Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 24, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-16337 | |
Entity Registrant Name | OIL STATES INTERNATIONAL, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0476605 | |
Entity Address, Address Line One | Three Allen Center, 333 Clay Street | |
Entity Address, Address Line Two | Suite 4620 | |
Entity Address, City or Town | Houston, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 652-0582 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | OIS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 60,941,131 | |
Entity Central Index Key | 0001121484 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Revenues | $ 219,694 | $ 250,611 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 197,602 | 199,878 |
Selling, general and administrative expense | 26,124 | 30,108 |
Depreciation and amortization expense | 26,409 | 31,551 |
Impairments of goodwill | 406,056 | 0 |
Impairment of fixed assets | 5,198 | 0 |
Other operating expense (income), net | 107 | (86) |
Costs and expenses | 661,496 | 261,451 |
Operating loss | (441,802) | (10,840) |
Interest expense, net | (3,504) | (4,752) |
Other income, net | 774 | 667 |
Loss before income taxes | (444,532) | (14,925) |
Income tax benefit | 39,491 | 277 |
Net loss | $ (405,041) | $ (14,648) |
Net loss per share: | ||
Basic (in dollars per share) | $ (6.79) | $ (0.25) |
Diluted (in dollars per share) | $ (6.79) | $ (0.25) |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 59,654 | 59,258 |
Diluted (in shares) | 59,654 | 59,258 |
Products | ||
Revenues: | ||
Revenues | $ 102,980 | $ 116,328 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 89,746 | 89,268 |
Services | ||
Revenues: | ||
Revenues | 116,714 | 134,283 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | $ 107,856 | $ 110,610 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (405,041) | $ (14,648) |
Other comprehensive income (loss): | ||
Currency translation adjustments | (14,791) | 2,466 |
Comprehensive loss | $ (419,832) | $ (12,182) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 24,308 | $ 8,493 |
Accounts receivable, net | 222,472 | 233,487 |
Inventories, net | 209,180 | 221,342 |
Income taxes receivable | 43,950 | 2,568 |
Prepaid expenses and other current assets | 14,638 | 17,539 |
Total current assets | 514,548 | 483,429 |
Property, plant, and equipment, net | 429,002 | 459,724 |
Operating lease assets, net | 40,902 | 43,616 |
Goodwill, net | 75,757 | 482,306 |
Other intangible assets, net | 223,958 | 230,091 |
Other noncurrent assets | 27,843 | 28,701 |
Total assets | 1,312,010 | 1,727,867 |
Current liabilities: | ||
Current portion of long-term debt | 25,643 | 25,617 |
Accounts payable | 75,392 | 78,368 |
Accrued liabilities | 43,227 | 48,840 |
Current operating lease liabilities | 8,361 | 8,311 |
Income taxes payable | 2,845 | 4,174 |
Deferred revenue | 20,721 | 17,761 |
Total current liabilities | 176,189 | 183,071 |
Long-term debt | 239,229 | 222,552 |
Long-term operating lease liabilities | 33,323 | 35,777 |
Deferred income taxes | 38,506 | 38,079 |
Other noncurrent liabilities | 22,131 | 24,421 |
Total liabilities | 509,378 | 503,900 |
Stockholders' equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 73,212,778 shares and 72,546,321 shares issued, respectively | 732 | 726 |
Additional paid-in capital | 1,115,677 | 1,114,521 |
Retained earnings | 392,669 | 797,710 |
Accumulated other comprehensive loss | (82,537) | (67,746) |
Treasury stock, at cost, 12,268,293 and 12,045,065 shares, respectively | (623,909) | (621,244) |
Total stockholders' equity | 802,632 | 1,223,967 |
Total liabilities and stockholders' equity | $ 1,312,010 | $ 1,727,867 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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) | 73,212,778 | 72,546,321 |
Treasury stock, shares (in shares) | 12,268,293 | 12,045,065 |
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 |
Beginning 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) | ||||
Ending Balance at Mar. 31, 2019 | 1,427,644 | 725 | 1,102,176 | 1,014,870 | (68,931) | (621,196) |
Beginning Balance at Dec. 31, 2019 | 1,223,967 | 726 | 1,114,521 | 797,710 | (67,746) | (621,244) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net loss | (405,041) | (405,041) | ||||
Currency translation adjustments (excluding intercompany advances) | (6,085) | (6,085) | ||||
Currency translation adjustments on intercompany advances | (8,706) | (8,706) | ||||
Stock-based compensation expense: | ||||||
Restricted stock | 1,162 | 6 | 1,156 | |||
Surrender of stock to settle taxes on restricted stock awards | (2,665) | (2,665) | ||||
Ending Balance at Mar. 31, 2020 | $ 802,632 | $ 732 | $ 1,115,677 | $ 392,669 | $ (82,537) | $ (623,909) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (405,041) | $ (14,648) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 26,409 | 31,551 |
Impairments of goodwill | 406,056 | 0 |
Impairments of inventories | 25,230 | 0 |
Impairment of fixed assets | 5,198 | 0 |
Stock-based compensation expense | 1,162 | 4,425 |
Amortization of debt discount and deferred financing costs | 1,681 | 1,937 |
Deferred income tax benefit | (40,832) | (1,513) |
Gain on disposals of assets | (513) | (418) |
Other, net | 771 | (340) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,617 | 21,893 |
Inventories | (15,332) | 2,735 |
Accounts payable and accrued liabilities | (8,625) | (9,576) |
Income taxes payable | (1,100) | 1,878 |
Other operating assets and liabilities, net | 5,768 | (3,632) |
Net cash flows provided by operating activities | 5,449 | 34,292 |
Cash flows from investing activities: | ||
Capital expenditures | (5,881) | (17,922) |
Proceeds from disposition of property, plant and equipment | 4,092 | 368 |
Other, net | (256) | (304) |
Net cash flows used in investing activities | (2,045) | (17,858) |
Cash flows from financing activities: | ||
Revolving credit facility borrowings | 72,173 | 57,874 |
Revolving credit facility repayments | (52,404) | (73,774) |
Purchase of 1.50% convertible senior notes | (4,737) | 0 |
Other debt and finance lease activity, net | 35 | (142) |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | (2,665) | (3,610) |
Purchase of treasury stock | 0 | (757) |
Net cash flows provided by (used in) financing activities | 12,402 | (20,409) |
Effect of exchange rate changes on cash and cash equivalents | 9 | (32) |
Net change in cash and cash equivalents | 15,815 | (4,007) |
Cash and cash equivalents, beginning of period | 8,493 | 19,316 |
Cash and cash equivalents, end of period | 24,308 | 15,309 |
Cash paid for: | ||
Interest | 2,436 | 3,460 |
Income taxes, net of refunds | $ 2,499 | $ (487) |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows (Parenthetical) | Mar. 31, 2020 |
1.5% Convertible Unsecured Senior Notes | |
Stated interest rate | 1.50% |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 with 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. As further discussed in Note 13 , "Commitments and Contingencies," the impact of the Coronavirus Disease 2019 ("COVID-19") pandemic and related economic, business and market disruptions is evolving rapidly and its future effects are uncertain. The actual impact of these recent developments on the Company will depend on many factors, many of which are beyond management's control and knowledge. It is therefore difficult for management to assess or predict with precision the broad future effect of this health crisis on the global economy, the energy industry or the Company. During the first quarter of 2020, the Company recorded asset impairments and recorded severance and facility closure charges in response to these recent developments, as further discussed in Note 3 , "Asset Impairments and Other Charges." As additional information becomes available, events or circumstances change and strategic operational decisions are made by management, further adjustments may be required which could have a material adverse impact on the Company's consolidated financial position, results of operations and cash flows. 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, but are not limited to, goodwill and other asset impairments, revenue and income recognized over time, valuation allowances recorded on deferred tax assets, reserves on inventory, allowances for doubtful accounts, and potential future adjustments related to contractual indemnification and other agreements. Actual results could materially differ from those estimates. 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, 2019 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
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 June 2016, the FASB issued guidance on credit impairment for short-term receivables which, as amended, introduces the recognition of management's current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The Company adopted this guidance on January 1, 2020, 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. |
Asset Impairments and Other Cha
Asset Impairments and Other Charges | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairments and Other Charges | Asset Impairments and Other Charges In March of 2020, the spot price of West Texas Intermediate ("WTI") crude oil declined over 50% in response to reductions in global demand due to the COVID-19 pandemic and announcements by Saudi Arabia and Russia of plans to increase crude oil production. Following this unprecedented collapse in crude oil prices, the spot price of Brent and WTI crude oil closed at $15 and $21 per barrel, respectively, on March 31, 2020. Crude oil prices further declined in April of 2020 to record low levels. Demand for most of the Company's products and services depends substantially on the level of capital expenditures by the oil and natural gas industry. This decline in oil prices is expected to result in further near-term reductions to most of the Company's customers' drilling, completion and production activities and their related spending on products and services, particularly in the U.S. shale play regions. These conditions may also result in a material adverse impact on certain customers' liquidity and financial position, leading to further spending reductions, delays in the collection of amounts owed and in certain instances, non-payment of amounts owed. Consistent with oilfield service industry peers, the Company's stock price declined dramatically during the first quarter of 2020, with its market capitalization falling substantially below the carrying value of stockholders' equity. Following these March 2020 events, the Company immediately expanded its cost reduction initiatives. The Company also assessed the carrying value of goodwill, long-lived assets and other assets based on the current industry outlook regarding overall demand for and pricing of its products and services, other market considerations and the financial condition of the Company's customers. As a result of these events, actions and assessments, the Company recorded the following charges during the first quarter of 2020 (in thousands): Completion Services Drilling Services Downhole Technologies Offshore/ Pre-tax Total Tax After-tax Total Impairment of goodwill $ 127,054 $ — $ 192,502 $ 86,500 $ 406,056 $ 19,600 $ 386,456 Impairment of fixed assets — 5,198 — — 5,198 1,092 4,106 Impairment of inventories (Note 4) 8,981 — — 16,249 25,230 4,736 20,494 Severance and facility closure costs 331 217 — 112 660 139 521 In addition, the Company further reduced its workforce in the United States in April of 2020, which will result in additional severance costs in the second quarter of 2020. Goodwill The Company has three reporting units – Completion Services, Downhole Technologies and Offshore/Manufactured Products – with goodwill balances totaling $482.3 million as of December 31, 2019. Goodwill is allocated to each reporting unit from acquisitions made by the Company. In accordance with current accounting guidance, the Company does not amortize goodwill, but rather assesses goodwill for impairment annually and when an event occurs or circumstances change that indicate the carrying amounts may not be recoverable. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss is recorded. Given the significance of the March 2020 events described above, the Company performed a quantitative assessment of goodwill for impairment as of March 31, 2020. This interim assessment indicated that the fair value of each of the reporting units was less than their respective carrying amounts. Management utilizes, depending on circumstances, a combination of valuation methodologies including a market approach and an income approach, as well as guideline public company comparables. The valuation techniques used in the March 31, 2020 assessment were consistent with those used during the December 1, 2019 assessment, except for the Completion Services reporting unit where the income approach was used to estimate its fair value – with the market approach used only to validate the results in 2020. The fair values of each of the Company's reporting units were determined using significant unobservable inputs (Level 3 fair value measurements). This approach estimates fair value by discounting the Company's forecasts of future cash flows by a discount rate (expected return) that a market participant is expected to require. Significant assumptions and estimates used in the income approach include, among others, estimated future net annual cash flows and discount rates for each reporting unit, current and anticipated market conditions, estimated growth rates and historical data. These estimates rely upon significant management judgment, particularly given the continued uncertainties regarding the COVID-19 pandemic and its impact on activity levels and commodity prices as well as future global economic growth. Based on this quantitative assessment, the Company concluded that goodwill recorded in the Completion Services and Downhole Technologies businesses was fully impaired while goodwill recorded in the Offshore/Manufactured Products business was partially impaired. The Company therefore recognized non-cash goodwill impairment charges totaling $406.1 million in the first quarter of 2020. These impairment charges do not impact the Company's liquidity position, debt covenants or cash flows. Following impairment, the Offshore/Manufactured Products reporting unit did not have a fair value substantially in excess of its carrying amount. The discount rates used to value the Company's reporting units ranged between 16.8% and 18.5% . Holding all other assumptions and inputs used in the discounted cash flow analysis constant, a 50 basis point increase in the discount rate assumption for the Offshore/Manufactured Products reporting unit would have increased the goodwill impairment charge by approximately $10 million . A summary of changes in the carrying values of goodwill by reporting unit in the first quarter of 2020 is presented in Note 4 , "Details of Selected Balance Sheet Accounts." Long-lived Assets The Company also assessed the carrying value of long-lived assets, including property, plant and equipment, operating lease assets and other intangible assets held by each of its four reporting units. As a result of this assessment, the Company concluded that property and equipment held by the Drilling Services reporting unit was further impaired and recognized a non-cash fixed asset impairment charge of $5.2 million in the first quarter of 2020. Should, among other events and circumstances, global economic and industry conditions further deteriorate, the COVID-19 pandemic business and market disruptions worsen, the outlook for future operating results and cash flow for any of the Company's reporting units decline, income tax rates increase or regulations change, costs of equity or debt capital increase, valuations for comparable public companies or comparable acquisition valuations decrease, or management implement strategic decisions based on industry conditions, the Company may need to recognize additional impairment losses in future periods. |
Details of Selected Balance She
Details of Selected Balance Sheet Accounts | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 is presented below (in thousands): March 31, December 31, Accounts receivable, net: Trade $ 174,041 $ 178,813 Unbilled revenue 29,086 28,341 Contract assets 23,148 26,034 Other 4,883 9,044 Total accounts receivable 231,158 242,232 Allowance for doubtful accounts (8,686 ) (8,745 ) $ 222,472 $ 233,487 Allowance for doubtful accounts as a percentage of total accounts receivable 4 % 4 % March 31, December 31, Deferred revenue (contract liabilities) $ 20,721 $ 17,761 For the three months ended March 31, 2020 , the $2.9 million net decrease in contract assets was primarily attributable to $18.7 million transferred to accounts receivable, which was partially offset by $16.1 million in revenue recognized during the period. Deferred revenue (contract liabilities) increased by $3.0 million in 2020 , primarily reflecting $10.5 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $7.4 million of revenue that was deferred at the beginning of the period. As of March 31, 2020 and December 31, 2019 , 74% and 73% , respectively, of total accounts receivables related to revenues generated in the United States. As of March 31, 2020 and December 31, 2019 , 10% of total accounts receivables related to revenues generated in the United Kingdom. No other country or single customer accounted for more than 10% of the Company's total accounts receivables at these dates. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company's customers to make required payments. Determination of the collectability of amounts due from customers requires us to make judgments regarding future events and trends. Allowances for doubtful accounts are established through an assessment of the Company's portfolio on an individual customer and consolidated basis taking into account current and expected future market conditions and trends. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, and financial condition of the Company's customers as well as political and economic factors in countries of operations and other customer-specific factors. Based on a review of these factors, the Company establishes or adjusts allowances for trade and unbilled receivables as well as contract assets. If a customer receivable is deemed to be uncollectible, the receivable is charged-off against allowance for doubtful accounts. If the financial condition of the Company's customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The following provides a summary of activity in the allowance for doubtful accounts for the three months ended March 31, 2020 (in thousands): 2020 2019 Allowance for doubtful accounts – December 31 $ 8,745 $ 6,701 Provision 589 (134 ) Write-offs (1,785 ) — Other 1,137 157 Allowance for doubtful accounts – March 31 8,686 6,724 March 31, December 31, Inventories, net: Finished goods and purchased products $ 106,833 $ 107,691 Work in process 30,175 21,963 Raw materials 114,818 110,719 Total inventories 251,826 240,373 Allowance for excess or obsolete inventory (42,646 ) (19,031 ) $ 209,180 $ 221,342 The Company recorded impairment charges totaling $25.2 million in the first quarter of 2020 to reduce the carrying value of inventories to their estimated net realizable value following the March 2020 decline in crude oil prices, which is expected to reduce the near-term utility of certain goods within the Offshore/Manufactured Products and Completion Services operations. March 31, December 31, Property, plant and equipment, net: Land $ 34,917 $ 37,507 Buildings and leasehold improvements 265,924 273,384 Machinery and equipment 238,599 246,826 Completion Services equipment 513,101 510,737 Office furniture and equipment 37,554 45,309 Vehicles 93,301 97,264 Construction in progress 11,358 13,281 Total property, plant and equipment 1,194,754 1,224,308 Accumulated depreciation (765,752 ) (764,584 ) $ 429,002 $ 459,724 For the three months ended March 31, 2020 and 2019 , depreciation expense was $20.1 million and $24.8 million , respectively. As discussed in Note 3 , "Asset Impairments and Other Charges," during the first quarter of 2020 the Drilling Services reporting unit recognized a non-cash impairment charge of $5.2 million to reduce the carrying value of the business's fixed assets to their estimated realizable value. March 31, December 31, Other noncurrent assets: Deferred compensation plan $ 21,327 $ 22,268 Other 6,516 6,433 $ 27,843 $ 28,701 March 31, December 31, Accrued liabilities: Accrued compensation $ 16,340 $ 24,930 Insurance liabilities 8,563 9,108 Accrued taxes, other than income taxes 4,335 3,424 Accrued commissions 2,089 1,481 Other 11,900 9,897 $ 43,227 $ 48,840 Goodwill: Well Site Services Downhole Technologies Offshore/ Total Completion Services Drilling Services Subtotal Balance as of December 31, 2019 Goodwill $ 221,582 $ 22,767 $ 244,349 $ 357,502 $ 162,750 $ 764,601 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) (165,000 ) — (282,295 ) 127,054 — 127,054 192,502 162,750 482,306 Goodwill impairments (1) (127,054 ) — (127,054 ) (192,502 ) (86,500 ) (406,056 ) Foreign currency translation — — — — (493 ) (493 ) Balance as of March 31, 2020 $ — $ — $ — $ — $ 75,757 $ 75,757 ________________ (1) See Note 3 , "Asset Impairments and Other Charges" for discussion of first quarter 2020 goodwill impairments. Other Intangible Assets: March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 168,260 $ 47,056 $ 121,204 $ 168,278 $ 44,296 $ 123,982 Patents/Technology/Know-how 86,123 32,291 53,832 85,919 30,791 55,128 Noncompete agreements 17,087 12,291 4,796 17,125 11,061 6,064 Tradenames and other 53,708 9,582 44,126 53,708 8,791 44,917 $ 325,178 $ 101,220 $ 223,958 $ 325,030 $ 94,939 $ 230,091 For the three months ended March 31, 2020 and 2019 , amortization expense was $6.3 million and $6.7 million , respectively. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended 2020 2019 Numerators: Net loss $ (405,041 ) $ (14,648 ) Less: Income attributable to unvested restricted stock awards — — Numerator for basic net loss per share (405,041 ) (14,648 ) Effect of dilutive securities: Unvested restricted stock awards — — Numerator for diluted net loss per share $ (405,041 ) $ (14,648 ) Denominators: Weighted average number of common shares outstanding 60,770 60,249 Less: Weighted average number of unvested restricted stock awards outstanding (1,116 ) (991 ) Denominator for basic a n d dilute d net loss per share 59,654 59,258 Net loss per share: Basic $ (6.79 ) $ (0.25 ) Diluted (6.79 ) (0.25 ) The calculation of diluted net loss per share for the three months ended March 31, 2020 and 2019 excluded 629 thousand shares and 687 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, 2020 and 2019 , due to their antidilutive effect. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt As of March 31, 2020 and December 31, 2019 , long-term debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility (1) $ 70,471 $ 50,534 1.50% convertible senior notes (2) 164,370 167,594 Promissory note 25,000 25,000 Other debt and finance lease obligations 5,031 5,041 Total debt 264,872 248,169 Less: Current portion (25,643 ) (25,617 ) Total long-term debt $ 239,229 $ 222,552 ____________________ (1) Presented net of $1.2 million and $1.4 million of unamortized debt issuance costs as of March 31, 2020 and December 31, 2019 , respectively. (2) The outstanding principal amount of the 1.50% convertible senior notes was $186.6 million and $192.3 million as of March 31, 2020 and December 31, 2019 , respectively. 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 Revolving Credit Facility provides for $350.0 million in lender commitments. Under the Revolving Credit Facility, $50.0 million is available for the issuance of letters of credit. As of March 31, 2020 , the Company had $71.7 million of borrowings and $19.1 million of outstanding letters of credit under the Revolving Credit Facility, leaving $107.6 million available to be drawn. The total amount available to be drawn under the Revolving Credit Facility was less than the total lender commitments due to limits imposed by maintenance covenants in the Credit Agreement. As of March 31, 2020 , the Company was in compliance with its debt covenants under 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 3.0 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 to acquired businesses and the annualization of EBITDA for acquired businesses. The various components used in the calculation of these ratios are defined in the Credit Agreement. Consolidated EBITDA and consolidated interest expense, as defined, exclude non-cash goodwill and fixed asset impairment charges, 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. The Company is working with its bank group regarding an amendment to the Revolving Credit Facility. The amendment entails converting the Company's existing cash flow-based revolving credit facility into an asset-based revolving credit facility (the "Amended Facility"). The Company currently expects to complete the amendment process in the second quarter of 2020. The amendment process remains subject to completion of final documentation and credit approval by the bank group and, accordingly, the Company cannot be certain that it will be able to complete the amendment process. If the Company is not successful in amending the Revolving Credit Facility, its borrowings would be governed by the existing Credit Agreement, which contains financial covenants and restrictions as further described above. Based on Company forecasts, the Company anticipates that it could be out of compliance with the total net leverage ratio covenant in the third quarter of 2020 as a result of projected declines in consolidated EBITDA resulting from current industry conditions caused by the global response to the COVID-19 pandemic and the resulting collapse in crude oil prices. However, the Company believes that it will have sufficient liquidity over the next twelve months to fund its liabilities as they become due. If the Company does not complete the amendment process and subsequently is not in compliance with the total net leverage ratio under its Revolving Credit Facility, the Company believes that it will have sufficient cash on hand, together with cash flow from operations (after investments in capital expenditures), to repay the borrowings outstanding under the Revolving Credit Facility or that it could seek to obtain an amendment or waiver from its lenders in order to avoid a default. 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. During the first quarter of 2020 , the Company repurchased $5.7 million in principal amount of the outstanding Notes for $4.7 million , which approximated the net carrying amount of the related liability. Since December 31, 2018, the Company has repurchased $13.5 million in principal amount of the outstanding notes for $11.5 million . 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% , which is greater than the cash interest payments the Company is obligated to pay on the Notes. Reported interest expense associated with the Notes for both the three months ended March 31, 2020 and 2019 was $2.5 million , while the related contractual cash interest expense totaled $0.7 million and $0.8 million , respectively. The following table presents the carrying amount of the Notes in the consolidated balance sheets as of March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, Principal amount of the liability component $ 186,550 $ 192,250 Less: Unamortized discount 19,366 21,544 Less: Unamortized issuance costs 2,814 3,112 Net carrying amount of the liability component $ 164,370 $ 167,594 Net carrying amount of the equity component $ 25,683 $ 25,683 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. 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 Indenture contains certain events of default, including certain defaults by the Company with respect to other indebtedness of at least $40.0 million . As of March 31, 2020 , none of the conditions allowing holders of the Notes to convert, or requiring the Company to repurchase the Notes, had been met. Promissory Note In connection with the 2018 acquisition of GEODynamics, Inc. ("GEODynamics"), the Company issued a $25.0 million promissory note that bears interest at 2.50% per annum and was scheduled to mature on July 12, 2019. Payments due under the promissory note are subject to set off, in part or in full, against certain indemnification claims related to matters occurring prior to the Company's acquisition of GEODynamics. As more fully described in Note 13 , "Commitments and Contingencies," the Company has provided notice to and asserted indemnification claims against the seller of GEODynamics. As a result, the maturity date of the note is extended until the resolution of these indemnity claims. The Company expects that the amount ultimately paid in respect of such note will be reduced as a result of these indemnification claims. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 was $78.5 million based on quoted market prices (a Level 1 fair value measurement), which compares to the $186.6 million in principal amount of the Notes. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
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 quarter of 2020 (in thousands): Shares of common stock outstanding – December 31, 2019 60,501 Restricted stock awards, net of forfeitures 666 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (223 ) Shares of common stock outstanding – March 31, 2020 60,944 As of March 31, 2020 and December 31, 2019 , the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding. The Company maintains a share repurchase program which was extended to July 29, 2020 by the Company's Board of Directors. During the first quarter of 2020 , the Company did no t repurchase any common stock under the program. The amount remaining under the Company's share repurchase authorization as of March 31, 2020 was $119.8 million . Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, reported as a component of stockholders' equity, increased from $67.7 million at December 31, 2019 to $82.5 million at March 31, 2020 , 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 the Company's reportable segments. For the three months ended March 31, 2020 and 2019 , currency translation adjustments recognized as a component of other comprehensive income were primarily attributable to the United Kingdom and Brazil. As of March 31, 2020 , the exchange rate for the British pound and the Brazilian real compared to the U.S. dollar weakened by 6% and 22% , respectively, compared to the exchange rate at December 31, 2019 , contributing to other comprehensive loss of $14.8 million reported for the three months ended March 31, 2020 . During the first three months of 2019 , the exchange rate for the British pound strengthened by 2% compared to the U.S. dollar, contributing to other comprehensive income of $2.5 million . |
Long-Term Incentive Compensatio
Long-Term Incentive Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [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, 2020 (in thousands): Stock Options Service-based Restricted Stock Performance-based Stock Units Outstanding – December 31, 2019 636 1,064 248 Granted — 594 181 Vested/Exercised — (472 ) (125 ) Forfeited (14 ) (52 ) — Outstanding – March 31, 2020 622 1,134 304 Weighted average grant date fair value (2020 awards) $ — $ 11.06 $ 11.15 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 outstanding awards is the Company's EBITDA growth rate over a three -year period. During the first quarters of 2020 and 2019 , the Company issued conditional long-term cash incentive awards ("Cash Awards") of approximately $2.0 million and $1.4 million , respectively, with the ultimate dollar amount to be awarded ranging from zero to a maximum of $4.0 million for the 2020 Cash Award and from zero to a maximum of $2.7 million for the 2019 Cash Award. 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 ultimate dollar amount to be awarded for the 2020 and 2019 Cash Awards is limited to their targeted award value ( $2.0 million and $1.4 million , respectively) if the Company's total stockholder return is negative over the performance 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 months ended March 31, 2020 and 2019 totaled $1.2 million and $4.4 million , respectively. As of March 31, 2020 , there was $15.6 million of pre-tax compensation costs related to service-based and performance-based stock awards, which will be recognized in future periods as vesting conditions are satisfied. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax benefit for the three month periods ended March 31, 2020 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, 2020 , the Company's income tax benefit was $39.5 million on a pre-tax loss of $444.5 million , which included non-cash goodwill charges (approximately $313.1 million ) and other expenses that are not deductible for income tax purposes. The impact of these non-deductible expenses was partially offset by a $14.8 million discrete tax benefit related to the carryback of U.S. net operating losses under the CARES Act (discussed below). This compares to an income tax benefit of $0.3 million on a pre-tax loss of $14.9 million , which includes certain non-deductible expenses, for the three months ended March 31, 2019 . On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security ("CARES") Act was signed into law. In accordance with the recently established rules and procedures under the CARES Act, the Company has filed carryback claims regarding U.S. net operating losses generated in 2018 and plans to file carryback claims regarding U.S. net operating losses generated in 2019 during the second quarter of 2020. Prior to the enactment of the CARES Act, such tax losses could only be carried forward. The Company expects to receive refunds related to these carryback claims in 2020 of approximately $41.2 million , which are classified in income taxes receivable in the consolidated balance sheet as of March 31, 2020 . |
Segments and Related Informatio
Segments and Related Information | 3 Months Ended |
Mar. 31, 2020 | |
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. Financial information by business segment for the three months ended March 31, 2020 and 2019 is summarized in the following tables (in thousands). Revenues Depreciation and Operating income (loss) Capital Total assets Three months ended March 31, 2020 Well Site Services – Completion Services (1) $ 82,926 $ 14,766 $ (139,603 ) $ 2,938 $ 313,349 Drilling Services (2) 4,531 270 (5,351 ) 114 7,506 Total Well Site Services 87,457 15,036 (144,954 ) 3,052 320,855 Downhole Technologies (3) 41,065 5,584 (192,691 ) 1,649 333,518 Offshore/Manufactured Products (4) 91,172 5,628 (95,496 ) 1,065 562,179 Corporate — 161 (8,661 ) 115 95,458 Total $ 219,694 $ 26,409 $ (441,802 ) $ 5,881 $ 1,312,010 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 ________________ (1) Operating loss includes a non-cash goodwill impairment charge of $127.1 million to reduce the carrying value of the Completion Services reporting unit to its estimated fair value and an inventory impairment charge of $9.0 million to reduce the carrying value of the Completion Services reporting unit's inventory to its estimated net realizable value. (2) Operating loss includes a non-cash fixed asset impairment charge of $5.2 million to reduce the carrying value of the Drilling Services business's fixed assets to their estimated realizable value. (3) Operating loss includes non-cash goodwill impairment charge of $192.5 million to reduce the carrying value of the Downhole Technologies reporting unit to its estimated fair value. (4) Operating loss includes a non-cash goodwill impairment charge of $86.5 million to reduce the carrying value of the Offshore/Manufactured Products reporting unit to its estimated fair value and an inventory impairment charge of $16.2 million to reduce the carrying value of the Offshore/Manufactured Products reporting unit's inventory to its estimated net realizable value. See Note 3 , "Asset Impairments and Other Charges" and Note 4 , "Details of Selected Balance Sheet Accounts," for further discussion of impairment charges recorded during the first quarter of 2020. No customer individually accounted for 10% of the Company's consolidated revenue for the three months ended March 31, 2020 and 2019 . The following table provides supplemental disaggregated revenue from contracts with customers by business segment for the three months ended March 31, 2020 and 2019 (in thousands): Well Site Services Downhole Technologies Offshore/Manufactured Products Total 2020 2019 2020 2019 2020 2019 2020 2019 Three months ended March 31 Major revenue categories - Project-driven products $ — $ — $ — $ — $ 36,788 $ 27,245 $ 36,788 $ 27,245 Short-cycle: Completion products and services 82,926 100,642 41,065 54,290 13,649 24,274 137,640 179,206 Drilling services 4,531 7,750 — — — — 4,531 7,750 Other products — — — — 8,420 7,739 8,420 7,739 Total short-cycle 87,457 108,392 41,065 54,290 22,069 32,013 150,591 194,695 Other products and services — — — — 32,315 28,671 32,315 28,671 $ 87,457 $ 108,392 $ 41,065 $ 54,290 $ 91,172 $ 87,929 $ 219,694 $ 250,611 Revenues from products and services transferred to customers over time accounted for approximately 66% of consolidated revenues for both the three months ended March 31, 2020 and 2019 . 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, 2020 , the Company had $161 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 51% of this remaining backlog is expected to be recognized as revenue over the remaining nine months of 2020 , with an additional 30% in 2021 and the balance thereafter. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The impact of the recent COVID-19 pandemic and related economic, business and market disruptions is evolving rapidly and its future effects are uncertain. The most direct and immediate impact that the Company expects from the COVID-19 pandemic is decreased demand for its products and services due to lower activity levels by its customers resulting from the precipitous decline in crude oil prices. The overall impact of the pandemic and oil price collapse on the Company and its customers will depend on many factors, many of which are beyond management's control and knowledge. In response to public health concerns related to COVID-19, many federal, state, local and other authorities around the world have imposed mandatory regulations directing individuals to stay at home and limiting their ability to travel domestically or internationally. In certain cases, when travel is permitted, a multi-week quarantine period is required before an individual can work in the area. Additionally, rules and regulations regarding employer responsibilities continue to be promulgated. Facility closures, quarantines, travel restrictions, and possible future workforce shortages may, among numerous other impacts, result in delays by the Company in fulfilling its existing contractual obligations to its customers, which could result in adverse financial consequences. Additionally, the Company procures a variety of raw materials and component products, including steel, in the manufacture of our products from companies which may be impacted similar challenges. The Company continues to monitor the effect of COVID-19 on its employees, customers, critical suppliers and other stakeholders. The ultimate magnitude and duration of the COVID-19 pandemic, resulting governmental restrictions placing limitations on the mobility and ability to work of the worldwide population, and the related impact on crude oil prices and the U.S. and global economy and capital markets is uncertain. 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 acquisition of GEODynamics, the seller agreed to indemnify and hold the Company harmless against certain claims related to matters such as this, and the Company has provided notice to and asserted indemnification claims against the seller. 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. Such note was scheduled to mature on July 12, 2019, but, because the Company has provided notice to and asserted indemnification claims, the maturity date of the note is extended until the resolution of such claim. The Company expects that the amount ultimately paid in respect of such note will be reduced as a result of these indemnification claims. 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. The Company is a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of the Company's products or operations. Some of these claims relate to matters occurring prior to the acquisition of businesses, and some relate to businesses the Company has sold. In certain cases, the Company is entitled to indemnification from the sellers of businesses and, in other cases, the Company has indemnified the buyers of businesses. Although the Company can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on the Company, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by indemnity or insurance, will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions GEODynamics historically leased certain land and facilities from an equity holder and employee of the Company, following its acquisition 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, 2020 and 2019 totaled $44 thousand and $25 thousand , respectively. Additionally, GEODynamics purchases products from and sells products to a company in which this employee is an investor. Sales to this company by GEODynamics were $1.8 million and $7 thousand for the three months ended March 31, 2020 and 2019 , respectively. Purchases from this company were $410 thousand for the three months ended March 31, 2019 . |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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 June 2016, the FASB issued guidance on credit impairment for short-term receivables which, as amended, introduces the recognition of management's current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The Company adopted this guidance on January 1, 2020, 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. |
Asset Impairments and Other C_2
Asset Impairments and Other Charges (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Asset Impairment Charges | As a result of these events, actions and assessments, the Company recorded the following charges during the first quarter of 2020 (in thousands): Completion Services Drilling Services Downhole Technologies Offshore/ Pre-tax Total Tax After-tax Total Impairment of goodwill $ 127,054 $ — $ 192,502 $ 86,500 $ 406,056 $ 19,600 $ 386,456 Impairment of fixed assets — 5,198 — — 5,198 1,092 4,106 Impairment of inventories (Note 4) 8,981 — — 16,249 25,230 4,736 20,494 Severance and facility closure costs 331 217 — 112 660 139 521 |
Details of Selected Balance S_2
Details of Selected Balance Sheet Accounts (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Details of Selected Balance Sheet Accounts [Abstract] | |
Schedule of Accounts Receivable, Net | Additional information regarding selected balance sheet accounts at March 31, 2020 and December 31, 2019 is presented below (in thousands): March 31, December 31, Accounts receivable, net: Trade $ 174,041 $ 178,813 Unbilled revenue 29,086 28,341 Contract assets 23,148 26,034 Other 4,883 9,044 Total accounts receivable 231,158 242,232 Allowance for doubtful accounts (8,686 ) (8,745 ) $ 222,472 $ 233,487 Allowance for doubtful accounts as a percentage of total accounts receivable 4 % 4 % |
Contract with Customer, Asset and Liability | March 31, December 31, Deferred revenue (contract liabilities) $ 20,721 $ 17,761 |
Summary of Activity in Allowance for Doubtful Accounts | The following provides a summary of activity in the allowance for doubtful accounts for the three months ended March 31, 2020 (in thousands): 2020 2019 Allowance for doubtful accounts – December 31 $ 8,745 $ 6,701 Provision 589 (134 ) Write-offs (1,785 ) — Other 1,137 157 Allowance for doubtful accounts – March 31 8,686 6,724 |
Schedule of Inventory, Net | March 31, December 31, Inventories, net: Finished goods and purchased products $ 106,833 $ 107,691 Work in process 30,175 21,963 Raw materials 114,818 110,719 Total inventories 251,826 240,373 Allowance for excess or obsolete inventory (42,646 ) (19,031 ) $ 209,180 $ 221,342 |
Schedule of Property, Plant and Equipment, Net | March 31, December 31, Property, plant and equipment, net: Land $ 34,917 $ 37,507 Buildings and leasehold improvements 265,924 273,384 Machinery and equipment 238,599 246,826 Completion Services equipment 513,101 510,737 Office furniture and equipment 37,554 45,309 Vehicles 93,301 97,264 Construction in progress 11,358 13,281 Total property, plant and equipment 1,194,754 1,224,308 Accumulated depreciation (765,752 ) (764,584 ) $ 429,002 $ 459,724 |
Schedule of Other Noncurrent Assets | March 31, December 31, Other noncurrent assets: Deferred compensation plan $ 21,327 $ 22,268 Other 6,516 6,433 $ 27,843 $ 28,701 |
Schedule of Accrued Liabilities | March 31, December 31, Accrued liabilities: Accrued compensation $ 16,340 $ 24,930 Insurance liabilities 8,563 9,108 Accrued taxes, other than income taxes 4,335 3,424 Accrued commissions 2,089 1,481 Other 11,900 9,897 $ 43,227 $ 48,840 |
Schedule of Goodwill | Goodwill: Well Site Services Downhole Technologies Offshore/ Total Completion Services Drilling Services Subtotal Balance as of December 31, 2019 Goodwill $ 221,582 $ 22,767 $ 244,349 $ 357,502 $ 162,750 $ 764,601 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) (165,000 ) — (282,295 ) 127,054 — 127,054 192,502 162,750 482,306 Goodwill impairments (1) (127,054 ) — (127,054 ) (192,502 ) (86,500 ) (406,056 ) Foreign currency translation — — — — (493 ) (493 ) Balance as of March 31, 2020 $ — $ — $ — $ — $ 75,757 $ 75,757 ________________ (1) See Note 3 , "Asset Impairments and Other Charges" for discussion of first quarter 2020 goodwill impairments. |
Schedule of Finite-Lived Intangible Assets | Other Intangible Assets: March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 168,260 $ 47,056 $ 121,204 $ 168,278 $ 44,296 $ 123,982 Patents/Technology/Know-how 86,123 32,291 53,832 85,919 30,791 55,128 Noncompete agreements 17,087 12,291 4,796 17,125 11,061 6,064 Tradenames and other 53,708 9,582 44,126 53,708 8,791 44,917 $ 325,178 $ 101,220 $ 223,958 $ 325,030 $ 94,939 $ 230,091 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended 2020 2019 Numerators: Net loss $ (405,041 ) $ (14,648 ) Less: Income attributable to unvested restricted stock awards — — Numerator for basic net loss per share (405,041 ) (14,648 ) Effect of dilutive securities: Unvested restricted stock awards — — Numerator for diluted net loss per share $ (405,041 ) $ (14,648 ) Denominators: Weighted average number of common shares outstanding 60,770 60,249 Less: Weighted average number of unvested restricted stock awards outstanding (1,116 ) (991 ) Denominator for basic a n d dilute d net loss per share 59,654 59,258 Net loss per share: Basic $ (6.79 ) $ (0.25 ) Diluted (6.79 ) (0.25 ) |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table presents the carrying amount of the Notes in the consolidated balance sheets as of March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, Principal amount of the liability component $ 186,550 $ 192,250 Less: Unamortized discount 19,366 21,544 Less: Unamortized issuance costs 2,814 3,112 Net carrying amount of the liability component $ 164,370 $ 167,594 Net carrying amount of the equity component $ 25,683 $ 25,683 As of March 31, 2020 and December 31, 2019 , long-term debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility (1) $ 70,471 $ 50,534 1.50% convertible senior notes (2) 164,370 167,594 Promissory note 25,000 25,000 Other debt and finance lease obligations 5,031 5,041 Total debt 264,872 248,169 Less: Current portion (25,643 ) (25,617 ) Total long-term debt $ 239,229 $ 222,552 ____________________ (1) Presented net of $1.2 million and $1.4 million of unamortized debt issuance costs as of March 31, 2020 and December 31, 2019 , respectively. (2) The outstanding principal amount of the 1.50% convertible senior notes was $186.6 million and $192.3 million as of March 31, 2020 and December 31, 2019 , respectively. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 quarter of 2020 (in thousands): Shares of common stock outstanding – December 31, 2019 60,501 Restricted stock awards, net of forfeitures 666 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (223 ) Shares of common stock outstanding – March 31, 2020 60,944 |
Long-Term Incentive Compensat_2
Long-Term Incentive Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [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, 2020 (in thousands): Stock Options Service-based Restricted Stock Performance-based Stock Units Outstanding – December 31, 2019 636 1,064 248 Granted — 594 181 Vested/Exercised — (472 ) (125 ) Forfeited (14 ) (52 ) — Outstanding – March 31, 2020 622 1,134 304 Weighted average grant date fair value (2020 awards) $ — $ 11.06 $ 11.15 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by business segment for the three months ended March 31, 2020 and 2019 is summarized in the following tables (in thousands). Revenues Depreciation and Operating income (loss) Capital Total assets Three months ended March 31, 2020 Well Site Services – Completion Services (1) $ 82,926 $ 14,766 $ (139,603 ) $ 2,938 $ 313,349 Drilling Services (2) 4,531 270 (5,351 ) 114 7,506 Total Well Site Services 87,457 15,036 (144,954 ) 3,052 320,855 Downhole Technologies (3) 41,065 5,584 (192,691 ) 1,649 333,518 Offshore/Manufactured Products (4) 91,172 5,628 (95,496 ) 1,065 562,179 Corporate — 161 (8,661 ) 115 95,458 Total $ 219,694 $ 26,409 $ (441,802 ) $ 5,881 $ 1,312,010 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 ________________ (1) Operating loss includes a non-cash goodwill impairment charge of $127.1 million to reduce the carrying value of the Completion Services reporting unit to its estimated fair value and an inventory impairment charge of $9.0 million to reduce the carrying value of the Completion Services reporting unit's inventory to its estimated net realizable value. (2) Operating loss includes a non-cash fixed asset impairment charge of $5.2 million to reduce the carrying value of the Drilling Services business's fixed assets to their estimated realizable value. (3) Operating loss includes non-cash goodwill impairment charge of $192.5 million to reduce the carrying value of the Downhole Technologies reporting unit to its estimated fair value. |
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, 2020 and 2019 (in thousands): Well Site Services Downhole Technologies Offshore/Manufactured Products Total 2020 2019 2020 2019 2020 2019 2020 2019 Three months ended March 31 Major revenue categories - Project-driven products $ — $ — $ — $ — $ 36,788 $ 27,245 $ 36,788 $ 27,245 Short-cycle: Completion products and services 82,926 100,642 41,065 54,290 13,649 24,274 137,640 179,206 Drilling services 4,531 7,750 — — — — 4,531 7,750 Other products — — — — 8,420 7,739 8,420 7,739 Total short-cycle 87,457 108,392 41,065 54,290 22,069 32,013 150,591 194,695 Other products and services — — — — 32,315 28,671 32,315 28,671 $ 87,457 $ 108,392 $ 41,065 $ 54,290 $ 91,172 $ 87,929 $ 219,694 $ 250,611 |
Asset Impairments and Other C_3
Asset Impairments and Other Charges - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2020USD ($)usd_per_barrel | Mar. 31, 2020USD ($)usd_per_barrel | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Percentage decline in crude oil prices | 50.00% | |||
Brent crude oil, price per barrel | usd_per_barrel | 15 | 15 | ||
WTI crude oil, price per barrel | usd_per_barrel | 21 | 21 | ||
Goodwill, net | $ 75,757 | $ 75,757 | $ 482,306 | |
Impairments of goodwill | 406,056 | $ 0 | ||
Non-cash impairment of fixed assets | 5,198 | $ 0 | ||
Offshore / Manufactured Products | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Goodwill, net | 75,757 | 75,757 | 162,750 | |
Impairments of goodwill | 86,500 | |||
Goodwill, Impairment Loss, Increase Due To Increase In Discount Rate | $ 10,000 | |||
Reporting unit, fair value determination, percentage increase in discount rate | 0.50% | |||
Non-cash impairment of fixed assets | $ 0 | |||
Total Well Site Services | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Goodwill, net | 0 | 0 | 127,054 | |
Impairments of goodwill | 127,054 | |||
Drilling Services | Total Well Site Services | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Goodwill, net | $ 0 | 0 | $ 0 | |
Impairments of goodwill | 0 | |||
Non-cash impairment of fixed assets | $ 5,198 | |||
Minimum | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Reporting unit, fair value determination, discount rate | 16.80% | |||
Maximum | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Reporting unit, fair value determination, discount rate | 18.50% |
Details of Selected Balance S_3
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | $ 231,158 | $ 242,232 | |
Allowance for doubtful accounts | (8,686) | (8,745) | |
Accounts receivable, net | $ 222,472 | 233,487 | |
Allowance for doubtful accounts as a percentage of total accounts receivable | 4.00% | 4.00% | |
Trade | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | $ 174,041 | 178,813 | |
Unbilled revenue | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | 29,086 | 28,341 | |
Contract assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | 23,148 | 26,034 | |
Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | $ 4,883 | $ 9,044 |
Asset Impairments and Other C_4
Asset Impairments and Other Charges - Schedule of Asset Impairments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairments of goodwill | $ 406,056 | $ 0 |
Goodwill, impairment loss, tax | 19,600 | |
Goodwill, impairment loss, net of tax | 386,456 | |
Non-cash impairment of fixed assets | 5,198 | 0 |
Non-cash impairment of fixed assets, tax | 1,092 | |
Non-cash impairment of fixed assets, net of tax | 4,106 | |
Impairments of inventories | 25,230 | $ 0 |
Impairment of inventories, tax | 4,736 | |
Impairment of inventories, net of tax | 20,494 | |
Severance and facility closure costs | 660 | |
Severance and facility closure costs, tax | 139 | |
Severance and facility closure costs, net of tax | 521 | |
Total Well Site Services | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairments of goodwill | 127,054 | |
Total Well Site Services | Drilling Services | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairments of goodwill | 0 | |
Non-cash impairment of fixed assets | 5,198 | |
Impairments of inventories | 0 | |
Severance and facility closure costs | 217 | |
Total Well Site Services | Completion Services | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairments of goodwill | 127,054 | |
Non-cash impairment of fixed assets | 0 | |
Impairments of inventories | 8,981 | |
Severance and facility closure costs | 331 | |
Downhole Technologies | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairments of goodwill | 192,502 | |
Non-cash impairment of fixed assets | 0 | |
Impairments of inventories | 0 | |
Severance and facility closure costs | 0 | |
Offshore/Manufactured Products | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairments of goodwill | 86,500 | |
Non-cash impairment of fixed assets | 0 | |
Impairments of inventories | 16,249 | |
Severance and facility closure costs | $ 112 |
Details of Selected Balance S_4
Details of Selected Balance Sheet Accounts - Contract Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred revenue (contract liabilities) | $ 20,721 | $ 17,761 |
Details of Selected Balance S_5
Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Increase (decrease) in contract with customer, asset | $ (2,900) | ||
Contract with customer, asset, reclassified to receivable | 18,700 | ||
Contract with customer, asset, increase due to revenue recognized | 16,100 | ||
Increase (decrease) in contract with customer, liability | 3,000 | ||
Contract with customer, liability, increase due to billings | 10,500 | ||
Contract with customer, liability, revenue recognized | 7,400 | ||
Impairments of inventories | 25,230 | $ 0 | |
Impairment of fixed assets | 5,198 | 0 | |
Depreciation | 20,100 | 24,800 | |
Amortization | $ 6,300 | $ 6,700 | |
UNITED STATES | Geographic Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 74.00% | 73.00% | |
UNITED KINGDOM | Geographic Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% | |
Total Well Site Services [Member] | Drilling Services | |||
Concentration Risk [Line Items] | |||
Impairments of inventories | $ 0 | ||
Impairment of fixed assets | $ 5,198 |
Details of Selected Balance S_6
Details of Selected Balance Sheet Accounts - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for doubtful accounts – December 31 | $ 8,745 | $ 6,701 |
Provision | 589 | (134) |
Write-offs | (1,785) | 0 |
Other | 1,137 | 157 |
March 31 | $ 8,686 | $ 6,724 |
Details of Selected Balance S_7
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Finished goods and purchased products | $ 106,833 | $ 107,691 |
Work in process | 30,175 | 21,963 |
Raw materials | 114,818 | 110,719 |
Total inventories | 251,826 | 240,373 |
Allowance for excess or obsolete inventory | (42,646) | (19,031) |
Inventories, net | $ 209,180 | $ 221,342 |
Details of Selected Balance S_8
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,194,754 | $ 1,224,308 |
Accumulated depreciation | (765,752) | (764,584) |
Property, plant, and equipment, net | 429,002 | 459,724 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 34,917 | 37,507 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 265,924 | 273,384 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 238,599 | 246,826 |
Completion Services equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 513,101 | 510,737 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 37,554 | 45,309 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 93,301 | 97,264 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 11,358 | $ 13,281 |
Details of Selected Balance S_9
Details of Selected Balance Sheet Accounts - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred compensation plan | $ 21,327 | $ 22,268 |
Other | 6,516 | 6,433 |
Other noncurrent assets | $ 27,843 | $ 28,701 |
Details of Selected Balance _10
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Accrued compensation | $ 16,340 | $ 24,930 |
Insurance liabilities | 8,563 | 9,108 |
Accrued taxes, other than income taxes | 4,335 | 3,424 |
Accrued commissions | 2,089 | 1,481 |
Other | 11,900 | 9,897 |
Accrued liabilities | $ 43,227 | $ 48,840 |
Details of Selected Balance _11
Details of Selected Balance Sheet Accounts - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Goodwill | $ 764,601 | ||
Accumulated impairment losses | (282,295) | ||
Changes in carrying value of goodwill | |||
Goodwill, net, beginning of period | $ 482,306 | ||
Goodwill impairment | (406,056) | $ 0 | |
Foreign currency translation | (493) | ||
Goodwill, net, end of period | 75,757 | ||
Total Well Site Services | |||
Goodwill [Line Items] | |||
Goodwill | 244,349 | ||
Accumulated impairment losses | (117,295) | ||
Changes in carrying value of goodwill | |||
Goodwill, net, beginning of period | 127,054 | ||
Goodwill impairment | (127,054) | ||
Foreign currency translation | 0 | ||
Goodwill, net, end of period | 0 | ||
Total Well Site Services | Completion Services | |||
Goodwill [Line Items] | |||
Goodwill | 221,582 | ||
Accumulated impairment losses | (94,528) | ||
Changes in carrying value of goodwill | |||
Goodwill, net, beginning of period | 127,054 | ||
Goodwill impairment | (127,054) | ||
Foreign currency translation | 0 | ||
Goodwill, net, end of period | 0 | ||
Total Well Site Services | Drilling Services | |||
Goodwill [Line Items] | |||
Goodwill | 22,767 | ||
Accumulated impairment losses | (22,767) | ||
Changes in carrying value of goodwill | |||
Goodwill, net, beginning of period | 0 | ||
Goodwill impairment | 0 | ||
Foreign currency translation | 0 | ||
Goodwill, net, end of period | 0 | ||
Downhole Technologies | |||
Goodwill [Line Items] | |||
Goodwill | 357,502 | ||
Accumulated impairment losses | (165,000) | ||
Changes in carrying value of goodwill | |||
Goodwill, net, beginning of period | 192,502 | ||
Goodwill impairment | (192,502) | ||
Foreign currency translation | 0 | ||
Goodwill, net, end of period | 0 | ||
Offshore/Manufactured Products | |||
Goodwill [Line Items] | |||
Goodwill | 162,750 | ||
Accumulated impairment losses | $ 0 | ||
Changes in carrying value of goodwill | |||
Goodwill, net, beginning of period | 162,750 | ||
Goodwill impairment | (86,500) | ||
Foreign currency translation | (493) | ||
Goodwill, net, end of period | $ 75,757 |
Details of Selected Balance _12
Details of Selected Balance Sheet Accounts - Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 325,178 | $ 325,030 |
Accumulated Amortization | 101,220 | 94,939 |
Net Carrying Amount | 223,958 | 230,091 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 168,260 | 168,278 |
Accumulated Amortization | 47,056 | 44,296 |
Net Carrying Amount | 121,204 | 123,982 |
Patents/Technology/Know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 86,123 | 85,919 |
Accumulated Amortization | 32,291 | 30,791 |
Net Carrying Amount | 53,832 | 55,128 |
Noncompete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,087 | 17,125 |
Accumulated Amortization | 12,291 | 11,061 |
Net Carrying Amount | 4,796 | 6,064 |
Tradenames and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 53,708 | 53,708 |
Accumulated Amortization | 9,582 | 8,791 |
Net Carrying Amount | $ 44,126 | $ 44,917 |
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, 2020 | Mar. 31, 2019 | |
Numerators: | ||
Net loss | $ (405,041) | $ (14,648) |
Less: Income attributable to unvested restricted stock awards | 0 | 0 |
Numerator for basic net loss per share | (405,041) | (14,648) |
Effect of dilutive securities: | ||
Unvested restricted stock awards | 0 | 0 |
Numerator for diluted net loss per share | $ (405,041) | $ (14,648) |
Denominators: | ||
Weighted average number of common shares outstanding (in shares) | 60,770 | 60,249 |
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) | (1,116) | (991) |
Denominator for basic and diluted net loss per share (in shares) | 59,654 | 59,258 |
Net loss per share: | ||
Basic (in dollars per share) | $ (6.79) | $ (0.25) |
Diluted (in dollars per share) | $ (6.79) | $ (0.25) |
Net Loss Per Share - Narrative
Net Loss Per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 629 | 687 |
1.5% Convertible Unsecured Senior Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stated interest rate | 1.50% |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 30, 2018 | Jan. 12, 2018 |
Debt Instrument [Line Items] | ||||
Total debt | $ 264,872 | $ 248,169 | ||
Less: Current portion | (25,643) | (25,617) | ||
Long-term debt | 239,229 | 222,552 | ||
Unamortized debt issuance costs | 1,200 | 1,400 | ||
Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | 164,370 | 167,594 | ||
Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Total debt | 25,000 | 25,000 | ||
Stated interest rate | 2.50% | |||
Other debt and finance lease obligations | ||||
Debt Instrument [Line Items] | ||||
Total debt | 5,031 | 5,041 | ||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 70,471 | 50,534 | ||
1.5% Convertible Unsecured Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.50% | |||
1.5% Convertible Unsecured Senior Notes | Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 2,814 | 3,112 | ||
Stated interest rate | 1.50% | |||
Long-term debt, gross | $ 186,550 | $ 192,250 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) | Jan. 30, 2018USD ($)day$ / shares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Jan. 12, 2018USD ($) |
Debt Instrument [Line Items] | |||||
Repayments of convertible debt | $ 4,737,000 | $ 0 | |||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 350,000,000 | $ 350,000,000 | |||
Long-term line of credit | 71,700,000 | 71,700,000 | |||
Letters of credit outstanding | 19,100,000 | 19,100,000 | |||
Remaining borrowing capacity | $ 107,600,000 | 107,600,000 | |||
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 | $ 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% | ||||
Debt instrument, face amount | $ 200,000,000 | ||||
Debt Instrument, amount repurchased | $ 5,700,000 | $ 13,500,000 | |||
Repayments of convertible debt | 4,700,000 | $ 11,500,000 | |||
Effective interest rate percentage | 6.00% | ||||
Interest expense | 2,500,000 | 2,500,000 | |||
Interest expense, contractual interest | $ 700,000 | $ 800,000 | |||
Conversion ratio | 0.0222748 | ||||
Conversion price (in dollars per share) | $ / shares | $ 44.89 | ||||
Percentage of conversion price | 130.00% | ||||
Threshold trading days | day | 20 | ||||
Threshold consecutive trading days | day | 30 | ||||
Amount of indebtedness in event of default | $ 40,000,000 | ||||
Threshold consecutive trading days, sale price per share | day | 5 | ||||
Measurement period | day | 5 | ||||
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 ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Debt Instrument [Line Items] | |||
Less: Unamortized issuance costs | $ 1,200 | $ 1,400 | |
Net carrying amount of the liability component | 239,229 | 222,552 | |
Convertible Debt | 1.5% Convertible Unsecured Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal amount of the liability component | 186,550 | 192,250 | |
Less: Unamortized discount | 19,366 | 21,544 | |
Less: Unamortized issuance costs | 2,814 | 3,112 | |
Net carrying amount of the liability component | 164,370 | $ 167,594 | |
Net carrying amount of the equity component | $ 25,683 | $ 25,683 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - 1.5% Convertible Unsecured Senior Notes - Convertible Debt - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal amount of the liability component | $ 186,550 | $ 192,250 |
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 | $ 78,500 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
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 |
Share Repurchase Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares repurchased (in shares) | 0 | |
Remaining authorized repurchase amount | $ 119.8 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Outstanding Activity (Details) | 3 Months Ended |
Mar. 31, 2020shares | |
Changes in Common Stock Outstanding [Roll Forward] | |
Shares of common stock outstanding – December 31, 2018 (in shares) | 60,501,000 |
Restricted stock awards, net of forfeitures (in shares) | 666,000 |
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (in shares) | (223,000) |
Shares of common stock outstanding – September 30, 2019 (in shares) | 60,944,000 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss - (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ 802,632 | $ 1,427,644 | $ 1,223,967 | $ 1,439,768 |
Currency translation adjustments | $ (14,791) | $ 2,466 | ||
United Kingdom, Pounds | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | (6.00%) | 2.00% | ||
Brazil, Brazil Real | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | (22.00%) | |||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ (82,537) | $ (68,931) | $ (67,746) | $ (71,397) |
Long-Term Incentive Compensat_3
Long-Term Incentive Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Stock Options | |
Outstanding – December 31, 2019 (in shares) | 636,000 |
Granted (in shares) | 0 |
Vested/Exercised (in shares) | 0 |
Forfeited (in shares) | (14,000) |
Outstanding – March 31, 2020 (in shares) | 622,000 |
Weighted average grant date fair value (2020 awards) (in dollars per share) | $ / shares | $ 0 |
Service-based Restricted Stock | |
Service-based and Performance-based Stock | |
Outstanding – December 31, 2019 (in shares) | 1,064,000 |
Granted (in shares) | 594,000 |
Vested/Exercised (in shares) | (472,000) |
Forfeited (in shares) | (52,000) |
Outstanding – March 31, 2020 (in shares) | 1,134,000 |
Weighted average grant date fair value (2020 awards) (in dollars per share) | $ / shares | $ 11.06 |
Performance-based Stock Units | |
Service-based and Performance-based Stock | |
Outstanding – December 31, 2019 (in shares) | 248,000 |
Granted (in shares) | 181,000 |
Vested/Exercised (in shares) | (125,000) |
Forfeited (in shares) | 0 |
Outstanding – March 31, 2020 (in shares) | 304,000 |
Weighted average grant date fair value (2020 awards) (in dollars per share) | $ / shares | $ 11.15 |
Long-Term Incentive Compensat_4
Long-Term Incentive Compensation - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, recorded liability | $ 2,000,000 | $ 1,400,000 |
Stock-based compensation expense | 1,200,000 | 4,400,000 |
Share-based compensation costs not yet recognized | 15,600,000 | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, potential maximum liability | 0 | 0 |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, potential maximum liability | $ 4,000,000 | $ 2,700,000 |
Service-based Restricted Stock | ||
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, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ (39,491) | $ (277) |
Income (loss) before income taxes | (444,532) | $ (14,925) |
Nondeductible goodwill impairment losses | 313,100 | |
Income tax expense (benefit) from carryback of operating losses | (14,800) | |
Income taxes receivable | $ 41,200 |
Segments and Related Informat_3
Segments and Related Information - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)segment | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 3 | |
Segment Reporting Information [Line Items] | ||
Revenue, remaining performance obligation | $ | $ 161 | |
Revenue, remaining performance obligation, percentage of obligations, remaining fiscal year | 51.00% | |
Revenue, remaining performance obligation, percentage of obligations, remaining in year two | 30.00% | |
Transferred over Time | ||
Segment Reporting Information [Line Items] | ||
Revenue from contract with customer, percentage of revenue | 66.00% | 66.00% |
Segments and Related Informat_4
Segments and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 219,694 | $ 250,611 | |
Depreciation and amortization | 26,409 | 31,551 | |
Operating income (loss) | (441,802) | (10,840) | |
Capital expenditures | 5,881 | 17,922 | |
Total assets | 1,312,010 | 2,017,227 | $ 1,727,867 |
Impairments of goodwill | 406,056 | 0 | |
Non-cash impairment of fixed assets | 5,198 | 0 | |
Impairments of inventories | 25,230 | 0 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Depreciation and amortization | 161 | 271 | |
Operating income (loss) | (8,661) | (12,100) | |
Capital expenditures | 115 | 129 | |
Total assets | 95,458 | 46,765 | |
Total Well Site Services | |||
Segment Reporting Information [Line Items] | |||
Revenues | 87,457 | 108,392 | |
Impairments of goodwill | 127,054 | ||
Total Well Site Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 87,457 | 108,392 | |
Depreciation and amortization | 15,036 | 20,627 | |
Operating income (loss) | (144,954) | (8,053) | |
Capital expenditures | 3,052 | 12,631 | |
Total assets | 320,855 | 577,338 | |
Downhole Technologies | |||
Segment Reporting Information [Line Items] | |||
Revenues | 41,065 | 54,290 | |
Impairments of goodwill | 192,502 | ||
Non-cash impairment of fixed assets | 0 | ||
Impairments of inventories | 0 | ||
Downhole Technologies | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 41,065 | 54,290 | |
Depreciation and amortization | 5,584 | 5,066 | |
Operating income (loss) | (192,691) | 4,054 | |
Capital expenditures | 1,649 | 3,616 | |
Total assets | 333,518 | 715,217 | |
Offshore / Manufactured Products | |||
Segment Reporting Information [Line Items] | |||
Revenues | 91,172 | 87,929 | |
Impairments of goodwill | 86,500 | ||
Non-cash impairment of fixed assets | 0 | ||
Impairments of inventories | 16,249 | ||
Offshore / Manufactured Products | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 91,172 | 87,929 | |
Depreciation and amortization | 5,628 | 5,587 | |
Operating income (loss) | (95,496) | 5,259 | |
Capital expenditures | 1,065 | 1,546 | |
Total assets | 562,179 | 677,907 | |
Completion Services | Total Well Site Services | |||
Segment Reporting Information [Line Items] | |||
Impairments of goodwill | 127,054 | ||
Non-cash impairment of fixed assets | 0 | ||
Impairments of inventories | 8,981 | ||
Completion Services | Total Well Site Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 82,926 | 100,642 | |
Depreciation and amortization | 14,766 | 17,286 | |
Operating income (loss) | (139,603) | (3,494) | |
Capital expenditures | 2,938 | 11,682 | |
Total assets | 313,349 | 521,553 | |
Drilling Services | Total Well Site Services | |||
Segment Reporting Information [Line Items] | |||
Impairments of goodwill | 0 | ||
Non-cash impairment of fixed assets | 5,198 | ||
Impairments of inventories | 0 | ||
Drilling Services | Total Well Site Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 4,531 | 7,750 | |
Depreciation and amortization | 270 | 3,341 | |
Operating income (loss) | (5,351) | (4,559) | |
Capital expenditures | 114 | 949 | |
Total assets | $ 7,506 | $ 55,785 |
Segments and Related Informat_5
Segments and Related Information - Supplemental Revenue Information by Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 219,694 | $ 250,611 |
Project-driven products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 36,788 | 27,245 |
Short-cycle products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 150,591 | 194,695 |
Completion products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 137,640 | 179,206 |
Drilling services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,531 | 7,750 |
Other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 8,420 | 7,739 |
Other products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 32,315 | 28,671 |
Total Well Site Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 87,457 | 108,392 |
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 | 87,457 | 108,392 |
Total Well Site Services | Completion products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 82,926 | 100,642 |
Total Well Site Services | Drilling services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,531 | 7,750 |
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 | 41,065 | 54,290 |
Downhole Technologies | Project-driven products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Downhole Technologies | Short-cycle products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 41,065 | 54,290 |
Downhole Technologies | Completion products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 41,065 | 54,290 |
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 | 91,172 | 87,929 |
Offshore / Manufactured Products | Project-driven products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 36,788 | 27,245 |
Offshore / Manufactured Products | Short-cycle products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 22,069 | 32,013 |
Offshore / Manufactured Products | Completion products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 13,649 | 24,274 |
Offshore / Manufactured Products | Drilling services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Offshore / Manufactured Products | Other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 8,420 | 7,739 |
Offshore / Manufactured Products | Other products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 32,315 | $ 28,671 |
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) - Affiliated Entity - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Related party transaction, purchases from related party | $ 410 | |
Revenue from related parties | $ 1,800 | 7 |
Rent Expense | ||
Related Party Transaction [Line Items] | ||
Related party transaction, amounts of transaction | $ 44 | $ 25 |