Note 16 - Condensed Consolidated Financial Information | 9 Months Ended |
Sep. 30, 2013 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' |
16. CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
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Certain wholly-owned subsidiaries, as detailed below (the Guarantor Subsidiaries), have guaranteed all of the 6 1/2% Notes and all of the 5 1/8% Notes. These guarantees are full and unconditional, subject to the following release provisions: |
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| ● | in connection with any sale, exchange or transfer (by merger, consolidation or otherwise) of the capital stock of that guarantor after which that guarantor is no longer a restricted subsidiary; | | | | | | | | | | | | | | | | | | |
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| ● | upon proper designation of a guarantor by the Company as an unrestricted subsidiary; | | | | | | | | | | | | | | | | | | |
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| ● | upon the release or discharge of all outstanding guarantees by a guarantor of indebtedness of the Company and its restricted subsidiaries under any credit facility; | | | | | | | | | | | | | | | | | | |
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| ● | upon legal or covenant defeasance or satisfaction and discharge of the indenture; or | | | | | | | | | | | | | | | | | | |
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| ● | upon the dissolution of a guarantor, provided no event of default has occurred under the indentures and is continuing. | | | | | | | | | | | | | | | | | | |
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The following condensed consolidating financial information is included so that separate financial statements of the Guarantor Subsidiaries are not required to be filed with the Commission. The condensed consolidating financial information presents investments in both consolidated and unconsolidated affiliates using the equity method of accounting. |
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The following condensed consolidating financial information presents: condensed consolidating statements of income for each of the three and nine month periods ended September 30, 2013 and 2012, condensed consolidating balance sheets as of September 30, 2013 and December 31, 2012 and the statements of cash flows for each of the nine months ended September 30, 2013 and 2012 of (a) the Company, parent/guarantor, (b) Acute Technological Services, Inc., Capstar Holding, L.L.C., Capstar Drilling, Inc., General Marine Leasing, LLC, Oil States Energy Services L.L.C., Oil States Energy Services Holding, Inc., OSES International Holding, L.L.C., Oil States Management, Inc., Oil States Industries, Inc., Oil States Skagit SMATCO, LLC, PTI Group USA LLC, PTI Mars Holdco 1, LLC and Tempress Technologies, Inc. (the Guarantor Subsidiaries), (c) the non-guarantor subsidiaries, (d) consolidating adjustments necessary to consolidate the Company and its subsidiaries and (e) the Company on a consolidated basis. |
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With our sale of Sooner, Inc. on September 6, 2013, it is no longer a Guarantor Subsidiary. The Condensed Consolidated Statements of Income and Balance Sheets have been reclassified for all periods presented to reflect only the Company’s continuing operations. |
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We have revised the presentation of our condensed consolidating statement of cash flows for the nine month period ended September 30, 2012 to reflect equity contributions by the Parent Guarantor to Guarantor Subsidiaries of $14 million and by Guarantor Subsidiaries to Non-Guarantor Subsidiaries of $10 million between investing and financing activities in accordance with SEC Regulation S-X, which were previously presented as net amounts in investing activities as “proceeds from (funding of) accounts and notes with affiliates.” These changes had no impact on consolidated results, as previously reported. |
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Condensed Consolidating Statements of Income and Comprehensive Income |
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| | Three Months Ended September 30, 2013 | |
| | Oil States | | | Guarantor | | | Other | | | Consolidating | | | Consolidated Oil | |
International, | Subsidiaries | Subsidiaries | Adjustments | States |
Inc. (Parent/ | | (Non- | | International, |
Guarantor) | | Guarantors) | | Inc. |
| | (In thousands) | |
| | | | | | | | | | | | | | | | | | | | |
REVENUES | | | | | | | | | | | | | | | | | | | | |
Operating revenues | | $ | — | | | $ | 362,810 | | | $ | 321,646 | | | $ | — | | | $ | 684,456 | |
Intercompany revenues | | | — | | | | 7,282 | | | | 5,433 | | | | (12,715 | ) | | | — | |
Total revenues | | | — | | | | 370,092 | | | | 327,079 | | | | (12,715 | ) | | | 684,456 | |
| | | | | | | | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | |
Cost of sales and services | | | — | | | | 251,712 | | | | 184,505 | | | | (2,431 | ) | | | 433,786 | |
Intercompany cost of sales and services | | | — | | | | 4,813 | | | | 5,069 | | | | (9,882 | ) | | | — | |
Selling, general and administrative expenses | | | 487 | | | | 33,434 | | | | 20,209 | | | | — | | | | 54,130 | |
Depreciation and amortization expense | | | 223 | | | | 29,397 | | | | 40,641 | | | | (44 | ) | | | 70,217 | |
Other operating (income) expense | | | (312 | ) | | | 2,845 | | | | 1,813 | | | | — | | | | 4,346 | |
Operating income (loss) | | | (398 | ) | | | 47,891 | | | | 74,842 | | | | (358 | ) | | | 121,977 | |
| | | | | | | | | | | | | | | | | | | | |
Interest expense, net of capitalized interest | | | (17,866 | ) | | | (146 | ) | | | (13,473 | ) | | | 12,807 | | | | (18,678 | ) |
Interest income | | | 4,724 | | | | 45 | | | | 8,544 | | | | (12,807 | ) | | | 506 | |
Loss on extinguishment of debt | | | (3,265 | ) | | | — | | | | — | | | | — | | | | (3,265 | ) |
Equity in earnings (loss) of unconsolidated affiliates | | | 51,231 | | | | 55,737 | | | | 72 | | | | (106,968 | ) | | | 72 | |
Other income (expense) | | | — | | | | (204 | ) | | | 4,058 | | | | — | | | | 3,854 | |
Income from continuing operations before income taxes | | | 34,426 | | | | 103,323 | | | | 74,043 | | | | (107,326 | ) | | | 104,466 | |
Income tax provision | | | 44,345 | | | | (53,563 | ) | | | (17,841 | ) | | | — | | | | (27,059 | ) |
Net income from continuing operations | | | 78,771 | | | | 49,760 | | | | 56,202 | | | | (107,326 | ) | | | 77,407 | |
Net income from discontinued operations, net of tax (including a net gain on disposal of $84,209) | | | 88,969 | | | | 1,710 | | | | — | | | | — | | | | 90,679 | |
Net income | | | 167,740 | | | | 51,470 | | | | 56,202 | | | | (107,326 | ) | | | 168,086 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | 44,693 | | | | 36,635 | | | | 36,957 | | | | (73,592 | ) | | | 44,693 | |
Unrealized loss on forward contracts, net of tax | | | — | | | | (190 | ) | | | — | | | | — | | | | (190 | ) |
Total other comprehensive income | | | 44,693 | | | | 36,445 | | | | 36,957 | | | | (73,592 | ) | | | 44,503 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | | 212,433 | | | | 87,915 | | | | 93,159 | | | | (180,918 | ) | | | 212,589 | |
Comprehensive income attributable to noncontrolling interest | | | — | | | | — | | | | (387 | ) | | | 7 | | | | (380 | ) |
Comprehensive income attributable to Oil States International, Inc. | | $ | 212,433 | | | $ | 87,915 | | | $ | 92,772 | | | $ | (180,911 | ) | | $ | 212,209 | |
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Condensed Consolidating Statements of Income and Comprehensive Income |
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| | Three Months Ended September 30, 2012 | |
| | Oil States | | | | | | | Other | | | | | | | Consolidated Oil | |
| | International, | | | | | | | Subsidiaries | | | | | | | States | |
| | Inc. (Parent/ | | | Guarantor | | | (Non- | | | Consolidating | | | International, | |
| | Guarantor) | | | Subsidiaries | | | Guarantors) | | | Adjustments | | | Inc. | |
| | (In thousands) | |
| | | | | | | | | | | | | | | | | | | | |
REVENUES | | | | | | | | | | | | | | | | | | | | |
Operating revenues | | $ | — | | | $ | 294,820 | | | $ | 349,692 | | | $ | — | | | $ | 644,512 | |
Intercompany revenues | | | — | | | | 6,849 | | | | 5,799 | | | | (12,648 | ) | | | — | |
Total revenues | | | — | | | | 301,669 | | | | 355,491 | | | | (12,648 | ) | | | 644,512 | |
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OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | |
Cost of sales and services | | | — | | | | 201,342 | | | | 194,234 | | | | (1,932 | ) | | | 393,644 | |
Intercompany cost of sales and services | | | — | | | | 4,864 | | | | 5,515 | | | | (10,379 | ) | | | — | |
Selling, general and administrative expenses | | | 461 | | | | 27,993 | | | | 17,830 | | | | — | | | | 46,284 | |
Depreciation and amortization expense | | | 279 | | | | 23,109 | | | | 35,488 | | | | (5 | ) | | | 58,871 | |
Other operating (income)expense | | | (478 | ) | | | 828 | | | | 1,216 | | | | — | | | | 1,566 | |
Operating income (loss) | | | (262 | ) | | | 43,533 | | | | 101,208 | | | | (332 | ) | | | 144,147 | |
| | | | | | | | | | | | | | | | | | | | |
Interest expense, net of capitalized interest | | | (14,143 | ) | | | (210 | ) | | | (18,375 | ) | | | 16,992 | | | | (15,736 | ) |
Interest income | | | 5,166 | | | | 22 | | | | 12,244 | | | | (16,992 | ) | | | 440 | |
Equity in earnings (loss) of unconsolidated affiliates | | | 113,030 | | | | 73,415 | | | | (103 | ) | | | (186,445 | ) | | | (103 | ) |
Other income | | | — | | | | 333 | | | | 1,910 | | | | — | | | | 2,243 | |
Income from continuing operations before income taxes | | | 103,791 | | | | 117,093 | | | | 96,884 | | | | (186,777 | ) | | | 130,991 | |
Income tax provision | | | — | | | | (10,708 | ) | | | (22,927 | ) | | | — | | | | (33,635 | ) |
Net income from continuing operations | | | 103,791 | | | | 106,385 | | | | 73,957 | | | | (186,777 | ) | | | 97,356 | |
Net income from discontinued operations, net of tax | | | — | | | | 6,753 | | | | — | | | | — | | | | 6,753 | |
Net income | | | 103,791 | | | | 113,138 | | | | 73,957 | | | | (186,777 | ) | | | 104,109 | |
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Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | 43,564 | | | | 30,976 | | | | 30,976 | | | | (61,952 | ) | | | 43,564 | |
Unrealized loss on forward contracts, net of tax | | | — | | | | (434 | ) | | | — | | | | — | | | | (434 | ) |
Total other comprehensive income (loss) | | | 43,564 | | | | 30,542 | | | | 30,976 | | | | (61,952 | ) | | | 43,130 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | | 147,355 | | | | 143,680 | | | | 104,933 | | | | (248,729 | ) | | | 147,239 | |
Comprehensive income attributable to noncontrolling interest | | | — | | | | — | | | | (353 | ) | | | (4 | ) | | | (357 | ) |
Comprehensive income attributable to Oil States International, Inc. | | $ | 147,355 | | | $ | 143,680 | | | $ | 104,580 | | | $ | (248,733 | ) | | $ | 146,882 | |
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Condensed Consolidating Statements of Income and Comprehensive Income |
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| | Nine Months Ended September 30, 2013 | |
| | Oil States | | | | | | | Other | | | | | | | Consolidated Oil | |
| | International, | | | | | | | Subsidiaries | | | | | | | States | |
| | Inc. (Parent/ | | | Guarantor | | | (Non- | | | Consolidating | | | International, | |
| | Guarantor) | | | Subsidiaries | | | Guarantors) | | | Adjustments | | | Inc. | |
| | (In thousands) | |
| | | | | | | | | | | | | | | | | | | | |
REVENUES | | | | | | | | | | | | | | | | | | | | |
Operating revenues | | $ | — | | | $ | 994,365 | | | $ | 1,000,620 | | | $ | — | | | $ | 1,994,985 | |
Intercompany revenues | | | — | | | | 23,071 | | | | 18,664 | | | | (41,735 | ) | | | — | |
Total revenues | | | — | | | | 1,017,436 | | | | 1,019,284 | | | | (41,735 | ) | | | 1,994,985 | |
| | | | | | | | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | |
Cost of sales and services | | | — | | | | 685,336 | | | | 571,406 | | | | (6,146 | ) | | | 1,250,596 | |
Intercompany cost of sales and services | | | — | | | | 16,786 | | | | 17,114 | | | | (33,900 | ) | | | — | |
Selling, general and administrative expenses | | | 1,271 | | | | 99,439 | | | | 55,987 | | | | — | | | | 156,697 | |
Depreciation and amortization expense | | | 683 | | | | 83,551 | | | | 120,436 | | | | (125 | ) | | | 204,545 | |
Other operating (income) expense | | | (177 | ) | | | 3,031 | | | | 631 | | | | — | | | | 3,485 | |
Operating income (loss) | | | (1,777 | ) | | | 129,293 | | | | 253,710 | | | | (1,564 | ) | | | 379,662 | |
| | | | | | | | | | | | | | | | | | | | |
Interest expense, net of capitalized interest | | | (54,214 | ) | | | (462 | ) | | | (45,983 | ) | | | 42,233 | | | | (58,426 | ) |
Interest income | | | 14,315 | | | | 136 | | | | 29,490 | | | | (42,233 | ) | | | 1,708 | |
Loss on extinguishment of debt | | | (3,265 | ) | | | — | | | | — | | | | — | | | | (3,265 | ) |
Equity in earnings (loss) of unconsolidated affiliates | | | 258,081 | | | | 179,776 | | | | (758 | ) | | | (437,857 | ) | | | (758 | ) |
Other income | | | — | | | | 812 | | | | 4,791 | | | | — | | | | 5,603 | |
Income from continuing operations before income taxes | | | 213,140 | | | | 309,555 | | | | 241,250 | | | | (439,421 | ) | | | 324,524 | |
Income tax provision | | | 44,345 | | | | (70,774 | ) | | | (60,000 | ) | | | — | | | | (86,429 | ) |
Net income from continuing operations | | | 257,485 | | | | 238,781 | | | | 181,250 | | | | (439,421 | ) | | | 238,095 | |
Net income from discontinued operations, net of tax (including a net gain on disposal of $84,209) | | | 88,969 | | | | 20,476 | | | | — | | | | — | | | | 109,445 | |
Net income | | | 346,454 | | | | 259,257 | | | | 181,250 | | | | (439,421 | ) | | | 347,540 | |
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Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | (125,407 | ) | | | (109,868 | ) | | | (113,634 | ) | | | 223,502 | | | | (125,407 | ) |
Unrealized loss on forward contracts | | | — | | | | (74 | ) | | | — | | | | — | | | | (74 | ) |
Total other comprehensive income (loss) | | | (125,407 | ) | | | (109,942 | ) | | | (113,634 | ) | | | 223,502 | | | | (125,481 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | | 221,047 | | | | 149,315 | | | | 67,616 | | | | (215,919 | ) | | | 222,059 | |
Comprehensive income attributable to noncontrolling interest | | | — | | | | — | | | | (1,023 | ) | | | (22 | ) | | | (1,045 | ) |
Comprehensive income attributable to Oil States International, Inc. | | $ | 221,047 | | | $ | 149,315 | | | $ | 66,593 | | | $ | (215,941 | ) | | $ | 221,014 | |
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Condensed Consolidating Statements of Income and Comprehensive Income |
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| | Nine Months Ended September 30, 2012 | |
| | Oil States | | | | | | | Other | | | | | | | Consolidated Oil | |
| | International, | | | | | | | Subsidiaries | | | | | | | States | |
| | Inc. (Parent/ | | | Guarantor | | | (Non- | | | Consolidating | | | International, | |
| | Guarantor) | | | Subsidiaries | | | Guarantors) | | | Adjustments | | | Inc. | |
| | (In thousands) | |
| | | | | | | | | | | | | | | | | | | | |
REVENUES | | | | | | | | | | | | | | | | | | | | |
Operating revenues | | $ | — | | | $ | 931,918 | | | $ | 1,012,233 | | | $ | — | | | $ | 1,944,151 | |
Intercompany revenues | | | — | | | | 19,403 | | | | 9,242 | | | | (28,645 | ) | | | — | |
Total revenues | | | — | | | | 951,321 | | | | 1,021,475 | | | | (28,645 | ) | | | 1,944,151 | |
| | | | | | | | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | |
Cost of sales and services | | | — | | | | 623,446 | | | | 556,602 | | | | (5,884 | ) | | | 1,174,164 | |
Intercompany cost of sales and services | | | — | | | | 13,393 | | | | 8,644 | | | | (22,037 | ) | | | — | |
Selling, general and administrative expenses | | | 1,287 | | | | 81,179 | | | | 51,182 | | | | — | | | | 133,648 | |
Depreciation and amortization expense | | | 713 | | | | 66,132 | | | | 95,779 | | | | (14 | ) | | | 162,610 | |
Other operating (income) expense | | | (503 | ) | | | 182 | | | | 2,024 | | | | — | | | | 1,703 | |
Operating income (loss) | | | (1,497 | ) | | | 166,989 | | | | 307,244 | | | | (710 | ) | | | 472,026 | |
| | | | | | | | | | | | | | | | | | | | |
Interest expense, net of capitalized interest | | | (47,782 | ) | | | (645 | ) | | | (54,489 | ) | | | 51,299 | | | | (51,617 | ) |
Interest income | | | 15,271 | | | | 100 | | | | 36,907 | | | | (51,299 | ) | | | 979 | |
Equity in earnings (loss) of unconsolidated affiliates | | | 382,702 | | | | 221,987 | | | | 149 | | | | (604,688 | ) | | | 150 | |
Other income | | | — | | | | 5,426 | | | | 2,355 | | | | — | | | | 7,781 | |
Income from continuing operations before income taxes | | | 348,694 | | | | 393,857 | | | | 292,166 | | | | (605,398 | ) | | | 429,319 | |
Income tax provision | | | 1,396 | | | | (46,244 | ) | | | (69,030 | ) | | | — | | | | (113,878 | ) |
Net income from continuing operations | | | 350,090 | | | | 347,613 | | | | 223,136 | | | | (605,398 | ) | | | 315,441 | |
Net income from discontinued operations, net of tax | | | — | | | | 35,616 | | | | — | | | | — | | | | 35,616 | |
Net income | | | 350,090 | | | | 383,229 | | | | 223,136 | | | | (605,398 | ) | | | 351,057 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | 40,527 | | | | 28,282 | | | | 28,293 | | | | (56,575 | ) | | | 40,527 | |
Unrealized loss on forward contracts | | | — | | | | (434 | ) | | | — | | | | — | | | | (434 | ) |
Total other comprehensive income (loss) | | | 40,527 | | | | 27,848 | | | | 28,293 | | | | (56,575 | ) | | | 40,093 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | | 390,617 | | | | 411,077 | | | | 251,429 | | | | (661,973 | ) | | | 391,150 | |
Comprehensive income attributable to noncontrolling interest | | | — | | | | — | | | | (988 | ) | | | (8 | ) | | | (996 | ) |
Comprehensive income attributable to Oil States International, Inc. | | $ | 390,617 | | | $ | 411,077 | | | $ | 250,441 | | | $ | (661,981 | ) | | $ | 390,154 | |
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Consolidating Balance Sheets |
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| | 30-Sep-13 | |
| | Oil States | | | | | | | Other | | | | | | | Consolidated | |
| | International, | | | | | | | Subsidiaries | | | | | | | Oil States | |
| | Inc. (Parent/ | | | Guarantor | | | (Non- | | | Consolidating | | | International, | |
| | Guarantor) | | | Subsidiaries | | | Guarantors) | | | Adjustments | | | Inc. | |
| | (In thousands) | |
| | | | | | | | | | | | | | | | | | | | |
ASSETS | |
Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 512,090 | | | $ | 18,435 | | | $ | 245,454 | | | $ | — | | | $ | 775,979 | |
Accounts receivable, net | | | 993 | | | | 320,949 | | | | 294,228 | | | | — | | | | 616,170 | |
Inventories, net | | | — | | | | 138,980 | | | | 117,685 | | | | — | | | | 256,665 | |
Prepaid expenses and other current assets | | | 10,762 | | | | 12,230 | | | | 11,236 | | | | — | | | | 34,228 | |
Total current assets | | | 523,845 | | | | 490,594 | | | | 668,603 | | | | — | | | | 1,683,042 | |
| | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | 2,391 | | | | 605,736 | | | | 1,309,455 | | | | (3,494 | ) | | | 1,914,088 | |
Goodwill, net | | | — | | | | 222,236 | | | | 277,594 | | | | — | | | | 499,830 | |
Other intangible assets, net | | | — | | | | 55,211 | | | | 72,394 | | | | — | | | | 127,605 | |
Investments in unconsolidated affiliates | | | 2,552,624 | | | | 1,687,320 | | | | 2,443 | | | | (4,239,944 | ) | | | 2,443 | |
Long-term intercompany receivables (payables) | | | 559,278 | | | | (164,173 | ) | | | (395,107 | ) | | | 2 | | | | — | |
Other noncurrent assets | | | 35,444 | | | | 980 | | | | 10,040 | | | | — | | | | 46,464 | |
Total assets | | $ | 3,673,582 | | | $ | 2,897,904 | | | $ | 1,945,422 | | | $ | (4,243,436 | ) | | $ | 4,273,472 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND EQUITY | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,445 | | | $ | 66,805 | | | $ | 76,305 | | | $ | — | | | $ | 144,555 | |
Accrued liabilities | | | 35,624 | | | | 46,264 | | | | 34,021 | | | | 2 | | | | 115,911 | |
Income taxes | | | (93,494 | ) | | | 145,737 | | | | 14,251 | | | | — | | | | 66,494 | |
Current portion of long-term debt and capitalized leases | | | 22 | | | | 438 | | | | 32 | | | | — | | | | 492 | |
Deferred revenue | | | — | | | | 30,666 | | | | 35,258 | | | | — | | | | 65,924 | |
Other current liabilities | | | — | | | | 9,910 | | | | 258 | | | | — | | | | 10,168 | |
Total current liabilities | | | (56,403 | ) | | | 299,820 | | | | 160,125 | | | | 2 | | | | 403,544 | |
| | | | | | | | | | | | | | | | | | | | |
Long-term debt and capitalized leases | | | 1,000,008 | | | | 6,779 | | | | 57 | | | | — | | | | 1,006,844 | |
Deferred income taxes | | | 5,268 | | | | 64,078 | | | | 58,997 | | | | — | | | | 128,343 | |
Other noncurrent liabilities | | | 15,690 | | | | 1,742 | | | | 7,180 | | | | (449 | ) | | | 24,163 | |
Total liabilities | | | 964,563 | | | | 372,419 | | | | 226,359 | | | | (447 | ) | | | 1,562,894 | |
| | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity | | | 2,709,019 | | | | 2,525,485 | | | | 1,717,673 | | | | (4,243,158 | ) | | | 2,709,019 | |
Non-controlling interest | | | — | | | | — | | | | 1,390 | | | | 169 | | | | 1,559 | |
Total stockholders’ equity | | | 2,709,019 | | | | 2,525,485 | | | | 1,719,063 | | | | (4,242,989 | ) | | | 2,710,578 | |
Total liabilities and stockholders’ equity | | $ | 3,673,582 | | | $ | 2,897,904 | | | $ | 1,945,422 | | | $ | (4,243,436 | ) | | $ | 4,273,472 | |
|
Condensed Consolidating Balance Sheets |
|
| | 31-Dec-12 | |
| | Oil States | | | | | | | Other | | | | | | | Consolidated | |
| | International, | | | | | | | Subsidiaries | | | | | | | Oil States | |
| | Inc. (Parent/ | | | Guarantor | | | (Non- | | | Consolidating | | | International, | |
| | Guarantor) | | | Subsidiaries | | | Guarantors) | | | Adjustments | | | Inc. | |
| | (In thousands) | |
| | | | | | | | | | | | | | | | | | | | |
ASSETS | |
Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 3,222 | | | $ | 57,205 | | | $ | 192,745 | | | $ | — | | | $ | 253,172 | |
Accounts receivable, net | | | 431 | | | | 302,123 | | | | 345,379 | | | | — | | | | 647,933 | |
Inventories, net | | | — | | | | 135,500 | | | | 118,494 | | | | — | | | | 253,994 | |
Current assets held for sale | | | — | | | | 632,496 | | | | — | | | | — | | | | 632,496 | |
Prepaid expenses and other current assets | | | 4,592 | | | | 20,628 | | | | 13,277 | | | | — | | | | 38,497 | |
Total current assets | | | 8,245 | | | | 1,147,952 | | | | 669,895 | | | | — | | | | 1,826,092 | |
| | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | 1,922 | | | | 553,145 | | | | 1,274,106 | | | | (1,931 | ) | | | 1,827,242 | |
Goodwill, net | | | — | | | | 221,610 | | | | 299,208 | | | | — | | | | 520,818 | |
Other intangible assets, net | | | — | | | | 58,269 | | | | 87,834 | | | | — | | | | 146,103 | |
Investments in unconsolidated affiliates | | | 2,658,946 | | | | 1,614,822 | | | | 3,000 | | | | (4,273,768 | ) | | | 3,000 | |
Long-term intercompany receivables (payables) | | | 855,354 | | | | (495,655 | ) | | | (359,697 | ) | | | (2 | ) | | | — | |
Noncurrent assets held for sale | | | — | | | | 31,605 | | | | — | | | | — | | | | 31,605 | |
Other noncurrent assets | | | 40,989 | | | | 25,977 | | | | 18,136 | | | | — | | | | 85,102 | |
Total assets | | $ | 3,565,456 | | | $ | 3,157,725 | | | $ | 1,992,482 | | | $ | (4,275,701 | ) | | $ | 4,439,962 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND EQUITY | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,847 | | | $ | 68,558 | | | $ | 97,237 | | | $ | — | | | $ | 167,642 | |
Accrued liabilities | | | 17,147 | | | | 49,388 | | | | 37,267 | | | | (2 | ) | | | 103,800 | |
Income taxes | | | (95,930 | ) | | | 94,996 | | | | 30,522 | | | | — | | | | 29,588 | |
Current portion of long-term debt and capitalized leases | | | 20,022 | | | | 314 | | | | 10,144 | | | | — | | | | 30,480 | |
Deferred revenue | | | — | | | | 26,295 | | | | 16,727 | | | | — | | | | 43,022 | |
Current liabilities held for sale | | | — | | | | 139,686 | | | | — | | | | — | | | | 139,686 | |
Other current liabilities | | | — | | | | 4,027 | | | | 287 | | | | — | | | | 4,314 | |
Total current liabilities | | | (56,914 | ) | | | 383,264 | | | | 192,184 | | | | (2 | ) | | | 518,532 | |
| | | | | | | | | | | | | | | | | | | | |
Long-term debt and capitalized leases | | | 1,150,024 | | | | 6,203 | | | | 123,578 | | | | — | | | | 1,279,805 | |
Deferred income taxes | | | (4,772 | ) | | | 75,204 | | | | 53,526 | | | | — | | | | 123,958 | |
Noncurrent liabilities held for sale | | | — | | | | 5,277 | | | | — | | | | — | | | | 5,277 | |
Other noncurrent liabilities | | | 12,713 | | | | 26,906 | | | | 7,420 | | | | (449 | ) | | | 46,590 | |
Total liabilities | | | 1,101,051 | | | | 496,854 | | | | 376,708 | | | | (451 | ) | | | 1,974,162 | |
| | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity | | | 2,464,405 | | | | 2,660,871 | | | | 1,614,526 | | | | (4,275,397 | ) | | | 2,464,405 | |
Non-controlling interest | | | — | | | | — | | | | 1,248 | | | | 147 | | | | 1,395 | |
Total stockholders’ equity | | | 2,464,405 | | | | 2,660,871 | | | | 1,615,774 | | | | (4,275,250 | ) | | | 2,465,800 | |
Total liabilities and stockholders’ equity | | $ | 3,565,456 | | | $ | 3,157,725 | | | $ | 1,992,482 | | | $ | (4,275,701 | ) | | $ | 4,439,962 | |
|
Condensed Consolidating Statements of Cash Flows |
|
| | Nine Months Ended September 30, 2013 | |
| | Oil States | | | | | | | Other | | | | | | | Consolidated | |
| | International, | | | | | | | Subsidiaries | | | | | | | Oil States | |
| | Inc. (Parent/ | | | Guarantor | | | (Non- | | | Consolidating | | | International, | |
| | Guarantor) | | | Subsidiaries | | | Guarantors) | | | Adjustments | | | Inc. | |
| | (In thousands) | |
| | | | | | | | | | | | | | | | | | | | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | | $ | (90,282 | ) | | $ | 324,496 | | | $ | 350,151 | | | $ | (1,688 | ) | | $ | 582,677 | |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Capital expenditures, including capitalized interest | | | (1,036 | ) | | | (138,779 | ) | | | (217,512 | ) | | | 1,688 | | | | (355,639 | ) |
Acquisitions of businesses, net of cash acquired | | | — | | | | (321 | ) | | | (1,450 | ) | | | — | | | | (1,771 | ) |
Proceeds from disposition of property, plant and equipment | | | — | | | | 1,735 | | | | 6,800 | | | | — | | | | 8,535 | |
Proceeds from sale of business | | | 600,000 | | | | — | | | | — | | | | — | | | | 600,000 | |
Payments for equity contributions | | | (56,646 | ) | | | (2,518 | ) | | | — | | | | 59,164 | | | | — | |
Other, net | | | 1 | | | | 80 | | | | — | | | | — | | | | 81 | |
Net cash provided by (used in) investing activities | | | 542,319 | | | | (139,803 | ) | | | (212,162 | ) | | | 60,852 | | | | 251,206 | |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Revolving credit borrowings (repayments), net | | | — | | | | — | | | | (47,901 | ) | | | — | | | | (47,901 | ) |
Term loan repayments | | | (170,000 | ) | | | — | | | | (82,762 | ) | | | — | | | | (252,762 | ) |
Debt and capital lease payments | | | (17 | ) | | | (274 | ) | | | (1,889 | ) | | | — | | | | (2,180 | ) |
Issuance of common stock from share-based payment arrangements | | | 14,172 | | | | — | | | | — | | | | — | | | | 14,172 | |
Purchase of treasury stock | | | (11,889 | ) | | | — | | | | — | | | | — | | | | (11,889 | ) |
Excess tax benefits from share-based payment arrangements | | | 5,447 | | | | — | | | | — | | | | — | | | | 5,447 | |
Payment of financing costs | | | (203 | ) | | | — | | | | — | | | | — | | | | (203 | ) |
Proceeds from (funding of) accounts and notes with affiliates, net | | | 223,483 | | | | (245,689 | ) | | | 22,206 | | | | — | | | | — | |
Payments from equity contributions | | | — | | | | 22,569 | | | | 36,595 | | | | (59,164 | ) | | | — | |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | | | (4,161 | ) | | | — | | | | — | | | | — | | | | (4,161 | ) |
Other, net | | | (1 | ) | | | 1 | | | | (1 | ) | | | — | | | | (1 | ) |
Net cash provided by (used in) financing activities | | | 56,831 | | | | (223,393 | ) | | | (73,752 | ) | | | (59,164 | ) | | | (299,478 | ) |
| | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash | | | — | | | | (70 | ) | | | (11,528 | ) | | | — | | | | (11,598 | ) |
Net change in cash and cash equivalents | | | 508,868 | | | | (38,770 | ) | | | 52,709 | | | | — | | | | 522,807 | |
Cash and cash equivalents, beginning of period | | | 3,222 | | | | 57,205 | | | | 192,745 | | | | — | | | | 253,172 | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 512,090 | | | $ | 18,435 | | | $ | 245,454 | | | $ | — | | | $ | 775,979 | |
|
Condensed Consolidating Statements of Cash Flows |
|
| | Nine Months Ended September 30, 2012 | |
| | Oil States | | | Guarantor | | | Other | | | Consolidating | | | Consolidated | |
International, | Subsidiaries | Subsidiaries | Adjustments | Oil States |
Inc. (Parent/ | | (Non- | | International, |
Guarantor) | | Guarantors) | | Inc. |
| | (In thousands) | |
| | | | | | | | | | | | | | | | | | | | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | | $ | (108,585 | ) | | $ | 258,575 | | | $ | 295,544 | | | $ | — | | | $ | 445,534 | |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Capital expenditures, including capitalized interest | | | (1,299 | ) | | | (137,792 | ) | | | (192,659 | ) | | | — | | | | (331,750 | ) |
Acquisitions of businesses, net of cash acquired | | | — | | | | (48,000 | ) | | | — | | | | — | | | | (48,000 | ) |
Proceeds from disposition of property, plant and equipment | | | — | | | | 5,944 | | | | 3,665 | | | | — | | | | 9,609 | |
Payments for equity contributions | | | (14,012 | ) | | | (10,006 | ) | | | (1,715 | ) | | | 24,018 | | | | (1,715 | ) |
Other, net | | | — | | | | 49 | | | | (2 | ) | | | — | | | | 47 | |
Net cash provided by (used in) investing activities | | | (15,311 | ) | | | (189,805 | ) | | | (190,711 | ) | | | 24,018 | | | | (371,809 | ) |
| | | | | | | | | | | | | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | |
Revolving credit borrowings (repayments), net | | | 208,254 | | | | — | | | | (6,417 | ) | | | — | | | | 201,837 | |
Payment of principal on 2 3/8% Notes conversion``` | | | (174,990 | ) | | | — | | | | — | | | | — | | | | (174,990 | ) |
Term loan repayments | | | (15,000 | ) | | | — | | | | (7,510 | ) | | | — | | | | (22,510 | ) |
Debt and capital lease payments | | | (15 | ) | | | (2,314 | ) | | | (124 | ) | | | — | | | | (2,453 | ) |
Issuance of common stock from share-based payment arrangements | | | 13,108 | | | | — | | | | — | | | | — | | | | 13,108 | |
Excess tax benefits from share-based payment arrangements | | | 7,739 | | | | — | | | | — | | | | — | | | | 7,739 | |
Payment of financing costs | | | (23 | ) | | | — | | | | (3,241 | ) | | | — | | | | (3,264 | ) |
Proceeds from (funding of) accounts and notes with affiliates, net | | | 89,490 | | | | (80,384 | ) | | | (9,106 | ) | | | — | | | | — | |
Payments from equity contributions | | | — | | | | 14,012 | | | | 10,006 | | | | (24,018 | ) | | | — | |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | | | (4,167 | ) | | | — | | | | — | | | | — | | | | (4,167 | ) |
Other, net | | | — | | | | 1 | | | | 2 | | | | — | | | | 3 | |
Net cash provided by (used in) financing activities | | | 124,396 | | | | (68,685 | ) | | | (16,390 | ) | | | (24,018 | ) | | | 15,303 | |
| | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash | | | — | | | | — | | | | 2,802 | | | | — | | | | 2,802 | |
Net change in cash and cash equivalents | | | 500 | | | | 85 | | | | 91,245 | | | | — | | | | 91,830 | |
Cash and cash equivalents, beginning of period | | | (295 | ) | | | 1,736 | | | | 70,280 | | | | — | | | | 71,721 | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 205 | | | $ | 1,821 | | | $ | 161,525 | | | $ | — | | | $ | 163,551 | |
|