Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
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 $0.01 per share | |
Trading Symbol | OIS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 61,373,855 | |
Entity Central Index Key | 0001121484 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Revenues | $ 145,724 | $ 146,245 | $ 271,313 | $ 365,939 |
Costs and expenses: | ||||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 117,632 | 128,083 | 219,942 | 325,685 |
Selling, general and administrative expense | 22,092 | 23,992 | 43,317 | 50,116 |
Depreciation and amortization expense | 20,909 | 24,646 | 42,429 | 51,055 |
Impairments of goodwill | 0 | 0 | 0 | 406,056 |
Impairments of fixed and lease assets | 2,794 | 2,992 | 3,444 | 8,190 |
Other operating income, net | (85) | (134) | (439) | (27) |
Costs and expenses | 163,342 | 179,579 | 308,693 | 841,075 |
Operating loss | (17,618) | (33,334) | (37,380) | (475,136) |
Interest expense, net | (2,699) | (4,179) | (5,024) | (7,683) |
Other income, net | 1,820 | 5,994 | 5,780 | 6,768 |
Loss before income taxes | (18,497) | (31,519) | (36,624) | (476,051) |
Income tax benefit | 3,226 | 6,893 | 5,543 | 46,384 |
Net loss | $ (15,271) | $ (24,626) | $ (31,081) | $ (429,667) |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.25) | $ (0.41) | $ (0.52) | $ (7.19) |
Diluted (in dollars per share) | $ (0.25) | $ (0.41) | $ (0.52) | $ (7.19) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 60,317 | 59,839 | 60,207 | 59,747 |
Diluted (in shares) | 60,317 | 59,839 | 60,207 | 59,747 |
Products | ||||
Revenues: | ||||
Revenues | $ 78,038 | $ 82,643 | $ 139,483 | $ 185,623 |
Costs and expenses: | ||||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 63,926 | 68,088 | 113,389 | 157,834 |
Services | ||||
Revenues: | ||||
Revenues | 67,686 | 63,602 | 131,830 | 180,316 |
Costs and expenses: | ||||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | $ 53,706 | $ 59,995 | $ 106,553 | $ 167,851 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (15,271) | $ (24,626) | $ (31,081) | $ (429,667) |
Other comprehensive income (loss): | ||||
Currency translation adjustments | 3,160 | (1,230) | 1,631 | (16,021) |
Comprehensive loss | $ (12,111) | $ (25,856) | $ (29,450) | $ (445,688) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 62,650 | $ 72,011 |
Accounts receivable, net | 170,424 | 163,135 |
Inventories, net | 175,049 | 170,376 |
Prepaid expenses and other current assets | 17,164 | 18,071 |
Total current assets | 425,287 | 423,593 |
Property, plant, and equipment, net | 355,405 | 383,562 |
Operating lease assets, net | 29,093 | 33,140 |
Goodwill, net | 76,579 | 76,489 |
Other intangible assets, net | 195,612 | 205,749 |
Other noncurrent assets | 33,748 | 29,727 |
Total assets | 1,115,724 | 1,152,260 |
Current liabilities: | ||
Current portion of long-term debt | 18,231 | 17,778 |
Accounts payable | 55,574 | 46,433 |
Accrued liabilities | 45,388 | 44,504 |
Current operating lease liabilities | 7,169 | 7,620 |
Income taxes payable | 2,769 | 2,413 |
Deferred revenue | 45,210 | 43,384 |
Total current liabilities | 174,341 | 162,132 |
Long-term debt | 160,354 | 165,759 |
Long-term operating lease liabilities | 28,186 | 29,166 |
Deferred income taxes | 4,860 | 14,263 |
Other noncurrent liabilities | 26,049 | 23,309 |
Total liabilities | 393,790 | 394,629 |
Stockholders' equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 73,908,412 shares and 73,288,976 shares issued, respectively | 739 | 733 |
Additional paid-in capital | 1,101,959 | 1,122,945 |
Retained earnings | 314,479 | 329,327 |
Accumulated other comprehensive loss | (69,754) | (71,385) |
Treasury stock, at cost, 12,508,964 and 12,283,817 shares, respectively | (625,489) | (623,989) |
Total stockholders' equity | 721,934 | 757,631 |
Total liabilities and stockholders' equity | $ 1,115,724 | $ 1,152,260 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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) | 73,908,412 | 73,288,976 |
Treasury stock, shares (in shares) | 12,508,964 | 12,283,817 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Additional Paid-In CapitalCumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning balance at Dec. 31, 2019 | $ 1,223,967 | $ 726 | $ 1,114,521 | $ 797,710 | $ (67,746) | $ (621,244) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (429,667) | (429,667) | |||||||
Currency translation adjustments (excluding intercompany advances) | (9,148) | (9,148) | |||||||
Currency translation adjustments on intercompany advances | (6,873) | (6,873) | |||||||
Stock-based compensation expense: | |||||||||
Restricted stock | 3,257 | 7 | 3,250 | ||||||
Surrender of stock to settle taxes on restricted stock awards | (2,667) | (2,667) | |||||||
Ending balance at Jun. 30, 2020 | 778,869 | 733 | 1,117,771 | 368,043 | (83,767) | (623,911) | |||
Beginning balance at Dec. 31, 2019 | 1,223,967 | 726 | 1,114,521 | 797,710 | (67,746) | (621,244) | |||
Ending balance at Dec. 31, 2020 | $ 757,631 | $ (9,450) | 733 | 1,122,945 | $ (25,683) | 329,327 | $ 16,233 | (71,385) | (623,989) |
Stock-based compensation expense: | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate202006Member | ||||||||
Beginning balance at Mar. 31, 2020 | $ 802,632 | 732 | 1,115,677 | 392,669 | (82,537) | (623,909) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (24,626) | (24,626) | |||||||
Currency translation adjustments (excluding intercompany advances) | (442) | (442) | |||||||
Currency translation adjustments on intercompany advances | (788) | (788) | |||||||
Stock-based compensation expense: | |||||||||
Restricted stock | 2,095 | 1 | 2,094 | ||||||
Surrender of stock to settle taxes on restricted stock awards | (2) | (2) | |||||||
Ending balance at Jun. 30, 2020 | 778,869 | 733 | 1,117,771 | 368,043 | (83,767) | (623,911) | |||
Beginning balance at Dec. 31, 2020 | 757,631 | (9,450) | 733 | 1,122,945 | $ (25,683) | 329,327 | $ 16,233 | (71,385) | (623,989) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (31,081) | (31,081) | |||||||
Currency translation adjustments (excluding intercompany advances) | 1,624 | 1,624 | |||||||
Currency translation adjustments on intercompany advances | 7 | 7 | |||||||
Stock-based compensation expense: | |||||||||
Restricted stock | 4,703 | 6 | 4,697 | ||||||
Surrender of stock to settle taxes on restricted stock awards | (1,500) | (1,500) | |||||||
Ending balance at Jun. 30, 2021 | 721,934 | 739 | 1,101,959 | 314,479 | (69,754) | (625,489) | |||
Beginning balance at Mar. 31, 2021 | 732,162 | $ 0 | 738 | 1,100,077 | 329,750 | (72,914) | (625,489) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (15,271) | (15,271) | |||||||
Currency translation adjustments (excluding intercompany advances) | 556 | 556 | |||||||
Currency translation adjustments on intercompany advances | 2,604 | 2,604 | |||||||
Stock-based compensation expense: | |||||||||
Restricted stock | 1,883 | 1 | 1,882 | ||||||
Surrender of stock to settle taxes on restricted stock awards | 0 | ||||||||
Ending balance at Jun. 30, 2021 | $ 721,934 | $ 739 | $ 1,101,959 | $ 314,479 | $ (69,754) | $ (625,489) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (31,081) | $ (429,667) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 42,429 | 51,055 |
Impairments of goodwill | 0 | 406,056 |
Impairments of inventories | 0 | 25,230 |
Impairments of fixed and lease assets | 3,444 | 8,190 |
Stock-based compensation expense | 4,703 | 3,257 |
Amortization of debt discount and deferred financing costs | 1,366 | 4,067 |
Deferred income tax benefit | (6,834) | (48,738) |
Gains on extinguishment of 1.50% convertible senior notes | (4,022) | (4,779) |
Gains on disposals of assets | (1,632) | (1,489) |
Other, net | 375 | 3,177 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (6,962) | 56,062 |
Inventories | (4,458) | (4,320) |
Accounts payable and accrued liabilities | 11,896 | (34,227) |
Deferred revenue | 1,780 | 5,991 |
Other operating assets and liabilities, net | 2,929 | 4,266 |
Net cash flows provided by operating activities | 13,933 | 44,131 |
Cash flows from investing activities: | ||
Capital expenditures | (7,311) | (8,915) |
Proceeds from disposition of property and equipment | 3,422 | 5,418 |
Other, net | (326) | (301) |
Net cash flows used in investing activities | (4,215) | (3,798) |
Cash flows from financing activities: | ||
Revolving credit facility borrowings | 12,571 | 72,173 |
Revolving credit facility repayments | (31,571) | (53,104) |
Issuance of 4.75% convertible senior notes | 135,000 | 0 |
Purchases of 1.50% convertible senior notes | (125,952) | (10,595) |
Other debt and finance lease activity, net | 119 | (165) |
Payment of financing costs | (7,779) | (651) |
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards | (1,500) | (2,667) |
Net cash flows provided by (used in) financing activities | (19,112) | 4,991 |
Effect of exchange rate changes on cash and cash equivalents | 33 | 2 |
Net change in cash and cash equivalents | (9,361) | 45,326 |
Cash and cash equivalents, beginning of period | 72,011 | 8,493 |
Cash and cash equivalents, end of period | 62,650 | 53,819 |
Cash paid for: | ||
Interest | 2,256 | 3,486 |
Income taxes, net | $ 920 | $ 2,888 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows (Parenthetical) | Jun. 30, 2021 |
Convertible Debt | |
Stated interest rate | 4.75% |
1.5% Convertible Unsecured Senior Notes | |
Stated interest rate | 1.50% |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
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 the related economic, business and market disruptions continues to evolve and its future effects remain uncertain. The actual impact of these developments on the Company will depend on numerous 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 2020 and the first half of 2021, the Company recorded asset impairments, severance and restructuring charges in response to these developments as further discussed in Note 3, "Asset Impairments and Other Restructuring Items." 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 long-lived asset impairments, revenue and income recognized over time, valuation allowances recorded on deferred tax assets, reserves on inventory, allowances for doubtful accounts, settlement of litigation 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, 2020. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [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 August 2020, the FASB issued updated guidance to simplify the accounting for convertible instruments and contracts in an entity's own equity (referred to as "ASU 2020-06"). This guidance eliminated the requirement that the carrying value of convertible debt instruments, such as the Company's 1.50% convertible senior notes due 2023 (the "2023 Notes"), be allocated between debt and equity components. As permitted under the standard, the Company adopted the guidance on January 1, 2021, using the modified retrospective transition method. Adoption of the standard resulted in a $12.2 million increase in the net carrying value of the 2023 Notes, a $2.7 million decrease in deferred income taxes and an $9.5 million net decrease in stockholders' equity. The effective interest rate associated with the 2023 Notes after adoption decreased from approximately 6% to approximately 2%, which compares to the contractual interest rate of 1.50%. As further discussed in Note 6, "Long-term Debt," the Company issued $135 million principal amount of its 4.75% convertible senior notes due 2026 (the "2026 Notes") on March 19, 2021, which have been accounted for in accordance with the provisions of ASU 2020-06. |
Asset Impairments and Other Res
Asset Impairments and Other Restructuring Items | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairments and Other Restructuring Items | Asset Impairments and Other Restructuring Items In March of 2020, the spot price of West Texas Intermediate ("WTI") crude oil declined over 50% in response to actual and forecasted reductions in global demand for crude oil due to the COVID-19 pandemic, coupled with announcements by Saudi Arabia and Russia of plans to increase crude oil production. 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, and these conditions caused rapid reductions to most of the Company's customers' drilling, completion and production activities and their related spending on products and services, particularly those supporting activities in the U.S. shale play regions. While the prices of and demand for crude oil have increased significantly since reaching record low levels in April 2020, with crude oil inventory levels moderating, uncertainty remains regarding the timing of demand recovery to pre-COVID-19 levels. These conditions have and may continue to result in adverse impacts 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. Following these March 2020 events, the Company immediately implemented significant cost reduction initiatives. The Company also assessed the carrying value of goodwill, long-lived and other assets based on the 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): Offshore/ Downhole Technologies Well Site Services Corporate Pre-tax Total Tax After-tax Total First quarter 2020 Impairments of: Goodwill $ 86,500 $ 192,502 $ 127,054 $ — $ 406,056 $ 19,600 $ 386,456 Fixed assets — — 5,198 — 5,198 1,092 4,106 Inventories (Note 4) 16,249 — 8,981 — 25,230 4,736 20,494 Severance and restructuring costs 112 — 548 — 660 139 521 The Company further reduced its workforce and closed additional facilities in the United States during the second quarter of 2020, and recorded the following charges (in thousands): Offshore/ Manufactured Products Downhole Technologies Well Site Services Corporate Pre-tax Total Tax After-tax Total Second quarter 2020 Impairments of fixed assets $ — $ — $ 2,992 $ — $ 2,992 $ 628 $ 2,364 Severance and restructuring costs 322 1,315 3,544 216 5,397 1,133 4,264 During the first and second quarters of 2021, the Company continued its restructuring efforts, closed additional facilities in the United States and continued to assess the carrying value of its assets based on the industry outlook regarding demand for and pricing of its products and services, and recorded the following charges (in thousands): Offshore/ Manufactured Products Downhole Technologies Well Site Services Corporate Pre-tax Total Tax After-tax Total First quarter 2021 Impairments of fixed assets $ — $ — $ 650 $ — $ 650 $ 137 $ 513 Severance and restructuring costs 282 275 1,306 1,555 3,418 717 2,701 Second quarter 2021 Impairment of operating lease assets $ — $ — $ 2,794 $ — $ 2,794 $ 587 $ 2,207 Restructuring costs (1) — 203 2,351 — 2,554 536 2,018 ____________________ (1) Includes recognition of $1.9 million in additional lease-related liabilities associated with the exit of a long-term lease supporting the Well Site Services segment. Additionally, during the three and six months ended June 30, 2021, the Company recognized $2.8 million and $7.6 million, respectively, in aggregate reductions to payroll tax expense (within cost of revenues and selling, general and administrative expense) as part of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") employee retention credit program. The Company continues to evaluate any and all benefits potentially available to it under the CARES Act. Goodwill Goodwill is allocated to each reporting unit based on acquisitions made by the Company and is assessed 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. The Company had three reporting units – Offshore/Manufactured Products, Downhole Technologies and Well Site Services – whose goodwill balances totaled $482.3 million as of December 31, 2019. 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 due to, among other factors, the significant decline in the Company's stock price (and that of its peers) and reduced growth rate expectations given weak energy market conditions resulting from the demand destruction caused by the global response to the COVID-19 pandemic. In addition, the estimated returns required by market participants increased materially in the Company's March 31, 2020 assessment from the assessment performed as of December 1, 2019, resulting in higher discount rates used in the discounted cash flow analysis. 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 fair values of the Company's reporting units were determined using significant unobservable inputs (Level 3 fair value measurements). Based on this quantitative assessment as of March 31, 2020, the Company concluded that goodwill recorded in the Downhole Technologies and Well Site Services segments was fully impaired while goodwill recorded in the Offshore/Manufactured Products segment was partially impaired. The Company therefore recognized non-cash goodwill impairment charges totaling $406.1 million in the first quarter of 2020, as presented in further detail in the table above. The Company performed its annual quantitative assessment of goodwill as of December 1, 2020, which indicated that the fair value of the Offshore/Manufactured Products segment was greater than its carrying amount and no additional provision for impairment was required. The Company's remaining goodwill within the segment totaled approximately $76.5 million as of June 30, 2021 and December 31, 2020. Long-lived Assets The Company also assesses the carrying value of long-lived assets, including property, plant and equipment, operating lease assets and other intangible assets held by each of its segments (reporting units). As a result of the March 2020 assessment, the Company concluded that certain drilling-related property and equipment held by the Well Site Services segment was impaired and recognized a non-cash fixed asset impairment charge of $5.2 million in the first quarter of 2020. During the first and second quarters of 2021, the Well Site Services segment recognized non-cash fixed and operating lease asset impairment charges of $0.7 million and $2.8 million, respectively, associated with the closure of additional facilities coupled with other management actions. During the second quarter of 2021, the segment also recorded an additional $1.9 million charge associated with the exit of a leased facility. Should, among other events and circumstances, global economic and industry conditions 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 as of June 30, 2021 and December 31, 2020 is presented below (in thousands): June 30, December 31, Accounts receivable, net: Trade $ 125,332 $ 109,294 Unbilled revenue 23,813 23,173 Contract assets 18,074 35,870 Other 10,903 3,102 Total accounts receivable 178,122 171,439 Allowance for doubtful accounts (7,698) (8,304) $ 170,424 $ 163,135 Allowance for doubtful accounts as a percentage of total accounts receivable 4 % 5 % June 30, December 31, Deferred revenue (contract liabilities) $ 45,210 $ 43,384 As of June 30, 2021, accounts receivable, net in the United States and the United Kingdom represented 64% and 20%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company's total accounts receivable as of June 30, 2021. For the six months ended June 30, 2021, the $17.8 million net decrease in contract assets was primarily attributable to $33.3 million transferred to accounts receivable, which was partially offset by $15.4 million in revenue recognized during the period. Deferred revenue (contract liabilities) increased by $1.8 million in the first half of 2021, primarily reflecting $7.2 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $5.4 million of revenue that was deferred at the beginning of the period. The following provides a summary of activity in the allowance for doubtful accounts for the six months ended June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 2020 Allowance for doubtful accounts – January 1 $ 8,304 $ 8,745 Provisions 61 2,549 Write-offs (815) (2,184) Other 148 1,152 Allowance for doubtful accounts – June 30 $ 7,698 $ 10,262 June 30, December 31, Inventories, net: Finished goods and purchased products $ 90,623 $ 88,634 Work in process 30,248 27,063 Raw materials 93,968 95,410 Total inventories 214,839 211,107 Allowance for excess or obsolete inventory (39,790) (40,731) $ 175,049 $ 170,376 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 reduced the near-term utility of certain goods within the Offshore/Manufactured Products and Well Site Services segments. June 30, December 31, Property, plant and equipment, net: Land $ 34,661 $ 34,968 Buildings and leasehold improvements 265,793 267,072 Machinery and equipment 242,849 239,986 Completion-related rental equipment 505,795 507,755 Office furniture and equipment 32,329 35,767 Vehicles 77,415 81,607 Construction in progress 5,879 7,207 Total property, plant and equipment 1,164,721 1,174,362 Accumulated depreciation (809,316) (790,800) $ 355,405 $ 383,562 For the three months ended June 30, 2021 and 2020, depreciation expense was $15.6 million and $18.5 million, respectively. Depreciation expense was $32.0 million and $38.6 million for the six months ended June 30, 2021 and 2020, respectively. June 30, 2021 December 31, 2020 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 168,290 $ 60,937 $ 107,353 $ 168,288 $ 55,380 $ 112,908 Patents/Technology/Know-how 78,528 30,425 48,103 75,920 26,124 49,796 Noncompete agreements — — — 16,044 14,742 1,302 Tradenames and other 53,708 13,552 40,156 53,708 11,965 41,743 $ 300,526 $ 104,914 $ 195,612 $ 313,960 $ 108,211 $ 205,749 For the three months ended June 30, 2021 and 2020, amortization expense was $5.3 million and $6.1 million, respectively. Amortization expense was $10.5 million and $12.5 million for the six months ended June 30, 2021 and 2020, respectively. June 30, December 31, Other noncurrent assets: Deferred compensation plan $ 24,026 $ 22,801 Deferred financing costs 3,097 — Deferred income taxes 1,466 1,280 Other 5,159 5,646 $ 33,748 $ 29,727 June 30, December 31, Accrued liabilities: Accrued compensation $ 16,840 $ 18,463 Accrued taxes, other than income taxes 11,029 7,307 Insurance liabilities 6,677 7,694 Accrued interest 3,605 2,202 Accrued commissions 1,263 1,416 Other 5,974 7,422 $ 45,388 $ 44,504 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerators: Net loss $ (15,271) $ (24,626) $ (31,081) $ (429,667) Less: Income attributable to unvested restricted stock awards — — — — Numerator for basic net loss per share (15,271) (24,626) (31,081) (429,667) Effect of dilutive securities: Unvested restricted stock awards — — — — Numerator for diluted net loss per share $ (15,271) $ (24,626) $ (31,081) $ (429,667) Denominators: Weighted average number of common shares outstanding 61,335 60,987 61,252 60,879 Less: Weighted average number of unvested restricted stock awards outstanding (1,018) (1,148) (1,045) (1,132) Denominator for basic and diluted net loss per share 60,317 59,839 60,207 59,747 Net loss per share: Basic $ (0.25) $ (0.41) $ (0.52) $ (7.19) Diluted (0.25) (0.41) (0.52) (7.19) The calculation of diluted net loss per share for the three and six months ended June 30, 2021 excluded 437 thousand shares and 468 thousand shares, respectively, issuable pursuant to outstanding stock options, due to their antidilutive effect. The calculation of diluted net loss per share for the three and six months ended June 30, 2020 excluded 596 thousand shares and 613 thousand shares, respectively, issuable pursuant to outstanding stock options, due to their antidilutive effect. Additionally, shares issuable upon conversion of both the 2023 Notes and the 2026 Notes were excluded due to, among other factors, their antidilutive effect. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt As of June 30, 2021 and December 31, 2020, long-term debt consisted of the following (in thousands): June 30, December 31, Revolving credit facilities (1) $ — $ 18,408 2026 Notes (2) 130,851 — 2023 Notes (3) 25,728 143,242 Promissory note 17,534 17,095 Other debt and finance lease obligations 4,472 4,792 Total debt 178,585 183,537 Less: Current portion (18,231) (17,778) Total long-term debt $ 160,354 $ 165,759 ____________________ (1) Presented net of $0.6 million of unamortized debt issuance costs as of December 31, 2020. Unamortized debt issuance costs of $3.1 million as of June 30, 2021 are presented in Other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of June 30, 2021. (3) The outstanding principal amount of the 2023 Notes was $26.0 million and $157.4 million as of June 30, 2021 and December 31, 2020, respectively. Revolving Credit Facilities ABL Facility On February 10, 2021, the Company entered into a senior secured credit facility with certain lenders, which provides for a $125.0 million asset-based revolving credit facility (the "ABL Facility") under which credit availability is subject to a borrowing base calculation. Concurrent with entering into this facility, the Company's former senior secured revolving credit facility (discussed below) was terminated. On March 16, 2021, the Company entered into an amendment to the ABL Facility that permitted the Company to incur the indebtedness represented by the 2026 Notes. The ABL Facility is governed by a credit agreement, as amended, with Wells Fargo Bank, National Association, as administrative agent and the lenders and other financial institutions from time to time party thereto (the "ABL Agreement"). The ABL Agreement matures on February 10, 2025 with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $17.5 million (excluding the unsecured promissory note discussed below). The ABL Agreement provides funding based on a borrowing base calculation that includes eligible U.S. customer accounts receivable and inventory and provides for a $50.0 million sub-limit for the issuance of letters of credit. Borrowings under the ABL Agreement are secured by a pledge of substantially all of the Company's domestic assets (other than real property) and the stock of certain foreign subsidiaries. Borrowings under the ABL Agreement bear interest at a rate equal to the London Interbank Offered Rate ("LIBOR") plus a margin of 2.75% to 3.25% and subject to a LIBOR floor rate of 0.50%, or at a base rate plus a margin of 1.75% to 2.25%, in each case based on average borrowing availability. The Company must also pay a quarterly commitment fee of 0.375% to 0.50% per annum, based on unused commitments under the ABL Agreement. The ABL Agreement places restrictions on the Company's ability to incur additional indebtedness, grant liens on assets, pay dividends or make distributions on equity interests, dispose of assets, make investments, repay other indebtedness (including the 2023 Notes and the 2026 Notes), engage in mergers, and other matters, in each case, subject to certain exceptions. The ABL Agreement contains customary default provisions, which, if triggered, could result in acceleration of all amounts then outstanding. The ABL Agreement also requires the Company to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 for specified periods of time in the event that availability under the ABL Agreement is less than the greater of 15% of the borrowing base and $14.1 million or if an event of default has occurred and is continuing. As of June 30, 2021, the Company had $17.3 million of outstanding letters of credit, but no borrowings outstanding under the ABL Agreement. The total amount available to be drawn as of June 30, 2021 was $50.3 million, calculated based on the current borrowing base less outstanding borrowings, if any, and letters of credit. As of June 30, 2021, the Company was in compliance with its debt covenants under the ABL Agreement. Former Facility The Company's former senior secured revolving credit facility was governed by a credit agreement which was scheduled to mature on January 30, 2022. On June 17, 2020, the Company entered into an omnibus amendment to the credit agreement, under which lender commitments were reduced in exchange for the suspension of certain financial covenants through March 30, 2021. The following provides a summary of the more significant provisions of the Company's former revolving credit facility. Prior to June 17, 2020 From June 17, 2020 to February 10, 2021 Lender commitments $350 million $200 million Interest rate on outstanding borrowings (1) : LIBOR based borrowings LIBOR plus a margin of 1.75% to 3.00% LIBOR plus a margin of 2.50% to 3.75% Base-rate based borrowings Base rate plus a margin of 0.75% to 2.00% Base rate plus a margin of 1.50% to 2.75% Commitment fees (2) 0.25% to 0.50% 0.375% to 0.50% ____________________ (1) Based on the ratio of the Company's total net funded debt to consolidated EBITDA. (2) Based on unused commitments under the credit agreement. 2026 Notes On March 19, 2021, the Company issued $135 million aggregate principal amount of the 2026 Notes pursuant to an indenture, dated as of March 19, 2021 (the "2026 Indenture"), between the Company and Wells Fargo Bank, National Association, as trustee. Net proceeds from the 2026 Notes offering, after deducting issuance costs, totaled $130.6 million. The Company used $120.0 million of the cash proceeds to purchase $125.0 million principal amount of the outstanding 2023 Notes at a discount, with the balance added to cash on-hand. The 2026 Notes bear interest at a rate of 4.75% per year until maturity. Interest is payable semi-annually in arrears on April 1 and October 1 of each year. Additional interest and special interest may accrue on the 2026 Notes under certain circumstances as described in the 2026 Indenture. The 2026 Notes will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. The initial conversion rate is 95.3516 shares of the Company's common stock per $1,000 principal amount of 2026 Notes (equivalent to an initial conversion price of approximately $10.49 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the 2026 Indenture. The Company's intent is to repay the principal amount of the 2026 Notes in cash and settle the conversion feature in shares of the Company's common stock. Noteholders may convert their 2026 Notes, at their option, only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021, 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 2026 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 2026 Indenture; or (4) if the Company calls the 2026 Notes for redemption, or at any time from, and including, January 1, 2026 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 2026 Notes will be redeemable, in whole or in part, at the Company's option on or after April 6, 2024, at a cash redemption price equal to the principal amount of the 2026 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 2026 Indenture occur, then noteholders may require the Company to repurchase their 2026 Notes at a cash repurchase price equal to the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest. Additionally, the 2026 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 June 30, 2021, none of the conditions allowing holders of the 2026 Notes to convert, or requiring the Company to repurchase the 2026 Notes, had been met. 2023 Notes On January 30, 2018, the Company issued $200 million aggregate principal amount of the 2023 Notes, pursuant to an indenture, dated as of January 30, 2018 (the "2023 Indenture"), between the Company and Wells Fargo Bank, National Association, as trustee. The 2023 Notes bear interest at a rate of 1.50% per year and 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 2023 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 2023 Indenture. The Company's intent is to repay the principal amount of the Notes in cash and settle the conversion feature in shares of the Company's common stock. The initial carrying amount of the 2023 Notes recorded in the consolidated balance sheet was less than their $200 million principal amount, in accordance with then-applicable accounting principles, reflective of the estimated fair value of a similar debt instrument that did not have a conversion feature. The Company recorded the value of the conversion feature as a debt discount, which was amortized as interest expense over the term of the 2023 Notes, with a similar amount allocated to additional paid-in capital. As a result of this amortization, prior to the Company's adoption of the ASU 2020-06 revision to accounting guidance for convertible instruments effective January 1, 2021, the interest expense recognized on the 2023 Notes for accounting purposes was based on an effective interest rate of approximately 6%, which was greater than the cash interest the Company is obligated to pay. See Note 2, "Recent Accounting Pronouncement," for discussion of ASU 2020-06, which changed the Company's method of accounting for the 2023 Notes upon adoption. The following table provides details with respect to the carrying amount of the 2023 Notes in the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (in thousands): June 30, December 31, Principal amount of the liability component $ 25,969 $ 157,369 Less: Unamortized discount — 12,308 Less: Unamortized issuance costs 241 1,819 Net carrying amount of the liability component $ 25,728 $ 143,242 Net carrying amount of the equity component n.a. $ 25,683 The following table presents the Company's purchases of outstanding 2023 Notes during the three- and six-month periods ended June 30, 2021 and 2020, with non-cash gains included within other income, net (in thousands): Principal Amount Carrying Value of Liability Cash Paid Non-cash Gain Recognized Three months ended June 30, 2021 $ 6,400 $ 6,337 $ 5,952 $ 385 2020 11,981 10,637 5,858 4,779 Six months ended June 30, 2021 $ 131,400 $ 129,974 $ 125,952 $ 4,022 2020 17,681 15,374 10,595 4,779 Since December 31, 2018, the Company has purchased a cumulative $174.0 million principal amount of the outstanding 2023 Notes for $152.8 million in cash. Promissory Note In connection with the 2018 acquisition of GEODynamics (the "GEODynamics Acquisition"), 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 full or in part, against certain indemnification claims related to matters occurring prior to the GEODynamics Acquisition. The Company has provided notice to and asserted indemnification claims against the seller of GEODynamics (the "Seller"), and the Seller has filed a breach of contract suit against the Company and one of its wholly-owned subsidiaries alleging that payments due under the promissory note are required to be, but have not been, repaid in accordance with the terms of such note. The Company has incurred settlement costs and expenses of $7.5 million related to such indemnification claims, and believes that the maturity date of such note is extended until the resolution of such indemnity claims and that it is permitted to set-off the principal amount owed by the amount of such costs and expenses. Accordingly, the Company has reduced the carrying amount of such note in the consolidated balance sheet to $17.5 million as of June 30, 2021, which is its current best estimate of what is owed after set-off for such indemnification matters. See Note 13, "Commitments and Contingencies." |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe 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 2023 Notes and 2026 Notes, on the accompanying consolidated balance sheets approximate their fair values. The estimated fair value of the 2023 Notes as of June 30, 2021 was $24.4 million based on quoted market prices (a Level 2 fair value measurement), which compares to the principal amount of $26.0 million. The estimated fair value of the 2026 Notes as of June 30, 2021 was $146.0 million based on quoted market prices (a Level 2 fair value measurement), which compares to the principal amount of $135.0 million. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
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 six months of 2021 (in thousands): Shares of common stock outstanding – December 31, 2020 61,005 Restricted stock awards, net of forfeitures 619 Shares withheld for taxes on vesting of stock awards and transferred to treasury (225) Shares of common stock outstanding – June 30, 2021 61,399 As of June 30, 2021 and December 31, 2020, the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, reported as a component of stockholders' equity, decreased from $71.4 million at December 31, 2020 to $69.8 million at June 30, 2021, 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 operating segments. For the six months ended June 30, 2021 and 2020, currency translation adjustments recognized as a component of other comprehensive loss were primarily attributable to the United Kingdom and Brazil. As of June 30, 2021, the exchange rate for the British pound and the Brazilian real compared to the U.S. dollar strengthened by 1% and 4%, respectively, compared to the exchange rates at December 31, 2020, contributing to other comprehensive income of $1.6 million reported for the six months ended June 30, 2021. During the first six months of 2020, the exchange rate for the British pound and the Brazilian real compared to the U.S. dollar weakened by 6% and 27%, respectively, compared to the exchange rate at December 31, 2019, contributing to other comprehensive loss of $16.0 million reported for the six months ended June 30, 2020. |
Long-Term Incentive Compensatio
Long-Term Incentive Compensation | 6 Months Ended |
Jun. 30, 2021 | |
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 six months ended June 30, 2021 (in thousands): Stock Options Service-based Restricted Stock Performance-based Stock Units Outstanding – December 31, 2020 530 1,087 287 Granted — 596 245 Vested — (597) (70) Forfeited (134) (46) (42) Outstanding – June 30, 2021 396 1,040 420 Weighted average grant date fair value (2021 awards) $ — $ 6.78 $ 6.84 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 granted in 2019 and 2020 is the Company's EBITDA growth rate over a three-year period. The performance measure for outstanding awards granted in 2021 is the Company's cumulative EBITDA over a three-year period. During the first quarters of 2021 and 2020, the Company issued conditional long-term cash incentive awards ("Cash Awards") of $1.5 million and $1.5 million (adjusted for forfeitures), respectively, with the ultimate dollar amount to be awarded ranging from zero to a maximum of $3.1 million for the 2021 Cash Award and from zero to a maximum of $3.0 million for the 2020 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 2021 and 2020 Cash Awards is limited to their targeted award value ($1.5 million) if the Company's total stockholder return is negative over the performance period. The obligations, if any, related to the Cash Awards are classified as liabilities and recognized over the vesting period. Stock-based compensation expense recognized during the three and six months ended June 30, 2021 totaled $1.9 million and $4.7 million, respectively. Stock-based compensation expense recognized during the three and six months ended June 30, 2020 totaled $2.1 million and $3.3 million, respectively. As of June 30, 2021, there was $9.6 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. On May 11, 2021, the Company’s stockholders approved the Amended and Restated Equity Participation Plan of Oil States International, Inc., which provided for a 4.5 million increase in the number of shares authorized for issuance under the plan. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended June 30, 2021, the Company's income tax benefit was $3.2 million on a pre-tax loss of $18.5 million, which included certain non-deductible expenses. This compares to an income tax benefit of $6.9 million on a pre-tax loss of $31.5 million, which included certain non-deductible expenses, for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company's income tax benefit was $5.5 million on a pre-tax loss of $36.6 million, which included certain non-deductible expenses. This compares to an income tax benefit of $46.4 million on a pre-tax loss of $476.1 million, which included non-cash goodwill charges (approximately $313.1 million) and other expenses that are not deductible for income tax purposes, for the six months ended June 30, 2020. The impact of these non-deductible expenses in 2020 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. |
Segments and Related Informatio
Segments and Related Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Segments and Related Information The Company operates through three operating segments: Offshore/Manufactured Products, Downhole Technologies and Well Site Services. Financial information by operating segment for the three and six months ended June 30, 2021 and 2020 is summarized in the following tables (in thousands). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended June 30, 2021 Offshore/Manufactured Products $ 76,908 $ 5,557 $ 4,810 $ 792 $ 526,842 Downhole Technologies 26,760 4,521 (2,295) 197 279,324 Well Site Services (1) 42,056 10,642 (11,590) 1,877 216,498 Corporate — 189 (8,543) 325 93,060 Total $ 145,724 $ 20,909 $ (17,618) $ 3,191 $ 1,115,724 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended June 30, 2020 Offshore/Manufactured Products $ 94,936 $ 5,476 $ 9,419 $ 457 $ 548,226 Downhole Technologies 14,965 5,619 (11,110) 1,165 308,942 Well Site Services (2) 36,344 13,368 (22,920) 1,923 270,803 Corporate — 183 (8,723) (511) 118,912 Total $ 146,245 $ 24,646 $ (33,334) $ 3,034 $ 1,246,883 ________________ (1) Operating loss included non-cash operating lease asset impairment charges of $2.8 million. (2) Operating loss included a non-cash fixed asset impairment charge of $3.0 million. Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Six Months Ended June 30, 2021 Offshore/Manufactured Products $ 137,517 $ 11,026 $ 5,881 $ 1,255 $ 526,842 Downhole Technologies 52,190 8,910 (3,910) 280 279,324 Well Site Services (1) 81,606 22,110 (21,443) 5,207 216,498 Corporate — 383 (17,908) 569 93,060 Total $ 271,313 $ 42,429 $ (37,380) $ 7,311 $ 1,115,724 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Six Months Ended June 30, 2020 Offshore/Manufactured Products (2) $ 186,108 $ 11,104 $ (86,077) $ 1,522 $ 548,226 Downhole Technologies (3) 56,030 11,203 (203,801) 2,814 308,942 Well Site Services (4) 123,801 28,404 (167,874) 4,975 270,803 Corporate — 344 (17,384) (396) 118,912 Total $ 365,939 $ 51,055 $ (475,136) $ 8,915 $ 1,246,883 ________________ (1) Operating loss included non-cash fixed and lease asset impairment charges of $3.4 million. (2) Operating loss included non-cash goodwill and inventory impairment charges of $86.5 million and $16.2 million, respectively. (3) Operating loss included a non-cash goodwill impairment charge of $192.5 million. (4) Operating loss included non-cash goodwill, inventory and fixed asset impairment charges of $127.1 million, $9.0 million and $8.2 million, respectively. See Note 3, "Asset Impairments and Other Restructuring Items," and Note 4, "Details of Selected Balance Sheet Accounts," for further discussion of these and other charges and benefits recognized in first six months of 2021 and 2020. The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and six months ended June 30, 2021 and 2020 (in thousands): Offshore/Manufactured Products Downhole Technologies Well Site Services Total 2021 2020 2021 2020 2021 2020 2021 2020 Three months ended June 30 Major revenue categories - Project-driven products $ 31,826 $ 51,365 $ — $ — $ — $ — $ 31,826 $ 51,365 Short-cycle: Completion products and services 10,447 4,739 26,760 14,965 39,083 36,175 76,290 55,879 Drilling services — — — — 2,973 169 2,973 169 Other products 5,583 6,634 — — — — 5,583 6,634 Total short-cycle 16,030 11,373 26,760 14,965 42,056 36,344 84,846 62,682 Other products and services 29,052 32,198 — — — — 29,052 32,198 $ 76,908 $ 94,936 $ 26,760 $ 14,965 $ 42,056 $ 36,344 $ 145,724 $ 146,245 Offshore/Manufactured Products Downhole Technologies Well Site Services Total 2021 2020 2021 2020 2021 2020 2021 2020 Six months ended June 30 Major revenue categories - Project-driven products $ 53,200 $ 88,153 $ — $ — $ — $ — $ 53,200 $ 88,153 Short-cycle: Completion products and services 18,561 18,416 52,190 56,030 77,882 119,101 148,633 193,547 Drilling services — — — — 3,724 4,700 3,724 4,700 Other products 9,719 15,054 — — — — 9,719 15,054 Total short-cycle 28,280 33,470 52,190 56,030 81,606 123,801 162,076 213,301 Other products and services 56,037 64,485 — — — — 56,037 64,485 $ 137,517 $ 186,108 $ 52,190 $ 56,030 $ 81,606 $ 123,801 $ 271,313 $ 365,939 Revenues from products and services transferred to customers over time accounted for approximately 61% and 63% of consolidated revenues for each of the six months ended June 30, 2021 and 2020, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of June 30, 2021, the Company had $158 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 33% of this remaining backlog is expected to be recognized as revenue over the remaining six months of 2021, with an additional 33% in 2022 and the balance thereafter. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesDuring the first half of 2021, the distribution of COVID-19 vaccines progressed and many government-imposed restrictions were relaxed or rescinded. However, the effect of the COVID-19 pandemic and related economic, business and market disruptions remains uncertain. The most direct and immediate impact that the Company has experienced and expects to continue to experience from the COVID-19 pandemic is decreased demand for and pricing of its products and services due to lower activity levels by its customers resulting from the reduction in the demand for crude oil. While the prices of and demand for crude oil have recovered from the lows seen in the initial stages of the pandemic, further outbreaks or the emergence of new strains of the COVID-19 virus could result in the reimposition of domestic and international regulations directing individuals to stay at home, limiting travel, requiring facility closures and imposing quarantines. Widespread reimposition of these or similar restrictions could result in reductions in the price of and demand for crude oil and thus, the demand for the Company's products and services, as well as delays in or inability of the Company to fulfill its contractual obligations to customers, logistic constraints, increases in the Company's costs, workforce shortages and unavailability of raw materials. The Company continues to monitor the effect of COVID-19 on its employees, customers, critical suppliers and other stakeholders. The ultimate duration of the COVID-19 pandemic, the resulting governmental restrictions and the related impact on the prices of and the demand for crude oil and the U.S. and global economy and capital markets remains uncertain. 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. Following the GEODynamics Acquisition in January 2018, the Company determined that certain steel products historically imported by GEODynamics from China for use in its manufacturing process were potentially subject to anti-dumping and countervailing duties. Following an internal review, the Company voluntarily disclosed this matter to U.S. Customs and Border Protection ("CBP") and, in December 2020, reached an agreement with CBP to settle this matter for $7.3 million. The Company believes that the Seller is required to indemnify and hold the Company harmless against the amount of this and other settlements and related costs of $7.5 million, and the Company has provided notice to and asserted indemnification claims against the Seller. Additionally, the Company believes that its agreements with the Seller allow it to set-off such amounts against payments due under the $25.0 million promissory note and that, because the Company has asserted indemnification claims, the maturity date of such note is extended until the resolution of such claims. Accordingly, the Company reduced the carrying amount of such note in its consolidated balance sheets to $17.5 million as of June 30, 2021, which is the Company's current best estimate of what is owed after set-off for such indemnification matters. In August 2020, the Seller filed a breach of contract suit against the Company and one of its wholly-owned subsidiaries in federal court alleging that payments due under the promissory note are required to be, but have not been, repaid in accordance with the terms of the note. Additionally, the Seller alleged that it was entitled to approximately $19.0 million in U.S. federal income tax carryback claims received by the Company under the provisions of the CARES Act. On February 15, 2021, the Seller dismissed the federal lawsuit without prejudice and refiled its lawsuit in state court. The Company denies the validity of these breach of contract claims and plans to vigorously defend against this lawsuit. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [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 August 2020, the FASB issued updated guidance to simplify the accounting for convertible instruments and contracts in an entity's own equity (referred to as "ASU 2020-06"). This guidance eliminated the requirement that the carrying value of convertible debt instruments, such as the Company's 1.50% convertible senior notes due 2023 (the "2023 Notes"), be allocated between debt and equity components. As permitted under the standard, the Company adopted the guidance on January 1, 2021, using the modified retrospective transition method. Adoption of the standard resulted in a $12.2 million increase in the net carrying value of the 2023 Notes, a $2.7 million decrease in deferred income taxes and an $9.5 million net decrease in stockholders' equity. The effective interest rate associated with the 2023 Notes after adoption decreased from approximately 6% to approximately 2%, which compares to the contractual interest rate of 1.50%. As further discussed in Note 6, "Long-term Debt," the Company issued $135 million principal amount of its 4.75% convertible senior notes due 2026 (the "2026 Notes") on March 19, 2021, which have been accounted for in accordance with the provisions of ASU 2020-06. |
Asset Impairments and Other R_2
Asset Impairments and Other Restructuring Items (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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): Offshore/ Downhole Technologies Well Site Services Corporate Pre-tax Total Tax After-tax Total First quarter 2020 Impairments of: Goodwill $ 86,500 $ 192,502 $ 127,054 $ — $ 406,056 $ 19,600 $ 386,456 Fixed assets — — 5,198 — 5,198 1,092 4,106 Inventories (Note 4) 16,249 — 8,981 — 25,230 4,736 20,494 Severance and restructuring costs 112 — 548 — 660 139 521 The Company further reduced its workforce and closed additional facilities in the United States during the second quarter of 2020, and recorded the following charges (in thousands): Offshore/ Manufactured Products Downhole Technologies Well Site Services Corporate Pre-tax Total Tax After-tax Total Second quarter 2020 Impairments of fixed assets $ — $ — $ 2,992 $ — $ 2,992 $ 628 $ 2,364 Severance and restructuring costs 322 1,315 3,544 216 5,397 1,133 4,264 During the first and second quarters of 2021, the Company continued its restructuring efforts, closed additional facilities in the United States and continued to assess the carrying value of its assets based on the industry outlook regarding demand for and pricing of its products and services, and recorded the following charges (in thousands): Offshore/ Manufactured Products Downhole Technologies Well Site Services Corporate Pre-tax Total Tax After-tax Total First quarter 2021 Impairments of fixed assets $ — $ — $ 650 $ — $ 650 $ 137 $ 513 Severance and restructuring costs 282 275 1,306 1,555 3,418 717 2,701 Second quarter 2021 Impairment of operating lease assets $ — $ — $ 2,794 $ — $ 2,794 $ 587 $ 2,207 Restructuring costs (1) — 203 2,351 — 2,554 536 2,018 ____________________ |
Details of Selected Balance S_2
Details of Selected Balance Sheet Accounts (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Details of Selected Balance Sheet Accounts [Abstract] | |
Schedule of Accounts Receivable, Net | Additional information regarding selected balance sheet accounts as of June 30, 2021 and December 31, 2020 is presented below (in thousands): June 30, December 31, Accounts receivable, net: Trade $ 125,332 $ 109,294 Unbilled revenue 23,813 23,173 Contract assets 18,074 35,870 Other 10,903 3,102 Total accounts receivable 178,122 171,439 Allowance for doubtful accounts (7,698) (8,304) $ 170,424 $ 163,135 Allowance for doubtful accounts as a percentage of total accounts receivable 4 % 5 % |
Contract with Customer, Asset and Liability | June 30, December 31, Deferred revenue (contract liabilities) $ 45,210 $ 43,384 |
Summary of Activity in Allowance for Doubtful Accounts | The following provides a summary of activity in the allowance for doubtful accounts for the six months ended June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 2020 Allowance for doubtful accounts – January 1 $ 8,304 $ 8,745 Provisions 61 2,549 Write-offs (815) (2,184) Other 148 1,152 Allowance for doubtful accounts – June 30 $ 7,698 $ 10,262 |
Schedule of Inventory, Net | June 30, December 31, Inventories, net: Finished goods and purchased products $ 90,623 $ 88,634 Work in process 30,248 27,063 Raw materials 93,968 95,410 Total inventories 214,839 211,107 Allowance for excess or obsolete inventory (39,790) (40,731) $ 175,049 $ 170,376 |
Schedule of Property, Plant and Equipment, Net | June 30, December 31, Property, plant and equipment, net: Land $ 34,661 $ 34,968 Buildings and leasehold improvements 265,793 267,072 Machinery and equipment 242,849 239,986 Completion-related rental equipment 505,795 507,755 Office furniture and equipment 32,329 35,767 Vehicles 77,415 81,607 Construction in progress 5,879 7,207 Total property, plant and equipment 1,164,721 1,174,362 Accumulated depreciation (809,316) (790,800) $ 355,405 $ 383,562 |
Schedule of Finite-Lived Intangible Assets | June 30, 2021 December 31, 2020 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 168,290 $ 60,937 $ 107,353 $ 168,288 $ 55,380 $ 112,908 Patents/Technology/Know-how 78,528 30,425 48,103 75,920 26,124 49,796 Noncompete agreements — — — 16,044 14,742 1,302 Tradenames and other 53,708 13,552 40,156 53,708 11,965 41,743 $ 300,526 $ 104,914 $ 195,612 $ 313,960 $ 108,211 $ 205,749 |
Schedule of Other Noncurrent Assets | June 30, December 31, Other noncurrent assets: Deferred compensation plan $ 24,026 $ 22,801 Deferred financing costs 3,097 — Deferred income taxes 1,466 1,280 Other 5,159 5,646 $ 33,748 $ 29,727 |
Schedule of Accrued Liabilities | June 30, December 31, Accrued liabilities: Accrued compensation $ 16,840 $ 18,463 Accrued taxes, other than income taxes 11,029 7,307 Insurance liabilities 6,677 7,694 Accrued interest 3,605 2,202 Accrued commissions 1,263 1,416 Other 5,974 7,422 $ 45,388 $ 44,504 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 and six months ended June 30, 2021 and 2020 (in thousands, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerators: Net loss $ (15,271) $ (24,626) $ (31,081) $ (429,667) Less: Income attributable to unvested restricted stock awards — — — — Numerator for basic net loss per share (15,271) (24,626) (31,081) (429,667) Effect of dilutive securities: Unvested restricted stock awards — — — — Numerator for diluted net loss per share $ (15,271) $ (24,626) $ (31,081) $ (429,667) Denominators: Weighted average number of common shares outstanding 61,335 60,987 61,252 60,879 Less: Weighted average number of unvested restricted stock awards outstanding (1,018) (1,148) (1,045) (1,132) Denominator for basic and diluted net loss per share 60,317 59,839 60,207 59,747 Net loss per share: Basic $ (0.25) $ (0.41) $ (0.52) $ (7.19) Diluted (0.25) (0.41) (0.52) (7.19) |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of June 30, 2021 and December 31, 2020, long-term debt consisted of the following (in thousands): June 30, December 31, Revolving credit facilities (1) $ — $ 18,408 2026 Notes (2) 130,851 — 2023 Notes (3) 25,728 143,242 Promissory note 17,534 17,095 Other debt and finance lease obligations 4,472 4,792 Total debt 178,585 183,537 Less: Current portion (18,231) (17,778) Total long-term debt $ 160,354 $ 165,759 ____________________ (1) Presented net of $0.6 million of unamortized debt issuance costs as of December 31, 2020. Unamortized debt issuance costs of $3.1 million as of June 30, 2021 are presented in Other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of June 30, 2021. (3) The outstanding principal amount of the 2023 Notes was $26.0 million and $157.4 million as of June 30, 2021 and December 31, 2020, respectively. The following table provides details with respect to the carrying amount of the 2023 Notes in the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (in thousands): June 30, December 31, Principal amount of the liability component $ 25,969 $ 157,369 Less: Unamortized discount — 12,308 Less: Unamortized issuance costs 241 1,819 Net carrying amount of the liability component $ 25,728 $ 143,242 Net carrying amount of the equity component n.a. $ 25,683 The following table presents the Company's purchases of outstanding 2023 Notes during the three- and six-month periods ended June 30, 2021 and 2020, with non-cash gains included within other income, net (in thousands): Principal Amount Carrying Value of Liability Cash Paid Non-cash Gain Recognized Three months ended June 30, 2021 $ 6,400 $ 6,337 $ 5,952 $ 385 2020 11,981 10,637 5,858 4,779 Six months ended June 30, 2021 $ 131,400 $ 129,974 $ 125,952 $ 4,022 2020 17,681 15,374 10,595 4,779 |
Schedule of Significant Provisions of Our Revolving Credit Facility | The following provides a summary of the more significant provisions of the Company's former revolving credit facility. Prior to June 17, 2020 From June 17, 2020 to February 10, 2021 Lender commitments $350 million $200 million Interest rate on outstanding borrowings (1) : LIBOR based borrowings LIBOR plus a margin of 1.75% to 3.00% LIBOR plus a margin of 2.50% to 3.75% Base-rate based borrowings Base rate plus a margin of 0.75% to 2.00% Base rate plus a margin of 1.50% to 2.75% Commitment fees (2) 0.25% to 0.50% 0.375% to 0.50% ____________________ (1) Based on the ratio of the Company's total net funded debt to consolidated EBITDA. (2) Based on unused commitments under the credit agreement. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 six months of 2021 (in thousands): Shares of common stock outstanding – December 31, 2020 61,005 Restricted stock awards, net of forfeitures 619 Shares withheld for taxes on vesting of stock awards and transferred to treasury (225) Shares of common stock outstanding – June 30, 2021 61,399 |
Long-Term Incentive Compensat_2
Long-Term Incentive Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 six months ended June 30, 2021 (in thousands): Stock Options Service-based Restricted Stock Performance-based Stock Units Outstanding – December 31, 2020 530 1,087 287 Granted — 596 245 Vested — (597) (70) Forfeited (134) (46) (42) Outstanding – June 30, 2021 396 1,040 420 Weighted average grant date fair value (2021 awards) $ — $ 6.78 $ 6.84 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by operating segment for the three and six months ended June 30, 2021 and 2020 is summarized in the following tables (in thousands). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended June 30, 2021 Offshore/Manufactured Products $ 76,908 $ 5,557 $ 4,810 $ 792 $ 526,842 Downhole Technologies 26,760 4,521 (2,295) 197 279,324 Well Site Services (1) 42,056 10,642 (11,590) 1,877 216,498 Corporate — 189 (8,543) 325 93,060 Total $ 145,724 $ 20,909 $ (17,618) $ 3,191 $ 1,115,724 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended June 30, 2020 Offshore/Manufactured Products $ 94,936 $ 5,476 $ 9,419 $ 457 $ 548,226 Downhole Technologies 14,965 5,619 (11,110) 1,165 308,942 Well Site Services (2) 36,344 13,368 (22,920) 1,923 270,803 Corporate — 183 (8,723) (511) 118,912 Total $ 146,245 $ 24,646 $ (33,334) $ 3,034 $ 1,246,883 ________________ (1) Operating loss included non-cash operating lease asset impairment charges of $2.8 million. (2) Operating loss included a non-cash fixed asset impairment charge of $3.0 million. Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Six Months Ended June 30, 2021 Offshore/Manufactured Products $ 137,517 $ 11,026 $ 5,881 $ 1,255 $ 526,842 Downhole Technologies 52,190 8,910 (3,910) 280 279,324 Well Site Services (1) 81,606 22,110 (21,443) 5,207 216,498 Corporate — 383 (17,908) 569 93,060 Total $ 271,313 $ 42,429 $ (37,380) $ 7,311 $ 1,115,724 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Six Months Ended June 30, 2020 Offshore/Manufactured Products (2) $ 186,108 $ 11,104 $ (86,077) $ 1,522 $ 548,226 Downhole Technologies (3) 56,030 11,203 (203,801) 2,814 308,942 Well Site Services (4) 123,801 28,404 (167,874) 4,975 270,803 Corporate — 344 (17,384) (396) 118,912 Total $ 365,939 $ 51,055 $ (475,136) $ 8,915 $ 1,246,883 ________________ (1) Operating loss included non-cash fixed and lease asset impairment charges of $3.4 million. (2) Operating loss included non-cash goodwill and inventory impairment charges of $86.5 million and $16.2 million, respectively. (3) Operating loss included a non-cash goodwill impairment charge of $192.5 million. (4) Operating loss included non-cash goodwill, inventory and fixed asset impairment charges of $127.1 million, $9.0 million and $8.2 million, respectively. |
Supplemental Revenue Information by Segments | The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and six months ended June 30, 2021 and 2020 (in thousands): Offshore/Manufactured Products Downhole Technologies Well Site Services Total 2021 2020 2021 2020 2021 2020 2021 2020 Three months ended June 30 Major revenue categories - Project-driven products $ 31,826 $ 51,365 $ — $ — $ — $ — $ 31,826 $ 51,365 Short-cycle: Completion products and services 10,447 4,739 26,760 14,965 39,083 36,175 76,290 55,879 Drilling services — — — — 2,973 169 2,973 169 Other products 5,583 6,634 — — — — 5,583 6,634 Total short-cycle 16,030 11,373 26,760 14,965 42,056 36,344 84,846 62,682 Other products and services 29,052 32,198 — — — — 29,052 32,198 $ 76,908 $ 94,936 $ 26,760 $ 14,965 $ 42,056 $ 36,344 $ 145,724 $ 146,245 Offshore/Manufactured Products Downhole Technologies Well Site Services Total 2021 2020 2021 2020 2021 2020 2021 2020 Six months ended June 30 Major revenue categories - Project-driven products $ 53,200 $ 88,153 $ — $ — $ — $ — $ 53,200 $ 88,153 Short-cycle: Completion products and services 18,561 18,416 52,190 56,030 77,882 119,101 148,633 193,547 Drilling services — — — — 3,724 4,700 3,724 4,700 Other products 9,719 15,054 — — — — 9,719 15,054 Total short-cycle 28,280 33,470 52,190 56,030 81,606 123,801 162,076 213,301 Other products and services 56,037 64,485 — — — — 56,037 64,485 $ 137,517 $ 186,108 $ 52,190 $ 56,030 $ 81,606 $ 123,801 $ 271,313 $ 365,939 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - (Details) - USD ($) | Jan. 01, 2021 | Jun. 30, 2021 | Mar. 19, 2021 | Dec. 31, 2020 | Jan. 30, 2018 |
1.5% Convertible Unsecured Senior Notes | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stated interest rate | 1.50% | ||||
2023 Notes | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stated interest rate | 1.50% | ||||
Effective interest rate percentage | 6.00% | ||||
Debt instrument, face amount | $ 200,000,000 | ||||
Convertible Debt | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stated interest rate | 4.75% | ||||
Convertible Debt | 1.5% Convertible Unsecured Senior Notes | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Effective interest rate percentage | 2.00% | 6.00% | |||
Convertible Debt | 1.5% Convertible Unsecured Senior Notes | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Debt instrument, increase net | $ 12,200,000 | ||||
Decrease in deferred income taxes | 2,700,000 | ||||
Net decrease, stockholder's equity | $ 9,500,000 | ||||
2026 Notes | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stated interest rate | 4.75% | ||||
Debt instrument, face amount | $ 135,000,000 |
Asset Impairments and Other R_3
Asset Impairments and Other Restructuring Items - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2020 | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)reportingUnit | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Percentage decline in crude oil prices | 50.00% | ||||||||
Reduction of payroll tax expense | $ 2,800 | $ 7,600 | |||||||
Number of reporting units with goodwill balances | reportingUnit | 3 | ||||||||
Goodwill, net | 76,579 | $ 76,579 | $ 76,489 | $ 482,300 | |||||
Impairments of goodwill | 0 | $ 0 | $ 406,056 | 0 | $ 406,056 | ||||
Fixed assets | 2,794 | $ 650 | 2,992 | 5,198 | 3,444 | 8,190 | |||
Impairment of operating lease assets | 2,794 | ||||||||
Offshore/Manufactured Products | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Goodwill, net | 76,500 | 76,500 | $ 76,500 | ||||||
Impairments of goodwill | 86,500 | ||||||||
Well Site Services | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Impairments of goodwill | 127,100 | ||||||||
Operating lease, liability | 1,900 | 1,900 | |||||||
Well Site Services | Well Site Services Drilling Services | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Fixed assets | $ 5,200 | $ 8,200 | |||||||
Well Site Services | Completion Services | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Fixed assets | $ 700 | $ 3,000 | $ 3,400 | ||||||
Impairment of operating lease assets | $ 2,800 |
Asset Impairments and Other R_4
Asset Impairments and Other Restructuring Items - Schedule of Asset Impairments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairments of goodwill | $ 0 | $ 0 | $ 406,056 | $ 0 | $ 406,056 | |
Impairment of goodwill loss, tax | 19,600 | |||||
Impairment of goodwill loss, net of tax | 386,456 | |||||
Impairments of fixed and lease assets | 2,794 | $ 650 | 2,992 | 5,198 | 3,444 | 8,190 |
Impairment of fixed assets, tax | 137 | 628 | 1,092 | |||
Impairment of fixed assets, net of tax | 513 | 2,364 | 4,106 | |||
Impairments of inventories | 25,230 | 0 | 25,230 | |||
Impairment of inventories, tax | 4,736 | |||||
Impairment of inventories, net of tax | 20,494 | |||||
Severance and restructuring costs | 2,554 | 3,418 | 5,397 | 660 | ||
Severance and facility closure costs, tax | 536 | 717 | 1,133 | 139 | ||
Severance and facility closure costs, net of tax | 2,018 | 2,701 | 4,264 | 521 | ||
Impairment of operating lease assets | 2,794 | |||||
Impairment of operating lease assets, net of tax | 587 | |||||
Impairment of operating lease assets, tax | 2,207 | |||||
Corporate | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairments of goodwill | 0 | |||||
Impairments of fixed and lease assets | 0 | 0 | 0 | |||
Impairments of inventories | 0 | |||||
Severance and restructuring costs | 0 | 1,555 | 216 | 0 | ||
Impairment of operating lease assets | 0 | |||||
Offshore/ Manufactured Products | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairments of goodwill | 86,500 | |||||
Impairments of inventories | 16,200 | |||||
Offshore/ Manufactured Products | Operating Segments | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairments of goodwill | 86,500 | |||||
Impairments of fixed and lease assets | 0 | 0 | 0 | |||
Impairments of inventories | 16,249 | |||||
Severance and restructuring costs | 0 | 282 | 322 | 112 | ||
Impairment of operating lease assets | 0 | |||||
Downhole Technologies | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairments of goodwill | 192,500 | |||||
Downhole Technologies | Operating Segments | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairments of goodwill | 192,502 | |||||
Impairments of fixed and lease assets | 0 | 0 | 0 | |||
Impairments of inventories | 0 | |||||
Severance and restructuring costs | 203 | 275 | 1,315 | 0 | ||
Impairment of operating lease assets | 0 | |||||
Well Site Services | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairments of goodwill | 127,100 | |||||
Impairments of inventories | $ 9,000 | |||||
Operating lease, liability | 1,900 | $ 1,900 | ||||
Well Site Services | Operating Segments | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairments of goodwill | 127,054 | |||||
Impairments of fixed and lease assets | 650 | 2,992 | 5,198 | |||
Impairments of inventories | 8,981 | |||||
Severance and restructuring costs | 2,351 | $ 1,306 | $ 3,544 | $ 548 | ||
Impairment of operating lease assets | $ 2,794 |
Details of Selected Balance S_3
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 178,122 | $ 171,439 |
Allowance for doubtful accounts | (7,698) | (8,304) |
Accounts receivable, net | $ 170,424 | $ 163,135 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 4.00% | 5.00% |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 125,332 | $ 109,294 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 23,813 | 23,173 |
Contract assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 18,074 | 35,870 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 10,903 | $ 3,102 |
Details of Selected Balance S_4
Details of Selected Balance Sheet Accounts - Contract Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred revenue (contract liabilities) | $ 45,210 | $ 43,384 |
Details of Selected Balance S_5
Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Concentration Risk [Line Items] | |||||
Increase in contract with customer, asset | $ (17,800) | ||||
Contract with customer, asset, reclassified to receivable | (33,300) | ||||
Contract with customer, asset, increase due to revenue recognized | 15,400 | ||||
Decrease deferred revenue | 1,780 | $ 5,991 | |||
Contract with customer, liability, increase due to billings | 7,200 | ||||
Contract with customer, liability, revenue recognized | (5,400) | ||||
Impairments of inventories | $ 25,230 | 0 | 25,230 | ||
Depreciation | $ 15,600 | $ 18,500 | 32,000 | 38,600 | |
Amortization | $ 5,300 | $ 6,100 | $ 10,500 | $ 12,500 | |
UNITED STATES | Geographic Concentration Risk | Accounts Receivable | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 64.00% | ||||
UNITED KINGDOM | Geographic Concentration Risk | Accounts Receivable | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 20.00% |
Details of Selected Balance S_6
Details of Selected Balance Sheet Accounts - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for doubtful accounts beginning balance | $ 8,304 | $ 8,745 |
Provisions | 61 | 2,549 |
Write-offs | (815) | (2,184) |
Other | 148 | 1,152 |
Allowance for doubtful accounts ending balance | $ 7,698 | $ 10,262 |
Details of Selected Balance S_7
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Finished goods and purchased products | $ 90,623 | $ 88,634 |
Work in process | 30,248 | 27,063 |
Raw materials | 93,968 | 95,410 |
Total inventories | 214,839 | 211,107 |
Allowance for excess or obsolete inventory | (39,790) | (40,731) |
Inventories, net | $ 175,049 | $ 170,376 |
Details of Selected Balance S_8
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,164,721 | $ 1,174,362 |
Accumulated depreciation | (809,316) | (790,800) |
Property, plant, and equipment, net | 355,405 | 383,562 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 34,661 | 34,968 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 265,793 | 267,072 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 242,849 | 239,986 |
Completion-related rental equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 505,795 | 507,755 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 32,329 | 35,767 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 77,415 | 81,607 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 5,879 | $ 7,207 |
Details of Selected Balance S_9
Details of Selected Balance Sheet Accounts - Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 300,526 | $ 313,960 |
Accumulated Amortization | 104,914 | 108,211 |
Net Carrying Amount | 195,612 | 205,749 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 168,290 | 168,288 |
Accumulated Amortization | 60,937 | 55,380 |
Net Carrying Amount | 107,353 | 112,908 |
Patents/Technology/Know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 78,528 | 75,920 |
Accumulated Amortization | 30,425 | 26,124 |
Net Carrying Amount | 48,103 | 49,796 |
Noncompete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 16,044 |
Accumulated Amortization | 0 | 14,742 |
Net Carrying Amount | 0 | 1,302 |
Tradenames and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 53,708 | 53,708 |
Accumulated Amortization | 13,552 | 11,965 |
Net Carrying Amount | $ 40,156 | $ 41,743 |
Details of Selected Balance _10
Details of Selected Balance Sheet Accounts - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Deferred compensation plan | $ 24,026 | $ 22,801 |
Deferred financing costs | 3,097 | 0 |
Deferred income taxes | 1,466 | 1,280 |
Other | 5,159 | 5,646 |
Other noncurrent assets | $ 33,748 | $ 29,727 |
Details of Selected Balance _11
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Details of Selected Balance Sheet Accounts [Abstract] | ||
Accrued compensation | $ 16,840 | $ 18,463 |
Accrued taxes, other than income taxes | 11,029 | 7,307 |
Insurance liabilities | 6,677 | 7,694 |
Accrued interest | 3,605 | 2,202 |
Accrued commissions | 1,263 | 1,416 |
Other | 5,974 | 7,422 |
Accrued liabilities | $ 45,388 | $ 44,504 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerators: | ||||
Net loss | $ (15,271) | $ (24,626) | $ (31,081) | $ (429,667) |
Less: Income attributable to unvested restricted stock awards | 0 | 0 | 0 | 0 |
Numerator for basic net loss per share | (15,271) | (24,626) | (31,081) | (429,667) |
Effect of dilutive securities: | ||||
Unvested restricted stock awards | 0 | 0 | 0 | 0 |
Numerator for diluted net loss per share | $ (15,271) | $ (24,626) | $ (31,081) | $ (429,667) |
Denominators: | ||||
Weighted average number of common shares outstanding (in shares) | 61,335 | 60,987 | 61,252 | 60,879 |
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) | (1,018) | (1,148) | (1,045) | (1,132) |
Denominator for diluted net loss per share (in shares) | 60,317 | 59,839 | 60,207 | 59,747 |
Denominator for basic loss per share (in shares) | 60,317 | 59,839 | 60,207 | 59,747 |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.25) | $ (0.41) | $ (0.52) | $ (7.19) |
Diluted (in dollars per share) | $ (0.25) | $ (0.41) | $ (0.52) | $ (7.19) |
Net Loss Per Share - Narrative
Net Loss Per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 437 | 596 | 468 | 613 |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 178,585 | $ 183,537 |
Less: Current portion | (18,231) | (17,778) |
Long-term debt | 160,354 | 165,759 |
Unamortized debt issuance costs | 3,100 | 600 |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 130,851 | 0 |
Long-term debt, gross | 135,000 | |
2023 Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 25,728 | 143,242 |
Unamortized debt issuance costs | 241 | 1,819 |
Long-term debt, gross | 25,969 | 157,369 |
Promissory note | ||
Debt Instrument [Line Items] | ||
Total debt | 17,534 | 17,095 |
Other debt and finance lease obligations | ||
Debt Instrument [Line Items] | ||
Total debt | 4,472 | 4,792 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 18,408 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) | Mar. 19, 2021USD ($)day$ / shares | Feb. 10, 2021USD ($) | Jan. 30, 2018USD ($)$ / shares | Jan. 12, 2018USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 16, 2020USD ($) | Feb. 10, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Letters of credit outstanding | $ 17,300,000 | $ 17,300,000 | $ 17,300,000 | |||||||||
Repayments of convertible debt | 125,952,000 | $ 10,595,000 | ||||||||||
Conversion price (in dollars per share) | $ / shares | $ 10.49 | |||||||||||
Debt instrument carried value | 160,354,000 | 160,354,000 | 160,354,000 | $ 165,759,000 | ||||||||
2026 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 135,000,000 | |||||||||||
Proceeds from debt, net | $ 130,600,000 | |||||||||||
Stated interest rate | 4.75% | |||||||||||
Conversion ratio | 0.0953516 | |||||||||||
Percentage of conversion price | 130.00% | |||||||||||
Threshold trading days | day | 20 | |||||||||||
Threshold consecutive trading days | day | 30 | |||||||||||
Threshold consecutive trading days, sale price per share | day | 5 | |||||||||||
Measurement period | day | 5 | |||||||||||
Percentage of sales price per share | 98.00% | |||||||||||
Amount of indebtedness in event of default | $ 40,000,000 | |||||||||||
2023 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 200,000,000 | |||||||||||
Repayments of convertible debt | 120,000,000 | $ 5,952,000 | $ 5,858,000 | $ 125,952,000 | 10,595,000 | $ 152,800,000 | ||||||
Debt instrument, repurchased face amount | $ 125,000,000 | |||||||||||
Stated interest rate | 1.50% | 1.50% | 1.50% | |||||||||
Conversion ratio | 0.0222748 | |||||||||||
Conversion price (in dollars per share) | $ / shares | $ 44.89 | |||||||||||
Effective interest rate percentage | 6.00% | |||||||||||
Debt Instrument, principal amount repurchased | $ 6,400,000 | $ 11,981,000 | $ 131,400,000 | $ 17,681,000 | $ 174,000,000 | |||||||
Debt instrument carried value | 25,728,000 | 25,728,000 | 25,728,000 | $ 143,242,000 | ||||||||
Promissory Note | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, face amount | $ 25,000,000 | |||||||||||
Stated interest rate | 2.50% | |||||||||||
Settlement costs and expenses | $ 7,500,000 | |||||||||||
Debt instrument carried value | 17,500,000 | 17,500,000 | 17,500,000 | |||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 200,000,000 | $ 350,000,000 | $ 200,000,000 | |||||||||
Long-term line of credit | 0 | 0 | 0 | |||||||||
Remaining borrowing capacity | $ 50,300,000 | $ 50,300,000 | $ 50,300,000 | |||||||||
Revolving Credit Facility | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee percentage | 0.25% | 0.375% | ||||||||||
Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.75% | 2.50% | ||||||||||
Revolving Credit Facility | Minimum | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.75% | 1.50% | ||||||||||
Revolving Credit Facility | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee percentage | 0.50% | 0.50% | ||||||||||
Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.00% | 3.75% | ||||||||||
Revolving Credit Facility | Maximum | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.00% | 2.75% | ||||||||||
Asset-based Revolving Credit Facility | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 125,000,000 | $ 125,000,000 | ||||||||||
Debt instrument, springing maturity, term | 91 days | |||||||||||
Debt instrument, amount of indebtedness subject to springing maturity | $ 17,500,000 | |||||||||||
Debt instrument, covenant, minimum fixed charge coverage ratio | 1 | |||||||||||
Debt instrument, percentage of borrowing base outstanding subject to covenant | 15.00% | |||||||||||
Debt instrument, amount of borrowing base outstanding subject to covenant | $ 14,100,000 | |||||||||||
Asset-based Revolving Credit Facility | Revolving Credit Facility | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||
Asset-based Revolving Credit Facility | Revolving Credit Facility | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee percentage | 0.375% | |||||||||||
Asset-based Revolving Credit Facility | Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||
Asset-based Revolving Credit Facility | Revolving Credit Facility | Minimum | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||
Asset-based Revolving Credit Facility | Revolving Credit Facility | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee percentage | 0.50% | |||||||||||
Asset-based Revolving Credit Facility | Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.25% | |||||||||||
Asset-based Revolving Credit Facility | Revolving Credit Facility | Maximum | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||
Asset-based Revolving Credit Facility | Letter of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 |
Long-term Debt - Revolving Cred
Long-term Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) | 6 Months Ended | 8 Months Ended |
Jun. 16, 2020 | Feb. 10, 2021 | |
Debt Instrument [Line Items] | ||
Lender commitments | $ 350,000,000 | $ 200,000,000 |
Minimum | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.25% | 0.375% |
Minimum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | 2.50% |
Minimum | Base Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.75% | 1.50% |
Maximum | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.50% | 0.50% |
Maximum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.00% | 3.75% |
Maximum | Base Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | 2.75% |
Long-term Debt - Carrying Amoun
Long-term Debt - Carrying Amount of the 1.50% Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Less: Unamortized issuance costs | $ 3,100 | $ 600 |
Net carrying amount of the liability component | 160,354 | 165,759 |
2023 Notes | ||
Debt Instrument [Line Items] | ||
Principal amount of the liability component | 25,969 | 157,369 |
Less: Unamortized discount | 0 | 12,308 |
Less: Unamortized issuance costs | 241 | 1,819 |
Net carrying amount of the liability component | $ 25,728 | 143,242 |
Net carrying amount of the equity component | $ 25,683 |
Long-term Debt - Repurchase of
Long-term Debt - Repurchase of Outstanding Debt (Details) - USD ($) $ in Thousands | Mar. 19, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 |
Debt Instrument [Line Items] | ||||||
Cash Paid | $ 125,952 | $ 10,595 | ||||
Non-cash Gain Recognized | 4,022 | 4,779 | ||||
2023 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal Amount | $ 6,400 | $ 11,981 | 131,400 | 17,681 | $ 174,000 | |
Carrying Value of Liability | 6,337 | 10,637 | 129,974 | 15,374 | ||
Cash Paid | $ 120,000 | 5,952 | 5,858 | 125,952 | 10,595 | $ 152,800 |
Non-cash Gain Recognized | $ 385 | $ 4,779 | $ 4,022 | $ 4,779 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
2023 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal amount of the liability component | $ 25,969 | $ 157,369 |
2026 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal amount of the liability component | 135,000 | |
Fair Value, Inputs, Level 2 | Fair Value | 2023 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 24,400 | |
Fair Value, Inputs, Level 2 | Fair Value | 2026 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 146,000 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
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 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Outstanding Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2021shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares of common stock outstanding beginning period (in shares) | 61,005 |
Restricted stock awards, net of forfeitures (in shares) | 619 |
Shares withheld for taxes on vesting of stock awards and transferred to treasury (in shares) | (225) |
Shares of common stock outstanding ending period (in shares) | 61,399 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss - (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' equity | $ 721,934 | $ 778,869 | $ 721,934 | $ 778,869 | $ 732,162 | $ 757,631 | $ 802,632 | $ 1,223,967 |
Currency translation adjustments | $ 3,160 | $ (1,230) | $ 1,631 | $ (16,021) | ||||
United Kingdom, Pounds | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Exchange rate strengthened (weakened) | 1.00% | (6.00%) | 1.00% | (6.00%) | ||||
Brazil, Brazil Real | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Exchange rate strengthened (weakened) | 4.00% | (27.00%) | 4.00% | (27.00%) | ||||
Accumulated Other Comprehensive Loss | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' equity | $ (69,754) | $ (83,767) | $ (69,754) | $ (83,767) | $ (72,914) | $ (71,385) | $ (82,537) | $ (67,746) |
Long-Term Incentive Compensat_3
Long-Term Incentive Compensation - Stock Option Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Stock Options | |
Outstanding, beginning balance (in shares) | 530 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Forfeited (in shares) | (134) |
Outstanding, ending balance (in shares) | 396 |
Weighted average grant date fair value (2021 awards) (in dollars per share) | $ / shares | $ 0 |
Service-based Restricted Stock | |
Service-based and Performance-based Stock | |
Outstanding, beginning balance (in shares) | 1,087 |
Granted (in shares) | 596 |
Vested (in shares) | (597) |
Forfeited (in shares) | (46) |
Outstanding, ending balance (in shares) | 1,040 |
Weighted average grant date fair value (2021 awards) (in dollars per share) | $ / shares | $ 6.78 |
Performance-based Stock Units | |
Service-based and Performance-based Stock | |
Outstanding, beginning balance (in shares) | 287 |
Granted (in shares) | 245 |
Vested (in shares) | (70) |
Forfeited (in shares) | (42) |
Outstanding, ending balance (in shares) | 420 |
Weighted average grant date fair value (2021 awards) (in dollars per share) | $ / shares | $ 6.84 |
Long-Term Incentive Compensat_4
Long-Term Incentive Compensation - Narrative (Details) - USD ($) | May 11, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Deferred compensation arrangement, recorded liability | $ 1,500,000 | $ 1,500,000 | |||||
Stock-based compensation expense | $ 1,900,000 | $ 2,100,000 | $ 4,700,000 | $ 3,300,000 | |||
Share-based compensation costs not yet recognized | $ 9,600,000 | $ 9,600,000 | |||||
Number of additional shares authorized for issuance (in shares) | 4,500,000 | ||||||
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 | $ 3,100,000 | $ 3,000,000 | |||||
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% | 200.00% | |||||
Cash Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period (in years) | 3 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ (3,226) | $ (6,893) | $ (5,543) | $ (46,384) |
Income (loss) before income taxes | $ (18,497) | $ (31,519) | $ (36,624) | (476,051) |
Nondeductible goodwill impairment losses | 313,100 | |||
Income tax expense (benefit) from carryback of operating losses | $ 14,800 |
Segments and Related Informat_3
Segments and Related Information - Narrative (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)segment | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 3 | |
Segment Reporting Information [Line Items] | ||
Revenue, remaining performance obligation | $ | $ 158 | |
Revenue, remaining performance obligation, percentage of obligations, remaining fiscal year | 33.00% | |
Revenue, remaining performance obligation, percentage of obligations, remaining in year two | 33.00% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | ||
Segment Reporting Information [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | |
Transferred over Time | ||
Segment Reporting Information [Line Items] | ||
Revenue from contract with customer, percentage of revenue | 61.00% | 63.00% |
Segments and Related Informat_4
Segments and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 145,724 | $ 146,245 | $ 271,313 | $ 365,939 | |||
Depreciation and amortization | 20,909 | 24,646 | 42,429 | 51,055 | |||
Operating income (loss) | (17,618) | (33,334) | (37,380) | (475,136) | |||
Capital expenditures | 3,191 | 3,034 | 7,311 | 8,915 | |||
Total assets | 1,115,724 | 1,246,883 | 1,115,724 | 1,246,883 | $ 1,152,260 | ||
Impairment of operating lease assets | 2,794 | ||||||
Fixed assets | 2,794 | $ 650 | 2,992 | $ 5,198 | 3,444 | 8,190 | |
Impairments of goodwill | 0 | 0 | 406,056 | 0 | 406,056 | ||
Impairments of inventories | 25,230 | 0 | 25,230 | ||||
Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 0 | 0 | 0 | 0 | |||
Depreciation and amortization | 189 | 183 | 383 | 344 | |||
Operating income (loss) | (8,543) | (8,723) | (17,908) | (17,384) | |||
Capital expenditures | 325 | (511) | 569 | (396) | |||
Total assets | 93,060 | 118,912 | 93,060 | 118,912 | |||
Impairment of operating lease assets | 0 | ||||||
Fixed assets | 0 | 0 | 0 | ||||
Impairments of goodwill | 0 | ||||||
Impairments of inventories | 0 | ||||||
Offshore/Manufactured Products | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 76,908 | 94,936 | 137,517 | 186,108 | |||
Impairments of goodwill | 86,500 | ||||||
Impairments of inventories | 16,200 | ||||||
Offshore/Manufactured Products | Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 76,908 | 94,936 | 137,517 | 186,108 | |||
Depreciation and amortization | 5,557 | 5,476 | 11,026 | 11,104 | |||
Operating income (loss) | 4,810 | 9,419 | 5,881 | (86,077) | |||
Capital expenditures | 792 | 457 | 1,255 | 1,522 | |||
Total assets | 526,842 | 548,226 | 526,842 | 548,226 | |||
Impairment of operating lease assets | 0 | ||||||
Fixed assets | 0 | 0 | 0 | ||||
Impairments of goodwill | 86,500 | ||||||
Impairments of inventories | 16,249 | ||||||
Downhole Technologies | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 26,760 | 14,965 | 52,190 | 56,030 | |||
Impairments of goodwill | 192,500 | ||||||
Downhole Technologies | Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 26,760 | 14,965 | 52,190 | 56,030 | |||
Depreciation and amortization | 4,521 | 5,619 | 8,910 | 11,203 | |||
Operating income (loss) | (2,295) | (11,110) | (3,910) | (203,801) | |||
Capital expenditures | 197 | 1,165 | 280 | 2,814 | |||
Total assets | 279,324 | 308,942 | 279,324 | 308,942 | |||
Impairment of operating lease assets | 0 | ||||||
Fixed assets | 0 | 0 | 0 | ||||
Impairments of goodwill | 192,502 | ||||||
Impairments of inventories | 0 | ||||||
Well Site Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 42,056 | 36,344 | 81,606 | 123,801 | |||
Impairments of goodwill | 127,100 | ||||||
Impairments of inventories | 9,000 | ||||||
Well Site Services | Completion Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Impairment of operating lease assets | 2,800 | ||||||
Fixed assets | 700 | 3,000 | 3,400 | ||||
Well Site Services | Well Site Services Drilling Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Fixed assets | 5,200 | 8,200 | |||||
Well Site Services | Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 42,056 | 36,344 | 81,606 | 123,801 | |||
Depreciation and amortization | 10,642 | 13,368 | 22,110 | 28,404 | |||
Operating income (loss) | (11,590) | (22,920) | (21,443) | (167,874) | |||
Capital expenditures | 1,877 | 1,923 | 5,207 | 4,975 | |||
Total assets | 216,498 | 270,803 | $ 216,498 | $ 270,803 | |||
Impairment of operating lease assets | $ 2,794 | ||||||
Fixed assets | $ 650 | $ 2,992 | 5,198 | ||||
Impairments of goodwill | 127,054 | ||||||
Impairments of inventories | $ 8,981 |
Segments and Related Informat_5
Segments and Related Information - Supplemental Revenue Information by Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 145,724 | $ 146,245 | $ 271,313 | $ 365,939 |
Project-driven products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 31,826 | 51,365 | 53,200 | 88,153 |
Total short-cycle | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 84,846 | 62,682 | 162,076 | 213,301 |
Completion products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 76,290 | 55,879 | 148,633 | 193,547 |
Drilling services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,973 | 169 | 3,724 | 4,700 |
Other products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,583 | 6,634 | 9,719 | 15,054 |
Other products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 29,052 | 32,198 | 56,037 | 64,485 |
Offshore/Manufactured Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 76,908 | 94,936 | 137,517 | 186,108 |
Offshore/Manufactured Products | Project-driven products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 31,826 | 51,365 | 53,200 | 88,153 |
Offshore/Manufactured Products | Total short-cycle | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 16,030 | 11,373 | 28,280 | 33,470 |
Offshore/Manufactured Products | Completion products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,447 | 4,739 | 18,561 | 18,416 |
Offshore/Manufactured Products | Drilling services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Offshore/Manufactured Products | Other products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,583 | 6,634 | 9,719 | 15,054 |
Offshore/Manufactured Products | Other products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 29,052 | 32,198 | 56,037 | 64,485 |
Downhole Technologies | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 26,760 | 14,965 | 52,190 | 56,030 |
Downhole Technologies | Project-driven products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Downhole Technologies | Total short-cycle | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 26,760 | 14,965 | 52,190 | 56,030 |
Downhole Technologies | Completion products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 26,760 | 14,965 | 52,190 | 56,030 |
Downhole Technologies | Drilling services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Downhole Technologies | Other products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Downhole Technologies | Other products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Well Site Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 42,056 | 36,344 | 81,606 | 123,801 |
Well Site Services | Project-driven products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Well Site Services | Total short-cycle | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 42,056 | 36,344 | 81,606 | 123,801 |
Well Site Services | Completion products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 39,083 | 36,175 | 77,882 | 119,101 |
Well Site Services | Drilling services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,973 | 169 | 3,724 | 4,700 |
Well Site Services | Other products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Well Site Services | Other products and services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Jan. 12, 2018 | Aug. 31, 2020 | Dec. 31, 2020 | Jun. 30, 2021 |
Business Acquisition [Line Items] | ||||
Payments for settlements | $ 7,300,000 | |||
Long-term debt | $ 165,759,000 | $ 160,354,000 | ||
Income tax carryback claims, CARES Act | $ 19,000,000 | |||
Promissory Note | ||||
Business Acquisition [Line Items] | ||||
Settlement costs and expenses | $ 7,500,000 | |||
Debt instrument, face amount | $ 25,000,000 | |||
Long-term debt | $ 17,500,000 |