Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'OIL STATES INTERNATIONAL, INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 53,056,361 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001121484 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | $657,982 | $675,527 |
Costs and expenses: | ' | ' |
Cost of sales and services | 415,826 | 418,389 |
Selling, general and administrative expenses | 56,545 | 50,017 |
Depreciation and amortization expense | 70,386 | 66,312 |
Other operating expense (income) | 1,582 | -5,691 |
544,339 | 529,027 | |
Operating income | 113,643 | 146,500 |
Interest expense, net of capitalized interest | -17,104 | -20,090 |
Interest income | 917 | 563 |
Equity in earnings (losses) of unconsolidated affiliates | 97 | -735 |
Other income | 1,669 | 1,072 |
Income from continuing operations before income taxes | 99,222 | 127,310 |
Income tax provision | -27,531 | -33,751 |
Net income from continuing operations | 71,691 | 93,559 |
Net income from discontinued operations, net of tax | 182 | 9,025 |
Net income | 71,873 | 102,584 |
Less: Net income attributable to noncontrolling interest | 369 | 395 |
Net income attributable to Oil States International, Inc. | 71,504 | 102,189 |
Net income attributable to Oil States International, Inc.: | ' | ' |
Continuing operations | 71,322 | 93,164 |
Discontinued operations | $182 | $9,025 |
Basic net income per share attributable to Oil States International, Inc. common stockholders from: | ' | ' |
Continuing operations (in Dollars per share) | $1.33 | $1.70 |
Discontinued operations (in Dollars per share) | ' | $0.16 |
Net income (in Dollars per share) | $1.33 | $1.86 |
Diluted net income per share attributable to Oil States International, Inc. common stockholders from: | ' | ' |
Continuing operations (in Dollars per share) | $1.32 | $1.69 |
Discontinued operations (in Dollars per share) | ' | $0.16 |
Net income (in Dollars per share) | $1.32 | $1.85 |
Weighted average number of common shares outstanding: | ' | ' |
Basic (in Shares) | 53,288 | 54,808 |
Diluted (in Shares) | 53,588 | 55,373 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $71,873 | $102,584 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustment | -20 | -22,339 |
Unrealized gain on forward contracts, net of tax | ' | 210 |
Total other comprehensive loss | -20 | -22,129 |
Comprehensive income | 71,853 | 80,455 |
Comprehensive income attributable to noncontrolling interest | -304 | -366 |
Comprehensive income attributable to Oil States International, Inc. | $71,549 | $80,089 |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited)(USD ($)) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $454,873 | $599,306 |
Accounts receivable, net | 631,025 | 620,333 |
Inventories, net | 271,378 | 266,552 |
Prepaid expenses and other current assets | 42,176 | 39,716 |
Total current assets | 1,399,452 | 1,525,907 |
Property, plant, and equipment, net | 1,938,283 | 1,902,789 |
Goodwill, net | 519,766 | 513,650 |
Other intangible assets, net | 132,195 | 133,531 |
Other noncurrent assets | 56,391 | 55,384 |
Total assets | 4,046,087 | 4,131,261 |
Current liabilities: | ' | ' |
Accounts payable | 152,153 | 149,079 |
Accrued liabilities | 98,514 | 132,046 |
Income taxes | 25,417 | 32,679 |
Current portion of long-term debt and capitalized leases | 529 | 529 |
Deferred revenue | 53,388 | 50,366 |
Other current liabilities | 14,102 | 9,137 |
Total current liabilities | 344,103 | 373,836 |
Long-term debt and capitalized leases | 972,562 | 972,692 |
Deferred income taxes | 115,931 | 122,821 |
Other noncurrent liabilities | 40,762 | 36,618 |
Total liabilities | 1,473,358 | 1,505,967 |
Oil States International, Inc. stockholders’ equity: | ' | ' |
Common stock, $.01 par value, 200,000,000 shares authorized, 59,478,369 shares and 59,192,051 shares issued, respectively, and 53,050,411 shares and 54,181,569 shares outstanding, respectively | 595 | 592 |
Additional paid-in capital | 651,643 | 637,438 |
Retained earnings | 2,391,957 | 2,320,453 |
Accumulated other comprehensive loss | -85,695 | -85,675 |
Common stock held in treasury at cost, 6,427,958 and 5,010,482 shares, respectively | -387,952 | -249,391 |
Total Oil States International, Inc. stockholders’ equity | 2,570,548 | 2,623,417 |
Noncontrolling interest | 2,181 | 1,877 |
Total stockholders’ equity | 2,572,729 | 2,625,294 |
Total liabilities and stockholders’ equity | $4,046,087 | $4,131,261 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 59,478,369 | 59,192,051 |
Common stock, shares outstanding | 53,050,411 | 54,181,569 |
Treasury stock, shares | 6,427,958 | 5,010,482 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Cash Flows | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
USD ($) | USD ($) | |
Cash flows from operating activities: | ' | ' |
Net income | $71,873 | $102,584 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 70,386 | 66,915 |
Deferred income tax provision | -6,253 | -8,977 |
Excess tax benefits from share-based payment arrangements | -1,660 | -3,322 |
Provision for loss on receivables | 1,920 | 226 |
Non-cash compensation charge | 7,375 | 6,285 |
Amortization of deferred financing costs | 1,627 | 2,019 |
Other, net | -293 | -3,565 |
Changes in operating assets and liabilities, net of effect from acquired businesses: | ' | ' |
Accounts receivable | -17,325 | 29,000 |
Inventories | -6,372 | 17,824 |
Accounts payable and accrued liabilities | -19,985 | -16,256 |
Taxes payable | -3,656 | 21,155 |
Other operating assets and liabilities, net | 7,674 | 4,721 |
Net cash flows provided by operating activities | 105,311 | 218,609 |
Cash flows from investing activities: | ' | ' |
Capital expenditures, including capitalized interest | -103,427 | -107,397 |
Proceeds from disposition of property, plant and equipment | 2,210 | 2,075 |
Other, net | -385 | 108 |
Net cash flows used in investing activities | -101,602 | -105,214 |
Cash flows from financing activities: | ' | ' |
Revolving credit borrowings and (repayments), net | ' | -29,219 |
Term loan repayments | ' | -7,526 |
Debt and capital lease repayments | -129 | -110 |
Issuance of common stock from share-based payment arrangements | 3,346 | 3,498 |
Purchase of treasury stock | -141,043 | ' |
Excess tax benefits from share-based payment arrangements | 1,660 | 3,322 |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | -4,915 | -3,593 |
Other, net | -2 | -200 |
Net cash flows used in financing activities | -141,083 | -33,828 |
Effect of exchange rate changes on cash | -7,059 | -6,770 |
Net change in cash and cash equivalents | -144,433 | 72,797 |
Cash and cash equivalents, beginning of period | 599,306 | 253,172 |
Cash and cash equivalents, end of period | $454,873 | $325,969 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
1 | ORGANIZATION AND BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its wholly-owned subsidiaries (referred to in this report as we or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the Commission) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair presentation 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. | ||
In September 2013, the Company entered into a Stock Purchase Agreement with Marubeni-Itochu Tubulars America, Inc. (Marubeni-Itochu) for the sale of Sooner, Inc. and its subsidiaries (Sooner), which comprised the entirety of the Company’s tubular services segment. The unaudited Condensed Consolidated Statements of Income for all periods presented have been reclassified to reflect the presentation of discontinued operations. Unless otherwise indicated, all disclosures and amounts in the Notes to Unaudited Condensed Consolidated Financial Statements relate to the Company’s continuing operations. | ||
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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions, upon which the financial statements are based, change in future periods, actual amounts may differ from those included in the accompanying condensed consolidated financial statements. | ||
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, 2013 (the 2013 Form 10-K). |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' | |
2 | 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. |
Note_3_Details_of_Selected_Bal
Note 3 - Details of Selected Balance Sheet Accounts | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Disclosure Text Block Supplement [Abstract] | ' | |||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | |||||||||
3 | DETAILS OF SELECTED BALANCE SHEET ACCOUNTS | |||||||||
Additional information regarding selected balance sheet accounts at March 31, 2014 and December 31, 2013 is presented below (in thousands): | ||||||||||
MARCH 31, | DECEMBER 31, | |||||||||
2014 | 2013 | |||||||||
Accounts receivable, net: | ||||||||||
Trade | $ | 434,445 | $ | 456,114 | ||||||
Unbilled revenue | 199,407 | 163,766 | ||||||||
Other | 6,993 | 7,987 | ||||||||
Total accounts receivable | 640,845 | 627,867 | ||||||||
Allowance for doubtful accounts | (9,820 | ) | (7,534 | ) | ||||||
$ | 631,025 | $ | 620,333 | |||||||
MARCH 31, | DECEMBER 31, | |||||||||
2014 | 2013 | |||||||||
Inventories, net: | ||||||||||
Finished goods and purchased products | $ | 106,217 | $ | 91,909 | ||||||
Work in process | 62,557 | 72,903 | ||||||||
Raw materials | 112,974 | 111,280 | ||||||||
Total inventories | 281,748 | 276,092 | ||||||||
Allowance for excess, damaged, or obsolete inventory | (10,370 | ) | (9,540 | ) | ||||||
$ | 271,378 | $ | 266,552 | |||||||
Estimated | MARCH 31, | DECEMBER 31, | ||||||||
Useful Life (years) | 2014 | 2013 | ||||||||
Property, plant and equipment, net: | ||||||||||
Land | $ | 79,457 | $ | 76,545 | ||||||
Accommodations assets | 15-Mar | 1,550,014 | 1,535,407 | |||||||
Buildings and leasehold improvements | Mar-40 | 211,516 | 204,455 | |||||||
Machinery and equipment | Feb-29 | 443,621 | 434,578 | |||||||
Completion services equipment | 10-Apr | 329,543 | 314,445 | |||||||
Office furniture and equipment | 10-Jan | 60,652 | 57,026 | |||||||
Vehicles | 10-Feb | 141,127 | 140,156 | |||||||
Construction in progress | 205,945 | 172,252 | ||||||||
Total property, plant and equipment | 3,021,875 | 2,934,864 | ||||||||
Accumulated depreciation | (1,083,592 | ) | (1,032,075 | ) | ||||||
$ | 1,938,283 | $ | 1,902,789 | |||||||
MARCH 31, | DECEMBER 31, | |||||||||
2014 | 2013 | |||||||||
Accrued liabilities: | ||||||||||
Accrued compensation | $ | 39,260 | $ | 71,535 | ||||||
Insurance liabilities | 12,974 | 13,198 | ||||||||
Accrued taxes, other than income taxes | 11,599 | 7,619 | ||||||||
Accrued interest | 16,987 | 11,931 | ||||||||
Accrued commissions | 4,212 | 3,654 | ||||||||
Accrued treasury stock repurchase | -- | 7,397 | ||||||||
Other | 13,482 | 16,712 | ||||||||
$ | 98,514 | $ | 132,046 | |||||||
Note_4_Accumulated_Other_Compr
Note 4 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Comprehensive Income (Loss) Note [Text Block] | ' | |
4 | ACCUMULATED OTHER COMPREHENSIVE LOSS | |
Our accumulated other comprehensive loss was $85.7 million at March 31, 2014 and December 31, 2013 primarily as a result of foreign currency exchange rate differences. Changes in the other comprehensive loss during the first quarter of 2014 were essentially offsetting due to the Canadian dollar decreasing in value compared to the U.S. dollar and the Australian dollar increasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$1.0 billion and A$970 million, respectively, at March 31, 2014. |
Note_5_Earnings_Per_Share
Note 5 - Earnings Per Share | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
5 | EARNINGS PER SHARE | ||||||||||||||||
The numerator (income) and denominator (shares) used for the computation of basic and diluted earnings per share from continuing operations were as follows (in thousands): | |||||||||||||||||
THREE MONTHS ENEDED MARCH 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income | Shares | Income | Shares | ||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to Oil States International, Inc. | $ | 71,504 | $ | 102,189 | |||||||||||||
Less: Undistributed net income allocable to participating securities | (781 | ) | -- | ||||||||||||||
Undistributed net income applicable to common stockholders | 70,723 | 102,189 | |||||||||||||||
Less: Income from discontinued operations, net of tax | (182 | ) | (9,025 | ) | |||||||||||||
Add: Undistributed net income from discontinued operations allocable to participating securities | 2 | -- | |||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 70,543 | 53,288 | $ | 93,164 | 54,808 | |||||||||||
Diluted: | |||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 70,543 | 53,288 | $ | 93,164 | 54,808 | |||||||||||
Effect of dilutive securities: | |||||||||||||||||
Undistributed net income reallocated to participating securities | 4 | -- | -- | -- | |||||||||||||
Options on common stock | -- | 283 | -- | 391 | |||||||||||||
Restricted stock awards and other | -- | 17 | -- | 174 | |||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted | 70,547 | 53,588 | 93,164 | 55,373 | |||||||||||||
Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders | 180 | 9,025 | |||||||||||||||
Undistributed net income reallocated to participating securities | -- | -- | |||||||||||||||
Net income attributable to Oil States International, Inc. common stockholders – Diluted | $ | 70,727 | 53,588 | $ | 102,189 | 55,373 | |||||||||||
Our calculations of diluted earnings per share for the three months ended March 31, 2014 and 2013 exclude 198,405 shares and 392,905 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect. |
Note_6_Business_Acquisitions_a
Note 6 - Business Acquisitions and Goodwill | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
6 | BUSINESS ACQUISITIONS AND GOODWILL | ||||||||||||||||||||||||
On December 2, 2013, we acquired all of the operating assets of Quality Connector Systems, LLC (QCS). Headquartered in Houston, Texas, QCS designs, manufactures and markets a portfolio of proprietary deep and shallow water pipeline connectors for subsea pipeline construction, repair and expansion projects. Subject to customary post-closing adjustments, total cash consideration was $42.5 million. The operations of QCS have been included in our offshore products segment since the acquisition date. | |||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the three month period ended March 31, 2014 were as follows (in thousands): | |||||||||||||||||||||||||
Well Site Services | |||||||||||||||||||||||||
Completion Services | Drilling Services | Subtotal | Accommodations | Offshore Products | Total | ||||||||||||||||||||
Balance as of December 31, 2012 | |||||||||||||||||||||||||
Goodwill | $ | 201,281 | $ | 22,767 | $ | 224,048 | $ | 295,132 | $ | 118,933 | $ | 638,113 | |||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | |||||||||||||||
106,753 | -- | 106,753 | 295,132 | 118,933 | 520,818 | ||||||||||||||||||||
Goodwill acquired and purchase price adjustments | 1,576 | -- | 1,576 | -- | 26,179 | 27,755 | |||||||||||||||||||
Foreign currency translation and other changes | (946 | ) | -- | (946 | ) | (34,076 | ) | 99 | (34,923 | ) | |||||||||||||||
107,383 | -- | 107,383 | 261,056 | 145,211 | 513,650 | ||||||||||||||||||||
Balance as of December 31, 2013 | |||||||||||||||||||||||||
Goodwill | 201,911 | 22,767 | 224,678 | 261,056 | 145,211 | 630,945 | |||||||||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | |||||||||||||||
107,383 | -- | 107,383 | 261,056 | 145,211 | 513,650 | ||||||||||||||||||||
Goodwill acquired and purchase price adjustments | 194 | -- | 194 | -- | -- | 194 | |||||||||||||||||||
Foreign currency translation and other changes | (517 | ) | -- | (517 | ) | 6,402 | 37 | 5,922 | |||||||||||||||||
107,060 | -- | 107,060 | 267,458 | 145,248 | 519,766 | ||||||||||||||||||||
Balance as of March 31, 2014 | |||||||||||||||||||||||||
Goodwill | 201,588 | 22,767 | 224,355 | 267,458 | 145,248 | 637,061 | |||||||||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | |||||||||||||||
$ | 107,060 | $ | -- | $ | 107,060 | $ | 267,458 | $ | 145,248 | $ | 519,766 | ||||||||||||||
Note_7_Discontinued_Operations
Note 7 - Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
7 | DISCONTINUED OPERATIONS | ||||||||
On September 6, 2013, the Company entered into a Stock Purchase Agreement with Marubeni-Itochu for the sale of Sooner, which comprised the entirety of the Company’s tubular services segment. Total consideration received by the Company was $600 million. We recognized a net gain on disposal of $128.4 million ($84.0 million after-tax) in 2013. | |||||||||
In connection with this transaction, the parties entered into a transition services agreement for the Company to provide certain information technology applications and infrastructure and various administrative services to Sooner during the transition period in exchange for monthly service fees. The transition services agreement expired on February 28, 2014. The cash flows from the disposed business to the Company resulting from the transition services agreement are not significant and did not constitute a significant continuing involvement in Sooner. | |||||||||
Sooner, which had previously been presented as a separate reporting unit, meets the criteria for being reported as a discontinued operation and has been reclassified from continuing operations. Discontinued operations for the three months ended March 31, 2013 reflect the operating results of Sooner while discontinued operations for the three months ended March 31, 2014 consist primarily of adjustments related to the revaluation of outstanding equity options and awards for Sooner employees. | |||||||||
The following table provides the components of net income from discontinued operations, net of tax (in thousands). | |||||||||
Three Months Ended | Three Months Ended | ||||||||
March 31 2014 | 31-Mar-13 | ||||||||
Revenues | $ | -- | $ | 393,913 | |||||
Income from discontinued operations before income taxes | 257 | 14,714 | |||||||
Income tax provision | (75 | ) | (5,689 | ) | |||||
Net income from discontinued operations, net of tax | $ | 182 | $ | 9,025 | |||||
Note_8_Debt
Note 8 - Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
8 | DEBT | ||||||||
As of March 31, 2014 and December 31, 2013, long-term debt consisted of the following (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
U.S. revolving credit facility, which matures December 10, 2015, with available commitments up to $500 million; no borrowings outstanding during the three month period ended March 31, 2014 | $ | -- | $ | -- | |||||
Canadian revolving credit facility, which matures on December 10, 2015, with available commitments up to $250 million; no borrowings outstanding during the three month period ended March 31, 2014 | -- | -- | |||||||
Australian revolving credit facility, which matures December 10, 2015, with available commitments up to AUD$300 million; no borrowings outstanding during the three month period ended March 31, 2014 | -- | -- | |||||||
6 1/2% senior unsecured notes - due June 2019 | 600,000 | 600,000 | |||||||
5 1/8% senior unsecured notes - due January 2023 | 366,000 | 366,000 | |||||||
Capital lease obligations and other debt | 7,091 | 7,221 | |||||||
Total debt | 973,091 | 973,221 | |||||||
Less: Current portion | 529 | 529 | |||||||
Total long-term debt and capitalized leases | $ | 972,562 | $ | 972,692 | |||||
5 1/8% Senior Unsecured Notes | |||||||||
On December 21, 2012, the Company sold $400 million aggregate principal amount of 5 1/8% Senior Notes due 2023 (5 1/8% Notes) through a private placement to qualified institutional buyers. The 5 1/8% Notes are senior unsecured obligations of the Company, are guaranteed by our material U.S. subsidiaries (the Guarantors), bear interest at a rate of 5 1/8% per annum and mature on January 1, 2023. At any time prior to January 15, 2016, the Company may redeem up to 35% of the 5 1/8% Notes at a redemption price of 105.125% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. Prior to January 15, 2018, the Company may redeem some or all of the 5 1/8% Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. On and after January 15, 2018, the Company may redeem some or all of the 5 1/8% Notes at redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date. The optional redemption prices as a percentage of principal amount are as follows: | |||||||||
Twelve Month Period Beginning January 15, | % of Principal Amount | ||||||||
2018 | 102.563 | % | |||||||
2019 | 101.708 | % | |||||||
2020 | 100.854 | % | |||||||
2021 and thereafter | 100 | % | |||||||
The Company utilized approximately $334 million of the net proceeds of the 5 1/8% Notes to repay borrowings under its U.S. revolving credit facility. The remaining net proceeds of approximately $61 million were utilized for general corporate purposes. | |||||||||
In the fourth quarter of 2013, the Company repurchased $34.0 million aggregate principal amount of the 5 1/8% Notes. See Note 15 to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional discussion regarding our 5 1/8% Notes as they relate to the proposed spin-off of our accommodations segment. | |||||||||
6 1/2% Senior Unsecured Notes | |||||||||
On June 1, 2011, the Company sold $600 million aggregate principal amount of 6 1/2% Senior Notes due 2019 (6 1/2% Notes) through a private placement to qualified institutional buyers. The 6 1/2% Notes are senior unsecured obligations of the Company, are guaranteed by our material U.S. subsidiaries (the Guarantors), bear interest at a rate of 6 1/2% per annum and mature on June 1, 2019. At any time prior to June 1, 2014, the Company may redeem up to 35% of the 6 1/2% Notes at a redemption price of 106.5% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. Prior to June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. On and after June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes at redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date. The optional redemption prices as a percentage of principal amount are as follows: | |||||||||
Twelve Month Period Beginning June 1, | % of Principal Amount | ||||||||
2014 | 104.875 | % | |||||||
2015 | 103.25 | % | |||||||
2016 | 101.625 | % | |||||||
2017 and thereafter | 100 | % | |||||||
The Company utilized approximately $515 million of the net proceeds of the 6 1/2% Notes to repay borrowings outstanding under its U.S. and Canadian credit facilities. The remaining net proceeds of approximately $75 million were utilized for general corporate purposes. See Note 15 to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional discussion regarding our 5 1/8% Notes as it relates to the proposed spin-off of our accommodations segment. | |||||||||
As of March 31, 2014, the Company had approximately $454.9 million of cash and cash equivalents and $717.1 million of the Company’s U.S. and Canadian credit facilities available for future financing needs. The Company also had availability totaling A$300 million under its Australian credit facility. As of March 31, 2014, the Company had $32.9 million of outstanding letters of credit which reduced amounts available under its credit facilities. | |||||||||
Interest expense on the condensed consolidated statements of income is net of capitalized interest of $0.3 million for the three months ended March 31, 2014 and $0.3 million for the same period in 2013. |
Note_9_Fair_Value_Measurements
Note 9 - Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
9 | FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables, bank debt and foreign currency forward contracts. The Company believes that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values. | |||||||||||||||||
The fair values of the Company’s 6 1/2% Notes and 5 1/8% Notes are estimated based on quoted prices and analysis of similar instruments (Level 2 fair value measurements). The carrying values and fair values of these notes are as follows for the periods indicated (in thousands): | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
5 1/8% Notes | |||||||||||||||||
Principal amount due 2023 | $ | 366,000 | $ | 411,750 | $ | 366,000 | $ | 411,066 | |||||||||
6 1/2% Notes | |||||||||||||||||
Principal amount due 2019 | $ | 600,000 | $ | 632,628 | $ | 600,000 | $ | 639,378 | |||||||||
Note_10_Changes_in_Common_Stoc
Note 10 - Changes in Common Stock Outstanding | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||
10 | CHANGES IN COMMON STOCK OUTSTANDING | ||||
Shares of common stock outstanding – January 1, 2014 | 54,181,569 | ||||
Repurchase of shares – transferred to treasury | (1,368,086 | ) | |||
Shares issued upon exercise of stock options and vesting of restricted stock awards | 286,318 | ||||
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury | (49,390 | ) | |||
Shares of common stock outstanding – March 31, 2014 | 53,050,411 | ||||
Note_11_Stock_Based_Compensati
Note 11 - Stock Based Compensation | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |
11 | STOCK BASED COMPENSATION | |
During the first three months of 2014, we granted restricted stock awards totaling 225,942 shares valued at a total of $22.7 million. Of the restricted stock awards granted in the first three months of 2014, a total of 222,815 awards vest in four equal annual installments beginning in February 2015 and 3,000 awards vest 100% in February 2015. During the three months ended March 31, 2014, the Company also granted 65,650 units of phantom shares under the Canadian Long-Term Incentive Plan, which provides for the granting of units of phantom shares to key Canadian employees. These awards vest in three equal annual installments beginning in February 2015 and are accounted for as a liability that is remeasured at each reporting date until paid. The amount of compensation costs recognized for these liability awards is equal to the amount of cash paid upon settlement. Participants granted units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a share of the Company’s common stock on the vesting date. A total of 118,950 stock options with a ten-year term were awarded in the three months ended March 31, 2014 with an average exercise price of $100.43, a fair value of $3.8 million and that will vest in four equal annual installments starting in February 2015. | ||
Stock based compensation pre-tax expense from continuing operations recognized in the three month periods ended March 31, 2014 and 2013 totaled $8.0 million and $6.5 million, or $0.11 and $0.09 per diluted share after tax, respectively. The total fair value of restricted stock awards that vested during the three months ended March 31, 2014 and 2013 was $18.1 million and $11.7 million, respectively. At March 31, 2014, $58.4 million of compensation cost related to unvested stock options and restricted stock awards attributable to future performance or vesting conditions had not yet been recognized. |
Note_12_Income_Taxes
Note 12 - Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
12 | INCOME TAXES | |
Income tax expense for interim periods is based on estimates of the effective tax rate for the entire fiscal year. The Company’s income tax provision for the three months ended March 31, 2014 totaled $27.5 million, or 27.7% of pretax income, compared to income tax expense of $33.8 million, or 26.5% of pretax income, for the three months ended March 31, 2013. The increase in the effective tax rate from the prior year was largely the result of higher domestic earnings as a percentage of total earnings and an increase to the state effective tax rate. Our domestic earnings are taxed at a higher rate than our foreign earnings. The effective tax rates are lower than U.S. statutory rates because of lower foreign income tax rates. |
Note_13_Segment_and_Related_In
Note 13 - Segment and Related Information | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
13 | SEGMENT AND RELATED INFORMATION | ||||||||||||||||||||||||
In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, the Company has identified the following reportable segments: well site services, accommodations and offshore products. The Company’s reportable segments represent strategic business units that offer different products and services. They are managed separately because each business requires different technologies and marketing strategies. Most of the businesses were initially acquired as a unit, and the management at the time of the acquisition was retained. Subsequent acquisitions have been direct extensions to our business segments. Separate business lines within the well site services segment have been disclosed to provide additional detail for that segment. Results of a portion of our accommodations segment supporting Steam-Assisted Gravity Drainage (SAGD) and traditional oil and natural gas drilling activities are impacted by seasonally higher activity during the Canadian winter drilling season occurring in the first calendar quarter, typically followed by lower activity during Spring break-up in the second quarter. | |||||||||||||||||||||||||
Financial information by business segment for continuing operations for each of the three months ended March 31, 2014 and 2013 is summarized in the following table (in thousands): | |||||||||||||||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 146,462 | $ | 17,944 | $ | 31,045 | $ | - | $ | 23,013 | $ | 596,020 | |||||||||||||
Drilling services | 46,564 | 6,884 | 5,795 | - | 7,114 | 143,498 | |||||||||||||||||||
Total well site services | 193,026 | 24,828 | 36,840 | - | 30,127 | 739,518 | |||||||||||||||||||
Accommodations | 252,744 | 39,599 | 56,258 | - | 63,525 | 2,195,566 | |||||||||||||||||||
Offshore products | 212,212 | 5,695 | 37,348 | 97 | 9,563 | 956,986 | |||||||||||||||||||
Corporate and eliminations | - | 264 | (16,803 | ) | - | 212 | 154,017 | ||||||||||||||||||
Total | $ | 657,982 | $ | 70,386 | $ | 113,643 | $ | 97 | $ | 103,427 | $ | 4,046,087 | |||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Three months ended March 31, 2013 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 137,366 | $ | 15,195 | $ | 28,659 | $ | - | $ | 20,466 | $ | 576,634 | |||||||||||||
Drilling services | 40,203 | 5,752 | 4,080 | - | 7,567 | 163,002 | |||||||||||||||||||
Total well site services | 177,569 | 20,947 | 32,739 | - | 28,033 | 739,636 | |||||||||||||||||||
Accommodations | 296,668 | 41,088 | 94,906 | - | 69,917 | 2,157,727 | |||||||||||||||||||
Offshore products | 201,290 | 4,043 | 32,136 | (735 | ) | 9,011 | 819,541 | ||||||||||||||||||
Corporate and eliminations | - | 234 | (13,281 | ) | - | 104 | 133,977 | ||||||||||||||||||
Total | $ | 675,527 | $ | 66,312 | $ | 146,500 | $ | (735 | ) | $ | 107,065 | $ | 3,850,881 | ||||||||||||
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies Disclosure [Text Block] | ' | |
14 | COMMITMENTS AND CONTINGENCIES | |
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 warranty and product liability claims and occasional claims by individuals alleging exposure to hazardous materials as a result of its products or operations. Some of these claims relate to matters occurring prior to its acquisition of businesses, and some relate to businesses it has sold. In certain cases, the Company is entitled to indemnification from the sellers of businesses, and in other cases, it has indemnified the buyers of businesses from it. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, we believe 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 our consolidated financial position, results of operations or liquidity. |
Note_15_Planned_SpinOff_of_Acc
Note 15 - Planned Spin-Off of Accommodations Business | 3 Months Ended | |
Mar. 31, 2014 | ||
Planned Spin Off Of Accommodations Business [Abstract] | ' | |
Planned Spin Off Of Accommodations Business [Text Block] | ' | |
15 | PLANNED SPIN-OFF OF ACCOMMODATIONS BUSINESS | |
On July 30, 2013, we announced that our Board of Directors approved pursuing the spin-off of our accommodations business into a stand-alone, publicly traded corporation (Civeo Corporation, or Civeo) through a tax-free distribution of the accommodations business to the Company’s shareholders. The objective of the spin-off is to more effectively focus on two distinct businesses, achieve lower cost of capital for our accommodations business, to pursue more tailored and aggressive growth strategies and optimize operating efficiencies among other objectives. In connection with the spin-off, we received a private letter ruling from the Internal Revenue Service on the tax-free status of the spin-off transaction. The spin-off is subject to market conditions, the completion of a review by the Commission of an amended Form 10 filed by Civeo, the execution of a separation and distribution agreement and other agreements and final approval of our Board of Directors and is expected to be completed by the end of the second quarter of 2014. In connection with the proposed spin-off, we anticipate that we will refinance our existing debt. Specifically, we intend to commence a tender offer for any and all of our outstanding 5 1/8% Notes and 6 1/2% Notes. We intend to fund this tender offer in part with the proceeds of a cash dividend to be paid to us by Civeo immediately prior to the consummation of the proposed spin-off. We anticipate that this cash dividend will be within a range of $650.0 million to $850.0 million. In connection with the spin-off, we also intend to refinance our existing credit facilities with a single, U.S. revolving credit facility. Refer to Note 8 – Debt and Note 9 – Fair Value Measurements for additional details regarding the Company’s debt. Civeo will be spun-off as a C-Corporation. Civeo’s Board of Directors may continue to assess the feasibility and advisability of a potential future conversion into a real estate investment trust (REIT). |
Note_16_Condensed_Consolidatin
Note 16 - Condensed Consolidating Financial Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||||||||||||||
16 | CONDENSED CONSOLIDATED FINANCIAL INFORMATION | ||||||||||||||||||||
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: | |||||||||||||||||||||
● | 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; | ||||||||||||||||||||
● | upon proper designation of a guarantor by the Company as an unrestricted subsidiary; | ||||||||||||||||||||
● | 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; | ||||||||||||||||||||
● | upon legal or covenant defeasance or satisfaction and discharge of the indenture; or | ||||||||||||||||||||
● | upon the dissolution of a guarantor, provided no event of default has occurred under the indentures and is continuing. | ||||||||||||||||||||
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. | |||||||||||||||||||||
The following condensed consolidating financial information presents: condensed consolidating statements of income for each of the three month periods ended March 31, 2014 and 2013, condensed consolidating balance sheets as of March 31, 2014 and December 31, 2013 and the statements of cash flows for each of the three months ended March 31, 2014 and 2013 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. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Oil States | Other | Consolidated Oil | |||||||||||||||||||
International, | Subsidiaries | States | |||||||||||||||||||
Inc. (Parent/ | Guarantor | (Non- | Consolidating | International, | |||||||||||||||||
Guarantor) | Subsidiaries | Guarantors) | Adjustments | Inc. | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
REVENUES | |||||||||||||||||||||
Operating revenues | $ | — | $ | 344,145 | $ | 313,837 | $ | — | $ | 657,982 | |||||||||||
Intercompany revenues | — | 9,087 | 21,277 | (30,364 | ) | — | |||||||||||||||
Total revenues | — | 353,232 | 335,114 | (30,364 | 657,982 | ||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||
Cost of sales and services | — | 232,431 | 187,032 | (3,637 | ) | 415,826 | |||||||||||||||
Intercompany cost of sales and services | — | 5,844 | 19,303 | (25,147 | ) | — | |||||||||||||||
Selling, general and administrative expenses | 449 | 36,437 | 19,659 | — | 56,545 | ||||||||||||||||
Depreciation and amortization expense | 264 | 32,318 | 37,845 | (41 | ) | 70,386 | |||||||||||||||
Other operating expense (income) | (339 | ) | 1,312 | 609 | — | 1,582 | |||||||||||||||
Operating income (loss) | (374 | ) | 44,890 | 70,666 | (1,539 | ) | 113,643 | ||||||||||||||
Interest expense, net of capitalized interest | (16,442 | ) | (145 | ) | (12,648 | ) | 12,131 | (17,104 | ) | ||||||||||||
Interest income | 4,295 | 53 | 8,700 | (12,131 | ) | 917 | |||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 84,141 | 50,301 | 97 | (134,442 | ) | 97 | |||||||||||||||
Other income | — | 641 | 1,028 | — | 1,669 | ||||||||||||||||
Income from continuing operations before income taxes | 71,620 | 95,740 | 67,843 | (135,981 | ) | 99,222 | |||||||||||||||
Income tax provision | — | (10,480 | ) | (17,051 | ) | — | (27,531 | ) | |||||||||||||
Net income from continuing operations | 71,620 | 85,260 | 50,792 | (135,981 | ) | 71,691 | |||||||||||||||
Net income from discontinued operations, net of tax | (116 | ) | 298 | — | — | 182 | |||||||||||||||
Net income | 71,504 | 85,558 | 50,792 | (135,981 | ) | 71,873 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustment | (20 | ) | 11,492 | 12,701 | (24,193 | ) | (20 | ) | |||||||||||||
Total other comprehensive income (loss) | (20 | ) | 11,492 | 12,701 | (24,193 | ) | (20 | ) | |||||||||||||
Comprehensive income | 71,484 | 97,050 | 63,493 | (160,174 | ) | 71,853 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (292 | ) | (12 | ) | (304 | ) | |||||||||||||
Comprehensive income attributable to Oil States International, Inc. | $ | 71,484 | $ | 97,050 | $ | 63,201 | $ | (160,186 | ) | $ | 71,549 | ||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 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 | $ | — | $ | 310,693 | $ | 364,834 | $ | — | $ | 675,527 | |||||||||||
Intercompany revenues | — | 5,506 | 733 | (6,239 | ) | — | |||||||||||||||
Total revenues | — | 316,199 | 365,567 | (6,239 | ) | 675,527 | |||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||
Cost of sales and services | — | 217,582 | 202,225 | (1,418 | ) | 418,389 | |||||||||||||||
Intercompany cost of sales and services | — | 4,046 | 707 | (4,753 | ) | — | |||||||||||||||
Selling, general and administrative expenses | 400 | 31,680 | 17,937 | — | 50,017 | ||||||||||||||||
Depreciation and amortization expense | 234 | 26,300 | 39,816 | (38 | ) | 66,312 | |||||||||||||||
Other operating expense (income) | (154 | ) | (4,016 | ) | (1,521 | ) | — | (5,691 | ) | ||||||||||||
Operating income (loss) | (480 | ) | 40,607 | 106,403 | (30 | ) | 146,500 | ||||||||||||||
Interest expense, net of capitalized interest | (18,227 | ) | (180 | ) | (16,848 | ) | 15,165 | (20,090 | ) | ||||||||||||
Interest income | 4,816 | 46 | 10,866 | (15,165 | ) | 563 | |||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 116,080 | 74,712 | (735 | ) | (190,792 | ) | (735 | ) | |||||||||||||
Other income | — | 597 | 475 | — | 1,072 | ||||||||||||||||
Income from continuing operations before income taxes | 102,189 | 115,782 | 100,161 | (190,822 | ) | 127,310 | |||||||||||||||
Income tax provision | — | (8,755 | ) | (24,996 | ) | — | (33,751 | ) | |||||||||||||
Net income from continuing operations | 102,189 | 107,027 | 75,165 | (190,822 | ) | 93,559 | |||||||||||||||
Net income from discontinued operations, net of tax | — | 9,025 | — | — | 9,025 | ||||||||||||||||
Net income | 102,189 | 116,052 | 75,165 | (190,822 | ) | 102,584 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustment | (22,339 | ) | (15,022 | ) | (14,989 | ) | 30,011 | (22,339 | ) | ||||||||||||
Unrealized gain on forward contracts, net of tax | — | 210 | — | — | 210 | ||||||||||||||||
Total other comprehensive income (loss) | (22,339 | ) | (14,812 | ) | (14,989 | ) | 30,011 | (22,129 | ) | ||||||||||||
Comprehensive income | 79,850 | 101,240 | 60,176 | (160,811 | ) | 80,455 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (348 | ) | (18 | ) | (366 | ) | |||||||||||||
Comprehensive income attributable to Oil States International, Inc. | $ | 79,850 | $ | 101,240 | $ | 59,828 | $ | (160,829 | ) | $ | 80,089 | ||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
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 | $ | 118,099 | $ | 30,575 | $ | 306,199 | $ | — | $ | 454,873 | |||||||||||
Accounts receivable, net | 379 | 307,783 | 322,863 | — | 631,025 | ||||||||||||||||
Inventories, net | — | 158,153 | 113,225 | — | 271,378 | ||||||||||||||||
Prepaid expenses and other current assets | 7,035 | 18,613 | 16,528 | — | 42,176 | ||||||||||||||||
Total current assets | 125,513 | 515,124 | 758,815 | — | 1,399,452 | ||||||||||||||||
Property, plant and equipment, net | 2,487 | 625,244 | 1,315,638 | (5,086 | ) | 1,938,283 | |||||||||||||||
Goodwill, net | — | 247,113 | 272,653 | — | 519,766 | ||||||||||||||||
Other intangible assets, net | — | 63,881 | 68,314 | — | 132,195 | ||||||||||||||||
Investments in unconsolidated affiliates | 2,734,406 | 1,750,415 | 2,649 | (4,484,821 | ) | 2,649 | |||||||||||||||
Long-term intercompany receivables (payables) | 623,331 | (209,906 | ) | (413,424 | ) | (1 | ) | — | |||||||||||||
Other noncurrent assets | 35,484 | 2,186 | 16,072 | — | 53,742 | ||||||||||||||||
Total assets | $ | 3,521,221 | $ | 2,994,057 | $ | 2,020,717 | $ | (4,489,908 | ) | $ | 4,046,087 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 916 | $ | 61,673 | $ | 89,564 | $ | — | $ | 152,153 | |||||||||||
Accrued liabilities | 29,990 | 38,743 | 29,782 | (1 | ) | 98,514 | |||||||||||||||
Income taxes | (68,031 | ) | 79,022 | 14,426 | — | 25,417 | |||||||||||||||
Current portion of long-term debt and capitalized leases | 17 | 474 | 38 | — | 529 | ||||||||||||||||
Deferred revenue | — | 27,525 | 25,863 | — | 53,388 | ||||||||||||||||
Other current liabilities | — | 13,846 | 256 | — | 14,102 | ||||||||||||||||
Total current liabilities | (37,108 | ) | 221,283 | 159,929 | (1 | ) | 344,103 | ||||||||||||||
Long-term debt and capitalized leases | 966,002 | 6,511 | 49 | — | 972,562 | ||||||||||||||||
Deferred income taxes | 2,798 | 55,292 | 57,841 | — | 115,931 | ||||||||||||||||
Other noncurrent liabilities | 18,981 | 2,136 | 20,094 | (449 | ) | 40,762 | |||||||||||||||
Total liabilities | 950,673 | 285,222 | 237,913 | (450 | ) | 1,473,358 | |||||||||||||||
Stockholders’ equity | 2,570,548 | 2,708,835 | 1,780,801 | (4,489,636 | ) | 2,570,548 | |||||||||||||||
Non-controlling interest | — | — | 2,003 | 178 | 2,181 | ||||||||||||||||
Total stockholders’ equity | 2,570,548 | 2,708,835 | 1,782,804 | (4,489,458 | ) | 2,572,729 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,521,221 | $ | 2,994,057 | $ | 2,020,717 | $ | (4,489,908 | ) | $ | 4,046,087 | ||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
31-Dec-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 | $ | 300,849 | $ | 22,839 | $ | 275,618 | $ | -- | $ | 599,306 | |||||||||||
Accounts receivable, net | 155 | 315,203 | 304,975 | -- | 620,333 | ||||||||||||||||
Inventories, net | -- | 152,278 | 114,274 | -- | 266,552 | ||||||||||||||||
Prepaid expenses and other current assets | 9,413 | 16,866 | 13,437 | -- | 39,716 | ||||||||||||||||
Total current assets | 310,417 | 507,186 | 708,304 | -- | 1,525,907 | ||||||||||||||||
Property, plant and equipment, net | 2,539 | 618,332 | 1,285,465 | (3,547 | ) | 1,902,789 | |||||||||||||||
Goodwill, net | -- | 246,919 | 266,731 | -- | 513,650 | ||||||||||||||||
Other intangible assets, net | -- | 66,428 | 67,103 | -- | 133,531 | ||||||||||||||||
Investments in unconsolidated affiliates | 2,637,629 | 1,686,507 | 2,553 | (4,324,136 | ) | 2,553 | |||||||||||||||
Long-term intercompany receivables (payables) | 615,870 | (213,498 | ) | (402,371 | ) | (1 | ) | -- | |||||||||||||
Other noncurrent assets | 37,283 | (717 | ) | 16,265 | -- | 52,831 | |||||||||||||||
Total assets | $ | 3,603,738 | $ | 2,911,157 | $ | 1,944,050 | $ | (4,327,684 | ) | $ | 4,131,261 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 2,664 | $ | 69,569 | $ | 76,846 | $ | -- | $ | 149,079 | |||||||||||
Accrued liabilities | 35,682 | 60,035 | 36,329 | -- | 132,046 | ||||||||||||||||
Income taxes | (40,831 | ) | 57,421 | 16,089 | -- | 32,679 | |||||||||||||||
Current portion of long-term debt and capitalized leases | 17 | 474 | 38 | -- | 529 | ||||||||||||||||
Deferred revenue | -- | 25,865 | 24,501 | -- | 50,366 | ||||||||||||||||
Other current liabilities | -- | 8,891 | 246 | -- | 9,137 | ||||||||||||||||
Total current liabilities | (2,468 | ) | 222,255 | 154,049 | -- | 373,836 | |||||||||||||||
Long-term debt and capitalized leases | 966,008 | 6,627 | 57 | -- | 972,692 | ||||||||||||||||
Deferred income taxes | -- | 68,332 | 54,489 | -- | 122,821 | ||||||||||||||||
Other noncurrent liabilities | 16,781 | 2,158 | 18,128 | (449 | ) | 36,618 | |||||||||||||||
Total liabilities | 980,321 | 299,372 | 226,723 | (449 | ) | 1,505,967 | |||||||||||||||
Stockholders’ equity | 2,623,417 | 2,611,785 | 1,715,616 | (4,327,401 | ) | 2,623,417 | |||||||||||||||
Non-controlling interest | -- | -- | 1,711 | 166 | 1,877 | ||||||||||||||||
Total stockholders’ equity | 2,623,417 | 2,611,785 | 1,717,327 | (4,327,235 | ) | 2,625,294 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,603,738 | $ | 2,911,157 | $ | 1,944,050 | $ | (4,327,684 | ) | $ | 4,131,261 | ||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
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: | $ | (39,197 | ) | $ | 62,981 | $ | 83,106 | $ | (1,579 | ) | $ | 105,311 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures, including capitalized interest | (212 | ) | (36,865 | ) | (67,929 | ) | 1,579 | (103,427 | ) | ||||||||||||
Proceeds from disposition of property, plant and equipment | — | 536 | 1,674 | — | 2,210 | ||||||||||||||||
Payments for equity contributions | — | (2,049 | ) | — | 2,049 | — | |||||||||||||||
Other, net | 1 | (202 | ) | (184 | ) | — | (385 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (211 | ) | (38,580 | ) | (66,439 | ) | 3,628 | (101,602 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Debt and capital lease payments | (6 | ) | (114 | ) | (9 | ) | — | (129 | ) | ||||||||||||
Issuance of common stock from share-based payment arrangements | 3,346 | — | — | — | 3,346 | ||||||||||||||||
Purchase of treasury stock | (141,043 | ) | — | — | — | (141,043 | ) | ||||||||||||||
Excess tax benefits from share-based payment arrangements | 1,660 | — | — | — | 1,660 | ||||||||||||||||
Proceeds from (funding of) accounts and notes with affiliates, net | (2,383 | ) | (16,486 | ) | 18,869 | — | — | ||||||||||||||
Proceeds from equity contributions | — | — | 2,049 | (2,049 | ) | — | |||||||||||||||
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | (4,915 | ) | — | — | — | (4,915 | ) | ||||||||||||||
Other, net | (1 | ) | — | (1 | ) | — | (2 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (143,342 | ) | (16,600 | ) | 20,908 | (2,049 | ) | (141,083 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | (65 | ) | (6,994 | ) | — | (7,059 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | (182,750 | ) | 7,736 | 30,581 | — | (144,433 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 300,849 | 22,839 | 275,618 | — | 599,306 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 118,099 | $ | 30,575 | $ | 306,199 | $ | — | $ | 454,873 | |||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 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: | $ | (11,814 | ) | $ | 138,893 | $ | 91,599 | $ | (69 | ) | $ | 218,609 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures, including capitalized interest | (104 | ) | (45,894 | ) | (61,468 | ) | 69 | (107,397 | ) | ||||||||||||
Proceeds from sale of equipment | — | 755 | 1,320 | — | 2,075 | ||||||||||||||||
Payments for equity contributions | (22,248 | ) | (955 | ) | — | 23,203 | — | ||||||||||||||
Other, net | (1 | ) | 107 | 2 | — | 108 | |||||||||||||||
Net cash provided by (used in) investing activities | (22,353 | ) | (45,987 | ) | (60,146 | ) | 23,272 | (105,214 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Revolving credit borrowings (repayments), net | — | — | (29,219 | ) | — | (29,219 | ) | ||||||||||||||
Term loan repayments | (5,000 | ) | — | (2,526 | ) | — | (7,526 | ) | |||||||||||||
Debt and capital lease payments | (4 | ) | (90 | ) | (16 | ) | — | (110 | ) | ||||||||||||
Issuance of common stock from share-based payment arrangements | 3,498 | — | — | — | 3,498 | ||||||||||||||||
Excess tax benefits from share-based payment arrangements | 3,322 | — | — | — | 3,322 | ||||||||||||||||
Proceeds from (funding of) accounts and notes with affiliates, net | 121,026 | (134,431 | ) | 14,360 | (955 | ) | — | ||||||||||||||
Proceeds from equity contributions | — | 22,248 | — | (22,248 | ) | — | |||||||||||||||
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | (3,593 | ) | — | — | — | (3,593 | ) | ||||||||||||||
Other, net | (196 | ) | — | (4 | ) | — | (200 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 119,053 | (112,273 | ) | (17,405 | ) | (23,203 | ) | (33,828 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | (32 | ) | (6,738 | ) | — | (6,770 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | 84,886 | (19,399 | ) | 7,310 | — | 72,797 | |||||||||||||||
Cash and cash equivalents, beginning of period | 3,222 | 57,205 | 192,745 | — | 253,172 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 88,108 | $ | 37,806 | $ | 200,055 | $ | — | $ | 325,969 | |||||||||||
Note_3_Details_of_Selected_Bal1
Note 3 - Details of Selected Balance Sheet Accounts (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Disclosure Text Block Supplement [Abstract] | ' | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||||
MARCH 31, | DECEMBER 31, | |||||||||
2014 | 2013 | |||||||||
Accounts receivable, net: | ||||||||||
Trade | $ | 434,445 | $ | 456,114 | ||||||
Unbilled revenue | 199,407 | 163,766 | ||||||||
Other | 6,993 | 7,987 | ||||||||
Total accounts receivable | 640,845 | 627,867 | ||||||||
Allowance for doubtful accounts | (9,820 | ) | (7,534 | ) | ||||||
$ | 631,025 | $ | 620,333 | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||||
MARCH 31, | DECEMBER 31, | |||||||||
2014 | 2013 | |||||||||
Inventories, net: | ||||||||||
Finished goods and purchased products | $ | 106,217 | $ | 91,909 | ||||||
Work in process | 62,557 | 72,903 | ||||||||
Raw materials | 112,974 | 111,280 | ||||||||
Total inventories | 281,748 | 276,092 | ||||||||
Allowance for excess, damaged, or obsolete inventory | (10,370 | ) | (9,540 | ) | ||||||
$ | 271,378 | $ | 266,552 | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||
Estimated | MARCH 31, | DECEMBER 31, | ||||||||
Useful Life (years) | 2014 | 2013 | ||||||||
Property, plant and equipment, net: | ||||||||||
Land | $ | 79,457 | $ | 76,545 | ||||||
Accommodations assets | 15-Mar | 1,550,014 | 1,535,407 | |||||||
Buildings and leasehold improvements | Mar-40 | 211,516 | 204,455 | |||||||
Machinery and equipment | Feb-29 | 443,621 | 434,578 | |||||||
Completion services equipment | 10-Apr | 329,543 | 314,445 | |||||||
Office furniture and equipment | 10-Jan | 60,652 | 57,026 | |||||||
Vehicles | 10-Feb | 141,127 | 140,156 | |||||||
Construction in progress | 205,945 | 172,252 | ||||||||
Total property, plant and equipment | 3,021,875 | 2,934,864 | ||||||||
Accumulated depreciation | (1,083,592 | ) | (1,032,075 | ) | ||||||
$ | 1,938,283 | $ | 1,902,789 | |||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | |||||||||
MARCH 31, | DECEMBER 31, | |||||||||
2014 | 2013 | |||||||||
Accrued liabilities: | ||||||||||
Accrued compensation | $ | 39,260 | $ | 71,535 | ||||||
Insurance liabilities | 12,974 | 13,198 | ||||||||
Accrued taxes, other than income taxes | 11,599 | 7,619 | ||||||||
Accrued interest | 16,987 | 11,931 | ||||||||
Accrued commissions | 4,212 | 3,654 | ||||||||
Accrued treasury stock repurchase | -- | 7,397 | ||||||||
Other | 13,482 | 16,712 | ||||||||
$ | 98,514 | $ | 132,046 |
Note_5_Earnings_Per_Share_Tabl
Note 5 - Earnings Per Share (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
THREE MONTHS ENEDED MARCH 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income | Shares | Income | Shares | ||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to Oil States International, Inc. | $ | 71,504 | $ | 102,189 | |||||||||||||
Less: Undistributed net income allocable to participating securities | (781 | ) | -- | ||||||||||||||
Undistributed net income applicable to common stockholders | 70,723 | 102,189 | |||||||||||||||
Less: Income from discontinued operations, net of tax | (182 | ) | (9,025 | ) | |||||||||||||
Add: Undistributed net income from discontinued operations allocable to participating securities | 2 | -- | |||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 70,543 | 53,288 | $ | 93,164 | 54,808 | |||||||||||
Diluted: | |||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 70,543 | 53,288 | $ | 93,164 | 54,808 | |||||||||||
Effect of dilutive securities: | |||||||||||||||||
Undistributed net income reallocated to participating securities | 4 | -- | -- | -- | |||||||||||||
Options on common stock | -- | 283 | -- | 391 | |||||||||||||
Restricted stock awards and other | -- | 17 | -- | 174 | |||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted | 70,547 | 53,588 | 93,164 | 55,373 | |||||||||||||
Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders | 180 | 9,025 | |||||||||||||||
Undistributed net income reallocated to participating securities | -- | -- | |||||||||||||||
Net income attributable to Oil States International, Inc. common stockholders – Diluted | $ | 70,727 | 53,588 | $ | 102,189 | 55,373 |
Note_6_Business_Acquisitions_a1
Note 6 - Business Acquisitions and Goodwill (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||
Well Site Services | |||||||||||||||||||||||||
Completion Services | Drilling Services | Subtotal | Accommodations | Offshore Products | Total | ||||||||||||||||||||
Balance as of December 31, 2012 | |||||||||||||||||||||||||
Goodwill | $ | 201,281 | $ | 22,767 | $ | 224,048 | $ | 295,132 | $ | 118,933 | $ | 638,113 | |||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | |||||||||||||||
106,753 | -- | 106,753 | 295,132 | 118,933 | 520,818 | ||||||||||||||||||||
Goodwill acquired and purchase price adjustments | 1,576 | -- | 1,576 | -- | 26,179 | 27,755 | |||||||||||||||||||
Foreign currency translation and other changes | (946 | ) | -- | (946 | ) | (34,076 | ) | 99 | (34,923 | ) | |||||||||||||||
107,383 | -- | 107,383 | 261,056 | 145,211 | 513,650 | ||||||||||||||||||||
Balance as of December 31, 2013 | |||||||||||||||||||||||||
Goodwill | 201,911 | 22,767 | 224,678 | 261,056 | 145,211 | 630,945 | |||||||||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | |||||||||||||||
107,383 | -- | 107,383 | 261,056 | 145,211 | 513,650 | ||||||||||||||||||||
Goodwill acquired and purchase price adjustments | 194 | -- | 194 | -- | -- | 194 | |||||||||||||||||||
Foreign currency translation and other changes | (517 | ) | -- | (517 | ) | 6,402 | 37 | 5,922 | |||||||||||||||||
107,060 | -- | 107,060 | 267,458 | 145,248 | 519,766 | ||||||||||||||||||||
Balance as of March 31, 2014 | |||||||||||||||||||||||||
Goodwill | 201,588 | 22,767 | 224,355 | 267,458 | 145,248 | 637,061 | |||||||||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | |||||||||||||||
$ | 107,060 | $ | -- | $ | 107,060 | $ | 267,458 | $ | 145,248 | $ | 519,766 |
Note_7_Discontinued_Operations1
Note 7 - Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||
Three Months Ended | Three Months Ended | ||||||||
March 31 2014 | 31-Mar-13 | ||||||||
Revenues | $ | -- | $ | 393,913 | |||||
Income from discontinued operations before income taxes | 257 | 14,714 | |||||||
Income tax provision | (75 | ) | (5,689 | ) | |||||
Net income from discontinued operations, net of tax | $ | 182 | $ | 9,025 |
Note_8_Debt_Tables
Note 8 - Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
U.S. revolving credit facility, which matures December 10, 2015, with available commitments up to $500 million; no borrowings outstanding during the three month period ended March 31, 2014 | $ | -- | $ | -- | |||||
Canadian revolving credit facility, which matures on December 10, 2015, with available commitments up to $250 million; no borrowings outstanding during the three month period ended March 31, 2014 | -- | -- | |||||||
Australian revolving credit facility, which matures December 10, 2015, with available commitments up to AUD$300 million; no borrowings outstanding during the three month period ended March 31, 2014 | -- | -- | |||||||
6 1/2% senior unsecured notes - due June 2019 | 600,000 | 600,000 | |||||||
5 1/8% senior unsecured notes - due January 2023 | 366,000 | 366,000 | |||||||
Capital lease obligations and other debt | 7,091 | 7,221 | |||||||
Total debt | 973,091 | 973,221 | |||||||
Less: Current portion | 529 | 529 | |||||||
Total long-term debt and capitalized leases | $ | 972,562 | $ | 972,692 | |||||
Redemption Date and Percentage of Principal Amount [Table Text Block] | ' | ||||||||
Twelve Month Period Beginning January 15, | % of Principal Amount | ||||||||
2018 | 102.563 | % | |||||||
2019 | 101.708 | % | |||||||
2020 | 100.854 | % | |||||||
2021 and thereafter | 100 | % | |||||||
Twelve Month Period Beginning June 1, | % of Principal Amount | ||||||||
2014 | 104.875 | % | |||||||
2015 | 103.25 | % | |||||||
2016 | 101.625 | % | |||||||
2017 and thereafter | 100 | % |
Note_9_Fair_Value_Measurements1
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
5 1/8% Notes | |||||||||||||||||
Principal amount due 2023 | $ | 366,000 | $ | 411,750 | $ | 366,000 | $ | 411,066 | |||||||||
6 1/2% Notes | |||||||||||||||||
Principal amount due 2019 | $ | 600,000 | $ | 632,628 | $ | 600,000 | $ | 639,378 |
Note_10_Changes_in_Common_Stoc1
Note 10 - Changes in Common Stock Outstanding (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Stock Activity [Table Text Block] | ' | ||||
Shares of common stock outstanding – January 1, 2014 | 54,181,569 | ||||
Repurchase of shares – transferred to treasury | (1,368,086 | ) | |||
Shares issued upon exercise of stock options and vesting of restricted stock awards | 286,318 | ||||
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury | (49,390 | ) | |||
Shares of common stock outstanding – March 31, 2014 | 53,050,411 |
Note_13_Segment_and_Related_In1
Note 13 - Segment and Related Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 146,462 | $ | 17,944 | $ | 31,045 | $ | - | $ | 23,013 | $ | 596,020 | |||||||||||||
Drilling services | 46,564 | 6,884 | 5,795 | - | 7,114 | 143,498 | |||||||||||||||||||
Total well site services | 193,026 | 24,828 | 36,840 | - | 30,127 | 739,518 | |||||||||||||||||||
Accommodations | 252,744 | 39,599 | 56,258 | - | 63,525 | 2,195,566 | |||||||||||||||||||
Offshore products | 212,212 | 5,695 | 37,348 | 97 | 9,563 | 956,986 | |||||||||||||||||||
Corporate and eliminations | - | 264 | (16,803 | ) | - | 212 | 154,017 | ||||||||||||||||||
Total | $ | 657,982 | $ | 70,386 | $ | 113,643 | $ | 97 | $ | 103,427 | $ | 4,046,087 | |||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Three months ended March 31, 2013 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 137,366 | $ | 15,195 | $ | 28,659 | $ | - | $ | 20,466 | $ | 576,634 | |||||||||||||
Drilling services | 40,203 | 5,752 | 4,080 | - | 7,567 | 163,002 | |||||||||||||||||||
Total well site services | 177,569 | 20,947 | 32,739 | - | 28,033 | 739,636 | |||||||||||||||||||
Accommodations | 296,668 | 41,088 | 94,906 | - | 69,917 | 2,157,727 | |||||||||||||||||||
Offshore products | 201,290 | 4,043 | 32,136 | (735 | ) | 9,011 | 819,541 | ||||||||||||||||||
Corporate and eliminations | - | 234 | (13,281 | ) | - | 104 | 133,977 | ||||||||||||||||||
Total | $ | 675,527 | $ | 66,312 | $ | 146,500 | $ | (735 | ) | $ | 107,065 | $ | 3,850,881 |
Note_16_Condensed_Consolidatin1
Note 16 - Condensed Consolidating Financial Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Oil States | Other | Consolidated Oil | |||||||||||||||||||
International, | Subsidiaries | States | |||||||||||||||||||
Inc. (Parent/ | Guarantor | (Non- | Consolidating | International, | |||||||||||||||||
Guarantor) | Subsidiaries | Guarantors) | Adjustments | Inc. | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
REVENUES | |||||||||||||||||||||
Operating revenues | $ | — | $ | 344,145 | $ | 313,837 | $ | — | $ | 657,982 | |||||||||||
Intercompany revenues | — | 9,087 | 21,277 | (30,364 | ) | — | |||||||||||||||
Total revenues | — | 353,232 | 335,114 | (30,364 | 657,982 | ||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||
Cost of sales and services | — | 232,431 | 187,032 | (3,637 | ) | 415,826 | |||||||||||||||
Intercompany cost of sales and services | — | 5,844 | 19,303 | (25,147 | ) | — | |||||||||||||||
Selling, general and administrative expenses | 449 | 36,437 | 19,659 | — | 56,545 | ||||||||||||||||
Depreciation and amortization expense | 264 | 32,318 | 37,845 | (41 | ) | 70,386 | |||||||||||||||
Other operating expense (income) | (339 | ) | 1,312 | 609 | — | 1,582 | |||||||||||||||
Operating income (loss) | (374 | ) | 44,890 | 70,666 | (1,539 | ) | 113,643 | ||||||||||||||
Interest expense, net of capitalized interest | (16,442 | ) | (145 | ) | (12,648 | ) | 12,131 | (17,104 | ) | ||||||||||||
Interest income | 4,295 | 53 | 8,700 | (12,131 | ) | 917 | |||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 84,141 | 50,301 | 97 | (134,442 | ) | 97 | |||||||||||||||
Other income | — | 641 | 1,028 | — | 1,669 | ||||||||||||||||
Income from continuing operations before income taxes | 71,620 | 95,740 | 67,843 | (135,981 | ) | 99,222 | |||||||||||||||
Income tax provision | — | (10,480 | ) | (17,051 | ) | — | (27,531 | ) | |||||||||||||
Net income from continuing operations | 71,620 | 85,260 | 50,792 | (135,981 | ) | 71,691 | |||||||||||||||
Net income from discontinued operations, net of tax | (116 | ) | 298 | — | — | 182 | |||||||||||||||
Net income | 71,504 | 85,558 | 50,792 | (135,981 | ) | 71,873 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustment | (20 | ) | 11,492 | 12,701 | (24,193 | ) | (20 | ) | |||||||||||||
Total other comprehensive income (loss) | (20 | ) | 11,492 | 12,701 | (24,193 | ) | (20 | ) | |||||||||||||
Comprehensive income | 71,484 | 97,050 | 63,493 | (160,174 | ) | 71,853 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (292 | ) | (12 | ) | (304 | ) | |||||||||||||
Comprehensive income attributable to Oil States International, Inc. | $ | 71,484 | $ | 97,050 | $ | 63,201 | $ | (160,186 | ) | $ | 71,549 | ||||||||||
Three Months Ended March 31, 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 | $ | — | $ | 310,693 | $ | 364,834 | $ | — | $ | 675,527 | |||||||||||
Intercompany revenues | — | 5,506 | 733 | (6,239 | ) | — | |||||||||||||||
Total revenues | — | 316,199 | 365,567 | (6,239 | ) | 675,527 | |||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||
Cost of sales and services | — | 217,582 | 202,225 | (1,418 | ) | 418,389 | |||||||||||||||
Intercompany cost of sales and services | — | 4,046 | 707 | (4,753 | ) | — | |||||||||||||||
Selling, general and administrative expenses | 400 | 31,680 | 17,937 | — | 50,017 | ||||||||||||||||
Depreciation and amortization expense | 234 | 26,300 | 39,816 | (38 | ) | 66,312 | |||||||||||||||
Other operating expense (income) | (154 | ) | (4,016 | ) | (1,521 | ) | — | (5,691 | ) | ||||||||||||
Operating income (loss) | (480 | ) | 40,607 | 106,403 | (30 | ) | 146,500 | ||||||||||||||
Interest expense, net of capitalized interest | (18,227 | ) | (180 | ) | (16,848 | ) | 15,165 | (20,090 | ) | ||||||||||||
Interest income | 4,816 | 46 | 10,866 | (15,165 | ) | 563 | |||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 116,080 | 74,712 | (735 | ) | (190,792 | ) | (735 | ) | |||||||||||||
Other income | — | 597 | 475 | — | 1,072 | ||||||||||||||||
Income from continuing operations before income taxes | 102,189 | 115,782 | 100,161 | (190,822 | ) | 127,310 | |||||||||||||||
Income tax provision | — | (8,755 | ) | (24,996 | ) | — | (33,751 | ) | |||||||||||||
Net income from continuing operations | 102,189 | 107,027 | 75,165 | (190,822 | ) | 93,559 | |||||||||||||||
Net income from discontinued operations, net of tax | — | 9,025 | — | — | 9,025 | ||||||||||||||||
Net income | 102,189 | 116,052 | 75,165 | (190,822 | ) | 102,584 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustment | (22,339 | ) | (15,022 | ) | (14,989 | ) | 30,011 | (22,339 | ) | ||||||||||||
Unrealized gain on forward contracts, net of tax | — | 210 | — | — | 210 | ||||||||||||||||
Total other comprehensive income (loss) | (22,339 | ) | (14,812 | ) | (14,989 | ) | 30,011 | (22,129 | ) | ||||||||||||
Comprehensive income | 79,850 | 101,240 | 60,176 | (160,811 | ) | 80,455 | |||||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (348 | ) | (18 | ) | (366 | ) | |||||||||||||
Comprehensive income attributable to Oil States International, Inc. | $ | 79,850 | $ | 101,240 | $ | 59,828 | $ | (160,829 | ) | $ | 80,089 | ||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
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 | $ | 118,099 | $ | 30,575 | $ | 306,199 | $ | — | $ | 454,873 | |||||||||||
Accounts receivable, net | 379 | 307,783 | 322,863 | — | 631,025 | ||||||||||||||||
Inventories, net | — | 158,153 | 113,225 | — | 271,378 | ||||||||||||||||
Prepaid expenses and other current assets | 7,035 | 18,613 | 16,528 | — | 42,176 | ||||||||||||||||
Total current assets | 125,513 | 515,124 | 758,815 | — | 1,399,452 | ||||||||||||||||
Property, plant and equipment, net | 2,487 | 625,244 | 1,315,638 | (5,086 | ) | 1,938,283 | |||||||||||||||
Goodwill, net | — | 247,113 | 272,653 | — | 519,766 | ||||||||||||||||
Other intangible assets, net | — | 63,881 | 68,314 | — | 132,195 | ||||||||||||||||
Investments in unconsolidated affiliates | 2,734,406 | 1,750,415 | 2,649 | (4,484,821 | ) | 2,649 | |||||||||||||||
Long-term intercompany receivables (payables) | 623,331 | (209,906 | ) | (413,424 | ) | (1 | ) | — | |||||||||||||
Other noncurrent assets | 35,484 | 2,186 | 16,072 | — | 53,742 | ||||||||||||||||
Total assets | $ | 3,521,221 | $ | 2,994,057 | $ | 2,020,717 | $ | (4,489,908 | ) | $ | 4,046,087 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 916 | $ | 61,673 | $ | 89,564 | $ | — | $ | 152,153 | |||||||||||
Accrued liabilities | 29,990 | 38,743 | 29,782 | (1 | ) | 98,514 | |||||||||||||||
Income taxes | (68,031 | ) | 79,022 | 14,426 | — | 25,417 | |||||||||||||||
Current portion of long-term debt and capitalized leases | 17 | 474 | 38 | — | 529 | ||||||||||||||||
Deferred revenue | — | 27,525 | 25,863 | — | 53,388 | ||||||||||||||||
Other current liabilities | — | 13,846 | 256 | — | 14,102 | ||||||||||||||||
Total current liabilities | (37,108 | ) | 221,283 | 159,929 | (1 | ) | 344,103 | ||||||||||||||
Long-term debt and capitalized leases | 966,002 | 6,511 | 49 | — | 972,562 | ||||||||||||||||
Deferred income taxes | 2,798 | 55,292 | 57,841 | — | 115,931 | ||||||||||||||||
Other noncurrent liabilities | 18,981 | 2,136 | 20,094 | (449 | ) | 40,762 | |||||||||||||||
Total liabilities | 950,673 | 285,222 | 237,913 | (450 | ) | 1,473,358 | |||||||||||||||
Stockholders’ equity | 2,570,548 | 2,708,835 | 1,780,801 | (4,489,636 | ) | 2,570,548 | |||||||||||||||
Non-controlling interest | — | — | 2,003 | 178 | 2,181 | ||||||||||||||||
Total stockholders’ equity | 2,570,548 | 2,708,835 | 1,782,804 | (4,489,458 | ) | 2,572,729 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,521,221 | $ | 2,994,057 | $ | 2,020,717 | $ | (4,489,908 | ) | $ | 4,046,087 | ||||||||||
31-Dec-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 | $ | 300,849 | $ | 22,839 | $ | 275,618 | $ | -- | $ | 599,306 | |||||||||||
Accounts receivable, net | 155 | 315,203 | 304,975 | -- | 620,333 | ||||||||||||||||
Inventories, net | -- | 152,278 | 114,274 | -- | 266,552 | ||||||||||||||||
Prepaid expenses and other current assets | 9,413 | 16,866 | 13,437 | -- | 39,716 | ||||||||||||||||
Total current assets | 310,417 | 507,186 | 708,304 | -- | 1,525,907 | ||||||||||||||||
Property, plant and equipment, net | 2,539 | 618,332 | 1,285,465 | (3,547 | ) | 1,902,789 | |||||||||||||||
Goodwill, net | -- | 246,919 | 266,731 | -- | 513,650 | ||||||||||||||||
Other intangible assets, net | -- | 66,428 | 67,103 | -- | 133,531 | ||||||||||||||||
Investments in unconsolidated affiliates | 2,637,629 | 1,686,507 | 2,553 | (4,324,136 | ) | 2,553 | |||||||||||||||
Long-term intercompany receivables (payables) | 615,870 | (213,498 | ) | (402,371 | ) | (1 | ) | -- | |||||||||||||
Other noncurrent assets | 37,283 | (717 | ) | 16,265 | -- | 52,831 | |||||||||||||||
Total assets | $ | 3,603,738 | $ | 2,911,157 | $ | 1,944,050 | $ | (4,327,684 | ) | $ | 4,131,261 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 2,664 | $ | 69,569 | $ | 76,846 | $ | -- | $ | 149,079 | |||||||||||
Accrued liabilities | 35,682 | 60,035 | 36,329 | -- | 132,046 | ||||||||||||||||
Income taxes | (40,831 | ) | 57,421 | 16,089 | -- | 32,679 | |||||||||||||||
Current portion of long-term debt and capitalized leases | 17 | 474 | 38 | -- | 529 | ||||||||||||||||
Deferred revenue | -- | 25,865 | 24,501 | -- | 50,366 | ||||||||||||||||
Other current liabilities | -- | 8,891 | 246 | -- | 9,137 | ||||||||||||||||
Total current liabilities | (2,468 | ) | 222,255 | 154,049 | -- | 373,836 | |||||||||||||||
Long-term debt and capitalized leases | 966,008 | 6,627 | 57 | -- | 972,692 | ||||||||||||||||
Deferred income taxes | -- | 68,332 | 54,489 | -- | 122,821 | ||||||||||||||||
Other noncurrent liabilities | 16,781 | 2,158 | 18,128 | (449 | ) | 36,618 | |||||||||||||||
Total liabilities | 980,321 | 299,372 | 226,723 | (449 | ) | 1,505,967 | |||||||||||||||
Stockholders’ equity | 2,623,417 | 2,611,785 | 1,715,616 | (4,327,401 | ) | 2,623,417 | |||||||||||||||
Non-controlling interest | -- | -- | 1,711 | 166 | 1,877 | ||||||||||||||||
Total stockholders’ equity | 2,623,417 | 2,611,785 | 1,717,327 | (4,327,235 | ) | 2,625,294 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,603,738 | $ | 2,911,157 | $ | 1,944,050 | $ | (4,327,684 | ) | $ | 4,131,261 | ||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
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: | $ | (39,197 | ) | $ | 62,981 | $ | 83,106 | $ | (1,579 | ) | $ | 105,311 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures, including capitalized interest | (212 | ) | (36,865 | ) | (67,929 | ) | 1,579 | (103,427 | ) | ||||||||||||
Proceeds from disposition of property, plant and equipment | — | 536 | 1,674 | — | 2,210 | ||||||||||||||||
Payments for equity contributions | — | (2,049 | ) | — | 2,049 | — | |||||||||||||||
Other, net | 1 | (202 | ) | (184 | ) | — | (385 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (211 | ) | (38,580 | ) | (66,439 | ) | 3,628 | (101,602 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Debt and capital lease payments | (6 | ) | (114 | ) | (9 | ) | — | (129 | ) | ||||||||||||
Issuance of common stock from share-based payment arrangements | 3,346 | — | — | — | 3,346 | ||||||||||||||||
Purchase of treasury stock | (141,043 | ) | — | — | — | (141,043 | ) | ||||||||||||||
Excess tax benefits from share-based payment arrangements | 1,660 | — | — | — | 1,660 | ||||||||||||||||
Proceeds from (funding of) accounts and notes with affiliates, net | (2,383 | ) | (16,486 | ) | 18,869 | — | — | ||||||||||||||
Proceeds from equity contributions | — | — | 2,049 | (2,049 | ) | — | |||||||||||||||
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | (4,915 | ) | — | — | — | (4,915 | ) | ||||||||||||||
Other, net | (1 | ) | — | (1 | ) | — | (2 | ) | |||||||||||||
Net cash provided by (used in) financing activities | (143,342 | ) | (16,600 | ) | 20,908 | (2,049 | ) | (141,083 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | (65 | ) | (6,994 | ) | — | (7,059 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | (182,750 | ) | 7,736 | 30,581 | — | (144,433 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 300,849 | 22,839 | 275,618 | — | 599,306 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 118,099 | $ | 30,575 | $ | 306,199 | $ | — | $ | 454,873 | |||||||||||
Three Months Ended March 31, 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: | $ | (11,814 | ) | $ | 138,893 | $ | 91,599 | $ | (69 | ) | $ | 218,609 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Capital expenditures, including capitalized interest | (104 | ) | (45,894 | ) | (61,468 | ) | 69 | (107,397 | ) | ||||||||||||
Proceeds from sale of equipment | — | 755 | 1,320 | — | 2,075 | ||||||||||||||||
Payments for equity contributions | (22,248 | ) | (955 | ) | — | 23,203 | — | ||||||||||||||
Other, net | (1 | ) | 107 | 2 | — | 108 | |||||||||||||||
Net cash provided by (used in) investing activities | (22,353 | ) | (45,987 | ) | (60,146 | ) | 23,272 | (105,214 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Revolving credit borrowings (repayments), net | — | — | (29,219 | ) | — | (29,219 | ) | ||||||||||||||
Term loan repayments | (5,000 | ) | — | (2,526 | ) | — | (7,526 | ) | |||||||||||||
Debt and capital lease payments | (4 | ) | (90 | ) | (16 | ) | — | (110 | ) | ||||||||||||
Issuance of common stock from share-based payment arrangements | 3,498 | — | — | — | 3,498 | ||||||||||||||||
Excess tax benefits from share-based payment arrangements | 3,322 | — | — | — | 3,322 | ||||||||||||||||
Proceeds from (funding of) accounts and notes with affiliates, net | 121,026 | (134,431 | ) | 14,360 | (955 | ) | — | ||||||||||||||
Proceeds from equity contributions | — | 22,248 | — | (22,248 | ) | — | |||||||||||||||
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | (3,593 | ) | — | — | — | (3,593 | ) | ||||||||||||||
Other, net | (196 | ) | — | (4 | ) | — | (200 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 119,053 | (112,273 | ) | (17,405 | ) | (23,203 | ) | (33,828 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | (32 | ) | (6,738 | ) | — | (6,770 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | 84,886 | (19,399 | ) | 7,310 | — | 72,797 | |||||||||||||||
Cash and cash equivalents, beginning of period | 3,222 | 57,205 | 192,745 | — | 253,172 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 88,108 | $ | 37,806 | $ | 200,055 | $ | — | $ | 325,969 |
Note_3_Details_of_Selected_Bal2
Note 3 - Details of Selected Balance Sheet Accounts (Details) - Accounts Receivable (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | $640,845 | $627,867 |
Allowance for doubtful accounts | -9,820 | -7,534 |
631,025 | 620,333 | |
Trade Accounts Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | 434,445 | 456,114 |
Unbilled Revenue [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | 199,407 | 163,766 |
Other Receivables [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | $6,993 | $7,987 |
Note_3_Details_of_Selected_Bal3
Note 3 - Details of Selected Balance Sheet Accounts (Details) - Inventories (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories, net: | ' | ' |
Finished goods and purchased products | $106,217 | $91,909 |
Work in process | 62,557 | 72,903 |
Raw materials | 112,974 | 111,280 |
Total inventories | 281,748 | 276,092 |
Allowance for excess, damaged, or obsolete inventory | -10,370 | -9,540 |
$271,378 | $266,552 |
Note_3_Details_of_Selected_Bal4
Note 3 - Details of Selected Balance Sheet Accounts (Details) - Property, Plant and Equipment (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Accommodation Assets [Member] | Accommodation Assets [Member] | Accommodation Assets [Member] | Accommodation Assets [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Completion Services [Member] | Completion Services [Member] | Completion Services [Member] | Completion Services [Member] | Office Furniture And Equipment [Member] | Office Furniture And Equipment [Member] | Office Furniture And Equipment [Member] | Office Furniture And Equipment [Member] | Vehicles [Member] | Vehicles [Member] | Vehicles [Member] | Vehicles [Member] | Construction in Progress [Member] | Construction in Progress [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||
Property, plant and equipment, net: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | '3 years | '15 years | ' | ' | '3 years | '40 years | ' | ' | '2 years | '29 years | ' | ' | '4 years | '10 years | ' | ' | '1 year | '10 years | ' | ' | '2 years | '10 years | ' | ' |
Property, Plant, and Equipment, Gross | $3,021,875 | $2,934,864 | $79,457 | $76,545 | $1,550,014 | $1,535,407 | ' | ' | $211,516 | $204,455 | ' | ' | $443,621 | $434,578 | ' | ' | $329,543 | $314,445 | ' | ' | $60,652 | $57,026 | ' | ' | $141,127 | $140,156 | ' | ' | $205,945 | $172,252 |
Accumulated depreciation | -1,083,592 | -1,032,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
$1,938,283 | $1,902,789 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_3_Details_of_Selected_Bal5
Note 3 - Details of Selected Balance Sheet Accounts (Details) - Accrued Liabilities (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued liabilities: | ' | ' |
Accrued compensation | $39,260 | $71,535 |
Insurance liabilities | 12,974 | 13,198 |
Accrued taxes, other than income taxes | 11,599 | 7,619 |
Accrued interest | 16,987 | 11,931 |
Accrued commissions | 4,212 | 3,654 |
Accrued treasury stock repurchase | ' | 7,397 |
Other | 13,482 | 16,712 |
$98,514 | $132,046 |
Note_4_Accumulated_Other_Compr1
Note 4 - Accumulated Other Comprehensive Income (Loss) (Details) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
USD ($) | AUD | CAD | USD ($) | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income | ($85,695,000) | ' | ' | ($85,675,000) |
Functional Currency Net Assets | ' | 970,000,000 | 1,000,000,000 | ' |
Note_5_Earnings_Per_Share_Deta
Note 5 - Earnings Per Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 198,405 | 392,905 |
Note_5_Earnings_Per_Share_Deta1
Note 5 - Earnings Per Share (Details) - Earnings Per Share Calculation (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Basic: | ' | ' |
Net income attributable to Oil States International, Inc. | $71,504 | $102,189 |
Income applicable to Oil States International, Inc. common stockholders, basic | 70,723 | 102,189 |
Shares Outstanding, Basic (in Shares) (in Shares) | 53,288 | 54,808 |
Income from discontinued operations, net of tax | 182 | 9,025 |
Diluted: | ' | ' |
Options on common stock (in Shares) | 283 | 391 |
Restricted stock awards and other (in Shares) | 17 | 174 |
Income applicable to Oil States International, Inc. common stockholders, diluted | 70,727 | 102,189 |
Shares Outstanding, Diluted (in Shares) (in Shares) | 53,588 | 55,373 |
Basic [Member] | Discontinued Operations [Member] | ' | ' |
Basic: | ' | ' |
Undistributed net income reallocated to participating securities | 2 | ' |
Basic [Member] | ' | ' |
Basic: | ' | ' |
Undistributed net income reallocated to participating securities | -781 | ' |
Income from discontinued operations, net of tax | -182 | -9,025 |
Diluted [Member] | Continuing Operations [Member] | ' | ' |
Basic: | ' | ' |
Undistributed net income reallocated to participating securities | 4 | ' |
Diluted [Member] | ' | ' |
Basic: | ' | ' |
Income from discontinued operations, net of tax | 180 | 9,025 |
Continuing Operations [Member] | ' | ' |
Basic: | ' | ' |
Income applicable to Oil States International, Inc. common stockholders, basic | 70,543 | 93,164 |
Shares Outstanding, Basic (in Shares) (in Shares) | 53,288 | 54,808 |
Diluted: | ' | ' |
Income applicable to Oil States International, Inc. common stockholders, diluted | $70,547 | $93,164 |
Shares Outstanding, Diluted (in Shares) (in Shares) | 53,588 | 55,373 |
Note_6_Business_Acquisitions_a2
Note 6 - Business Acquisitions and Goodwill (Details) (Quality Connector Systems [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Dec. 02, 2013 |
Quality Connector Systems [Member] | ' |
Note 6 - Business Acquisitions and Goodwill (Details) [Line Items] | ' |
Payments to Acquire Businesses, Gross | $42.50 |
Note_6_Business_Acquisitions_a3
Note 6 - Business Acquisitions and Goodwill (Details) - Changes in the Carrying Value of Goodwill (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill after impairment loss | $519,766 | $513,650 | ' |
Well Site Services - Completion Services [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 201,588 | 201,911 | 201,281 |
Accumulated Impairment Losses | -94,528 | -94,528 | -94,528 |
Goodwill after impairment loss | 107,060 | 107,383 | 106,753 |
Goodwill acquired and purchase price adjustments | 194 | 1,576 | ' |
Foreign currency translation and other changes | -517 | -946 | ' |
Well Site Services - Drilling Services [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 22,767 | 22,767 | 22,767 |
Accumulated Impairment Losses | -22,767 | -22,767 | -22,767 |
Total Well Site Services [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 224,355 | 224,678 | 224,048 |
Accumulated Impairment Losses | -117,295 | -117,295 | -117,295 |
Goodwill after impairment loss | 107,060 | 107,383 | 106,753 |
Goodwill acquired and purchase price adjustments | 194 | 1,576 | ' |
Foreign currency translation and other changes | -517 | -946 | ' |
Accommodations [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 267,458 | 261,056 | 295,132 |
Goodwill after impairment loss | 267,458 | 261,056 | 295,132 |
Foreign currency translation and other changes | 6,402 | -34,076 | ' |
Offshore Products [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 145,248 | 145,211 | 118,933 |
Goodwill after impairment loss | 145,248 | 145,211 | 118,933 |
Goodwill acquired and purchase price adjustments | ' | 26,179 | ' |
Foreign currency translation and other changes | 37 | 99 | ' |
Tubular Services [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 637,061 | 630,945 | 638,113 |
Accumulated Impairment Losses | -117,295 | -117,295 | -117,295 |
Goodwill after impairment loss | 519,766 | 513,650 | 520,818 |
Goodwill acquired and purchase price adjustments | 194 | 27,755 | ' |
Foreign currency translation and other changes | $5,922 | ($34,923) | ' |
Note_7_Discontinued_Operations2
Note 7 - Discontinued Operations (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Sep. 06, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $600 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 128.4 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $84 |
Note_7_Discontinued_Operations3
Note 7 - Discontinued Operations (Details) - Operating Results of Discontinued Operations (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Results of Discontinued Operations [Abstract] | ' | ' |
Revenues | ' | $393,913 |
Income from discontinued operations before income taxes | 257 | 14,714 |
Income tax provision | -75 | -5,689 |
Net income from discontinued operations, net of tax | $182 | $9,025 |
Note_8_Debt_Details
Note 8 - Debt (Details) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 21, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 21, 2012 | Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Jun. 01, 2011 | Sep. 18, 2012 | |
USD ($) | USD ($) | AUD | USD ($) | USD ($) | 5 1/8% Senior Notes [Member] | 5 1/8% Senior Notes [Member] | 6 1/2% Senior Notes [Member] | 6 1/2% Senior Notes [Member] | 6 1/2% Senior Notes [Member] | MAC [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | AUD | ||||||||
Note 8 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | $600,000,000 | ' |
Redemption of Senior Unsecured Notes Condition One | ' | ' | ' | ' | ' | ' | 'At any time prior to January 15, 2016, the Company may redeem up to 35% of the 5 1/8% Notes at a redemption price of 105.125% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. | ' | ' | 'At any time prior to June 1, 2014, the Company may redeem up to 35% of the 6 1/2% Notes at a redemption price of 106.5% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings. | ' | ' |
Redemption of Senior Unsecured Notes Condition Two | ' | ' | ' | ' | ' | ' | 'Prior to January 15, 2018, the Company may redeem some or all of the 5 1/8% Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. | ' | ' | 'Prior to June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. On and after June 1, 2014, the Company may redeem some or all of the 6 1/2% Notes at redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date. | ' | ' |
Redemption Price as Percentage of Principal Amount Plus Accrued and Unpaid Interest | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds Of Senior Unsecured Notes Utilized To Repay Its Senior Secured Credit Facilities | ' | ' | ' | ' | ' | ' | 334,000,000 | ' | 515,000,000 | ' | ' | ' |
Proceeds Of Senior Unsecured Notes Utilized For General Corporate Purposes | ' | ' | ' | ' | ' | ' | 61,000,000 | ' | 75,000,000 | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value (in Dollars) | ' | 454,873,000 | 325,969,000 | 454,900,000 | 599,306,000 | 253,172,000 | ' | ' | ' | ' | ' | ' |
Credit Facility Remaining Borrowing Capacity | ' | 717,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 |
Letters of Credit Outstanding, Amount | ' | 32,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | ' | $300,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_8_Debt_Details_Longterm_D
Note 8 - Debt (Details) - Long-term Debt (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Less: Current portion | $529 | $529 |
Total long-term debt and capitalized leases | 972,562 | 972,692 |
6 1/2% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 600,000 | 600,000 |
5 1/8% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 366,000 | 366,000 |
Capital Lease Obligations And Other Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 7,091 | 7,221 |
Gross [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 973,091 | 973,221 |
Domestic Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 0 | 0 |
Canadian Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 0 | 0 |
Australian Credit Facility 2 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | $0 | $0 |
Note_8_Debt_Details_Longterm_D1
Note 8 - Debt (Details) - Long-term Debt (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
6 1/2% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 6.50% | 6.50% |
5 1/8% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 5.13% | 5.13% |
Domestic Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Available Commitments up to | 500,000 | 500,000 |
Canadian Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Available Commitments up to | 250,000 | 250,000 |
Australian Credit Facility 2 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Available Commitments up to | 300,000 | 300,000 |
Note_8_Debt_Details_The_Option
Note 8 - Debt (Details) - The Optional Redemption Prices As a Percentage of Principal Amount | 3 Months Ended |
Mar. 31, 2014 | |
Twelve Month Period Beginning Jan 15, 2018 [Member] | 5 1/8% Senior Notes [Member] | ' |
Note 8 - Debt (Details) - The Optional Redemption Prices As a Percentage of Principal Amount [Line Items] | ' |
Percentage of principal amount | 102.56% |
Twelve Month Period Beginning Jan 15, 2019 [Member] | 5 1/8% Senior Notes [Member] | ' |
Note 8 - Debt (Details) - The Optional Redemption Prices As a Percentage of Principal Amount [Line Items] | ' |
Percentage of principal amount | 101.71% |
Twelve Month Period Beginning Jan 15, 2020 [Member] | 5 1/8% Senior Notes [Member] | ' |
Note 8 - Debt (Details) - The Optional Redemption Prices As a Percentage of Principal Amount [Line Items] | ' |
Percentage of principal amount | 100.85% |
Twelve Month Period Beginning Jan 15, 2021 and Thereafter [Member] | 5 1/8% Senior Notes [Member] | ' |
Note 8 - Debt (Details) - The Optional Redemption Prices As a Percentage of Principal Amount [Line Items] | ' |
Percentage of principal amount | 100.00% |
Twelve Month Period Beginning June 1, 2014 [Member] | 6 1/2% Senior Notes [Member] | ' |
Note 8 - Debt (Details) - The Optional Redemption Prices As a Percentage of Principal Amount [Line Items] | ' |
Percentage of principal amount | 104.88% |
Twelve Month Period Beginning June 1, 2015 [Member] | 6 1/2% Senior Notes [Member] | ' |
Note 8 - Debt (Details) - The Optional Redemption Prices As a Percentage of Principal Amount [Line Items] | ' |
Percentage of principal amount | 103.25% |
Twelve Month Period Beginning June 1, 2016 [Member] | 6 1/2% Senior Notes [Member] | ' |
Note 8 - Debt (Details) - The Optional Redemption Prices As a Percentage of Principal Amount [Line Items] | ' |
Percentage of principal amount | 101.63% |
Twelve Month Period Beginning June 1, 2017 and Thereafter [Member] | 6 1/2% Senior Notes [Member] | ' |
Note 8 - Debt (Details) - The Optional Redemption Prices As a Percentage of Principal Amount [Line Items] | ' |
Percentage of principal amount | 100.00% |
Note_9_Fair_Value_Measurements2
Note 9 - Fair Value Measurements (Details) - The Carrying Values and Fair Values of These Notes Are as Follows (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
5 1/8% Senior Notes [Member] | ' | ' |
Note 9 - Fair Value Measurements (Details) - The Carrying Values and Fair Values of These Notes Are as Follows [Line Items] | ' | ' |
Carrying Value | $366,000 | $366,000 |
Fair Value | 411,750 | 411,066 |
6 1/2% Senior Notes [Member] | ' | ' |
Note 9 - Fair Value Measurements (Details) - The Carrying Values and Fair Values of These Notes Are as Follows [Line Items] | ' | ' |
Carrying Value | 600,000 | 600,000 |
Fair Value | $632,628 | $639,378 |
Note_10_Changes_in_Common_Stoc2
Note 10 - Changes in Common Stock Outstanding (Details) - Changes in Common Stock Outstanding | 3 Months Ended |
Mar. 31, 2014 | |
Changes in Common Stock Outstanding [Abstract] | ' |
Shares of common stock outstanding | 54,181,569 |
Repurchase of shares – transferred to treasury | -1,368,086 |
Shares issued upon exercise of stock options and vesting of restricted stock awards | 286,318 |
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury | -49,390 |
Shares of common stock outstanding | 53,050,411 |
Note_11_Stock_Based_Compensati1
Note 11 - Stock Based Compensation (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 11 - Stock Based Compensation (Details) [Line Items] | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 225,942 | ' |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $22,700,000 | ' |
Number Of Restricted Stock Awards Vested In Equal Installments (in Shares) | 222,815 | ' |
Number of Equal Installments In Which Restricted Stock Awards Vest | 4 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 65,650 | ' |
Number of Equal Installments In Which Phantom Share Awards Vest | 3 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 118,950 | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award Options Term | '10 years | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $100.43 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value | 3,800,000 | ' |
Number of Equal Installments In Which Stock Options Vest | 4 | ' |
Share-based Compensation | 7,375,000 | 6,285,000 |
Stock Based Compensation Expense Per Diluted Share After Tax (in Dollars per share) | $0.11 | $0.09 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 18,100,000 | 11,700,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 58,400,000 | ' |
Awards Which Vest 100% in February 2015 [Member] | ' | ' |
Note 11 - Stock Based Compensation (Details) [Line Items] | ' | ' |
Stock Awards To Be Vested In Future Period (in Shares) | 3,000 | ' |
Pre-Tax [Member] | ' | ' |
Note 11 - Stock Based Compensation (Details) [Line Items] | ' | ' |
Share-based Compensation | $8,000,000 | $6,500,000 |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income Tax Expense (Benefit) | $27,531 | $33,751 |
Effective Income Tax Rate Reconciliation, Percent | 27.70% | 26.50% |
Note_13_Segment_and_Related_In2
Note 13 - Segment and Related Information (Details) - Financial Information by Business Segment (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from unaffiliated customers | $657,982 | ' | ' |
Depreciation and amortization | 70,386 | 66,312 | ' |
Operating income (loss) | 113,643 | 146,500 | ' |
Equity in earnings (loss) of unconsolidated affiliates | 97 | -735 | ' |
Capital expenditures | 103,427 | 107,397 | ' |
Total assets | 4,046,087 | ' | 4,131,261 |
Well Site Services - Completion Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from unaffiliated customers | 146,462 | 137,366 | ' |
Depreciation and amortization | 17,944 | 15,195 | ' |
Operating income (loss) | 31,045 | 28,659 | ' |
Capital expenditures | 23,013 | 20,466 | ' |
Total assets | 596,020 | 576,634 | ' |
Well Site Services - Drilling Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from unaffiliated customers | 46,564 | 40,203 | ' |
Depreciation and amortization | 6,884 | 5,752 | ' |
Operating income (loss) | 5,795 | 4,080 | ' |
Capital expenditures | 7,114 | 7,567 | ' |
Total assets | 143,498 | 163,002 | ' |
Tubular Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from unaffiliated customers | 193,026 | ' | ' |
Depreciation and amortization | 24,828 | ' | ' |
Operating income (loss) | 36,840 | ' | ' |
Capital expenditures | 30,127 | ' | ' |
Total assets | 739,518 | ' | ' |
Accommodations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from unaffiliated customers | 252,744 | 296,668 | ' |
Depreciation and amortization | 39,599 | 41,088 | ' |
Operating income (loss) | 56,258 | 94,906 | ' |
Capital expenditures | 63,525 | 69,917 | ' |
Total assets | 2,195,566 | 2,157,727 | ' |
Offshore Products [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from unaffiliated customers | 212,212 | 201,290 | ' |
Depreciation and amortization | 5,695 | 4,043 | ' |
Operating income (loss) | 37,348 | 32,136 | ' |
Equity in earnings (loss) of unconsolidated affiliates | 97 | -735 | ' |
Capital expenditures | 9,563 | 9,011 | ' |
Total assets | 956,986 | 819,541 | ' |
Corporate And Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation and amortization | 264 | 234 | ' |
Operating income (loss) | -16,803 | -13,281 | ' |
Capital expenditures | 212 | 104 | ' |
Total assets | 154,017 | 133,977 | ' |
Total Well Site Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from unaffiliated customers | ' | 177,569 | ' |
Depreciation and amortization | ' | 20,947 | ' |
Operating income (loss) | ' | 32,739 | ' |
Capital expenditures | ' | 28,033 | ' |
Total assets | ' | 739,636 | ' |
Excluding Tubular Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues from unaffiliated customers | ' | 675,527 | ' |
Depreciation and amortization | ' | 66,312 | ' |
Operating income (loss) | ' | 146,500 | ' |
Equity in earnings (loss) of unconsolidated affiliates | ' | -735 | ' |
Capital expenditures | ' | 107,065 | ' |
Total assets | ' | $3,850,881 | ' |
Note_15_Planned_SpinOff_of_Acc1
Note 15 - Planned Spin-Off of Accommodations Business (Details) (Upon Consummation of Proposed Spin-Off [Member], USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Minimum [Member] | ' |
Note 15 - Planned Spin-Off of Accommodations Business (Details) [Line Items] | ' |
Dividends Receivable | $650 |
Maximum [Member] | ' |
Note 15 - Planned Spin-Off of Accommodations Business (Details) [Line Items] | ' |
Dividends Receivable | $850 |
Note_16_Condensed_Consolidatin2
Note 16 - Condensed Consolidating Financial Information (Details) - Condensed Consolidating Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Operating revenues | $657,982 | $675,527 |
Total revenues | 657,982 | 675,527 |
OPERATING EXPENSES | ' | ' |
Cost of sales and services | 415,826 | 418,389 |
Selling, general and administrative expenses | 56,545 | 50,017 |
Depreciation and amortization expense | 70,386 | 66,312 |
Other income (expense) | 1,582 | -5,691 |
Operating income | 113,643 | 146,500 |
Interest expense | -17,104 | -20,090 |
Interest income | 917 | 563 |
Equity in earnings (loss) of unconsolidated affiliates | 97 | -735 |
Other income | 1,669 | 1,072 |
Income before income taxes | 99,222 | 127,310 |
Income tax provision | -27,531 | -33,751 |
Net income from continuing operations | 71,691 | 93,559 |
Net income from discontinued operations, net of tax | 182 | 9,025 |
Net income | 71,873 | 102,584 |
Other comprehensive income (loss): | ' | ' |
Unrealized gain on forward contracts, net of tax | ' | 210 |
Foreign currency translation adjustment | -20 | -22,339 |
Total other comprehensive (loss) income | -20 | -22,129 |
Comprehensive income | 71,853 | 80,455 |
Comprehensive income attributable to noncontrolling interest | -304 | -366 |
Comprehensive income attributable to Oil States International, Inc. | 71,549 | 80,089 |
Consolidation, Eliminations [Member] | ' | ' |
REVENUES | ' | ' |
Intercompany revenues | -30,364 | -6,239 |
Total revenues | 30,364 | -6,239 |
OPERATING EXPENSES | ' | ' |
Cost of sales and services | -3,637 | -1,418 |
Intercompany cost of sales and services | -25,147 | -4,753 |
Depreciation and amortization expense | -41 | -38 |
Operating income | -1,539 | -30 |
Interest expense | 12,131 | 15,165 |
Interest income | -12,131 | -15,165 |
Equity in earnings (loss) of unconsolidated affiliates | -134,442 | -190,792 |
Income before income taxes | -135,981 | -190,822 |
Net income from continuing operations | -135,981 | -190,822 |
Net income | -135,981 | -190,822 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustment | -24,193 | 30,011 |
Total other comprehensive (loss) income | -24,193 | 30,011 |
Comprehensive income | -160,174 | -160,811 |
Comprehensive income attributable to noncontrolling interest | -12 | -18 |
Comprehensive income attributable to Oil States International, Inc. | -160,186 | -160,829 |
Parent Company [Member] | ' | ' |
OPERATING EXPENSES | ' | ' |
Selling, general and administrative expenses | 449 | 400 |
Depreciation and amortization expense | 264 | 234 |
Other income (expense) | -339 | -154 |
Operating income | -374 | -480 |
Interest expense | -16,442 | -18,227 |
Interest income | 4,295 | 4,816 |
Equity in earnings (loss) of unconsolidated affiliates | 84,141 | 116,080 |
Income before income taxes | 71,620 | 102,189 |
Net income from continuing operations | 71,620 | 102,189 |
Net income from discontinued operations, net of tax | -116 | ' |
Net income | 71,504 | 102,189 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustment | -20 | -22,339 |
Total other comprehensive (loss) income | -20 | -22,339 |
Comprehensive income | 71,484 | 79,850 |
Comprehensive income attributable to Oil States International, Inc. | 71,484 | 79,850 |
Guarantor Subsidiaries [Member] | ' | ' |
REVENUES | ' | ' |
Operating revenues | 344,145 | 310,693 |
Intercompany revenues | 9,087 | 5,506 |
Total revenues | 353,232 | 316,199 |
OPERATING EXPENSES | ' | ' |
Cost of sales and services | 232,431 | 217,582 |
Intercompany cost of sales and services | 5,844 | 4,046 |
Selling, general and administrative expenses | 36,437 | 31,680 |
Depreciation and amortization expense | 32,318 | 26,300 |
Other income (expense) | 1,312 | -4,016 |
Operating income | 44,890 | 40,607 |
Interest expense | -145 | -180 |
Interest income | 53 | 46 |
Equity in earnings (loss) of unconsolidated affiliates | 50,301 | 74,712 |
Other income | 641 | 597 |
Income before income taxes | 95,740 | 115,782 |
Income tax provision | -10,480 | -8,755 |
Net income from continuing operations | 85,260 | 107,027 |
Net income from discontinued operations, net of tax | 298 | 9,025 |
Net income | 85,558 | 116,052 |
Other comprehensive income (loss): | ' | ' |
Unrealized gain on forward contracts, net of tax | ' | 210 |
Foreign currency translation adjustment | 11,492 | -15,022 |
Total other comprehensive (loss) income | 11,492 | -14,812 |
Comprehensive income | 97,050 | 101,240 |
Comprehensive income attributable to Oil States International, Inc. | 97,050 | 101,240 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
REVENUES | ' | ' |
Operating revenues | 313,837 | 364,834 |
Intercompany revenues | 21,277 | 733 |
Total revenues | 335,114 | 365,567 |
OPERATING EXPENSES | ' | ' |
Cost of sales and services | 187,032 | 202,225 |
Intercompany cost of sales and services | 19,303 | 707 |
Selling, general and administrative expenses | 19,659 | 17,937 |
Depreciation and amortization expense | 37,845 | 39,816 |
Other income (expense) | 609 | -1,521 |
Operating income | 70,666 | 106,403 |
Interest expense | -12,648 | -16,848 |
Interest income | 8,700 | 10,866 |
Equity in earnings (loss) of unconsolidated affiliates | 97 | -735 |
Other income | 1,028 | 475 |
Income before income taxes | 67,843 | 100,161 |
Income tax provision | -17,051 | -24,996 |
Net income from continuing operations | 50,792 | 75,165 |
Net income | 50,792 | 75,165 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustment | 12,701 | -14,989 |
Total other comprehensive (loss) income | 12,701 | -14,989 |
Comprehensive income | 63,493 | 60,176 |
Comprehensive income attributable to noncontrolling interest | -292 | -348 |
Comprehensive income attributable to Oil States International, Inc. | $63,201 | $59,828 |
Note_16_Condensed_Consolidatin3
Note 16 - Condensed Consolidating Financial Information (Details) - Consolidating Balance Sheets | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | AUD | USD ($) | USD ($) | USD ($) | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Consolidated Entities [Member] | Consolidated Entities [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $454,873 | 454,900 | $599,306 | $325,969 | $253,172 | $118,099 | $300,849 | $88,108 | $3,222 | $30,575 | $22,839 | $37,806 | $57,205 | $306,199 | $275,618 | $200,055 | $192,745 | ' | ' |
Accounts receivable, net | 631,025 | ' | 620,333 | ' | ' | 379 | 155 | ' | ' | 307,783 | 315,203 | ' | ' | 322,863 | 304,975 | ' | ' | ' | ' |
Inventories, net | 271,378 | ' | 266,552 | ' | ' | ' | ' | ' | ' | 158,153 | 152,278 | ' | ' | 113,225 | 114,274 | ' | ' | ' | ' |
Prepaid expenses and other current assets | 42,176 | ' | 39,716 | ' | ' | 7,035 | 9,413 | ' | ' | 18,613 | 16,866 | ' | ' | 16,528 | 13,437 | ' | ' | ' | ' |
Total current assets | 1,399,452 | ' | 1,525,907 | ' | ' | 125,513 | 310,417 | ' | ' | 515,124 | 507,186 | ' | ' | 758,815 | 708,304 | ' | ' | ' | ' |
Property, plant and equipment, net | 1,938,283 | ' | 1,902,789 | ' | ' | 2,487 | 2,539 | ' | ' | 625,244 | 618,332 | ' | ' | 1,315,638 | 1,285,465 | ' | ' | -5,086 | -3,547 |
Goodwill, net | 519,766 | ' | 513,650 | ' | ' | ' | ' | ' | ' | 247,113 | 246,919 | ' | ' | 272,653 | 266,731 | ' | ' | ' | ' |
Other intangible assets, net | 132,195 | ' | 133,531 | ' | ' | ' | ' | ' | ' | 63,881 | 66,428 | ' | ' | 68,314 | 67,103 | ' | ' | ' | ' |
Investments in unconsolidated affiliates | 2,649 | ' | 2,553 | ' | ' | 2,734,406 | 2,637,629 | ' | ' | 1,750,415 | 1,686,507 | ' | ' | 2,649 | 2,553 | ' | ' | -4,484,821 | -4,324,136 |
Long-term intercompany receivables (payables) | ' | ' | ' | ' | ' | 623,331 | 615,870 | ' | ' | -209,906 | -213,498 | ' | ' | -413,424 | -402,371 | ' | ' | -1 | -1 |
Other noncurrent assets | 53,742 | ' | 52,831 | ' | ' | 35,484 | 37,283 | ' | ' | 2,186 | -717 | ' | ' | 16,072 | 16,265 | ' | ' | ' | ' |
Total assets | 4,046,087 | ' | 4,131,261 | ' | ' | 3,521,221 | 3,603,738 | ' | ' | 2,994,057 | 2,911,157 | ' | ' | 2,020,717 | 1,944,050 | ' | ' | -4,489,908 | -4,327,684 |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 152,153 | ' | 149,079 | ' | ' | 916 | 2,664 | ' | ' | 61,673 | 69,569 | ' | ' | 89,564 | 76,846 | ' | ' | ' | ' |
Accrued liabilities | 98,514 | ' | 132,046 | ' | ' | 29,990 | 35,682 | ' | ' | 38,743 | 60,035 | ' | ' | 29,782 | 36,329 | ' | ' | -1 | ' |
Income taxes | 25,417 | ' | 32,679 | ' | ' | -68,031 | -40,831 | ' | ' | 79,022 | 57,421 | ' | ' | 14,426 | 16,089 | ' | ' | ' | ' |
Current portion of long-term debt and capitalized leases | 529 | ' | 529 | ' | ' | 17 | 17 | ' | ' | 474 | 474 | ' | ' | 38 | 38 | ' | ' | ' | ' |
Deferred revenue | 53,388 | ' | 50,366 | ' | ' | ' | ' | ' | ' | 27,525 | 25,865 | ' | ' | 25,863 | 24,501 | ' | ' | ' | ' |
Other current liabilities | 14,102 | ' | 9,137 | ' | ' | ' | ' | ' | ' | 13,846 | 8,891 | ' | ' | 256 | 246 | ' | ' | ' | ' |
Total current liabilities | 344,103 | ' | 373,836 | ' | ' | -37,108 | -2,468 | ' | ' | 221,283 | 222,255 | ' | ' | 159,929 | 154,049 | ' | ' | -1 | ' |
Long-term debt and capitalized leases | 972,562 | ' | 972,692 | ' | ' | 966,002 | 966,008 | ' | ' | 6,511 | 6,627 | ' | ' | 49 | 57 | ' | ' | ' | ' |
Deferred income taxes | 115,931 | ' | 122,821 | ' | ' | 2,798 | ' | ' | ' | 55,292 | 68,332 | ' | ' | 57,841 | 54,489 | ' | ' | ' | ' |
Other noncurrent liabilities | 40,762 | ' | 36,618 | ' | ' | 18,981 | 16,781 | ' | ' | 2,136 | 2,158 | ' | ' | 20,094 | 18,128 | ' | ' | -449 | -449 |
Total liabilities | 1,473,358 | ' | 1,505,967 | ' | ' | 950,673 | 980,321 | ' | ' | 285,222 | 299,372 | ' | ' | 237,913 | 226,723 | ' | ' | -450 | -449 |
Stockholders’ equity | 2,570,548 | ' | 2,623,417 | ' | ' | 2,570,548 | 2,623,417 | ' | ' | 2,708,835 | 2,611,785 | ' | ' | 1,780,801 | 1,715,616 | ' | ' | -4,489,636 | -4,327,401 |
Non-controlling interest | 2,181 | ' | 1,877 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,003 | 1,711 | ' | ' | 178 | 166 |
Total stockholders’ equity | 2,572,729 | ' | 2,625,294 | ' | ' | 2,570,548 | 2,623,417 | ' | ' | 2,708,835 | 2,611,785 | ' | ' | 1,782,804 | 1,717,327 | ' | ' | -4,489,458 | -4,327,235 |
Total liabilities and stockholders’ equity | $4,046,087 | ' | $4,131,261 | ' | ' | $3,521,221 | $3,603,738 | ' | ' | $2,994,057 | $2,911,157 | ' | ' | $2,020,717 | $1,944,050 | ' | ' | ($4,489,908) | ($4,327,684) |
Note_16_Condensed_Consolidatin4
Note 16 - Condensed Consolidating Financial Information (Details) - Condensed Consolidating Statements of Cash Flows | 3 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
USD ($) | USD ($) | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Parent Company [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | $105,311 | $218,609 | ($1,579) | ($69) | ($39,197) | ($11,814) | $62,981 | $138,893 | $83,106 | $91,599 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures, including capitalized interest | -103,427 | -107,397 | 1,579 | 69 | -212 | -104 | -36,865 | -45,894 | -67,929 | -61,468 |
Proceeds from dispositions of property, plant and equipment | 2,210 | 2,075 | ' | ' | ' | ' | 536 | 755 | 1,674 | 1,320 |
Payments for/from equity contributions from investing activities | ' | ' | 2,049 | 23,203 | ' | -22,248 | -2,049 | -955 | ' | ' |
Other, net | -385 | 108 | ' | ' | 1 | -1 | -202 | 107 | -184 | 2 |
Net cash provided by (used in) investing activities | -101,602 | -105,214 | 3,628 | 23,272 | -211 | -22,353 | -38,580 | -45,987 | -66,439 | -60,146 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit borrowings (repayments), net | ' | -29,219 | ' | ' | ' | ' | ' | ' | ' | -29,219 |
Term loan repayments | ' | -7,526 | ' | ' | ' | -5,000 | ' | ' | ' | -2,526 |
Debt and capital lease repayments | -129 | -110 | ' | ' | -6 | -4 | -114 | -90 | -9 | -16 |
Issuance of common stock from share-based payment arrangements | 3,346 | 3,498 | ' | ' | 3,346 | 3,498 | ' | ' | ' | ' |
Purchase of treasury stock | -141,043 | ' | ' | ' | -141,043 | ' | ' | ' | ' | ' |
Excess tax benefits from share-based payment arrangements | 1,660 | 3,322 | ' | ' | 1,660 | 3,322 | ' | ' | ' | ' |
Proceeds from (funding of) accounts and notes with affiliates, net | ' | ' | ' | -955 | -2,383 | 121,026 | -16,486 | -134,431 | 18,869 | 14,360 |
Proceeds from equity contributions | ' | ' | -2,049 | -22,248 | ' | ' | ' | 22,248 | 2,049 | ' |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | -4,915 | -3,593 | ' | ' | -4,915 | -3,593 | ' | ' | ' | ' |
Other, net | -2 | -200 | ' | ' | -1 | -196 | ' | ' | -1 | -4 |
Net cash provided by (used in) financing activities | -141,083 | -33,828 | -2,049 | -23,203 | -143,342 | 119,053 | -16,600 | -112,273 | 20,908 | -17,405 |
Effect of exchange rate changes on cash | -7,059 | -6,770 | ' | ' | ' | ' | -65 | -32 | -6,994 | -6,738 |
Net change in cash and cash equivalents from continuing operations | -144,433 | 72,797 | ' | ' | -182,750 | 84,886 | 7,736 | -19,399 | 30,581 | 7,310 |
Cash and cash equivalents, beginning of period | 599,306 | 253,172 | ' | ' | 300,849 | 3,222 | 22,839 | 57,205 | 275,618 | 192,745 |
Cash and cash equivalents, end of period | $454,873 | $325,969 | ' | ' | $118,099 | $88,108 | $30,575 | $37,806 | $306,199 | $200,055 |