Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
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 | ' | 54,080,823 |
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 | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | $459,607 | $390,789 | $864,844 | $769,649 |
Costs and expenses: | ' | ' | ' | ' |
Cost of sales and services | 307,908 | 265,829 | 580,280 | 533,769 |
Selling, general and administrative expenses | 43,039 | 36,931 | 84,447 | 72,069 |
Depreciation and amortization expense | 31,107 | 26,605 | 61,894 | 51,829 |
Other operating expense | 10,008 | 4,086 | 11,412 | 2,349 |
392,062 | 333,451 | 738,033 | 660,016 | |
Operating income | 67,545 | 57,338 | 126,811 | 109,633 |
Interest expense | -5,853 | -10,092 | -13,898 | -20,147 |
Interest income | 146 | 163 | 261 | 301 |
Loss on extinguishment of debt | -100,400 | ' | -103,865 | ' |
Equity in earnings (losses) of unconsolidated affiliates | 122 | -95 | 218 | -831 |
Other income | 688 | 486 | 2,119 | 1,148 |
Income (loss) from continuing operations before income taxes | -37,762 | 47,800 | 15,101 | 90,104 |
Income tax (expense) benefit | 13,646 | -18,924 | -4,496 | -32,611 |
Net income (loss)from continuing operations | -24,116 | 28,876 | 10,605 | 57,493 |
Net income from discontinued operations, net of tax | 16,242 | 47,660 | 53,037 | 121,250 |
Net income (loss) | -7,874 | 76,536 | 63,642 | 178,743 |
Less: Net income attributable to noncontrolling interest | 6 | 11 | 18 | 29 |
Net income (loss) attributable to Oil States International, Inc. | -7,880 | 76,525 | 63,624 | 178,714 |
Net income (loss) attributable to Oil States International, Inc.: | ' | ' | ' | ' |
Continuing operations | -24,122 | 28,865 | 10,587 | 57,464 |
Discontinued operations | 16,242 | 47,660 | 53,037 | 121,250 |
Basic net income (loss) per share attributable to Oil States International, Inc. common stockholders from: | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | ($0.45) | $0.52 | $0.20 | $1.04 |
Discontinued operations (in Dollars per share) | $0.30 | $0.87 | $0.98 | $2.21 |
Net income (loss) (in Dollars per share) | ($0.15) | $1.39 | $1.18 | $3.25 |
Diluted net income (loss) per share attributable to Oil States International, Inc. common stockholders from: | ' | ' | ' | ' |
Continuing operations (in Dollars per share) | ($0.45) | $0.52 | $0.20 | $1.04 |
Discontinued operations (in Dollars per share) | $0.30 | $0.86 | $0.98 | $2.18 |
Net income (loss) (in Dollars per share) | ($0.15) | $1.38 | $1.18 | $3.22 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 53,090 | 55,061 | 53,189 | 54,935 |
Diluted (in Shares) | 53,090 | 55,582 | 53,486 | 55,477 |
Continuing Operations [Member] | ' | ' | ' | ' |
Costs and expenses: | ' | ' | ' | ' |
Loss on extinguishment of debt | ($100,410) | ' | ($100,410) | ' |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 53,090 | 55,061 | 53,189 | 54,935 |
Diluted (in Shares) | 53,090 | 55,582 | 53,486 | 55,477 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | ($7,874) | $76,536 | $63,642 | $178,743 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 23,465 | -147,761 | 23,445 | -170,101 |
Unrealized gain (loss) on forward contracts, net of tax | 1 | -94 | 1 | 117 |
Total other comprehensive income (loss) | 23,466 | -147,855 | 23,446 | -169,984 |
Comprehensive income (loss) | 15,592 | -71,319 | 87,088 | 8,759 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 48 | -34 | -6 | -45 |
Comprehensive income (loss) attributable to Oil States International, Inc. | $15,544 | ($71,285) | $87,094 | $8,804 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $64,895 | $599,306 |
Accounts receivable, net | 460,664 | 620,333 |
Inventories, net | 247,905 | 266,552 |
Prepaid expenses and other current assets | 57,660 | 39,716 |
Total current assets | 831,124 | 1,525,907 |
Property, plant, and equipment, net | 602,640 | 1,902,789 |
Goodwill, net | 253,837 | 513,650 |
Other intangible assets, net | 53,743 | 133,531 |
Other noncurrent assets | 24,199 | 55,384 |
Total assets | 1,765,543 | 4,131,261 |
Current liabilities: | ' | ' |
Accounts payable | 104,221 | 149,079 |
Accrued liabilities | 72,790 | 132,046 |
Income taxes | 8,229 | 32,679 |
Current portion of long-term debt and capitalized leases | 527 | 529 |
Deferred revenue | 34,516 | 50,366 |
Other current liabilities | 15,398 | 9,137 |
Total current liabilities | 235,681 | 373,836 |
Long-term debt and capitalized leases | 188,361 | 972,692 |
Deferred income taxes | 26,108 | 122,821 |
Other noncurrent liabilities | 16,079 | 36,618 |
Total liabilities | 466,229 | 1,505,967 |
Oil States International, Inc. stockholders’ equity: | ' | ' |
Common stock, $.01 par value, 200,000,000 shares authorized, 60,759,085 shares and 59,777,766 shares issued, respectively, and 54,302,476 shares and 54,767,284 shares outstanding, respectively | 608 | 592 |
Additional paid-in capital | 666,799 | 637,438 |
Retained earnings | 1,021,105 | 2,320,453 |
Accumulated other comprehensive income (loss) | 1,290 | -85,675 |
Common stock held in treasury at cost, 6,456,609 and 5,010,482 shares, respectively | -390,672 | -249,391 |
Total Oil States International, Inc. stockholders’ equity | 1,299,130 | 2,623,417 |
Noncontrolling interest | 184 | 1,877 |
Total stockholders’ equity | 1,299,314 | 2,625,294 |
Total liabilities and stockholders’ equity | $1,765,543 | $4,131,261 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 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 | 60,759,085 | 59,777,766 |
Common stock, shares outstanding | 54,302,476 | 54,767,284 |
Treasury stock, shares | 6,456,609 | 5,010,482 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $63,642 | $178,743 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 129,445 | 135,537 |
Deferred income tax provision | 8,929 | -538 |
Excess tax benefits from share-based payment arrangements | -4,585 | -5,329 |
Provision for loss on receivables | 2,330 | 1,555 |
Non-cash compensation charge | 15,470 | 13,133 |
Amortization of deferred financing costs | 2,703 | 4,041 |
Loss on extinguishment of debt | 103,865 | ' |
Other, net | 876 | -687 |
Changes in operating assets and liabilities, net of effect from acquired businesses and net assets of Civeo that were distributed to stockholders: | ' | ' |
Accounts receivable | -15,502 | 73,965 |
Inventories | -5,313 | -2,059 |
Accounts payable and accrued liabilities | -20,103 | -29,774 |
Taxes payable | -85,893 | 2,618 |
Other operating assets and liabilities, net | 12,310 | -12,933 |
Net cash flows provided by operating activities | 208,741 | 358,982 |
Cash flows from investing activities: | ' | ' |
Capital expenditures, including capitalized interest | -203,417 | -240,423 |
Proceeds from disposition of property, plant and equipment | 3,640 | 2,633 |
Other, net | -839 | -227 |
Net cash flows used in investing activities | -200,616 | -238,017 |
Cash flows from financing activities: | ' | ' |
Revolving credit borrowings and (repayments), net | 181,928 | -47,901 |
Term borrowings of Civeo | 775,000 | ' |
Term loan repayments | ' | -92,762 |
Issuance of common stock from share-based payment arrangements | 7,962 | 10,388 |
Purchase of treasury stock | -143,714 | -1,485 |
Excess tax benefits from share-based payment arrangements | 4,585 | 5,329 |
Payment of financing costs | -12,525 | -203 |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | -4,964 | -3,722 |
Other, net | -261 | -207 |
Net cash flows used in financing activities | -540,626 | -130,563 |
Effect of exchange rate changes on cash | -1,910 | -17,717 |
Net change in cash and cash equivalents | -534,411 | -27,315 |
Cash and cash equivalents, beginning of period | 599,306 | 253,172 |
Cash and cash equivalents, end of period | 64,895 | 225,857 |
6 1/2% Senior Notes [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Repayment of senior notes | -630,307 | ' |
5 1/8% Senior Notes [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Repayment of senior notes | -419,794 | ' |
Includes Discontinued Operations [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 64,209 | 179,453 |
Discontinued Operations [Member] | ' | ' |
Cash flows from financing activities: | ' | ' |
Cash balances of Civeo in Spin-Off | ($298,536) | ' |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements of Cash Flows (Parentheticals) | Jun. 30, 2014 | Jun. 30, 2013 |
6 1/2% Senior Notes [Member] | ' | ' |
Interest rate | 6.50% | 6.50% |
5 1/8% Senior Notes [Member] | ' | ' |
Interest rate | 5.13% | 5.13% |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Discontinued Operations [Member] | Total |
In Thousands, except Share data | USD ($) | Discontinued Operations [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2013 | $592 | ' | $637,438 | $2,320,453 | ($85,675) | ($249,391) | $1,877 | ' | $2,625,294 |
Net income | ' | ' | ' | 63,624 | ' | ' | 18 | ' | 63,642 |
Currency translation adjustment | ' | ' | ' | ' | 23,445 | ' | -24 | ' | 23,421 |
Other comprehensive income | ' | ' | ' | ' | 1 | ' | ' | ' | 1 |
Dividends paid | ' | ' | ' | ' | ' | ' | -489 | ' | -489 |
Exercise of stock options, including tax benefit | 2 | ' | 12,545 | ' | ' | ' | ' | ' | 12,547 |
Amortization of restricted stock compensation | ' | ' | 12,042 | ' | ' | ' | ' | ' | 12,042 |
Stock option expense | ' | ' | 2,060 | ' | ' | ' | ' | ' | 2,060 |
Surrender of stock to pay taxes on restricted stock awards | 2 | ' | -2 | ' | ' | -4,964 | ' | ' | -4,964 |
Stock acquired for cash | ' | ' | ' | ' | ' | -136,317 | ' | ' | -136,317 |
Exercise of stock options/stock awards released – discontinued operations (in Shares) | ' | 2,727,000 | ' | ' | ' | ' | ' | 2,727,000 | ' |
Net income from noncontrolling interests – discontinued operations | ' | ' | ' | ' | ' | ' | 567 | ' | 567 |
Spin-Off of Civeo | ' | ' | ' | -1,362,972 | 63,519 | ' | -1,765 | ' | -1,301,218 |
Other | 12 | ' | -11 | ' | ' | ' | ' | ' | 1 |
Balance at Jun. 30, 2014 | $608 | ' | $666,799 | $1,021,105 | $1,290 | ($390,672) | $184 | ' | $1,299,314 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Presentation | 6 Months Ended | |
Jun. 30, 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. | ||
On May 30, 2014, we completed the spin-off of our accomodations business into a stand-alone, publicly traded corporation. The results of operations for our accommodations business have been classified as discontinued operations for all periods presented. See Note 2 to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information. Unless indicated otherwise, the information in the Notes to the Consolidated Financial Statements relates to our continuing operations. | ||
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 results of operations for our tubular services segment have been classified as discontinued operations for all periods presented. | ||
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_SpinOff_of_Accommodatio
Note 2 - Spin-Off of Accommodations Business (Civeo) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Spin Off Of Accommodations Business [Abstract] | ' | ||||
Spin Off Of Accommodations Business [Text Block] | ' | ||||
2 | SPIN-OFF OF ACCOMMODATIONS BUSINESS (CIVEO) | ||||
On May 30, 2014, we completed the previously announced 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 Spin-Off). After the close of the New York Stock Exchange on May 30, 2014 (the Distribution Date), the stockholders of record as of 5:00 p.m. Eastern time on May 21, 2014 (the Record Date), received two shares of Civeo common stock for each share of Oil States common stock held as of the Record Date. Following the Distrubution Date, Oil States ceased to own any shares of Civeo common stock. The objectives of the Spin-Off were to allow each respective management team to more effectively focus on the two distinct businesses, to allow each of the Company and Civeo the opportunity to pursue more tailored and aggressive growth strategies, and the optimization of operating efficiencies for each of the Company and Civeo, 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. | |||||
In connection with the Spin-Off, we refinanced our existing debt. Specifically, we commenced tender offers for all of our outstanding 5 1/8% Senior Notes due 2023 (5 1/8% Notes) and 6 1/2% Senior Notes due 2019 (6 1/2% Notes). These tender offers were funded in part with the proceeds of the $750 million special cash dividend paid to us by Civeo in connection with the Spin-Off, using the proceeds from the $775 million term loan entered into by Civeo immediately prior to the consummation of the Spin-Off, and borrowings under our new credit facility and available cash on hand. See Note 9 to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information regarding the tender offers and our new credit facility. | |||||
In order to effect the Spin-Off and govern our relationship with Civeo after the Spin-Off, we entered into a Separation and Distribution Agreement, an Indemnification and Release Agreement, a Tax Sharing Agreement, an Employee Matters Agreement and a Transition Services Agreement. The Separation and Distribution Agreement governed the Spin-Off, the distribution of Civeo’s shares of common stock to our stockholders, transfer of assets and intellectual property, and other matters related to our relationship with Civeo. The Indemnification and Release Agreement provides for cross-indemnities between the Company and Civeo and established procedures for handling claims subject to indemnification and related matters. We evaluated the impact of the indemnifications given and the Civeo indemnifications received as of the Spin-Off date and concluded those fair values were immaterial. | |||||
The Tax Sharing Agreement governs the respective rights, responsibilities and obligations of the Company and Civeo with respect to the payment of taxes, filing of tax returns, reimbursements of taxes, control of audits and other matters regarding taxes. In addition, the Tax Sharing Agreement reflects each company’s rights and obligations related to taxes that are attributable to periods prior to and including the Spin-Off date and taxes resulting from transactions effected in connection with the Spin-Off. In general, under the Tax Sharing Agreement, the Company is responsible for all U.S. federal, state, local and foreign income taxes attributable to the Company or any of its subsidiaries for any tax period that begins after the date of the Spin-Off, and Civeo is responsible for all taxes attributable to it or its subsidiaries, whether accruing before, on or after the Spin-Off. In addition, the Tax Sharing Agreement imposes certain restrictions on Civeo and its subsidiaries (including restrictions on share issuances, business combinations, sales of assets and similar transactions) that are designed to preserve the tax-free status of the Spin-Off and certain related transactions. | |||||
The Employee Matters Agreement governs the Company’s and Civeo’s compensation and employee benefit obligations with respect to the current and former employees and non-employee directors of each company, and generally allocates liabilities and responsibilities relating to employee compensation and benefit plans and programs and provides for the treatment of outstanding equity and other compensation awards and programs of the Company. The Employee Matters Agreement provides that Civeo will generally be responsible for all liabilities and obligations relating to their employees and former employees of the Company’s accommodations business, including all obligations pursuant to any collective bargaining, employment and other agreements between any Civeo employee and the Company. In addition, the Employee Matters Agreement provides that employees of Civeo will cease active participation under all benefit plans sponsored by the Company. The Employee Matters Agreement sets forth the general principles relating to employee matters and also addresses any special circumstances during the transition period. The Employee Matters Agreement also provides that (i) the Spin-Off does not constitute a change in control under existing plans, programs, agreements or arrangements, and (ii) the Spin-Off and the assignment, transfer or continuation of the employment of employees with another entity will not constitute a severance event under the applicable plans, programs, agreements or arrangements. | |||||
Under the Transition Services Agreement, the Company is providing and/or making available various administrative services and assets to Civeo, for a period of up to nine months beginning on the Distribution Date of the Spin-Off, with a possible extension of one month (an aggregate of ten months.) The services include: information technology services; treasury services; internal audit services; tax services; legal services; risk management services; and accounting services. In consideration for such services, Civeo is paying fees to the Company for the services provided, and these fees are generally in amounts intended to allow the Company to recover all of its direct and indirect costs incurred in providing these services. | |||||
The carrying values of the major categories of assets and liabilities of Civeo, immediately preceding the Spin-Off on May 30, 2014, excluded from our consolidated balance sheet at June 30, 2014, were as follows (in thousands): | |||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 298,536 | |||
Accounts receivable, net | 172,937 | ||||
Inventories, net | 23,669 | ||||
Prepaid expenses and other current assets | 24,880 | ||||
Total current assets of discontinued operations | 520,022 | ||||
Property, plant, and equipment, net | 1,391,458 | ||||
Goodwill, net | 268,464 | ||||
Other intangible assets, net | 75,105 | ||||
Other noncurrent assets | 30,846 | ||||
Total assets of discontinued operations | $ | 2,285,895 | |||
LIABILITIES | |||||
Current liabilities: | |||||
Accounts payable | 52,441 | ||||
Accrued liabilities | 23,784 | ||||
Income taxes | 320 | ||||
Deferred revenue | 22,456 | ||||
Other current liabilities | 256 | ||||
Total current liabilities of discontinued operations | 99,257 | ||||
Long-term debt | 775,000 | ||||
Deferred income taxes | 83,940 | ||||
Other noncurrent liabilities | 26,480 | ||||
Total liabilities of discontinued operations | $ | 984,677 | |||
See Note 8 to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for selected financial information regarding the results of operations of our accommodations business which are reported as discontinued operations. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 6 Months Ended | |
Jun. 30, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' | |
3 | RECENT ACCOUNTING PRONOUNCEMENTS | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. | ||
In April 2014, the FASB issued guidance on the reporting of discontinued operations which amends the definition for what types of asset disposals are to be considered discontinued operations, and amends the required disclosures for discontinued operations and assets held for sale. The amendments in this update are effective for fiscal periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The company is currently evaluating the impact of this standard on its consolidated financial statements. This standard was not early adopted in connection with the Spin-Off. | ||
In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 (early adoption is not permitted). The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. |
Note_4_Details_of_Selected_Bal
Note 4 - Details of Selected Balance Sheet Accounts | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Supplemental Balance Sheet Disclosures [Text Block] | ' | ||||||||||||
4 | DETAILS OF SELECTED BALANCE SHEET ACCOUNTS | ||||||||||||
Additional information regarding selected balance sheet accounts at June 30, 2014 and December 31, 2013 is presented below (in thousands): | |||||||||||||
JUNE 30, | DECEMBER 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable, net: | |||||||||||||
Trade | $ | 308,707 | $ | 456,114 | |||||||||
Unbilled revenue | 153,457 | 163,766 | |||||||||||
Other | 3,960 | 7,987 | |||||||||||
Total accounts receivable | 466,124 | 627,867 | |||||||||||
Allowance for doubtful accounts | (5,460 | ) | (7,534 | ) | |||||||||
$ | 460,664 | $ | 620,333 | ||||||||||
JUNE 30, | DECEMBER 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Inventories, net: | |||||||||||||
Finished goods and purchased products | $ | 99,080 | $ | 91,909 | |||||||||
Work in process | 48,041 | 72,903 | |||||||||||
Raw materials | 111,398 | 111,280 | |||||||||||
Total inventories | 258,519 | 276,092 | |||||||||||
Allowance for excess, damaged, or obsolete inventory | (10,614 | ) | (9,540 | ) | |||||||||
$ | 247,905 | $ | 266,552 | ||||||||||
Estimated | JUNE 30, | DECEMBER 31, | |||||||||||
Useful Life (in years) | 2014 | 2013 | |||||||||||
Property, plant and equipment, net: | |||||||||||||
Land | $ | 27,385 | $ | 76,545 | |||||||||
Accommodations assets | -- | -- | 1,535,407 | ||||||||||
Buildings and leasehold improvements | Mar-40 | 173,296 | 204,455 | ||||||||||
Machinery and equipment | Feb-29 | 434,641 | 434,578 | ||||||||||
Completion services equipment | 10-Apr | 344,407 | 314,445 | ||||||||||
Office furniture and equipment | 10-Jan | 30,433 | 57,026 | ||||||||||
Vehicles | 10-Feb | 123,452 | 140,156 | ||||||||||
Construction in progress | 45,408 | 172,252 | |||||||||||
Total property, plant and equipment | 1,179,022 | 2,934,864 | |||||||||||
Accumulated depreciation | (576,382 | ) | (1,032,075 | ) | |||||||||
$ | 602,640 | $ | 1,902,789 | ||||||||||
JUNE 30, | DECEMBER 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Accrued liabilities: | |||||||||||||
Accrued compensation | $ | 36,788 | $ | 71,535 | |||||||||
Insurance liabilities | 12,416 | 13,198 | |||||||||||
Accrued taxes, other than income taxes | 6,662 | 7,619 | |||||||||||
Accrued interest | 303 | 11,931 | |||||||||||
Accrued commissions | 4,583 | 3,654 | |||||||||||
Accrued treasury stock repurchase | -- | 7,397 | |||||||||||
Other | 12,038 | 16,712 | |||||||||||
$ | 72,790 | $ | 132,046 | ||||||||||
A significant portion of our accounts receivable, inventories, property, plant and equipment and accrued liabilities at December 31, 2013 was related to our accommodations business. See Note 2 to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information. |
Note_5_Accumulated_Other_Compr
Note 5 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | |
Jun. 30, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Comprehensive Income (Loss) Note [Text Block] | ' | |
5 | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
Our accumulated other comprehensive loss decreased from $85.7 million at December 31, 2013 to accumulated other comprehensive income of $1.3 million at June 30, 2014, primarily as a result of the Spin-Off of Civeo. See Note 2 to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information. Prior to the Spin-Off, our accumulated other comprehensive income (loss) was primarily related to fluctuations in the Canadian and Australian dollar exchange rates compared to the U.S. dollar and our Canadian and Australian operations were primarily related to our accommodations business. |
Note_6_Earnings_Per_Share
Note 6 - Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
6 | 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 JUNE 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income | Shares | Income | Shares | ||||||||||||||
Basic: | |||||||||||||||||
Net income (loss) attributable to Oil States International, Inc. | $ | (7,880 | ) | $ | 76,525 | ||||||||||||
Less: Undistributed net loss allocable to participating securities | -- | -- | |||||||||||||||
Undistributed net income (loss) applicable to common stockholders | (7,880 | ) | 76,525 | ||||||||||||||
Less: Income from discontinued operations, net of tax | (16,242 | ) | (47,660 | ) | |||||||||||||
Add: Undistributed net income from discontinued operations allocable to participating securities | -- | -- | |||||||||||||||
Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | (24,122 | ) | 53,090 | $ | 28,865 | 55,061 | ||||||||||
Diluted: | |||||||||||||||||
Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | (24,122 | ) | 53,090 | $ | 28,865 | 55,061 | ||||||||||
Effect of dilutive securities: | |||||||||||||||||
Undistributed net income reallocated to participating securities | -- | -- | -- | -- | |||||||||||||
Options on common stock | -- | -- | -- | 339 | |||||||||||||
Restricted stock awards and other | -- | -- | -- | 182 | |||||||||||||
Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted | (24,122 | ) | 53,090 | 28,865 | 55,582 | ||||||||||||
Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders | 16,242 | 47,660 | |||||||||||||||
Undistributed net income reallocated to participating securities | -- | -- | |||||||||||||||
Net income (loss) attributable to Oil States International, Inc. common stockholders – Diluted | $ | (7,880 | ) | 53,090 | $ | 76,525 | 55,582 | ||||||||||
SIX MONTHS ENDED JUNE 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income | Shares | Income | Shares | ||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to Oil States International, Inc. | $ | 63,624 | $ | 178,714 | |||||||||||||
Less: Undistributed net income allocable to participating securities | (797 | ) | -- | ||||||||||||||
Undistributed net income applicable to common stockholders | 68,827 | 178,714 | |||||||||||||||
Less: Income from discontinued operations, net of tax | (53,037 | ) | (121,250 | ) | |||||||||||||
Add: Undistributed net income from discontinued operations allocable to participating securities | 665 | - | |||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 10,455 | 53,189 | $ | 57,464 | 54,935 | |||||||||||
Diluted: | |||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 10,455 | 53,189 | $ | 57,464 | 54,935 | |||||||||||
Effect of dilutive securities: | |||||||||||||||||
Undistributed net income reallocated to participating securities | 1 | -- | -- | -- | |||||||||||||
Options on common stock | -- | 280 | -- | 364 | |||||||||||||
Restricted stock awards and other | -- | 17 | -- | 178 | |||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted | 10,456 | 53,486 | 57,464 | 55,477 | |||||||||||||
Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders | 52,373 | 121,250 | |||||||||||||||
Undistributed net income reallocated to participating securities | 4 | -- | |||||||||||||||
Net income attributable to Oil States International, Inc. common stockholders – Diluted | $ | 62,833 | 53,486 | $ | 178,714 | 55,477 | |||||||||||
Our calculation of diluted earnings per share for the three and six months ended June 30, 2014 excluded 457,805 shares and 181,512 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect. Our calculation of diluted earnings per share for the three and six months ended June 30, 2013 excluded 392,416 shares and 392,660 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect. |
Note_7_Business_Acquisitions_a
Note 7 - Business Acquisitions and Goodwill | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
7 | 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 $42.3 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 six month period ended June 30, 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 | ||||||||||||||||||||
Spin-Off of Civeo | -- | -- | -- | (268,463 | ) | -- | (268,463 | ) | |||||||||||||||||
Goodwill acquired and purchase price adjustments | 194 | -- | 194 | -- | 917 | 1,111 | |||||||||||||||||||
Foreign currency translation and other changes | (54 | ) | -- | (54 | ) | 7,407 | 186 | 7,539 | |||||||||||||||||
107,523 | -- | 107,523 | -- | 146,314 | 253,837 | ||||||||||||||||||||
Balance as of June 30, 2014 | |||||||||||||||||||||||||
Goodwill | 202,051 | 22,767 | 224,818 | -- | 146,314 | 371,132 | |||||||||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | |||||||||||||||
$ | 107,523 | $ | -- | $ | 107,523 | $ | -- | $ | 146,314 | $ | 253,837 | ||||||||||||||
Note_8_Discontinued_Operations
Note 8 - Discontinued Operations | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||||||
8 | DISCONTINUED OPERATIONS | ||||||||||||||||
On May 30, 2014, we completed the Spin-Off of our accommodations business, Civeo Corporation, to the Company’s stockholders. On May 30, 2014, the stockholders of record as of the close of business on the Record Date received two shares of Civeo common stock for each share of Oil States common stock held as of the Record Date. Following the Distribution Date, Oil States ceased to own any shares of Civeo common stock. | |||||||||||||||||
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 these transactions, the parties entered into transition services agreements for the Company to provide certain information technology applications and infrastructure and various administrative services to Civeo and Sooner during the transition period in exchange for monthly service fees. The transition services agreement between the Company and Sooner expired on February 28, 2014. The transition services agreement between the Company and Civeo is for a period of up to nine months beginning on the Distribution Date of the Spin-Off, with a possible extension of one month (an aggregate of ten months.) The cash flows from the disposed businesses to the Company resulting from the transition services agreements are not significant and do/did not constitute a significant continuing involvement in Civeo or Sooner. | |||||||||||||||||
Civeo and Sooner, which had previously been presented as separate reporting segments, both meet the criteria for being reported as discontinued operations and have been reclassified from continuing operations. Discontinued operations for the three and six months ended June 30, 2014 reflect the operating results of Civeo through the Distribution Date and adjustments related to the revaluation of outstanding equity awards and options previously awarded to the Sooner employees. Discontinued operations for the three and six months ended June 30, 2013 reflect the operating results of Civeo and Sooner. | |||||||||||||||||
In connection with the Spin-Off, the holders of our 5 1/8% Notes and 6 1/2% Notes had the right to require the Company to repurchase all of their notes. As such, we allocated a portion of the interest expense related to our outstanding 5 1/8% Notes and 6 1/2% Notes to discontinued operations based on a ratio of the net assets of the accommodations business to the total net assets of the Company, excluding consolidated debt. For the three and six months ended June 30, 2014, we allocated $5.5 million and $13.7 million, respectively, of interest expense related to our outstanding 5 1/8% Notes and 6 1/2% Notes to discontinued operations. For the three and six months ended June 30, 2013, we allocated $7.7 million and $15.6 million, respectively, of interest expense related to our outstanding 5 1/8% Notes and 6 1/2% Notes to discontinued operations. We commenced tender offers for all of our outstanding 5 1/8% Notes and 6 1/2% Notes and redeemed all remaining Notes that were not tendered in connection with the Spin-Off. See Note 9 to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information regarding the tender offers. | |||||||||||||||||
The following table provides the components of net income from discontinued operations, net of tax for each operating segment (in thousands). | |||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||||||||||
Revenues | |||||||||||||||||
Accommodations | $ | 151,388 | $ | 244,213 | $ | 404,132 | $ | 540,880 | |||||||||
Tubular services | $ | -- | $ | 405,546 | $ | -- | $ | 799,459 | |||||||||
Income from Accommodations discontinued operations: | |||||||||||||||||
Income from discontinued operations before income taxes | $ | 15,922 | $ | 44,615 | $ | 61,924 | $ | 129,243 | |||||||||
Income tax (expense) benefit | 271 | (6,857 | ) | (9,098 | ) | (27,125 | ) | ||||||||||
Net income from discontinued operations, net of tax | $ | 16,193 | $ | 37,758 | $ | 52,826 | $ | 102,118 | |||||||||
Income from Tubular services discontinued operations: | |||||||||||||||||
Income from discontinued operations before income taxes | $ | 154 | 15,787 | $ | 336 | $ | 30,501 | ||||||||||
Income tax (expense) benefit | (105 | ) | (5,885 | ) | (125 | ) | (11,369 | ) | |||||||||
Net income from discontinued operations, net of tax | $ | 49 | $ | 9,902 | $ | 211 | $ | 19,132 | |||||||||
Note_9_Debt
Note 9 - Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
9 | DEBT | ||||||||
As of June 30, 2014 and December 31, 2013, long-term debt consisted of the following (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Revolving credit facility, which matures May 28, 2019, with available commitments up to $600 million and with a weighted average interest rate of 1.8% for the six month period ended June 30, 2014 | $ | 181,928 | $ | -- | |||||
6 1/2% Senior Unsecured Notes, which were repaid in full during the three month period ended June 30, 2014; original due date of June 2019 | -- | 600,000 | |||||||
5 1/8% Senior Unsecured Notes, which were repaid in full during the three month period ended June 30, 2014; original due date of January 2023 | -- | 366,000 | |||||||
Capital lease obligations and other debt | 6,960 | 7,221 | |||||||
Total debt | 188,888 | 973,221 | |||||||
Less: Current portion | 527 | 529 | |||||||
Total long-term debt and capitalized leases | $ | 188,361 | $ | 972,692 | |||||
Credit Facility | |||||||||
In connection with the Spin-Off, the Company replaced its existing credit facility on May 28, 2014 with a $600 million senior secured revolving credit facility. The Company has an option to increase the maximum borrowings under the new facility to $750 million with additional lender commitments prior to its maturity. The facility matures on May 28, 2019. The credit facility is governed by a Credit Agreement dated as of May 28, 2014 (Credit Agreement) by and among the Company, the Lenders party thereto, Wells Fargo Bank, N.A., as administrative agent, the Swing Line Lender and an Issuing Bank, and Royal Bank of Canada, as Syndication agent, and Compass Bank, as Documentation agent. Amounts outstanding under the credit facility bear interest at LIBOR plus a margin of 1.50% to 2.50%, or at a base rate plus a margin of 0.50% to 1.50%, in each case based on a ratio of the Company’s total leverage to EBITDA (as defined in the Credit Agreement). The Credit Agreement contains customary financial covenants and restrictions. Specifically, we must maintain an interest coverage ratio, defined as the ratio of consolidated EBITDA, to consolidated interest expense of at least 3.0 to 1.0 and our maximum leverage ratio, defined as the ratio of total debt to consolidated EBITDA of no greater than 3.25 to 1.0. Each of the factors considered in the calculations of these ratios are defined in the Credit Agreement. EBITDA and consolidated interest, exclude goodwill impairments, debt discount amortization and other non-cash charges. As of June 30, 2014, we were in compliance with our debt covenants. The credit facility also contains negative covenants that limit the Company's ability to borrow additional funds, encumber assets, pay dividends, sell assets and enter into other significant transactions. As of June 30, 2014, we had $181.9 million outstanding under the Credit Agreement and an additional $32.3 million of outstanding letters of credit, leaving $385.8 million available to be drawn under the credit facility. As of June 30, 2014, the Company had approximately $64.9 million of cash and cash equivalents. | |||||||||
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. In the fourth quarter of 2013, the Company repurchased $34.0 million aggregate principal amount of the 5 1/8% Notes and, in connection with the Spin-Off, repurchased the remaining $366.0 million aggregate principal amount in the second quarter of 2014 primarily through a tender offer. This tender offer was funded with the proceeds of the $750 million special cash dividend paid to us by Civeo in connection with the Spin-Off, using the proceeds from the $775 million term loan entered into by Civeo immediately prior to the consummation of the Spin-Off, and borrowings under our new Credit Agreement and available cash on hand. | |||||||||
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. In connection with the Spin-Off, the Company repurchased the $600.0 million aggregate principal amount of the 6 1/2% Notes in the second quarter of 2014 primarily through a tender offer. This tender offer was funded with the proceeds of the $750 million special cash dividend paid to us by Civeo in connection with the Spin-Off, using the proceeds from the $775 million term loan entered into by Civeo immediately prior to the consummation of the Spin-Off, and borrowings under our new Credit Agreement and available cash on hand. | |||||||||
Loss on Extinguishment of Debit | |||||||||
During the second quarter of 2014, we recognized losses on the extinguishment of debt totaling $100.4 million primarily due to the repurchase of our remaining 6 1/2% Notes and 5 1/8% Notes, which resulted in a loss of $96.7 million consisting of the premium paid over book value for the Notes and the write-off of unamortized deferred financing costs associated with the Notes. The premium paid to repurchase the 6 1/2% and 5 1/8% Notes was due to their fair market value exceeding their book value at the date tendered. In addition, as a result of the refinancing of our existing credit facility in the second quarter 2014, we recognized a loss on extinguishment of $3.7 million (net of $1.8 million allocated to discontinued operations for the Canadian portion of the facility) from the write-off of unamortized deferred financing costs. | |||||||||
Pursuant to Rule 3-10 of Regulation S-X, the Company has in its past periodic reports, including its most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, included in a footnote to its financial statements, condensed consolidating financial information for the Company, the wholly-owned guarantor subsidiaries on a combined basis, the non-wholly owned guarantor subsidiaries on a combined basis, the non-guarantor subsidiaries on a combined basis, consolidating adjustments and the total consolidated amounts. Given the repurchase of all of the outstanding 5 1/8% Notes and 6 1/2% Notes as of June 30, 2014, the Company will no longer be required to present expanded information with respect to the guarantor and non-guarantor subsidiaries. |
Note_10_Fair_Value_Measurement
Note 10 - Fair Value Measurements | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||
10 | 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 were estimated based on quoted prices and analysis of similar instruments (Level 2 fair value measurements). The December 31, 2013 carrying values and fair values of these Notes were as follows (in thousands): | |||||||||
Carrying | Fair | ||||||||
Value | Value | ||||||||
5 1/8% Notes | |||||||||
Principal amount originally due 2023 | $ | 366,000 | $ | 411,066 | |||||
6 1/2% Notes | |||||||||
Principal amount originally due 2019 | $ | 600,000 | $ | 639,378 | |||||
Note_11_Changes_in_Common_Stoc
Note 11 - Changes in Common Stock Outstanding | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||
11 | CHANGES IN COMMON STOCK OUTSTANDING | ||||
Shares of common stock outstanding – January 1, 2014 | 54,767,284 | ||||
Repurchase of shares – transferred to treasury | (1,396,230 | ) | |||
Shares issued upon conversion of restricted stock awards as a result of the Spin-Off | 565,141 | ||||
Shares issued upon granting of restricted stock awards, net of forfeitures | 208,019 | ||||
Shares issued upon exercise of stock options | 198,746 | ||||
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury | (49,897 | ) | |||
Shares issued upon vesting of deferred stock units | 9,413 | ||||
Shares of common stock outstanding – June 30, 2014 | 54,302,476 | ||||
Note_12_Stock_Based_Compensati
Note 12 - Stock Based Compensation | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
12 | STOCK BASED COMPENSATION | ||||||||
Pursuant to the Employee Matters Agreement (see Note 2 to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q) we made certain adjustments to the exercise price and number of our stock based compensation awards with the intention of generally preserving the intrinsic value of the awards immediately prior to the consummation of the Spin-Off. Each outstanding and unvested restricted stock award and each outstanding stock option of the Company, whether or not exercisable, that was held by a current or former employee of the Company, a director of the Company or a director of Civeo as of immediately prior to the Spin-Off was adjusted such that the holder received an additional number of restricted stock awards or stock options of the Company common stock based on a calculated ratio. For outstanding stock options, the per share exercise price was adjusted by a factor equal to the per share exercise price of the option prior to the Spin-Off divided by the calculated ratio. The calculated ratio was obtained by dividing the pre-Spin-Off price of the Company’s common stock by the post-Spin-Off price of the Company’s common stock. Each outstanding and unvested restricted stock award and each outstanding stock option of the Company, whether or not exercisable, that was held by a current employee of Civeo as of immediately prior to the Spin-Off was cancelled and the holder received a number of restricted stock awards or stock options of Civeo common stock. Adjustments to our stock based compensation awards did not result in additional compensation expense as an equitable adjustment was required to be made as a result of the Spin-Off. As a result of the Spin-Off, the conversions of outstanding equity awards resulted in the issuance of an additional 449,265 restricted stock awards and 395,454 additional stock options and shares available for future awards under the equity plan were increased by 1,876,109 shares to reflect the lower post-Spin-Off stock price of the Company. | |||||||||
The following table presenting a summary of stock option award and restricted stock award activity for the six months ended June 30, 2014 reflects the adjustments discussed above. | |||||||||
Stock Options | Restricted Stock | ||||||||
Number of Shares | Awards | ||||||||
Outstanding at December 31, 2013 | 896,905 | 696,991 | |||||||
Granted | 118,950 | 242,150 | |||||||
Options Exercised/Stock Vested | (198,746 | ) | (233,446 | ) | |||||
Cancelled | (14,875 | ) | (20,118 | ) | |||||
Granted in Conversion, as a result of the Spin-Off | 395,454 | 449,265 | |||||||
Outstanding at June 30, 2014 | 1,197,688 | 1,134,842 | |||||||
Stock based compensation pre-tax expense from continuing operations recognized in the three month periods ended June 30, 2014 and 2013 totaled $6.8 million and $5.7 million, or $0.08 and $0.06 per diluted share after tax, respectively. Stock based compensation pre-tax expense from continuing operations recognized in the six month periods ended June 30, 2014 and 2013 totaled $12.5 million and $10.8 million, or $0.16 and $0.12 per diluted share after tax, respectively. | |||||||||
At June 30, 2014, $46.7 million of compensation cost related to unvested stock options and restricted stock awards attributable to vesting conditions had not yet been recognized. |
Note_13_Income_Taxes
Note 13 - Income Taxes | 6 Months Ended | |
Jun. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
13 | 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 and six months ended June 30, 2014 was a total tax benefit of $13.6 million, or 36.1% of pretax losses, and total income tax expense of $4.5 million, or 29.8% of pretax income, respectively, compared to income tax expense of $18.9 million, or 39.6% of pretax income, and $32.6 million, or 36.2% of pretax income, respectively, for the three and six months ended June 30, 2013. The decrease in the effective tax rates from the prior year was largely the result of lower domestic earnings as a result of the loss incurred on extinguishment of debt associated with the debt refinancings completed in conjunction with the Spin-Off. Due to the fact that a significant portion of our foreign income was previously derived from our accommodations business, the Spin-Off will have the effect of increasing our effective tax rate in future periods. |
Note_14_Segment_and_Related_In
Note 14 - Segment and Related Information | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
14 | 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 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. | |||||||||||||||||||||||||
Financial information by business segment for continuing operations for each of the three and six months ended June 30, 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 June 30, 2014 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 155,655 | $ | 18,401 | $ | 32,472 | $ | - | $ | 21,140 | $ | 598,889 | |||||||||||||
Drilling services | 53,263 | 6,753 | 8,739 | - | 7,973 | 140,288 | |||||||||||||||||||
Total well site services | 208,918 | 25,154 | 41,211 | - | 29,113 | 739,177 | |||||||||||||||||||
Offshore products | 250,689 | 5,705 | 50,261 | 122 | 12,844 | 971,973 | |||||||||||||||||||
Corporate and eliminations | - | 248 | (23,927 | )(1) | - | 1,352 | 54,393 | ||||||||||||||||||
Total | $ | 459,607 | $ | 31,107 | $ | 67,545 | $ | 122 | $ | 43,309 | $ | 1,765,543 | |||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 142,171 | $ | 15,924 | $ | 27,491 | $ | - | $ | 26,509 | $ | 580,759 | |||||||||||||
Drilling services | 44,212 | 6,164 | 7,133 | - | 6,285 | 167,203 | |||||||||||||||||||
Total well site services | 186,383 | 22,088 | 34,624 | - | 32,794 | 747,962 | |||||||||||||||||||
Offshore products | 204,406 | 4,290 | 37,329 | (95 | ) | 8,611 | 831,343 | ||||||||||||||||||
Corporate and eliminations | - | 227 | (14,615 | ) | - | 544 | 83,591 | ||||||||||||||||||
Total | $ | 390,789 | $ | 26,605 | $ | 57,338 | $ | (95 | ) | $ | 41,949 | $ | 1,662,896 | ||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 302,116 | $ | 36,344 | $ | 63,517 | $ | - | $ | 44,153 | $ | 598,889 | |||||||||||||
Drilling services | 99,827 | 13,638 | 14,534 | - | 15,087 | 140,288 | |||||||||||||||||||
Total well site services | 401,943 | 49,982 | 78,051 | - | 59,240 | 739,177 | |||||||||||||||||||
Offshore products | 462,901 | 11,400 | 87,609 | 218 | 22,407 | 971,973 | |||||||||||||||||||
Corporate and eliminations | - | 512 | (38,849 | )(1) | - | 1,564 | 54,393 | ||||||||||||||||||
Total | $ | 864,844 | $ | 61,894 | $ | 126,811 | $ | 218 | $ | 83,211 | $ | 1,765,543 | |||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 279,537 | $ | 31,119 | $ | 56,150 | $ | - | $ | 46,974 | $ | 580,759 | |||||||||||||
Drilling services | 84,416 | 11,916 | 11,213 | - | 13,852 | 167,203 | |||||||||||||||||||
Total well site services | 363,953 | 43,035 | 67,363 | - | 60,826 | 747,962 | |||||||||||||||||||
Offshore products | 405,696 | 8,332 | 69,465 | (831 | ) | 17,622 | 831,343 | ||||||||||||||||||
Corporate and eliminations | - | 462 | (27,195 | ) | - | 648 | 83,591 | ||||||||||||||||||
Total | $ | 769,649 | $ | 51,829 | $ | 109,633 | $ | (831 | ) | $ | 79,096 | $ | 1,662,896 | ||||||||||||
-1 | The corporate operating losses for the three and six months ended June 30, 2014 include $9.6 million and $11.0 million, respectively, of transaction costs primarily related to the Spin-Off. | ||||||||||||||||||||||||
Note_15_Commitments_and_Contin
Note 15 - Commitments and Contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies Disclosure [Text Block] | ' | |
15 | 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_2_SpinOff_of_Accommodatio1
Note 2 - Spin-Off of Accommodations Business (Civeo) (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Spin Off Of Accommodations Business [Abstract] | ' | ||||
Condensed Balance Sheet [Table Text Block] | ' | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 298,536 | |||
Accounts receivable, net | 172,937 | ||||
Inventories, net | 23,669 | ||||
Prepaid expenses and other current assets | 24,880 | ||||
Total current assets of discontinued operations | 520,022 | ||||
Property, plant, and equipment, net | 1,391,458 | ||||
Goodwill, net | 268,464 | ||||
Other intangible assets, net | 75,105 | ||||
Other noncurrent assets | 30,846 | ||||
Total assets of discontinued operations | $ | 2,285,895 | |||
LIABILITIES | |||||
Current liabilities: | |||||
Accounts payable | 52,441 | ||||
Accrued liabilities | 23,784 | ||||
Income taxes | 320 | ||||
Deferred revenue | 22,456 | ||||
Other current liabilities | 256 | ||||
Total current liabilities of discontinued operations | 99,257 | ||||
Long-term debt | 775,000 | ||||
Deferred income taxes | 83,940 | ||||
Other noncurrent liabilities | 26,480 | ||||
Total liabilities of discontinued operations | $ | 984,677 |
Note_4_Details_of_Selected_Bal1
Note 4 - Details of Selected Balance Sheet Accounts (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||
JUNE 30, | DECEMBER 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable, net: | |||||||||||||
Trade | $ | 308,707 | $ | 456,114 | |||||||||
Unbilled revenue | 153,457 | 163,766 | |||||||||||
Other | 3,960 | 7,987 | |||||||||||
Total accounts receivable | 466,124 | 627,867 | |||||||||||
Allowance for doubtful accounts | (5,460 | ) | (7,534 | ) | |||||||||
$ | 460,664 | $ | 620,333 | ||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||||||
JUNE 30, | DECEMBER 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Inventories, net: | |||||||||||||
Finished goods and purchased products | $ | 99,080 | $ | 91,909 | |||||||||
Work in process | 48,041 | 72,903 | |||||||||||
Raw materials | 111,398 | 111,280 | |||||||||||
Total inventories | 258,519 | 276,092 | |||||||||||
Allowance for excess, damaged, or obsolete inventory | (10,614 | ) | (9,540 | ) | |||||||||
$ | 247,905 | $ | 266,552 | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||
Estimated | JUNE 30, | DECEMBER 31, | |||||||||||
Useful Life (in years) | 2014 | 2013 | |||||||||||
Property, plant and equipment, net: | |||||||||||||
Land | $ | 27,385 | $ | 76,545 | |||||||||
Accommodations assets | -- | -- | 1,535,407 | ||||||||||
Buildings and leasehold improvements | Mar-40 | 173,296 | 204,455 | ||||||||||
Machinery and equipment | Feb-29 | 434,641 | 434,578 | ||||||||||
Completion services equipment | 10-Apr | 344,407 | 314,445 | ||||||||||
Office furniture and equipment | 10-Jan | 30,433 | 57,026 | ||||||||||
Vehicles | 10-Feb | 123,452 | 140,156 | ||||||||||
Construction in progress | 45,408 | 172,252 | |||||||||||
Total property, plant and equipment | 1,179,022 | 2,934,864 | |||||||||||
Accumulated depreciation | (576,382 | ) | (1,032,075 | ) | |||||||||
$ | 602,640 | $ | 1,902,789 | ||||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||||||||||
JUNE 30, | DECEMBER 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Accrued liabilities: | |||||||||||||
Accrued compensation | $ | 36,788 | $ | 71,535 | |||||||||
Insurance liabilities | 12,416 | 13,198 | |||||||||||
Accrued taxes, other than income taxes | 6,662 | 7,619 | |||||||||||
Accrued interest | 303 | 11,931 | |||||||||||
Accrued commissions | 4,583 | 3,654 | |||||||||||
Accrued treasury stock repurchase | -- | 7,397 | |||||||||||
Other | 12,038 | 16,712 | |||||||||||
$ | 72,790 | $ | 132,046 |
Note_6_Earnings_Per_Share_Tabl
Note 6 - Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
THREE MONTHS ENEDED JUNE 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income | Shares | Income | Shares | ||||||||||||||
Basic: | |||||||||||||||||
Net income (loss) attributable to Oil States International, Inc. | $ | (7,880 | ) | $ | 76,525 | ||||||||||||
Less: Undistributed net loss allocable to participating securities | -- | -- | |||||||||||||||
Undistributed net income (loss) applicable to common stockholders | (7,880 | ) | 76,525 | ||||||||||||||
Less: Income from discontinued operations, net of tax | (16,242 | ) | (47,660 | ) | |||||||||||||
Add: Undistributed net income from discontinued operations allocable to participating securities | -- | -- | |||||||||||||||
Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | (24,122 | ) | 53,090 | $ | 28,865 | 55,061 | ||||||||||
Diluted: | |||||||||||||||||
Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | (24,122 | ) | 53,090 | $ | 28,865 | 55,061 | ||||||||||
Effect of dilutive securities: | |||||||||||||||||
Undistributed net income reallocated to participating securities | -- | -- | -- | -- | |||||||||||||
Options on common stock | -- | -- | -- | 339 | |||||||||||||
Restricted stock awards and other | -- | -- | -- | 182 | |||||||||||||
Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted | (24,122 | ) | 53,090 | 28,865 | 55,582 | ||||||||||||
Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders | 16,242 | 47,660 | |||||||||||||||
Undistributed net income reallocated to participating securities | -- | -- | |||||||||||||||
Net income (loss) attributable to Oil States International, Inc. common stockholders – Diluted | $ | (7,880 | ) | 53,090 | $ | 76,525 | 55,582 | ||||||||||
SIX MONTHS ENDED JUNE 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Income | Shares | Income | Shares | ||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to Oil States International, Inc. | $ | 63,624 | $ | 178,714 | |||||||||||||
Less: Undistributed net income allocable to participating securities | (797 | ) | -- | ||||||||||||||
Undistributed net income applicable to common stockholders | 68,827 | 178,714 | |||||||||||||||
Less: Income from discontinued operations, net of tax | (53,037 | ) | (121,250 | ) | |||||||||||||
Add: Undistributed net income from discontinued operations allocable to participating securities | 665 | - | |||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 10,455 | 53,189 | $ | 57,464 | 54,935 | |||||||||||
Diluted: | |||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 10,455 | 53,189 | $ | 57,464 | 54,935 | |||||||||||
Effect of dilutive securities: | |||||||||||||||||
Undistributed net income reallocated to participating securities | 1 | -- | -- | -- | |||||||||||||
Options on common stock | -- | 280 | -- | 364 | |||||||||||||
Restricted stock awards and other | -- | 17 | -- | 178 | |||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted | 10,456 | 53,486 | 57,464 | 55,477 | |||||||||||||
Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders | 52,373 | 121,250 | |||||||||||||||
Undistributed net income reallocated to participating securities | 4 | -- | |||||||||||||||
Net income attributable to Oil States International, Inc. common stockholders – Diluted | $ | 62,833 | 53,486 | $ | 178,714 | 55,477 |
Note_7_Business_Acquisitions_a1
Note 7 - Business Acquisitions and Goodwill (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 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 | ||||||||||||||||||||
Spin-Off of Civeo | -- | -- | -- | (268,463 | ) | -- | (268,463 | ) | |||||||||||||||||
Goodwill acquired and purchase price adjustments | 194 | -- | 194 | -- | 917 | 1,111 | |||||||||||||||||||
Foreign currency translation and other changes | (54 | ) | -- | (54 | ) | 7,407 | 186 | 7,539 | |||||||||||||||||
107,523 | -- | 107,523 | -- | 146,314 | 253,837 | ||||||||||||||||||||
Balance as of June 30, 2014 | |||||||||||||||||||||||||
Goodwill | 202,051 | 22,767 | 224,818 | -- | 146,314 | 371,132 | |||||||||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | |||||||||||||||
$ | 107,523 | $ | -- | $ | 107,523 | $ | -- | $ | 146,314 | $ | 253,837 |
Note_8_Discontinued_Operations1
Note 8 - Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 | Six Months Ended | Six Months Ended | ||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||||||||||
Revenues | |||||||||||||||||
Accommodations | $ | 151,388 | $ | 244,213 | $ | 404,132 | $ | 540,880 | |||||||||
Tubular services | $ | -- | $ | 405,546 | $ | -- | $ | 799,459 | |||||||||
Income from Accommodations discontinued operations: | |||||||||||||||||
Income from discontinued operations before income taxes | $ | 15,922 | $ | 44,615 | $ | 61,924 | $ | 129,243 | |||||||||
Income tax (expense) benefit | 271 | (6,857 | ) | (9,098 | ) | (27,125 | ) | ||||||||||
Net income from discontinued operations, net of tax | $ | 16,193 | $ | 37,758 | $ | 52,826 | $ | 102,118 | |||||||||
Income from Tubular services discontinued operations: | |||||||||||||||||
Income from discontinued operations before income taxes | $ | 154 | 15,787 | $ | 336 | $ | 30,501 | ||||||||||
Income tax (expense) benefit | (105 | ) | (5,885 | ) | (125 | ) | (11,369 | ) | |||||||||
Net income from discontinued operations, net of tax | $ | 49 | $ | 9,902 | $ | 211 | $ | 19,132 |
Note_9_Debt_Tables
Note 9 - Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Revolving credit facility, which matures May 28, 2019, with available commitments up to $600 million and with a weighted average interest rate of 1.8% for the six month period ended June 30, 2014 | $ | 181,928 | $ | -- | |||||
6 1/2% Senior Unsecured Notes, which were repaid in full during the three month period ended June 30, 2014; original due date of June 2019 | -- | 600,000 | |||||||
5 1/8% Senior Unsecured Notes, which were repaid in full during the three month period ended June 30, 2014; original due date of January 2023 | -- | 366,000 | |||||||
Capital lease obligations and other debt | 6,960 | 7,221 | |||||||
Total debt | 188,888 | 973,221 | |||||||
Less: Current portion | 527 | 529 | |||||||
Total long-term debt and capitalized leases | $ | 188,361 | $ | 972,692 |
Note_10_Fair_Value_Measurement1
Note 10 - Fair Value Measurements (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||
Carrying | Fair | ||||||||
Value | Value | ||||||||
5 1/8% Notes | |||||||||
Principal amount originally due 2023 | $ | 366,000 | $ | 411,066 | |||||
6 1/2% Notes | |||||||||
Principal amount originally due 2019 | $ | 600,000 | $ | 639,378 |
Note_11_Changes_in_Common_Stoc1
Note 11 - Changes in Common Stock Outstanding (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Stock Activity [Table Text Block] | ' | ||||
Shares of common stock outstanding – January 1, 2014 | 54,767,284 | ||||
Repurchase of shares – transferred to treasury | (1,396,230 | ) | |||
Shares issued upon conversion of restricted stock awards as a result of the Spin-Off | 565,141 | ||||
Shares issued upon granting of restricted stock awards, net of forfeitures | 208,019 | ||||
Shares issued upon exercise of stock options | 198,746 | ||||
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury | (49,897 | ) | |||
Shares issued upon vesting of deferred stock units | 9,413 | ||||
Shares of common stock outstanding – June 30, 2014 | 54,302,476 |
Note_12_Stock_Based_Compensati1
Note 12 - Stock Based Compensation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||
Stock Options | Restricted Stock | ||||||||
Number of Shares | Awards | ||||||||
Outstanding at December 31, 2013 | 896,905 | 696,991 | |||||||
Granted | 118,950 | 242,150 | |||||||
Options Exercised/Stock Vested | (198,746 | ) | (233,446 | ) | |||||
Cancelled | (14,875 | ) | (20,118 | ) | |||||
Granted in Conversion, as a result of the Spin-Off | 395,454 | 449,265 | |||||||
Outstanding at June 30, 2014 | 1,197,688 | 1,134,842 |
Note_14_Segment_and_Related_In1
Note 14 - Segment and Related Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 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 June 30, 2014 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 155,655 | $ | 18,401 | $ | 32,472 | $ | - | $ | 21,140 | $ | 598,889 | |||||||||||||
Drilling services | 53,263 | 6,753 | 8,739 | - | 7,973 | 140,288 | |||||||||||||||||||
Total well site services | 208,918 | 25,154 | 41,211 | - | 29,113 | 739,177 | |||||||||||||||||||
Offshore products | 250,689 | 5,705 | 50,261 | 122 | 12,844 | 971,973 | |||||||||||||||||||
Corporate and eliminations | - | 248 | (23,927 | )(1) | - | 1,352 | 54,393 | ||||||||||||||||||
Total | $ | 459,607 | $ | 31,107 | $ | 67,545 | $ | 122 | $ | 43,309 | $ | 1,765,543 | |||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Three months ended June 30, 2013 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 142,171 | $ | 15,924 | $ | 27,491 | $ | - | $ | 26,509 | $ | 580,759 | |||||||||||||
Drilling services | 44,212 | 6,164 | 7,133 | - | 6,285 | 167,203 | |||||||||||||||||||
Total well site services | 186,383 | 22,088 | 34,624 | - | 32,794 | 747,962 | |||||||||||||||||||
Offshore products | 204,406 | 4,290 | 37,329 | (95 | ) | 8,611 | 831,343 | ||||||||||||||||||
Corporate and eliminations | - | 227 | (14,615 | ) | - | 544 | 83,591 | ||||||||||||||||||
Total | $ | 390,789 | $ | 26,605 | $ | 57,338 | $ | (95 | ) | $ | 41,949 | $ | 1,662,896 | ||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Six months ended June 30, 2014 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 302,116 | $ | 36,344 | $ | 63,517 | $ | - | $ | 44,153 | $ | 598,889 | |||||||||||||
Drilling services | 99,827 | 13,638 | 14,534 | - | 15,087 | 140,288 | |||||||||||||||||||
Total well site services | 401,943 | 49,982 | 78,051 | - | 59,240 | 739,177 | |||||||||||||||||||
Offshore products | 462,901 | 11,400 | 87,609 | 218 | 22,407 | 971,973 | |||||||||||||||||||
Corporate and eliminations | - | 512 | (38,849 | )(1) | - | 1,564 | 54,393 | ||||||||||||||||||
Total | $ | 864,844 | $ | 61,894 | $ | 126,811 | $ | 218 | $ | 83,211 | $ | 1,765,543 | |||||||||||||
Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Equity in earnings (loss) of unconsolidated affiliates | Capital expenditures | Total assets | ||||||||||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||||||||||
Well site services – | |||||||||||||||||||||||||
Completion services | $ | 279,537 | $ | 31,119 | $ | 56,150 | $ | - | $ | 46,974 | $ | 580,759 | |||||||||||||
Drilling services | 84,416 | 11,916 | 11,213 | - | 13,852 | 167,203 | |||||||||||||||||||
Total well site services | 363,953 | 43,035 | 67,363 | - | 60,826 | 747,962 | |||||||||||||||||||
Offshore products | 405,696 | 8,332 | 69,465 | (831 | ) | 17,622 | 831,343 | ||||||||||||||||||
Corporate and eliminations | - | 462 | (27,195 | ) | - | 648 | 83,591 | ||||||||||||||||||
Total | $ | 769,649 | $ | 51,829 | $ | 109,633 | $ | (831 | ) | $ | 79,096 | $ | 1,662,896 |
Note_2_SpinOff_of_Accommodatio2
Note 2 - Spin-Off of Accommodations Business (Civeo) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended |
30-May-14 | 30-May-14 | Jun. 30, 2014 | |
Note 2 - Spin-Off of Accommodations Business (Civeo) (Details) [Line Items] | ' | ' | ' |
Spin-Off Common Stock Ratio (in Dollars per Share) | 2 | 2 | ' |
Proceeds from Dividends Received | ' | $750,000,000 | ' |
Proceeds from Issuance of Debt | ' | $775,000,000 | $775,000,000 |
Note_2_SpinOff_of_Accommodatio3
Note 2 - Spin-Off of Accommodations Business (Civeo) (Details) - Major Assets and Liabilities of Civeo, Excluded from Consolidated Balance Sheet (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | 30-May-14 |
In Thousands, unless otherwise specified | Civeo [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | $775,000 |
Deferred income taxes | 26,108 | 122,821 | ' | ' | 83,940 |
Other noncurrent liabilities | 16,079 | 36,618 | ' | ' | 26,480 |
Total liabilities of discontinued operations | ' | ' | ' | ' | 984,677 |
Cash and cash equivalents | 64,895 | 599,306 | 225,857 | 253,172 | 298,536 |
Accounts receivable, net | 460,664 | 620,333 | ' | ' | 172,937 |
Inventories, net | 247,905 | 266,552 | ' | ' | 23,669 |
Prepaid expenses and other current assets | ' | ' | ' | ' | 24,880 |
Total current assets of discontinued operations | ' | ' | ' | ' | 520,022 |
Property, plant, and equipment, net | 602,640 | 1,902,789 | ' | ' | 1,391,458 |
Goodwill, net | 253,837 | 513,650 | ' | 520,818 | 268,464 |
Other intangible assets, net | 53,743 | 133,531 | ' | ' | 75,105 |
Other noncurrent assets | 24,199 | 55,384 | ' | ' | 30,846 |
Total assets of discontinued operations | ' | ' | ' | ' | 2,285,895 |
Accounts payable | 104,221 | 149,079 | ' | ' | 52,441 |
Accrued liabilities | 72,790 | 132,046 | ' | ' | 23,784 |
Income taxes | 8,229 | 32,679 | ' | ' | 320 |
Deferred revenue | 34,516 | 50,366 | ' | ' | 22,456 |
Other current liabilities | 15,398 | 9,137 | ' | ' | 256 |
Total current liabilities of discontinued operations | ' | ' | ' | ' | $99,257 |
Note_4_Details_of_Selected_Bal2
Note 4 - Details of Selected Balance Sheet Accounts (Details) - Accounts Receivable (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | $466,124 | $627,867 |
Allowance for doubtful accounts | -5,460 | -7,534 |
460,664 | 620,333 | |
Trade Accounts Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | 308,707 | 456,114 |
Unbilled Revenue [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | 153,457 | 163,766 |
Other Receivables [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | $3,960 | $7,987 |
Note_4_Details_of_Selected_Bal3
Note 4 - Details of Selected Balance Sheet Accounts (Details) - Inventories (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories, net: | ' | ' |
Finished goods and purchased products | $99,080 | $91,909 |
Work in process | 48,041 | 72,903 |
Raw materials | 111,398 | 111,280 |
Total inventories | 258,519 | 276,092 |
Allowance for excess, damaged, or obsolete inventory | -10,614 | -9,540 |
$247,905 | $266,552 |
Note_4_Details_of_Selected_Bal4
Note 4 - Details of Selected Balance Sheet Accounts (Details) - Property, Plant and Equipment (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '1179022 years | '2934864 years |
Accumulated depreciation (in Dollars) | ($576,382) | ($1,032,075) |
(in Dollars) | $602,640 | $1,902,789 |
Land [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '27385 years | '76545 years |
Accommodation Assets [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | ' | '1535407 years |
Building and Building Improvements [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '173296 years | '204455 years |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '3 years | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '40 years | ' |
Machinery and Equipment [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '434641 years | '434578 years |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '2 years | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '29 years | ' |
Completion Services [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '344407 years | '314445 years |
Completion Services [Member] | Minimum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '4 years | ' |
Completion Services [Member] | Maximum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '10 years | ' |
Office Furniture And Equipment [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '30433 years | '57026 years |
Office Furniture And Equipment [Member] | Minimum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '1 year | ' |
Office Furniture And Equipment [Member] | Maximum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '10 years | ' |
Vehicles [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '123452 years | '140156 years |
Vehicles [Member] | Minimum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '2 years | ' |
Vehicles [Member] | Maximum [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '10 years | ' |
Construction in Progress [Member] | ' | ' |
Property, plant and equipment, net: | ' | ' |
Estimated useful life | '45408 years | '172252 years |
Note_4_Details_of_Selected_Bal5
Note 4 - Details of Selected Balance Sheet Accounts (Details) - Accrued Liabilities (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued liabilities: | ' | ' |
Accrued compensation | $36,788 | $71,535 |
Insurance liabilities | 12,416 | 13,198 |
Accrued taxes, other than income taxes | 6,662 | 7,619 |
Accrued interest | 303 | 11,931 |
Accrued commissions | 4,583 | 3,654 |
Accrued treasury stock repurchase | ' | 7,397 |
Other | 12,038 | 16,712 |
$72,790 | $132,046 |
Note_5_Accumulated_Other_Compr1
Note 5 - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Text Block [Abstract] | ' | ' |
Accumulated Other Comprehensive Income | $1,290 | ($85,675) |
Note_6_Earnings_Per_Share_Deta
Note 6 - Earnings Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 457,805 | 392,416 | 181,512 | 392,660 |
Note_6_Earnings_Per_Share_Deta1
Note 6 - Earnings Per Share (Details) - Earnings Per Share Calculation (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic: | ' | ' | ' | ' |
Net income (loss) attributable to Oil States International, Inc. | ($7,880) | $76,525 | $63,624 | $178,714 |
Undistributed net income (loss) applicable to common stockholders | -7,880 | 76,525 | 68,827 | 178,714 |
Weighted average number of shares outstanding, basic (in Shares) | 53,090 | 55,061 | 53,189 | 54,935 |
Income from discontinued operations, net of tax | -16,242 | -47,660 | -53,037 | -121,250 |
Effect of dilutive securities: | ' | ' | ' | ' |
Options on common stock (in Shares) | ' | 339 | 280 | 364 |
Restricted stock awards and other (in Shares) | ' | 182 | 17 | 178 |
Weighted average number of shares outstanding, diluted (in Shares) | 53,090 | 55,582 | 53,486 | 55,477 |
Basic [Member] | Discontinued Operations [Member] | ' | ' | ' | ' |
Basic: | ' | ' | ' | ' |
Undistributed net income (loss) allocable to participating securities | ' | ' | 665 | ' |
Basic [Member] | Continuing Operations [Member] | ' | ' | ' | ' |
Basic: | ' | ' | ' | ' |
Undistributed net income (loss) applicable to common stockholders | -24,122 | 28,865 | 10,455 | 57,464 |
Weighted average number of shares outstanding, basic (in Shares) | 53,090 | 55,061 | 53,189 | 54,935 |
Basic [Member] | ' | ' | ' | ' |
Basic: | ' | ' | ' | ' |
Undistributed net income (loss) allocable to participating securities | ' | ' | -797 | ' |
Income from discontinued operations, net of tax | -16,242 | -47,660 | -53,037 | -121,250 |
Diluted [Member] | Discontinued Operations [Member] | ' | ' | ' | ' |
Basic: | ' | ' | ' | ' |
Income from discontinued operations, net of tax | 16,242 | 47,660 | 52,373 | 121,250 |
Diluted [Member] | Continuing Operations [Member] | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' |
Undistributed net income reallocated to participating securities | ' | ' | 4 | ' |
Diluted [Member] | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' |
Undistributed net income reallocated to participating securities | ' | ' | 1 | ' |
Net income (loss) attributable to Oil States International, Inc. common stockholders, diluted | -7,880 | 76,525 | 62,833 | 178,714 |
Weighted average number of shares outstanding, diluted (in Shares) | 53,090 | 55,582 | 53,486 | 55,477 |
Continuing Operations [Member] | ' | ' | ' | ' |
Basic: | ' | ' | ' | ' |
Undistributed net income (loss) applicable to common stockholders | -24,122 | 28,865 | 10,455 | 57,464 |
Weighted average number of shares outstanding, basic (in Shares) | 53,090 | 55,061 | 53,189 | 54,935 |
Effect of dilutive securities: | ' | ' | ' | ' |
Net income (loss) attributable to Oil States International, Inc. common stockholders, diluted | ($24,122) | $28,865 | $10,456 | $57,464 |
Weighted average number of shares outstanding, diluted (in Shares) | 53,090 | 55,582 | 53,486 | 55,477 |
Note_7_Business_Acquisitions_a2
Note 7 - 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 7 - Business Acquisitions and Goodwill (Details) [Line Items] | ' |
Payments to Acquire Businesses, Gross | $42.30 |
Note_7_Business_Acquisitions_a3
Note 7 - Business Acquisitions and Goodwill (Details) - Changes in the Carrying Value of Goodwill (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $371,132 | $630,945 | $638,113 |
Accumulated Impairment Losses | -117,295 | -117,295 | -117,295 |
Goodwill after impairment loss | 253,837 | 513,650 | 520,818 |
Spin-Off of Civeo | -268,463 | ' | ' |
Goodwill acquired and purchase price adjustments | 1,111 | 27,755 | ' |
Foreign currency translation and other changes | 7,539 | -34,923 | ' |
Well Site Services - Completion Services [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 202,051 | 201,911 | 201,281 |
Accumulated Impairment Losses | -94,528 | -94,528 | -94,528 |
Goodwill after impairment loss | 107,523 | 107,383 | 106,753 |
Goodwill acquired and purchase price adjustments | 194 | 1,576 | ' |
Foreign currency translation and other changes | -54 | -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 | 224,818 | 224,678 | 224,048 |
Accumulated Impairment Losses | -117,295 | -117,295 | -117,295 |
Goodwill after impairment loss | 107,523 | 107,383 | 106,753 |
Goodwill acquired and purchase price adjustments | 194 | 1,576 | ' |
Foreign currency translation and other changes | -54 | -946 | ' |
Accommodations [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | ' | 261,056 | 295,132 |
Goodwill after impairment loss | ' | 261,056 | 295,132 |
Spin-Off of Civeo | -268,463 | ' | ' |
Foreign currency translation and other changes | 7,407 | -34,076 | ' |
Offshore Products [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | 146,314 | 145,211 | 118,933 |
Goodwill after impairment loss | 146,314 | 145,211 | 118,933 |
Goodwill acquired and purchase price adjustments | 917 | 26,179 | ' |
Foreign currency translation and other changes | $186 | $99 | ' |
Note_8_Discontinued_Operations2
Note 8 - Discontinued Operations (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | 30-May-14 | 30-May-14 | Sep. 06, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
5 1/8% and 6 1/2% Senior Notes [Member] | 5 1/8% and 6 1/2% Senior Notes [Member] | 5 1/8% and 6 1/2% Senior Notes [Member] | 5 1/8% and 6 1/2% Senior Notes [Member] | Tubular Services [Member] | ||||
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||||
Note 8 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Spin-Off Common Stock Ratio (in Dollars per Item) | 2 | 2 | ' | ' | ' | ' | ' | ' |
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 |
Interest Expense, Debt | ' | ' | ' | $5.50 | $7.70 | $13.70 | $15.60 | ' |
Note_8_Discontinued_Operations3
Note 8 - Discontinued Operations (Details) - Operating Results of Discontinued Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Net income from discontinued operations, net of tax | $16,242 | $47,660 | $53,037 | $121,250 |
Accommodations [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Revenues | 151,388 | 244,213 | 404,132 | 540,880 |
Income from discontinued operations before income taxes | 15,922 | 44,615 | 61,924 | 129,243 |
Income tax provision | 271 | -6,857 | -9,098 | -27,125 |
Net income from discontinued operations, net of tax | 16,193 | 37,758 | 52,826 | 102,118 |
Tubular Services [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Revenues | ' | 405,546 | ' | 799,459 |
Income from discontinued operations before income taxes | 154 | 15,787 | 336 | 30,501 |
Income tax provision | -105 | -5,885 | -125 | -11,369 |
Net income from discontinued operations, net of tax | $49 | $9,902 | $211 | $19,132 |
Note_9_Debt_Details
Note 9 - Debt (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||
Jun. 30, 2014 | 30-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 21, 2012 | Jun. 30, 2014 | Jun. 01, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 28-May-14 | 28-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | |
5 1/8% Senior Notes [Member] | 5 1/8% Senior Notes [Member] | 5 1/8% Senior Notes [Member] | 6 1/2% Senior Notes [Member] | 6 1/2% Senior Notes [Member] | Senior Unsecured Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Discontinued Operations [Member] | Write-Off of Unamortized Deferred Finance Costs [Member] | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | Maximum [Member] | Write-Off of Unamortized Deferred Finance Costs [Member] | ||||||||||||||||
Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | CANADA | |||||||||||||||||
Note 9 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000,000 | $750,000,000 | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 1.50% | 1.50% | 0.50% | ' | ' | ' | ' |
Interest Coverage Ratio | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Leverage Ratio | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Current | 181,900,000 | ' | 181,900,000 | 181,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 32,300,000 | ' | 32,300,000 | 32,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 385,800,000 | ' | 385,800,000 | 385,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 64,895,000 | ' | 64,895,000 | 64,895,000 | 599,306,000 | 225,857,000 | 253,172,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | 366,000,000 | 34,000,000 | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Dividends Received | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | 775,000,000 | ' | 775,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | ' | ($100,400,000) | ($103,865,000) | ' | ' | ' | ' | ' | ' | ' | ' | ($96,700,000) | ' | ' | ' | ' | ' | ' | $1,800,000 | ($3,700,000) |
Note_9_Debt_Details_Longterm_D
Note 9 - Debt (Details) - Long-term Debt (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Less: Current portion | $527 | $529 |
Total long-term debt and capitalized leases | 188,361 | 972,692 |
6 1/2% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 0 | 600,000 |
5 1/8% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 0 | 366,000 |
Capital Lease Obligations And Other Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 6,960 | 7,221 |
Gross [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 188,888 | 973,221 |
Domestic Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | $181,928 | $0 |
Note_9_Debt_Details_Longterm_D1
Note 9 - Debt (Details) - Long-term Debt (Parentheticals) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Weighted Average Interest Rate | 1.80% | 1.80% |
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 (in Dollars) | 600,000 | 600,000 |
Note_10_Fair_Value_Measurement2
Note 10 - Fair Value Measurements (Details) - The Carrying Values and Fair Values of These Notes Are as Follows (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
5 1/8% Senior Notes [Member] | ' |
Note 10 - Fair Value Measurements (Details) - The Carrying Values and Fair Values of These Notes Are as Follows [Line Items] | ' |
Carrying Value | $366,000 |
Fair Value | 411,066 |
6 1/2% Senior Notes [Member] | ' |
Note 10 - Fair Value Measurements (Details) - The Carrying Values and Fair Values of These Notes Are as Follows [Line Items] | ' |
Carrying Value | 600,000 |
Fair Value | $639,378 |
Note_11_Changes_in_Common_Stoc2
Note 11 - Changes in Common Stock Outstanding (Details) - Changes in Common Stock Outstanding | 6 Months Ended |
Jun. 30, 2014 | |
Changes in Common Stock Outstanding [Abstract] | ' |
Shares of common stock outstanding | 54,767,284 |
Repurchase of shares – transferred to treasury | -1,396,230 |
Shares issued upon conversion of restricted stock awards as a result of the Spin-Off | 565,141 |
Shares issued upon granting of restricted stock awards, net of forfeitures | 208,019 |
Shares issued upon exercise of stock options | 198,746 |
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury | -49,897 |
Shares issued upon vesting of deferred stock units | 9,413 |
Shares of common stock outstanding | 54,302,476 |
Note_12_Stock_Based_Compensati2
Note 12 - Stock Based Compensation (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | 30-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Note 12 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | 1,876,109 | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | $6.80 | $5.70 | $12.50 | $10.80 |
Stock Based Compensation Expense Per Diluted Share After Tax (in Dollars per share) | ' | $0.08 | $0.06 | $0.16 | $0.12 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | $46.70 | ' | $46.70 | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Note 12 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award Restricted Stock Spin-Off (in Shares) | 449,265 | ' | ' | 449,265 | ' |
Share-Based Compensation Arrangement by Share-Based Payment Award Options Spin-Off (in Shares) | 395,454 | ' | ' | ' | ' |
Note_12_Stock_Based_Compensati3
Note 12 - Stock Based Compensation (Details) - Summary of Stock Option Award and Restricted Stock Award Activity | 1 Months Ended | 6 Months Ended | |
30-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | ' | ' | ' |
Note 12 - Stock Based Compensation (Details) - Summary of Stock Option Award and Restricted Stock Award Activity [Line Items] | ' | ' | ' |
Outstanding | ' | 1,197,688 | 896,905 |
Granted | ' | 118,950 | ' |
Options Exercised/Stock Vested | ' | -198,746 | ' |
Cancelled | ' | -14,875 | ' |
Granted in Conversion, as a result of the Spin-Off | ' | 395,454 | ' |
Restricted Stock [Member] | ' | ' | ' |
Note 12 - Stock Based Compensation (Details) - Summary of Stock Option Award and Restricted Stock Award Activity [Line Items] | ' | ' | ' |
Outstanding | ' | 1,134,842 | 696,991 |
Granted | ' | 242,150 | ' |
Options Exercised/Stock Vested | ' | -233,446 | ' |
Cancelled | ' | -20,118 | ' |
Granted in Conversion, as a result of the Spin-Off | 395,454 | ' | ' |
Granted in Conversion, as a result of the Spin-Off | 449,265 | 449,265 | ' |
Note_13_Income_Taxes_Details
Note 13 - Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ($13,646) | $18,924 | $4,496 | $32,611 |
Effective Income Tax Rate Reconciliation, Percent | 36.10% | 39.60% | 29.80% | 36.20% |
Note_14_Segment_and_Related_In2
Note 14 - Segment and Related Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Note 14 - Segment and Related Information (Details) [Line Items] | ' | ' | ' | ' |
Operating Income (Loss) | $67,545 | $57,338 | $126,811 | $109,633 |
Transaction Cost [Member] | ' | ' | ' | ' |
Note 14 - Segment and Related Information (Details) [Line Items] | ' | ' | ' | ' |
Operating Income (Loss) | $9,600 | ' | $11,000 | ' |
Note_14_Segment_and_Related_In3
Note 14 - Segment and Related Information (Details) - Financial Information by Business Segment (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues from unaffiliated customers | $459,607 | $390,789 | $864,844 | $769,649 | ' | ||
Depreciation and amortization | 31,107 | 26,605 | 61,894 | 51,829 | ' | ||
Operating income (loss) | 67,545 | 57,338 | 126,811 | 109,633 | ' | ||
Equity in earnings (loss) of unconsolidated affiliates | 122 | -95 | 218 | -831 | ' | ||
Capital expenditures | 43,309 | 41,949 | 83,211 | 79,096 | ' | ||
Total assets | 1,765,543 | 1,662,896 | 1,765,543 | 1,662,896 | 4,131,261 | ||
Well Site Services - Completion Services [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues from unaffiliated customers | 155,655 | 142,171 | 302,116 | 279,537 | ' | ||
Depreciation and amortization | 18,401 | 15,924 | 36,344 | 31,119 | ' | ||
Operating income (loss) | 32,472 | 27,491 | 63,517 | 56,150 | ' | ||
Capital expenditures | 21,140 | 26,509 | 44,153 | 46,974 | ' | ||
Total assets | 598,889 | 580,759 | 598,889 | 580,759 | ' | ||
Well Site Services - Drilling Services [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues from unaffiliated customers | 53,263 | 44,212 | 99,827 | 84,416 | ' | ||
Depreciation and amortization | 6,753 | 6,164 | 13,638 | 11,916 | ' | ||
Operating income (loss) | 8,739 | 7,133 | 14,534 | 11,213 | ' | ||
Capital expenditures | 7,973 | 6,285 | 15,087 | 13,852 | ' | ||
Total assets | 140,288 | 167,203 | 140,288 | 167,203 | ' | ||
Total Well Site Services [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues from unaffiliated customers | 208,918 | 186,383 | 401,943 | 363,953 | ' | ||
Depreciation and amortization | 25,154 | 22,088 | 49,982 | 43,035 | ' | ||
Operating income (loss) | 41,211 | 34,624 | 78,051 | 67,363 | ' | ||
Capital expenditures | 29,113 | 32,794 | 59,240 | 60,826 | ' | ||
Total assets | 739,177 | 747,962 | 739,177 | 747,962 | ' | ||
Offshore Products [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Revenues from unaffiliated customers | 250,689 | 204,406 | 462,901 | 405,696 | ' | ||
Depreciation and amortization | 5,705 | 4,290 | 11,400 | 8,332 | ' | ||
Operating income (loss) | 50,261 | 37,329 | 87,609 | 69,465 | ' | ||
Equity in earnings (loss) of unconsolidated affiliates | 122 | -95 | 218 | -831 | ' | ||
Capital expenditures | 12,844 | 8,611 | 22,407 | 17,622 | ' | ||
Total assets | 971,973 | 831,343 | 971,973 | 831,343 | ' | ||
Corporate And Eliminations [Member] | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Depreciation and amortization | 248 | 227 | 512 | 462 | ' | ||
Operating income (loss) | -23,927 | [1] | -14,615 | -38,849 | [1] | -27,195 | ' |
Capital expenditures | 1,352 | 544 | 1,564 | 648 | ' | ||
Total assets | $54,393 | $83,591 | $54,393 | $83,591 | ' | ||
[1] | The corporate operating losses for the three and six months ended June 30, 2014 include $9.6 million and $11.0 million, respectively, of transaction costs primarily related to the SpinOff. |