Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 23, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | bas | ||
Entity Registrant Name | BASIC ENERGY SERVICES INC | ||
Entity Central Index Key | 1,109,189 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 42,195,405 | ||
Entity Public Float | $ 291,466,290 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 46,732 | $ 79,915 |
Trade accounts receivable, net of allowance of $2,670 and $2,032, respectively | 102,127 | 247,069 |
Accounts receivable - related parties | 35 | 161 |
Income tax receivable | 1,828 | 3,121 |
Inventories | 36,944 | 44,557 |
Prepaid expenses | 13,851 | 15,779 |
Other current assets | 9,968 | 9,934 |
Deferred tax assets | 13,484 | 14,664 |
Total current assets | 224,969 | 415,200 |
Property and equipment, net | 846,290 | 1,007,969 |
Deferred debt costs, net of amortization | 13,124 | 15,350 |
Goodwill | 78,011 | |
Other intangible assets, net of amortization | 66,745 | 71,173 |
Other assets | 10,241 | 9,474 |
Total assets | 1,161,369 | 1,597,177 |
Current liabilities: | ||
Accounts payable | 54,521 | 50,618 |
Accrued expenses | 59,380 | 90,810 |
Current portion of long-term debt | 48,651 | 48,575 |
Other current liabilities | 7,003 | 6,135 |
Total current liabilities | 169,555 | 196,138 |
Long-term debt, net of premium on notes of $956 and $1,217 at December 31, 2015 and 2014, respectively | 838,368 | 882,572 |
Deferred tax liabilities | 18,550 | 147,621 |
Other long-term liabilities | $ 28,558 | $ 28,193 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock; $.01 par value; 5,000,000 shares authorized; none designated or issued at December 31, 2015 and December 31, 2014, respectively | ||
Common stock; $.01 par value; 80,000,000 shares authorized; 43,500,032 shares issued and 42,196,680 shares outstanding at December 31, 2015; and 43,500,032 shares issued and 42,241,719 shares outstanding at December 31, 2014 | $ 435 | $ 435 |
Additional paid-in capital | 374,729 | 369,920 |
Retained deficit | (256,812) | (15,067) |
Treasury stock, at cost 1,303,352 and 1,258,313 shares at December 31, 2015 and 2014, respectively | (12,014) | (12,635) |
Total stockholders' equity | 106,338 | 342,653 |
Total liabilities and stockholders' equity | $ 1,161,369 | $ 1,597,177 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for trade accounts receivable | $ 2,670 | $ 2,032 |
Unamortized premium on notes | $ 956 | $ 1,217 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 43,500,032 | 43,500,032 |
Common stock, shares outstanding | 42,196,680 | 42,241,719 |
Treasury stock, shares | 1,303,352 | 1,258,313 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Total revenues | $ 805,599 | $ 1,491,284 | $ 1,262,904 |
Expenses: | |||
General and administrative, including stock-based compensation of $13,728, $14,714 and $11,830 in 2015, 2014 and 2013, respectively | 143,458 | 167,301 | 171,439 |
Depreciation and amortization | 241,471 | 217,480 | 209,747 |
Loss on disposal of assets | 1,602 | 1,974 | 2,873 |
Goodwill impairment | 81,877 | 34,703 | |
Total expenses | 1,111,264 | 1,432,877 | 1,252,147 |
Operating (loss) income | (305,665) | 58,407 | 10,757 |
Other income (expense): | |||
Interest expense | (67,964) | (67,042) | (67,207) |
Interest income | 26 | 40 | 53 |
Other income | 528 | 775 | 743 |
Loss before income taxes | (373,075) | (7,820) | (55,654) |
Income tax (expense) benefit | 131,330 | (521) | 19,725 |
Net loss | (241,745) | (8,341) | (35,929) |
Net loss available to common stockholders | $ (241,745) | $ (8,341) | $ (35,929) |
Loss per share of common stock: | |||
Basic | $ (5.97) | $ (0.20) | $ (0.89) |
Diluted | $ (5.97) | $ (0.20) | $ (0.89) |
Completion and Remedial Services | |||
Revenues: | |||
Total revenues | $ 307,550 | $ 698,917 | $ 501,137 |
Expenses: | |||
Service expenses | 245,069 | 434,457 | 327,540 |
Depreciation and amortization | 83,882 | 74,924 | 62,609 |
Goodwill impairment | 81,877 | ||
Fluid Services | |||
Revenues: | |||
Total revenues | 258,597 | 369,774 | 343,863 |
Expenses: | |||
Service expenses | 196,155 | 265,105 | 239,154 |
Depreciation and amortization | 71,280 | 64,445 | 63,316 |
Well Servicing | |||
Revenues: | |||
Total revenues | 217,245 | 361,683 | 363,386 |
Expenses: | |||
Service expenses | 184,952 | 270,344 | 265,058 |
Depreciation and amortization | 60,466 | 55,131 | 60,474 |
Contract Drilling | |||
Revenues: | |||
Total revenues | 22,207 | 60,910 | 54,518 |
Expenses: | |||
Service expenses | $ 16,680 | $ 41,513 | $ 36,336 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Stock-based compensation included in general and administrative expense | $ 13,728 | $ 14,714 | $ 11,830 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings (Deficit) | Total |
Beginning Balance (in shares) at Dec. 31, 2012 | 43,500,032 | ||||
Beginning Balance at Dec. 31, 2012 | $ 435 | $ 359,160 | $ (16,388) | $ 29,203 | $ 372,410 |
Issuances of restricted stock | (6,751) | 6,751 | |||
Amortization of share-based compensation | 11,830 | 11,830 | |||
Purchase of treasury stock | (3,605) | (3,605) | |||
Exercise of stock options / vesting of restricted stock | (565) | 1,146 | 581 | ||
Net income (loss) | (35,929) | (35,929) | |||
Ending Balance (in shares) at Dec. 31, 2013 | 43,500,032 | ||||
Ending Balance at Dec. 31, 2013 | $ 435 | 363,674 | (12,096) | (6,726) | 345,287 |
Issuances of restricted stock | (9,583) | 9,583 | |||
Amortization of share-based compensation | 14,714 | 14,714 | |||
Purchase of treasury stock | (12,733) | (12,733) | |||
Exercise of stock options / vesting of restricted stock | 1,115 | 2,611 | 3,726 | ||
Net income (loss) | (8,341) | (8,341) | |||
Ending Balance (in shares) at Dec. 31, 2014 | 43,500,032 | ||||
Ending Balance at Dec. 31, 2014 | $ 435 | 369,920 | (12,635) | (15,067) | 342,653 |
Issuances of restricted stock | (3,779) | 3,779 | |||
Amortization of share-based compensation | 13,728 | 13,728 | |||
Purchase of treasury stock | (5,742) | (5,742) | |||
Exercise of stock options / vesting of restricted stock | (5,140) | 2,584 | (2,556) | ||
Net income (loss) | (241,745) | (241,745) | |||
Ending Balance (in shares) at Dec. 31, 2015 | 43,500,032 | ||||
Ending Balance at Dec. 31, 2015 | $ 435 | $ 374,729 | $ (12,014) | $ (256,812) | $ 106,338 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (241,745) | $ (8,341) | $ (35,929) |
Adjustments to reconcile net loss to net cash provided by operating activities | |||
Depreciation and amortization | 241,471 | 217,480 | 209,747 |
Goodwill impairment | 81,877 | 34,703 | |
Accretion on asset retirement obligation | 134 | 132 | 112 |
Change in allowance for doubtful accounts | 638 | (1,643) | 895 |
Amortization of deferred financing costs | 3,622 | 3,176 | 3,102 |
Amortization of premium on notes | (261) | (242) | (224) |
Non-cash compensation | 13,728 | 14,714 | 11,830 |
Loss on disposal of assets | 1,602 | 1,974 | 2,873 |
Deferred income taxes | (131,171) | 87 | (20,030) |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 144,430 | (41,143) | 3,813 |
Inventories | 7,846 | (9,798) | 5,990 |
Prepaid expenses and other current assets | (740) | (14,435) | (1,046) |
Other assets | (767) | (1,810) | (1,154) |
Accounts payable | 3,903 | 5,110 | (16,232) |
Income tax receivable | 1,293 | (204) | (922) |
Other liabilities | 1,109 | 11,303 | 6,767 |
Accrued expenses | (31,430) | 13,473 | (4,004) |
Net cash provided by operating activities | 95,539 | 224,536 | 165,588 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (53,868) | (236,295) | (136,950) |
Proceeds from sale of assets | 8,109 | 39,835 | 19,863 |
Payments for other long-term assets | (879) | (1,132) | |
Payments for businesses, net of cash acquired | (16,730) | (16,090) | (21,467) |
Net cash used in investing activities | (62,489) | (213,429) | (139,686) |
Cash flows from financing activities: | |||
Proceeds from debt | 8,816 | 16,000 | |
Payments of debt | (68,635) | (47,894) | (45,397) |
Purchase of treasury stock | (5,742) | (12,733) | (3,605) |
Tax withholding from exercise of stock options | (3) | (362) | (200) |
Exercise of employee stock options | 727 | 4,646 | 781 |
Deferred loan costs and other financing activities | (1,396) | (2,381) | (514) |
Net cash used in financing activities | (66,233) | (42,724) | (48,935) |
Net decrease in cash and equivalents | (33,183) | (31,617) | (23,033) |
Cash and cash equivalents - beginning of year | 79,915 | 111,532 | 134,565 |
Cash and cash equivalents - end of year | $ 46,732 | $ 79,915 | $ 111,532 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Nature of Operations [Abstract] | |
Nature of Operations | 1. Nature of Operations Basic Energy Services, Inc. (“Basic” or the “Company”) provides a wide range of well site services to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services and well site construction services, well servicing and contract drilling. These services are primarily provided by Basic’s fleet of equipment. Basic’s operations are concentrated in major United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Kansas, Arkansas, Louisiana, Pennsylvania, West Virginia, Ohio, Wyoming, North Dakota, Colorado, California, Utah, Montana, and Kentucky. Basic’s reportable business segments are Completion and Remedial Services, Fluid Services, Well Servicing, and Contract Drilli ng. These segments are based on management’s resource allocation and performance assessment in making decisions regarding the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of Basic and its wholly-owned subsidiaries. Basic has no variable interest in any other organization, entity, partnership, or contract. All intercompany transactions and balances have been eliminated. Estimates, Risks and Uncertainties Preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include: • Depreciation and amortization of property and equipment and intangible assets • Impairment of property and equipment, goodwill and intangible assets • Allowance for doubtful accounts • Litigation and self-insured risk reserves • Fair value of assets acquired and liabilities assumed in an acquisition • Stock-based compensation • Income taxes Revenue Recognition Completion and Remedial Services — Completion and remedial services consists primarily of pumping services focused on cementing, acidizing and fracturing, nitrogen units, coiled tubing units, snubbing units, thru-tubing and rental and fishing tools. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices completion and remedial services by the hour, day, or project depending on the type of service performed. When Basic provides multiple services to a customer, revenue is allocated to the services performed based on the fair value of the services. Fluid Services — Fluid services consists primarily of the sale, transportation, treatment, storage and disposal of fluids used in the drilling, production and maintenance of oil and natural gas wells, and well site construction and maintenance services. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices fluid services by the job, by the hour or by the quantities sold, disposed of or hauled. Well Servicing — Well servicing consists primarily of maintenance services, workover services, completion services, plugging and abandonment services and rig manufacturing and servicing. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices well servicing by the hour or by the day of service performed. Rig manufacturing revenue is recognized when the rig is accepted by the customer, based on the completed contract method by individual rig. Contract Drilling — Contract drilling consists primarily of drilling wells to a specified depth using drilling rigs. Basic recognizes revenues based on either a “daywork” contract, in which an agreed upon rate per day is charged to the customer, a “footage” contract, in which an agreed upon rate is charged per the number of feet drilled, or a “turnkey” contract, in which an agreed upon single rate is charged for a drilled well. Taxes assessed on sales transactions are presented on a net basis and are not included in revenue. Cash and Cash Equivalents Basic considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Basic maintains its excess cash in various financial institutions, where deposits may exceed federally insured amounts at times. Fair Value of Financial Instruments The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of December 31, 2015 and 2014. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts receivable-related parties, accounts payable and accrued expenses approximate fair value because of the short maturities of these instruments. The carrying amount of our revolving credit facility in long-term debt also approximates fair value due to its variable-rate characteristics. December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) 7.75% Senior Notes due 2019, excluding premium $ 475,000 $ 149,625 $ 475,000 $ 372,875 7.75% Senior Notes due 2022, excluding premium 300,000 87,030 300,000 225,000 7.75% Senior Notes due 2019, and 7.75% Senior Notes due 2022: The fair value of our long-term notes is based upon the quoted market prices at December 31, 2015 and December 31, 2014. Inventories For rental and fishing tools, inventories consisting mainly of grapples, controls, and drill bits are stated at the lower of cost or market, with cost being determined on the average cost method. Other inventories, consisting mainly of manufacturing raw materials, rig components, repair parts, drilling and completion materials and gravel, are held for use in the operations of Basic and are stated at the lower of cost or market, with cost being determined on the first-in, first-out (“FIFO”) method. Property and Equipment Property and equipment are stated at cost or at estimated fair value at acquisition date if acquired in a business combination. Expenditures for repairs and maintenance are charged to expense as incurred and additions and improvements that significantly extend the lives of the assets are capitalized. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation and amortization are removed from the related accounts and any gain or loss is reflected in operations. All property and equipment are depreciated or amortized (to the extent of estimated salvage values) on the straight-line method and the estimated useful lives of the assets are as follows: Buildings and improvements 20 -30 years Well service units and equipment 3 -15 years Fluid services equipment 5 -10 years Brine and fresh water stations 15 years Fracturing/test tanks 10 years Pumping equipment 5 -10 years Construction equipment 3 -10 years Contract drilling equipment 3 -10 years Disposal facilities 10 -15 years Vehicles 3 -7 years Rental equipment 2 -15 years Aircraft 10 years Software and computers 3 years The components of a well servicing rig generally require replacement or refurbishment during the well servicing rig’s life and are depreciated over their estimated useful lives, which ranges from 3 to 15 years. The costs of the original components of a purchased or acquired well servicing rig are not maintained separately from the base rig. Impairments Long-lived assets, which include property, plant and equipment, and purchased intangible s subject to amortization with finite lives, are evaluated whenever events or changes in circumstances (“triggering events”) indicate that the carrying value of certain long-lived assets may not be recoverable. Long-lived assets are reviewed for impairment upon the occurrence of a triggering event. An impairment loss is recorded in the period in which it is determined that the carrying amount of a long-lived asset is not recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups of assets with such cash flows to be realized over the estimated remaining useful life of the primary asset within the asset group, excluding interest expense. The Company determined the lowest level of identifiable cash flows that are independent of other asset groups to be at the reporting unit level, which consists of the well servicing, fluid servicing, completion and remedial services and contract drilling. If the estimated undiscounted future net cash flows are less than the carrying amount of the related assets, an impairment loss is determined by comparing the fair value with the carrying value of the related assets. Basic determined that the continued drop in utilization across reporting units during 2015 constituted a triggering event. Although the severity and extent of the industry downturn is uncertain, absent a significant recovery in utilization of assets across reporting units , expected cash flows may decline in future periods. As a result of the triggering event in 2015, a recoverability test was performed on the long-lived asset groups supporting each of the Company’s reporting units . As of December 31, 2015, the recoverability testing for each asset group yielded an estimated undiscounted net cash flow that was greater than the carrying amount of the related assets, and as such, no impairment loss was recognized during 2015. If recoverability testing is performed in future periods and any reporting unit experience s a decline in undiscounted cash flows, the reporting unit could be susceptible to an impairment loss. Deferred Debt Costs Basic capitalizes certain costs associated with borrowing, such as lender’s fees and related attorney’s fees. These costs are amortized and included in interest expense using the effective interest method. Deferred debt costs were approximately $26.6 million net of accumulated amortization of $13.5 million, and $25.7 million net of accumulated amortization of $10.4 million at December 31, 2015 and December 31, 2014, respectively. Amortization of deferred debt costs totaled approximately $3.1 million, $3.2 million and $3.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. In 2015, Basic recorded $508,000 of accelerated amortization of debt issuance costs related to the amended revolving credit agreement. Goodwill and Other Intangible Assets Goodwill and other intangible assets not subject to amortization are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. A qualitative assessment is allowed to determine if goodwill is potentially impaired. The qualitative assessment determines whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If it is more likely that not that the fair value of the reporting unit is less than the carrying amount, then the two step impairment test is performed. First, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. If impairment is indicated, then the fair value of the reporting unit’s goodwill is determined by allocating the unit’s fair value to its assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The amount of impairment for goodwill is measured as the excess of its carrying value over its fair value. Basic completes its assessment of goodwill impairment as of December 31 each year. The Company performed an assessment of goodwill related to the completion and remedial reporting unit as of September 30, 2015. This assessment indicated that $81.9 million was impaired as of September 30, 2015. This non-cash charge eliminated all of the Company’s existing goodwill as of September 30, 2015, and is included as Impairment of Goodwill on the consolidated statement of operations. See N ote 19 for further disclosure regarding goodwill . The changes in the carrying amount of goodwill for the year ended December 31, 2015, are as follows (in thousands): Completion and Remedial Services Balance as of December 31, 2014 $ 78,011 Goodwill adjustments 3,866 Goodwill impairment (81,877) Balance as of December 31, 2015 $ - Basic had trade names of $1.9 million as of December 31, 2015 and 2014. Trade names have an indefinite life and are tested for impairment annually. Basic’s intangible assets subject to amortization were as follows (in thousands): December 31, 2015 December 31, 2014 Customer relationships $ 92,660 $ 88,576 Non-Compete agreements 13,057 13,223 Trade names 1,939 1,939 Other intangible assets 2,086 2,097 109,742 105,835 Less accumulated amortization 42,997 34,662 Intangible assets subject to amortization, net $ 66,745 $ 71,173 Amortization expense for the years ended December 31, 2015, 2014 and 2013 was approximately $8.9 million, $8.6 million, and $8.4 million, respectively. Amortization expense for the next five succeeding years is expected to be as follows (in thousands): Amortization Expense 2016 $ 8,519 2017 8,001 2018 6,682 2019 6,514 2020 6,403 Thereafter 30,626 $ 66,745 Completion and Remedial Services Well Servicing Fluid Services Contract Drilling Total Intangible assets subject to amortization, net $ 49,627 $ 5,889 $ 8,303 $ 2,926 $ 66,745 Customer relationships are amortized over a 15 -year life, non-compete agreements are amortized over a five -year life, rig engineering plans and developed technology are amortized over 15 -year life. Stock-Based Compensation Basic has historically compensated our directors, executives and employees through the awarding of stock options and restricted stock. Basic accounted for stock option and restricted stock awards in 2015, 2014, and 2013 using a grant date fair-value based method, resulting in compensation expense for stock-based awards being recorded in our consolidated statements of operations. For performance based restricted stock awards, compensation expense is recognized in the Company's financial statements based on their grant date fair value. Basic utilizes (i) the closing stock price on the date of grant to determine the fair value of vesting restricted stock awards and (ii) a Monte Carlo simulation to determine the fair value of restricted stock awards with a combination of market and service vesting criteria. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. The expected volatility utilized in the model was estimated using the historical volatility of the C ompany and our peer companies. The risk-free interest rate was based on the U.S. treasury rate for a term commensurate with the expected life of the grant. Stock options issued are valued on the grant date using Black-Scholes-Merton option pricing model and restricted stock issued is valued based on the fair value of Basic’s common stock at the grant date. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. Because the determination of these various assumptions is subject to significant management judgment and different assumptions could result in material differences in amounts recorded in Basic’s consolidated financial statements, management believes that accounting estimates related to the valuation of stock options are critical. On March 18, 2015, the Compensation Committee of Basic’s Board of Directors approved grants of performance-based phantom stock awards to certain members of management. The performance-based phantom stock awards are tied to Basic’s achievement of total stockholder return (“TSR”) relative to the TSR of a peer group of energy services companies over the performance period (defined as the one-year calculation period starting on the 20th NYSE trading day prior to and including the last NYSE trading day of 2014 and ending on the last NYSE trading day of 2015). The number of phantom shares to be issued will range from 0% to 150% of the 704,089 target number of phantom shares, depending on the performance noted above. Any phantom shares earned at the end of the performance period will then remain subject to vesting in one-third increments on March 15, 2016, 2017 and 2018 (subject to accelerated vesting in certain circumstances). As of Dec ember 3 1 , 2015, Basic estimated that 66.7% of the target number of performance-based awards will be earned. The Compensation Committee also approved grants of phantom restricted stock awards to certain key employees. The number of phantom shares issued was 654,500 . These grants remain subject to vesting over a three -year period, with the first portion vesting March 15, 2016. For further discussion of our share-based compensation, see Note 10. Incentive Plan. Income Taxes We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance which would reduce the provision for income taxes. Accounts Receivable Basic estimates its allowance for losses on accounts receivable based on past collections and expectations for future collections. Basic regularly reviews accounts for collectability. After all collection efforts are exhausted, if the balance is still determined to be uncollectable, the balance is written off. Expense related to the write off of uncollected accounts is recorded in general and administrative expense. Realized losses have been within management’s expectations. Concentrations of Credit Risk Financial instruments, which potentially subject Basic to concentration of credit risk, consist primarily of temporary cash investments and trade receivables. Basic restricts investment of temporary cash investments to financial institutions with high credit standing. Basic’s customer base consists primarily of multi-national and independent oil and natural gas producers. It performs ongoing credit evaluations of its customers but generally does not require collateral on its trade receivables. Credit risk is considered by management to be limited due to the large number of customers comprising its customer base. Basic maintains an allowance for potential credit losses on its trade receivables, and such losses have been within management’s expectations. Basic did not have any one customer which represented 10% or more of consolidated revenue for 2015, 2014 or 2013. Asset Retirement Obligations Basic is required to record the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets and capitalize an equal amount as a cost of the asset depreciating it over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each quarter to reflect the passage of time, changes in the estimated future cash flows underlying the obligation, acquisition or construction of assets, and settlements of obligations. Environmental Basic is subject to extensive federal, state and local environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require Basic to remove or mitigate the adverse environmental effects of disposal or release of petroleum, chemical and other substances at various sites. Environmental expenditures are expensed or capitalized depending on the future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. Litigation and Self-Insured Risk Reserves Basic estimates its reserves related to litigation and self-insured risks based on the facts and circumstances specific to the litigation and self-insured claims and its past experience with similar claims. Basic maintains accruals in the consolidated balance sheets to cover self-insurance retentions. Please see Note 7. Commitments and Contingencies for further discussion. Recent Accounting Pronouncements In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-01, “ Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” The Updates eliminates the concept of an extraordinary item. The Update is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Basic does not believe this pronouncement will have a material impact on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, “ Simplifying the Presentation of Debt Issuance Costs. ” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Update is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Basic does not believe this pronouncement will have a material impact on its consolidated financial statements and related disclosures. In July 2015 the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11, changes the measurement principle for entities that do not measure inventory using the last-in, first-out (LIFO) or retail inventory method from the lower of cost or market to lower of cost and net realizable value. The Update also eliminates the requirement for these entities to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Basic is in the process of determining if this pronouncement will have a material impact on its consolidated financial statements and related disclosures . In August 2015 the FASB issued ASU 2015-14, “Revenue from Contracts with Customers—Deferral of the Effective Date” , that defers by one year the effective date of ASU 2014-09, “Revenue from Contracts with Customers”. The Update is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Basic is in the process of determining if this pronouncement will have a material impact on its consolidated financial statements and related disclosures . In September 2015 the FASB issued ASU 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustment”. ASU 2015-16 eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement –period adjustments that occur in periods after a business combination is consummated. The Update is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Basic has early adopted this pronouncement and it did not have a material impact on its consolidated financial statements and related disclosures . In November 2015, the FASB issued ASU No 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The main provision of this Update is to simplify the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as noncurrent in the statement of financial position. This Update is effective for Basic in annual and interim periods beginning after December 15, 2016. The adoption of this Update will not have a material impact on the Company's consolidated financial statements and related disclosures . |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 3. Acquisitions In 2015 and 2014, Basic acquired either substantially all of the assets of each of the following businesses, each of which were accounted for using the purchase method of accounting. The following table summarizes the final values at the date of acquisition (in thousands): Closing Date Total Cash Paid (net of cash acquired) Pioneer Fishing and Rental, Inc. September 17, 2014 $ 16,090 Total 2014 $ 16,090 Harbor Resources, LLC July 17, 2015 $ 4,500 Aerion Rental, LLC July 24, 2015 1,997 Grey Rock Pressure Pumping, LLC August 31, 2015 10,233 Total 2015 $ 16,730 In conjunction with the acquisition of Grey Rock Pressure Pumping, LLC, the Company financed a portion of the assets under capital leases subsequent to the purchase date. The Company received $8.8 million from the lessor, which is included as proceeds from debt on the Company’s Consolidated Statement of Cash Flows. The operations of each of the acquisitions listed above are included in Basic’s statement of operations as of each respective closing date. The pro forma effect of the acquisitions completed in 2015, 2014 and 2013 are not material to the reported results of operations, either individually or when aggregated. The provisional value used on Harbor Resources, LLC, Aerion Rental, LLC and GreyRock Pressure Pumping, LLC. will be finalized once the valuation of the tangible and intangible assets is complete. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | 4. Property and Equipment Property and equipment consists of the following (in thousands): December 31, December 31, 2015 2014 Land $ 19,893 $ 19,071 Buildings and improvements 73,599 69,629 Well service units and equipment 488,003 483,644 Fracturing/test tanks 363,346 355,912 Pumping equipment 345,938 343,379 Fluid services equipment 268,249 277,902 Disposal facilities 166,371 157,519 Contract drilling equipment 112,068 110,510 Rental equipment 94,970 102,471 Light vehicles 67,521 70,414 Software 21,920 21,416 Other 16,672 16,324 Construction equipment 15,174 15,764 Brine and fresh water stations 13,761 14,175 Aircraft - 857 2,067,485 2,058,987 Less accumulated depreciation and amortization 1,221,195 1,051,018 Property and equipment, net $ 846,290 $ 1,007,969 Basic is obligated under various capital leases for certain vehicles and equipment that expire at various dates during the next five years. The gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above consists of the following (in thousands): December 31, December 31, 2015 2014 Fluid services equipment $ 129,459 $ 143,014 Pumping equipment 43,573 42,264 Light vehicles 33,424 47,853 Contract drilling equipment 6,493 6,142 Well service units and equipment 541 883 Construction equipment 288 730 Software - 17,120 Other - 71 213,778 258,077 Less accumulated amortization 82,679 100,896 $ 131,099 $ 157,181 Amortization of assets held under capital leases of approxima tely $41.9 million , $37.6 million and $31.7 million for the years ended December 31, 2015, 2014 and 2013, respectively, is included in depreciation and amortization expense in the consolidated statements of operations. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 5. Long-Term Debt Long-term debt consists of the following (in thousands): December 31, December 31, 2015 2014 Credit Facilities: Revolver $ - $ 16,000 7.75% Senior Notes due 2019 475,000 475,000 7.75% Senior Notes due 2022 300,000 300,000 Unamortized premium 956 1,217 Capital leases and other notes 111,063 138,930 887,019 931,147 Less current portion 48,651 48,575 $ 838,368 $ 882,572 7.75% Senior Notes due 2019 On February 15, 2011, Basic issued $275.0 million aggregate principal amount of 7.75% Senior Notes due 2019 (the “2019 Notes”). On June 13, 2011, Basic issued an additional $200.0 million aggregate principal amount of 2019 Notes, resulting in outstanding 2019 Notes with aggregate principal amount of $475.0 million. The 2019 Notes are jointly and severally, and unconditionally, guaranteed on a senior unsecured basis by all of Basic’s current subsidiaries, other than three immaterial subsidiaries. The 2019 Notes and the guarantees rank (i) equally in right of payment with any of Basic’s and the subsidiary guarantors’ existing and future senior indebtedness, including Basic’s existing 7.75% Senior Notes due 2022 and the related guarantees, and (ii) effectively junior to all existing or future liabilities of Basic’s subsidiaries that do not guarantee the 2019 Notes and to Basic and the subsidiary guarantors’ existing or future secured indebtedness to the extent of the value of the collateral therefor. The 2019 Notes and the guarantees were offered and sold in private transactions in accordance with Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The purchase price for the $275.0 million of 2019 Notes issued on February 15, 2011 was 100.000% of their principal amount, and the purchase price for the $200.0 million of 2019 Notes issued on June 13, 2011 was 101.000% , plus accrued interest from February 15, 2011. Basic received net proceeds from the issuance of the 2019 Notes of approximately $464.6 million after premiums and offering expenses. Basic used a portion of the net proceeds from the February 2011 offering to fund Basic’s tender offer and consent solicitation for Basic’s 11.625% Senior Secured Notes and to redeem any of the Senior Secured Notes not purchased in the tender offer. Basic used the net proceeds from the June 2011 offering to fund the $186.3 million purchase price for the Maverick Companies acquisition completed in July 2011 and for general corporate purposes. The 2019 Notes were issued pursuant to an indenture dated as of February 15, 2011 (the “2019 Notes Indenture”), by and among Basic, the guarantors party thereto and Wells Fargo Bank, N.A., as trustee. Interest on the 2019 Notes accrues from and including February 15, 2011 at a rate of 7.75% per year. Interest on the 2019 Notes is payable semi-annually in arrears on February 15 and August 15 of each year. The 2019 Notes mature on February 15, 2019 . The 2019 Notes Indenture contains covenants that, among other things, limit Basic’s ability and the ability of certain of its subsidiaries to: · incur additional indebtedness; · pay dividends or repurchase or redeem capital stock; · make certain investments; · incur liens; · enter into certain types of transactions with affiliates; · limit dividends or other payments by Basic’s restricted subsidiaries to Basic; and · sell assets or consolidate or merge with or into other companies. These and other covenants that are contained in the 2019 Notes Indenture are subject to important exceptions and qualifications set forth in the 2019 Notes Indenture. At December 31, 2015 , Basic was in compliance with the restrictive covenants under the 2019 Notes Indenture. Basic may, at its option, redeem all or part of the 2019 Notes, at any time on or after February 15, 2015, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably to par and accrued and unpaid interest to the date of redemption. Following a change of control, as defined in the 2019 Notes Indenture, Basic will be required to make an offer to repurchase all or a portion of the 2019 Notes at 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. 7.75% Senior Notes due 2022 On October 16, 2012, Basic issued $300.0 million aggregate principal amount of 7.75% Senior Notes due 2022 (the “2022 Notes”). The 2022 Notes are jointly and severally, and unconditionally, guaranteed on a senior unsecured basis initially by all of Basic’s current subsidiaries other than three immaterial subsidiaries. The 2022 Notes and the guarantees rank (i) equally in right of payment with any of Basic’s and the subsidiary guarantors’ existing and future senior indebtedness, including Basic’s existing 2019 Notes and the related guarantees, and (ii) effectively junior to all existing or future liabilities of Basic’s subsidiaries that do not guarantee the 2022 Notes and to Basic’s and the subsidiary guarantors’ existing or future secured indebtedness to the extent of the value of the collateral therefor. The 2022 Notes and the guarantees were offered and sold in private transactions in accordance with Rule 144A and Regulation S under the Securities Act. Basic received net proceeds from the issuance of the 2022 Notes of approximately $293.3 million after discounts and offering expenses. Basic used a portion of the net proceeds from the offering to fund Basic’s pending tender offer and consent solicitation for Basic’s 7.125% Senior Notes due 2016 (The “2016 Notes”) and to redeem any of the 2016 Notes not purchased in the tender offer. The remainder of the net proceeds were used for general corporate purposes. The 2022 Notes and the guarantees were issued pursuant to an indenture dated as of October 16, 2012 (the “2022 Notes Indenture”), by and among Basic, the guarantors party thereto and Wells Fargo Bank, National Association, as trustee. Interest on the 2022 Notes accrues from and including October 16, 2012 at a rate of 7.75% per year. Interest on the 2022 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2013. The 2022 Notes mature on October 15, 2022 . The 2022 Notes Indenture contains covenants that, among other things, limit Basic’s ability and the ability of certain of Basic’s subsidiaries to: • incur additional indebtedness; • pay dividends or repurchase or redeem capital stock; • make certain investments; • incur liens; • enter into certain types of transactions with affiliates; • limit dividends or other payments by Basic’s restricted subsidiaries to Basic; and • sell assets or consolidate or merge with or into other companies. These and other covenants that are contained in the 2022 Notes Indenture are subject to important exceptions and qualifications set forth in the 2022 Notes Indenture. At December 31, 2015 , Basic was in compliance with the restrictive covenants under the 2022 Notes Indenture. Basic may, at its option, redeem all or part of the 2022 Notes, at any time on or after October 15, 2017, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably to par and accrued and unpaid interest to the date of redemption. In addition, at any time before October 15, 2017, Basic may redeem some or all of the 2022 Notes at a redemption price equal to 100% of the principal amount of the 2022 Notes, plus an applicable premium and accrued and unpaid interest to the date of redemption. Following a change of control, as defined in the 2022 Notes Indenture, Basic will be required to make an offer to repurchase all or a portion of the 2022 Notes at 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. Previous Revolving Credit Facility On February 15, 2011, in connection with the initial offering of 2019 Notes, Basic terminated its previous $30.0 million secured revolving credit facility with Capital One, National Association, and entered into a credit agreement (the “Previous Credit Agreement”) providing for a $165.0 million Revolving Credit Facility. On November 26, 2014 Basic amended and restated the Previous Credit Agreement in order to increase the aggregate commitments and extend the maturity date (each defined in the Previous Credit Agreement), among other modifications. Amended and Restated Revolving Credit Facility On November 26, 2014, Basic entered into an amended and restated $300.0 million revolving credit facility (the “Amended and Restated Credit Agreement”) with a syndicate of lenders and Bank of America, N.A., as administrative agent for the lenders. The Amended and Restated Credit Agreement includes an accordion feature whereby the total credit available to Basic can be increased by up to $150.0 million under certain circumstances, subject to additional lender commitments. The obligations under the Credit Agreement are guaranteed on a joint and several basis by each of Basic’s current subsidiaries, other than three immaterial subsidiaries, and are secured by substantially all of Basic and Basic’s guarantors’ assets as collateral under a Security Agreement dated as of February 15, 2011, as ratified by a Ratification and Amendment of Security Agreement dated as of November 26, 2014 (as so ratified the “Security Agreement”). Borrowings under the Amended and Restated Credit Agreement mature on November 26, 2019 unless Basic has not refinanced its 2019 Notes by August 15, 2018, in which event borrowing under the Amended and Restated Credit Agreement will mature on January 2, 2019. Basic has the ability at any time to prepay the Amended and Restated Credit Agreement without premium or penalty. At Basic’s option, advances under the Amended and Restated Credit Agreement may be comprised of (i) alternate base rate loans, at a variable base interest rate plus a margin ranging from 1.25% to 2.25% based on Basic’s consolidated leverage ratio or (ii) Eurodollar loans, at a variable base interest rate plus a margin ranging from 2.25% to 3.25% based on Basic’s consolidated leverage ratio. Basic will pay a commitment fee equal to 0.50% on the daily unused amount of the commitments under the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement contains various covenants that, subject to agreed upon exceptions, limit Basic’s ability and the ability of certain of Basic’s subsidiaries to: • incur indebtedness; • grant liens; • enter into sale and leaseback transactions; • make loans, capital expenditures, acquisitions and investments; • change the nature of business; • acquire or sell assets or consolidate or merge with or into other companies; • declare or pay dividends; • enter into transactions with affiliates; • enter into burdensome agreements; • prepay, redeem or modify or terminate other indebtedness; • change accounting policies and reporting practices; • amend organizational documents; and • use proceeds to fund any activities of or business with any person that is the subject of governmental sanctions. The Amended and Restated Credit Agreement also contains covenants that require Basic to maintain specified rations or conditions as follows: · a minimum consolidated interest coverage ratio of not less than 2.50 to 1.00; · a maximum consolidated leverage ratio not to exceed 4.00 to 1.00 ; · a maximum consolidated senior secured leverage ratio of 2.00 to 1.00. If an event of default occurs under the Amended and Restated Credit Agreement, then the lenders may (i) terminate their commitments under the Amended and Restated Credit Agreement, (ii) declare any outstanding loans under the Amended and Restated Credit Agreement to be immediately due and payable (iii) require that Basic cash collateralize its letter of credit obligations and (iv) foreclose on the collateral secured by the Security Agreement. On December 15, 2014, Basic entered into an amendment to the Amended and Restated Credit Agreement that, among other things, (i) permits the prepayment, purchase or other satisfaction of senior notes by the borrower in an aggregate principal amount not to exceed $100 million, provided that certain requirements are met, (ii) permits the disposition of those senior notes prepaid, purchased or otherwise satisfied by the borrower or any other loan party (the “Permitted Purchased Notes”), provided that certain requirements are met, (iii) permits the cancellation or other satisfaction of any Permitted Purchased Notes and (iv) removes Permitted Purchased Notes and any interest or gain therefrom from the calculations of consolidated interest coverage ratio, consolidated EBITDA, consolidated leverage ratio and consolidated net income under the Amended and Restated Credit Agreement. On April 21, 2015, Basic entered into an amendment to the Amended and Restated Credit Agreement that, among other things: (A) reduces the maximum aggregate commitments thereunder from $300 million to $250 million; (B) permits credit extensions under the Credit Agreement based on availability under a borrowing base comprised of eligible billed accounts receivable, eligible unbilled accounts receivable and eligible equipment of Basic; and (C) provides for the replacement of the existing financial covenants with new financial covenants, which apply only if availability under the Credit Agreement is less than the greater of (i) 25% of the aggregate commitments outstanding, or (ii) $62.5 million. If availability is less than these amounts, Basic will be required to maintain (a) a consolidated senior secured leverage ratio not to exceed 2.50 to 1.00 and (b) a consolidated fixed charge coverage ratio not less than 1.00 to 1.00. Basic had no borrowings and $50.3 million of letters of credit outstanding under the Credit Agreement as of December 31, 2015 , giving Basic $ 93.4 million of available borrowing capacity. At December 31, 2015 , Basic was in compliance with its covenants under the Credit Agreement. Other Debt Basic has a variety of other capital leases and notes payable outstanding, which is generally customary in Basic’s business. None of these debt instruments is material individually. Basic’s leases with Banc of America Leasing & Capital, LLC require Basic to maintain a minimum debt service coverage ratio of 1.05 to 1.00. At December 31, 2015 , Basic was in compliance with this covenant. As of December 31, 2015 the aggregate maturities of debt, including capital leases, for the next five years and thereafter are as follows (in thousands): Debt Capital Leases 2016 $ - $ 48,651 2017 - 32,355 2018 - 23,809 2019 475,000 6,060 2020 - 95 Thereafter 300,000 93 $ 775,000 $ 111,063 Basic’s interest expense consisted of the following (in thousands): Years ended December 31, 2015 2014 2013 Cash payments for interest $ 61,587 $ 61,873 $ 62,609 Commitment and other fees paid 2,484 2,767 1,905 Amortization of debt issuance costs and premium on senior secured notes 3,362 2,934 2,878 Change in accrued interest 563 (269) 129 Capitalized interest (139) (349) (354) Other 107 86 40 Total interest expense $ 67,964 $ 67,042 $ 67,207 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 6. Income Taxes Income tax expense (benefit) consists of the following (in thousands): Years ended December 31, 2015 2014 2013 Current: Federal $ (151) $ 151 $ - State (9) 842 435 Total (160) 993 435 Deferred: Federal (127,482) (1,015) (18,873) State (3,688) 543 (1,287) Total (131,170) (472) (20,160) Total income tax expense (benefit) $ (131,330) $ 521 $ (19,725) Basic paid no federal income taxes during 2015 and 2014 . Ba sic paid federal income taxe s of $601,000 during 2013. Reconciliation between the amount determined by applying the federal statutory rate of 35% to loss before income taxes to income (benefit) expense is as follows (in thousands): Years ended December 31, 2015 2014 2013 Statutory federal income tax $ (130,576) $ (2,737) $ (19,479) Meals and entertainment 684 825 660 State taxes, net of federal benefit (3,698) 1,093 (966) Goodwill impairment 2,833 1,380 - Changes in estimates and other (573) (40) 60 $ (131,330) $ 521 $ (19,725) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands): December 31, 2015 2014 Deferred tax assets: Operating loss carryforward $ 130,826 $ 39,737 Goodwill and intangibles 32,992 9,659 Accrued liabilities 14,028 15,573 Deferred compensation 12,988 12,008 Receivables allowance 976 746 Asset retirement obligation 672 625 Inventory 164 146 Valuation Allowances (878) - Total deferred tax assets $ 191,768 $ 78,494 Deferred tax liabilities: Property and equipment (195,211) (209,650) Prepaid expenses (1,623) (1,801) Total deferred tax liabilities $ (196,834) $ (211,451) Net deferred tax liability $ (5,066) $ (132,957) Recognized as: Deferred tax assets - current 13,484 14,664 Deferred tax liabilities - non-current (18,550) (147,621) Net deferred tax liabilities $ (5,066) $ (132,957) Basic provides a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on this evaluation, as of December 31, 2015, a valuation allowance of approximately $878 ,000 has been recorded on the net deferred tax asset for state net operating loss carryforwards and other deductible temporary differences in certain state tax jurisdiction in order to measure only the portion of the deferred tax asset that more likely than not will be realized. The amount of the deferred tax asset considered realizable for U.S deferred tax assets and state deferred tax assets that do not have a valuation allowance necessary as of December 31, 2015, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced. Interest is recorded in interest expense and penalties are recorded in income tax expense. Basic had no interest or penalties related to an uncertain tax positions during 2015. Basic files federal income tax returns and state income tax returns in Texas and other state tax jurisdictions. As of December 31, 2015, Basic had approximately $352.5 million of net operating loss carryforwards ("NOL"), for federal income tax purposes, which begin to expire in 2031 and $141.4 million of net operating loss carryforwards for state income tax purposes which begin to expire in 2016 . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7. Commitments and Contingencies Environmental Basic is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. Basic cannot predict the future impact of such standards and requirements which are subject to change and can have retroactive effectiveness. Basic continues to monitor the status of these laws and regulations. Management believes that the likelihood of new environmental regulations resulting in a material adverse impact to Basic’s financial position, liquidity, capital resources or future results of operations is unlikely. Currently, Basic has not been fined, cited or notified of any environmental violations that would have a material adverse effect upon its financial position, liquidity or capital resources other than the situation noted below. However, management does recognize that by the very nature of its business, material costs could be incurred in the near term to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions which may be required, the determination of Basic’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. Litigation From time to time, Basic is a party to litigation or other legal proceedings that Basic considers to be a part of the ordinary course of business. Basic is not currently involved in any legal proceedings that it considers probable or reasonably possible, individually or in the aggregate, to result in a material adverse effect on its financial condition, results of operations or liquidity. State Tax Audit In 2011, Basic was notified by the Texas State Comptroller’s office that a sales and use tax audit for the period from 2006 through 2010 would be conducted. In 2012 based on Basic’s analysis, the potential liability associated with this audit ranged from $5.9 million to $7.3 million. An accrual for the estimated liability of $5.9 million was recorded in 2012 in Basic’s financial statements as general and administrative expense. In 2013, a final settlement was agreed upon for $7.4 million, resulting in an additional $1.5 million of expense recorded in 2013. Operating Leases Basic leases certain property and equipment under non-cancelable operating leases. The term s of the operating leases generally range from 12 to 60 months with varying payment dates throughout each month. As of December 31, 2015 , the future minimum lease payments under non-cancelable operating leases are as follows (in thousands): Year ended December 31, 2016 $ 4,162 2017 2,838 2018 2,212 2019 1,761 2020 1,480 Thereafter 3,431 Total $ 15,884 Rent expense approximated $ 13.9 million, $16.9 million and $18.2 million for 2015 , 2014 and 2013 , respectively. Basic leases rights for the use of various brine and fresh water wells and disposal wells ranging in terms from month-to-month up to 99 years. The above table reflects the future minimum lease payments if the lease contains a periodic rental. However, the majority of these leases require payments based on a royalty percentage or a volume usage. Employment Agreements Under the Amended and Restated Employment Agreement with T . M. “Roe” Patterson, Chief Executive Officer and President of Basic, initially effective through December 31, 201 6 , Mr. Patterson was initially entitled to an annual salary of $650,000 , to be adjusted subject to review by the Compensation Committee of the Board . Under this employment agreement, Mr. Patterson is eligible from time to time to receive grants of stock options and other long-term equity incentive compensation under the terms of Basic’s equity compensation plans . In addition, upon a qualified termination of employment, Mr. Patterson would be entitled to three times his annual base salary plus his current annual incentive target bonus for the full year in which the termination of employment occurred. If employment is terminated for certain reasons within the six months preceding or the twelve months following the change of control of the Company, Mr. Patterson would be entitled to a lump sum severance payment equal to three times the sum of his annual base salary plus the higher of (i) his current incentive target bonus for the full year in which the termination of employment occurred or (ii) the highest annual incentive bonus received by him for any of the last three fiscal years. Basic also has entered into employment agreements with various other executive officers. Under these agreements, if the officer’s employment is terminated for certain reasons, he would be entitled to a lump sum severance payment equal to either 0.75 times to 1.5 times the sum of his annual base salary plus his current annual incentive target bonus for the full year in which the termination occurred. If employment is terminated for certain reasons within the six months preceding or the twelve months following the change of control of the Company, he would be entitled to a lump sum severance payment equal to either 1.0 or 2.0 times the sum of his annual base salary plus the higher of (i) his current incentive target bonus for the full year in which the termination of employment occurred or (ii) the highest annual incentive bonus received by him for any of the last three fiscal years. Self-Insured Risk Accruals Basic is self-insured up to retention limits as it relates to workers’ compensation, general liability claims, and medical and dental coverage of its employees. Basic generally maintains no physical property damage coverage on its rig fleet, with the exception of certain of its 24-hour workover rigs , newly manufactured rigs and pumping services equipment . Basic has deductibles per occurrence for workers’ compensation, general liability claims, and medical and dental coverage of $2.5 million, $1.0 million and $400,000 , respectively. Basic has $1.0 million as deductibles per occurrence for automobile liability. Basic maintains accruals in the accompanying consolidated balance sheets related to self-insurance retentions by using third-party data and claims history. In 2015 and 2014 , Basic classified the workers’ compensation self-insured risk reserve between short-term and long-term, with $7.5 million and $9.1 million being allocated to short-term and $15.9 million and $16.8 million being allocated to long-term, respectively. At December 31, 2015 and December 31, 201 4 , self-insured risk accruals totaled approximately $30.8 million, net of $73,000 receivable for medical and dental coverage, and $33.4 million, net of $14,000 receivable for medical and dental coverage, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Common Stock At December 31, 2015 and 2014, Basic had 80,000,000 shares of Basic’s common stock, par value $.01 per share, authorized. In March 2013, Basic granted various employees 432,400 restricted shares of common stock that vest over a three -year period and 262,000 shares that vest over a four -year period. The Compensation Committee of Basic’s Board of Directors approved grants of performance-based stock awards to certain members of management. In February 2014, it was determined that 283,223 shares, or 106% of the target number of shares, were earned based on Basic’s achievement of total stockholder return over the performance period from January 1, 2013 through December 31, 2013, as compared to other members of a defined peer group. These restricted shares remain subject to vesting over a three-year period, with the first shares vesting on March 15, 2015. During the year ended December 3 1 , 2013, Basic is sued 107,250 shares of common stock from treasury stock for the exercise of stock options. In March 201 4 , Basic granted various employees 414,900 restricted shares of common stock that vest over a three -year period and 294,909 shares that vest over a four -year period. The Compensation Committee of Basic’s Board of Directors approved grants of performance-based stock awards to certain members of management. In February 2015, it was determined that 122,915 shares, or 42.9% of the target number of shares, were earned based on Basic’s achievement of total stockholder return over the performance period from January 1, 2014 through December 31, 2014, as compared to other members of a defined peer group. These restricted shares remain subject to vesting over a three -year period, with the first shares vesting on March 15, 2016. In March 201 5 , Basic granted certain members of management 888,104 restricted shares of common stock that vest over a three -year period. During the year ended December 3 1 , 201 5 , Basic is sued 103,750 shares of common stock from treasury stock for the exercise of stock options. Treasury Stock In May 2012, Basic announced that its Board of Directors reinstated the share repurchase program initially adopted in 2008 and suspended in 2009. The program allows the repurchase of up to $50.0 million of Basic’s shares of common stock from time to time in open market or private transactions, at Basic’s discretion. The number of shares purchased and the timing of purchases is based on several factors, including the price of the common stock, general market conditions, available cash and alternative investment opportunities. During 2015, Basic repurchased 913,600 shares for a total price of approximately $4.5 million (an average of approximately $4.90 per share), inclusive of commissions and fees. As of December 31, 2015, Basic may purchase up to an additional $9.5 million of Basic’s shares of common stock under this program. Basic also acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of restricted stock. Basic repurchased a total of 230,048 and 254,604 shares through net share settlements during 2015 and 2014, respectively. Preferred Stock At December 31, 2015 and 2014, Basic had 5,000,000 shares of preferred stock, par value $.01 per share, authorized, of which none was designated, issued or outstanding . |
Stockholders' Agreement
Stockholders' Agreement | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Agreement [Abstract] | |
Stockholders' Agreement | 9. Stockholders’ Agreement On December 20, 2010, Basic entered into the Third Amended and Restated Stockholders’ Agreement (the “Stockholders’ Agreement”) effective as of December 20, 2010 by and among Basic and certain affiliates of DLJ Merchant Banking party thereto (such affiliates, the “DLJ Parties”), which amended and restated the Second Amended and Restated Stockholders’ Agreement dated as of April 2, 2004, which terminated with respect to all other parties in accordance with its terms on December 21, 2010. The Stockholders’ Agreement provides for certain informational and consultation rights, along with confidentiality obligations, and registration rights for the DLJ Parties. As long as (i) any DLJ Party remains an Affiliate (as defined in the Stockholders’ Agreement) of Basic or (ii) the DLJ Parties, collectively, beneficially hold at least ten percent of the outstanding shares of Basic’s common stock, the DLJ Parties can require Basic to register shares of common stock on up to three occasions, provided that the proposed offering proceeds for the offering equal or exceed $10 million (or $5 million if Basic is able to register such securities on Form S-3). In addition such demand registration rights, the Stockholders’ Agreement provides the DLJ Parties with piggyback registration rights with respect to any proposed offering of equity securities pursuant to a registration statement filed by Basic (other than a registration statement on Form S-4 or Form S-8). Basic is also obligated under the Stockholders’ Agreement to perform certain other actions in connection with a demand registration or piggyback registration request by any of the DLJ Parties. The Stockholders’ Agreement terminate d in 2015 . |
Incentive Plan
Incentive Plan | 12 Months Ended |
Dec. 31, 2015 | |
Incentive Plan [Abstract] | |
Incentive Plan | 10. Incentive Plan In May 2003, Basic’s board of directors and stockholders approved the Basic 2003 Incentive Plan (as amended effective May 22, 2013) (the “Plan”), which provides for granting of incentive awards in the form of stock options, restricted stock, performance awards, bonus shares, phantom shares, cash awards and other stock-based awards to officers, employees, directors and consultants of Basic. The Plan assumed the awards of the plans of Basic’s predecessors that were awarded and remained outstanding prior to adoption of the Plan. The Plan provides for the issuance of 11,350,000 shares. Of these shares, approximately 2,095,334 sha res are available for grant as of December 31, 2015. The Plan is administered by the Plan committee, and in the absence of a Plan committee, by the Board of Directors, which determines the awards and the associated terms of the awards and interprets its provisions and adopts policies for implementing the Plan. The number of shares authorized under the Plan and the number of shares subject to an award under the Plan will be adjusted for stock splits, stock dividends, recapitalizations, mergers and other changes affecting the capital stock of Basic. There were no options granted during 2015, 2014 or 2013. During the years ended December 31, 2015, 2014 and 2013, compensation expense related to share-based arrangements including both restricted stock awards and stock option awards was approximatel y $13.7 mill ion, $14.7 million and $11.8 million, respectively. For compensation expense recognized during the years ended December 31, 2015, 2014 and 2013, Basic recognized a tax benefit of approximately $4.8 million, $5.3 million and $4.0 million, respectively. As of December 31, 2015, there wa s $15.7 mill ion of total unrecognized compensation related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.76 ye ars. The total fair value of share-based awards vested during the years ended December 31, 2015, 2014 and 2013 was approximate ly $5.4 mill ion, $20.6 million and $11.9 million, respectively. During 2015, 2014 and 2013 there was no tax benefit due to the net operating loss. In the event of a net operating gain the tax benefits would have been $11,000 , $4.5 million and $764,000 , respectively. Stock Option Awards The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Options granted under the Plan expire ten years from the date they are granted, and generally vest over periods ranging from three to five years. The following table reflects the summary of stock options outstanding at December 31, 2015 and the changes during the twelve months then ended: Weighted Weighted Average Aggregate Number of Average Remaining Intrinsic Options Exercise Contractual Value Granted Price Term (Years) (000's) Non-statutory stock options: Outstanding, beginning of period 280,000 $ 19.05 Options granted - - Options forfeited - $ - Options exercised (103,750) $ 6.98 Options expired (1,250) $ 6.98 Outstanding, end of period 175,000 $ 26.29 0.33 - Exercisable, end of period 175,000 $ 26.29 0.33 - Vested or expected to vest, end of period 175,000 $ 26.29 0.33 - The total intrinsi c value of share options exercised during the years ended December 31, 2015, 2014 and 2013 was approximately $37,000 , $2.2 million and $921,000 , respectively. Cash received from option exercises under the Plan was approximat ely $724,000 , $4.3 million and $582,000 for the years ended December 31, 2015, 2014 and 2013, respectively. During 2014 and 2013 there was no tax benefit due to the net operating loss. In the event of a net operating gain the tax benefit would have been $535,000 and $192,000 , respectively. The Company has a history of issuing treasury and newly-issued shares to satisfy share option exercises. Restricted Stock Awards A summary of the status of Basic’s non-vested share grants at December 31, 2015 and changes during the year ended December 31, 2015 is presented in the following table: Weighted Average Number of Grant Date Fair Shares Value Per Share Nonvested at beginning of period 2,193,671 $ 19.56 Granted during period 888,104 7.54 2014 Performance shares adjustment during period (163,603) 5.72 Vested during period (934,636) 16.75 Forfeited during period (16,160) 21.80 Nonvested at end of period 1,967,376 $ 14.34 Phantom Stock Awards On March 18, 2015, the Compensation Committee of Basic’s Board of Directors approved grants of performance-based phantom stock awards to certain members of management. The performance-based phantom stock awards are tied to Basic’s achievement of total stockholder return (“TSR”) relative to the TSR of a peer group of energy services companies over the performance period (defined as the one-year calculation period starting on the 20th NYSE trading day prior to and including the last NYSE trading day of 2014 and ending on the last NYSE trading day of 2015). The number of phantom shares to be issued will range from 0% to 150% of the 704,089 target number of phantom shares, depending on the performance noted above. Any phantom shares earned at the end of the performance period will then remain subject to vesting in one-third increments on March 15, 2016, 2017 and 2018 (subject to accelerated vesting in certain circumstances). As of Dec ember 3 1, 2015, Basic estimated that 66.7% of the target number of performance-based awards will be earned. The Compensation Committee also approved grants of phantom restricted stock awards to certain key employees. The number of phantom shares issued was 654,500 . These grants remain subject to vesting over a three -year period, with the first portion vesting on March 15, 2016 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions Basic had receivables from employees of approximatel y $34,000 and $161,000 as of December 31, 2015 and December 31, 2014, respectively. In December 2010, Basic entered into a lease agreement with Darle Vuelta Cattle Co., LLC (“DVCC”) for the right to operate a salt water disposal well, brine well and fresh water well. The term of the leases is two years and will continue until the salt water disposal well and brine well are plugged and no fresh water is being sold. The lease payments are the greater of (i) the sum of $0.10 per barrel of disposed oil and gas waste and $0.05 per barrel of brine or fresh water sold or (ii) $5,000 per month. In October 2011, Basic purchased approximately 17 acres of land for approximately $209,000 from Darle Vuelta Cattle Co., LLC. In April 2012, Basic purchased approximately 22 acres of land for approximately $215,000 from Darle Vuelta Cattle Co., LLC. In February 2015, Basic purchased 100 acres of vacant land outside of Midland, Texas for $1.5 million from DVCC. Basic entered into a joint venture agreement with a family member of an executive officer to form an entity in 2010. Basic held 80 % of the equity in the joint venture, and accounted for the entity as a consolidated investment. In 2013 and 2012, Basic funded approxim ately $2.4 million and $4.5 million, respectively, for this joint venture. The entity had only research and development activities in 2013 and 2012. This joint venture agreement was terminated in November 2013, and Basic now owns 100% of the entity. |
Profit Sharing Plan
Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2015 | |
Profit Sharing Plan [Abstract] | |
Profit Sharing Plan | 12. Profit Sharing Plan Basic has a 401(k) profit sharing plan that covers substantially all employees. Employees may contribute up to their base salary not to exceed the annual Federal maximum allowed for such plans. At management’s discretion, Basic may make a matching contribution proportional to each employee’s contribution. Employee contributions are fully vested at all times. Employer matching contributions vest incrementally, with full vesting occurring after five years of service. Employer contributions to the 401(k) plan approxi mated $407,000 , $4.0 million, and $3.4 million in 2015, 2014 and 2013, respectively. |
Deferred Compensation Plan
Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Compensation Plan [Abstract] | |
Deferred Compensation Plan | 13. Deferred Compensation Plan In April 2005, Basic established a deferred compensation plan for certain employees. Participants may defer up to 50% of their salary and 100% of any cash bonuses. Basic makes matching contributions of 100% of the first 3% of the participants’ deferred pay and 50% of the next 2% of the participants’ deferred pay to a maximum match of $10,000 per year. Employer matching contributions and earnings thereon are subject to a five -year vesting schedule with full vesting occurring after five years of service. Employer contributions to the deferred compensation plan net of earnings approximated an expe nse of $172,000 , $665,000 and $996,000 in 2015, 2014 and 2013, respectively. |
Net Income Or Loss Per Share
Net Income Or Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Loss per share of common stock: | |
Net Income Or Loss Per Share | 14. Net Income or Loss Per Share Basic income or loss per common share are determined by dividing net income or loss applicable to common stock by the weighted average number of common shares actually outstanding during the year. Diluted income or loss per common share is based on the increased number of shares that would be outstanding assuming conversion of dilutive outstanding securities using the “as if converted” method. The following table sets forth the computation of basic and diluted loss per share (in thousands, except share data): Years ended December 31, 2015 2014 2013 Numerator (both basic and diluted): Net income (loss) available to common stockholders $ (241,745) $ (8,341) $ (35,929) Denominator: Denominator for basic earnings per share 40,505,429 41,165,940 40,288,218 Denominator for diluted earnings per share 40,505,429 41,165,940 40,288,218 Basic earnings (loss) per common share: $ (5.97) $ (0.20) $ (0.89) Diluted earnings (loss) per common share: $ (5.97) $ (0.20) $ (0.89) The company has issued potentially dilutive instruments such as unvested restricted stock and common stock options. However, the company did not include these instruments in its calculation of diluted loss per share during the periods presented, because to include them would be anti-dilutive. The following shows potentially dilutive instruments: Years ended December 31, 2015 2014 2013 Stock options 26,527 159,888 116,925 Unvested restricted stock 643,351 967,200 548,413 669,878 1,127,088 665,338 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Business Segment Information [Abstract] | |
Business Segment Information | 15. Business Segment Information Basic’s reportable business segments are Completion and Remedial Services, Fluid Services, Well Servicing, and Contract Drilling. These segments have been selected based on changes in management’s resource allocation and performance assessment in making decisions regarding the Company. The following is a description of the segments: Completion and Remedial Services: This segment utilizes a fleet of pumping units, air compressor packages specially configured for underbalanced drilling operations, coiled tubing services, nitrogen services, cased-hole wireline units, an array of specialized rental equipment and fishing tools, thru-tubing and snubbing units. The largest portion of this business consists of pumping services focused on cementing, acidizing and fracturing services in niche markets. Fluid Services: This segment utilizes a fleet of trucks and related assets, including specialized tank trucks, storage tanks, water wells, disposal facilities water treatment and related equipment. Basic employs these assets to provide, transport, store and dispose of a variety of fluids. These services are required in most workover, completion and remedial projects as well as part of daily producing well operations. Also included in this segment are our construction services which provide services for the construction and maintenance of oil and natural gas production infrastructures. Well Servicing: This segment encompasses a full range of services performed with a mobile well servicing rig, including the installation and removal of downhole equipment and elimination of obstructions in the well bore to facilitate the flow of oil and natural gas. These services are performed to establish, maintain and improve production throughout the productive life of an oil and natural gas well and to plug and abandon a well at the end of its productive life. Basic’s well servicing equipment and capabilities also facilitate most other services performed on a well. This segment also includes the manufacture and servicing of mobile well servicing rigs. Contract Drilling: This segment utilizes shallow and medium depth rigs and associated equipment for drilling wells to a specified depth for customers on a contract basis. Basic’s management evaluates the performance of its operating segments based on operating revenues and segment profits. Corporate expenses include general corporate expenses associated with managing all reportable operating segments. Corporate assets consist principally of working capital and debt financing costs. The following table sets forth certain financial information with respect to Basic’s reportable segments (in thousands): Completion and Remedial Fluid Well Contract Corporate Services Services Servicing Drilling and Other Total Year ended December 31, 2015 Operating revenues $ 307,550 $ 258,597 $ 217,245 $ 22,207 $ — $ 805,599 Direct operating costs (245,069) (196,155) (184,952) (16,680) — (642,856) Segment profits $ 62,481 $ 62,442 $ 32,293 $ 5,527 $ — $ 162,743 Depreciation and amortization $ 83,882 $ 71,280 $ 60,466 $ 14,083 $ 11,760 $ 241,471 Capital expenditures, (excluding acquisitions) $ 22,384 $ 19,950 $ 18,732 $ 2,431 $ 6,323 $ 69,820 Identifiable assets $ 365,574 $ 257,036 $ 233,293 $ 51,930 $ 253,536 $ 1,161,369 Year ended December 31, 2014 Operating revenues $ 698,917 $ 369,774 $ 361,683 $ 60,910 $ — $ 1,491,284 Direct operating costs (434,457) (265,105) (270,344) (41,513) — (1,011,419) Segment profits $ 264,460 $ 104,669 $ 91,339 $ 19,397 $ — $ 479,865 Depreciation and amortization $ 74,924 $ 64,445 $ 55,131 $ 12,773 $ 10,207 $ 217,480 Capital expenditures, (excluding acquisitions) $ 168,017 $ 71,112 $ 54,858 $ 9,311 $ 8,196 $ 311,494 Identifiable assets $ 514,842 $ 299,542 $ 276,696 $ 60,362 $ 445,735 $ 1,597,177 Year ended December 31, 2013 Operating revenues $ 501,137 $ 343,863 $ 363,386 $ 54,518 $ — $ 1,262,904 Direct operating costs (327,540) (239,154) (265,058) (36,336) — (868,088) Segment profits $ 173,597 $ 104,709 $ 98,328 $ 18,182 $ — $ 394,816 Depreciation and amortization $ 62,609 $ 63,316 $ 60,474 $ 12,815 $ 10,533 $ 209,747 Capital expenditures, (excluding acquisitions) $ 59,345 $ 66,992 $ 39,001 $ 4,576 $ 17,601 $ 187,515 Identifiable assets $ 432,267 $ 320,404 $ 289,017 $ 59,868 $ 441,783 $ 1,543,339 The following table reconciles the segment profits reported above to the operating income as reported in the consolidated statements of operations (in thousands): Year ended December 31, 2015 2014 2013 Segment profits $ 162,743 $ 479,865 $ 394,816 General and administrative expenses (143,458) (167,301) (171,439) Depreciation and amortization (241,471) (217,480) (209,747) Loss on disposal of assets (1,602) (1,974) (2,873) Goodwill impairment (81,877) (34,703) - Operating income $ (305,665) $ 58,407 $ 10,757 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Accrued Expenses [Abstract] | |
Accrued Expenses | 16. Accrued Expenses The accrued expenses are as follows (in thousands): December 31, 2015 2014 Compensation related $ 14,048 $ 41,620 Workers' compensation self-insured risk reserve 7,481 9,115 Health self-insured risk reserve 3,935 4,756 Accrual for receipts 5,320 416 Ad valorem taxes 2,078 7,160 Sales tax 1,634 3,123 Insurance obligations 3,769 2,898 Professional fee accrual 729 1,221 Fuel accrual 693 1,371 Accrued interest 19,693 19,130 $ 59,380 $ 90,810 |
Supplemental Schedule Of Cash F
Supplemental Schedule Of Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | |
Supplemental Schedule Of Cash Flow Information | 17. Supplemental Schedule of Cash Flow Information The following table reflects non-cash financing and investing activity during: Year ended December 31, 2015 2014 2013 (In thousands) Capital leases issued for equipment $ 24,768 $ 75,198 $ 50,565 Asset retirement obligation additions $ - $ 68 $ 144 Basic received a net refund of $450,000 during the year ended December 31, 2015. Basic paid $2.6 million and $1.5 million in income taxes dur ing the years ended December 31 , 2014 and 2013 respectively. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | 18. Quarterly Financial Data (Unaudited) The following table summarizes results for each of the four quarters in the years ended December 31, 2015 and 2014 (in thousands, except earnings per share data): First Second Third Fourth Quarter Quarter Quarter Quarter Year Year ended December 31, 2015: Total revenues $ 261,721 $ 193,596 $ 189,247 $ 161,035 $ 805,599 Segment profits $ 66,412 $ 37,022 $ 34,317 $ 24,992 $ 162,743 Net loss (i) $ (32,624) $ (48,295) $ (105,642) - $ (55,184) $ (241,745) Loss per share of common stock (a): Basic $ (0.81) $ (1.20) $ (2.63) $ (1.37) $ (5.97) Diluted $ (0.81) $ (1.20) $ (2.63) $ (1.37) $ (5.97) Weighted average common shares outstanding: Basic 40,072 40,168 40,168 40,148 40,505 Diluted 40,072 40,168 40,168 40,148 40,505 Year ended December 31, 2014: Total revenues $ 336,756 $ 359,662 $ 393,955 $ 400,911 $ 1,491,284 Segment profits $ 104,569 $ 116,732 $ 129,835 $ 128,729 $ 479,865 Net income (loss) (ii) $ (1,907) $ 2,443 $ 9,931 $- $ (18,808) $ (8,341) Loss per share of common stock (a): Basic $ (0.05) $ 0.06 $ 0.24 $ (0.46) $ (0.20) $ - Diluted $ (0.05) $ 0.06 $ 0.24 $ (0.46) $ (0.20) Weighted average common shares outstanding: Basic 40,605 41,342 41,477 41,332 41,166 Diluted 40,605 42,043 42,213 41,332 41,166 (a) The sum of individual quarterly net income per share may not agree to the total for the year due to each period's computation being based on the weighted average number of common shares outstanding during each period. (i) The third quarter loss included goodwill impairment of $81.9 million. (ii) The fourth quarter loss included goodwill impairment of $34.7 million. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 19. Fair Value Measurements Recurring fair value measurements Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. Fair value is a market based measurement considered from the perspective of a market participant. The Company uses market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation. These inputs can be readily observable, market corroborated, or unobservable. If observable prices or inputs are not available, unobservable prices or inputs are used to estimate the current fair value, often using an internal valuation model. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the item being valued. The Company primarily applies a market approach for recurring fair value measurements using the best available information while utilizing valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Company also follows the provisions of ASC Topic 820, Fair Value Measurement , for non-financial assets and liabilities measured at fair value on a non-recurring basis. As it relates to Basic, ASC Topic 820 applies to certain non-financial assets and liabilities as may be acquired in a business combination and thereby measured at fair value; measurements of the fair value of goodwill and measurements of property impairments. There is a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company classifies fair value balances based on the observability of those inputs. The three levels of the fair value hierarchy are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable. These inputs are either directly observable in the marketplace or indirectly observable through corroboration with market data for substantially the full contractual term of the asset or liability being measured. Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In valuing certain assets and liabilities, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, assets and liabilities are classified in their entirety in the fair value hierarchy level based on the lowest level of input that is significant to the overall fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. Basic did not have any assets or liabilities that were measured at fair value on a recurring basis at December 31, 2015 and 2014 Non- r ecurring fair value measurements The Company performed a n assessment of goodwill as of September 30, 2015. For step one of the impairment testing, the Company tested its reporting units for goodwill impairment. The Company’s well servicing, fluid services and contract drilling reporting units do not carry any goodwill, and were not subject to the test. To estimate the fair value of the reporting units, we primarily used level 1 and level 3 inputs from the fair value hierarchy, which included a weighting of the discounted cash flow method and the public company guideline method (level 3 inputs) of determining fair value of a business unit. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to the value of invested capital debt and equity (level 1 inputs) was performed for each unit on a stand-alone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with our capitalization. The measurement date for our common stock price and market capitalization was the closing price on September 30, 2015. Based on the results of step one of the impairment test, impairment was indicated in the completion and remedial reporting unit. As such, the Company was required to perform step two assessment on the potentially impaired reporting unit. Step two requires the allocation of the estimated fair value to the tangible and intangible assets and liabilities of the respective reporting unit. This assessment indicated that goodwill of $81.9 million was considered impaired as of September 30, 2015. This non-cash charge eliminated all of the Company’s existing goodwill as of September 30, 2015. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events On February 17 , 2016, we entered into a term loan agreement that provides for borrowings of an aggregate principal amount of $165.0 million on the closing date and delayed draw term loan borrowings in an aggregate principal amount not to exceed $15.0 million . We expect the initial closing date of the Term Loan Agreement will occur on February 26, 2016, at which time we will also enter into an amendment to our revolving credit facility to reduce aggregate commitments thereunder to $100.0 million. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II — Valuation and Qualifying Accounts Additions Balance at Charged to Charged to Balance at Beginning of Costs and Other Deductions (c) End of Description Period Expenses (a) Accounts (b) (c) Period (in thousands) Year Ended December 31, 2015 Allowance for Bad Debt $ 2,032 $ 2,850 $ - $ (2,212) $ 2,670 Year Ended December 31, 2014 Allowance for Bad Debt $ 3,675 $ 1,244 $ - $ (2,887) $ 2,032 Year Ended December 31, 2013 Allowance for Bad Debt $ 2,780 $ 2,103 $ - $ (1,208) $ 3,675 (a) Charges relate to provisions for doubtful accounts (b) Reflects the impact of acquisitions (c) Deductions relate to the write-off of accounts receivable deemed uncollectible |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Basic and its wholly-owned subsidiaries. Basic has no variable interest in any other organization, entity, partnership, or contract. All intercompany transactions and balances have been eliminated. |
Estimates, Risks and Uncertainties | Estimates, Risks and Uncertainties Preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include: • Depreciation and amortization of property and equipment and intangible assets • Impairment of property and equipment, goodwill and intangible assets • Allowance for doubtful accounts • Litigation and self-insured risk reserves • Fair value of assets acquired and liabilities assumed in an acquisition • Stock-based compensation • Income taxes |
Revenue Recognition | Revenue Recognition Completion and Remedial Services — Completion and remedial services consists primarily of pumping services focused on cementing, acidizing and fracturing, nitrogen units, coiled tubing units, snubbing units, thru-tubing and rental and fishing tools. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices completion and remedial services by the hour, day, or project depending on the type of service performed. When Basic provides multiple services to a customer, revenue is allocated to the services performed based on the fair value of the services. Fluid Services — Fluid services consists primarily of the sale, transportation, treatment, storage and disposal of fluids used in the drilling, production and maintenance of oil and natural gas wells, and well site construction and maintenance services. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices fluid services by the job, by the hour or by the quantities sold, disposed of or hauled. Well Servicing — Well servicing consists primarily of maintenance services, workover services, completion services, plugging and abandonment services and rig manufacturing and servicing. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices well servicing by the hour or by the day of service performed. Rig manufacturing revenue is recognized when the rig is accepted by the customer, based on the completed contract method by individual rig. Contract Drilling — Contract drilling consists primarily of drilling wells to a specified depth using drilling rigs. Basic recognizes revenues based on either a “daywork” contract, in which an agreed upon rate per day is charged to the customer, a “footage” contract, in which an agreed upon rate is charged per the number of feet drilled, or a “turnkey” contract, in which an agreed upon single rate is charged for a drilled well. Taxes assessed on sales transactions are presented on a net basis and are not included in revenue. |
Cash and Cash Equivalents | Cash and Cash Equivalents Basic considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Basic maintains its excess cash in various financial institutions, where deposits may exceed federally insured amounts at times. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of December 31, 2015 and 2014. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts receivable-related parties, accounts payable and accrued expenses approximate fair value because of the short maturities of these instruments. The carrying amount of our revolving credit facility in long-term debt also approximates fair value due to its variable-rate characteristics. December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) 7.75% Senior Notes due 2019, excluding premium $ 475,000 $ 149,625 $ 475,000 $ 372,875 7.75% Senior Notes due 2022, excluding premium 300,000 87,030 300,000 225,000 7.75% Senior Notes due 2019, and 7.75% Senior Notes due 2022: The fair value of our long-term notes is based upon the quoted market prices at December 31, 2015 and December 31, 2014. |
Inventories | Inventories For rental and fishing tools, inventories consisting mainly of grapples, controls, and drill bits are stated at the lower of cost or market, with cost being determined on the average cost method. Other inventories, consisting mainly of manufacturing raw materials, rig components, repair parts, drilling and completion materials and gravel, are held for use in the operations of Basic and are stated at the lower of cost or market, with cost being determined on the first-in, first-out (“FIFO”) method. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost or at estimated fair value at acquisition date if acquired in a business combination. Expenditures for repairs and maintenance are charged to expense as incurred and additions and improvements that significantly extend the lives of the assets are capitalized. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation and amortization are removed from the related accounts and any gain or loss is reflected in operations. All property and equipment are depreciated or amortized (to the extent of estimated salvage values) on the straight-line method and the estimated useful lives of the assets are as follows: Buildings and improvements 20 -30 years Well service units and equipment 3 -15 years Fluid services equipment 5 -10 years Brine and fresh water stations 15 years Fracturing/test tanks 10 years Pumping equipment 5 -10 years Construction equipment 3 -10 years Contract drilling equipment 3 -10 years Disposal facilities 10 -15 years Vehicles 3 -7 years Rental equipment 2 -15 years Aircraft 10 years Software and computers 3 years The components of a well servicing rig generally require replacement or refurbishment during the well servicing rig’s life and are depreciated over their estimated useful lives, which ranges from 3 to 15 years. The costs of the original components of a purchased or acquired well servicing rig are not maintained separately from the base rig. |
Impairments | Impairments Long-lived assets, which include property, plant and equipment, and purchased intangible s subject to amortization with finite lives, are evaluated whenever events or changes in circumstances (“triggering events”) indicate that the carrying value of certain long-lived assets may not be recoverable. Long-lived assets are reviewed for impairment upon the occurrence of a triggering event. An impairment loss is recorded in the period in which it is determined that the carrying amount of a long-lived asset is not recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups of assets with such cash flows to be realized over the estimated remaining useful life of the primary asset within the asset group, excluding interest expense. The Company determined the lowest level of identifiable cash flows that are independent of other asset groups to be at the reporting unit level, which consists of the well servicing, fluid servicing, completion and remedial services and contract drilling. If the estimated undiscounted future net cash flows are less than the carrying amount of the related assets, an impairment loss is determined by comparing the fair value with the carrying value of the related assets. Basic determined that the continued drop in utilization across reporting units during 2015 constituted a triggering event. Although the severity and extent of the industry downturn is uncertain, absent a significant recovery in utilization of assets across reporting units , expected cash flows may decline in future periods. As a result of the triggering event in 2015, a recoverability test was performed on the long-lived asset groups supporting each of the Company’s reporting units . As of December 31, 2015, the recoverability testing for each asset group yielded an estimated undiscounted net cash flow that was greater than the carrying amount of the related assets, and as such, no impairment loss was recognized during 2015. If recoverability testing is performed in future periods and any reporting unit experience s a decline in undiscounted cash flows, the reporting unit could be susceptible to an impairment loss. |
Deferred Debt Costs | Deferred Debt Costs Basic capitalizes certain costs associated with borrowing, such as lender’s fees and related attorney’s fees. These costs are amortized and included in interest expense using the effective interest method. Deferred debt costs were approximately $26.6 million net of accumulated amortization of $13.5 million, and $25.7 million net of accumulated amortization of $10.4 million at December 31, 2015 and December 31, 2014, respectively. Amortization of deferred debt costs totaled approximately $3.1 million, $3.2 million and $3.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. In 2015, Basic recorded $508,000 of accelerated amortization of debt issuance costs related to the amended revolving credit agreement. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets not subject to amortization are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. A qualitative assessment is allowed to determine if goodwill is potentially impaired. The qualitative assessment determines whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If it is more likely that not that the fair value of the reporting unit is less than the carrying amount, then the two step impairment test is performed. First, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. If impairment is indicated, then the fair value of the reporting unit’s goodwill is determined by allocating the unit’s fair value to its assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The amount of impairment for goodwill is measured as the excess of its carrying value over its fair value. Basic completes its assessment of goodwill impairment as of December 31 each year. The Company performed an assessment of goodwill related to the completion and remedial reporting unit as of September 30, 2015. This assessment indicated that $81.9 million was impaired as of September 30, 2015. This non-cash charge eliminated all of the Company’s existing goodwill as of September 30, 2015, and is included as Impairment of Goodwill on the consolidated statement of operations. See N ote 19 for further disclosure regarding goodwill . The changes in the carrying amount of goodwill for the year ended December 31, 2015, are as follows (in thousands): Completion and Remedial Services Balance as of December 31, 2014 $ 78,011 Goodwill adjustments 3,866 Goodwill impairment (81,877) Balance as of December 31, 2015 $ - Basic had trade names of $1.9 million as of December 31, 2015 and 2014. Trade names have an indefinite life and are tested for impairment annually. Basic’s intangible assets subject to amortization were as follows (in thousands): December 31, 2015 December 31, 2014 Customer relationships $ 92,660 $ 88,576 Non-Compete agreements 13,057 13,223 Trade names 1,939 1,939 Other intangible assets 2,086 2,097 109,742 105,835 Less accumulated amortization 42,997 34,662 Intangible assets subject to amortization, net $ 66,745 $ 71,173 Amortization expense for the years ended December 31, 2015, 2014 and 2013 was approximately $8.9 million, $8.6 million, and $8.4 million, respectively. Amortization expense for the next five succeeding years is expected to be as follows (in thousands): Amortization Expense 2016 $ 8,519 2017 8,001 2018 6,682 2019 6,514 2020 6,403 Thereafter 30,626 $ 66,745 Completion and Remedial Services Well Servicing Fluid Services Contract Drilling Total Intangible assets subject to amortization, net $ 49,627 $ 5,889 $ 8,303 $ 2,926 $ 66,745 Customer relationships are amortized over a 15 -year life, non-compete agreements are amortized over a five -year life, rig engineering plans and developed technology are amortized over 15 -year life. |
Stock-Based Compensation | Stock-Based Compensation Basic has historically compensated our directors, executives and employees through the awarding of stock options and restricted stock. Basic accounted for stock option and restricted stock awards in 2015, 2014, and 2013 using a grant date fair-value based method, resulting in compensation expense for stock-based awards being recorded in our consolidated statements of operations. For performance based restricted stock awards, compensation expense is recognized in the Company's financial statements based on their grant date fair value. Basic utilizes (i) the closing stock price on the date of grant to determine the fair value of vesting restricted stock awards and (ii) a Monte Carlo simulation to determine the fair value of restricted stock awards with a combination of market and service vesting criteria. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. The expected volatility utilized in the model was estimated using the historical volatility of the C ompany and our peer companies. The risk-free interest rate was based on the U.S. treasury rate for a term commensurate with the expected life of the grant. Stock options issued are valued on the grant date using Black-Scholes-Merton option pricing model and restricted stock issued is valued based on the fair value of Basic’s common stock at the grant date. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. Because the determination of these various assumptions is subject to significant management judgment and different assumptions could result in material differences in amounts recorded in Basic’s consolidated financial statements, management believes that accounting estimates related to the valuation of stock options are critical. On March 18, 2015, the Compensation Committee of Basic’s Board of Directors approved grants of performance-based phantom stock awards to certain members of management. The performance-based phantom stock awards are tied to Basic’s achievement of total stockholder return (“TSR”) relative to the TSR of a peer group of energy services companies over the performance period (defined as the one-year calculation period starting on the 20th NYSE trading day prior to and including the last NYSE trading day of 2014 and ending on the last NYSE trading day of 2015). The number of phantom shares to be issued will range from 0% to 150% of the 704,089 target number of phantom shares, depending on the performance noted above. Any phantom shares earned at the end of the performance period will then remain subject to vesting in one-third increments on March 15, 2016, 2017 and 2018 (subject to accelerated vesting in certain circumstances). As of Dec ember 3 1 , 2015, Basic estimated that 66.7% of the target number of performance-based awards will be earned. The Compensation Committee also approved grants of phantom restricted stock awards to certain key employees. The number of phantom shares issued was 654,500 . These grants remain subject to vesting over a three -year period, with the first portion vesting March 15, 2016. For further discussion of our share-based compensation, see Note 10. Incentive Plan. |
Income Taxes | Income Taxes We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance which would reduce the provision for income taxes. |
Accounts Receivable | Accounts Receivable Basic estimates its allowance for losses on accounts receivable based on past collections and expectations for future collections. Basic regularly reviews accounts for collectability. After all collection efforts are exhausted, if the balance is still determined to be uncollectable, the balance is written off. Expense related to the write off of uncollected accounts is recorded in general and administrative expense. Realized losses have been within management’s expectations. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments, which potentially subject Basic to concentration of credit risk, consist primarily of temporary cash investments and trade receivables. Basic restricts investment of temporary cash investments to financial institutions with high credit standing. Basic’s customer base consists primarily of multi-national and independent oil and natural gas producers. It performs ongoing credit evaluations of its customers but generally does not require collateral on its trade receivables. Credit risk is considered by management to be limited due to the large number of customers comprising its customer base. Basic maintains an allowance for potential credit losses on its trade receivables, and such losses have been within management’s expectations. Basic did not have any one customer which represented 10% or more of consolidated revenue for 2015, 2014 or 2013. |
Asset Retirement Obligations | Asset Retirement Obligations Basic is required to record the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets and capitalize an equal amount as a cost of the asset depreciating it over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each quarter to reflect the passage of time, changes in the estimated future cash flows underlying the obligation, acquisition or construction of assets, and settlements of obligations. |
Environmental | Environmental Basic is subject to extensive federal, state and local environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require Basic to remove or mitigate the adverse environmental effects of disposal or release of petroleum, chemical and other substances at various sites. Environmental expenditures are expensed or capitalized depending on the future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. |
Litigation and Self-Insured Risk Reserves | Litigation and Self-Insured Risk Reserves Basic estimates its reserves related to litigation and self-insured risks based on the facts and circumstances specific to the litigation and self-insured claims and its past experience with similar claims. Basic maintains accruals in the consolidated balance sheets to cover self-insurance retentions. Please see Note 7. Commitments and Contingencies for further discussion. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-01, “ Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” The Updates eliminates the concept of an extraordinary item. The Update is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Basic does not believe this pronouncement will have a material impact on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, “ Simplifying the Presentation of Debt Issuance Costs. ” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Update is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Basic does not believe this pronouncement will have a material impact on its consolidated financial statements and related disclosures. In July 2015 the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11, changes the measurement principle for entities that do not measure inventory using the last-in, first-out (LIFO) or retail inventory method from the lower of cost or market to lower of cost and net realizable value. The Update also eliminates the requirement for these entities to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Basic is in the process of determining if this pronouncement will have a material impact on its consolidated financial statements and related disclosures . In August 2015 the FASB issued ASU 2015-14, “Revenue from Contracts with Customers—Deferral of the Effective Date” , that defers by one year the effective date of ASU 2014-09, “Revenue from Contracts with Customers”. The Update is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Basic is in the process of determining if this pronouncement will have a material impact on its consolidated financial statements and related disclosures . In September 2015 the FASB issued ASU 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustment”. ASU 2015-16 eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement –period adjustments that occur in periods after a business combination is consummated. The Update is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Basic has early adopted this pronouncement and it did not have a material impact on its consolidated financial statements and related disclosures . In November 2015, the FASB issued ASU No 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The main provision of this Update is to simplify the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as noncurrent in the statement of financial position. This Update is effective for Basic in annual and interim periods beginning after December 15, 2016. The adoption of this Update will not have a material impact on the Company's consolidated financial statements and related disclosures . |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Carrying Amount and Fair Value of Financial Instruments | December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) 7.75% Senior Notes due 2019, excluding premium $ 475,000 $ 149,625 $ 475,000 $ 372,875 7.75% Senior Notes due 2022, excluding premium 300,000 87,030 300,000 225,000 |
Summary of Estimated Useful Lives of the Assets | Buildings and improvements 20 -30 years Well service units and equipment 3 -15 years Fluid services equipment 5 -10 years Brine and fresh water stations 15 years Fracturing/test tanks 10 years Pumping equipment 5 -10 years Construction equipment 3 -10 years Contract drilling equipment 3 -10 years Disposal facilities 10 -15 years Vehicles 3 -7 years Rental equipment 2 -15 years Aircraft 10 years Software and computers 3 years |
Changes in Carrying Amount of Goodwill | Completion and Remedial Services Balance as of December 31, 2014 $ 78,011 Goodwill adjustments 3,866 Goodwill impairment (81,877) Balance as of December 31, 2015 $ - |
Amortizable Intangible Assets | December 31, 2015 December 31, 2014 Customer relationships $ 92,660 $ 88,576 Non-Compete agreements 13,057 13,223 Trade names 1,939 1,939 Other intangible assets 2,086 2,097 109,742 105,835 Less accumulated amortization 42,997 34,662 Intangible assets subject to amortization, net $ 66,745 $ 71,173 |
Schedule Of Amortization Expense | Amortization Expense 2016 $ 8,519 2017 8,001 2018 6,682 2019 6,514 2020 6,403 Thereafter 30,626 $ 66,745 |
Intangible Assets By Line Of Busniess | Completion and Remedial Services Well Servicing Fluid Services Contract Drilling Total Intangible assets subject to amortization, net $ 49,627 $ 5,889 $ 8,303 $ 2,926 $ 66,745 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Schedule Of Values At Date Of Acquisition | Closing Date Total Cash Paid (net of cash acquired) Pioneer Fishing and Rental, Inc. September 17, 2014 $ 16,090 Total 2014 $ 16,090 Harbor Resources, LLC July 17, 2015 $ 4,500 Aerion Rental, LLC July 24, 2015 1,997 Grey Rock Pressure Pumping, LLC August 31, 2015 10,233 Total 2015 $ 16,730 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | December 31, December 31, 2015 2014 Land $ 19,893 $ 19,071 Buildings and improvements 73,599 69,629 Well service units and equipment 488,003 483,644 Fracturing/test tanks 363,346 355,912 Pumping equipment 345,938 343,379 Fluid services equipment 268,249 277,902 Disposal facilities 166,371 157,519 Contract drilling equipment 112,068 110,510 Rental equipment 94,970 102,471 Light vehicles 67,521 70,414 Software 21,920 21,416 Other 16,672 16,324 Construction equipment 15,174 15,764 Brine and fresh water stations 13,761 14,175 Aircraft - 857 2,067,485 2,058,987 Less accumulated depreciation and amortization 1,221,195 1,051,018 Property and equipment, net $ 846,290 $ 1,007,969 |
Schedule Of Property, Plant And Equipment Under Capital Lease | December 31, December 31, 2015 2014 Fluid services equipment $ 129,459 $ 143,014 Pumping equipment 43,573 42,264 Light vehicles 33,424 47,853 Contract drilling equipment 6,493 6,142 Well service units and equipment 541 883 Construction equipment 288 730 Software - 17,120 Other - 71 213,778 258,077 Less accumulated amortization 82,679 100,896 $ 131,099 $ 157,181 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt [Abstract] | |
Schedule of Long-Term Debt Instruments | December 31, December 31, 2015 2014 Credit Facilities: Revolver $ - $ 16,000 7.75% Senior Notes due 2019 475,000 475,000 7.75% Senior Notes due 2022 300,000 300,000 Unamortized premium 956 1,217 Capital leases and other notes 111,063 138,930 887,019 931,147 Less current portion 48,651 48,575 $ 838,368 $ 882,572 |
Schedule of Debt Maturities Including Capital Leases | Debt Capital Leases 2016 $ - $ 48,651 2017 - 32,355 2018 - 23,809 2019 475,000 6,060 2020 - 95 Thereafter 300,000 93 $ 775,000 $ 111,063 |
Schedule of Interest Expense | Years ended December 31, 2015 2014 2013 Cash payments for interest $ 61,587 $ 61,873 $ 62,609 Commitment and other fees paid 2,484 2,767 1,905 Amortization of debt issuance costs and premium on senior secured notes 3,362 2,934 2,878 Change in accrued interest 563 (269) 129 Capitalized interest (139) (349) (354) Other 107 86 40 Total interest expense $ 67,964 $ 67,042 $ 67,207 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Income Tax Expense (Benefit) | Years ended December 31, 2015 2014 2013 Current: Federal $ (151) $ 151 $ - State (9) 842 435 Total (160) 993 435 Deferred: Federal (127,482) (1,015) (18,873) State (3,688) 543 (1,287) Total (131,170) (472) (20,160) Total income tax expense (benefit) $ (131,330) $ 521 $ (19,725) |
Reconciliation Between Federal Statutory Rate and Income From Continuing Operations With the Provisions For Income Taxes | Years ended December 31, 2015 2014 2013 Statutory federal income tax $ (130,576) $ (2,737) $ (19,479) Meals and entertainment 684 825 660 State taxes, net of federal benefit (3,698) 1,093 (966) Goodwill impairment 2,833 1,380 - Changes in estimates and other (573) (40) 60 $ (131,330) $ 521 $ (19,725) |
Schedule of Significant Deferred Tax Assets and Liabilities | December 31, 2015 2014 Deferred tax assets: Operating loss carryforward $ 130,826 $ 39,737 Goodwill and intangibles 32,992 9,659 Accrued liabilities 14,028 15,573 Deferred compensation 12,988 12,008 Receivables allowance 976 746 Asset retirement obligation 672 625 Inventory 164 146 Valuation Allowances (878) - Total deferred tax assets $ 191,768 $ 78,494 Deferred tax liabilities: Property and equipment (195,211) (209,650) Prepaid expenses (1,623) (1,801) Total deferred tax liabilities $ (196,834) $ (211,451) Net deferred tax liability $ (5,066) $ (132,957) Recognized as: Deferred tax assets - current 13,484 14,664 Deferred tax liabilities - non-current (18,550) (147,621) Net deferred tax liabilities $ (5,066) $ (132,957) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases | Year ended December 31, 2016 $ 4,162 2017 2,838 2018 2,212 2019 1,761 2020 1,480 Thereafter 3,431 Total $ 15,884 |
Incentive Plan (Tables)
Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Incentive Plan [Abstract] | |
Summary Of Stock Options | Weighted Weighted Average Aggregate Number of Average Remaining Intrinsic Options Exercise Contractual Value Granted Price Term (Years) (000's) Non-statutory stock options: Outstanding, beginning of period 280,000 $ 19.05 Options granted - - Options forfeited - $ - Options exercised (103,750) $ 6.98 Options expired (1,250) $ 6.98 Outstanding, end of period 175,000 $ 26.29 0.33 - Exercisable, end of period 175,000 $ 26.29 0.33 - Vested or expected to vest, end of period 175,000 $ 26.29 0.33 - |
Summary Of Non-Vested Shares | Weighted Average Number of Grant Date Fair Shares Value Per Share Nonvested at beginning of period 2,193,671 $ 19.56 Granted during period 888,104 7.54 2014 Performance shares adjustment during period (163,603) 5.72 Vested during period (934,636) 16.75 Forfeited during period (16,160) 21.80 Nonvested at end of period 1,967,376 $ 14.34 |
Net Income Or Loss Per Share (T
Net Income Or Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loss per share of common stock: | |
Computation Of Basic And Diluted Earnings Per Share | Years ended December 31, 2015 2014 2013 Numerator (both basic and diluted): Net income (loss) available to common stockholders $ (241,745) $ (8,341) $ (35,929) Denominator: Denominator for basic earnings per share 40,505,429 41,165,940 40,288,218 Denominator for diluted earnings per share 40,505,429 41,165,940 40,288,218 Basic earnings (loss) per common share: $ (5.97) $ (0.20) $ (0.89) Diluted earnings (loss) per common share: $ (5.97) $ (0.20) $ (0.89) |
Schedule of Antidilutive Shares | Years ended December 31, 2015 2014 2013 Stock options 26,527 159,888 116,925 Unvested restricted stock 643,351 967,200 548,413 669,878 1,127,088 665,338 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Segment Information [Abstract] | |
Schedule Of Reportable Segments Financial Information | Completion and Remedial Fluid Well Contract Corporate Services Services Servicing Drilling and Other Total Year ended December 31, 2015 Operating revenues $ 307,550 $ 258,597 $ 217,245 $ 22,207 $ — $ 805,599 Direct operating costs (245,069) (196,155) (184,952) (16,680) — (642,856) Segment profits $ 62,481 $ 62,442 $ 32,293 $ 5,527 $ — $ 162,743 Depreciation and amortization $ 83,882 $ 71,280 $ 60,466 $ 14,083 $ 11,760 $ 241,471 Capital expenditures, (excluding acquisitions) $ 22,384 $ 19,950 $ 18,732 $ 2,431 $ 6,323 $ 69,820 Identifiable assets $ 365,574 $ 257,036 $ 233,293 $ 51,930 $ 253,536 $ 1,161,369 Year ended December 31, 2014 Operating revenues $ 698,917 $ 369,774 $ 361,683 $ 60,910 $ — $ 1,491,284 Direct operating costs (434,457) (265,105) (270,344) (41,513) — (1,011,419) Segment profits $ 264,460 $ 104,669 $ 91,339 $ 19,397 $ — $ 479,865 Depreciation and amortization $ 74,924 $ 64,445 $ 55,131 $ 12,773 $ 10,207 $ 217,480 Capital expenditures, (excluding acquisitions) $ 168,017 $ 71,112 $ 54,858 $ 9,311 $ 8,196 $ 311,494 Identifiable assets $ 514,842 $ 299,542 $ 276,696 $ 60,362 $ 445,735 $ 1,597,177 Year ended December 31, 2013 Operating revenues $ 501,137 $ 343,863 $ 363,386 $ 54,518 $ — $ 1,262,904 Direct operating costs (327,540) (239,154) (265,058) (36,336) — (868,088) Segment profits $ 173,597 $ 104,709 $ 98,328 $ 18,182 $ — $ 394,816 Depreciation and amortization $ 62,609 $ 63,316 $ 60,474 $ 12,815 $ 10,533 $ 209,747 Capital expenditures, (excluding acquisitions) $ 59,345 $ 66,992 $ 39,001 $ 4,576 $ 17,601 $ 187,515 Identifiable assets $ 432,267 $ 320,404 $ 289,017 $ 59,868 $ 441,783 $ 1,543,339 |
Schedule Of Reconciliation Of Operating Profit (Loss) From Segments | Year ended December 31, 2015 2014 2013 Segment profits $ 162,743 $ 479,865 $ 394,816 General and administrative expenses (143,458) (167,301) (171,439) Depreciation and amortization (241,471) (217,480) (209,747) Loss on disposal of assets (1,602) (1,974) (2,873) Goodwill impairment (81,877) (34,703) - Operating income $ (305,665) $ 58,407 $ 10,757 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Accrued Expenses [Abstract] | |
Schedule of Accrued Expenses | December 31, 2015 2014 Compensation related $ 14,048 $ 41,620 Workers' compensation self-insured risk reserve 7,481 9,115 Health self-insured risk reserve 3,935 4,756 Accrual for receipts 5,320 416 Ad valorem taxes 2,078 7,160 Sales tax 1,634 3,123 Insurance obligations 3,769 2,898 Professional fee accrual 729 1,221 Fuel accrual 693 1,371 Accrued interest 19,693 19,130 $ 59,380 $ 90,810 |
Supplemental Schedule Of Cash40
Supplemental Schedule Of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Information | Year ended December 31, 2015 2014 2013 (In thousands) Capital leases issued for equipment $ 24,768 $ 75,198 $ 50,565 Asset retirement obligation additions $ - $ 68 $ 144 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | First Second Third Fourth Quarter Quarter Quarter Quarter Year Year ended December 31, 2015: Total revenues $ 261,721 $ 193,596 $ 189,247 $ 161,035 $ 805,599 Segment profits $ 66,412 $ 37,022 $ 34,317 $ 24,992 $ 162,743 Net loss (i) $ (32,624) $ (48,295) $ (105,642) - $ (55,184) $ (241,745) Loss per share of common stock (a): Basic $ (0.81) $ (1.20) $ (2.63) $ (1.37) $ (5.97) Diluted $ (0.81) $ (1.20) $ (2.63) $ (1.37) $ (5.97) Weighted average common shares outstanding: Basic 40,072 40,168 40,168 40,148 40,505 Diluted 40,072 40,168 40,168 40,148 40,505 Year ended December 31, 2014: Total revenues $ 336,756 $ 359,662 $ 393,955 $ 400,911 $ 1,491,284 Segment profits $ 104,569 $ 116,732 $ 129,835 $ 128,729 $ 479,865 Net income (loss) (ii) $ (1,907) $ 2,443 $ 9,931 $- $ (18,808) $ (8,341) Loss per share of common stock (a): Basic $ (0.05) $ 0.06 $ 0.24 $ (0.46) $ (0.20) $ - Diluted $ (0.05) $ 0.06 $ 0.24 $ (0.46) $ (0.20) Weighted average common shares outstanding: Basic 40,605 41,342 41,477 41,332 41,166 Diluted 40,605 42,043 42,213 41,332 41,166 (a) The sum of individual quarterly net income per share may not agree to the total for the year due to each period's computation being based on the weighted average number of common shares outstanding during each period. (i) The third quarter loss included goodwill impairment of $81.9 million. (ii) The fourth quarter loss included goodwill impairment of $34.7 million. |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | Mar. 18, 2015 | Feb. 28, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 15, 2011 |
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Deferred debt costs, net of accumulated amortization | $ 26,600,000 | $ 26,600,000 | $ 25,700,000 | ||||||
Accumulated amortization of deferred debt costs | 13,500,000 | 13,500,000 | 10,400,000 | ||||||
Amortization of deferred financing costs | $ 3,622,000 | 3,176,000 | $ 3,102,000 | ||||||
Shares granted | 283,223 | 888,104 | |||||||
Impairment loss | 0 | $ 81,900,000 | |||||||
Trade names value | $ 1,900,000 | $ 1,900,000 | 1,900,000 | ||||||
Amortization expense of intangible assets | $ 8,900,000 | $ 8,600,000 | $ 8,400,000 | ||||||
Customer Relationships | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Amortization period of intangible assets, in years | 15 years | ||||||||
Noncompete Agreements | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Amortization period of intangible assets, in years | 5 years | ||||||||
Rig Engineering Plans | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Amortization period of intangible assets, in years | 15 years | ||||||||
Well service units and equipment | Minimum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful lives | 3 years | ||||||||
Well service units and equipment | Maximum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful lives | 15 years | ||||||||
7.75% Senior Notes due 2019 | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Interest rate | 7.75% | 7.75% | 7.75% | ||||||
7.75% Senior Notes due 2022 | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Interest rate | 7.75% | 7.75% | |||||||
Amended Revolving Credit Facility | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Amortization of deferred financing costs | $ 508,000 | ||||||||
Stock Options | Minimum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Vesting periods | 3 years | ||||||||
Stock Options | Maximum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Vesting periods | 5 years | ||||||||
Phantom Stock Awards [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Target number of shares to be issued | 704,089 | ||||||||
Percentage of target number of performance-based awards will be earned | 66.70% | 66.70% | 66.70% | 66.70% | |||||
Shares granted | 654,500 | 654,500 | |||||||
Vesting periods | 3 years | ||||||||
Phantom Stock Awards [Member] | Minimum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of target number of shares to be issued | 0.00% | ||||||||
Phantom Stock Awards [Member] | Maximum | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of target number of shares to be issued | 150.00% |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 15, 2011 |
7.75% Senior Notes due 2019 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount | $ 475,000 | $ 475,000 | |
Interest rate | 7.75% | 7.75% | |
Fair Value | $ 149,625 | 372,875 | |
7.75% Senior Notes due 2022 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount | $ 300,000 | 300,000 | |
Interest rate | 7.75% | ||
Fair Value | $ 87,030 | $ 225,000 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Estimated Useful Lives of Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings and improvements | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 20 years |
Buildings and improvements | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 30 years |
Well service units and equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Well service units and equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 15 years |
Fluid Services Equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 5 years |
Fluid Services Equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Brine and fresh water stations | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 15 years |
Fracturing/test tanks | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Pumping equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 5 years |
Pumping equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Construction equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Construction equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Contract drilling equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Contract drilling equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Disposal facilities | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Disposal facilities | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 15 years |
Light vehicles | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Light vehicles | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 7 years |
Rental equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 2 years |
Rental equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 15 years |
Aircraft | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Software And Computers | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||||
Balance | $ 78,011 | $ 78,011 | |||
Goodwill Impairment | $ (81,900) | $ (34,700) | (81,900) | (81,877) | $ (34,703) |
Balance | 78,011 | 78,011 | |||
Completion and Remedial Services | |||||
Goodwill [Line Items] | |||||
Balance | $ 78,011 | 78,011 | |||
Goodwill additions | 3,866 | ||||
Goodwill Impairment | $ (81,877) | ||||
Balance | $ 78,011 | $ 78,011 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Amortization Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | $ 109,742 | $ 105,835 |
Less accumulated amortization | 42,997 | 34,662 |
Amortization Expense | 66,745 | 71,173 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | 92,660 | 88,576 |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | 13,057 | 13,223 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | 1,939 | 1,939 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | $ 2,086 | $ 2,097 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Schedule Of Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of Significant Accounting Policies [Abstract] | ||
2,016 | $ 8,519 | |
2,017 | 8,001 | |
2,018 | 6,682 | |
2,019 | 6,514 | |
2,020 | 6,403 | |
Threrafter | 30,626 | |
Amortization Expense | $ 66,745 | $ 71,173 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Intangibles, net line of business) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | $ 66,745 | $ 71,173 |
Completion and Remedial Services | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | 49,627 | |
Well Servicing | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | 5,889 | |
Fluid Services | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | 8,303 | |
Contract Drilling | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | $ 2,926 |
Acquisitions (Schedule Of Value
Acquisitions (Schedule Of Values At Date Of Acquisition) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Total Cash Paid (net of cash acquired) | $ 16,730 | $ 16,090 |
Proceeds from debt | $ 8,816 | 16,000 |
Pioneer Fishing And Rental, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Closing Date | Sep. 17, 2014 | |
Total Cash Paid (net of cash acquired) | $ 16,090 | |
Harbor Resources, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Closing Date | Jul. 17, 2015 | |
Total Cash Paid (net of cash acquired) | $ 4,500 | |
Aerion Rental, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Closing Date | Jul. 24, 2015 | |
Total Cash Paid (net of cash acquired) | $ 1,997 | |
Grey Rock Pressure Pumping, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Closing Date | Aug. 31, 2015 | |
Total Cash Paid (net of cash acquired) | $ 10,233 | |
Proceeds from debt | $ 8,800 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property And Equipment [Abstract] | |||
Lease Obligation Period | 5 years | ||
Amortization of assets held under capital leases | $ 41.9 | $ 37.6 | $ 31.7 |
Property And Equipment (Propert
Property And Equipment (Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,067,485 | $ 2,058,987 |
Less accumulated depreciation and amortization | 1,221,195 | 1,051,018 |
Property and equipment, net | 846,290 | 1,007,969 |
Land | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 19,893 | 19,071 |
Buildings and improvements | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 73,599 | 69,629 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 488,003 | 483,644 |
Frac/test tanks | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 363,346 | 355,912 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 345,938 | 343,379 |
Fluid services equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 268,249 | 277,902 |
Disposal facilities | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 166,371 | 157,519 |
Contract drilling equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 112,068 | 110,510 |
Rental equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 94,970 | 102,471 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 67,521 | 70,414 |
Software | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 21,920 | 21,416 |
Other | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 16,672 | 16,324 |
Construction equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 15,174 | 15,764 |
Brine and fresh water stations | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 13,761 | 14,175 |
Aircraft | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 857 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property, Plant And Equipment Under Capital Lease) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | $ 213,778 | $ 258,077 |
Less accumulated amortization | 82,679 | 100,896 |
Property, plant and equipment under capital lease, net | 131,099 | 157,181 |
Fluid services equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 129,459 | 143,014 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 43,573 | 42,264 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 33,424 | 47,853 |
Contract drilling equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 6,493 | 6,142 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 541 | 883 |
Construction equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | $ 288 | 730 |
Software | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 17,120 | |
Other | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | $ 71 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Apr. 21, 2015USD ($) | Dec. 15, 2014USD ($) | Oct. 16, 2012USD ($) | Jun. 13, 2011USD ($) | Feb. 15, 2011USD ($) | Jul. 31, 2011USD ($) | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Apr. 20, 2015USD ($) | Nov. 26, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||
Total Cash Paid (net of cash acquired) | $ 16,730,000 | $ 16,090,000 | ||||||||
Minimum consolidated interest coverage ratio floor | 2.50 | |||||||||
Maximum consolidated leverage ratio ceiling | 4 | |||||||||
Maximum consolidated senior secured leverage ratio | 2 | |||||||||
Letters of credit outstanding under the Credit Agreement | $ 50,300,000 | $ 0 | ||||||||
Total Available Credit under the agreement | $ 93,400,000 | |||||||||
Minimum Debt service coverage ratio | item | 1.05 | |||||||||
Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment fee | 0.50% | |||||||||
Maximum prepayment | $ 100,000,000 | |||||||||
Minimum | Secured Debt [Member] | Alternate Base Rate Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Marginal interest rate | 1.25% | |||||||||
Minimum | Secured Debt [Member] | Eurodollar [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Marginal interest rate | 2.25% | |||||||||
Maximum | Secured Debt [Member] | Alternate Base Rate Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Marginal interest rate | 2.25% | |||||||||
Maximum | Secured Debt [Member] | Eurodollar [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Marginal interest rate | 3.25% | |||||||||
Amended Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Increase in total credit | $ 150,000,000 | |||||||||
Amended Revolving Credit Facility | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility | $ 250,000,000 | $ 300,000,000 | $ 300,000,000 | |||||||
Maximum consolidated senior secured leverage ratio | 2.50 | |||||||||
Maximum consolidated fixed charge coverage ratio | 1 | |||||||||
Aggregate commitments outstanding, parentage | 25.00% | |||||||||
Aggregate commitments outstanding | $ 62,500,000 | |||||||||
7.75% Senior Notes due 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of senior notes | $ 200,000,000 | $ 275,000,000 | $ 464,600,000 | |||||||
Interest rate | 7.75% | 7.75% | ||||||||
Debt Instrument, Maturity Date | Feb. 15, 2019 | |||||||||
Senior notes, aggregate principal amount | $ 475,000,000 | |||||||||
Debt instrument, purchase price as a percentage of principal amount | 101.00% | 100.00% | ||||||||
Debt instrument, redemption price | 100.00% | |||||||||
Debt instrument, repurchase price, percentage on principal amount plus accrued and unpaid interest | 101.00% | |||||||||
Borrowings | $ 475,000,000 | |||||||||
7.75% Senior Notes due 2019 | Maverick Companies | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Cash Paid (net of cash acquired) | $ 186,300,000 | |||||||||
7.75% Senior Notes Due 2019 on and after February 15 2015 | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility | $ 165,000,000 | |||||||||
7.75% Senior Notes Due 2019 Prior To February 15 2014 | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility | $ 30,000,000 | |||||||||
7.75% Senior Notes Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of senior notes | $ 293,300,000 | |||||||||
Interest rate | 7.75% | |||||||||
Debt Instrument, Maturity Date | Oct. 15, 2022 | |||||||||
Senior notes, aggregate principal amount | $ 300,000,000 | |||||||||
Debt instrument, redemption price | 100.00% | |||||||||
Debt instrument, repurchase price, percentage on principal amount plus accrued and unpaid interest | 101.00% | |||||||||
Borrowings | $ 300,000,000 | |||||||||
11.625% Senior Notes Due 2014 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 11.625% |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Revolver | $ 16,000 | |
Senior Notes | $ 775,000 | |
Unamortized (discount) premium | 956 | 1,217 |
Capital leases and other notes | 111,063 | 138,930 |
Debt and Capital Lease Obligations, Total | 887,019 | 931,147 |
Less current portion | 48,651 | 48,575 |
Non Current Portion of Long Term Debt, total | 838,368 | 882,572 |
7.75% Senior Notes due 2019 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 475,000 | 475,000 |
7.75% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 300,000 | $ 300,000 |
Long-Term Debt (Schedule of Deb
Long-Term Debt (Schedule of Debt Maturities Including Capital Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Long-Term Debt [Abstract] | |
Debt, 2016 | |
Debt, 2017 | |
Debt, 2018 | |
Debt, 2019 | $ 475,000 |
Debt, 2020 | |
Debt, Thereafter | $ 300,000 |
Senior Notes, Total | 775,000 |
Capital Leases, 2016 | 48,651 |
Capital Leases, 2017 | 32,355 |
Capital Leases, 2018 | 23,809 |
Capital Leases, 2019 | 6,060 |
Capital Leases, 2020 | 95 |
Capital Leases, Thereafter | 93 |
Capital Leases, Total | $ 111,063 |
Long-Term Debt (Schedule Of Int
Long-Term Debt (Schedule Of Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-Term Debt [Abstract] | |||
Cash payments for interest | $ 61,587 | $ 61,873 | $ 62,609 |
Commitment and other fees paid | 2,484 | 2,767 | 1,905 |
Amortization of debt issuance costs and premium on senior secured notes | 3,362 | 2,934 | 2,878 |
Change in accrued interest | 563 | (269) | 129 |
Capitalized Interest | (139) | (349) | (354) |
Other | 107 | 86 | 40 |
Total interest expense | $ 67,964 | $ 67,042 | $ 67,207 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Income Taxes Paid | $ 2,600,000 | $ 1,500,000 | |
Federal statutory rate | 35.00% | ||
Valuation allowance | $ 878,000 | ||
Federal | |||
Income Taxes [Line Items] | |||
Income Taxes Paid | $ 601,000 | ||
Net operating loss carryforwards | $ 352,500,000 | ||
Net operating loss carryforwards, expire date | Dec. 31, 2031 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 141,400,000 | ||
Net operating loss carryforwards, expire date | Dec. 31, 2016 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Federal | $ (151) | $ 151 | |
State | (9) | 842 | $ 435 |
Total | (160) | 993 | 435 |
Federal | (127,482) | (1,015) | (18,873) |
State | (3,688) | 543 | (1,287) |
Total | (131,170) | (472) | (20,160) |
Income Tax Expense (Benefit), Total | $ (131,330) | $ 521 | $ (19,725) |
Income Taxes (Reconciliation Be
Income Taxes (Reconciliation Between Federal Statutory Rate And Income From Continuing Operations With The Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Statutory federal income tax | $ (130,576) | $ (2,737) | $ (19,479) |
Meals and entertainment | 684 | 825 | 660 |
State taxes, net of federal benefit | (3,698) | 1,093 | (966) |
Goodwill impairment | 2,833 | 1,380 | |
Changes in estimates and other | (573) | (40) | 60 |
Income Tax Expense (Benefit), Total | $ (131,330) | $ 521 | $ (19,725) |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Operating loss carryforward | $ 130,826 | $ 39,737 |
Goodwill and intangibles | 32,992 | 9,659 |
Accrued liabilities | 14,028 | 15,573 |
Deferred compensation | 12,988 | 12,008 |
Receivables allowance | 976 | 746 |
Asset retirement obligation | 672 | 625 |
Inventory | 164 | 146 |
Valuation Allowances | (878) | |
Total deferred tax assets | 191,768 | 78,494 |
Property and equipment | (195,211) | (209,650) |
Prepaid expenses | (1,623) | (1,801) |
Total deferred tax liabilities | (196,834) | (211,451) |
Net deferred tax liability | (5,066) | (132,957) |
Deferred tax assets - current | 13,484 | 14,664 |
Deferred tax liabilities - non-current | (18,550) | (147,621) |
Net deferred tax liabilities | $ 5,066 | $ 132,957 |
Commitments And Contingencies61
Commitments And Contingencies (Narrative) (Detail) | 12 Months Ended | |||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Loss Contingencies [Line Items] | ||||
Potential liability audit ranges Minimum | $ 5,900,000 | |||
Potential liability audit ranges Maximum | 7,300,000 | |||
Accrual estimated liability | $ 5,900,000 | |||
Final settlement | $ 7,400,000 | |||
Additional expense | 1,500,000 | |||
Rent expense | $ 13,900,000 | $ 16,900,000 | $ 18,200,000 | |
Salary and incentive program severance multiplier | item | 3 | |||
Self insurance deductible for workers compensation | $ 2,500,000 | |||
Self insurance deductible for general liability claims | 1,000,000 | |||
Self insurance deductible for medical and dental coverage | 400,000 | |||
Workers' compensation self-insured risk reserve, short-term | 7,500,000 | 9,100,000 | ||
Workers' compensation self-insured risk reserve, long-term | 15,900,000 | 16,800,000 | ||
Self insured risk accruals | 30,800,000 | 33,400,000 | ||
Receivable for Medical and Dental Coverage | $ 73,000 | $ 14,000 | ||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Severance payment | item | 0.75 | |||
Severance payment for the chance of control | item | 1.5 | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Severance payment | item | 1 | |||
Severance payment for the chance of control | item | 2 | |||
Chief Executive Officer | ||||
Loss Contingencies [Line Items] | ||||
Annual salary to Mr. Patterson | $ 650,000 | |||
Non-Cancelable Property And Equipment | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Term of operating leases | 12 months | |||
Non-Cancelable Property And Equipment | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Term of operating leases | 60 months | |||
Well service units and equipment | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Term of operating leases | 99 years |
Commitments And Contingencies62
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments Under Non-Cancelable Operating Leases) (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Disclosure Schedule Of Future Minimum Lease Payments Under Non Cancelable Operating Leases [Abstract] | |
2,016 | $ 4,162 |
2,017 | 2,838 |
2,018 | 2,212 |
2,019 | 1,761 |
2,020 | 1,480 |
Thereafter | 3,431 |
Total | $ 15,884 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2015 | Feb. 28, 2015 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||||||||
Common stock, shares authorized | 80,000,000 | 80,000,000 | |||||||
Common stock, par value | $ 0.01 | $ 0.01 | |||||||
Issued common stock for the exercise of stock options | 103,750 | 107,250 | |||||||
Restricted stock granted | 283,223 | 888,104 | |||||||
Percentage of target number of shares | 106.00% | ||||||||
Treasury shares acquired, total price | $ 5,742 | $ 12,733 | $ 3,605 | ||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||||
Preferred stock, shares issued | 0 | 0 | |||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||
Net Share Settlements | |||||||||
Class of Stock [Line Items] | |||||||||
Treasury shares acquired, shares | 230,048 | 254,604 | |||||||
Three-Year Period | |||||||||
Class of Stock [Line Items] | |||||||||
Restricted shares of common stock granted | 888,104 | 414,900 | 432,400 | ||||||
Restricted shares of common stock vesting period, (in years) | 3 years | ||||||||
Restricted stock granted | 122,915 | ||||||||
Percentage of target number of shares | 42.90% | ||||||||
Four-Year Period | |||||||||
Class of Stock [Line Items] | |||||||||
Restricted shares of common stock granted | 294,909 | 262,000 | |||||||
Restricted shares of common stock vesting period, (in years) | 4 years | ||||||||
Share Repurchase Program | |||||||||
Class of Stock [Line Items] | |||||||||
Repurchase of basic share of common stock | $ 50,000 | ||||||||
Common stock repurchase, average cost per share | $ 4.90 | ||||||||
Additional repurchase of Basic's shares of common stock | $ 9,500 | ||||||||
Treasury shares acquired, shares | 913,600 | ||||||||
Treasury shares acquired, total price | $ 4,500 |
Stockholders' Agreement (Detail
Stockholders' Agreement (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Repurchase Agreement Counterparty [Line Items] | |
Proposed offering proceeds | $ 10 |
Proposed offering proceeds from issuance of common stock if able to register on form S-3 | $ 5 |
DLJ Merchant Banking Party | |
Repurchase Agreement Counterparty [Line Items] | |
Percentage of outstanding shares of common stock | 10.00% |
Incentive Plan (Narrative) (Det
Incentive Plan (Narrative) (Details) - USD ($) | Mar. 18, 2015 | Feb. 28, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for issuance | 11,350,000 | |||||
Shares available for grant | 2,095,334 | |||||
Options granted during period | 0 | 0 | 0 | |||
Share Based Compensation Expenses | $ 13,700,000 | $ 14,700,000 | $ 11,800,000 | |||
Tax benefit | 4,800,000 | 5,300,000 | 4,000,000 | |||
Unrecognized compensation related to non-vested share-based compensation arrangements | $ 15,700,000 | |||||
Weighted-average period over which unrecognized compensation cost related to non-vested share-based compensation arrangements is expected to be recognized, in years | 1 year 9 months 4 days | |||||
Total fair value of share-based awards vested | $ 5,400,000 | 20,600,000 | 11,900,000 | |||
Excess tax benefit due to carryforward loss | 0 | 0 | 0 | |||
Excess tax benefit if there was no net operating loss carry forwards | 11,000 | 4,500,000 | 764,000 | |||
Cash received from option exercises | $ 727,000 | 4,646,000 | 781,000 | |||
Shares granted | 283,223 | 888,104 | ||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options expiration period, (in years) | 10 years | |||||
Total intrinsic value of options exercised | $ 37,000 | 2,200,000 | 921,000 | |||
Cash received from option exercises | 724,000 | 4,300,000 | 582,000 | |||
Actual tax benefit realized for the tax deductions from options exercised | $ 0 | 0 | 0 | |||
Excess tax benefit on option exercises if there was no net operating loss carry forward | $ 535,000 | $ 192,000 | ||||
Stock Options | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting periods | 3 years | |||||
Stock Options | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting periods | 5 years | |||||
Phantom Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting periods | 3 years | |||||
Target number of shares to be issued | 704,089 | |||||
Percentage of target number of performance-based awards will be earned | 66.70% | 66.70% | ||||
Shares granted | 654,500 | 654,500 | ||||
Phantom Stock Awards [Member] | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of target number of shares to be issued | 0.00% | |||||
Phantom Stock Awards [Member] | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of target number of shares to be issued | 150.00% |
Incentive Plan (Summary Of Stoc
Incentive Plan (Summary Of Stock Options) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Incentive Plan [Abstract] | |||
Outstanding, beginning of period, Number of Options Granted | 280,000 | ||
Options granted, Number of Options Granted | 0 | 0 | 0 |
Options exercised, Number of Options Granted | (103,750) | ||
Options expired, Number of Options Granted | (1,250) | ||
Outstanding, end of period, Number of Options Granted | 175,000 | 280,000 | |
Exercisable, end of period, Number of Options Granted | 175,000 | ||
Vested or expected to vest, end of period, Number of Options Granted | 175,000 | ||
Outstanding, beginning of period, Weighted Average Exercise Price | $ 19.05 | ||
Options exercised, Weighted Average Exercise Price | 6.98 | ||
Options expired, Weighted Average Exercise Price | 6.98 | ||
Outstanding, end of period, Weighted Average Exercise Price | 26.29 | $ 19.05 | |
Exercisable, end of period, Weighted Average Exercise Price | 26.29 | ||
Vested or expected to vest, end of period, Weighted Average Exercise Price | $ 26.29 | ||
Outstanding, end of period, Weighted Average Remaining Contractual Term (Years) | 3 months 29 days | ||
Exercisable, end of period, Weighted Average Remaining Contractual Term (Years) | 3 months 29 days | ||
Vested or expected to vest, end of period, Weighted Average Remaining Contractual Term (Years) | 3 months 29 days |
Incentive Plan (Summary Of Non-
Incentive Plan (Summary Of Non-Vested Shares) (Details) - $ / shares | 1 Months Ended | 12 Months Ended |
Feb. 28, 2014 | Dec. 31, 2015 | |
Incentive Plan [Abstract] | ||
Nonvested at beginning of period, Number of Shares | 2,193,671 | |
Granted during period, Number of Shares | 283,223 | 888,104 |
2014 Performance shares adjustment during period, Number of Shares | (163,603) | |
Vested during period, Number of Shares | (934,636) | |
Forfeited during period, Number of Shares | (16,160) | |
Nonvested at end of period, Number of Shares | 1,967,376 | |
Nonvested at beginning of period, Weighted Average Grant Date Fair Value Per Share | $ 19.56 | |
Granted during period, Weighted Average Grant Date Fair Value Per Share | 7.54 | |
2014 Performance shares adjustment during period, Weighted Average Grant Date Fair Value Per Share | 5.72 | |
Vested during period, Weighted Average Grant Date Fair Value Per Share | 16.75 | |
Forfeited during period, Weighted Average Grant Date Fair Value Per Share | 21.80 | |
Nonvested at end of period, Weighted Average Grant Date Fair Value Per Share | $ 14.34 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2015USD ($)a | Apr. 30, 2012USD ($)a | Oct. 31, 2011USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2012USD ($)$ / bbl | Dec. 31, 2014USD ($) | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | |||||||
Due from Employees | $ 34,000 | $ 161,000 | |||||
Joint Venture Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of ownership in joint venture | 80.00% | ||||||
Funded amount for joint venture | $ 2,400,000 | $ 4,500,000 | |||||
Percentage of ownership in subsidiary | 100.00% | ||||||
Darle Vuelta Cattle Co Llc | |||||||
Related Party Transaction [Line Items] | |||||||
Acquisition of land, area, in acres | a | 100 | 22 | 17 | ||||
Payment to acquire land | $ 1,500,000 | $ 215,000 | $ 209,000 | ||||
Darle Vuelta Cattle Co Llc | Salt Water Disposal Well | |||||||
Related Party Transaction [Line Items] | |||||||
Term of lease agreement | 2 years | ||||||
Price of oil and gas waste per barrel | $ / bbl | 0.10 | ||||||
Price of brine or fresh water per barrel | $ / bbl | 0.05 | ||||||
Monthly payment on leases | $ 5,000 |
Profit Sharing Plan (Narrative)
Profit Sharing Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contributions and earnings, vesting schedule | 5 years | ||
Employer matching contributions, vesting period of service | $ 407,000 | $ 4,000,000 | $ 3,400,000 |
Profit Sharing Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contributions and earnings, vesting schedule | 5 years |
Deferred Compensation Plan (Nar
Deferred Compensation Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Percentage of salary the participants may defer | 50.00% | ||
Percentage of cash bonuses the participants may defer | 100.00% | ||
Maximum matching contributions per year | $ 10,000 | ||
Employer matching contributions and earnings, vesting schedule | 5 years | ||
Employer contributions to deferred compensation plan | $ 172,000 | $ 665,000 | $ 996,000 |
First 3% Of The Participant's Deferred Pay | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Percentage of matching contribution | 100.00% | ||
Matching contribution of gross pay | 3.00% | ||
Next 2% Of The Participant's Deferred Pay | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Percentage of matching contribution | 50.00% | ||
Matching contribution of deferred pay | 2.00% |
Net Income Or Loss Per Share (C
Net Income Or Loss Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator (both basic and diluted): | |||||||||||
Net income (loss) available to common stockholders | $ (55,184) | $ (105,642) | $ (48,295) | $ (32,624) | $ (18,808) | $ 9,931 | $ 2,443 | $ (1,907) | $ (241,745) | $ (8,341) | $ (35,929) |
Denominator: | |||||||||||
Denominator for basic earnings per share | 40,148,000 | 40,168,000 | 40,168,000 | 40,072,000 | 41,332,000 | 41,477,000 | 41,342,000 | 40,605,000 | 40,505,429 | 41,165,940 | 40,288,218 |
Denominator for diluted earnings per share | 40,148,000 | 40,168,000 | 40,168,000 | 40,072,000 | 41,332,000 | 42,213,000 | 42,043,000 | 40,605,000 | 40,505,429 | 41,165,940 | 40,288,218 |
Basic earnings (loss) per common share | $ (1.37) | $ (2.63) | $ (1.20) | $ (0.81) | $ (0.46) | $ 0.24 | $ 0.06 | $ (0.05) | $ (5.97) | $ (0.20) | $ (0.89) |
Diluted earnings (loss) per common share | $ (1.37) | $ (2.63) | $ (1.20) | $ (0.81) | $ (0.46) | $ 0.24 | $ 0.06 | $ (0.05) | $ (5.97) | $ (0.20) | $ (0.89) |
Net Income Or Loss Per Share (S
Net Income Or Loss Per Share (Schedule of Antidilutive Shares) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 669,878 | 1,127,088 | 665,338 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 26,527 | 159,888 | 116,925 |
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 643,351 | 967,200 | 548,413 |
Business Segment Information (S
Business Segment Information (Schedule Of Reportable Segments Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | $ 161,035 | $ 189,247 | $ 193,596 | $ 261,721 | $ 400,911 | $ 393,955 | $ 359,662 | $ 336,756 | $ 805,599 | $ 1,491,284 | $ 1,262,904 |
Direct operating costs | (642,856) | (1,011,419) | (868,088) | ||||||||
Segment profits | 24,992 | $ 34,317 | $ 37,022 | $ 66,412 | 128,729 | $ 129,835 | $ 116,732 | $ 104,569 | 162,743 | 479,865 | 394,816 |
Depreciation and amortization | 241,471 | 217,480 | 209,747 | ||||||||
Capital expenditures, (excluding acquisitions) | 69,820 | 311,494 | 187,515 | ||||||||
Identifiable assets | 1,161,369 | 1,597,177 | 1,161,369 | 1,597,177 | 1,543,339 | ||||||
Completion and Remedial Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 307,550 | 698,917 | 501,137 | ||||||||
Direct operating costs | (245,069) | (434,457) | (327,540) | ||||||||
Segment profits | 62,481 | 264,460 | 173,597 | ||||||||
Depreciation and amortization | 83,882 | 74,924 | 62,609 | ||||||||
Capital expenditures, (excluding acquisitions) | 22,384 | 168,017 | 59,345 | ||||||||
Identifiable assets | 365,574 | 514,842 | 365,574 | 514,842 | 432,267 | ||||||
Fluid Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 258,597 | 369,774 | 343,863 | ||||||||
Direct operating costs | (196,155) | (265,105) | (239,154) | ||||||||
Segment profits | 62,442 | 104,669 | 104,709 | ||||||||
Depreciation and amortization | 71,280 | 64,445 | 63,316 | ||||||||
Capital expenditures, (excluding acquisitions) | 19,950 | 71,112 | 66,992 | ||||||||
Identifiable assets | 257,036 | 299,542 | 257,036 | 299,542 | 320,404 | ||||||
Well Servicing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 217,245 | 361,683 | 363,386 | ||||||||
Direct operating costs | (184,952) | (270,344) | (265,058) | ||||||||
Segment profits | 32,293 | 91,339 | 98,328 | ||||||||
Depreciation and amortization | 60,466 | 55,131 | 60,474 | ||||||||
Capital expenditures, (excluding acquisitions) | 18,732 | 54,858 | 39,001 | ||||||||
Identifiable assets | 233,293 | 276,696 | 233,293 | 276,696 | 289,017 | ||||||
Contract drilling equipment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 22,207 | 60,910 | 54,518 | ||||||||
Direct operating costs | (16,680) | (41,513) | (36,336) | ||||||||
Segment profits | 5,527 | 19,397 | 18,182 | ||||||||
Depreciation and amortization | 14,083 | 12,773 | 12,815 | ||||||||
Capital expenditures, (excluding acquisitions) | 2,431 | 9,311 | 4,576 | ||||||||
Identifiable assets | 51,930 | 60,362 | 51,930 | 60,362 | 59,868 | ||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 11,760 | 10,207 | 10,533 | ||||||||
Capital expenditures, (excluding acquisitions) | 6,323 | 8,196 | 17,601 | ||||||||
Identifiable assets | $ 253,536 | $ 445,735 | $ 253,536 | $ 445,735 | $ 441,783 |
Business Segment Information 74
Business Segment Information (Schedule Of Reconciliation Of Operating Profit (Loss) From Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Segment Information [Abstract] | ||||||||||||
Segment profits | $ 24,992 | $ 34,317 | $ 37,022 | $ 66,412 | $ 128,729 | $ 129,835 | $ 116,732 | $ 104,569 | $ 162,743 | $ 479,865 | $ 394,816 | |
General and administrative | (143,458) | (167,301) | (171,439) | |||||||||
Depreciation and amortization | (241,471) | (217,480) | (209,747) | |||||||||
Loss on disposal of assets | (1,602) | (1,974) | (2,873) | |||||||||
Goodwill Impairment | $ (81,900) | $ (34,700) | $ (81,900) | (81,877) | (34,703) | |||||||
Operating (loss) income | $ (305,665) | $ 58,407 | $ 10,757 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Accrued Expenses [Abstract] | ||
Compensation related | $ 14,048 | $ 41,620 |
Workers' compensation self-insured risk reserve | 7,481 | 9,115 |
Health self-insured risk reserve | 3,935 | 4,756 |
Accrual for receipts | 5,320 | 416 |
Ad valorem taxes | 2,078 | 7,160 |
Sales tax | 1,634 | 3,123 |
Insurance obligations | 3,769 | 2,898 |
Professional fee accrual | 729 | 1,221 |
Fuel accrual | 693 | 1,371 |
Accrued interest | 19,693 | 19,130 |
Accrued Expenses | $ 59,380 | $ 90,810 |
Supplemental Schedule Of Cash76
Supplemental Schedule Of Cash Flow Information (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | |||
Income tax refund | $ 450,000 | ||
Income Taxes Paid | $ 2,600,000 | $ 1,500,000 |
Supplemental Schedule Of Cash77
Supplemental Schedule Of Cash Flow Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | |||
Capital leases issued for equipment | $ 24,768 | $ 75,198 | $ 50,565 |
Asset retirement obligation additions | $ 68 | $ 144 |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | ||||||||||||
Total revenues | $ 161,035 | $ 189,247 | $ 193,596 | $ 261,721 | $ 400,911 | $ 393,955 | $ 359,662 | $ 336,756 | $ 805,599 | $ 1,491,284 | $ 1,262,904 | |
Segment profits | 24,992 | 34,317 | 37,022 | 66,412 | 128,729 | 129,835 | 116,732 | 104,569 | 162,743 | 479,865 | 394,816 | |
Net income (loss) | $ (55,184) | $ (105,642) | $ (48,295) | $ (32,624) | $ (18,808) | $ 9,931 | $ 2,443 | $ (1,907) | $ (241,745) | $ (8,341) | $ (35,929) | |
Basic | $ (1.37) | $ (2.63) | $ (1.20) | $ (0.81) | $ (0.46) | $ 0.24 | $ 0.06 | $ (0.05) | $ (5.97) | $ (0.20) | $ (0.89) | |
Diluted | $ (1.37) | $ (2.63) | $ (1.20) | $ (0.81) | $ (0.46) | $ 0.24 | $ 0.06 | $ (0.05) | $ (5.97) | $ (0.20) | $ (0.89) | |
Weighted average common shares outstanding, Basic | 40,148,000 | 40,168,000 | 40,168,000 | 40,072,000 | 41,332,000 | 41,477,000 | 41,342,000 | 40,605,000 | 40,505,429 | 41,165,940 | 40,288,218 | |
Weighted average common shares outstanding, Diluted | 40,148,000 | 40,168,000 | 40,168,000 | 40,072,000 | 41,332,000 | 42,213,000 | 42,043,000 | 40,605,000 | 40,505,429 | 41,165,940 | 40,288,218 | |
Goodwill impairment | $ 81,900 | $ 34,700 | $ 81,900 | $ 81,877 | $ 34,703 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Assets And Liabilities Measured At Fair Value On Recurring Basis [Abstract] | |||||
Goodwill impairment | $ 81,900 | $ 34,700 | $ 81,900 | $ 81,877 | $ 34,703 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) | Feb. 26, 2016 | Feb. 17, 2016 |
Amended Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Subsequent Event [Line Items] | ||
Revolving credit facility | $ 100,000,000 | |
Term Loan Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Aggregate principal amount | $ 165,000,000 | |
Delayed Draw Term Loan [Member] | ||
Subsequent Event [Line Items] | ||
Aggregate principal amount | $ 15,000,000 |
Schedule II - Valuation And Q81
Schedule II - Valuation And Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 2,032 | $ 3,675 | $ 2,780 | |
Charged to Costs and Expenses | [1] | $ 2,850 | $ 1,244 | $ 2,103 |
Charged to Other Accounts | [2] | |||
Deductions | [3] | $ (2,212) | $ (2,887) | $ (1,208) |
Balance at End of Period | $ 2,670 | $ 2,032 | $ 3,675 | |
[1] | Charges relate to provisions for doubtful accounts | |||
[2] | Reflects the impact of acquisitions | |||
[3] | Deductions relate to the write-off of accounts receivable deemed uncollectible |