September 30, 2016 Products Tubular Services Research & Engineering Corporate & Other Total Revenue $ 54,122 $ 45,332 $ — $ — $ 99,454 Depreciation and amortization 3,862 16,676 2 1,976 22,516 Operating loss (49,329 ) (23,335 ) (4,258 ) (18,938 ) (95,860 ) Other expense 2,176 Loss before income taxes $ (98,036 ) Other Charges As a result of the uncertain prospects for the oilfield services and equipment sector and the impact on our business outlook, we continued certain cost rationalization efforts that were implemented in 2015 through 2017 . Consequently, we recorded charges in continuing operations related to headcount reductions and office closures. The following table presents these charges and the related income statement classification to which the charges are included for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended Nine Months Ended Severance Facility Closures Severance Facility Closures Income Statement Classification Products $ 159 $ 303 $ 349 $ 374 Cost of sales and services - Products Tubular Services 454 305 707 478 Cost of sales and services - Services Corporate & Other — — (37 ) — Selling, general and administrative $ 613 $ 608 $ 1,019 $ 852 Three Months Ended Nine Months Ended Severance Facility Closures Severance Facility Closures Income Statement Classification Products $ 75 $ — $ 1,487 $ 25 Cost of sales and services - Products Tubular Services 193 15 1,715 737 Cost of sales and services - Services Corporate & Other — — 90 131 Selling, general and administrative $ 268 $ 15 $ 3,292 $ 893 Geographic Areas We attribute revenue to geographic regions based on the location of the customer. Generally, for service activities, this will be the region in which the service activity occurs. For equipment sales, this will be the geographical region in which the product is initially deployed. Our revenue by geographic area for the three and nine months ended September 30, 2017 and 2016 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 United States $ 15,364 $ 9,035 $ 44,822 $ 33,969 Europe, Africa and Middle East 8,341 9,542 22,204 25,914 Asia Pacific 3,390 1,536 6,697 7,493 Russia 6,881 3,883 24,359 11,509 Latin America 5,070 5,631 13,323 17,246 Canada 1,468 788 5,996 3,323 $ 40,514 $ 30,415 $ 117,401 $ 99,454 The location of our net property, plant and equipment by geographic area as of September 30, 2017 and December 31, 2016 was as follows (in thousands): September 30, 2017 Products Tubular Services Overhead, Corporate & Other Total United States $ 5,790 $ 27,915 $ 7,739 $ 41,444 Europe, Africa and Middle East 6,145 9,636 2,245 18,026 Asia Pacific 3,906 6,012 353 10,271 Russia 10,570 1,201 4 11,775 Latin America 17,684 937 — 18,621 Canada 1,402 842 4,461 6,705 $ 45,497 $ 46,543 $ 14,802 $ 106,842 December 31, 2016 Products Tubular Services Overhead, Corporate & Other Total United States $ 6,959 $ 32,227 $ 9,232 $ 48,418 Europe, Africa and Middle East 6,263 10,355 2,308 18,926 Asia Pacific 3,417 9,315 478 13,210 Russia 10,956 954 7 11,917 Latin America 19,579 2,428 209 22,216 Canada 324 1,020 4,712 6,056 $ 47,498 $ 56,299 $ 16,946 $ 120,743 Major Customers and Credit Risk

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair presentation of operating results for the interim periods presented. Adjustments consist of normal and recurring accruals. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required for annual financial statements presented in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 . All references to $ are to U.S. dollars.
Recent accounting pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) , which clarifies the principles for recognizing revenue. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update will be effective January 1, 2018. Early adoption is permitted on January 1, 2017. We will adopt the standard as of January 1, 2018. The standard provides for adoption retrospectively for each period presented (full retrospective) or retrospectively with the cumulative effect recognized as of the date of initial adoption (modified retrospective). We plan to apply the modified retrospective approach. We have the necessary resources dedicated to carry out the evaluation and adoption of the new standard and are currently reviewing the Company’s existing contracts under the principles of the new standard and identifying the modifications needed to our current revenue recognition accounting policy, business processes and system requirements. We anticipate the adoption of the new standard may require us to make significant changes to our business processes, and we are currently evaluating the overall impact this guidance will have on the consolidated financial statements and related disclosures of the Company. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) , which is a comprehensive new lease standard that amends various aspects of existing accounting guidance for leases. It will require recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The update will be effective January 1, 2019. Although early adoption is permitted, we will adopt the standard effective January 1, 2019. Lessees and lessors are required to adopt Topic 842 using a modified retrospective approach for all leases existing at or commencing after the date of initial application with an option to use certain practical expedients. We have the necessary resources dedicated to the evaluation and adoption of the new standard, and we are currently assessing the impact the standard may have on business processes, systems, and consolidated financial statements and related disclosures of the Company.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Schedule of inventory	At September 30, 2017 and December 31, 2016 , inventories, net of reserves for excess and obsolete inventories of $1.6 million and $9.1 million , respectively, by major classification were as follows (in thousands): September 30, December 31, Raw materials and component parts $ 68,437 $ 66,731 Work in progress 3,473 3,420 Finished goods 5,659 6,075 $ 77,569 $ 76,226

Prepaid and other current ass20

Prepaid and other current assets (Tables)	9 Months Ended
	Sep. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of prepaid and other current assets	At September 30, 2017 and December 31, 2016 , prepaid and other current assets consisted of the following (in thousands): September 30, December 31, Prepaid taxes other than income $ 2,125 $ 2,036 Prepaid insurance 1,237 1,180 Other prepaid expenses 2,987 3,118 Deposits 3,895 3,063 Restricted cash 2,845 3,493 Non-trade receivables 226 325 Deferred job costs 469 1,819 $ 13,784 $ 15,034

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Property, plant and equipment	At September 30, 2017 and December 31, 2016 , property, plant and equipment by major classification were as follows (in thousands): September 30, December 31, Land, buildings and leaseholds $ 27,020 $ 27,499 Drilling equipment 263,084 264,388 Manufacturing equipment 13,412 13,188 Office equipment and other 28,155 28,452 Capital work in progress 1,426 3,887 333,097 337,414 Less: Accumulated depreciation (226,255 ) (216,671 ) $ 106,842 $ 120,743
Depreciation and amortization expense	Depreciation and amortization expense for the three and nine months ended September 30, 2017 and 2016 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Cost of sales and services $ 5,247 $ 7,186 $ 16,858 $ 21,879 Selling, general and administrative expense 87 156 301 637 $ 5,334 $ 7,342 $ 17,159 $ 22,516

Warranties (Tables)

Warranties (Tables)	9 Months Ended
	Sep. 30, 2017
Product Warranties Disclosures [Abstract]
Schedule of product warranty liability	Changes in our warranty reserves during the nine months ended September 30, 2017 were as follows (in thousands): Nine Months Ended Balance as of December 31, 2016 $ 474 Provisions 127 Expirations (156 ) Claims (141 ) Balance as of September 30, 2017 $ 304

Earnings per Share and Shareh23

Earnings per Share and Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of weighted average number of shares	The following table reconciles basic and diluted weighted average shares (in thousands): Three Months Ended September 30, Nine Months Ended 2017 2016 2017 2016 Basic weighted average number of shares outstanding 46,755 46,382 46,733 42,039 Dilutive effect of stock-based compensation — — — — Diluted weighted average number of shares outstanding 46,755 46,382 46,733 42,039 Anti-dilutive options excluded from calculation due to exercise prices — — — —

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Schedule of components of income tax expense (benefit)	Our income tax provision for the three and nine months ended September 30, 2017 and 2016 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Current tax provision (benefit) $ 83 $ (981 ) $ 1,549 $ (409 ) Deferred tax provision (benefit) — 425 (81 ) 152 Income tax provision (benefit) $ 83 $ (556 ) $ 1,468 $ (257 )

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Reconciliation of operating profit (loss) from segments to consolidated	Significant financial information relating to our business segments is presented below (in thousands): Three Months Ended September 30, 2017 Products Tubular Services Research & Engineering Corporate & Other Total Revenue $ 18,515 $ 21,999 $ — $ — $ 40,514 Depreciation and amortization 960 3,931 — 443 5,334 Operating loss (2,171 ) (2,305 ) (788 ) (7,439 ) (12,703 ) Other expense 242 Loss before income taxes $ (12,945 ) Three Months Ended September 30, 2016 Products Tubular Services Research & Engineering Corporate & Other Total Revenue $ 16,957 $ 13,458 $ — $ — $ 30,415 Depreciation and amortization 1,395 5,356 — 591 7,342 Operating loss (7,437 ) (7,986 ) (1,248 ) (5,215 ) (21,886 ) Other expense 739 Loss before income taxes $ (22,625 ) Nine Months Ended September 30, 2017 Products Tubular Services Research & Engineering Corporate & Other Total Revenue $ 58,089 $ 59,312 $ — $ — $ 117,401 Depreciation and amortization 2,644 13,058 — 1,457 17,159 Operating loss (3,453 ) (12,533 ) (2,401 ) (18,726 ) (37,113 ) Other expense 247 Loss before income taxes $ (37,360 ) Nine Months Ended September 30, 2016 Products Tubular Services Research & Engineering Corporate & Other Total Revenue $ 54,122 $ 45,332 $ — $ — $ 99,454 Depreciation and amortization 3,862 16,676 2 1,976 22,516 Operating loss (49,329 ) (23,335 ) (4,258 ) (18,938 ) (95,860 ) Other expense 2,176 Loss before income taxes $ (98,036 )
Charges and related income statement classification for restructuring	The following table presents these charges and the related income statement classification to which the charges are included for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended Nine Months Ended Severance Facility Closures Severance Facility Closures Income Statement Classification Products $ 159 $ 303 $ 349 $ 374 Cost of sales and services - Products Tubular Services 454 305 707 478 Cost of sales and services - Services Corporate & Other — — (37 ) — Selling, general and administrative $ 613 $ 608 $ 1,019 $ 852 Three Months Ended Nine Months Ended Severance Facility Closures Severance Facility Closures Income Statement Classification Products $ 75 $ — $ 1,487 $ 25 Cost of sales and services - Products Tubular Services 193 15 1,715 737 Cost of sales and services - Services Corporate & Other — — 90 131 Selling, general and administrative $ 268 $ 15 $ 3,292 $ 893
Schedule of revenues from external customers and long-lived assets by geographical areas	Our revenue by geographic area for the three and nine months ended September 30, 2017 and 2016 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 United States $ 15,364 $ 9,035 $ 44,822 $ 33,969 Europe, Africa and Middle East 8,341 9,542 22,204 25,914 Asia Pacific 3,390 1,536 6,697 7,493 Russia 6,881 3,883 24,359 11,509 Latin America 5,070 5,631 13,323 17,246 Canada 1,468 788 5,996 3,323 $ 40,514 $ 30,415 $ 117,401 $ 99,454 The location of our net property, plant and equipment by geographic area as of September 30, 2017 and December 31, 2016 was as follows (in thousands): September 30, 2017 Products Tubular Services Overhead, Corporate & Other Total United States $ 5,790 $ 27,915 $ 7,739 $ 41,444 Europe, Africa and Middle East 6,145 9,636 2,245 18,026 Asia Pacific 3,906 6,012 353 10,271 Russia 10,570 1,201 4 11,775 Latin America 17,684 937 — 18,621 Canada 1,402 842 4,461 6,705 $ 45,497 $ 46,543 $ 14,802 $ 106,842 December 31, 2016 Products Tubular Services Overhead, Corporate & Other Total United States $ 6,959 $ 32,227 $ 9,232 $ 48,418 Europe, Africa and Middle East 6,263 10,355 2,308 18,926 Asia Pacific 3,417 9,315 478 13,210 Russia 10,956 954 7 11,917 Latin America 19,579 2,428 209 22,216 Canada 324 1,020 4,712 6,056 $ 47,498 $ 56,299 $ 16,946 $ 120,743

Combination of TESCO with Nab26

Combination of TESCO with Nabors Industries Ltd. (Details) - Nabors Industries Ltd $ in Millions	Aug. 13, 2017shares	Sep. 30, 2017USD ($)
Business Acquisition [Line Items]
Shares exchanged for share of acquirer (in shares) | shares	0.68
Closing share price multiple	0.68
Fee payable if agreement terminated | $		$ 8

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Reserves for excess and obsolete inventories	$ 1,600	$ 9,100
Raw materials and component parts	68,437	66,731
Work in progress	3,473	3,420
Finished goods	5,659	6,075
Inventory, net	77,569	$ 76,226
Application of inventory reserves	5,200
Inventory disposal	$ 2,300

Prepaid and other current ass28

Prepaid and other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid taxes other than income	$ 2,125	$ 2,036
Prepaid insurance	1,237	1,180
Other prepaid expenses	2,987	3,118
Deposits	3,895	3,063
Restricted cash	2,845	3,493
Non-trade receivables	226	325
Deferred job costs	469	1,819
Prepaid expenses and other current assets	$ 13,784	$ 15,034

Property, Plant and Equipment -

Property, Plant and Equipment - Major Asset Categories (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 333,097	$ 337,414
Less: Accumulated depreciation	(226,255)	(216,671)
Property, plant and equipment, net	106,842	120,743
Inventory capitalized into fixed assets	3,100	1,600
Land, buildings and leaseholds
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	27,020	27,499
Drilling equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	263,084	264,388
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	13,412	13,188
Office equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	28,155	28,452
Capital work in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 1,426	$ 3,887

Property, Plant and Equipment30

Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 5,334	$ 7,342	$ 17,159	$ 22,516
CDS Tools
Property, Plant and Equipment [Line Items]
CDS assets useful life			7 years
Cost of sales and services
Property, Plant and Equipment [Line Items]
Depreciation and amortization	5,247	7,186	$ 16,858	21,879
Selling, general and administrative expense
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 87	$ 156	$ 301	$ 637

Property, Plant and Equipment31

Property, Plant and Equipment - Units Sold (Details) - top_drive	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Number of used top drives sold	0	0	4	6

Warranties (Details)

Warranties (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance as of December 31, 2016	$ 474
Provisions	127
Expirations	(156)
Claims	(141)
Balance as of September 30, 2017	$ 304

Earnings per Share and Shareh33

Earnings per Share and Shareholders' Equity - Summary of Weighted Average Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average number of shares outstanding (in shares)	46,755,000	46,382,000	46,733,000	42,039,000
Dilutive effect of stock-based compensation (in shares)	0	0	0	0
Diluted weighted average number of shares outstanding (in shares)	46,755,000	46,382,000	46,733,000	42,039,000
Anti-dilutive options excluded from calculation due to exercise prices (in shares)	558,000	426,000	474,000	408,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options excluded from calculation due to exercise prices (in shares)	0	0	0	0

Earnings per Share and Shareh34

Earnings per Share and Shareholders' Equity Narrative (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Stock Issued or Granted During Period, Share-based Compensation [Abstract]
Anti-dilutive options excluded from calculation due to exercise prices (in shares)			558,000	426,000	474,000	408,000
Number of Shares Issued in Transaction (in shares)	130,752	7,100,000
Consideration received upon sale of stock	$ 1	$ 47.6

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Current tax provision (benefit)	$ 83	$ (981)	$ 1,549	$ (409)
Deferred tax provision (benefit)	0	425	(81)	152
Income tax provision (benefit)	$ 83	$ (556)	$ 1,468	$ (257)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	1.00%	(2.00%)	4.00%	0.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Loss contingency, maximum percent of claims to current assets (percent)	10.00%
Total exposure under outstanding letters of credit	$ 2	$ 2.7
Letter of Credit
Loss Contingencies [Line Items]
Cash collateral for borrowed securities	$ 2	$ 2.5

Segment Information - Business

Segment Information - Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 40,514	$ 30,415	$ 117,401	$ 99,454
Depreciation and amortization	5,334	7,342	17,159	22,516
Operating loss	(12,703)	(21,886)	(37,113)	(95,860)
Other expense	242	739	247	2,176
Loss before income taxes	(12,945)	(22,625)	(37,360)	(98,036)
Products
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	18,515	16,957	58,089	54,122
Depreciation and amortization	960	1,395	2,644	3,862
Operating loss	(2,171)	(7,437)	(3,453)	(49,329)
Tubular Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	21,999	13,458	59,312	45,332
Depreciation and amortization	3,931	5,356	13,058	16,676
Operating loss	(2,305)	(7,986)	(12,533)	(23,335)
Research & Engineering
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	0	0	0	0
Depreciation and amortization	0	0	0	2
Operating loss	(788)	(1,248)	(2,401)	(4,258)
Corporate & Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	0	0	0	0
Depreciation and amortization	443	591	1,457	1,976
Operating loss	$ (7,439)	$ (5,215)	$ (18,726)	$ (18,938)

Segment Information - Other Cha

Segment Information - Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 613	$ 268	$ 1,019	$ 3,292
Severance | Products | Cost of sales and services - Products
Restructuring Cost and Reserve [Line Items]
Restructuring costs	159	75	349	1,487
Severance | Tubular Services | Cost of sales and services - Services
Restructuring Cost and Reserve [Line Items]
Restructuring costs	454	193	707	1,715
Severance | Corporate & Other | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	(37)	90
Facility Closures
Restructuring Cost and Reserve [Line Items]
Restructuring costs	608	15	852	893
Facility Closures | Products | Cost of sales and services - Products
Restructuring Cost and Reserve [Line Items]
Restructuring costs	303	0	374	25
Facility Closures | Tubular Services | Cost of sales and services - Services
Restructuring Cost and Reserve [Line Items]
Restructuring costs	305	15	478	737
Facility Closures | Corporate & Other | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 0	$ 0	$ 131

Segment Information - Revenue b

Segment Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	$ 40,514	$ 30,415	$ 117,401	$ 99,454
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	15,364	9,035	44,822	33,969
Europe, Africa and Middle East
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	8,341	9,542	22,204	25,914
Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	3,390	1,536	6,697	7,493
Russia
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	6,881	3,883	24,359	11,509
Latin America
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	5,070	5,631	13,323	17,246
Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenue	$ 1,468	$ 788	$ 5,996	$ 3,323

Segment Information - Property,

Segment Information - Property, Plant and Equipment by Geographic Area (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	$ 106,842	$ 120,743
United States
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	41,444	48,418
Europe, Africa and Middle East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	18,026	18,926
Asia Pacific
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	10,271	13,210
Russia
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	11,775	11,917
Latin America
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	18,621	22,216
Canada
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	6,705	6,056
Products
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	45,497	47,498
Products | United States
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	5,790	6,959
Products | Europe, Africa and Middle East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	6,145	6,263
Products | Asia Pacific
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	3,906	3,417
Products | Russia
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	10,570	10,956
Products | Latin America
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	17,684	19,579
Products | Canada
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	1,402	324
Tubular Services
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	46,543	56,299
Tubular Services | United States
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	27,915	32,227
Tubular Services | Europe, Africa and Middle East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	9,636	10,355
Tubular Services | Asia Pacific
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	6,012	9,315
Tubular Services | Russia
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	1,201	954
Tubular Services | Latin America
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	937	2,428
Tubular Services | Canada
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	842	1,020
Overhead, Corporate & Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	14,802	16,946
Overhead, Corporate & Other | United States
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	7,739	9,232
Overhead, Corporate & Other | Europe, Africa and Middle East
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	2,245	2,308
Overhead, Corporate & Other | Asia Pacific
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	353	478
Overhead, Corporate & Other | Russia
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	4	7
Overhead, Corporate & Other | Latin America
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	0	209
Overhead, Corporate & Other | Canada
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total property, plant and equipment, net	$ 4,461	$ 4,712