Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 22, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | OIL STATES INTERNATIONAL, INC | |
Entity Central Index Key | 0001121484 | |
Trading Symbol | ois | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 60,441,064 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Revenues | $ 250,611 | $ 253,576 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 199,878 | 189,890 |
Selling, general and administrative expense | 30,108 | 34,195 |
Depreciation and amortization expense | 31,551 | 29,190 |
Other operating (income) expense, net | (86) | 1,215 |
Operating expenses | 261,451 | 254,490 |
Operating loss | (10,840) | (914) |
Interest expense | (4,797) | (4,533) |
Interest income | 45 | 79 |
Other income | 667 | 647 |
Loss before income taxes | (14,925) | (4,721) |
Income tax benefit | 277 | 1,229 |
Net loss | $ (14,648) | $ (3,492) |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.25) | $ (0.06) |
Diluted (in dollars per share) | $ (0.25) | $ (0.06) |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 59,258 | 57,787 |
Diluted (in shares) | 59,258 | 57,787 |
Product | ||
Revenues: | ||
Revenues | $ 116,328 | $ 128,826 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 89,268 | 92,976 |
Service | ||
Revenues: | ||
Revenues | 134,283 | 124,750 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | $ 110,610 | $ 96,914 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (14,648) | $ (3,492) |
Other comprehensive income: | ||
Currency translation adjustments | 2,466 | 5,034 |
Comprehensive income (loss) | $ (12,182) | $ 1,542 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 15,309 | $ 19,316 |
Accounts receivable, net | 262,296 | 283,607 |
Inventories, net | 207,179 | 209,393 |
Prepaid expenses and other current assets | 24,041 | 21,715 |
Total current assets | 508,825 | 534,031 |
Property, plant, and equipment, net | 533,994 | 540,427 |
Operating lease assets, net | 49,171 | 0 |
Goodwill, net | 647,185 | 647,018 |
Other intangible assets, net | 248,911 | 255,301 |
Other noncurrent assets | 29,141 | 27,044 |
Total assets | 2,017,227 | 2,003,821 |
Current liabilities: | ||
Current portion of long-term debt | 25,561 | 25,561 |
Accounts payable | 78,688 | 77,511 |
Accrued liabilities | 48,833 | 60,730 |
Current operating lease liabilities | 8,712 | 0 |
Income taxes payable | 4,934 | 3,072 |
Deferred revenue | 12,899 | 14,160 |
Total current liabilities | 179,627 | 181,034 |
Long-term debt | 292,072 | 306,177 |
Long-term operating lease liabilities | 40,311 | 0 |
Deferred income taxes | 52,370 | 53,831 |
Other noncurrent liabilities | 25,203 | 23,011 |
Total liabilities | 589,583 | 564,053 |
Stockholders’ equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 72,484,043 shares and 71,753,937 shares issued, respectively | 725 | 718 |
Additional paid-in capital | 1,102,176 | 1,097,758 |
Retained earnings | 1,014,870 | 1,029,518 |
Accumulated other comprehensive loss | (68,931) | (71,397) |
Treasury stock, at cost, 12,038,859 and 11,784,242 shares, respectively | (621,196) | (616,829) |
Total stockholders’ equity | 1,427,644 | 1,439,768 |
Total liabilities and stockholders’ equity | $ 2,017,227 | $ 2,003,821 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 72,484,043 | 71,753,937 |
Treasury stock, shares (in shares) | 12,038,859 | 11,784,242 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Balance at Dec. 31, 2017 | $ 1,132,713 | $ 627 | $ 754,607 | $ 1,048,623 | $ (58,493) | $ (612,651) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss | (3,492) | (3,492) | ||||
Currency translation adjustments (excluding intercompany advances) | 5,104 | 5,104 | ||||
Currency translation adjustments on intercompany advances | (70) | (70) | ||||
Stock-based compensation expense: | ||||||
Restricted stock | 4,943 | 3 | 4,940 | |||
Stock options | 206 | 206 | ||||
Issuance of common stock in connection with GEODynamics acquisition | 294,910 | 87 | 294,823 | |||
Issuance of 1.50% convertible senior notes, net of income taxes of $7,744 | 25,640 | 25,640 | ||||
Surrender of stock to settle taxes on restricted stock awards | (3,939) | (3,939) | ||||
Balance at Mar. 31, 2018 | 1,456,015 | 717 | 1,080,216 | 1,045,131 | (53,459) | (616,590) |
Balance at Dec. 31, 2018 | 1,439,768 | 718 | 1,097,758 | 1,029,518 | (71,397) | (616,829) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss | (14,648) | (14,648) | ||||
Currency translation adjustments (excluding intercompany advances) | 2,553 | 2,553 | ||||
Currency translation adjustments on intercompany advances | (87) | (87) | ||||
Stock-based compensation expense: | ||||||
Restricted stock | 4,372 | 7 | 4,365 | |||
Stock options | 53 | 53 | ||||
Stock repurchases | (757) | (757) | ||||
Surrender of stock to settle taxes on restricted stock awards | (3,610) | (3,610) | ||||
Balance at Mar. 31, 2019 | $ 1,427,644 | $ 725 | $ 1,102,176 | $ 1,014,870 | $ (68,931) | $ (621,196) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical) - 1.5% Convertible Unsecured Senior Notes $ in Thousands | Mar. 31, 2018USD ($) |
Stated interest rate | 1.50% |
Debt instrument, convertible, income taxes | $ 7,744 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (14,648) | $ (3,492) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 31,551 | 29,190 |
Stock-based compensation expense | 4,425 | 5,149 |
Amortization of debt discount and deferred financing costs | 1,937 | 1,749 |
Deferred income tax provision (benefit) | (1,513) | 1,807 |
Gain on disposals of assets | (418) | (493) |
Other, net | (340) | 2,061 |
Changes in operating assets and liabilities, net of effect from acquired businesses: | ||
Accounts receivable | 21,893 | (27,094) |
Inventories | 2,735 | 1,719 |
Accounts payable and accrued liabilities | (9,576) | (19,905) |
Income taxes payable | 1,878 | 645 |
Other operating assets and liabilities, net | (3,632) | (3,587) |
Net cash flows provided by (used in) operating activities | 34,292 | (12,251) |
Cash flows from investing activities: | ||
Capital expenditures | (17,922) | (14,238) |
Acquisitions of businesses, net of cash acquired | 0 | (379,676) |
Proceeds from disposition of property, plant and equipment | 368 | 540 |
Other, net | (304) | (289) |
Net cash flows used in investing activities | (17,858) | (393,663) |
Cash flows from financing activities: | ||
Issuance of 1.50% convertible senior notes | 0 | 200,000 |
Revolving credit facility borrowings | 57,874 | 622,369 |
Revolving credit facility repayments | (73,774) | (434,369) |
Other debt and capital lease repayments, net | (142) | (132) |
Payment of financing costs | 0 | (6,712) |
Purchase of treasury stock | (757) | 0 |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | (3,610) | (3,939) |
Net cash flows provided by (used in) financing activities | (20,409) | 377,217 |
Effect of exchange rate changes on cash and cash equivalents | (32) | 383 |
Net change in cash and cash equivalents | (4,007) | (28,314) |
Cash and cash equivalents, beginning of period | 19,316 | 53,459 |
Cash and cash equivalents, end of period | 15,309 | 25,145 |
Cash paid for: | ||
Interest | 3,460 | 1,859 |
Income taxes, net of refunds | $ (487) | $ 767 |
Unaudited Consolidated Statem_6
Unaudited Consolidated Statements of Cash Flows (Parenthetical) | Mar. 31, 2019 | Mar. 31, 2018 |
1.5% Convertible Unsecured Senior Notes | ||
Stated interest rate | 1.50% | 1.50% |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its subsidiaries (referred to in this report as “we” or the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair statement of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. Certain prior-year amounts in the Company’s unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation. The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of such estimates include goodwill and long-lived asset impairment analyses, revenue and income recognized over time, valuation allowances recorded on deferred tax assets, the fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets, reserves on inventory, allowances for doubtful accounts, warranty obligations and potential future adjustments related to contractual indemnification and other agreements. If the underlying estimates and assumptions, upon which the financial statements are based, change in future periods, actual amounts may differ from those included in the accompanying condensed consolidated financial statements. Our industry is cyclical and this cyclicality impacts our estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows including our determination of whether a decline in value of our long-lived assets, including definite-lived intangibles, and/or goodwill has occurred. The financial statements included in this report should be read in conjunction with the Company’s audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2018 (the “ 2018 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. In February 2016, the FASB issued guidance on leases which, as amended, introduced the recognition of lease assets and lease liabilities by lessees for all leases that are not short-term in nature. The Company adopted this guidance on January 1, 2019, using the optional transition method of recognizing any cumulative effect of adopting this guidance as an adjustment to the opening balance of retained earnings. The cumulative impact of the adoption of the new standard was not material to the Company's consolidated financial statements. Prior periods were not retrospectively adjusted. In addition, the Company elected a package of practical expedients permitted under transition guidance for the new standard which, among other things, allowed for the carryforward of historical lease classification. The Company has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Most of the Company's leases do not provide an implicit interest rate. Therefore, the Company's incremental borrowing rate, based on available information at the lease commencement date, is used to determine the present value of lease payments. In connection with the adoption of the new standard, the Company recorded $47.7 million |
Business Acquisitions, Goodwill
Business Acquisitions, Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Business Acquisitions, Goodwill and Other Intangible Assets | Business Acquisitions, Goodwill and Other Intangible Assets GEODynamics Acquisition On January 12, 2018, the Company acquired GEODynamics, Inc. ("GEODynamics"), which provides oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations (the “GEODynamics Acquisition”). Total purchase price consideration was $615.3 million , consisting of (i) $295.4 million in cash (net of cash acquired), which was funded through borrowings under the Company's Revolving Credit Facility (as defined in Note 6 , "Long-term Debt"), (ii) approximately 8.66 million shares of the Company's common stock (having a market value of approximately $295 million as of the closing date of the acquisition) and (iii) an unsecured $25 million promissory note that bears interest at 2.5% per annum and is scheduled to mature on July 12, 2019. Under the terms of the purchase agreement, the Company may be entitled to indemnification in respect of certain matters occurring prior to the acquisition and payments due under the promissory note may be subject to set-off, in part or in full, regarding such indemnified matters. See Note 14 , "Commitments and Contingencies." GEODynamics’ results of operations have been included in the Company’s financial statements subsequent to the closing of the acquisition on January 12, 2018. The acquired GEODynamics operations are reported as the Downhole Technologies segment. See Note 13 , "Segments and Related Information" for further information with respect to the Downhole Technologies segment operations. Falcon Acquisition On February 28, 2018, the Company acquired Falcon Flowback Services, LLC (“Falcon”), a full service provider of flowback and well testing services for the separation and recovery of fluids, solid debris and proppant used during hydraulic fracturing operations. Falcon provides additional scale and diversity to our Completion Services well testing operations in key shale plays in the United States. The purchase price was $84.2 million (net of cash acquired). The Falcon acquisition was funded by borrowings under the Company's Revolving Credit Facility. Under the terms of the purchase agreement, the Company may be entitled to indemnification in respect of certain matters occurring prior to acquisition. Falcon’s results of operations have been included in the Company’s financial statements and has been reported within the Completion Services business subsequent to the closing of the acquisition on February 28, 2018. Transaction-Related Costs During the three months ended March 31, 2018 , the Company expensed transaction-related costs of $2.6 million , which are included within selling, general and administrative expense and within other operating income. No material transaction-related costs were incurred during the three months ended March 31, 2019 . Supplemental Unaudited Pro Forma Financial Information The following supplemental unaudited pro forma results of operations data for the three months ended March 31, 2018 gives pro forma effect to the consummation of the GEODynamics and Falcon acquisitions as if they had occurred on January 1, 2018. The supplemental unaudited pro forma financial information was prepared based on historical financial information, adjusted to give pro forma effect to fair value adjustments on depreciation and amortization expense, interest expense, and related tax effects, among others. The pro forma results for the three months ended March 31, 2018 also reflect adjustments to exclude the after-tax impact of transaction costs of $2.0 million . The supplemental unaudited pro forma financial information may not reflect what the results of the combined operations would have been had the acquisitions occurred on January 1, 2018. As such, it is presented for informational purposes only (in thousands, except per share amount). Three Months Ended March 31, 2018 Revenue $ 280,200 Net loss $ (992 ) Diluted net loss per share $ (0.02 ) Diluted weighted average common shares outstanding 58,811 Goodwill Changes in the carrying amount of goodwill for the three -month period ended March 31, 2019 were as follows (in thousands): Well Site Services Downhole Technologies Offshore/ Total Completion Services Drilling Services Subtotal Balance as of December 31, 2018 Goodwill $ 221,582 $ 22,767 $ 244,349 $ 357,502 $ 162,462 $ 764,313 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) — — (117,295 ) 127,054 — 127,054 357,502 162,462 647,018 Foreign currency translation — — — — 167 167 Balance as of March 31, 2019 $ 127,054 $ — $ 127,054 $ 357,502 $ 162,629 $ 647,185 Balance as of March 31, 2019 Goodwill $ 221,582 $ 22,767 $ 244,349 $ 357,502 $ 162,629 $ 764,480 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) — — (117,295 ) $ 127,054 $ — $ 127,054 $ 357,502 $ 162,629 $ 647,185 Other Intangible Assets The following table presents the total gross carrying amount of intangibles and the total accumulated amortization for major intangible asset classes as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Other intangible assets: Customer relationships $ 167,811 $ 35,980 $ 167,811 $ 33,247 Patents/Technology/Know-how 85,223 25,336 84,903 23,418 Noncompete agreements 17,616 7,729 18,705 7,544 Tradenames and other 53,709 6,403 53,708 5,617 Total other intangible assets $ 324,359 $ 75,448 $ 325,127 $ 69,826 Amortization expense was $6.7 million and $5.6 million for the three months ended March 31, 2019 and 2018 |
Details of Selected Balance She
Details of Selected Balance Sheet Accounts | 3 Months Ended |
Mar. 31, 2019 | |
Details of Selected Balance Sheet Accounts [Abstract] | |
Details of Selected Balance Sheet Accounts | Details of Selected Balance Sheet Accounts Additional information regarding selected balance sheet accounts at March 31, 2019 and December 31, 2018 is presented below (in thousands): March 31, December 31, Accounts receivable, net: Trade $ 205,328 $ 227,052 Unbilled revenue 36,685 35,674 Contract assets 21,069 21,201 Other 5,938 6,381 Total accounts receivable 269,020 290,308 Allowance for doubtful accounts (6,724 ) (6,701 ) $ 262,296 $ 283,607 March 31, December 31, Deferred revenue (contract liabilities) $ 12,899 $ 14,160 For the three months ended March 31, 2019 , the $0.1 million net decrease in contract assets was primarily attributable to $5.3 million in revenue recognized during the period, which was offset by $5.4 million transferred to accounts receivable. Deferred revenue decreased by $1.3 million in 2019 , reflecting the recognition of $4.3 million of revenue that was deferred at the beginning of the period partially offset by $3.7 million in new customer billings which were not recognized as revenue during the period. March 31, December 31, Inventories, net: Finished goods and purchased products $ 105,834 $ 96,195 Work in process 19,541 20,552 Raw materials 100,658 111,197 Total inventories 226,033 227,944 Allowance for excess or obsolete inventory (18,854 ) (18,551 ) $ 207,179 $ 209,393 Estimated Useful Life (years) March 31, December 31, Property, plant and equipment, net: Land $ 37,650 $ 37,545 Buildings and leasehold improvements 2 – 40 260,746 259,834 Machinery and equipment 1 – 28 487,641 483,629 Completion Services equipment 2 – 10 497,593 492,183 Office furniture and equipment 3 – 10 44,422 43,654 Vehicles 2 – 10 120,571 122,982 Construction in progress 30,759 29,451 Total property, plant and equipment 1,479,382 1,469,278 Accumulated depreciation (945,388 ) (928,851 ) $ 533,994 $ 540,427 March 31, December 31, Other noncurrent assets: Deferred compensation plan $ 22,641 $ 20,468 Deferred income taxes 770 761 Other 5,730 5,815 $ 29,141 $ 27,044 March 31, December 31, Accrued liabilities: Accrued compensation $ 18,424 $ 29,867 Insurance liabilities 9,480 9,177 Accrued taxes, other than income taxes 7,270 4,530 Accrued commissions 1,822 1,484 Accrued claims 205 2,983 Other 11,632 12,689 $ 48,833 $ 60,730 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The table below provides a reconciliation of the numerators and denominators of basic and diluted net loss per share for the three months ended March 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended 2019 2018 Numerators: Net loss $ (14,648 ) $ (3,492 ) Less: Income attributable to unvested restricted stock awards — — Numerator for basic net loss per share (14,648 ) (3,492 ) Effect of dilutive securities: Unvested restricted stock awards — — Numerator for diluted net loss per share $ (14,648 ) $ (3,492 ) Denominators: Weighted average number of common shares outstanding 60,249 58,814 Less: Weighted average number of unvested restricted stock awards outstanding (991 ) (1,027 ) Denominator for basic net loss per share 59,258 57,787 Effect of dilutive securities: Unvested restricted stock awards — — Assumed exercise of stock options — — 1.50% convertible senior notes (see Note 6) — — — — Denominator for diluted net loss per share 59,258 57,787 Net loss per share: Basic $ (0.25 ) $ (0.06 ) Diluted (0.25 ) (0.06 ) The calculation of diluted net loss per share for the three months ended March 31, 2019 and 2018 excluded 687 thousand shares and 700 thousand shares, respectively, issuable pursuant to outstanding stock options, due to their antidilutive effect. Additionally, shares issuable upon conversion of the 1.50% convertible senior notes were not convertible and therefore excluded for the three months ended March 31, 2019 and 2018 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt As of March 31, 2019 and December 31, 2018 , long-term debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility (1) $ 118,361 $ 134,096 1.50% convertible senior notes (2) 168,873 167,102 Promissory note 25,000 25,000 Other debt and capital lease obligations 5,399 5,540 Total debt 317,633 331,738 Less: Current portion (25,561 ) (25,561 ) Total long-term debt $ 292,072 $ 306,177 (1) Presented net of $1.9 million and $2.0 million of unamortized debt issuance costs as of March 31, 2019 and December 31, 2018 , respectively. (2) The principal amount of the 1.50% convertible senior notes is $200.0 million . See " 1.50% Convertible Senior Notes" below. Revolving Credit Facility The Company's senior secured revolving credit facility, as amended (the "Revolving Credit Facility") is governed by a credit agreement with Wells Fargo Bank, N.A., as administrative agent for the lenders party thereto and collateral agent for the secured parties thereunder, and the lenders and other financial institutions from time to time party thereto, dated as of January 30, 2018, as amended and restated (the "Credit Agreement"), and matures on January 30, 2022. The Credit Agreement governs our Revolving Credit Facility. The Revolving Credit Facility provides for $350 million in lender commitments with an option to increase the maximum borrowings to $500 million subject to additional lender commitments prior to its maturity on January 30, 2022. Under the Revolving Credit Facility, $50 million is available for the issuance of letters of credit. As of March 31, 2019 , the Company had $120.2 million of borrowings outstanding under the Credit Agreement and $20.4 million of outstanding letters of credit, leaving $133.1 million available to be drawn. The total amount available to be drawn under our Revolving Credit Facility was less than the lender commitments as of March 31, 2019 , due to limits imposed by maintenance covenants in the Credit Agreement. Amounts outstanding under the Revolving Credit Facility bear interest at LIBOR plus a margin of 1.75% to 3.00% , or at a base rate plus a margin of 0.75% to 2.00% , in each case based on a ratio of the Company's total net funded debt to consolidated EBITDA (as defined in the Credit Agreement). The Company must also pay a quarterly commitment fee of 0.25% to 0.50% , based on the Company's ratio of total net funded debt to consolidated EBITDA, on the unused commitments under the Credit Agreement. The Credit Agreement contains customary financial covenants and restrictions. Specifically, the Company must maintain an interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.00 to 1.0, a maximum senior secured leverage ratio, defined as the ratio of senior secured debt to consolidated EBITDA, of no greater than 2.25 to 1.0 and a total net leverage ratio, defined as the ratio of total net funded debt to consolidated EBITDA, of no greater than 3.75 to 1.0. The financial covenants give pro forma effect acquired businesses and the annualization of EBITDA for acquired businesses. Each of the factors considered in the calculation of these ratios are defined in the Credit Agreement. Consolidated EBITDA and consolidated interest, as defined, exclude goodwill impairments, losses on extinguishment of debt, debt discount amortization, stock-based compensation expense and other non-cash charges. Borrowings under the Credit Agreement are secured by a pledge of substantially all of the Company's assets and the assets of its domestic subsidiaries. The Company's obligations under the Credit Agreement are guaranteed by its significant domestic subsidiaries. The Credit Agreement also contains negative covenants that limit the Company's ability to borrow additional funds, encumber assets, pay dividends, sell assets and enter into other significant transactions. Under the Credit Agreement, the occurrence of specified change of control events involving the Company would constitute an event of default that would permit the banks to, among other things, accelerate the maturity of the facility and cause it to become immediately due and payable in full. As of March 31, 2019 , the Company was in compliance with its debt covenants. 1.50% Convertible Senior Notes On January 30, 2018, the Company issued $200 million aggregate principal amount of its 1.50% convertible senior notes due 2023 (the "Notes") pursuant to an indenture, dated as of January 30, 2018 (the “Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee. Net proceeds from the Notes, after deducting issuance costs, were approximately $194 million , which was used by the Company to repay a portion of the outstanding borrowings under the Revolving Credit Facility during the first quarter of 2018. The initial carrying amount of the Notes recorded in the consolidated balance sheet was less than the $200 million in principal amount of the Notes, in accordance with applicable accounting principles, reflective of the estimated fair value of a similar debt instrument that does not have a conversion feature. The Company recorded the value of the conversion feature as a debt discount, which is amortized as interest expense over the term of the Notes, with a similar amount allocated to additional paid-in capital. As a result of this amortization, the interest expense the Company recognizes related to the Notes for accounting purposes is based on an effective interest rate of approximately 6.1% , which is greater than the cash interest payments the Company is obligated to pay on the Notes. Interest expense associated with the Notes for the three months ended March 31, 2019 and 2018 was $2.5 million and $1.6 million , respectively, while the related cash interest expense totaled $0.8 million and $0.5 million , respectively. The following table presents the carrying amount of the Notes in the consolidated balance sheets (in thousands): March 31, December 31, Principal amount of the liability component $ 200,000 $ 200,000 Less: Unamortized discount 27,256 28,825 Less: Unamortized issuance costs 3,871 4,073 Net carrying amount of the liability $ 168,873 $ 167,102 The Notes bear interest at a rate of 1.50% per year until maturity. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2018. In addition, additional interest and special interest may accrue on the Notes under certain circumstances as described in the Indenture. The Notes will mature on February 15, 2023, unless earlier repurchased, redeemed or converted. The initial conversion rate is 22.2748 shares of the Company's common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $44.89 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the Indenture. The Company’s intent is to repay the principal amount of the Notes in cash and the conversion feature in shares of the Company’s common stock. Noteholders may convert their Notes, at their option only in the following circumstances: (1) if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s common stock, as described in the Indenture; or (4) if the Company calls the Notes for redemption, or at any time from, and including, November 15, 2022 until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of common stock or a combination of cash and shares of common stock, at the Company's election, based on the applicable conversion rate(s). If the Company elects to deliver cash or a combination of cash and shares of common stock, then the consideration due upon conversion will be based on a defined observation period. The Notes will be redeemable, in whole or in part, at the Company's option at any time, and from time to time, on or after February 15, 2021, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of common stock exceeds 130% of the conversion price on each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice. If specified change in control events involving the Company as defined in the Indenture occur, then noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest. Additionally, the Notes contain certain events of default as set forth in the Indenture. As of March 31, 2019 , none of the conditions allowing holders of the Notes to convert, or requiring us to repurchase the Notes, had been met. Promissory Note In connection with the GEODynamics Acquisition, the Company issued a $25.0 million promissory note that bears interest at 2.50% per annum and is scheduled to mature on July 12, 2019. Payments due under the promissory note may be subject to set off, in part or in full, against certain claims related to matters occurring prior to the Company's acquisition of GEODynamics, which is expected to delay and/or reduce amounts paid under the promissory note. See Note 14 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables and debt instruments. The Company believes that the carrying values of these instruments, other than the Notes, on the accompanying consolidated balance sheets approximate their fair values. The estimated fair value of the Notes as of March 31, 2019 and December 31, 2018 was approximately $175 million and $166 million , respectively, based on quoted market prices (a Level 1 fair value measurement), which compares to the $200 million |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company leases a portion of its facilities, office space, equipment and vehicles. Leases with an initial term of 12 months or less are not recorded in the consolidated balance sheet as of March 31, 2019 . Substantially all of the Company's future lease obligations are related to operating leases. Consistent with the Company's historical practice, finance (capital) lease obligations, which totaled $0.8 million as of March 31, 2019 , are classified within long-term debt while related assets are included within property, plant and equipment. Most of the Company's operating leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years . The exercise of lease renewal options is at the Company’s sole discretion. The depreciable life of lease-related assets and leasehold improvements are limited by the expected lease term. Certain operating lease agreements include rental payments adjusted periodically for inflation. The Company's operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. While the Company rents or subleases certain real estate to third parties, such amounts are not material. Cash outflows related to operating leases are presented within cash flows from operations. Operating lease expense for the three months ended March 31, 2019 and 2018 totaled $4.3 million and $4.0 million , respectively. Of the $4.3 million in operating lease expense for the three months ended March 31, 2019 , $1.4 million was associated with leases with an initial term of 12 months or less. During the three months ended March 31, 2019 , $51.5 million in operating lease assets were recorded in the consolidated balance sheet ( $49.2 million , net of accumulated amortization, as of March 31, 2019 ), together with associated operating lease obligations following the Company's adoption of the new lease accounting standard. The following table provides maturities of operating lease liabilities as of March 31, 2019 (in thousands): Operating Leases 2019 (less three months ended March 31) $ 8,390 2020 9,692 2021 7,867 2022 5,894 2023 4,947 After 2023 22,894 Total lease payments 59,684 Less: Interest (10,661 ) Present value of operating lease liabilities 49,023 Less: Current portion (8,712 ) Total long-term operating lease liabilities $ 40,311 Weighted-average remaining lease term (years) 7.8 Weighted-average discount rate 5.0 % |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first three months of 2019 : Shares of common stock outstanding – December 31, 2018 59,969,695 Restricted stock awards, net of forfeitures 730,106 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (203,817 ) Purchase of treasury stock (50,800 ) Shares of common stock outstanding – March 31, 2019 60,445,184 As of March 31, 2019 and December 31, 2018 , the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding. On July 29, 2015 , the Company’s Board of Directors approved a share repurchase program providing for the repurchase of up to $150.0 million of the Company’s common stock, which, following extension, was scheduled to expire on July 29, 2018. On July 25, 2018 , our Board of Directors extended the share repurchase program for one year to July 29, 2019. During the first quarter of 2019 , the Company repurchased approximately 51 thousand shares of common stock under the program. The amount remaining under the Company's share repurchase authorization as of March 31, 2019 was $119.8 million |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, reported as a component of stockholders’ equity, decreased from $71.4 million at December 31, 2018 to $68.9 million at March 31, 2019 , due to changes in currency exchange rates. Accumulated other comprehensive loss is primarily related to fluctuations in the currency exchange rates compared to the U.S. dollar which are used to translate certain of the international operations of our reportable segments. For the three months ended March 31, 2019 and 2018 , currency translation adjustments recognized as a component of other comprehensive income were primarily attributable to the United Kingdom. As of March 31, 2019 , the exchange rate for the British pound compared to the U.S. dollar strengthened by 2% compared to the exchange rate at December 31, 2018 , contributing to other comprehensive income of $2.5 million for the three months ended March 31, 2019 . During the first quarter of 2018 , the exchange rates for the British pound strengthened by 4% compared to the U.S. dollar, contributing to other comprehensive income of $5.0 million |
Long-Term Incentive Compensatio
Long-Term Incentive Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Long-Term Incentive Compensation | Long-Term Incentive Compensation The following table presents a summary of activity for stock options, service-based restricted stock awards and performance-based stock unit awards for the three months ended March 31, 2019 . Stock Options Service-based Restricted Stock Performance-based Stock Units Outstanding – December 31, 2018 681,894 929,554 227,124 Granted — 627,270 76,793 Vested/Exercised — (503,539 ) (105,988 ) Forfeited (10,463 ) (3,152 ) — Outstanding – March 31, 2019 671,431 1,050,133 197,929 Weighted average grant date fair value (2019 awards) $ — $ 17.58 $ 17.58 The restricted stock program consists of a combination of service-based restricted stock and performance-based stock units. Service-based restricted stock awards generally vest on a straight-line basis over their term, which is generally three years . Performance-based restricted stock awards generally vest at the end of a three -year period, with the number of shares ultimately issued under the program dependent upon achievement of predefined specific performance measures. In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. The performance measure for awards issued in 2017 is relative total stockholder return compared to a peer group of companies. The performance measures for performance-based stock units granted during 2018 and 2019 are based on the Company's EBITDA growth rate over a three -year period. During the first quarters of 2019 and 2018, the Company issued conditional long-term cash incentive awards ("Cash Awards") of approximately $1.3 million each, with the ultimate dollar amount to be awarded ranging from zero to a maximum of $2.7 million each. The performance measure for these Cash Awards is relative total stockholder return compared to a peer group of companies measured over a three -year period. The obligation related to the Cash Awards is classified as a liability and recognized over the vesting period. Stock-based compensation pre-tax expense recognized in the three -month periods ended March 31, 2019 and 2018 totaled $4.4 million and $5.2 million , respectively. As of March 31, 2019 , there was $25.7 million |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Taxes The income tax benefit for the three months ended March 31, 2019 was calculated using a discrete approach. This methodology was used because minor changes in the Company's results of operations and non-deductible expenses can materially impact the estimated annual effective tax rate. For the three months ended March 31, 2019 , the Company’s income tax benefit was $0.3 million , or 1.9% of pre-tax losses. This compares to an income tax benefit of $1.2 million , or 26.0% of pre-tax losses, for the three months ended March 31, 2018 . The lower effective tax rate benefit in the first quarter of 2019 |
Segments and Related Informatio
Segments and Related Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Segments and Related Information The Company operates through three reportable segments: Well Site Services, Downhole Technologies and Offshore/Manufactured Products. The Company’s reportable segments represent strategic business units that generally offer different products and services. They are managed separately because each business often requires different technologies and marketing strategies. Recent acquisitions, except for the acquisition of GEODynamics in 2018, have been direct extensions to our business segments. Financial information by business segment for the three months ended March 31, 2019 and 2018 is summarized in the following tables (in thousands). Revenues Depreciation and Operating income (loss) Capital Total assets Three months ended March 31, 2019 Well Site Services – Completion Services $ 100,642 $ 17,286 $ (3,494 ) $ 11,682 $ 521,553 Drilling Services 7,750 3,341 (4,559 ) 949 55,785 Total Well Site Services 108,392 20,627 (8,053 ) 12,631 577,338 Downhole Technologies 54,290 5,066 4,054 3,616 715,217 Offshore/Manufactured Products 87,929 5,587 5,259 1,546 677,907 Corporate — 271 (12,100 ) 129 46,765 Total $ 250,611 $ 31,551 $ (10,840 ) $ 17,922 $ 2,017,227 Revenues Depreciation and Operating income (loss) Capital Total assets Three months ended March 31, 2018 Well Site Services – Completion Services $ 82,840 $ 15,382 $ (4,471 ) $ 7,925 $ 519,385 Drilling Services 17,559 3,868 (2,311 ) 1,225 70,989 Total Well Site Services 100,399 19,250 (6,782 ) 9,150 590,374 Downhole Technologies 45,781 3,884 8,054 1,898 665,966 Offshore/Manufactured Products 107,396 5,814 12,452 3,023 744,998 Corporate — 242 (14,638 ) 167 47,420 Total $ 253,576 $ 29,190 $ (914 ) $ 14,238 $ 2,048,758 One customer individually accounted for 12% of the Company’s consolidated product and service revenue for the three months ended March 31, 2018 and individually represented 11% of the Company’s consolidated total accounts receivable as of December 31, 2018 . The following table provides supplemental disaggregated revenue from contracts with customers by business segment for the three months ended March 31, 2019 and 2018 (in thousands): Well Site Services Downhole Technologies Offshore/Manufactured Products Total 2019 2018 2019 2018 2019 2018 2019 2018 Three months ended March 31 Major revenue categories - Project-driven products $ — $ — $ — $ — $ 27,245 $ 40,799 $ 27,245 $ 40,799 Short-cycle: Completion products and services 100,642 82,840 54,290 45,781 24,274 32,972 179,206 161,593 Drilling services 7,750 17,559 — — — — 7,750 17,559 Other products — — — — 7,739 7,446 7,739 7,446 Total short-cycle 108,392 100,399 54,290 45,781 32,013 40,418 194,695 186,598 Other products and services — — — — 28,671 26,179 28,671 26,179 $ 108,392 $ 100,399 $ 54,290 $ 45,781 $ 87,929 $ 107,396 $ 250,611 $ 253,576 Percentage of total revenue by type - Products — % — % 96 % 97 % 73 % 79 % 46 % 51 % Services 100 % 100 % 4 % 3 % 27 % 21 % 54 % 49 % Revenues from products and services transferred to customers over time accounted for approximately 66% and 67% of consolidated revenues for the three months ended March 31, 2019 and 2018 , respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of March 31, 2019 , the Company had $123 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 36% of this remaining backlog is expected to be recognized as revenue over the remaining nine months of 2019 , with an additional 53% in 2020 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Following the Company's acquisition of GEODynamics in January 2018, the Company determined that certain steel products historically imported by GEODynamics from China for use in its manufacturing process may potentially be subject to anti-dumping and countervailing duties based on recent clarifications/decisions rendered by the U.S. Department of Commerce and the U.S. Court of International Trade. Following these findings, the Company commenced an internal review of this matter and ceased further purchases of these potentially affected Chinese products. As part of the Company's internal review, the Company engaged trade counsel and decided to voluntarily disclose this matter to U.S. Customs and Border Protection in September 2018. In connection with the GEODynamics Acquisition, the seller agreed to indemnify and hold the Company harmless against certain claims related to matters such as this. Additionally, the Company is able to set-off payments due under the $25.0 million promissory note (see Note 6 , "Long-term Debt") issued to the seller of GEODynamics in respect of indemnification claims which could affect both the timing of payment and the amount due under the promissory note. Additionally, in the ordinary course of conducting its business, the Company becomes involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state and local levels. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions GEODynamics historically leased certain land and facilities from an indirect equity holder and employee of GEODynamics. In connection with the acquisition of GEODynamics, the Company assumed these leases. Rent expense related to leases with this employee for the three months ended March 31, 2019 and the period from January 12, 2018 through March 31, 2018 totaled $25 thousand and $78 thousand |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. In February 2016, the FASB issued guidance on leases which, as amended, introduced the recognition of lease assets and lease liabilities by lessees for all leases that are not short-term in nature. The Company adopted this guidance on January 1, 2019, using the optional transition method of recognizing any cumulative effect of adopting this guidance as an adjustment to the opening balance of retained earnings. The cumulative impact of the adoption of the new standard was not material to the Company's consolidated financial statements. Prior periods were not retrospectively adjusted. In addition, the Company elected a package of practical expedients permitted under transition guidance for the new standard which, among other things, allowed for the carryforward of historical lease classification. The Company has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Most of the Company's leases do not provide an implicit interest rate. Therefore, the Company's incremental borrowing rate, based on available information at the lease commencement date, is used to determine the present value of lease payments. In connection with the adoption of the new standard, the Company recorded $47.7 million |
Business Acquisitions, Goodwi_2
Business Acquisitions, Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | The following supplemental unaudited pro forma results of operations data for the three months ended March 31, 2018 gives pro forma effect to the consummation of the GEODynamics and Falcon acquisitions as if they had occurred on January 1, 2018. The supplemental unaudited pro forma financial information was prepared based on historical financial information, adjusted to give pro forma effect to fair value adjustments on depreciation and amortization expense, interest expense, and related tax effects, among others. The pro forma results for the three months ended March 31, 2018 also reflect adjustments to exclude the after-tax impact of transaction costs of $2.0 million . The supplemental unaudited pro forma financial information may not reflect what the results of the combined operations would have been had the acquisitions occurred on January 1, 2018. As such, it is presented for informational purposes only (in thousands, except per share amount). Three Months Ended March 31, 2018 Revenue $ 280,200 Net loss $ (992 ) Diluted net loss per share $ (0.02 ) Diluted weighted average common shares outstanding 58,811 |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the three -month period ended March 31, 2019 were as follows (in thousands): Well Site Services Downhole Technologies Offshore/ Total Completion Services Drilling Services Subtotal Balance as of December 31, 2018 Goodwill $ 221,582 $ 22,767 $ 244,349 $ 357,502 $ 162,462 $ 764,313 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) — — (117,295 ) 127,054 — 127,054 357,502 162,462 647,018 Foreign currency translation — — — — 167 167 Balance as of March 31, 2019 $ 127,054 $ — $ 127,054 $ 357,502 $ 162,629 $ 647,185 Balance as of March 31, 2019 Goodwill $ 221,582 $ 22,767 $ 244,349 $ 357,502 $ 162,629 $ 764,480 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) — — (117,295 ) $ 127,054 $ — $ 127,054 $ 357,502 $ 162,629 $ 647,185 |
Schedule of Finite-Lived Intangible Assets | The following table presents the total gross carrying amount of intangibles and the total accumulated amortization for major intangible asset classes as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Other intangible assets: Customer relationships $ 167,811 $ 35,980 $ 167,811 $ 33,247 Patents/Technology/Know-how 85,223 25,336 84,903 23,418 Noncompete agreements 17,616 7,729 18,705 7,544 Tradenames and other 53,709 6,403 53,708 5,617 Total other intangible assets $ 324,359 $ 75,448 $ 325,127 $ 69,826 |
Details of Selected Balance S_2
Details of Selected Balance Sheet Accounts (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Details of Selected Balance Sheet Accounts [Abstract] | |
Schedule of Accounts Receivable, Net | Additional information regarding selected balance sheet accounts at March 31, 2019 and December 31, 2018 is presented below (in thousands): March 31, December 31, Accounts receivable, net: Trade $ 205,328 $ 227,052 Unbilled revenue 36,685 35,674 Contract assets 21,069 21,201 Other 5,938 6,381 Total accounts receivable 269,020 290,308 Allowance for doubtful accounts (6,724 ) (6,701 ) $ 262,296 $ 283,607 |
Contract with Customer, Asset and Liability | March 31, December 31, Deferred revenue (contract liabilities) $ 12,899 $ 14,160 |
Schedule of Inventory, Net | March 31, December 31, Inventories, net: Finished goods and purchased products $ 105,834 $ 96,195 Work in process 19,541 20,552 Raw materials 100,658 111,197 Total inventories 226,033 227,944 Allowance for excess or obsolete inventory (18,854 ) (18,551 ) $ 207,179 $ 209,393 |
Schedule of Property, Plant and Equipment, Net | Estimated Useful Life (years) March 31, December 31, Property, plant and equipment, net: Land $ 37,650 $ 37,545 Buildings and leasehold improvements 2 – 40 260,746 259,834 Machinery and equipment 1 – 28 487,641 483,629 Completion Services equipment 2 – 10 497,593 492,183 Office furniture and equipment 3 – 10 44,422 43,654 Vehicles 2 – 10 120,571 122,982 Construction in progress 30,759 29,451 Total property, plant and equipment 1,479,382 1,469,278 Accumulated depreciation (945,388 ) (928,851 ) $ 533,994 $ 540,427 |
Schedule of Other Noncurrent Assets | March 31, December 31, Other noncurrent assets: Deferred compensation plan $ 22,641 $ 20,468 Deferred income taxes 770 761 Other 5,730 5,815 $ 29,141 $ 27,044 |
Schedule of Accrued Liabilities | March 31, December 31, Accrued liabilities: Accrued compensation $ 18,424 $ 29,867 Insurance liabilities 9,480 9,177 Accrued taxes, other than income taxes 7,270 4,530 Accrued commissions 1,822 1,484 Accrued claims 205 2,983 Other 11,632 12,689 $ 48,833 $ 60,730 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The table below provides a reconciliation of the numerators and denominators of basic and diluted net loss per share for the three months ended March 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended 2019 2018 Numerators: Net loss $ (14,648 ) $ (3,492 ) Less: Income attributable to unvested restricted stock awards — — Numerator for basic net loss per share (14,648 ) (3,492 ) Effect of dilutive securities: Unvested restricted stock awards — — Numerator for diluted net loss per share $ (14,648 ) $ (3,492 ) Denominators: Weighted average number of common shares outstanding 60,249 58,814 Less: Weighted average number of unvested restricted stock awards outstanding (991 ) (1,027 ) Denominator for basic net loss per share 59,258 57,787 Effect of dilutive securities: Unvested restricted stock awards — — Assumed exercise of stock options — — 1.50% convertible senior notes (see Note 6) — — — — Denominator for diluted net loss per share 59,258 57,787 Net loss per share: Basic $ (0.25 ) $ (0.06 ) Diluted (0.25 ) (0.06 ) |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table presents the carrying amount of the Notes in the consolidated balance sheets (in thousands): March 31, December 31, Principal amount of the liability component $ 200,000 $ 200,000 Less: Unamortized discount 27,256 28,825 Less: Unamortized issuance costs 3,871 4,073 Net carrying amount of the liability $ 168,873 $ 167,102 March 31, 2019 and December 31, 2018 , long-term debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility (1) $ 118,361 $ 134,096 1.50% convertible senior notes (2) 168,873 167,102 Promissory note 25,000 25,000 Other debt and capital lease obligations 5,399 5,540 Total debt 317,633 331,738 Less: Current portion (25,561 ) (25,561 ) Total long-term debt $ 292,072 $ 306,177 (1) Presented net of $1.9 million and $2.0 million of unamortized debt issuance costs as of March 31, 2019 and December 31, 2018 , respectively. (2) The principal amount of the 1.50% convertible senior notes is $200.0 million . See " 1.50% |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Maturities of Operating Lease Liabilities | The following table provides maturities of operating lease liabilities as of March 31, 2019 (in thousands): Operating Leases 2019 (less three months ended March 31) $ 8,390 2020 9,692 2021 7,867 2022 5,894 2023 4,947 After 2023 22,894 Total lease payments 59,684 Less: Interest (10,661 ) Present value of operating lease liabilities 49,023 Less: Current portion (8,712 ) Total long-term operating lease liabilities $ 40,311 Weighted-average remaining lease term (years) 7.8 Weighted-average discount rate 5.0 % |
Changes in Common Stock Outstan
Changes in Common Stock Outstanding (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first three months of 2019 : Shares of common stock outstanding – December 31, 2018 59,969,695 Restricted stock awards, net of forfeitures 730,106 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (203,817 ) Purchase of treasury stock (50,800 ) Shares of common stock outstanding – March 31, 2019 60,445,184 |
Long-Term Incentive Compensat_2
Long-Term Incentive Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | The following table presents a summary of activity for stock options, service-based restricted stock awards and performance-based stock unit awards for the three months ended March 31, 2019 . Stock Options Service-based Restricted Stock Performance-based Stock Units Outstanding – December 31, 2018 681,894 929,554 227,124 Granted — 627,270 76,793 Vested/Exercised — (503,539 ) (105,988 ) Forfeited (10,463 ) (3,152 ) — Outstanding – March 31, 2019 671,431 1,050,133 197,929 Weighted average grant date fair value (2019 awards) $ — $ 17.58 $ 17.58 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by business segment for the three months ended March 31, 2019 and 2018 is summarized in the following tables (in thousands). Revenues Depreciation and Operating income (loss) Capital Total assets Three months ended March 31, 2019 Well Site Services – Completion Services $ 100,642 $ 17,286 $ (3,494 ) $ 11,682 $ 521,553 Drilling Services 7,750 3,341 (4,559 ) 949 55,785 Total Well Site Services 108,392 20,627 (8,053 ) 12,631 577,338 Downhole Technologies 54,290 5,066 4,054 3,616 715,217 Offshore/Manufactured Products 87,929 5,587 5,259 1,546 677,907 Corporate — 271 (12,100 ) 129 46,765 Total $ 250,611 $ 31,551 $ (10,840 ) $ 17,922 $ 2,017,227 Revenues Depreciation and Operating income (loss) Capital Total assets Three months ended March 31, 2018 Well Site Services – Completion Services $ 82,840 $ 15,382 $ (4,471 ) $ 7,925 $ 519,385 Drilling Services 17,559 3,868 (2,311 ) 1,225 70,989 Total Well Site Services 100,399 19,250 (6,782 ) 9,150 590,374 Downhole Technologies 45,781 3,884 8,054 1,898 665,966 Offshore/Manufactured Products 107,396 5,814 12,452 3,023 744,998 Corporate — 242 (14,638 ) 167 47,420 Total $ 253,576 $ 29,190 $ (914 ) $ 14,238 $ 2,048,758 |
Supplemental Revenue Information by Segments | The following table provides supplemental disaggregated revenue from contracts with customers by business segment for the three months ended March 31, 2019 and 2018 (in thousands): Well Site Services Downhole Technologies Offshore/Manufactured Products Total 2019 2018 2019 2018 2019 2018 2019 2018 Three months ended March 31 Major revenue categories - Project-driven products $ — $ — $ — $ — $ 27,245 $ 40,799 $ 27,245 $ 40,799 Short-cycle: Completion products and services 100,642 82,840 54,290 45,781 24,274 32,972 179,206 161,593 Drilling services 7,750 17,559 — — — — 7,750 17,559 Other products — — — — 7,739 7,446 7,739 7,446 Total short-cycle 108,392 100,399 54,290 45,781 32,013 40,418 194,695 186,598 Other products and services — — — — 28,671 26,179 28,671 26,179 $ 108,392 $ 100,399 $ 54,290 $ 45,781 $ 87,929 $ 107,396 $ 250,611 $ 253,576 Percentage of total revenue by type - Products — % — % 96 % 97 % 73 % 79 % 46 % 51 % Services 100 % 100 % 4 % 3 % 27 % 21 % 54 % 49 % |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease assets, net | $ 49,171 | $ 47,700 | $ 0 |
Operating lease liabilities | $ 49,023 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease liabilities | $ 47,700 |
Business Acquisitions, Goodwi_3
Business Acquisitions, Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) shares in Thousands | Feb. 28, 2018 | Jan. 12, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Business Combination Segment Allocation [Line Items] | ||||
Transaction costs | $ 0 | $ 2,600,000 | ||
Transactions costs | 14,648,000 | 3,492,000 | ||
Amortization expense | $ 6,700,000 | 5,600,000 | ||
GEODynamics, Inc. | ||||
Business Combination Segment Allocation [Line Items] | ||||
Acquisition price | $ 615,300,000 | |||
Payments to acquire business | $ 295,400,000 | |||
Shares issued in acquisition (in shares) | 8,660 | |||
Consideration transferred, equity interest issued | $ 295,000,000 | |||
Consideration transferred, unsecured promissory note | $ 25,000,000 | |||
Falcon | ||||
Business Combination Segment Allocation [Line Items] | ||||
Acquisition price | $ 84,200,000 | |||
Unsecured Debt | ||||
Business Combination Segment Allocation [Line Items] | ||||
Stated interest rate | 2.50% | |||
Acquisition-related Costs | ||||
Business Combination Segment Allocation [Line Items] | ||||
Transactions costs | $ 2,000,000 |
Business Acquisitions, Goodwi_4
Business Acquisitions, Goodwill and Other Intangible Assets - Summary of Pro Forma Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Business Combinations [Abstract] | |
Revenue | $ 280,200 |
Net loss | $ (992) |
Diluted net loss per share (in dollars per share) | $ / shares | $ (0.02) |
Diluted weighted average common shares outstanding (in shares) | shares | 58,811 |
Business Acquisitions, Goodwi_5
Business Acquisitions, Goodwill and Other Intangible Assets - Changes in the Carrying Value of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Changes in carrying value of goodwill | |
Goodwill, gross, beginning of period | $ 764,313 |
Accumulated impairment losses, beginning of period | (117,295) |
Goodwill, net, beginning of period | 647,018 |
Foreign currency translation | 167 |
Goodwill, gross, end of period | 764,480 |
Accumulated impairment losses, end of period | (117,295) |
Goodwill, net, end of period | 647,185 |
Well Site Services | |
Changes in carrying value of goodwill | |
Goodwill, gross, beginning of period | 244,349 |
Accumulated impairment losses, beginning of period | (117,295) |
Goodwill, net, beginning of period | 127,054 |
Foreign currency translation | 0 |
Goodwill, gross, end of period | 244,349 |
Accumulated impairment losses, end of period | (117,295) |
Goodwill, net, end of period | 127,054 |
Downhole Technology | |
Changes in carrying value of goodwill | |
Goodwill, gross, beginning of period | 357,502 |
Accumulated impairment losses, beginning of period | 0 |
Goodwill, net, beginning of period | 357,502 |
Foreign currency translation | 0 |
Goodwill, gross, end of period | 357,502 |
Accumulated impairment losses, end of period | 0 |
Goodwill, net, end of period | 357,502 |
Offshore / Manufactured Products | |
Changes in carrying value of goodwill | |
Goodwill, gross, beginning of period | 162,462 |
Accumulated impairment losses, beginning of period | 0 |
Goodwill, net, beginning of period | 162,462 |
Foreign currency translation | 167 |
Goodwill, gross, end of period | 162,629 |
Accumulated impairment losses, end of period | 0 |
Goodwill, net, end of period | 162,629 |
Completion Services | Well Site Services | |
Changes in carrying value of goodwill | |
Goodwill, gross, beginning of period | 221,582 |
Accumulated impairment losses, beginning of period | (94,528) |
Goodwill, net, beginning of period | 127,054 |
Foreign currency translation | 0 |
Goodwill, gross, end of period | 221,582 |
Accumulated impairment losses, end of period | (94,528) |
Goodwill, net, end of period | 127,054 |
Drilling Services | Well Site Services | |
Changes in carrying value of goodwill | |
Goodwill, gross, beginning of period | 22,767 |
Accumulated impairment losses, beginning of period | (22,767) |
Goodwill, net, beginning of period | 0 |
Foreign currency translation | 0 |
Goodwill, gross, end of period | 22,767 |
Accumulated impairment losses, end of period | (22,767) |
Goodwill, net, end of period | $ 0 |
Business Acquisitions, Goodwi_6
Business Acquisitions, Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 324,359 | $ 325,127 |
Accumulated Amortization | 75,448 | 69,826 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 167,811 | 167,811 |
Accumulated Amortization | 35,980 | 33,247 |
Patents, Technology, Know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 85,223 | 84,903 |
Accumulated Amortization | 25,336 | 23,418 |
Noncompete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,616 | 18,705 |
Accumulated Amortization | 7,729 | 7,544 |
Tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 53,709 | 53,708 |
Accumulated Amortization | $ 6,403 | $ 5,617 |
Details of Selected Balance S_3
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 269,020 | $ 290,308 |
Allowance for doubtful accounts | (6,724) | (6,701) |
Accounts receivable, net | 262,296 | 283,607 |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 205,328 | 227,052 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 36,685 | 35,674 |
Contract assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 21,069 | 21,201 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 5,938 | $ 6,381 |
Details of Selected Balance S_4
Details of Selected Balance Sheet Accounts - Contract Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred revenue (contract liabilities) | $ 12,899 | $ 14,160 |
Details of Selected Balance S_5
Details of Selected Balance Sheet Accounts Details of Selected Balance Sheet Accounts - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Details of Selected Balance Sheet Accounts [Abstract] | |
Increase (decrease) in contract with customer, asset | $ (0.1) |
Contract with customer, asset, increase due to revenue recognized | 5.3 |
Contract with customer, asset, reclassified to receivable | 5.4 |
Increase (decrease) in contract with customer, liability | (1.3) |
Contract with customer, liability, revenue recognized | 4.3 |
Contract with customer, liability, increase due to billings | $ 3.7 |
Details of Selected Balance S_6
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Finished goods and purchased products | $ 105,834 | $ 96,195 |
Work in process | 19,541 | 20,552 |
Raw materials | 100,658 | 111,197 |
Total inventories | 226,033 | 227,944 |
Allowance for excess or obsolete inventory | (18,854) | (18,551) |
Inventories, net | $ 207,179 | $ 209,393 |
Details of Selected Balance S_7
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,479,382 | $ 1,469,278 |
Accumulated depreciation | (945,388) | (928,851) |
Property, plant, and equipment, net | 533,994 | 540,427 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 37,650 | 37,545 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 260,746 | 259,834 |
Buildings and leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 2 years | |
Buildings and leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 40 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 487,641 | 483,629 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 1 year | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 28 years | |
Completion Services equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 497,593 | 492,183 |
Completion Services equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 2 years | |
Completion Services equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 44,422 | 43,654 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 120,571 | 122,982 |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 2 years | |
Vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 30,759 | $ 29,451 |
Details of Selected Balance S_8
Details of Selected Balance Sheet Accounts - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred compensation plan | $ 22,641 | $ 20,468 |
Deferred income taxes | 770 | 761 |
Other | 5,730 | 5,815 |
Other noncurrent assets | $ 29,141 | $ 27,044 |
Details of Selected Balance S_9
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Accrued compensation | $ 18,424 | $ 29,867 |
Insurance liabilities | 9,480 | 9,177 |
Accrued taxes, other than income taxes | 7,270 | 4,530 |
Accrued commissions | 1,822 | 1,484 |
Accrued claims | 205 | 2,983 |
Other | 11,632 | 12,689 |
Accrued liabilities | $ 48,833 | $ 60,730 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerators: | ||
Net loss | $ (14,648) | $ (3,492) |
Less: Income attributable to unvested restricted stock awards | 0 | 0 |
Numerator for basic net loss per share | (14,648) | (3,492) |
Effect of dilutive securities: | ||
Unvested restricted stock awards | 0 | 0 |
Numerator for diluted net loss per share | $ (14,648) | $ (3,492) |
Denominators: | ||
Weighted average number of common shares outstanding (in shares) | 60,249 | 58,814 |
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) | (991) | (1,027) |
Denominator for basic net loss per share (in shares) | 59,258 | 57,787 |
Effect of dilutive securities: | ||
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 0 | 0 |
Incremental common shares attributable to dilutive effect of conversion of debt securities (in shares) | 0 | 0 |
Denominator for diluted net loss per share (in shares) | 59,258 | 57,787 |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.25) | $ (0.06) |
Diluted (in dollars per share) | $ (0.25) | $ (0.06) |
Restricted Stock | ||
Effect of dilutive securities: | ||
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 0 | 0 |
Employee Stock Option | ||
Effect of dilutive securities: | ||
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 0 | 0 |
1.5% Convertible Unsecured Senior Notes | ||
Net loss per share: | ||
Stated interest rate | 1.50% | 1.50% |
Net Loss Per Share - Narrative
Net Loss Per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 687 | 700 |
1.5% Convertible Unsecured Senior Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stated interest rate | 1.50% | 1.50% |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-term Debt (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 30, 2018 | Jan. 12, 2018 |
Debt Instrument [Line Items] | |||||
Total debt | $ 317,633,000 | $ 331,738,000 | |||
Less: Current portion | (25,561,000) | (25,561,000) | |||
Long-term debt | 292,072,000 | 306,177,000 | |||
Unamortized debt issuance costs | 1,900,000 | 2,000,000 | |||
Convertible Debt | |||||
Debt Instrument [Line Items] | |||||
Total debt | 168,873,000 | 167,102,000 | |||
Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Total debt | 25,000,000 | 25,000,000 | |||
Stated interest rate | 2.50% | ||||
Other debt and capital lease obligations | |||||
Debt Instrument [Line Items] | |||||
Total debt | 5,399,000 | 5,540,000 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 118,361,000 | 134,096,000 | |||
1.5% Convertible Unsecured Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 1.50% | 1.50% | |||
1.5% Convertible Unsecured Senior Notes | Convertible Debt | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 3,871,000 | 4,073,000 | |||
Stated interest rate | 1.50% | ||||
Long-term debt, gross | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) | Jan. 30, 2018USD ($)day$ / shares | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Jan. 12, 2018USD ($) |
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 350,000,000 | ||||
Additional borrowing capacity | 500,000,000 | ||||
Long-term line of credit | 120,200,000 | ||||
Letters of credit outstanding | 20,400,000 | ||||
Remaining borrowing capacity | $ 133,100,000 | ||||
Minimum interest coverage ratio | 3 | ||||
Maximum senior secured leverage ratio | 2.25 | ||||
Maximum leverage ratio | 3.75 | ||||
Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 50,000,000 | ||||
Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 2.50% | ||||
Debt instrument, face amount | $ 25,000,000 | ||||
1.5% Convertible Unsecured Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 1.50% | 1.50% | |||
1.5% Convertible Unsecured Senior Notes | Convertible Debt | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 1.50% | ||||
Principal amount of the liability component | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||
Proceeds from issuance of debt | $ 194,000,000 | ||||
Effective interest rate percentage | 6.10% | ||||
Interest expense | 2,500,000 | $ 1,600,000 | |||
Cash interest expense | $ 800,000 | $ 500,000 | |||
Conversion price (in dollars per share) | $ / shares | $ 44.89 | ||||
Conversion ratio | 0.0222748 | ||||
Percentage of conversion price | 130.00% | ||||
Threshold trading days | day | 20 | ||||
Threshold consecutive trading days | day | 30 | ||||
Measurement period | 5 days | ||||
Threshold consecutive trading days, sale price per share | 5 days | ||||
Percentage of sales price per share | 98.00% | ||||
Minimum | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Commitment fee percentage | 0.25% | ||||
Maximum | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Commitment fee percentage | 0.50% | ||||
London Interbank Offered Rate (LIBOR) | Minimum | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
London Interbank Offered Rate (LIBOR) | Maximum | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Base Rate | Minimum | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.75% | ||||
Base Rate | Maximum | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.00% |
Long-term Debt - Carrying Amoun
Long-term Debt - Carrying Amount of the 1.50% Notes (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Jan. 30, 2018 |
Debt Instrument [Line Items] | |||
Less: Unamortized issuance costs | $ 1,900,000 | $ 2,000,000 | |
Net carrying amount of the liability | 292,072,000 | 306,177,000 | |
Convertible Debt | 1.5% Convertible Unsecured Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal amount of the liability component | 200,000,000 | 200,000,000 | $ 200,000,000 |
Less: Unamortized discount | 27,256,000 | 28,825,000 | |
Less: Unamortized issuance costs | 3,871,000 | 4,073,000 | |
Net carrying amount of the liability | $ 168,873,000 | $ 167,102,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - 1.5% Convertible Unsecured Senior Notes - Convertible Debt - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Jan. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount of the liability component | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 |
Fair Value, Inputs, Level 1 | Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt, fair value | $ 175,000,000 | $ 166,000,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||||
Finance lease liability | $ 800 | |||
Operating lease cost | 4,300 | $ 4,000 | ||
Operating lease, short-term leases, cost | 1,400 | |||
Right-of-use asset obtained in exchange for operating lease liability | 51,500 | |||
Operating lease assets, net | $ 49,171 | $ 47,700 | $ 0 | |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, extension term | 1 year | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, extension term | 20 years |
Leases - Maturity Lease Liabili
Leases - Maturity Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Operating Leases | ||
2019 (less three months ended March 31) | $ 8,390 | |
2020 | 9,692 | |
2021 | 7,867 | |
2022 | 5,894 | |
2023 | 4,947 | |
After 2023 | 22,894 | |
Total lease payments | 59,684 | |
Less: Interest | (10,661) | |
Present value of operating lease liabilities | 49,023 | |
Less: Current portion | (8,712) | $ 0 |
Total long-term operating lease liabilities | $ 40,311 | $ 0 |
Weighted-average remaining lease term (years) | 7 years 9 months 18 days | |
Weighted-average discount rate | 5.00% |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | Jul. 25, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Jul. 29, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Number of shares repurchased (in shares) | 50,800 | |||
Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Authorized amount | $ 150,000,000 | |||
Period in force | 1 year | |||
Remaining authorized repurchase amount | $ 119,800,000 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Outstanding Activity (Details) | 3 Months Ended |
Mar. 31, 2019shares | |
Changes in Common Stock Outstanding [Roll Forward] | |
Shares of common stock outstanding – December 31, 2018 (in shares) | 59,969,695 |
Restricted stock awards, net of forfeitures (in shares) | 730,106 |
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (in shares) | (203,817) |
Purchase of treasury stock (in shares) | (50,800) |
Shares of common stock outstanding – March 31, 2019 (in shares) | 60,445,184 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss - (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss | $ 68,931 | $ 71,397 | |
Currency translation adjustments | $ 2,466 | $ 5,034 | |
United Kingdom, Pounds | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Exchange rate strengthened | 2.00% | 4.00% |
Long-Term Incentive Compensat_3
Long-Term Incentive Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Stock Options | |
Outstanding – December 31, 2018 (in shares) | 681,894 |
Granted (in shares) | 0 |
Vested/Exercised (in shares) | 0 |
Forfeited (in shares) | (10,463) |
Outstanding – March 31, 2019 (in shares) | 671,431 |
Weighted average grant date fair value (2019 awards) (in dollars per share) | $ / shares | $ 0 |
Service-based Restricted Stock | |
Service-based and Performance-based Stock | |
Outstanding – December 31, 2018 (in shares) | 929,554 |
Granted (in shares) | 627,270 |
Vested/Exercised (in shares) | (503,539) |
Forfeited (in shares) | (3,152) |
Outstanding – March 31, 2019 (in shares) | 1,050,133 |
Weighted average grant date fair value (2019 awards) (in dollars per share) | $ / shares | $ 17.58 |
Performance-based Stock Units | |
Service-based and Performance-based Stock | |
Outstanding – December 31, 2018 (in shares) | 227,124 |
Granted (in shares) | 76,793 |
Vested/Exercised (in shares) | (105,988) |
Forfeited (in shares) | 0 |
Outstanding – March 31, 2019 (in shares) | 197,929 |
Weighted average grant date fair value (2019 awards) (in dollars per share) | $ / shares | $ 17.58 |
Long-Term Incentive Compensat_4
Long-Term Incentive Compensation - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, recorded liability | $ 1,300,000 | $ 1,300,000 |
Deferred compensation arrangement, requisite performance period | 3 years | 3 years |
Stock-based compensation expense | $ 4,400,000 | $ 5,200,000 |
Share-based compensation costs not yet recognized | 25,700,000 | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, potential maximum liability | 0 | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, potential maximum liability | $ 2,700,000 | |
Service-based Restricted Stock | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Performance-based Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance period (in years) | 3 years | |
Percentage of additional performance-based awards issued (in shares) | 200.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ (277) | $ (1,229) |
Effective income tax rate | 1.90% | 26.00% |
Segments and Related Informat_3
Segments and Related Information - Narrative (Details) - segment | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||
Number of reportable segments | 3 | ||
Segment Reporting Information [Line Items] | |||
Revenue, remaining performance obligation, percentage of obligations, remaining fiscal year | 36.00% | ||
Revenue, remaining performance obligation, percentage of obligations, remaining in year two | 53.00% | ||
Customer Concentration Risk | Sales Revenue, Net | One Customer | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 12.00% | ||
Customer Concentration Risk | Accounts Receivable | One Customer | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 11.00% | ||
Transferred over Time | |||
Segment Reporting Information [Line Items] | |||
Revenue from contract with customer, percentage of revenue | 66.00% | 67.00% |
Segments and Related Informat_4
Segments and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 250,611 | $ 253,576 | $ 250,611 | $ 253,576 | |
Depreciation and amortization | 31,551 | 29,190 | |||
Operating income (loss) | (10,840) | (914) | |||
Capital expenditures | 17,922 | 14,238 | |||
Total assets | 2,017,227 | 2,048,758 | $ 2,003,821 | ||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | |||
Depreciation and amortization | 271 | 242 | |||
Operating income (loss) | (12,100) | (14,638) | |||
Capital expenditures | 129 | 167 | |||
Total assets | 46,765 | 47,420 | |||
Total Well Site Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 108,392 | 100,399 | |||
Total Well Site Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 108,392 | 100,399 | |||
Depreciation and amortization | 20,627 | 19,250 | |||
Operating income (loss) | (8,053) | (6,782) | |||
Capital expenditures | 12,631 | 9,150 | |||
Total assets | 577,338 | 590,374 | |||
Downhole Technologies | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 54,290 | 45,781 | |||
Downhole Technologies | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 54,290 | 45,781 | |||
Depreciation and amortization | 5,066 | 3,884 | |||
Operating income (loss) | 4,054 | 8,054 | |||
Capital expenditures | 3,616 | 1,898 | |||
Total assets | 715,217 | 665,966 | |||
Offshore / Manufactured Products | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 87,929 | $ 107,396 | |||
Offshore / Manufactured Products | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 87,929 | 107,396 | |||
Depreciation and amortization | 5,587 | 5,814 | |||
Operating income (loss) | 5,259 | 12,452 | |||
Capital expenditures | 1,546 | 3,023 | |||
Total assets | 677,907 | 744,998 | |||
Completion Services | Total Well Site Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 100,642 | 82,840 | |||
Depreciation and amortization | 17,286 | 15,382 | |||
Operating income (loss) | (3,494) | (4,471) | |||
Capital expenditures | 11,682 | 7,925 | |||
Total assets | 521,553 | 519,385 | |||
Drilling Services | Total Well Site Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,750 | 17,559 | |||
Depreciation and amortization | 3,341 | 3,868 | |||
Operating income (loss) | (4,559) | (2,311) | |||
Capital expenditures | 949 | 1,225 | |||
Total assets | $ 55,785 | $ 70,989 |
Segments and Related Informat_5
Segments and Related Information - Supplemental Revenue Information by Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 250,611 | $ 253,576 | $ 250,611 | $ 253,576 |
Project-driven products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 27,245 | 40,799 | ||
Short-cycle products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 194,695 | 186,598 | ||
Completion products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 179,206 | 161,593 | ||
Drilling services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,750 | 17,559 | ||
Other products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,739 | 7,446 | ||
Other products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 28,671 | 26,179 | ||
Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 116,328 | 128,826 | ||
Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 134,283 | $ 124,750 | ||
Total Well Site Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 108,392 | 100,399 | ||
Total Well Site Services | Project-driven products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Total Well Site Services | Short-cycle products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 108,392 | 100,399 | ||
Total Well Site Services | Completion products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 100,642 | 82,840 | ||
Total Well Site Services | Drilling services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,750 | 17,559 | ||
Total Well Site Services | Other products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Total Well Site Services | Other products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Downhole Technologies | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 54,290 | 45,781 | ||
Downhole Technologies | Project-driven products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Downhole Technologies | Short-cycle products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 54,290 | 45,781 | ||
Downhole Technologies | Completion products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 54,290 | 45,781 | ||
Downhole Technologies | Drilling services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Downhole Technologies | Other products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Downhole Technologies | Other products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Offshore / Manufactured Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 87,929 | 107,396 | ||
Offshore / Manufactured Products | Project-driven products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 27,245 | 40,799 | ||
Offshore / Manufactured Products | Short-cycle products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 32,013 | 40,418 | ||
Offshore / Manufactured Products | Completion products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 24,274 | 32,972 | ||
Offshore / Manufactured Products | Drilling services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | ||
Offshore / Manufactured Products | Other products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,739 | 7,446 | ||
Offshore / Manufactured Products | Other products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 28,671 | $ 26,179 | ||
Sales Revenue, Net | Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, percentage of revenue | 46.00% | 51.00% | ||
Sales Revenue, Net | Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, percentage of revenue | 54.00% | 49.00% | ||
Sales Revenue, Net | Total Well Site Services | Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, percentage of revenue | 0.00% | 0.00% | ||
Sales Revenue, Net | Total Well Site Services | Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, percentage of revenue | 100.00% | 100.00% | ||
Sales Revenue, Net | Downhole Technologies | Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, percentage of revenue | 96.00% | 97.00% | ||
Sales Revenue, Net | Downhole Technologies | Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, percentage of revenue | 4.00% | 3.00% | ||
Sales Revenue, Net | Offshore / Manufactured Products | Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, percentage of revenue | 73.00% | 79.00% | ||
Sales Revenue, Net | Offshore / Manufactured Products | Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from contract with customer, percentage of revenue | 27.00% | 21.00% |
Segments and Related Informat_6
Segments and Related Information - Summary of Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 123 |
Expected timing of satisfaction, period |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Jan. 12, 2018USD ($) |
Unsecured Debt | |
Business Acquisition [Line Items] | |
Debt instrument, face amount | $ 25,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Affiliated Entity | Rent Expense | ||
Related Party Transaction [Line Items] | ||
Related party transaction, amounts of transaction | $ 25 | $ 78 |