Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | OIL STATES INTERNATIONAL, INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 51,358,276 | ||
Entity Public Float | $3,414,229,876 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1121484 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Product | $765,339 | $714,787 | $653,879 |
Service and other | 1,054,270 | 914,347 | 863,841 |
1,819,609 | 1,629,134 | 1,517,720 | |
Costs and expenses: | |||
Product costs | 546,639 | 536,660 | 504,615 |
Service and other costs | 659,245 | 576,508 | 549,031 |
Selling, general and administrative expenses | 169,432 | 150,967 | 125,290 |
Depreciation and amortization expense | 124,776 | 109,231 | 88,745 |
Other operating expense, net | 9,262 | 8,491 | 2,394 |
1,509,354 | 1,381,857 | 1,270,075 | |
Operating income | 310,255 | 247,277 | 247,645 |
Interest expense, net of capitalized interest | -17,173 | -38,830 | -40,373 |
Interest income | 560 | 628 | 405 |
Loss on extinguishment of debt | -100,380 | -6,168 | |
Equity in earnings (losses) of unconsolidated affiliates | 378 | -355 | -417 |
Other income | 2,704 | 1,575 | 5,832 |
Income from continuing operations before income taxes | 196,344 | 204,127 | 213,092 |
Income tax provision | -69,117 | -75,068 | -71,947 |
Net income from continuing operations | 127,227 | 129,059 | 141,145 |
Net income from discontinued operations, net of tax (including a net gain on disposal of $84,043 in 2013) | 51,776 | 292,217 | 307,482 |
Net income | 179,003 | 421,276 | 448,627 |
Less: Net income attributable to noncontrolling interest | 18 | 18 | |
Net income attributable to Oil States International, Inc. | 179,003 | 421,258 | 448,609 |
Net income attributable to Oil States International, Inc.: | |||
Continuing operations | 127,227 | 129,041 | 141,127 |
Discontinued operations | 51,776 | 292,217 | 307,482 |
Net income attributable to Oil States International, Inc. | $179,003 | $421,258 | $448,609 |
Basic net income per share attributable to Oil States International, Inc. common stockholders from: | |||
Continuing operations (in Dollars per share) | $2.37 | $2.32 | $2.66 |
Discontinued operations (in Dollars per share) | $0.96 | $5.26 | $5.81 |
Net income (in Dollars per share) | $3.33 | $7.58 | $8.47 |
Diluted net income per share attributable to Oil States International, Inc. common stockholders from: | |||
Continuing operations (in Dollars per share) | $2.35 | $2.31 | $2.55 |
Discontinued operations (in Dollars per share) | $0.96 | $5.22 | $5.55 |
Net income (in Dollars per share) | $3.31 | $7.53 | $8.10 |
Weighted average number of common shares outstanding: | |||
Basic (in Shares) | 52,862 | 54,969 | 52,959 |
Diluted (in Shares) | 53,151 | 55,327 | 55,384 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 |
Net gain on disposal | $128,600 | $84,043 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $179,003 | $421,276 | $448,627 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 235 | -193,191 | 33,450 |
Unrealized gain (loss) on forward contracts, net of tax | 6 | 402 | -724 |
Other | -185 | 17 | |
Total other comprehensive income (loss) | 56 | -192,772 | 32,726 |
Comprehensive income | 179,059 | 228,504 | 481,353 |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -24 | -73 | 35 |
Comprehensive income attributable to Oil States International, Inc. | $179,083 | $228,577 | $481,318 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $53,263 | $599,306 |
Accounts receivable, net | 497,124 | 620,333 |
Inventories, net | 232,490 | 266,552 |
Prepaid expenses and other current assets | 43,789 | 39,716 |
Total current assets | 826,666 | 1,525,907 |
Property, plant and equipment, net | 649,846 | 1,902,789 |
Goodwill, net | 252,201 | 513,650 |
Other intangible assets, net | 52,935 | 133,531 |
Other noncurrent assets | 27,964 | 55,384 |
Total assets | 1,809,612 | 4,131,261 |
Current liabilities: | ||
Accounts payable | 108,949 | 149,079 |
Accrued liabilities | 96,130 | 132,046 |
Income taxes | 9,195 | 32,679 |
Current portion of long-term debt and capitalized leases | 530 | 529 |
Deferred revenue | 48,948 | 50,366 |
Other current liabilities | 7,660 | 9,137 |
Total current liabilities | 271,412 | 373,836 |
Long-term debt and capitalized leases | 146,835 | 972,692 |
Deferred income taxes | 33,913 | 122,821 |
Other noncurrent liabilities | 16,795 | 36,618 |
Total liabilities | 468,955 | 1,505,967 |
Oil States International, Inc. stockholders' equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 60,940,734 shares and 59,192,051 shares issued, respectively, and 53,017,359 shares and 54,181,569 shares outstanding, respectively | 610 | 592 |
Additional paid-in capital | 685,232 | 637,438 |
Retained earnings | 1,151,266 | 2,320,453 |
Accumulated other comprehensive loss | -22,100 | -85,675 |
Common stock held in treasury at cost, 7,923,375 and 5,010,482 shares, respectively | -474,351 | -249,391 |
Total Oil States International, Inc. stockholders' equity | 1,340,657 | 2,623,417 |
Noncontrolling interest | 1,877 | |
Total stockholders' equity | 1,340,657 | 2,625,294 |
Total liabilities and stockholders' equity | $1,809,612 | $4,131,261 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 60,940,734 | 59,192,051 |
Common stock, shares outstanding | 53,017,359 | 54,181,569 |
Treasury stock, shares | 7,923,375 | 5,010,482 |
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 | Discontinued Operations [Member] | ||||||||
Balance at Dec. 31, 2011 | $548 | $545,730 | $1,450,586 | $74,371 | ($109,079) | $1,116 | $1,963,272 | ||
Net income | 448,609 | 18 | 448,627 | ||||||
Currency translation adjustment | 33,450 | 17 | 33,467 | ||||||
Unrealized gain (loss) on forward contracts, net of tax | -724 | -724 | |||||||
Dividends paid | -977 | -977 | |||||||
Exercise of stock options, including tax benefit | 5 | 21,465 | 21,470 | ||||||
Amortization of restricted stock compensation | 13,390 | 13,390 | |||||||
Stock option expense | 5,514 | 5,514 | |||||||
Surrender of stock to pay taxes on restricted stock awards | 2 | -2 | -4,218 | -4,218 | |||||
Stock acquired for cash | -15,245 | -15,245 | |||||||
Exercise of stock options/stock awards released b discontinued operations | 5 | 21,465 | 21,470 | ||||||
Conversion of 2 3/8% Notes b reacquisition of equity component | -220,597 | -220,597 | |||||||
Shares issued upon conversion of 2 3/8% Notes | 30 | 220,566 | 220,596 | ||||||
Net income from noncontrolling interest b discontinued operations | 1,221 | 1,221 | |||||||
Other | 4 | 4 | |||||||
Balance at Dec. 31, 2012 | 585 | 586,070 | 1,899,195 | 107,097 | -128,542 | 1,395 | 2,465,800 | ||
Net income | 421,258 | 18 | 421,276 | ||||||
Currency translation adjustment | -193,191 | -91 | -193,282 | ||||||
Other comprehensive income | 17 | 17 | |||||||
Unrealized gain (loss) on forward contracts, net of tax | 402 | 402 | |||||||
Dividends paid | -882 | -882 | |||||||
Exercise of stock options, including tax benefit | 5 | 1,292 | 23,786 | 1,292 | 23,791 | ||||
Amortization of restricted stock compensation | 21,121 | 21,121 | |||||||
Stock option expense | 5,153 | 5,153 | |||||||
Surrender of stock to pay taxes on restricted stock awards | 2 | -2 | -4,919 | -4,919 | |||||
Stock acquired for cash | -115,932 | -115,932 | |||||||
Exercise of stock options/stock awards released b discontinued operations | 5 | 1,292 | 23,786 | 1,292 | 23,791 | ||||
Net income from noncontrolling interest b discontinued operations | 1,437 | 1,437 | |||||||
Other | 18 | 2 | 20 | ||||||
Balance at Dec. 31, 2013 | 592 | 637,438 | 2,320,453 | -85,675 | -249,391 | 1,877 | 2,625,294 | ||
Net income | 179,003 | 179,003 | |||||||
Currency translation adjustment | 235 | -24 | 211 | ||||||
Other comprehensive income | -185 | -185 | |||||||
Unrealized gain (loss) on forward contracts, net of tax | 6 | 6 | |||||||
Dividends paid | -489 | -489 | |||||||
Exercise of stock options, including tax benefit | 4 | 2,727 | 17,124 | 2,727 | 17,128 | ||||
Amortization of restricted stock compensation | 23,513 | 23,513 | |||||||
Stock option expense | 3,636 | 3,636 | |||||||
Surrender of stock to pay taxes on restricted stock awards | -6,136 | -6,136 | |||||||
Stock acquired for cash | -218,906 | -218,906 | |||||||
Exercise of stock options/stock awards released b discontinued operations | 4 | 2,727 | 17,124 | 2,727 | 17,128 | ||||
Net income from noncontrolling interest b discontinued operations | 566 | 566 | |||||||
OIS common stock withdrawn from deferred compensation plan | 1,234 | 82 | 1,316 | ||||||
Spin-Off of Civeo | -242 | -1,348,190 | 63,519 | -1,764 | -1,286,677 | ||||
Acquisition of non-controlling interest | -184 | -166 | -350 | ||||||
Other | 14 | -14 | |||||||
Balance at Dec. 31, 2014 | $610 | $685,232 | $1,151,266 | ($22,100) | ($474,351) | $1,340,657 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $179,003 | $421,276 | $448,627 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from discontinued operations | -51,776 | -292,217 | -307,482 |
Depreciation and amortization | 124,776 | 109,231 | 88,745 |
Deferred income tax provision | -11,970 | -9,759 | 8,901 |
Excess tax benefits from share-based payment arrangements | -6,904 | -7,407 | -8,164 |
Gains on disposals of assets | -2,043 | -1,090 | -5,293 |
Non-cash compensation charge | 25,581 | 24,097 | 16,765 |
Amortization of deferred financing costs | 1,819 | 4,146 | 4,419 |
Loss on extinguishment of debt | 100,380 | 6,168 | |
Other, net | 3,127 | 4,459 | 5,451 |
Changes in operating assets and liabilities, net of effect from acquired businesses and net assets of Civeo that were distributed to stockholders: | |||
Accounts receivable | -65,787 | 801 | -84,752 |
Inventories | 1,430 | -691 | -15,951 |
Accounts payable and accrued liabilities | 5,741 | 3,163 | 8,070 |
Taxes payable | -15,130 | -3,442 | -24,659 |
Other operating assets and liabilities, net | 14,397 | -23,649 | 16,283 |
Net cash flows provided by continuing operating activities | 302,644 | 235,086 | 150,960 |
Net cash flows provided by discontinued operating activities | 135,392 | 452,177 | 486,230 |
Net cash flows provided by operating activities | 438,036 | 687,263 | 637,190 |
Cash flows from investing activities: | |||
Capital expenditures, including capitalized interest | -199,256 | -164,895 | -168,863 |
Acquisitions of businesses, net of cash acquired | -157 | -44,260 | -80,449 |
Proceeds from sale of business | 600,000 | ||
Proceeds from disposition of property, plant and equipment | 3,535 | 2,449 | 5,307 |
Deposits held in escrow related to acquisitions of businesses | -20,000 | ||
Other, net | -2,626 | 215 | -2,245 |
Net cash flows provided by (used in) continuing investing activities | -198,504 | 393,509 | -266,250 |
Net cash flows used in discontinued investing activities | -119,199 | -285,132 | -310,727 |
Net cash flows (used in) provided by investing activities | -317,703 | 108,377 | -576,977 |
Cash flows from financing activities: | |||
Revolving credit borrowings and (repayments), net | 140,684 | -68,065 | |
Distribution received from Spin-Off of Civeo | 750,000 | ||
Term loan repayments | -170,000 | -20,000 | |
Debt and capital lease repayments | -538 | -2,303 | -493 |
Issuance of common stock from share based payment arrangements | 10,475 | 16,384 | 13,628 |
Purchase of treasury stock | -226,303 | -108,535 | -15,245 |
Excess tax benefits from share based payment arrangements | 6,904 | 7,407 | 8,164 |
Payment of financing costs | -3,897 | -212 | -4,472 |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | -6,136 | -4,919 | -4,218 |
Net cash flows (used in) provided by continuing financing activities | -378,912 | -299,928 | 134,309 |
Net cash flows used in discontinued financing activities | -282,204 | -130,668 | -13,751 |
Net cash flows (used in) provided by financing activities | -661,116 | -430,596 | 120,558 |
Effect of exchange rate changes on cash | -5,260 | -18,910 | 680 |
Net change in cash and cash equivalents | -546,043 | 346,134 | 181,451 |
Cash and cash equivalents, beginning of year | 599,306 | 253,172 | 71,721 |
Cash and cash equivalents, end of year | 53,263 | 599,306 | 253,172 |
Non-cash financing activities: | |||
Value of common stock issued in payment of 2 3/8% Notes conversion | 220,597 | ||
5 1/8% Senior Notes [Member] | |||
Cash flows from financing activities: | |||
5 1/8 % senior notes issued | 400,000 | ||
Repayment of senior notes | -419,794 | -37,750 | |
6 1/2% Senior Notes [Member] | |||
Cash flows from financing activities: | |||
Repayment of senior notes | -630,307 | ||
2 3/8% Senior Subordinated Notes [Member] | |||
Cash flows from financing activities: | |||
Payment of principal on 2 3/8% Notes conversion | ($174,990) |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parentheticals) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest rate | 2.38% | ||
5 1/8% Senior Notes [Member] | |||
Interest rate | 5.13% | 5.13% | 5.13% |
6 1/2% Senior Notes [Member] | |||
Interest rate | 6.50% | ||
2 3/8% Senior Subordinated Notes [Member] | |||
Interest rate | 2.38% |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Basis of Presentation |
The Consolidated Financial Statements include the accounts of Oil States International, Inc. (Oil States or the Company) and its consolidated subsidiaries. Investments in unconsolidated affiliates, in which the Company is able to exercise significant influence, are accounted for using the equity method. All significant intercompany accounts and transactions between the Company and its consolidated subsidiaries have been eliminated in the accompanying Consolidated Financial Statements. | |
On May 30, 2014, we completed the spin-off of our accommodations business into a stand-alone, publicly traded corporation (Civeo Corporation, or Civeo). The results of operations for our accommodations business have been classified as discontinued operations for all periods presented. See Note 2 to the Consolidated Financial Statements included in this Annual Report on Form 10-K for additional information. Unless otherwise indicated, all disclosures and amounts in the Notes to Consolidated Financial Statements relate to the Company’s 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 Company, through its subsidiaries, is a leading provider of specialty products and services to oil and gas companies throughout the world. We operate in a substantial number of the world's active oil and natural gas producing regions, onshore and offshore U.S., Canada, West Africa, the North Sea, South America and Southeast and Central Asia. The Company operates in two principal reportable business segments – offshore products and well site services. |
Note_2_Spinoff_of_Accommodatio
Note 2 - Spin-off of Accommodations Business (Civeo) | 12 Months Ended | ||||
Dec. 31, 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 spin-off of Civeo into a stand-alone, publicly traded corporation through a tax-free distribution of Civeo shares 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 of Oil States common stock 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 Distribution 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 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, in June 2014, we commenced and completed 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. The $750 million dividend received from Civeo was partially offset by $299 million of cash transferred to Civeo in connection with the Spin-Off. See Note 11 to the Consolidated Financial Statements included in this Annual Report on Form 10-K 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, reflected on our consolidated balance sheet at December 31, 2013 were as follows (in thousands): | |||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 224,128 | |||
Accounts receivable, net | 177,845 | ||||
Inventories, net | 29,815 | ||||
Prepaid expenses and other current assets | 10,050 | ||||
Total current assets of discontinued operations | 441,838 | ||||
Property, plant, and equipment, net | 1,325,867 | ||||
Goodwill, net | 261,056 | ||||
Other intangible assets, net | 75,675 | ||||
Other noncurrent assets | 17,966 | ||||
Total assets of discontinued operations | $ | 2,122,402 | |||
LIABILITIES | |||||
Current liabilities: | |||||
Accounts payable | 45,376 | ||||
Accrued liabilities | 25,163 | ||||
Income taxes | 6,265 | ||||
Deferred revenue | 19,571 | ||||
Other current liabilities | 246 | ||||
Total current liabilities of discontinued operations | 96,621 | ||||
Long-term debt | -- | ||||
Deferred income taxes | 77,526 | ||||
Other noncurrent liabilities | 16,945 | ||||
Total liabilities of discontinued operations | $ | 191,092 | |||
See Note 8 to the Consolidated Financial Statements included in this Annual Report on Form 10-K for selected financial information regarding the results of operations of our accommodations business which are reported as discontinued operations. |
Note_3_Summary_of_Significant_
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies | |||||||||
Cash and Cash Equivalents | ||||||||||
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||||
Fair Value of Financial Instruments | ||||||||||
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): | ||||||||||
Interest | Carrying | Fair | ||||||||
Rate | Value | Value | ||||||||
6 1/2% Notes | ||||||||||
Principal amount originally due 2019 | 6.50% | $ | 600,000 | $ | 639,378 | |||||
5 1/8% Notes | ||||||||||
Principal amount originally due 2023 | 5.13% | $ | 366,000 | $ | 411,066 | |||||
Inventories | ||||||||||
Inventories consist of oilfield products, manufactured equipment, spare parts for manufactured equipment, and work-in-process. Inventories also include raw materials, labor, subcontractor charges, manufacturing overhead and other supplies and are carried at the lower of cost or market. The cost of inventories is determined on an average cost or specific-identification method. A reserve for excess, damaged and/or obsolete inventory is maintained based on the age, turnover or condition of the inventory. | ||||||||||
Property, Plant, and Equipment | ||||||||||
Property, plant, and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under capital lease, using the straight-line method, after allowing for salvage value where applicable, over the estimated useful lives of the assets. We use the component depreciation method for our drilling services assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. | ||||||||||
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of income. | ||||||||||
Goodwill and Intangible Assets | ||||||||||
Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. A significant portion of our goodwill accumulated amortization balance at December 31, 2013 was related to our accommodations business and was transferred to Civeo at the date of the Spin-Off. See Note 2 – Spin-Off of Accommodations Business (Civeo) for additional information on the Spin-Off. | ||||||||||
We evaluate goodwill for impairment annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. Our reporting units with goodwill at December 31, 2014 include offshore products and completion services. As part of the goodwill impairment analysis, current accounting standards give us the option to first perform a qualitative assessment to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed two-step impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill on its balance sheet is assessed separately and different relevant events and circumstances are evaluated for each unit. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the prescribed two-step impairment test is performed. Current accounting standards also give us the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. In 2014, we chose to bypass the qualitative assessment for all of our reporting units with goodwill remaining and perform the two-step impairment test given stock value declines in the energy sector. In performing the two-step impairment test, we estimate the implied fair value (IFV) of each reporting unit and compare the IFV to the carrying value of such unit. We utilize, depending on circumstances, a combination of trading multiples analyses, discounted projected cash flow calculations with estimated terminal values and acquisition comparables to estimate the IFV. We discount our projected cash flows using a long-term weighted average cost of capital for each reporting unit based on our estimate of investment returns that would be required by a market participant. As part of our process to assess goodwill for impairment, we also compare the total market capitalization of the Company to the sum of the IFV's of all of our reporting units to assess the reasonableness of the IFV's in the aggregate. If the carrying amount of a reporting unit exceeds its IFV, goodwill is considered to be potentially impaired and additional analysis in accordance with current accounting standards is conducted to determine the amount of impairment, if any. We conduct our annual impairment test as of December of each year. In 2012, 2013 and 2014, our goodwill impairment tests indicated that the fair value of each of our reporting units is greater than its carrying amount. | ||||||||||
For other intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. Based on the Company’s review, the carrying values of its other intangible assets are recoverable, and no impairment losses have been recorded for the periods presented. | ||||||||||
See Note 10 – Goodwill and Other Intangible Assets. | ||||||||||
Impairment of Long-Lived Assets | ||||||||||
The recoverability of the carrying values of long-lived assets at the asset group level, including finite-lived intangible assets, is assessed whenever, in management's judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. The fair value of the asset group is based on prices of similar assets, if available, or discounted cash flows. Based on the Company's review, the carrying values of its asset groups are recoverable, and no impairment losses have been recorded for the periods presented. | ||||||||||
Foreign Currency and Other Comprehensive Income | ||||||||||
Gains and losses resulting from balance sheet translation of foreign operations where a foreign currency is the functional currency are included as a separate component of accumulated other comprehensive income within stockholders' equity representing substantially all of the balances within accumulated other comprehensive income. Remeasurements of intercompany loans denominated in a different currency than the functional currency of the entity that are of a long-term investment nature are recognized as other comprehensive income within stockholders’ equity. Gains and losses resulting from balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany loans that are of a long-term investment nature, are included in the consolidated statements of income as incurred. | ||||||||||
Foreign Currency Exchange Rate Risk | ||||||||||
A portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. In order to reduce our exposure to fluctuations in currency exchange rates, we may enter into foreign exchange agreements with financial institutions. As of December 31, 2014 and 2013, we had outstanding foreign currency forward purchase contracts with notional amounts of $5.4 million and $7.4 million, respectively, related to expected cash flows denominated in Euros. As a result of these contracts, we recorded other comprehensive income of $0.4 million for the year ended December 31, 2013 and a $0.9 million foreign exchange loss related to amounts reclassified from accumulated other comprehensive loss into an expense on the income statement for the year ended December 31, 2013. Foreign exchange losses associated with our continuing operations have totaled $0.4 million in 2014, $1.6 million in 2013 and $2.2 million in 2012 and were included in “Other operating expense.” | ||||||||||
Revenue and Cost Recognition | ||||||||||
Revenue from the sale of products, not accounted for utilizing the percentage-of-completion method, is recognized when delivery to and acceptance by the customer has occurred, when title and all significant risks of ownership have passed to the customer, collectability is probable and pricing is fixed and determinable. Our product sales terms do not include significant post-delivery obligations. For significant projects, revenues are recognized under the percentage-of-completion method, measured by the percentage of costs incurred to date compared to estimated total costs for each contract (cost-to-cost method). Billings on such contracts in excess of costs incurred and estimated profits are classified as deferred revenue. Costs incurred and estimated profits in excess of billings on percentage-of-completion contracts are recognized as unbilled receivables. Management believes this method is the most appropriate measure of progress on large contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Factors that may affect future project costs and margins include shipyard access, weather, production efficiencies, availability and costs of labor, materials and subcomponents. These factors can significantly impact the accuracy of the Company’s estimates and materially impact the Company’s future reported earnings. In our well site services segment, revenues are recognized based on a periodic (usually daily) rate or when the services are rendered. Proceeds from customers for the cost of oilfield rental equipment that is damaged or lost downhole are reflected as gains or losses on the disposition of assets after considering the write-off of the remaining net book value of the equipment. For drilling services contracts based on footage drilled, we recognize revenues as footage is drilled. Revenues exclude taxes assessed based on revenues such as sales or value added taxes. | ||||||||||
Cost of goods sold includes all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. Selling, general, and administrative costs are charged to expense as incurred. | ||||||||||
Income Taxes | ||||||||||
The Company follows the liability method of accounting for income taxes in accordance with current accounting standards regarding the accounting for income taxes. Under this method, deferred income taxes are recorded based upon the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws in effect at the time the underlying assets or liabilities are recovered or settled. | ||||||||||
When the Company's earnings from foreign subsidiaries are considered to be indefinitely reinvested, no provision for U.S. income taxes is made for these earnings. If any of the subsidiaries have a distribution of earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the various foreign countries. | ||||||||||
The Company records a valuation allowance in the reporting period when management believes that it is more likely than not that any deferred tax asset created will not be realized. Management will continue to evaluate the appropriateness of the valuation allowance in the future based upon the operating results of the Company. | ||||||||||
The calculation of our tax liabilities involves accessing the uncertainties regarding the application of complex tax regulations. We recognize liabilities for tax expenses based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. | ||||||||||
Discontinued Operations | ||||||||||
The operating results of a component of our business that either has been disposed of or is classified as held for sale are presented as discontinued operations when both of the following conditions are met: (a) the operations and cash flows of the component have been or will be eliminated from our ongoing operations as a result of the disposal transaction and (b) we will not have any significant continuing involvement in the operations of the disposed component. We consider a component of our business to be one that comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of our business. | ||||||||||
Receivables and Concentration of Credit Risk | ||||||||||
Based on the nature of its customer base, the Company does not believe that it has any significant concentrations of credit risk other than its concentration in the worldwide oil and gas industry. The Company evaluates the credit-worthiness of its significant, new and existing customers' financial condition and, generally, the Company does not require significant collateral from its customers. | ||||||||||
Allowances for Doubtful Accounts | ||||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company's customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for doubtful accounts. The Company considers the following factors when determining if collection of revenue is reasonably assured: customer credit-worthiness, past transaction history with the customer, customer solvency and changes in customer payment terms. If the Company has no previous experience with the customer, the Company typically obtains reports from various credit organizations to ensure that the customer has a history of paying its creditors. The Company may also request financial information, including financial statements or other documents to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, the Company would require a prepayment or other arrangement to support revenue recognition and recording of a trade receivable. If the financial condition of the Company's customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. | ||||||||||
Earnings per Share | ||||||||||
Diluted EPS amounts include the effect of the Company's outstanding stock options and restricted stock shares under the treasury stock method. We have shares of restricted stock issued and outstanding, some of which remain subject to vesting requirements. Holders of such shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our outstanding common stock and are thus considered participating securities. Under applicable accounting guidance, the undistributed earnings for each period are allocated based on the participation rights of both the common shareholders and holders of any participating securities as if earnings for the respective periods had been distributed. Because both the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, we are required to compute earnings per share (EPS) amounts under the two class method in periods in which we have earnings from continuing operations. | ||||||||||
The presentation of basic EPS amounts on the face of the accompanying consolidated statements of operations is computed by dividing the net income applicable to the Company’s common shareholders by the weighted average shares of outstanding common stock. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income included in the numerator excludes the effects of the impact of dilutive common stock equivalents, if any. | ||||||||||
In addition, before their conversion in July 2012, shares of our 2 3/8% Contingent Convertible Senior Subordinated Notes (2 3/8% Notes) assumed to be issued upon conversion were included in the calculation of fully diluted shares outstanding and fully diluted earnings per share. The weighted average number of these shares totaled 1,793,244 during the year ended December 31, 2012. | ||||||||||
Stock-Based Compensation | ||||||||||
The fair value of share based payments is estimated using option-pricing models based on the grant-date fair value of the award. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. In addition to service based awards, in 2014, 2013 and 2012, the Company also issued performance based awards which may vest in an amount that will depend on the Company’s achievement of specified performance objectives. The performance based awards have a performance criteria that will be measured based upon the Company’s achievement levels of average after-tax annual return on invested capital. During the years ended December 31, 2014, 2013 and 2012, the continuing operations of the Company recognized non-cash general and administrative expenses for stock options and restricted stock awards totaling $25.6 million, $22.5 million and $15.2 million, respectively. | ||||||||||
Pursuant to the Employee Matters Agreement (see Note 2 – Spin-Off of Accommodations Business (Civeo)) we made certain adjustments to the exercise price and number of our stock based compensation awards with the intention of preserving the intrinsic value of the awards immediately prior to 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 452,981 restricted stock awards and 395,454 additional stock options. Shares available for future awards under the equity plan were increased by 1,876,109 shares to adjust for the lower post-Spin-Off stock price of the Company. | ||||||||||
In connection with the September 2013 sale of our tubular services business, Sooner, modifications were made to outstanding equity options and awards for Sooner employees which resulted in $4.4 million in expense being recognized. This expense is included in “Net income from discontinued operations, net of tax” on the Consolidated Statement of Income for the year ended December 31, 2013 and is included in the transaction costs considered in the calculation of the $128.4 million pre-tax gain on the disposal of Sooner. | ||||||||||
Guarantees | ||||||||||
Some product sales in our offshore products businesses are sold with a warranty, generally ranging from 12 to 18 months. Parts and labor are covered under the terms of the warranty agreement. Warranty provisions are estimated based upon historical experience by product, configuration and geographic region. Our total liability related to estimated warranties for our continuing operations was $2.8 million and $2.2 million at December 31, 2014 and 2013, respectively. | ||||||||||
During the ordinary course of business, the Company also provides standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by either the Company or its subsidiaries. As of December 31, 2014, the maximum potential amount of future payments that the Company could be required to make under these guarantee agreements (letters of credit) was approximately $42.9 million. The Company has not recorded any liability in connection with these guarantee arrangements. The Company does not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. | ||||||||||
Use of Estimates | ||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States 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. Examples of a few such estimates include potential future adjustments as a result of contingent consideration arrangements pursuant to business combinations and other contractual agreements, revenue and income recognized on the percentage-of-completion method, any valuation allowance recorded on net deferred tax assets, warranty, reserves on inventory and allowance for doubtful accounts. Actual results could materially differ from those estimates. | ||||||||||
Accounting for Contingencies | ||||||||||
We have contingent liabilities and future claims for which we have made estimates of the amount of the eventual cost to liquidate these liabilities or claims. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and we have made an assessment of our exposure and recorded a provision in our accounts to cover an expected loss. Other claims or liabilities have been estimated based on their fair value or our experience in these matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, our future reported financial results will be impacted by the difference between our estimates and the actual amounts paid to settle a liability. Examples of areas where we have made important estimates of future liabilities include future consideration due sellers as a result of the terms of a business combination, litigation, taxes, interest, insurance claims, warranty claims, contract claims and obligations and discontinued operations. | ||||||||||
Subsequent Events | ||||||||||
In accordance with authoritative guidance, the Company evaluates all events and transactions that occur after the balance sheet date, but before financial statements are issued for possible recognition or disclosure. | ||||||||||
See Note 20 – Subsequent Events. |
Note_4_Details_of_Selected_Bal
Note 4 - Details of Selected Balance Sheet Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 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 December 31, 2014 and 2013 is presented below (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable, net: | |||||||||||||
Trade | $ | 348,115 | $ | 456,114 | |||||||||
Unbilled revenue | 148,371 | 163,766 | |||||||||||
Other | 7,763 | 7,987 | |||||||||||
Total accounts receivable | 504,249 | 627,867 | |||||||||||
Allowance for doubtful accounts | (7,125 | ) | (7,534 | ) | |||||||||
$ | 497,124 | $ | 620,333 | ||||||||||
2014 | 2013 | ||||||||||||
Inventories, net: | |||||||||||||
Finished goods and purchased products | $ | 94,955 | $ | 91,909 | |||||||||
Work in process | 49,631 | 72,903 | |||||||||||
Raw materials | 97,780 | 111,280 | |||||||||||
Total inventories | 242,366 | 276,092 | |||||||||||
Allowance for excess, damaged, or obsolete inventory | (9,876 | ) | (9,540 | ) | |||||||||
$ | 232,490 | $ | 266,552 | ||||||||||
Estimated | |||||||||||||
Useful Life | 2014 | 2013 | |||||||||||
(in years) | |||||||||||||
Property, plant and equipment, net: | |||||||||||||
Land | $ | 29,850 | $ | 76,545 | |||||||||
Accommodations assets | 15-Mar | -- | 1,535,407 | ||||||||||
Buildings and leasehold improvements | Mar-40 | 175,421 | 204,455 | ||||||||||
Machinery and equipment | 28-Feb | 438,980 | 434,578 | ||||||||||
Completion services equipment | 10-Feb | 387,165 | 314,445 | ||||||||||
Office furniture and equipment | 10-Jan | 30,647 | 57,026 | ||||||||||
Vehicles | 10-Jan | 129,922 | 140,156 | ||||||||||
Construction in progress | 74,088 | 172,252 | |||||||||||
Total property, plant and equipment | 1,266,073 | 2,934,864 | |||||||||||
Accumulated depreciation | (616,227 | ) | (1,032,075 | ) | |||||||||
$ | 649,846 | $ | 1,902,789 | ||||||||||
2014 | 2013 | ||||||||||||
Accrued liabilities: | |||||||||||||
Accrued compensation | $ | 58,979 | $ | 71,535 | |||||||||
Insurance liabilities | 11,300 | 13,198 | |||||||||||
Accrued taxes, other than income taxes | 4,851 | 7,619 | |||||||||||
Accrued interest | 80 | 11,931 | |||||||||||
Accrued commissions | 3,622 | 3,654 | |||||||||||
Accrued treasury stock repurchase | -- | 7,397 | |||||||||||
Other | 17,298 | 16,712 | |||||||||||
$ | 96,130 | $ | 132,046 | ||||||||||
A significant portion of our accounts receivable ($177.8 million), inventories ($29.8 million), property, plant and equipment ($1.3 billion) and accrued liabilities ($25.2 million) at December 31, 2013 was related to our accommodations business and were transferred to Civeo at the date of the Spin-Off. See Note 2 – Spin Off of Accommodations Business (Civeo) for additional information on the Spin-Off. | |||||||||||||
Depreciation expense for our continuing operations was $117.7 million, $104.2 million and $86.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Note_5_Recent_Accounting_Prono
Note 5 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 5. 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. | |
In November 2014, the FASB issued guidance on business combinations which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs, or in a subsequent reporting period to the acquired entity’s most recent change-in-control event. The guidance was effective on November 18, 2014. Implementation of this standard did not have an effect on the Company’s consolidated financial statements. |
Note_6_Accumulated_Other_Compr
Note 6 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 6. Accumulated Other Comprehensive Loss |
Our accumulated other comprehensive loss decreased from $85.7 million at December 31, 2013 to $22.1 million at December 31, 2014, primarily as a result of the Spin-Off of Civeo. See Note 2 – Spin-Off of Accommodations Business (Civeo) for additional information. Prior to the Spin-Off, our accumulated other comprehensive 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. Subsequent to the Spin-Off, our accumulated other comprehensive loss is primarily related to fluctuations in the foreign currency exchange rates compared to the U.S. dollar for the foreign operations of our offshore products segment (primarily in the United Kingdom, Brazil and Thailand.) |
Note_7_Acquisitions_and_Supple
Note 7 - Acquisitions and Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 7. Acquisitions and Supplemental Cash Flow Information | ||||||||||||
Components of cash used for acquisitions related to our continuing operations as reflected in the consolidated statements of cash flows for the years ended December 31, 2013 and 2012 are summarized as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Fair value of assets acquired including intangibles and goodwill | $ | 66,825 | $ | 108,833 | |||||||||
Liabilities/equity assumed | (19,986 | ) | (12,508 | ) | |||||||||
Noncash consideration | (2,568 | ) | (15,825 | ) | |||||||||
Cash acquired | (11 | ) | (51 | ) | |||||||||
Cash used in acquisitions of businesses | $ | 44,260 | $ | 80,449 | |||||||||
2013 | |||||||||||||
On December 2, 2013, we acquired all of the operating assets of Quality Connector Systems, LLC (QCS) for total cash consideration of $42.3 million. 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. The operations of QCS have been included in our offshore products segment since the acquisition date. | |||||||||||||
2012 | |||||||||||||
On December 14, 2012, we acquired all of the equity of Tempress Technologies, Inc. (Tempress) for purchase price consideration of $52.8 million. Headquartered in Kent, Washington, Tempress designs, develops and markets a suite of highly specialized, hydraulically-activated tools utilized during downhole completion activities. The operations of Tempress have been included in our well site services segment since the acquisition date. | |||||||||||||
On July 2, 2012, we acquired all of the operating assets of Piper Valve Systems, Ltd (Piper) for total cash consideration of $48.0 million. Headquartered in Oklahoma City, Oklahoma, Piper designs and manufactures high pressure valves and manifold components for oil and gas industry projects offshore (surface and subsea) and onshore. Piper's valve technology complements our offshore products segment, allowing us to integrate their valve products and services into our existing subsea products such as pipeline end manifolds and terminals, increasing our suite of global deepwater product and service offerings. The operations of Piper have been included in our offshore products segment since the acquisition date. | |||||||||||||
The Company funded all of its acquisitions with cash on hand and/or amounts available under our credit facilities. See Note 11 – Long-term Debt for additional information on our senior secured credit facilities. | |||||||||||||
Supplemental Cash Flow Information | |||||||||||||
Cash paid during the years ended December 31, 2014, 2013 and 2012 for interest and income taxes for our continuing operations was as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest (net of amounts capitalized) | $ | 40,375 | $ | 56,663 | $ | 53,636 | |||||||
Income taxes, net of refunds | $ | 102,160 | $ | 90,927 | $ | 99,622 | |||||||
Non-cash financing activities: | |||||||||||||
Value of common stock issued in payment of 2 3/8% Notes conversion | $ | -- | $ | -- | $ | 220,597 | |||||||
Borrowings and contingent consideration for business and asset acquisition and related intangibles | $ | -- | $ | 1,175 | $ | 15,825 | |||||||
Note_8_Discontinued_Operations
Note 8 - Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 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 of Oil States common stock 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, which is included within “Net income from discontinued operations, net of tax”. | |||||||||||||
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 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 2013 and 2012 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 year ended December 31, 2014, 2013 and 2012 we allocated $13.7 million, $31.0 million and $10.7 million of interest expense related to our outstanding 5 1/8% Notes and 6 1/2% Notes to discontinued operations. In June 2014, we commenced and completed 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 11 – Long-term Debt 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). The $128.4 million ($84.0 million after-tax) net gain related to the disposal of Sooner was excluded. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | |||||||||||||
Accommodations | $ | 404,207 | $ | 1,041,104 | $ | 1,113,470 | |||||||
Tubular services | $ | -- | $ | 1,073,096 | $ | 1,781,899 | |||||||
Income from Accommodations discontinued operations: | |||||||||||||
Income from discontinued operations before income taxes | $ | 62,504 | $ | 230,778 | $ | 337,460 | |||||||
Income tax expense | (11,004 | ) | (44,925 | ) | (77,069 | ) | |||||||
Net income from discontinued operations, net of tax | $ | 51,500 | $ | 185,853 | $ | 260,391 | |||||||
Income from Tubular services discontinued operations: | |||||||||||||
Income from discontinued operations before income taxes | $ | 321 | $ | 40,964 | $ | 75,122 | |||||||
Income tax expense | (45 | ) | (18,643 | ) | (28,031 | ) | |||||||
Net income from discontinued operations, net of tax | $ | 276 | $ | 22,321 | $ | 47,091 | |||||||
Note_9_Earnings_Per_Share_EPS
Note 9 - Earnings Per Share (EPS) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Earnings Per Share [Text Block] | 9. Earnings Per Share (EPS) | ||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Income | Shares | Income | Shares | Income | Shares | ||||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Net income attributable to Oil States International, Inc. | $ | 179,003 | $ | 421,258 | $ | 448,609 | |||||||||||||||||||
Less: Undistributed net income allocable to participating securities | (2,948 | ) | (4,573 | ) | -- | ||||||||||||||||||||
Undistributed net income applicable to common stockholders | 176,055 | 416,685 | 448,609 | ||||||||||||||||||||||
Less: Income from discontinued operations, net of tax | (51,776 | ) | (292,217 | ) | (307,482 | ) | |||||||||||||||||||
Add: Undistributed net income from discontinued operations allocable to participating securities | 853 | 3,172 | -- | ||||||||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 125,132 | 52,862 | $ | 127,640 | 54,969 | $ | 141,127 | 52,959 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders - Basic | $ | 125,132 | 52,862 | $ | 127,640 | 54,969 | $ | 141,127 | 52,959 | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Undistributed net income reallocated to participating securities | 11 | -- | 9 | -- | -- | -- | |||||||||||||||||||
Options on common stock | -- | 274 | -- | 341 | -- | 488 | |||||||||||||||||||
2 3/8% Contingent Convertible Senior Subordinated Notes | -- | -- | -- | -- | -- | 1,793 | |||||||||||||||||||
Restricted stock awards and other | -- | 15 | -- | 17 | -- | 144 | |||||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders - Diluted | 125,143 | 53,151 | 127,649 | 55,327 | 141,127 | 55,384 | |||||||||||||||||||
Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders | 50,923 | 289,045 | 307,482 | ||||||||||||||||||||||
Undistributed net income reallocated to participating securities | 5 | 20 | -- | ||||||||||||||||||||||
Net income attributable to Oil States International, Inc. common stockholders - Diluted | $ | 176,071 | 53,151 | $ | 416,714 | 55,327 | $ | 448,609 | 55,384 | ||||||||||||||||
Our calculation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012 excluded 224,739 shares, 263,838 shares and 399,134 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect. |
Note_10_Goodwill_and_Other_Int
Note 10 - Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 10. Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
The Company tests for impairment using a fair value approach, at the "reporting unit" level. A reporting unit is the operating segment, or a business one level below that operating segment (the "component" level) if discrete financial information is prepared and regularly reviewed by management at the component level. The Company had two reporting units with goodwill as of December 31, 2014. Goodwill is allocated to each of the reporting units based on actual acquisitions made by the Company and its subsidiaries. The Company recognizes an impairment loss for any amount by which the carrying amount of a reporting unit's goodwill exceeds the reporting unit's IFV of goodwill. If our initial qualitative assessment of potential goodwill impairment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, the Company uses, as appropriate in the current circumstance, comparative market multiples, discounted cash flow calculations and acquisition comparables to establish the reporting unit's fair value (a Level 3 fair value measurement). | ||||||||||||||||||||||||||
The Company amortizes the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. Amortizable intangible assets are reviewed for impairment if there are indicators of impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested for impairment annually by comparing the fair value of the indefinite-lived intangible asset to its carrying value with the measurement of the impairment based on the excess of the carrying value over its fair value. As of December 31, 2014, no provision for impairment of other intangible assets was required. | ||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||||||||||||||||||
Well Site Services | ||||||||||||||||||||||||||
Completion | Drilling | Subtotal | Accommodations | Offshore | Total | |||||||||||||||||||||
Services | Services | Products | ||||||||||||||||||||||||
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 | 193 | -- | 193 | -- | 882 | 1,075 | ||||||||||||||||||||
Foreign currency translation and other changes | (1,137 | ) | -- | (1,137 | ) | 7,407 | (331 | ) | 5,939 | |||||||||||||||||
106,439 | -- | 106,439 | -- | 145,762 | 252,201 | |||||||||||||||||||||
Balance as of December 31, 2014 | ||||||||||||||||||||||||||
Goodwill | 200,967 | 22,767 | 223,734 | -- | 145,762 | 369,496 | ||||||||||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | ||||||||||||||||
$ | 106,439 | $ | -- | $ | 106,439 | $ | -- | $ | 145,762 | $ | 252,201 | |||||||||||||||
The following table presents the total amount of intangibles assigned and the total accumulated amortization for major intangible asset classes as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Other Intangible Assets | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||
Customer relationships | $ | 37,803 | $ | 12,399 | $ | 88,783 | $ | 24,276 | ||||||||||||||||||
Contracts/Agreements | -- | -- | 43,836 | 13,151 | ||||||||||||||||||||||
Patents | 17,782 | 5,250 | 15,473 | 4,179 | ||||||||||||||||||||||
Technology | 10,110 | 2,041 | 10,304 | 1,030 | ||||||||||||||||||||||
Noncompete agreements | 3,968 | 915 | 4,785 | 933 | ||||||||||||||||||||||
Trademarks and other | 5,914 | 2,037 | 5,912 | 601 | ||||||||||||||||||||||
Total amortizable intangible assets | $ | 75,577 | $ | 22,642 | $ | 169,093 | $ | 44,170 | ||||||||||||||||||
Indefinite-lived intangible assets not subject to amortization: | ||||||||||||||||||||||||||
Brand names | -- | -- | 8,571 | -- | ||||||||||||||||||||||
Licenses | -- | -- | 37 | -- | ||||||||||||||||||||||
Total indefinite-lived intangible assets | -- | -- | 8,608 | -- | ||||||||||||||||||||||
Total other intangible assets | $ | 75,577 | $ | 22,642 | $ | 177,701 | $ | 44,170 | ||||||||||||||||||
A significant portion of our other intangible assets ($75.7 million), at December 31, 2013 was related to our accommodations business and were transferred to Civeo at the date of the Spin-Off. See Note 2 – Spin Off of Accommodations Business (Civeo) for additional information on the Spin-Off. | ||||||||||||||||||||||||||
The weighted average remaining amortization period for all intangible assets, other than goodwill and indefinite- lived intangibles, was 3.6 years as of December 31, 2014 and 8.9 years as of December 31, 2013. Total amortization expense is expected to be $6.3 million in 2015, $6.2 million in 2016, $6.1 million in 2017, $5.9 million in 2018 and $5.7 million in 2019. Amortization expense for our continuing operations was $7.0 million, $5.1 million and $2.7 million in the years ended December 31, 2014, 2013 and 2012, respectively. |
Note_11_Longterm_Debt
Note 11 - Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | 11. Long-term Debt | ||||||||
As of December 31, 2014 and 2013, long-term debt consisted of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Revolving credit facility, which matures May 28, 2019, with available commitments up to $600 million; secured by substantially all of our U.S. assets; commitment fee on unused portion of 0.375 % per annum in 2014; variable interest rate payable monthly based on LIBOR plus applicable percentage; no borrowings outstanding during 2013; weighted average interest rate was 1.8% for 2014 | $ | 140,684 | $ | -- | |||||
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 | 6,681 | 7,221 | |||||||
Total debt | 147,365 | 973,221 | |||||||
Less: Current portion | 530 | 529 | |||||||
Total long-term debt and capitalized leases | $ | 146,835 | $ | 972,692 | |||||
Scheduled maturities of combined long-term debt as of December 31, 2014, are as follows (in thousands): | |||||||||
2015 | $ | 530 | |||||||
2016 | 511 | ||||||||
2017 | 517 | ||||||||
2018 | 435 | ||||||||
2019 | 141,014 | ||||||||
Thereafter | 4,358 | ||||||||
$ | 147,365 | ||||||||
The Company's capital leases consist primarily of plant facilities and equipment. The value of capitalized leases and the related accumulated depreciation totaled $1.5 million and $0.7 million, respectively, at December 31, 2014. The value of capitalized leases and the related accumulated depreciation totaled $1.7 million and $0.6 million, respectively, at December 31, 2013. | |||||||||
Credit Facility | |||||||||
In connection with the Spin-Off, the Company terminated its then existing bank credit facility on May 28, 2014 and entered into a new $600 million senior secured revolving credit facility. The Company has an option to increase the maximum borrowings under its revolving credit facility to $750 million subject to additional lender commitments prior to its maturity 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 revolving 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). From May 28, 2014 through December 31, 2014, our applicable margin over LIBOR was 1.50%. We must also pay a quarterly commitment fee, based on our leverage ratio, on the unused commitments under the Credit Agreement. The unused commitment fee was 0.375% for the period May 28, 2014 through December 31, 2014. 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 December 31, 2014, we were in compliance with our debt covenants. | |||||||||
Borrowings under the Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our domestic subsidiaries. Our obligations under the Credit Agreement are guaranteed by our significant domestic subsidiaries. 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. | |||||||||
Under the Company's credit facilities, the occurrence of specified change of control events involving our company would constitute an event of default that would permit the banks to, among other things, accelerate the maturity of the facilities and cause them to become immediately due and payable in full. | |||||||||
As of December 31, 2014, we had $140.7 million outstanding under the Credit Agreement and an additional $35.5 million of outstanding letters of credit, leaving $423.8 million available to be drawn under the credit facility. As of December 31, 2014, the Company had approximately $53.3 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, 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, borrowings under our new Credit Agreement and available cash on hand. | |||||||||
Loss on Extinguishment of Debt | |||||||||
During 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 in the second quarter, 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 such 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 or redeemed. 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. During 2013, we recognized a loss on the extinguishment of debt totaling $6.2 million from the repurchase of a portion of our 5 1/8% Notes in the fourth quarter of 2013, resulting in a loss of $4.1 million, including the write-off of $0.4 million of unamortized deferred financing costs. Additionally, we wrote off $2.1 million of unamortized deferred financing costs associated with the full repayment of our U.S. term loan. | |||||||||
Pursuant to Rule 3-10 of Regulation S-X, the Company has in its past periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2013, 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 is no longer required to present expanded information with respect to the guarantor and non-guarantor subsidiaries. |
Note_12_Stock_Repurchase_Progr
Note 12 - Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2014 | |
Stock Repurchase Program [Abstract] | |
Stock Repurchase Program [Text Block] | 12. Stock Repurchase Program |
On September 6, 2013, the Company announced an increase in its Board-authorized Company stock repurchase program from $200 million to $500 million providing for the repurchase of the Company’s common stock, par value $.01 per share. The Board of Directors’ authorization is limited in duration and was set to expire on September 1, 2014. On August 20, 2014, the Board of Directors authorized an extension of the authorized Company stock repurchase program, which is now set to expire on September 1, 2015. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate. As of December 31, 2014, a total of $350.1 million of our stock (4,228,530 shares) had been repurchased under this program. Subsequent to the end of the year and through February 20, 2015, we repurchased an additional $70.0 million of our stock (1,619,832 shares) in open market transactions pursuant to a 10b5-1 agreement entered into prior to December 31, 2014. The amount remaining under our current share repurchase authorization as of February 20, 2015 was approximately $79.9 million. |
Note_13_Retirement_Plans
Note 13 - Retirement Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 13. Retirement Plans |
The Company sponsors defined contribution plans. Participation in these plans is available to substantially all employees. The continuing operations of the Company recognized expense of $13.0 million, $9.7 million and $9.6 million, respectively, related to matching contributions under its various defined contribution plans during the years ended December 31, 2014, 2013 and 2012, respectively. |
Note_14_Income_Taxes
Note 14 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | 14. Income Taxes | ||||||||||||
Consolidated income from continuing operations before income taxes for the years ended December 31, 2014, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US operations | $ | 128,639 | $ | 143,913 | $ | 145,231 | |||||||
Foreign operations | 67,705 | 60,214 | 67,861 | ||||||||||
Total | $ | 196,344 | $ | 204,127 | $ | 213,092 | |||||||
The components of the income tax provision (benefit) for the years ended December 31, 2014, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 56,317 | $ | 65,249 | $ | 47,418 | |||||||
State | 5,426 | 2,881 | 3,257 | ||||||||||
Foreign | 19,344 | 16,697 | 12,371 | ||||||||||
81,087 | 84,827 | 63,046 | |||||||||||
Deferred: | |||||||||||||
Federal | (8,620 | ) | (11,468 | ) | 9,614 | ||||||||
State | 26 | 263 | (892 | ) | |||||||||
Foreign | (3,376 | ) | 1,446 | 179 | |||||||||
(11,970 | ) | (9,759 | ) | 8,901 | |||||||||
Total Provision | $ | 69,117 | $ | 75,068 | $ | 71,947 | |||||||
A reconciliation of the federal statutory tax rate to the effective tax rate for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | 35 | % | 35.0 % | 35 | % | ||||||||
Effect of foreign income tax, net | (2.8 | ) | (0.4 | ) | (2.1 | ) | |||||||
Other nondeductible expenses | 1.7 | 2.4 | 1 | ||||||||||
State tax expense, net of federal benefits | 2.8 | 1.5 | 1.1 | ||||||||||
Domestic manufacturing deduction | (1.9 | ) | (2.1 | ) | (1.5 | ) | |||||||
Uncertain tax positions adjustments, net | -- | -- | (1.5 | ) | |||||||||
Other, net | 0.4 | 0.4 | 1.8 | ||||||||||
Effective tax rate | 35.2 | % | 36.8 | % | 33.8 | % | |||||||
The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 1,526 | $ | 1,842 | |||||||||
Allowance for inventory reserves | 7,102 | 6,682 | |||||||||||
Employee benefits | 22,036 | 23,687 | |||||||||||
Deductible goodwill and other intangibles | - | 9,208 | |||||||||||
Other reserves | 5,659 | 5,922 | |||||||||||
Book over tax depreciation | 257 | 1,489 | |||||||||||
Deferred Revenue | - | 4,101 | |||||||||||
Foreign tax credit carryover | 27,771 | 24,206 | |||||||||||
Net operating loss carryforward | 2,700 | - | |||||||||||
Other | 1,108 | 4,420 | |||||||||||
Gross deferred tax asset | 68,159 | 81,557 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Tax over book depreciation | (93,010 | ) | (168,517 | ) | |||||||||
Deferred revenue | (1,171 | ) | (1,535 | ) | |||||||||
Intangibles | (9,700 | ) | (15,258 | ) | |||||||||
Accrued liabilities | (2,298 | ) | (5,815 | ) | |||||||||
Unrepatriated foreign income | (145 | ) | (6,312 | ) | |||||||||
Other | (313 | ) | (4,645 | ) | |||||||||
Deferred tax liability | (106,637 | ) | (202,082 | ) | |||||||||
Net deferred tax liability | $ | (38,478 | ) | $ | (120,525 | ) | |||||||
The Company's deferred tax balance based on net current items and net non-current items as of December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Current deferred tax liability | $ | (7,293 | ) | $ | (3,508 | ) | |||||||
Long-term deferred tax liability | (31,185 | ) | (117,017 | ) | |||||||||
Net deferred tax liability | $ | (38,478 | ) | $ | (120,525 | ) | |||||||
The analysis of deferred tax assets and liabilities detailed above as of December 31, 2013 relate to continuing and discontinued operations. A significant portion of our net deferred tax balances ($67.7 million), at December 31, 2013 was related to our accommodations business and were transferred to Civeo at the date of the Spin-Off. See Note 2 – Spin Off of Accommodations Business (Civeo) for additional information on the Spin-Off. | |||||||||||||
Our primary deferred tax assets at December 31, 2014, were related to foreign tax credit carryforwards, employee benefit costs for our Equity Participation Plan and allowance for inventory obsolescence. The foreign tax credits will expire in varying amounts after 2019. | |||||||||||||
At December 31, 2014 the Company had foreign NOL’s carryforward of $0.6 million, $1.2 million and $6.4 million for India, Thailand, and Brazil, respectively. The NOL’s carryforward for Thailand and India will expire after 2019 and 2022, respectively. The NOL’s carryforward for Brazil can be carried indefinitely. | |||||||||||||
Appropriate U.S. and foreign income taxes have been provided for earnings of foreign subsidiary companies that are expected to be remitted in the future. The cumulative amount of undistributed earnings of foreign subsidiaries that the Company intends to indefinitely reinvest, and upon which foreign taxes have been accrued or paid but no deferred U.S. income taxes have been provided is $230.5 million at December 31, 2014, the majority of which has been generated in the U.K. and Singapore. Upon distribution of these earnings in the form of dividends or otherwise, the Company may be subject to U.S. income taxes (subject to adjustment for foreign tax credits) and foreign withholding taxes. It is not practical, however, to estimate the amount of taxes that may be payable on the eventual remittance of these earnings after consideration of available foreign tax credits. | |||||||||||||
The Company files tax returns in the jurisdictions in which they are required. All of these returns are subject to examination or audit and possible adjustment as a result of assessments by taxing authorities. The Company believes that it has recorded sufficient tax liabilities and does not expect the resolution of any examination or audit of its tax returns would have a material adverse effect on its operating results, financial condition or liquidity. | |||||||||||||
Tax years subsequent to 2010 remain open to U.S. federal tax audit and, because of NOL's utilized by the Company, years from 1994 to 2002 remain subject to federal tax audit with respect to NOL's available for tax carryforward. Our Canadian subsidiaries' federal tax returns subsequent to 2009 are subject to audit by the Canada Revenue Agency. | |||||||||||||
We account for uncertain tax positions using a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. | |||||||||||||
The total amount of unrecognized tax benefits as of December 31, 2014 was nil. The total amount of unrecognized tax benefits as of December 31, 2013 was $0.8 million. The balance was related to our accommodations business and was distributed to Civeo at the time of the Spin-Off. The Company accrues interest and penalties related to unrecognized tax benefits as a component of the Company's provision for income taxes. As of December 31, 2014 and 2013, the Company had accrued nil and $0.1 million, respectively, of interest expense and penalties. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance as of January 1st | $ | 836 | $ | 728 | $ | 1,847 | |||||||
Additions for tax positions of prior years | -- | 108 | -- | ||||||||||
Reductions for tax positions of prior years | -- | -- | (1,119 | ) | |||||||||
Lapse of the applicable statute of limitations | -- | -- | -- | ||||||||||
Distribution to Civeo | (836 | ) | -- | -- | |||||||||
Balance as of December 31st | $ | -- | $ | 836 | $ | 728 | |||||||
Note_15_Commitments_and_Contin
Note 15 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and Contingencies | ||||
The Company leases a portion of its equipment, office space, computer equipment, automobiles and trucks under leases which expire at various dates. | |||||
Minimum future operating lease obligations in effect at December 31, 2014, were as follows (in thousands): | |||||
Operating | |||||
Leases | |||||
2015 | $ | 10,162 | |||
2016 | 5,153 | ||||
2017 | 3,458 | ||||
2018 | 2,427 | ||||
2019 | 1,700 | ||||
Thereafter | 1,662 | ||||
Total | $ | 24,562 | |||
Rental expense under operating leases for our continuing operations was $11.5 million, $12.3 million and $11.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state and local levels. During 2014, two lawsuits were filed by several current and former employees, in Federal Court against the Company and or one of its subsidiaries, alleging violations of the Fair Labor Standards Act (“FLSA”). The plaintiffs’ seek damages and penalties for the Company’s alleged failure to: properly classify its field service employees as “non-exempt” under the FLSA; and pay them on an hourly basis (including overtime). The plaintiffs’ seek recovery on their own behalf, and seek certification of a class of similarly situated employees. We are investigating the allegations, but plan to vigorously defend this litigation. 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 will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. |
Note_16_Stockbased_Compensatio
Note 16 - Stock-based Compensation | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16. Stock-Based and Deferred Compensation Plans | |||||||||||||||||||||||||
Current accounting standards require companies to measure the cost of employee services received in exchange for an award of equity instruments (typically stock options) based on the grant-date fair value of the award. The fair value is estimated using option-pricing models. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. | ||||||||||||||||||||||||||
Pursuant to the Employee Matters Agreement (see Note 2 – Spin-Off of Accommodations Business (Civeo)) we made certain adjustments to the exercise price and number of our stock based compensation awards with the intention of preserving the intrinsic value of the awards immediately prior to 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 452,981 restricted stock awards and 395,454 additional stock options. Shares available for future awards under the equity plan were increased by 1,876,109 shares to adjust for the lower post-Spin-Off stock price of the Company. | ||||||||||||||||||||||||||
Stock-based compensation pre-tax expense from continuing operations recognized in the years ended December 31, 2014, 2013 and 2012 totaled $25.6 million, $22.5 million and $15.2 million, respectively. Stock-based compensation pre-tax expense from discontinued operations recognized in the years ended December 31, 2014, 2013 and 2012 totaled $3.8 million, $12.0 million and $4.8 million, respectively. All tables below reflect activity for both continuing and discontinued operations. | ||||||||||||||||||||||||||
In connection with the 2013 sale of Sooner, modifications were made to outstanding equity options and awards for Sooner employees which resulted in $4.4 million in expense. This expense is included in “Net income from discontinued operations, net of tax” on the Consolidated Statement of Income for the year ended December 31, 2013 and is included in the transaction costs considered in the calculation of the $128.4 million pre-tax gain on the disposal of Sooner. | ||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using a Black Scholes Merton option pricing model that uses the assumptions noted in the following table. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The dividend yield on our common stock is assumed to be zero since we do not pay dividends and have no current plans to do so in the future. The expected market price volatility of our common stock is based on an estimate made by us that considers the historical and implied volatility of our common stock as well as a peer group of companies over a time period equal to the expected term of the option. The expected life of the options awarded in 2014, 2013 and 2012 was based on a formula considering the vesting period, term of the options awarded and past experience. | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Risk-free weighted interest rate | 1.3 | % | 0.6 | % | 0.6 | % | ||||||||||||||||||||
Expected life (in years) | 4.1 | 4.1 | 4.1 | |||||||||||||||||||||||
Expected volatility | 38 | % | 44 | % | 57 | % | ||||||||||||||||||||
The following table presents the changes in stock options outstanding and related information for the year ended December 31, 2014: | ||||||||||||||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||||||||
Exercise | Contractual | Value | ||||||||||||||||||||||||
Price Per | Life | (thousands) | ||||||||||||||||||||||||
Share | (Years) | |||||||||||||||||||||||||
Outstanding Options at December 31, 2013 | 896,905 | $ | 49.72 | 4.4 | $ | 46,643 | ||||||||||||||||||||
Granted | 118,950 | 100.43 | ||||||||||||||||||||||||
Exercised | (387,719 | ) | 27.02 | |||||||||||||||||||||||
Forfeited/Expired | (15,904 | ) | 67.69 | |||||||||||||||||||||||
Surrendered, as a result of the Spin-Off | (120,799 | ) | 51.15 | |||||||||||||||||||||||
Issued in Conversion, as a result of the Spin-Off | 516,253 | 34.94 | ||||||||||||||||||||||||
Outstanding Options at December 31, 2014 | 1,007,686 | 38.97 | 5.4 | $ | 11,877 | |||||||||||||||||||||
Exercisable Options at December 31, 2014 | 532,073 | $ | 27.56 | 2.9 | $ | 11,386 | ||||||||||||||||||||
The weighted average fair values of options granted during 2014, 2013 and 2012 were $32.03 $28.31, and $37.38 per share, respectively. All options awarded in 2014 had a term of ten years and were granted with exercise prices at the grant date closing market price. The total intrinsic value of options exercised during 2014, 2013 and 2012 were $28.1 million, $43.6 million and $38.3 million, respectively. Cash received by the Company from option exercises during 2014, 2013 and 2012 totaled $10.5 million, $16.4 million and $13.6 million, respectively. The tax benefit realized for the tax deduction from stock options exercised during 2014, 2013 and 2012 totaled $6.9 million, $7.4 million and $6.9 million, respectively. | ||||||||||||||||||||||||||
The following table summarizes information for outstanding stock options outstanding at December 31, 2014: | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
as of | Remaining | Exercise | as of | Exercise | ||||||||||||||||||||||
12/31/14 | Contractual | Price | 12/31/14 | Price | ||||||||||||||||||||||
Life | ||||||||||||||||||||||||||
$9.71 | - | $21.96 | 347,071 | 0.75 | $ | 17.37 | 347,071 | $ | 17.37 | |||||||||||||||||
$41.49 | - | $49.33 | 474,587 | 7.32 | $ | 47.09 | 185,002 | $ | 46.68 | |||||||||||||||||
$58.54 | - | $58.54 | 186,028 | 9.13 | $ | 58.54 | -- | $ | -- | |||||||||||||||||
$9.71 | - | $58.54 | 1,007,686 | 5.39 | $ | 38.97 | 532,073 | $ | 27.56 | |||||||||||||||||
Restricted Stock Awards | ||||||||||||||||||||||||||
The following table presents the changes of restricted stock awards and related information for 2014: | ||||||||||||||||||||||||||
Number | Weighted | |||||||||||||||||||||||||
of Awards | Average | |||||||||||||||||||||||||
Grant | ||||||||||||||||||||||||||
Date Fair | ||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||
Per | ||||||||||||||||||||||||||
Share | ||||||||||||||||||||||||||
Nonvested shares at January 1, 2014 | 696,991 | $ | 78.6 | |||||||||||||||||||||||
Granted | 294,208 | 93.09 | ||||||||||||||||||||||||
Vested | (303,194 | ) | 93.78 | |||||||||||||||||||||||
Forfeited | (34,316 | ) | 75.35 | |||||||||||||||||||||||
Surrendered, as a result of the Spin-Off | (84,934 | ) | 87.15 | |||||||||||||||||||||||
Issued in Conversion, as a result of the Spin-Off | 537,915 | 50.75 | ||||||||||||||||||||||||
Nonvested shares at December 31, 2014 | 1,106,670 | $ | 39.8 | |||||||||||||||||||||||
During 2014, we granted restricted stock awards totaling 294,208 shares valued at a total of $27.4 million. Of the restricted stock awards granted in 2014, 231,000 awards vest in four equal annual installments beginning in February 2015, 48,900 awards are performance based awards that may vest in December 2016 in an amount that will depend on the Company’s achievement of specified performance objectives, 3,000 awards vest 100% in February 2015 and 10,528 awards vest 100% in May 2015. The 2014 performance based awards (48,900 shares at target performance level) with two-and-a-half-year cliff vesting have a performance criteria that will be measured based upon the Company’s achievement levels of average after-tax annual return on invested capital for the two and a half year period commencing July 1, 2014 and ending December 31, 2016. | ||||||||||||||||||||||||||
The weighted average grant date fair value per share for restricted stock awards granted in 2014, 2013 and 2012 was $93.09, $82.05 and $84.46, respectively. The total fair value of restricted stock awards vested in 2014, 2013 and 2012 was $27.2 million, $18.7 million and $16.1 million, respectively. As of December 31, 2014, there was $33.4 million of total compensation costs related to nonvested restricted stock awards not yet recognized, which is expected to be recognized over a weighted average period of 2 years. | ||||||||||||||||||||||||||
At December 31, 2014, a total of 2,447,745 shares were available for future grant under the Equity Participation Plan. | ||||||||||||||||||||||||||
Deferred Compensation Plan | ||||||||||||||||||||||||||
The Company maintains a nonqualified deferred compensation plan (the Deferred Compensation Plan) that permits eligible employees and directors to elect to defer the receipt of all or a portion of their directors’ fees and/or salary and annual bonuses. Employee contributions to the Deferred Compensation Plan are matched by the Company at the same percentage as if the employee was a participant in the Company's 401(k) Retirement Plan and was not subject to the IRS limitations on match-eligible compensation. The Deferred Compensation Plan also permits the Company to make discretionary contributions to any employee's account, although none have been made to date. Director's contributions are not matched by the Company. Since inception of the plan, this discretionary contribution provision has been limited to a matching of the participants' contributions on a basis equivalent to matching permitted under the Company's 401(k) Retirement Savings Plan. The vesting of contributions to the participants’ accounts is also equivalent to the vesting requirements of the Company's 401(k) Retirement Savings Plan. The Deferred Compensation Plan does not have dollar limits on tax-deferred contributions. The assets of the Deferred Compensation Plan are held in a Rabbi Trust (Trust) and, therefore, are available to satisfy the claims of the Company's creditors in the event of bankruptcy or insolvency of the Company. Participants have the ability to direct the Plan Administrator to invest the assets in their individual accounts, including any discretionary contributions by the Company, in ten pre-approved mutual funds held by the Trust which cover a variety of securities and mutual funds. In addition, participants currently have the right to request that the Plan Administrator re-allocate the portfolio of investments (i.e. cash or mutual funds) in the participants' individual accounts within the Trust. Company contributions are in the form of cash. Distributions from the plan are generally made upon the participants' termination as a director and/or employee, as applicable, of the Company. Participants receive payments from the Deferred Compensation Plan in cash. At December 31, 2014, Trust assets totaled $14.5 million, the majority of which is classified as “Other noncurrent assets” in the Company’s Consolidated Balance Sheet. The fair value of the investments was based on quoted market prices in active markets (a Level 1 fair value measurement). Amounts payable to the plan participants at December 31, 2014, including the fair value of the shares of the Company's common stock that are reflected as treasury stock, was $14.8 million and is classified as "Other noncurrent liabilities" in the consolidated balance sheet. The Company accounts for the Deferred Compensation Plan in accordance with current accounting standards regarding the accounting for deferred compensation arrangements where amounts earned are held in a Rabbi Trust and invested. | ||||||||||||||||||||||||||
In accordance with current accounting standards, all fair value fluctuations of the Trust assets have been reflected in the consolidated statements of income. Increases or decreases in the value of the plan assets, exclusive of the shares of common stock of the Company, have been included as compensation adjustments in the respective statements of income. Increases or decreases in the fair value of the deferred compensation liability, including the shares of common stock of the Company held by the Trust, while recorded as treasury stock, are also included as compensation adjustments in the consolidated statements of income. In response to the changes in total fair value of the Company's common stock held by the Trust, the Company recorded net compensation expense adjustments to the liability of less than $0.1 million in 2014, $0.5 million in 2013 and $(0.1) million in 2012. |
Note_17_Segment_and_Related_In
Note 17 - Segment and Related Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | 17. 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 from continuing operations: 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 years ended December 31, 2014, 2013 and 2012, is summarized in the following table in thousands. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. | |||||||||||||||||||||||||
Revenues | Depreciation | Operating | Equity in | Capital | Total | ||||||||||||||||||||
from | and | income | income (losses) | expenditures | assets | ||||||||||||||||||||
unaffiliated | amortization | (loss) | of | ||||||||||||||||||||||
customers | unconsolidated | ||||||||||||||||||||||||
affiliates | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Well site services - | |||||||||||||||||||||||||
Completion services | $ | 656,862 | $ | 74,176 | $ | 148,787 | $ | -- | $ | 107,580 | $ | 641,725 | |||||||||||||
Drilling services | 201,143 | 27,081 | 29,574 | -- | 29,359 | 135,676 | |||||||||||||||||||
Total well site services | 858,005 | 101,257 | 178,361 | -- | 136,939 | 777,401 | |||||||||||||||||||
Offshore products | 961,604 | 22,496 | 200,098 | 378 | 60,263 | 983,542 | |||||||||||||||||||
Corporate and eliminations | -- | 1,023 | (68,204 | ) | -- | 2,054 | 48,669 | ||||||||||||||||||
Total | $ | 1,819,609 | $ | 124,776 | $ | 310,255 | $ | 378 | $ | 199,256 | $ | 1,809,612 | |||||||||||||
2013 | |||||||||||||||||||||||||
Well site services - | |||||||||||||||||||||||||
Completion services | $ | 576,040 | $ | 65,644 | $ | 127,280 | $ | -- | $ | 95,236 | $ | 589,626 | |||||||||||||
Drilling services | 170,467 | 24,908 | 22,363 | -- | 25,535 | 139,973 | |||||||||||||||||||
Total well site services | 746,507 | 90,552 | 149,643 | -- | 120,771 | 729,599 | |||||||||||||||||||
Offshore products | 882,627 | 17,751 | 156,918 | (355 | ) | 42,694 | 940,825 | ||||||||||||||||||
Corporate and eliminations | -- | 928 | (59,284 | ) | -- | 1,430 | 338,435 | ||||||||||||||||||
Total | $ | 1,629,134 | $ | 109,231 | $ | 247,277 | $ | (355 | ) | $ | 164,895 | $ | 2,008,859 | ||||||||||||
2012 | |||||||||||||||||||||||||
Well site services - | |||||||||||||||||||||||||
Completion services | $ | 522,618 | $ | 50,611 | $ | 124,620 | $ | -- | $ | 86,567 | $ | 574,203 | |||||||||||||
Drilling services | 191,035 | 22,411 | 32,160 | -- | 32,136 | 157,658 | |||||||||||||||||||
Total well site services | 713,653 | 73,022 | 156,780 | -- | 118,703 | 731,861 | |||||||||||||||||||
Offshore products | 804,067 | 14,720 | 134,051 | (417 | ) | 48,792 | 804,980 | ||||||||||||||||||
Corporate and eliminations | -- | 1,003 | (43,186 | ) | -- | 1,368 | 115,608 | ||||||||||||||||||
Total | $ | 1,517,720 | $ | 88,745 | $ | 247,645 | $ | (417 | ) | $ | 168,863 | $ | 1,652,449 | ||||||||||||
Financial information by geographic segment for continuing operations for each of the three years ended December 31, 2014, 2013 and 2012, is summarized below in thousands. Revenues in the United States include export sales. Revenues are attributable to countries based on the location of the entity selling the products or performing the services. Total assets are attributable to countries based on the physical location of the entity and its operating assets and do not include intercompany balances. | |||||||||||||||||||||||||
United | United | Singapore | Other | Total | |||||||||||||||||||||
States | Kingdom | Non U.S. | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,468,202 | $ | 188,753 | $ | 83,493 | $ | 79,161 | $ | 1,819,609 | |||||||||||||||
Long-lived assets | 826,648 | 54,868 | 27,438 | 71,265 | 980,219 | ||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,261,186 | $ | 171,439 | $ | 106,937 | $ | 89,572 | $ | 1,629,134 | |||||||||||||||
Long-lived assets | 803,918 | 33,107 | 25,511 | 66,239 | 928,775 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,128,909 | $ | 205,618 | $ | 97,864 | $ | 85,329 | $ | 1,517,720 | |||||||||||||||
Long-lived assets | 752,736 | 23,626 | 30,431 | 54,940 | 861,733 | ||||||||||||||||||||
No customers accounted for more than 10% of the Company's revenues in the years ended December 31, 2014, 2013 and 2012. Equity in net income of unconsolidated affiliates is not included in operating income. |
Note_18_Valuation_Allowances
Note 18 - Valuation Allowances | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 18. Valuation Allowances | ||||||||||||||||||||
Activity in the valuation accounts of our continuing operations was as follows (in thousands): | |||||||||||||||||||||
Balance at | Charged to | Deductions | Translation | Balance at | |||||||||||||||||
Beginning | Costs and | (net of | and Other, | End of | |||||||||||||||||
of Period | Expenses | recoveries) | Net | Period | |||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 3,878 | $ | 3,364 | $ | 111 | $ | (228 | ) | $ | 7,125 | ||||||||||
Allowance for excess, damaged or obsolete inventory | 9,540 | 2,147 | (1,772 | ) | (39 | ) | 9,876 | ||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 3,804 | $ | 505 | $ | (419 | ) | $ | (12 | ) | $ | 3,878 | |||||||||
Allowance for excess, damaged or obsolete inventory | 8,603 | 2,076 | (1,159 | ) | 20 | 9,540 | |||||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 1,913 | $ | 1,944 | $ | (66 | ) | $ | 13 | $ | 3,804 | ||||||||||
Allowance for excess, damaged or obsolete inventory | 7,820 | 3,844 | (3,134 | ) | 73 | 8,603 | |||||||||||||||
Note_19_Quarterly_Financial_In
Note 19 - Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | 19. Quarterly Financial Information (Unaudited) | ||||||||||||||||
The following table summarizes quarterly financial information for 2014 and 2013 (in thousands, except per share amounts): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter(2) | Quarter(3) | Quarter(4) | Quarter(5) | ||||||||||||||
2014 | |||||||||||||||||
Revenues | $ | 405,237 | $ | 459,607 | $ | 471,032 | $ | 483,733 | |||||||||
Gross profit(1) | 132,866 | 151,699 | 164,535 | 164,626 | |||||||||||||
Net income attributable to: | |||||||||||||||||
Continuing operations | 34,709 | (24,122 | ) | 58,387 | 58,253 | ||||||||||||
Discontinued operations | 36,795 | 16,242 | (1,467 | ) | 206 | ||||||||||||
Basic earnings per share: | |||||||||||||||||
Continuing operations | 0.65 | (0.45 | ) | 1.08 | 1.1 | ||||||||||||
Discontinued operations | 0.68 | 0.3 | (0.03 | ) | -- | ||||||||||||
Diluted earnings per share: | |||||||||||||||||
Continuing operations | 0.64 | (0.45 | ) | 1.07 | 1.09 | ||||||||||||
Discontinued operations | 0.68 | 0.3 | (0.02 | ) | -- | ||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 378,859 | $ | 390,789 | $ | 438,176 | $ | 421,309 | |||||||||
Gross profit(1) | 110,919 | 124,960 | 136,474 | 143,612 | |||||||||||||
Net income attributable to: | |||||||||||||||||
Continuing operations | 28,599 | 28,865 | 35,490 | 36,087 | |||||||||||||
Discontinued operations | 73,590 | 47,660 | 132,250 | 38,717 | |||||||||||||
Basic earnings per share: | |||||||||||||||||
Continuing operations | 0.52 | 0.52 | 0.64 | 0.65 | |||||||||||||
Discontinued operations | 1.34 | 0.87 | 2.4 | 0.7 | |||||||||||||
Diluted earnings per share: | |||||||||||||||||
Continuing operations | 0.52 | 0.52 | 0.64 | 0.65 | |||||||||||||
Discontinued operations | 1.33 | 0.86 | 2.37 | 0.69 | |||||||||||||
-1 | Represents "revenues" less "product costs" and "service and other costs" included in the Company's consolidated statements of income. | ||||||||||||||||
-2 | In the first quarter of 2014, we incurred $1.4 million, or $0.02 per diluted share after-tax, of third-party transaction costs in our continuing operations, primarily related to the Spin-Off. In the first quarter of 2013, we recognized a gain of $4.0 million, or $0.05 per diluted share after-tax, in our continuing operations from a decrease to a liability associated with contingent acquisition consideration in our completion services business. | ||||||||||||||||
-3 | In the second quarter of 2014, we recognized in our continuing operations a pre-tax loss on extinguishment of debt of $100.4 million, or $1.22 per diluted share after-tax, and $9.6 million, or $0.11 per diluted share after-tax, representing transaction costs primarily related to the Spin-Off. In the second quarter of 2013, we recognized in our continuing operations a charge of $3.0 million, or $0.05 per diluted share, from an increase in contingent acquisition consideration in our completion services business and we incurred $1.5 million, or $0.02 per diluted share after-tax, of transaction costs primarily related to the Spin-Off. | ||||||||||||||||
-4 | In the third quarter of 2013, we recognized a net gain on the disposal of our tubular services segment of $128.6 million, or $1.51 per diluted share after-tax, which is included within net income attributable to discontinued operations. In addition, in the third quarter of 2013, we recognized, a pre-tax loss on the extinguishment of debt of $3.3 million, or $0.04 per diluted share after-tax ($2.1 million, or $0.03 per diluted share after-tax, in continuing operations, and $1.2 million, or $0.01 per diluted share after-tax, in discontinued operations) and we incurred $2.6 million, or $0.03 per diluted share after-tax, of transaction costs in our continuing operations related to the Spin-Off. | ||||||||||||||||
-5 | In the fourth quarter of 2013, we recognized a pre-tax loss on the extinguishment of debt in our continuing operations of $6.2 million, or $0.07 per diluted share after-tax, and we incurred $1.6 million, or $0.02 per diluted share after-tax, of transaction costs in our continuing operations, primarily related to the Spin-Off. | ||||||||||||||||
Amounts are calculated independently for each of the quarters presented. Therefore, the sum of the quarterly amounts may not equal the total calculated for the year. |
Note_20_Subsequent_Events
Note 20 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 20. Subsequent Events |
On January 2, 2015, we acquired all of the equity of Montgomery Machine Company, Inc. (MMC). Headquartered in Houston, Texas, MMC combines machining and proprietary cladding technology and services to manufacture high-specification components for the offshore capital equipment industry on a global basis. We believe that the acquisition of MMC will strengthen our position in our offshore products segment as a supplier of subsea components with enhanced capabilities, proprietary technology and logistical advantages. Subject to customary post-closing adjustments, total transaction consideration was $34.0 million, funded from amounts available under the Company’s credit facility. The operations of MMC will be included in our offshore products segment. | |
Subsequent to the end of the year and through February 20, 2015, we repurchased an additional $70.0 million of our stock (1,619,832 shares) in open market transactions pursuant to a 10b5-1 agreement entered into prior to December 31, 2014. The amount remaining under our current share repurchase authorization as of February 20, 2015 was approximately $79.9 million. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||||||||
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments | |||||||||
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): | ||||||||||
Interest | Carrying | Fair | ||||||||
Rate | Value | Value | ||||||||
6 1/2% Notes | ||||||||||
Principal amount originally due 2019 | 6.50% | $ | 600,000 | $ | 639,378 | |||||
5 1/8% Notes | ||||||||||
Principal amount originally due 2023 | 5.13% | $ | 366,000 | $ | 411,066 | |||||
Inventory, Policy [Policy Text Block] | Inventories | |||||||||
Inventories consist of oilfield products, manufactured equipment, spare parts for manufactured equipment, and work-in-process. Inventories also include raw materials, labor, subcontractor charges, manufacturing overhead and other supplies and are carried at the lower of cost or market. The cost of inventories is determined on an average cost or specific-identification method. A reserve for excess, damaged and/or obsolete inventory is maintained based on the age, turnover or condition of the inventory. | ||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment | |||||||||
Property, plant, and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under capital lease, using the straight-line method, after allowing for salvage value where applicable, over the estimated useful lives of the assets. We use the component depreciation method for our drilling services assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. | ||||||||||
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of income. | ||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible Assets | |||||||||
Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. A significant portion of our goodwill accumulated amortization balance at December 31, 2013 was related to our accommodations business and was transferred to Civeo at the date of the Spin-Off. See Note 2 – Spin-Off of Accommodations Business (Civeo) for additional information on the Spin-Off. | ||||||||||
We evaluate goodwill for impairment annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. Our reporting units with goodwill at December 31, 2014 include offshore products and completion services. As part of the goodwill impairment analysis, current accounting standards give us the option to first perform a qualitative assessment to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed two-step impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill on its balance sheet is assessed separately and different relevant events and circumstances are evaluated for each unit. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the prescribed two-step impairment test is performed. Current accounting standards also give us the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. In 2014, we chose to bypass the qualitative assessment for all of our reporting units with goodwill remaining and perform the two-step impairment test given stock value declines in the energy sector. In performing the two-step impairment test, we estimate the implied fair value (IFV) of each reporting unit and compare the IFV to the carrying value of such unit. We utilize, depending on circumstances, a combination of trading multiples analyses, discounted projected cash flow calculations with estimated terminal values and acquisition comparables to estimate the IFV. We discount our projected cash flows using a long-term weighted average cost of capital for each reporting unit based on our estimate of investment returns that would be required by a market participant. As part of our process to assess goodwill for impairment, we also compare the total market capitalization of the Company to the sum of the IFV's of all of our reporting units to assess the reasonableness of the IFV's in the aggregate. If the carrying amount of a reporting unit exceeds its IFV, goodwill is considered to be potentially impaired and additional analysis in accordance with current accounting standards is conducted to determine the amount of impairment, if any. We conduct our annual impairment test as of December of each year. In 2012, 2013 and 2014, our goodwill impairment tests indicated that the fair value of each of our reporting units is greater than its carrying amount. | ||||||||||
For other intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. Based on the Company’s review, the carrying values of its other intangible assets are recoverable, and no impairment losses have been recorded for the periods presented. | ||||||||||
See Note 10 – Goodwill and Other Intangible Assets. | ||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets | |||||||||
The recoverability of the carrying values of long-lived assets at the asset group level, including finite-lived intangible assets, is assessed whenever, in management's judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. The fair value of the asset group is based on prices of similar assets, if available, or discounted cash flows. Based on the Company's review, the carrying values of its asset groups are recoverable, and no impairment losses have been recorded for the periods presented. | ||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency and Other Comprehensive Income | |||||||||
Gains and losses resulting from balance sheet translation of foreign operations where a foreign currency is the functional currency are included as a separate component of accumulated other comprehensive income within stockholders' equity representing substantially all of the balances within accumulated other comprehensive income. Remeasurements of intercompany loans denominated in a different currency than the functional currency of the entity that are of a long-term investment nature are recognized as other comprehensive income within stockholders’ equity. Gains and losses resulting from balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany loans that are of a long-term investment nature, are included in the consolidated statements of income as incurred. | ||||||||||
Foreign Exchange Risk, Policy [Policy Text Block] | Foreign Currency Exchange Rate Risk | |||||||||
A portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. In order to reduce our exposure to fluctuations in currency exchange rates, we may enter into foreign exchange agreements with financial institutions. As of December 31, 2014 and 2013, we had outstanding foreign currency forward purchase contracts with notional amounts of $5.4 million and $7.4 million, respectively, related to expected cash flows denominated in Euros. As a result of these contracts, we recorded other comprehensive income of $0.4 million for the year ended December 31, 2013 and a $0.9 million foreign exchange loss related to amounts reclassified from accumulated other comprehensive loss into an expense on the income statement for the year ended December 31, 2013. Foreign exchange losses associated with our continuing operations have totaled $0.4 million in 2014, $1.6 million in 2013 and $2.2 million in 2012 and were included in “Other operating expense.” | ||||||||||
Revenue and Cost Recognition, Policy [Policy Text Block] | Revenue and Cost Recognition | |||||||||
Revenue from the sale of products, not accounted for utilizing the percentage-of-completion method, is recognized when delivery to and acceptance by the customer has occurred, when title and all significant risks of ownership have passed to the customer, collectability is probable and pricing is fixed and determinable. Our product sales terms do not include significant post-delivery obligations. For significant projects, revenues are recognized under the percentage-of-completion method, measured by the percentage of costs incurred to date compared to estimated total costs for each contract (cost-to-cost method). Billings on such contracts in excess of costs incurred and estimated profits are classified as deferred revenue. Costs incurred and estimated profits in excess of billings on percentage-of-completion contracts are recognized as unbilled receivables. Management believes this method is the most appropriate measure of progress on large contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Factors that may affect future project costs and margins include shipyard access, weather, production efficiencies, availability and costs of labor, materials and subcomponents. These factors can significantly impact the accuracy of the Company’s estimates and materially impact the Company’s future reported earnings. In our well site services segment, revenues are recognized based on a periodic (usually daily) rate or when the services are rendered. Proceeds from customers for the cost of oilfield rental equipment that is damaged or lost downhole are reflected as gains or losses on the disposition of assets after considering the write-off of the remaining net book value of the equipment. For drilling services contracts based on footage drilled, we recognize revenues as footage is drilled. Revenues exclude taxes assessed based on revenues such as sales or value added taxes. | ||||||||||
Cost of goods sold includes all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. Selling, general, and administrative costs are charged to expense as incurred. | ||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | |||||||||
The Company follows the liability method of accounting for income taxes in accordance with current accounting standards regarding the accounting for income taxes. Under this method, deferred income taxes are recorded based upon the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws in effect at the time the underlying assets or liabilities are recovered or settled. | ||||||||||
When the Company's earnings from foreign subsidiaries are considered to be indefinitely reinvested, no provision for U.S. income taxes is made for these earnings. If any of the subsidiaries have a distribution of earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the various foreign countries. | ||||||||||
The Company records a valuation allowance in the reporting period when management believes that it is more likely than not that any deferred tax asset created will not be realized. Management will continue to evaluate the appropriateness of the valuation allowance in the future based upon the operating results of the Company. | ||||||||||
The calculation of our tax liabilities involves accessing the uncertainties regarding the application of complex tax regulations. We recognize liabilities for tax expenses based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. | ||||||||||
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations | |||||||||
The operating results of a component of our business that either has been disposed of or is classified as held for sale are presented as discontinued operations when both of the following conditions are met: (a) the operations and cash flows of the component have been or will be eliminated from our ongoing operations as a result of the disposal transaction and (b) we will not have any significant continuing involvement in the operations of the disposed component. We consider a component of our business to be one that comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of our business. | ||||||||||
Receivables and Concentration of Credit Risk, Concentration of Suppliers [Policy Text Block] | Receivables and Concentration of Credit Risk | |||||||||
Based on the nature of its customer base, the Company does not believe that it has any significant concentrations of credit risk other than its concentration in the worldwide oil and gas industry. The Company evaluates the credit-worthiness of its significant, new and existing customers' financial condition and, generally, the Company does not require significant collateral from its customers. | ||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Allowances for Doubtful Accounts | |||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company's customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for doubtful accounts. The Company considers the following factors when determining if collection of revenue is reasonably assured: customer credit-worthiness, past transaction history with the customer, customer solvency and changes in customer payment terms. If the Company has no previous experience with the customer, the Company typically obtains reports from various credit organizations to ensure that the customer has a history of paying its creditors. The Company may also request financial information, including financial statements or other documents to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, the Company would require a prepayment or other arrangement to support revenue recognition and recording of a trade receivable. If the financial condition of the Company's customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. | ||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share | |||||||||
Diluted EPS amounts include the effect of the Company's outstanding stock options and restricted stock shares under the treasury stock method. We have shares of restricted stock issued and outstanding, some of which remain subject to vesting requirements. Holders of such shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our outstanding common stock and are thus considered participating securities. Under applicable accounting guidance, the undistributed earnings for each period are allocated based on the participation rights of both the common shareholders and holders of any participating securities as if earnings for the respective periods had been distributed. Because both the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, we are required to compute earnings per share (EPS) amounts under the two class method in periods in which we have earnings from continuing operations. | ||||||||||
The presentation of basic EPS amounts on the face of the accompanying consolidated statements of operations is computed by dividing the net income applicable to the Company’s common shareholders by the weighted average shares of outstanding common stock. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income included in the numerator excludes the effects of the impact of dilutive common stock equivalents, if any. | ||||||||||
In addition, before their conversion in July 2012, shares of our 2 3/8% Contingent Convertible Senior Subordinated Notes (2 3/8% Notes) assumed to be issued upon conversion were included in the calculation of fully diluted shares outstanding and fully diluted earnings per share. The weighted average number of these shares totaled 1,793,244 during the year ended December 31, 2012. | ||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation | |||||||||
The fair value of share based payments is estimated using option-pricing models based on the grant-date fair value of the award. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. In addition to service based awards, in 2014, 2013 and 2012, the Company also issued performance based awards which may vest in an amount that will depend on the Company’s achievement of specified performance objectives. The performance based awards have a performance criteria that will be measured based upon the Company’s achievement levels of average after-tax annual return on invested capital. During the years ended December 31, 2014, 2013 and 2012, the continuing operations of the Company recognized non-cash general and administrative expenses for stock options and restricted stock awards totaling $25.6 million, $22.5 million and $15.2 million, respectively. | ||||||||||
Pursuant to the Employee Matters Agreement (see Note 2 – Spin-Off of Accommodations Business (Civeo)) we made certain adjustments to the exercise price and number of our stock based compensation awards with the intention of preserving the intrinsic value of the awards immediately prior to 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 452,981 restricted stock awards and 395,454 additional stock options. Shares available for future awards under the equity plan were increased by 1,876,109 shares to adjust for the lower post-Spin-Off stock price of the Company. | ||||||||||
In connection with the September 2013 sale of our tubular services business, Sooner, modifications were made to outstanding equity options and awards for Sooner employees which resulted in $4.4 million in expense being recognized. This expense is included in “Net income from discontinued operations, net of tax” on the Consolidated Statement of Income for the year ended December 31, 2013 and is included in the transaction costs considered in the calculation of the $128.4 million pre-tax gain on the disposal of Sooner. | ||||||||||
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Guarantees | |||||||||
Some product sales in our offshore products businesses are sold with a warranty, generally ranging from 12 to 18 months. Parts and labor are covered under the terms of the warranty agreement. Warranty provisions are estimated based upon historical experience by product, configuration and geographic region. Our total liability related to estimated warranties for our continuing operations was $2.8 million and $2.2 million at December 31, 2014 and 2013, respectively. | ||||||||||
During the ordinary course of business, the Company also provides standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by either the Company or its subsidiaries. As of December 31, 2014, the maximum potential amount of future payments that the Company could be required to make under these guarantee agreements (letters of credit) was approximately $42.9 million. The Company has not recorded any liability in connection with these guarantee arrangements. The Company does not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. | ||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States 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. Examples of a few such estimates include potential future adjustments as a result of contingent consideration arrangements pursuant to business combinations and other contractual agreements, revenue and income recognized on the percentage-of-completion method, any valuation allowance recorded on net deferred tax assets, warranty, reserves on inventory and allowance for doubtful accounts. Actual results could materially differ from those estimates. | ||||||||||
Commitments and Contingencies, Policy [Policy Text Block] | Accounting for Contingencies | |||||||||
We have contingent liabilities and future claims for which we have made estimates of the amount of the eventual cost to liquidate these liabilities or claims. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and we have made an assessment of our exposure and recorded a provision in our accounts to cover an expected loss. Other claims or liabilities have been estimated based on their fair value or our experience in these matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, our future reported financial results will be impacted by the difference between our estimates and the actual amounts paid to settle a liability. Examples of areas where we have made important estimates of future liabilities include future consideration due sellers as a result of the terms of a business combination, litigation, taxes, interest, insurance claims, warranty claims, contract claims and obligations and discontinued operations. | ||||||||||
Subsequent Events, Policy [Policy Text Block] | Subsequent Events | |||||||||
In accordance with authoritative guidance, the Company evaluates all events and transactions that occur after the balance sheet date, but before financial statements are issued for possible recognition or disclosure. | ||||||||||
See Note 20 – Subsequent Events. |
Note_2_Spinoff_of_Accommodatio1
Note 2 - Spin-off of Accommodations Business (Civeo) (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Spin Off Of Accommodations Business [Abstract] | |||||
Condensed Balance Sheet [Table Text Block] | ASSETS | ||||
Current assets: | |||||
Cash and cash equivalents | $ | 224,128 | |||
Accounts receivable, net | 177,845 | ||||
Inventories, net | 29,815 | ||||
Prepaid expenses and other current assets | 10,050 | ||||
Total current assets of discontinued operations | 441,838 | ||||
Property, plant, and equipment, net | 1,325,867 | ||||
Goodwill, net | 261,056 | ||||
Other intangible assets, net | 75,675 | ||||
Other noncurrent assets | 17,966 | ||||
Total assets of discontinued operations | $ | 2,122,402 | |||
LIABILITIES | |||||
Current liabilities: | |||||
Accounts payable | 45,376 | ||||
Accrued liabilities | 25,163 | ||||
Income taxes | 6,265 | ||||
Deferred revenue | 19,571 | ||||
Other current liabilities | 246 | ||||
Total current liabilities of discontinued operations | 96,621 | ||||
Long-term debt | -- | ||||
Deferred income taxes | 77,526 | ||||
Other noncurrent liabilities | 16,945 | ||||
Total liabilities of discontinued operations | $ | 191,092 |
Note_3_Summary_of_Significant_1
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Interest | Carrying | Fair | |||||||
Rate | Value | Value | ||||||||
6 1/2% Notes | ||||||||||
Principal amount originally due 2019 | 6.50% | $ | 600,000 | $ | 639,378 | |||||
5 1/8% Notes | ||||||||||
Principal amount originally due 2023 | 5.13% | $ | 366,000 | $ | 411,066 |
Note_4_Details_of_Selected_Bal1
Note 4 - Details of Selected Balance Sheet Accounts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2014 | 2013 | |||||||||||
Accounts receivable, net: | |||||||||||||
Trade | $ | 348,115 | $ | 456,114 | |||||||||
Unbilled revenue | 148,371 | 163,766 | |||||||||||
Other | 7,763 | 7,987 | |||||||||||
Total accounts receivable | 504,249 | 627,867 | |||||||||||
Allowance for doubtful accounts | (7,125 | ) | (7,534 | ) | |||||||||
$ | 497,124 | $ | 620,333 | ||||||||||
Schedule of Inventory, Current [Table Text Block] | 2014 | 2013 | |||||||||||
Inventories, net: | |||||||||||||
Finished goods and purchased products | $ | 94,955 | $ | 91,909 | |||||||||
Work in process | 49,631 | 72,903 | |||||||||||
Raw materials | 97,780 | 111,280 | |||||||||||
Total inventories | 242,366 | 276,092 | |||||||||||
Allowance for excess, damaged, or obsolete inventory | (9,876 | ) | (9,540 | ) | |||||||||
$ | 232,490 | $ | 266,552 | ||||||||||
Property, Plant and Equipment [Table Text Block] | Estimated | ||||||||||||
Useful Life | 2014 | 2013 | |||||||||||
(in years) | |||||||||||||
Property, plant and equipment, net: | |||||||||||||
Land | $ | 29,850 | $ | 76,545 | |||||||||
Accommodations assets | 15-Mar | -- | 1,535,407 | ||||||||||
Buildings and leasehold improvements | Mar-40 | 175,421 | 204,455 | ||||||||||
Machinery and equipment | 28-Feb | 438,980 | 434,578 | ||||||||||
Completion services equipment | 10-Feb | 387,165 | 314,445 | ||||||||||
Office furniture and equipment | 10-Jan | 30,647 | 57,026 | ||||||||||
Vehicles | 10-Jan | 129,922 | 140,156 | ||||||||||
Construction in progress | 74,088 | 172,252 | |||||||||||
Total property, plant and equipment | 1,266,073 | 2,934,864 | |||||||||||
Accumulated depreciation | (616,227 | ) | (1,032,075 | ) | |||||||||
$ | 649,846 | $ | 1,902,789 | ||||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | 2014 | 2013 | |||||||||||
Accrued liabilities: | |||||||||||||
Accrued compensation | $ | 58,979 | $ | 71,535 | |||||||||
Insurance liabilities | 11,300 | 13,198 | |||||||||||
Accrued taxes, other than income taxes | 4,851 | 7,619 | |||||||||||
Accrued interest | 80 | 11,931 | |||||||||||
Accrued commissions | 3,622 | 3,654 | |||||||||||
Accrued treasury stock repurchase | -- | 7,397 | |||||||||||
Other | 17,298 | 16,712 | |||||||||||
$ | 96,130 | $ | 132,046 |
Note_7_Acquisitions_and_Supple1
Note 7 - Acquisitions and Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 2013 | 2012 | |||||||||||
Fair value of assets acquired including intangibles and goodwill | $ | 66,825 | $ | 108,833 | |||||||||
Liabilities/equity assumed | (19,986 | ) | (12,508 | ) | |||||||||
Noncash consideration | (2,568 | ) | (15,825 | ) | |||||||||
Cash acquired | (11 | ) | (51 | ) | |||||||||
Cash used in acquisitions of businesses | $ | 44,260 | $ | 80,449 | |||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Interest (net of amounts capitalized) | $ | 40,375 | $ | 56,663 | $ | 53,636 | |||||||
Income taxes, net of refunds | $ | 102,160 | $ | 90,927 | $ | 99,622 | |||||||
Non-cash financing activities: | |||||||||||||
Value of common stock issued in payment of 2 3/8% Notes conversion | $ | -- | $ | -- | $ | 220,597 | |||||||
Borrowings and contingent consideration for business and asset acquisition and related intangibles | $ | -- | $ | 1,175 | $ | 15,825 |
Note_8_Discontinued_Operations1
Note 8 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Revenues | |||||||||||||
Accommodations | $ | 404,207 | $ | 1,041,104 | $ | 1,113,470 | |||||||
Tubular services | $ | -- | $ | 1,073,096 | $ | 1,781,899 | |||||||
Income from Accommodations discontinued operations: | |||||||||||||
Income from discontinued operations before income taxes | $ | 62,504 | $ | 230,778 | $ | 337,460 | |||||||
Income tax expense | (11,004 | ) | (44,925 | ) | (77,069 | ) | |||||||
Net income from discontinued operations, net of tax | $ | 51,500 | $ | 185,853 | $ | 260,391 | |||||||
Income from Tubular services discontinued operations: | |||||||||||||
Income from discontinued operations before income taxes | $ | 321 | $ | 40,964 | $ | 75,122 | |||||||
Income tax expense | (45 | ) | (18,643 | ) | (28,031 | ) | |||||||
Net income from discontinued operations, net of tax | $ | 276 | $ | 22,321 | $ | 47,091 |
Note_9_Earnings_Per_Share_EPS_
Note 9 - Earnings Per Share (EPS) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Income | Shares | Income | Shares | Income | Shares | ||||||||||||||||||||
Basic: | |||||||||||||||||||||||||
Net income attributable to Oil States International, Inc. | $ | 179,003 | $ | 421,258 | $ | 448,609 | |||||||||||||||||||
Less: Undistributed net income allocable to participating securities | (2,948 | ) | (4,573 | ) | -- | ||||||||||||||||||||
Undistributed net income applicable to common stockholders | 176,055 | 416,685 | 448,609 | ||||||||||||||||||||||
Less: Income from discontinued operations, net of tax | (51,776 | ) | (292,217 | ) | (307,482 | ) | |||||||||||||||||||
Add: Undistributed net income from discontinued operations allocable to participating securities | 853 | 3,172 | -- | ||||||||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic | $ | 125,132 | 52,862 | $ | 127,640 | 54,969 | $ | 141,127 | 52,959 | ||||||||||||||||
Diluted: | |||||||||||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders - Basic | $ | 125,132 | 52,862 | $ | 127,640 | 54,969 | $ | 141,127 | 52,959 | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Undistributed net income reallocated to participating securities | 11 | -- | 9 | -- | -- | -- | |||||||||||||||||||
Options on common stock | -- | 274 | -- | 341 | -- | 488 | |||||||||||||||||||
2 3/8% Contingent Convertible Senior Subordinated Notes | -- | -- | -- | -- | -- | 1,793 | |||||||||||||||||||
Restricted stock awards and other | -- | 15 | -- | 17 | -- | 144 | |||||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders - Diluted | 125,143 | 53,151 | 127,649 | 55,327 | 141,127 | 55,384 | |||||||||||||||||||
Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders | 50,923 | 289,045 | 307,482 | ||||||||||||||||||||||
Undistributed net income reallocated to participating securities | 5 | 20 | -- | ||||||||||||||||||||||
Net income attributable to Oil States International, Inc. common stockholders - Diluted | $ | 176,071 | 53,151 | $ | 416,714 | 55,327 | $ | 448,609 | 55,384 |
Note_10_Goodwill_and_Other_Int1
Note 10 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | Well Site Services | |||||||||||||||||||||||||
Completion | Drilling | Subtotal | Accommodations | Offshore | Total | |||||||||||||||||||||
Services | Services | Products | ||||||||||||||||||||||||
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 | 193 | -- | 193 | -- | 882 | 1,075 | ||||||||||||||||||||
Foreign currency translation and other changes | (1,137 | ) | -- | (1,137 | ) | 7,407 | (331 | ) | 5,939 | |||||||||||||||||
106,439 | -- | 106,439 | -- | 145,762 | 252,201 | |||||||||||||||||||||
Balance as of December 31, 2014 | ||||||||||||||||||||||||||
Goodwill | 200,967 | 22,767 | 223,734 | -- | 145,762 | 369,496 | ||||||||||||||||||||
Accumulated Impairment Losses | (94,528 | ) | (22,767 | ) | (117,295 | ) | -- | -- | (117,295 | ) | ||||||||||||||||
$ | 106,439 | $ | -- | $ | 106,439 | $ | -- | $ | 145,762 | $ | 252,201 | |||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Other Intangible Assets | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||
Customer relationships | $ | 37,803 | $ | 12,399 | $ | 88,783 | $ | 24,276 | ||||||||||||||||||
Contracts/Agreements | -- | -- | 43,836 | 13,151 | ||||||||||||||||||||||
Patents | 17,782 | 5,250 | 15,473 | 4,179 | ||||||||||||||||||||||
Technology | 10,110 | 2,041 | 10,304 | 1,030 | ||||||||||||||||||||||
Noncompete agreements | 3,968 | 915 | 4,785 | 933 | ||||||||||||||||||||||
Trademarks and other | 5,914 | 2,037 | 5,912 | 601 | ||||||||||||||||||||||
Total amortizable intangible assets | $ | 75,577 | $ | 22,642 | $ | 169,093 | $ | 44,170 | ||||||||||||||||||
Indefinite-lived intangible assets not subject to amortization: | ||||||||||||||||||||||||||
Brand names | -- | -- | 8,571 | -- | ||||||||||||||||||||||
Licenses | -- | -- | 37 | -- | ||||||||||||||||||||||
Total indefinite-lived intangible assets | -- | -- | 8,608 | -- | ||||||||||||||||||||||
Total other intangible assets | $ | 75,577 | $ | 22,642 | $ | 177,701 | $ | 44,170 |
Note_11_Longterm_Debt_Tables
Note 11 - Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 2014 | 2013 | |||||||
Revolving credit facility, which matures May 28, 2019, with available commitments up to $600 million; secured by substantially all of our U.S. assets; commitment fee on unused portion of 0.375 % per annum in 2014; variable interest rate payable monthly based on LIBOR plus applicable percentage; no borrowings outstanding during 2013; weighted average interest rate was 1.8% for 2014 | $ | 140,684 | $ | -- | |||||
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 | 6,681 | 7,221 | |||||||
Total debt | 147,365 | 973,221 | |||||||
Less: Current portion | 530 | 529 | |||||||
Total long-term debt and capitalized leases | $ | 146,835 | $ | 972,692 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 2015 | $ | 530 | ||||||
2016 | 511 | ||||||||
2017 | 517 | ||||||||
2018 | 435 | ||||||||
2019 | 141,014 | ||||||||
Thereafter | 4,358 | ||||||||
$ | 147,365 |
Note_14_Income_Taxes_Tables
Note 14 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
US operations | $ | 128,639 | $ | 143,913 | $ | 145,231 | |||||||
Foreign operations | 67,705 | 60,214 | 67,861 | ||||||||||
Total | $ | 196,344 | $ | 204,127 | $ | 213,092 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 56,317 | $ | 65,249 | $ | 47,418 | |||||||
State | 5,426 | 2,881 | 3,257 | ||||||||||
Foreign | 19,344 | 16,697 | 12,371 | ||||||||||
81,087 | 84,827 | 63,046 | |||||||||||
Deferred: | |||||||||||||
Federal | (8,620 | ) | (11,468 | ) | 9,614 | ||||||||
State | 26 | 263 | (892 | ) | |||||||||
Foreign | (3,376 | ) | 1,446 | 179 | |||||||||
(11,970 | ) | (9,759 | ) | 8,901 | |||||||||
Total Provision | $ | 69,117 | $ | 75,068 | $ | 71,947 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Federal statutory tax rate | 35 | % | 35.0 % | 35 | % | ||||||||
Effect of foreign income tax, net | (2.8 | ) | (0.4 | ) | (2.1 | ) | |||||||
Other nondeductible expenses | 1.7 | 2.4 | 1 | ||||||||||
State tax expense, net of federal benefits | 2.8 | 1.5 | 1.1 | ||||||||||
Domestic manufacturing deduction | (1.9 | ) | (2.1 | ) | (1.5 | ) | |||||||
Uncertain tax positions adjustments, net | -- | -- | (1.5 | ) | |||||||||
Other, net | 0.4 | 0.4 | 1.8 | ||||||||||
Effective tax rate | 35.2 | % | 36.8 | % | 33.8 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 1,526 | $ | 1,842 | |||||||||
Allowance for inventory reserves | 7,102 | 6,682 | |||||||||||
Employee benefits | 22,036 | 23,687 | |||||||||||
Deductible goodwill and other intangibles | - | 9,208 | |||||||||||
Other reserves | 5,659 | 5,922 | |||||||||||
Book over tax depreciation | 257 | 1,489 | |||||||||||
Deferred Revenue | - | 4,101 | |||||||||||
Foreign tax credit carryover | 27,771 | 24,206 | |||||||||||
Net operating loss carryforward | 2,700 | - | |||||||||||
Other | 1,108 | 4,420 | |||||||||||
Gross deferred tax asset | 68,159 | 81,557 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Tax over book depreciation | (93,010 | ) | (168,517 | ) | |||||||||
Deferred revenue | (1,171 | ) | (1,535 | ) | |||||||||
Intangibles | (9,700 | ) | (15,258 | ) | |||||||||
Accrued liabilities | (2,298 | ) | (5,815 | ) | |||||||||
Unrepatriated foreign income | (145 | ) | (6,312 | ) | |||||||||
Other | (313 | ) | (4,645 | ) | |||||||||
Deferred tax liability | (106,637 | ) | (202,082 | ) | |||||||||
Net deferred tax liability | $ | (38,478 | ) | $ | (120,525 | ) | |||||||
Schedule of Deferred Tax Reclassifications [Table Text Block] | 2014 | 2013 | |||||||||||
Current deferred tax liability | $ | (7,293 | ) | $ | (3,508 | ) | |||||||
Long-term deferred tax liability | (31,185 | ) | (117,017 | ) | |||||||||
Net deferred tax liability | $ | (38,478 | ) | $ | (120,525 | ) | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Balance as of January 1st | $ | 836 | $ | 728 | $ | 1,847 | |||||||
Additions for tax positions of prior years | -- | 108 | -- | ||||||||||
Reductions for tax positions of prior years | -- | -- | (1,119 | ) | |||||||||
Lapse of the applicable statute of limitations | -- | -- | -- | ||||||||||
Distribution to Civeo | (836 | ) | -- | -- | |||||||||
Balance as of December 31st | $ | -- | $ | 836 | $ | 728 |
Note_15_Commitments_and_Contin1
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating | ||||
Leases | |||||
2015 | $ | 10,162 | |||
2016 | 5,153 | ||||
2017 | 3,458 | ||||
2018 | 2,427 | ||||
2019 | 1,700 | ||||
Thereafter | 1,662 | ||||
Total | $ | 24,562 |
Note_16_Stockbased_Compensatio1
Note 16 - Stock-based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Risk-free weighted interest rate | 1.3 | % | 0.6 | % | 0.6 | % | ||||||||||||||||||||
Expected life (in years) | 4.1 | 4.1 | 4.1 | |||||||||||||||||||||||
Expected volatility | 38 | % | 44 | % | 57 | % | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options | Weighted | Weighted | Aggregate | ||||||||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||||||||
Exercise | Contractual | Value | ||||||||||||||||||||||||
Price Per | Life | (thousands) | ||||||||||||||||||||||||
Share | (Years) | |||||||||||||||||||||||||
Outstanding Options at December 31, 2013 | 896,905 | $ | 49.72 | 4.4 | $ | 46,643 | ||||||||||||||||||||
Granted | 118,950 | 100.43 | ||||||||||||||||||||||||
Exercised | (387,719 | ) | 27.02 | |||||||||||||||||||||||
Forfeited/Expired | (15,904 | ) | 67.69 | |||||||||||||||||||||||
Surrendered, as a result of the Spin-Off | (120,799 | ) | 51.15 | |||||||||||||||||||||||
Issued in Conversion, as a result of the Spin-Off | 516,253 | 34.94 | ||||||||||||||||||||||||
Outstanding Options at December 31, 2014 | 1,007,686 | 38.97 | 5.4 | $ | 11,877 | |||||||||||||||||||||
Exercisable Options at December 31, 2014 | 532,073 | $ | 27.56 | 2.9 | $ | 11,386 | ||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | |||||||||||||||||||||
Exercise Prices | Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
as of | Remaining | Exercise | as of | Exercise | ||||||||||||||||||||||
12/31/14 | Contractual | Price | 12/31/14 | Price | ||||||||||||||||||||||
Life | ||||||||||||||||||||||||||
$9.71 | - | $21.96 | 347,071 | 0.75 | $ | 17.37 | 347,071 | $ | 17.37 | |||||||||||||||||
$41.49 | - | $49.33 | 474,587 | 7.32 | $ | 47.09 | 185,002 | $ | 46.68 | |||||||||||||||||
$58.54 | - | $58.54 | 186,028 | 9.13 | $ | 58.54 | -- | $ | -- | |||||||||||||||||
$9.71 | - | $58.54 | 1,007,686 | 5.39 | $ | 38.97 | 532,073 | $ | 27.56 | |||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number | Weighted | ||||||||||||||||||||||||
of Awards | Average | |||||||||||||||||||||||||
Grant | ||||||||||||||||||||||||||
Date Fair | ||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||
Per | ||||||||||||||||||||||||||
Share | ||||||||||||||||||||||||||
Nonvested shares at January 1, 2014 | 696,991 | $ | 78.6 | |||||||||||||||||||||||
Granted | 294,208 | 93.09 | ||||||||||||||||||||||||
Vested | (303,194 | ) | 93.78 | |||||||||||||||||||||||
Forfeited | (34,316 | ) | 75.35 | |||||||||||||||||||||||
Surrendered, as a result of the Spin-Off | (84,934 | ) | 87.15 | |||||||||||||||||||||||
Issued in Conversion, as a result of the Spin-Off | 537,915 | 50.75 | ||||||||||||||||||||||||
Nonvested shares at December 31, 2014 | 1,106,670 | $ | 39.8 |
Note_17_Segment_and_Related_In1
Note 17 - Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Revenues | Depreciation | Operating | Equity in | Capital | Total | |||||||||||||||||||
from | and | income | income (losses) | expenditures | assets | ||||||||||||||||||||
unaffiliated | amortization | (loss) | of | ||||||||||||||||||||||
customers | unconsolidated | ||||||||||||||||||||||||
affiliates | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Well site services - | |||||||||||||||||||||||||
Completion services | $ | 656,862 | $ | 74,176 | $ | 148,787 | $ | -- | $ | 107,580 | $ | 641,725 | |||||||||||||
Drilling services | 201,143 | 27,081 | 29,574 | -- | 29,359 | 135,676 | |||||||||||||||||||
Total well site services | 858,005 | 101,257 | 178,361 | -- | 136,939 | 777,401 | |||||||||||||||||||
Offshore products | 961,604 | 22,496 | 200,098 | 378 | 60,263 | 983,542 | |||||||||||||||||||
Corporate and eliminations | -- | 1,023 | (68,204 | ) | -- | 2,054 | 48,669 | ||||||||||||||||||
Total | $ | 1,819,609 | $ | 124,776 | $ | 310,255 | $ | 378 | $ | 199,256 | $ | 1,809,612 | |||||||||||||
2013 | |||||||||||||||||||||||||
Well site services - | |||||||||||||||||||||||||
Completion services | $ | 576,040 | $ | 65,644 | $ | 127,280 | $ | -- | $ | 95,236 | $ | 589,626 | |||||||||||||
Drilling services | 170,467 | 24,908 | 22,363 | -- | 25,535 | 139,973 | |||||||||||||||||||
Total well site services | 746,507 | 90,552 | 149,643 | -- | 120,771 | 729,599 | |||||||||||||||||||
Offshore products | 882,627 | 17,751 | 156,918 | (355 | ) | 42,694 | 940,825 | ||||||||||||||||||
Corporate and eliminations | -- | 928 | (59,284 | ) | -- | 1,430 | 338,435 | ||||||||||||||||||
Total | $ | 1,629,134 | $ | 109,231 | $ | 247,277 | $ | (355 | ) | $ | 164,895 | $ | 2,008,859 | ||||||||||||
2012 | |||||||||||||||||||||||||
Well site services - | |||||||||||||||||||||||||
Completion services | $ | 522,618 | $ | 50,611 | $ | 124,620 | $ | -- | $ | 86,567 | $ | 574,203 | |||||||||||||
Drilling services | 191,035 | 22,411 | 32,160 | -- | 32,136 | 157,658 | |||||||||||||||||||
Total well site services | 713,653 | 73,022 | 156,780 | -- | 118,703 | 731,861 | |||||||||||||||||||
Offshore products | 804,067 | 14,720 | 134,051 | (417 | ) | 48,792 | 804,980 | ||||||||||||||||||
Corporate and eliminations | -- | 1,003 | (43,186 | ) | -- | 1,368 | 115,608 | ||||||||||||||||||
Total | $ | 1,517,720 | $ | 88,745 | $ | 247,645 | $ | (417 | ) | $ | 168,863 | $ | 1,652,449 | ||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | United | United | Singapore | Other | Total | ||||||||||||||||||||
States | Kingdom | Non U.S. | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,468,202 | $ | 188,753 | $ | 83,493 | $ | 79,161 | $ | 1,819,609 | |||||||||||||||
Long-lived assets | 826,648 | 54,868 | 27,438 | 71,265 | 980,219 | ||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,261,186 | $ | 171,439 | $ | 106,937 | $ | 89,572 | $ | 1,629,134 | |||||||||||||||
Long-lived assets | 803,918 | 33,107 | 25,511 | 66,239 | 928,775 | ||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 1,128,909 | $ | 205,618 | $ | 97,864 | $ | 85,329 | $ | 1,517,720 | |||||||||||||||
Long-lived assets | 752,736 | 23,626 | 30,431 | 54,940 | 861,733 |
Note_18_Valuation_Allowances_T
Note 18 - Valuation Allowances (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | Balance at | Charged to | Deductions | Translation | Balance at | ||||||||||||||||
Beginning | Costs and | (net of | and Other, | End of | |||||||||||||||||
of Period | Expenses | recoveries) | Net | Period | |||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 3,878 | $ | 3,364 | $ | 111 | $ | (228 | ) | $ | 7,125 | ||||||||||
Allowance for excess, damaged or obsolete inventory | 9,540 | 2,147 | (1,772 | ) | (39 | ) | 9,876 | ||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 3,804 | $ | 505 | $ | (419 | ) | $ | (12 | ) | $ | 3,878 | |||||||||
Allowance for excess, damaged or obsolete inventory | 8,603 | 2,076 | (1,159 | ) | 20 | 9,540 | |||||||||||||||
Year Ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 1,913 | $ | 1,944 | $ | (66 | ) | $ | 13 | $ | 3,804 | ||||||||||
Allowance for excess, damaged or obsolete inventory | 7,820 | 3,844 | (3,134 | ) | 73 | 8,603 |
Note_19_Quarterly_Financial_In1
Note 19 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | First | Second | Third | Fourth | |||||||||||||
Quarter(2) | Quarter(3) | Quarter(4) | Quarter(5) | ||||||||||||||
2014 | |||||||||||||||||
Revenues | $ | 405,237 | $ | 459,607 | $ | 471,032 | $ | 483,733 | |||||||||
Gross profit(1) | 132,866 | 151,699 | 164,535 | 164,626 | |||||||||||||
Net income attributable to: | |||||||||||||||||
Continuing operations | 34,709 | (24,122 | ) | 58,387 | 58,253 | ||||||||||||
Discontinued operations | 36,795 | 16,242 | (1,467 | ) | 206 | ||||||||||||
Basic earnings per share: | |||||||||||||||||
Continuing operations | 0.65 | (0.45 | ) | 1.08 | 1.1 | ||||||||||||
Discontinued operations | 0.68 | 0.3 | (0.03 | ) | -- | ||||||||||||
Diluted earnings per share: | |||||||||||||||||
Continuing operations | 0.64 | (0.45 | ) | 1.07 | 1.09 | ||||||||||||
Discontinued operations | 0.68 | 0.3 | (0.02 | ) | -- | ||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 378,859 | $ | 390,789 | $ | 438,176 | $ | 421,309 | |||||||||
Gross profit(1) | 110,919 | 124,960 | 136,474 | 143,612 | |||||||||||||
Net income attributable to: | |||||||||||||||||
Continuing operations | 28,599 | 28,865 | 35,490 | 36,087 | |||||||||||||
Discontinued operations | 73,590 | 47,660 | 132,250 | 38,717 | |||||||||||||
Basic earnings per share: | |||||||||||||||||
Continuing operations | 0.52 | 0.52 | 0.64 | 0.65 | |||||||||||||
Discontinued operations | 1.34 | 0.87 | 2.4 | 0.7 | |||||||||||||
Diluted earnings per share: | |||||||||||||||||
Continuing operations | 0.52 | 0.52 | 0.64 | 0.65 | |||||||||||||
Discontinued operations | 1.33 | 0.86 | 2.37 | 0.69 |
Note_1_Organization_and_Basis_1
Note 1 - Organization and Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Number of Reportable Segments | 2 |
Note_2_Spinoff_of_Accommodatio2
Note 2 - Spin-off of Accommodations Business (Civeo) (Details) (USD $) | 0 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | 30-May-14 | 30-May-14 |
Note 2 - Spin-off of Accommodations Business (Civeo) (Details) [Line Items] | ||
Spin-Off Common Stock Ratio (in Shares) | 2 | |
Proceeds from Dividends Received | $750 | |
Cash Transferred, Spinoff | $299 |
Note_2_Spinoff_of_Accommodatio3
Note 2 - Spin-off of Accommodations Business (Civeo) (Details) - Major Assets and Liabilities of Civeo, Reflected on Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $53,263 | $599,306 | $253,172 | $71,721 |
Accounts receivable, net | 497,124 | 620,333 | ||
Inventories, net | 232,490 | 266,552 | ||
Property, plant, and equipment, net | 649,846 | 1,902,789 | ||
Goodwill, net | 252,201 | 513,650 | ||
Other intangible assets, net | 52,935 | 133,531 | ||
Other noncurrent assets | 27,964 | 55,384 | ||
LIABILITIES | ||||
Accounts payable | 108,949 | 149,079 | ||
Accrued liabilities | 96,130 | 132,046 | ||
Income taxes | 9,195 | 32,679 | ||
Deferred revenue | 48,948 | 50,366 | ||
Other current liabilities | 7,660 | 9,137 | ||
Deferred income taxes | 33,913 | 122,821 | ||
Other noncurrent liabilities | 16,795 | 36,618 | ||
Civeo [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 224,128 | |||
Accounts receivable, net | 177,845 | |||
Inventories, net | 29,815 | |||
Prepaid expenses and other current assets | 10,050 | |||
Total current assets of discontinued operations | 441,838 | |||
Property, plant, and equipment, net | 1,325,867 | |||
Goodwill, net | 261,056 | |||
Other intangible assets, net | 75,675 | |||
Other noncurrent assets | 17,966 | |||
Total assets of discontinued operations | 2,122,402 | |||
LIABILITIES | ||||
Accounts payable | 45,376 | |||
Accrued liabilities | 25,163 | |||
Income taxes | 6,265 | |||
Deferred revenue | 19,571 | |||
Other current liabilities | 246 | |||
Total current liabilities of discontinued operations | 96,621 | |||
Long-term debt | 0 | |||
Deferred income taxes | 77,526 | |||
Other noncurrent liabilities | 16,945 | |||
Total liabilities of discontinued operations | $191,092 |
Note_3_Summary_of_Significant_2
Note 3 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Derivative, Notional Amount | $5,400,000 | $7,400,000 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 6,000 | 402,000 | -724,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 900,000 | ||
Conversion Gains and Losses on Foreign Investments | -400,000 | -1,600,000 | -2,200,000 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities (in Shares) | 1,793,244 | 1,793,000 | |
Allocated Share-based Compensation Expense | 25,600,000 | 22,500,000 | 15,200,000 |
Spin-Off, Additional Restricted Stock Awards Issued (in Shares) | 452,981 | ||
Spin-Off, Additional Stock Options Issued (in Shares) | 395,454 | ||
Spin-Off, Increase in Shares Available for Future Awards (in Shares) | 1,876,109 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 128,400,000 | ||
undefined | 12 months | ||
undefined | 18 months | ||
Product Warranty Accrual | 2,800,000 | 2,200,000 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 42,900,000 | ||
Sooner [Member] | |||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | |||
Allocated Share-based Compensation Expense | $4,400,000 |
Note_3_Summary_of_Significant_3
Note 3 - Summary of Significant Accounting Policies (Details) - Carrying Values and Fair Values of Notes (Fair Value, Inputs, Level 2 [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
6 1/2% Senior Notes [Member] | |
6 1/2% Notes | |
Carrying Value | $600,000 |
Fair Value | 639,378 |
5 1/8% Senior Notes [Member] | |
6 1/2% Notes | |
Carrying Value | 366,000 |
Fair Value | $411,066 |
Note_4_Details_of_Selected_Bal2
Note 4 - Details of Selected Balance Sheet Accounts (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 4 - Details of Selected Balance Sheet Accounts (Details) [Line Items] | |||
Depreciation | $117,700,000 | $104,200,000 | $86,000,000 |
Civeo [Member] | |||
Note 4 - Details of Selected Balance Sheet Accounts (Details) [Line Items] | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 177,800,000 | ||
Disposal Group, Including Discontinued Operation, Inventory | 29,800,000 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 1,300,000,000 | ||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | $25,200,000 |
Note_4_Details_of_Selected_Bal3
Note 4 - Details of Selected Balance Sheet Accounts (Details) - Accounts Receivable (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net: | ||
Accounts receivable | $504,249 | $627,867 |
Allowance for doubtful accounts | -7,125 | -7,534 |
497,124 | 620,333 | |
Trade Accounts Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 348,115 | 456,114 |
Unbilled Revenue [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 148,371 | 163,766 |
Other Receivables [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | $7,763 | $7,987 |
Note_4_Details_of_Selected_Bal4
Note 4 - Details of Selected Balance Sheet Accounts (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories, net: | ||
Finished goods and purchased products | $94,955 | $91,909 |
Work in process | 49,631 | 72,903 |
Raw materials | 97,780 | 111,280 |
Total inventories | 242,366 | 276,092 |
Allowance for excess, damaged, or obsolete inventory | -9,876 | -9,540 |
$232,490 | $266,552 |
Note_4_Details_of_Selected_Bal5
Note 4 - Details of Selected Balance Sheet Accounts (Details) - Property, Plant and Equipment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, plant and equipment, net: | ||
Property Plant Equipment Gross | 1,266,073 | $2,934,864 |
Accumulated depreciation | -616,227 | -1,032,075 |
649,846 | 1,902,789 | |
Land [Member] | ||
Property, plant and equipment, net: | ||
Property Plant Equipment Gross | 29,850 | 76,545 |
Accommodation Assets [Member] | Minimum [Member] | ||
Property, plant and equipment, net: | ||
Estimated useful life | 3 years | |
Accommodation Assets [Member] | Maximum [Member] | ||
Property, plant and equipment, net: | ||
Estimated useful life | 15 years | |
Accommodation Assets [Member] | ||
Property, plant and equipment, net: | ||
Property Plant Equipment Gross | 1,535,407 | |
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 | |
Building and Building Improvements [Member] | ||
Property, plant and equipment, net: | ||
Property Plant Equipment Gross | 175,421 | 204,455 |
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 | 28 years | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, net: | ||
Property Plant Equipment Gross | 438,980 | 434,578 |
Completion Services [Member] | Minimum [Member] | ||
Property, plant and equipment, net: | ||
Estimated useful life | 2 years | |
Completion Services [Member] | Maximum [Member] | ||
Property, plant and equipment, net: | ||
Estimated useful life | 10 years | |
Completion Services [Member] | ||
Property, plant and equipment, net: | ||
Property Plant Equipment Gross | 387,165 | 314,445 |
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 | |
Office Furniture And Equipment [Member] | ||
Property, plant and equipment, net: | ||
Property Plant Equipment Gross | 30,647 | 57,026 |
Vehicles [Member] | Minimum [Member] | ||
Property, plant and equipment, net: | ||
Estimated useful life | 1 year | |
Vehicles [Member] | Maximum [Member] | ||
Property, plant and equipment, net: | ||
Estimated useful life | 10 years | |
Vehicles [Member] | ||
Property, plant and equipment, net: | ||
Property Plant Equipment Gross | 129,922 | 140,156 |
Construction in Progress [Member] | ||
Property, plant and equipment, net: | ||
Property Plant Equipment Gross | 74,088 | $172,252 |
Note_4_Details_of_Selected_Bal6
Note 4 - Details of Selected Balance Sheet Accounts (Details) - Accrued Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued liabilities: | ||
Accrued compensation | $58,979 | $71,535 |
Insurance liabilities | 11,300 | 13,198 |
Accrued taxes, other than income taxes | 4,851 | 7,619 |
Accrued interest | 80 | 11,931 |
Accrued commissions | 3,622 | 3,654 |
Accrued treasury stock repurchase | 7,397 | |
Other | 17,298 | 16,712 |
$96,130 | $132,046 |
Note_6_Accumulated_Other_Compr1
Note 6 - Accumulated Other Comprehensive Loss (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Disclosure Text Block [Abstract] | ||
Accumulated Other Comprehensive Income | ($22.10) | ($85.70) |
Note_7_Acquisitions_and_Supple2
Note 7 - Acquisitions and Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 02, 2013 | Dec. 14, 2012 | Jul. 02, 2012 | |
Note 7 - Acquisitions and Supplemental Cash Flow Information (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | ($2,568,000) | ($15,825,000) | |||
Quality Connector Systems [Member] | |||||
Note 7 - Acquisitions and Supplemental Cash Flow Information (Details) [Line Items] | |||||
Payments to Acquire Businesses, Gross | 42,300,000 | ||||
Tempress Technologies Inc [Member] | |||||
Note 7 - Acquisitions and Supplemental Cash Flow Information (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | 52,800,000 | ||||
Piper [Member] | |||||
Note 7 - Acquisitions and Supplemental Cash Flow Information (Details) [Line Items] | |||||
Payments to Acquire Businesses, Gross | $48,000,000 |
Note_7_Acquisitions_and_Supple3
Note 7 - Acquisitions and Supplemental Cash Flow Information (Details) - Cash Used for Acquisitions (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Used for Acquisitions [Abstract] | |||
Fair value of assets acquired including intangibles and goodwill | $66,825 | $108,833 | |
Liabilities/equity assumed | -19,986 | -12,508 | |
Noncash consideration | -2,568 | -15,825 | |
Cash acquired | -11 | -51 | |
Cash used in acquisitions of businesses | $157 | $44,260 | $80,449 |
Note_7_Acquisitions_and_Supple4
Note 7 - Acquisitions and Supplemental Cash Flow Information (Details) - Interest and Income Taxes Paid (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and Income Taxes Paid [Abstract] | |||
Interest (net of amounts capitalized) | $40,375 | $56,663 | $53,636 |
Income taxes, net of refunds | 102,160 | 90,927 | 99,622 |
Value of common stock issued in payment of 2 3/8% Notes conversion | 220,597 | ||
Borrowings and contingent consideration for business and asset acquisition and related intangibles | $1,175 | $15,825 |
Note_7_Acquisitions_and_Supple5
Note 7 - Acquisitions and Supplemental Cash Flow Information (Details) - Interest and Income Taxes Paid (Parentheticals) | Dec. 31, 2012 |
Interest and Income Taxes Paid [Abstract] | |
Common stock, shares issued | 2.38% |
Note_8_Discontinued_Operations2
Note 8 - Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||
30-May-14 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Sep. 06, 2013 | |
Note 8 - Discontinued Operations (Details) [Line Items] | ||||||
Spin-Off Common Stock Ratio (in Shares) | 2 | |||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $600,000,000 | |||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 128,400,000 | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 128,600,000 | 84,043,000 | ||||
5 1/8% and 6 1/2% Senior Notes [Member] | Discontinued Operations [Member] | ||||||
Note 8 - Discontinued Operations (Details) [Line Items] | ||||||
Interest Expense, Debt | 31,000,000 | 13,700,000 | 10,700,000 | |||
Tubular Services [Member] | ||||||
Note 8 - Discontinued Operations (Details) [Line Items] | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 128,400,000 | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $84,000,000 |
Note_8_Discontinued_Operations3
Note 8 - Discontinued Operations (Details) - Operating Results of Discontinued Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Revenues | |||||||||||||||||||
Net income from discontinued operations, net of tax | $206 | [1] | ($1,467) | [2] | $16,242 | [3] | $36,795 | [4] | $38,717 | [1] | $132,250 | [2] | $47,660 | [3] | $73,590 | [4] | $51,776 | $292,217 | $307,482 |
Accommodations [Member] | |||||||||||||||||||
Revenues | |||||||||||||||||||
Revenues | 404,207 | 1,041,104 | 1,113,470 | ||||||||||||||||
Income from discontinued operations before income taxes | 62,504 | 230,778 | 337,460 | ||||||||||||||||
Income tax provision | -11,004 | -44,925 | -77,069 | ||||||||||||||||
Net income from discontinued operations, net of tax | 51,500 | 185,853 | 260,391 | ||||||||||||||||
Tubular Services [Member] | |||||||||||||||||||
Revenues | |||||||||||||||||||
Revenues | 1,073,096 | 1,781,899 | |||||||||||||||||
Income from discontinued operations before income taxes | 321 | 40,964 | 75,122 | ||||||||||||||||
Income tax provision | -45 | -18,643 | -28,031 | ||||||||||||||||
Net income from discontinued operations, net of tax | $276 | $22,321 | $47,091 | ||||||||||||||||
[1] | In the fourth quarter of 2013, we recognized a pre-tax loss on the extinguishment of debt in our continuing operations of $6.2 million, or $0.07 per diluted share after-tax, and we incurred $1.6 million, or $0.02 per diluted share after-tax, of transaction costs in our continuing operations, primarily related to the Spin-Off. | ||||||||||||||||||
[2] | In the third quarter of 2013, we recognized a net gain on the disposal of our tubular services segment of $128.6 million, or $1.51 per diluted share after-tax, which is included within net income attributable to discontinued operations. In addition, in the third quarter of 2013, we recognized, a pre-tax loss on the extinguishment of debt of $3.3 million, or $0.04 per diluted share after-tax ($2.1 million, or $0.03 per diluted share after-tax, in continuing operations, and $1.2 million, or $0.01 per diluted share after-tax, in discontinued operations) and we incurred $2.6 million, or $0.03 per diluted share after-tax, of transaction costs in our continuing operations related to the Spin-Off. | ||||||||||||||||||
[3] | In the second quarter of 2014, we recognized in our continuing operations a pre-tax loss on extinguishment of debt of $100.4 million, or $1.22 per diluted share after-tax, and $9.6 million, or $0.11 per diluted share after-tax, representing transaction costs primarily related to the Spin-Off. In the second quarter of 2013, we recognized in our continuing operations a charge of $3.0 million, or $0.05 per diluted share, from an increase in contingent acquisition consideration in our completion services business and we incurred $1.5 million, or $0.02 per diluted share after-tax, of transaction costs primarily related to the Spin-Off. | ||||||||||||||||||
[4] | In the first quarter of 2014, we incurred $1.4 million, or $0.02 per diluted share after-tax, of third-party transaction costs in our continuing operations, primarily related to the Spin-Off. In the first quarter of 2013, we recognized a gain of $4.0 million, or $0.05 per diluted share after-tax, in our continuing operations from a decrease to a liability associated with contingent acquisition consideration in our completion services business. |
Note_9_Earnings_Per_Share_EPS_1
Note 9 - Earnings Per Share (EPS) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 224,739 | 263,838 | 399,134 |
Note_9_Earnings_Per_Share_EPS_2
Note 9 - Earnings Per Share (EPS) (Details) - Earnings Per Share Calculation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Basic: | |||||||||||||||||||
Net income attributable to Oil States International, Inc. | $179,003 | $421,258 | $448,609 | ||||||||||||||||
Less: Undistributed net income allocable to participating securities, basic | -2,948 | -4,573 | |||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 176,055 | 416,685 | 448,609 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 52,862,000 | 54,969,000 | 52,959,000 | ||||||||||||||||
Income from discontinued operations, net of tax | 206 | [1] | -1,467 | [2] | 16,242 | [3] | 36,795 | [4] | 38,717 | [1] | 132,250 | [2] | 47,660 | [3] | 73,590 | [4] | 51,776 | 292,217 | 307,482 |
Diluted: | |||||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders - Basic | 176,055 | 416,685 | 448,609 | ||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders - Basic (in Shares) | 52,862,000 | 54,969,000 | 52,959,000 | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Options on common stock (in Shares) | 274,000 | 341,000 | 488,000 | ||||||||||||||||
2 3/8% Contingent Convertible Senior Subordinated Notes (in Shares) | 1,793,244 | 1,793,000 | |||||||||||||||||
Restricted stock awards and other (in Shares) | 15,000 | 17,000 | 144,000 | ||||||||||||||||
Net Income Applicable to Common Stockholders, Diluted | 176,071 | 416,714 | 448,609 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted (in Shares) | 53,151,000 | 55,327,000 | 55,384,000 | ||||||||||||||||
Basic [Member] | |||||||||||||||||||
Basic: | |||||||||||||||||||
Income from discontinued operations, net of tax | -51,776 | -292,217 | -307,482 | ||||||||||||||||
Diluted [Member] | |||||||||||||||||||
Basic: | |||||||||||||||||||
Income from discontinued operations, net of tax | 50,923 | 289,045 | 307,482 | ||||||||||||||||
Discontinued Operations [Member] | |||||||||||||||||||
Basic: | |||||||||||||||||||
Less: Undistributed net income allocable to participating securities, basic | 853 | 3,172 | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Undistributed net income reallocated to participating securities, diluted | 5 | 20 | |||||||||||||||||
Continuing Operations [Member] | |||||||||||||||||||
Basic: | |||||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 125,132 | 127,640 | 141,127 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 52,862,000 | 54,969,000 | 52,959,000 | ||||||||||||||||
Diluted: | |||||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders - Basic | 125,132 | 127,640 | 141,127 | ||||||||||||||||
Income from continuing operations applicable to Oil States International, Inc. common stockholders - Basic (in Shares) | 52,862,000 | 54,969,000 | 52,959,000 | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Undistributed net income reallocated to participating securities, diluted | 11 | 9 | |||||||||||||||||
Net Income Applicable to Common Stockholders, Diluted | $125,143 | $127,649 | $141,127 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted (in Shares) | 53,151,000 | 55,327,000 | 55,384,000 | ||||||||||||||||
[1] | In the fourth quarter of 2013, we recognized a pre-tax loss on the extinguishment of debt in our continuing operations of $6.2 million, or $0.07 per diluted share after-tax, and we incurred $1.6 million, or $0.02 per diluted share after-tax, of transaction costs in our continuing operations, primarily related to the Spin-Off. | ||||||||||||||||||
[2] | In the third quarter of 2013, we recognized a net gain on the disposal of our tubular services segment of $128.6 million, or $1.51 per diluted share after-tax, which is included within net income attributable to discontinued operations. In addition, in the third quarter of 2013, we recognized, a pre-tax loss on the extinguishment of debt of $3.3 million, or $0.04 per diluted share after-tax ($2.1 million, or $0.03 per diluted share after-tax, in continuing operations, and $1.2 million, or $0.01 per diluted share after-tax, in discontinued operations) and we incurred $2.6 million, or $0.03 per diluted share after-tax, of transaction costs in our continuing operations related to the Spin-Off. | ||||||||||||||||||
[3] | In the second quarter of 2014, we recognized in our continuing operations a pre-tax loss on extinguishment of debt of $100.4 million, or $1.22 per diluted share after-tax, and $9.6 million, or $0.11 per diluted share after-tax, representing transaction costs primarily related to the Spin-Off. In the second quarter of 2013, we recognized in our continuing operations a charge of $3.0 million, or $0.05 per diluted share, from an increase in contingent acquisition consideration in our completion services business and we incurred $1.5 million, or $0.02 per diluted share after-tax, of transaction costs primarily related to the Spin-Off. | ||||||||||||||||||
[4] | In the first quarter of 2014, we incurred $1.4 million, or $0.02 per diluted share after-tax, of third-party transaction costs in our continuing operations, primarily related to the Spin-Off. In the first quarter of 2013, we recognized a gain of $4.0 million, or $0.05 per diluted share after-tax, in our continuing operations from a decrease to a liability associated with contingent acquisition consideration in our completion services business. |
Note_9_Earnings_Per_Share_EPS_3
Note 9 - Earnings Per Share (EPS) (Details) - Earnings Per Share Calculation (Parentheticals) | Dec. 31, 2012 |
Note 9 - Earnings Per Share (EPS) (Details) - Earnings Per Share Calculation (Parentheticals) [Line Items] | |
Interest Rate | 2.38% |
Note_10_Goodwill_and_Other_Int2
Note 10 - Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 10 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Number of Reporting Units with Goodwill | 2 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $0 | ||
Intangible Assets, Net (Excluding Goodwill) | 52,935,000 | 133,531,000 | |
Finite-Lived Intangible Asset, Useful Life | 3 years 219 days | 8 years 328 days | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 6,300,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6,200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,100,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,900,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5,700,000 | ||
Continuing Operations [Member] | |||
Note 10 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Amortization of Intangible Assets | 7,000,000 | 5,100,000 | 2,700,000 |
Civeo [Member] | |||
Note 10 - Goodwill and Other Intangible Assets (Details) [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $75,675,000 |
Note_10_Goodwill_and_Other_Int3
Note 10 - Goodwill and Other Intangible Assets (Details) - Changes in the Carrying Value of Goodwill (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Goodwill, Gross | $369,496 | $630,945 | $638,113 |
Accumulated Impairment Losses | -117,295 | -117,295 | -117,295 |
Goodwill | 252,201 | 513,650 | |
Spin-Off of Civeo | -268,463 | ||
Goodwill acquired and purchase price adjustments | 1,075 | 27,755 | |
Foreign currency translation and other changes | 5,939 | -34,923 | |
Well Site Services - Completion Services [Member] | Goodwill Before Acquisition [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 106,439 | 107,383 | 106,753 |
Well Site Services - Completion Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 200,967 | 201,911 | 201,281 |
Accumulated Impairment Losses | -94,528 | -94,528 | -94,528 |
Goodwill | 106,439 | 107,383 | |
Goodwill acquired and purchase price adjustments | 193 | 1,576 | |
Foreign currency translation and other changes | -1,137 | -946 | |
Well Site Services - Drilling Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 22,767 | 22,767 | 22,767 |
Accumulated Impairment Losses | -22,767 | -22,767 | -22,767 |
Total Well Site Services [Member] | Goodwill Before Acquisition [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 106,439 | 107,383 | 106,753 |
Total Well Site Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 223,734 | 224,678 | 224,048 |
Accumulated Impairment Losses | -117,295 | -117,295 | -117,295 |
Goodwill | 106,439 | 107,383 | |
Goodwill acquired and purchase price adjustments | 193 | 1,576 | |
Foreign currency translation and other changes | -1,137 | -946 | |
Accommodations [Member] | Goodwill Before Acquisition [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 261,056 | 295,132 | |
Accommodations [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 261,056 | 295,132 | |
Goodwill | 261,056 | ||
Spin-Off of Civeo | -268,463 | ||
Foreign currency translation and other changes | 7,407 | -34,076 | |
Offshore Products [Member] | Goodwill Before Acquisition [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 145,762 | 145,211 | 118,933 |
Offshore Products [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 145,762 | 145,211 | 118,933 |
Goodwill | 145,762 | 145,211 | |
Goodwill acquired and purchase price adjustments | 882 | 26,179 | |
Foreign currency translation and other changes | -331 | 99 | |
Goodwill Before Acquisition [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $252,201 | $513,650 | $520,818 |
Note_10_Goodwill_and_Other_Int4
Note 10 - Goodwill and Other Intangible Assets (Details) - Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross carrying amount | $75,577 | $169,093 |
Amortizable intangible assets, accumulated amortization | 22,642 | 44,170 |
Indefinite-lived intangible assets, gross carrying amount | 8,608 | |
Total other intangible assets | 75,577 | 177,701 |
Total other intangible assets | 22,642 | 44,170 |
Brand Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 8,571 | |
Licenses and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 37 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 37,803 | 88,783 |
Amortizable intangible assets, accumulated amortization | 12,399 | 24,276 |
Total other intangible assets | 12,399 | 24,276 |
Customer Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 43,836 | |
Amortizable intangible assets, accumulated amortization | 13,151 | |
Total other intangible assets | 13,151 | |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 17,782 | 15,473 |
Amortizable intangible assets, accumulated amortization | 5,250 | 4,179 |
Total other intangible assets | 5,250 | 4,179 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 10,110 | 10,304 |
Amortizable intangible assets, accumulated amortization | 2,041 | 1,030 |
Total other intangible assets | 2,041 | 1,030 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 3,968 | 4,785 |
Amortizable intangible assets, accumulated amortization | 915 | 933 |
Total other intangible assets | 915 | 933 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 5,914 | 5,912 |
Amortizable intangible assets, accumulated amortization | 2,037 | 601 |
Total other intangible assets | $2,037 | $601 |
Note_11_Longterm_Debt_Details
Note 11 - Long-term Debt (Details) (USD $) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||
30-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 21, 2012 | Jun. 01, 2011 | 28-May-14 | |
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Capital Leased Assets, Gross | $1,700,000 | $1,500,000 | $1,500,000 | $1,700,000 | ||||||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 600,000 | 700,000 | 700,000 | 600,000 | ||||||||
Interest Coverage Ratio | 3 | |||||||||||
Maximum Leverage Ratio | 3.25 | |||||||||||
Line of Credit, Current | 140,700,000 | 140,700,000 | ||||||||||
Letters of Credit Outstanding, Amount | 35,500,000 | 35,500,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 423,800,000 | 423,800,000 | ||||||||||
Cash and Cash Equivalents, at Carrying Value | 599,306,000 | 53,263,000 | 53,263,000 | 599,306,000 | 253,172,000 | 71,721,000 | ||||||
Proceeds from Dividends Received | 750,000,000 | |||||||||||
Gains (Losses) on Extinguishment of Debt | 100,400,000 | -6,200,000 | -3,300,000 | -100,380,000 | -6,168,000 | |||||||
5 1/8% Senior Notes [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Face Amount | 400,000,000 | |||||||||||
Debt Instrument, Repurchased Face Amount | 366,000,000 | 34,000,000 | 34,000,000 | |||||||||
Gains (Losses) on Extinguishment of Debt | -4,100,000 | |||||||||||
Write off of Deferred Debt Issuance Cost | 400,000 | |||||||||||
6 1/2% Senior Notes [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Face Amount | 600,000,000 | |||||||||||
Debt Instrument, Repurchased Face Amount | 600,000,000 | |||||||||||
5 1/8% and 6 1/2% Senior Notes [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Gains (Losses) on Extinguishment of Debt | -100,400,000 | |||||||||||
Senior Unsecured Notes [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Gains (Losses) on Extinguishment of Debt | -96,700,000 | |||||||||||
Repayment of U.S. Term Loan [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Write off of Deferred Debt Issuance Cost | 2,100,000 | |||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 600,000,000 | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.38% | |||||||||||
Discontinued Operations [Member] | Write-Off of Unamortized Deferred Finance Costs [Member] | CANADA | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Gains (Losses) on Extinguishment of Debt | 1,800,000 | |||||||||||
Discontinued Operations [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Gains (Losses) on Extinguishment of Debt | -1,200,000 | |||||||||||
Write-Off of Unamortized Deferred Finance Costs [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Gains (Losses) on Extinguishment of Debt | ($3,700,000) |
Note_11_Longterm_Debt_Details_
Note 11 - Long-term Debt (Details) - Summary of Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $147,365 | |
Less: Current portion | 530 | 529 |
Total long-term debt and capitalized leases | 146,835 | 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 | 6,681 | 7,221 |
Gross [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 147,365 | 973,221 |
Domestic Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $140,684 | $0 |
Note_11_Longterm_Debt_Details_1
Note 11 - Long-term Debt (Details) - Summary of Long-term Debt (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Interest Rate | 2.38% | ||
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 | |
Weighted Average Interest Rate | 1.80% | ||
Commitment Fee on Unused Portion | 0.38% |
Note_11_Longterm_Debt_Details_2
Note 11 - Long-term Debt (Details) - Long-term Debt Maturities Schedule (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Long-term Debt Maturities Schedule [Abstract] | |
2015 | $530 |
2016 | 511 |
2017 | 517 |
2018 | 435 |
2019 | 141,014 |
Thereafter | 4,358 |
$147,365 |
Note_12_Stock_Repurchase_Progr1
Note 12 - Stock Repurchase Program (Details) (USD $) | 12 Months Ended | 24 Months Ended | 2 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Feb. 19, 2015 | Sep. 06, 2013 | Aug. 31, 2013 | |
Note 12 - Stock Repurchase Program (Details) [Line Items] | |||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 | |||
Stock Repurchase Program, Authorized Amount | $500,000,000 | $200,000,000 | |||||
Stock Repurchased During Period, Value | 350,100,000 | ||||||
Stock Repurchased During Period, Shares (in Shares) | 4,228,530 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 218,906,000 | 115,932,000 | 15,245,000 | ||||
Subsequent Event [Member] | |||||||
Note 12 - Stock Repurchase Program (Details) [Line Items] | |||||||
Treasury Stock, Value, Acquired, Cost Method | 70,000,000 | ||||||
Treasury Stock, Shares, Acquired (in Shares) | 1,619,832 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $79,900,000 |
Note_13_Retirement_Plans_Detai
Note 13 - Retirement Plans (Details) (Continuing Operations [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Continuing Operations [Member] | |||
Note 13 - Retirement Plans (Details) [Line Items] | |||
Pension and Other Postretirement Benefit Expense | $13 | $9.70 | $9.60 |
Note_14_Income_Taxes_Details
Note 14 - Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 14 - Income Taxes (Details) [Line Items] | ||||
Deferred Tax Liabilities, Net | $38,478,000 | $120,525,000 | ||
Undistributed Earnings of Foreign Subsidiaries | 230,500,000 | |||
Unrecognized Tax Benefits | 836,000 | 728,000 | 1,847,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 100,000 | |||
Foreign Tax Authority [Member] | Ministry of Finance, India [Member] | ||||
Note 14 - Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | 600,000 | |||
Foreign Tax Authority [Member] | Tax Authority, Thailand [Member] | ||||
Note 14 - Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | 1,200,000 | |||
Foreign Tax Authority [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | ||||
Note 14 - Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | 6,400,000 | |||
Civeo [Member] | ||||
Note 14 - Income Taxes (Details) [Line Items] | ||||
Deferred Tax Liabilities, Net | $67,700,000 |
Note_14_Income_Taxes_Details_C
Note 14 - Income Taxes (Details) - Consolidated Pre-Tax Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Pre-Tax Income (Loss) [Abstract] | |||
US operations | $128,639 | $143,913 | $145,231 |
Foreign operations | 67,705 | 60,214 | 67,861 |
Total | $196,344 | $204,127 | $213,092 |
Note_14_Income_Taxes_Details_C1
Note 14 - Income Taxes (Details) - Components of Income Tax Provision (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $56,317 | $65,249 | $47,418 |
State | 5,426 | 2,881 | 3,257 |
Foreign | 19,344 | 16,697 | 12,371 |
81,087 | 84,827 | 63,046 | |
Deferred: | |||
Federal | -8,620 | -11,468 | 9,614 |
State | 26 | 263 | -892 |
Foreign | -3,376 | 1,446 | 179 |
-11,970 | -9,759 | 8,901 | |
Total Provision | $69,117 | $75,068 | $71,947 |
Note_14_Income_Taxes_Details_I
Note 14 - Income Taxes (Details) - Income Tax Rate Reconciliation | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Rate Reconciliation [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Effect of foreign income tax, net | -2.80% | -0.40% | -2.10% |
Other nondeductible expenses | 1.70% | 2.40% | 1.00% |
State tax expense, net of federal benefits | 2.80% | 1.50% | 1.10% |
Domestic manufacturing deduction | -1.90% | -2.10% | -1.50% |
Uncertain tax positions adjustments, net | -1.50% | ||
Other, net | 0.40% | 0.40% | 1.80% |
Effective tax rate | 35.20% | 36.80% | 33.80% |
Note_14_Income_Taxes_Details_D
Note 14 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for doubtful accounts | $1,526 | $1,842 |
Allowance for inventory reserves | 7,102 | 6,682 |
Employee benefits | 22,036 | 23,687 |
Deductible goodwill and other intangibles | 9,208 | |
Other reserves | 5,659 | 5,922 |
Book over tax depreciation | 257 | 1,489 |
Deferred Revenue | 4,101 | |
Foreign tax credit carryover | 27,771 | 24,206 |
Net operating loss carryforward | 2,700 | |
Other | 1,108 | 4,420 |
Gross deferred tax asset | 68,159 | 81,557 |
Deferred tax liabilities: | ||
Tax over book depreciation | -93,010 | -168,517 |
Deferred revenue | -1,171 | -1,535 |
Intangibles | -9,700 | -15,258 |
Accrued liabilities | -2,298 | -5,815 |
Unrepatriated foreign income | -145 | -6,312 |
Other | -313 | -4,645 |
Deferred tax liability | -106,637 | -202,082 |
Net deferred tax liability | ($38,478) | ($120,525) |
Note_14_Income_Taxes_Details_D1
Note 14 - Income Taxes (Details) - Deferred Tax Reclassifications (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Reclassifications [Abstract] | ||
Current deferred tax liability | ($7,293) | ($3,508) |
Long-term deferred tax liability | -31,185 | -117,017 |
Net deferred tax liability | ($38,478) | ($120,525) |
Note_14_Income_Taxes_Details_U
Note 14 - Income Taxes (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits [Abstract] | |||
Balance as of | $836 | $728 | $1,847 |
Additions for tax positions of prior years | 108 | ||
Reductions for tax positions of prior years | -1,119 | ||
Lapse of the applicable statute of limitations | 0 | 0 | 0 |
Distribution to Civeo | -836 | ||
Balance as of | $836 | $728 |
Note_15_Commitments_and_Contin2
Note 15 - Commitments and Contingencies (Details) (Continuing Operations [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Continuing Operations [Member] | |||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||
Operating Leases, Rent Expense | $11.50 | $12.30 | $11.20 |
Note_15_Commitments_and_Contin3
Note 15 - Commitments and Contingencies (Details) - Minimum Future Operating Lease Obligations (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Minimum Future Operating Lease Obligations [Abstract] | |
2015 | $10,162 |
2016 | 5,153 |
2017 | 3,458 |
2018 | 2,427 |
2019 | 1,700 |
Thereafter | 1,662 |
Total | $24,562 |
Note_16_Stockbased_Compensatio2
Note 16 - Stock-based Compensation (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
30-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award Restricted Stock Spin-Off (in Shares) | 452,981 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award Options Spin-Off (in Shares) | 395,454 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | 1,876,109 | |||
Allocated Share-based Compensation Expense | $25,600,000 | $22,500,000 | $15,200,000 | |
Share-based Compensation | 25,581,000 | 24,097,000 | 16,765,000 | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 128,400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $32.03 | $28.31 | $37.38 | |
Share-Based Compensation Arrangement by Share-Based Payment Award Options Term | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 28,100,000 | 43,600,000 | 38,300,000 | |
Proceeds from Stock Options Exercised | 10,500,000 | 16,400,000 | 13,600,000 | |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 6,900,000 | 7,400,000 | 6,900,000 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 294,208 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 27,400,000 | |||
Number Of Restricted Stock Awards Vested In Equal Installments (in Shares) | 231,000 | |||
Number of Equal Installments In Which Restricted Stock Awards Vest | 4 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 33,400,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Deferred Compensation Plan Assets | 14,500,000 | |||
Deferred Compensation Cash-based Arrangements, Liability, Classified, Noncurrent | 14,800,000 | |||
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | ||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Net Compensation Expense | 100,000 | 500,000 | -100,000 | |
Performance Shares [Member] | ||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Stock Awards To Be Vested In Future Period (in Shares) | 48,900 | |||
Restricted Stock [Member] | ||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $93.09 | $82.05 | $84.46 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 27,200,000 | 18,700,000 | 16,100,000 | |
Stock Options And Restricted Units [Member] | ||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 2,447,745 | |||
Performance-based Awards that May Vest in December 2016 [Member] | ||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Stock Awards To Be Vested In Future Period (in Shares) | 48,900 | |||
Awards Which Vest 100% in February 2015 [Member] | ||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Stock Awards To Be Vested In Future Period (in Shares) | 3,000 | |||
Awards Which Vest 100% in May 2015 [Member] | ||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Stock Awards To Be Vested In Future Period (in Shares) | 10,528 | |||
Sooner [Member] | ||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation | 4,400,000 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 128,400,000 | |||
Discontinued Operations [Member] | ||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $3,800,000 | $12,000,000 | $4,800,000 |
Note_16_Stockbased_Compensatio3
Note 16 - Stock-based Compensation (Details) - Valuation Assumptions of Stock Options | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Valuation Assumptions of Stock Options [Abstract] | |||
Risk-free weighted interest rate | 1.30% | 0.60% | 0.60% |
Expected life (in years) | 4 years 36 days | 4 years 36 days | 4 years 36 days |
Expected volatility | 38.00% | 44.00% | 57.00% |
Note_16_Stockbased_Compensatio4
Note 16 - Stock-based Compensation (Details) - Stock Option Activity (USD $) | 0 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2014 | |
Stock Option Activity [Abstract] | ||
Outstanding Options at December 31, 2013 | 896,905 | |
Outstanding Options at December 31, 2013 | $49.72 | |
Outstanding Options at December 31, 2013 | 4 years 146 days | 5 years 146 days |
Outstanding Options at December 31, 2013 | $46,643 | |
Outstanding Options at December 31, 2014 | 1,007,686 | |
Outstanding Options at December 31, 2014 | $38.97 | |
Outstanding Options at December 31, 2014 | 4 years 146 days | 5 years 146 days |
Outstanding Options at December 31, 2014 | 11,877 | |
Exercisable Options at December 31, 2014 | 532,073 | |
Exercisable Options at December 31, 2014 | $27.56 | |
Exercisable Options at December 31, 2014 | 2 years 328 days | |
Exercisable Options at December 31, 2014 | $11,386 | |
Granted | 118,950 | |
Granted | $100.43 | |
Exercised | -387,719 | |
Exercised | $27.02 | |
Forfeited/Expired | -15,904 | |
Forfeited/Expired | $67.69 | |
Surrendered, as a result of the Spin-Off | -120,799 | |
Surrendered, as a result of the Spin-Off | $51.15 | |
Issued in Conversion, as a result of the Spin-Off | 516,253 | |
Issued in Conversion, as a result of the Spin-Off | $34.94 |
Note_16_Stockbased_Compensatio5
Note 16 - Stock-based Compensation (Details) - Stock Options Outstanding (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Exercise Price Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options, Exercise Price Range, Lower Limit | $9.71 |
Options, Exercise Price Range, Upper Limit | $21.96 |
Number of Options Outstanding (in Shares) | 347,071 |
Options Outstanding, Weighted Average Remaining Contractual Life | 9 months |
Options Outstanding, Weighted Average Exercise Price | $17.37 |
Number of Options Exercisable (in Shares) | 347,071 |
Options Exercisable, Weighted Average Exercise Price | $17.37 |
Exercise Price Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options, Exercise Price Range, Lower Limit | $41.49 |
Options, Exercise Price Range, Upper Limit | $49.33 |
Number of Options Outstanding (in Shares) | 474,587 |
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 116 days |
Options Outstanding, Weighted Average Exercise Price | $47.09 |
Number of Options Exercisable (in Shares) | 185,002 |
Options Exercisable, Weighted Average Exercise Price | $46.68 |
Exercise Price Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options, Exercise Price Range, Lower Limit | $58.54 |
Options, Exercise Price Range, Upper Limit | $58.54 |
Number of Options Outstanding (in Shares) | 186,028 |
Options Outstanding, Weighted Average Remaining Contractual Life | 9 years 47 days |
Options Outstanding, Weighted Average Exercise Price | $58.54 |
Exercise Price Range 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options, Exercise Price Range, Lower Limit | $9.71 |
Options, Exercise Price Range, Upper Limit | $58.54 |
Number of Options Outstanding (in Shares) | 1,007,686 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 142 days |
Options Outstanding, Weighted Average Exercise Price | $38.97 |
Number of Options Exercisable (in Shares) | 532,073 |
Options Exercisable, Weighted Average Exercise Price | $27.56 |
Note_16_Stockbased_Compensatio6
Note 16 - Stock-based Compensation (Details) - Restricted Stock Awards and Related Information (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Note 16 - Stock-based Compensation (Details) - Restricted Stock Awards and Related Information [Line Items] | |||
Nonvested shares at | 696,991 | ||
Nonvested shares at | $78.60 | ||
Granted | 294,208 | ||
Granted | $93.09 | $82.05 | $84.46 |
Vested | -303,194 | ||
Vested | $93.78 | ||
Forfeited | -34,316 | ||
Forfeited | $75.35 | ||
Surrendered, as a result of the Spin-Off | -84,934 | ||
Surrendered, as a result of the Spin-Off | $87.15 | ||
Issued in Conversion, as a result of the Spin-Off | 537,915 | ||
Issued in Conversion, as a result of the Spin-Off | $50.75 | ||
Nonvested shares at | 1,106,670 | 696,991 | |
Nonvested shares at | $39.80 | $78.60 |
Note_17_Segment_and_Related_In2
Note 17 - Segment and Related Information (Details) - Financial Information by Business Segment (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Well site services - | |||
Revenues From Unaffiliated Customers | $1,819,609 | $1,629,134 | $1,517,720 |
Depreciation and amortization | 124,776 | 109,231 | 88,745 |
Operating income (loss) | 310,255 | 247,277 | 247,645 |
Equity in earnings of unconsolidated affiliates | 378 | -355 | -417 |
Capital expenditures | 199,256 | 164,895 | 168,863 |
Total assets | 1,809,612 | 4,131,261 | 1,652,449 |
Well Site Services - Completion Services [Member] | |||
Well site services - | |||
Revenues From Unaffiliated Customers | 656,862 | 576,040 | 522,618 |
Depreciation and amortization | 74,176 | 65,644 | 50,611 |
Operating income (loss) | 148,787 | 127,280 | 124,620 |
Capital expenditures | 107,580 | 95,236 | 86,567 |
Total assets | 641,725 | 589,626 | 574,203 |
Well Site Services - Drilling Services [Member] | |||
Well site services - | |||
Revenues From Unaffiliated Customers | 201,143 | 170,467 | 191,035 |
Depreciation and amortization | 27,081 | 24,908 | 22,411 |
Operating income (loss) | 29,574 | 22,363 | 32,160 |
Capital expenditures | 29,359 | 25,535 | 32,136 |
Total assets | 135,676 | 139,973 | 157,658 |
Total Well Site Services [Member] | |||
Well site services - | |||
Revenues From Unaffiliated Customers | 858,005 | 746,507 | 713,653 |
Depreciation and amortization | 101,257 | 90,552 | 73,022 |
Operating income (loss) | 178,361 | 149,643 | 156,780 |
Capital expenditures | 136,939 | 120,771 | 118,703 |
Total assets | 777,401 | 729,599 | 731,861 |
Offshore Products [Member] | |||
Well site services - | |||
Revenues From Unaffiliated Customers | 961,604 | 882,627 | 804,067 |
Depreciation and amortization | 22,496 | 17,751 | 14,720 |
Operating income (loss) | 200,098 | 156,918 | 134,051 |
Equity in earnings of unconsolidated affiliates | 378 | -355 | -417 |
Capital expenditures | 60,263 | 42,694 | 48,792 |
Total assets | 983,542 | 940,825 | 804,980 |
Corporate And Eliminations [Member] | |||
Well site services - | |||
Depreciation and amortization | 1,023 | 928 | 1,003 |
Operating income (loss) | -68,204 | -59,284 | -43,186 |
Capital expenditures | 2,054 | 1,430 | 1,368 |
Total assets | $48,669 | $338,435 | $115,608 |
Note_17_Segment_and_Related_In3
Note 17 - Segment and Related Information (Details) - Financial Information by Geographic Segment (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
2014 | |||
Revenues from unaffiliated customers | $1,819,609 | $1,629,134 | $1,517,720 |
Long-lived assets | 980,219 | 928,775 | 861,733 |
UNITED STATES | |||
2014 | |||
Revenues from unaffiliated customers | 1,468,202 | 1,261,186 | 1,128,909 |
Long-lived assets | 826,648 | 803,918 | 752,736 |
UNITED KINGDOM | |||
2014 | |||
Revenues from unaffiliated customers | 188,753 | 171,439 | 205,618 |
Long-lived assets | 54,868 | 33,107 | 23,626 |
SINGAPORE | |||
2014 | |||
Revenues from unaffiliated customers | 83,493 | 106,937 | 97,864 |
Long-lived assets | 27,438 | 25,511 | 30,431 |
Other Non-U.S. [Member] | |||
2014 | |||
Revenues from unaffiliated customers | 79,161 | 89,572 | 85,329 |
Long-lived assets | $71,265 | $66,239 | $54,940 |
Note_18_Valuation_Allowances_D
Note 18 - Valuation Allowances (Details) - Valuation Allowances (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Allowances and Reserves, Balance at Beginning of Period | $3,878 | $3,804 | $1,913 |
Valuation Allowances and Reserves, Charged to Costs and Expenses | 3,364 | 505 | 1,944 |
Valuation Allowances and Reserves, Deductions (net of recoveries) | 111 | -419 | -66 |
Valuation Allowances and Reserves, Translation and Other, Net | -228 | -12 | 13 |
Valuation Allowances and Reserves, Balance at End of Period | 7,125 | 3,878 | 3,804 |
Inventory Valuation Reserve [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Allowances and Reserves, Balance at Beginning of Period | 9,540 | 8,603 | 7,820 |
Valuation Allowances and Reserves, Charged to Costs and Expenses | 2,147 | 2,076 | 3,844 |
Valuation Allowances and Reserves, Deductions (net of recoveries) | -1,772 | -1,159 | -3,134 |
Valuation Allowances and Reserves, Translation and Other, Net | -39 | 20 | 73 |
Valuation Allowances and Reserves, Balance at End of Period | $9,876 | $9,540 | $8,603 |
Note_19_Quarterly_Financial_In2
Note 19 - Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 19 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Transaction Costs Related To Spin-Off, Net of Tax | $9,600,000 | $1,400,000 | $1,600,000 | $2,600,000 | $1,500,000 | |||
Transaction Costs Related To Spin Off Per Diluted Share, Net of Tax | $0.11 | $0.02 | $0.02 | $0.03 | $0.02 | |||
Gain (Loss) Due to Decrease (Increase) to Liability With Contingent Acquisition Consideration | 4,000,000 | |||||||
Gain (Loss) Per Diluted Share Due to Decrease (Increase) to Liability With Contingent Acquisition Consideration | $0.05 | |||||||
Gains (Losses) on Extinguishment of Debt | 100,400,000 | -6,200,000 | -3,300,000 | -100,380,000 | -6,168,000 | |||
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax | $1.22 | ($0.07) | ($0.04) | |||||
Other Cost and Expense, Operating | 3,000,000 | |||||||
Other Cost and Expense, Operating, Per Share | $0.05 | |||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 128,600,000 | 84,043,000 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | $1.51 | |||||||
Continuing Operations [Member] | ||||||||
Note 19 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Transaction Costs Related To Spin Off Per Diluted Share, Net of Tax | ($0.03) | |||||||
Gains (Losses) on Extinguishment of Debt | -2,100,000 | |||||||
Discontinued Operations [Member] | ||||||||
Note 19 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Gains (Losses) on Extinguishment of Debt | ($1,200,000) | |||||||
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax | ($0.01) |
Note_19_Quarterly_Financial_In3
Note 19 - Quarterly Financial Information (Unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
2014 | |||||||||||||||||||
Revenues | $483,733 | [1] | $471,032 | [2] | $459,607 | [3] | $405,237 | [4] | $421,309 | [1] | $438,176 | [2] | $390,789 | [3] | $378,859 | [4] | |||
Gross profit(1) | 164,626 | [1],[5] | 164,535 | [2],[5] | 151,699 | [3],[5] | 132,866 | [4],[5] | 143,612 | [1],[5] | 136,474 | [2],[5] | 124,960 | [3],[5] | 110,919 | [4],[5] | |||
Net income attributable to: | |||||||||||||||||||
Continuing operations | 58,253 | [1] | 58,387 | [2] | -24,122 | [3] | 34,709 | [4] | 36,087 | [1] | 35,490 | [2] | 28,865 | [3] | 28,599 | [4] | 127,227 | 129,041 | 141,127 |
Discontinued operations | $206 | [1] | ($1,467) | [2] | $16,242 | [3] | $36,795 | [4] | $38,717 | [1] | $132,250 | [2] | $47,660 | [3] | $73,590 | [4] | $51,776 | $292,217 | $307,482 |
Basic earnings per share: | |||||||||||||||||||
Continuing operations | $1.10 | [1] | $1.08 | [2] | ($0.45) | [3] | $0.65 | [4] | $0.65 | [1] | $0.64 | [2] | $0.52 | [3] | $0.52 | [4] | $2.37 | $2.32 | $2.66 |
Discontinued operations | [1] | ($0.03) | [2] | $0.30 | [3] | $0.68 | [4] | $0.70 | [1] | $2.40 | [2] | $0.87 | [3] | $1.34 | [4] | $0.96 | $5.26 | $5.81 | |
Diluted earnings per share: | |||||||||||||||||||
Continuing operations | $1.09 | [1] | $1.07 | [2] | ($0.45) | [3] | $0.64 | [4] | $0.65 | [1] | $0.64 | [2] | $0.52 | [3] | $0.52 | [4] | $2.35 | $2.31 | $2.55 |
Discontinued operations | [1] | ($0.02) | [2] | $0.30 | [3] | $0.68 | [4] | $0.69 | [1] | $2.37 | [2] | $0.86 | [3] | $1.33 | [4] | $0.96 | $5.22 | $5.55 | |
[1] | In the fourth quarter of 2013, we recognized a pre-tax loss on the extinguishment of debt in our continuing operations of $6.2 million, or $0.07 per diluted share after-tax, and we incurred $1.6 million, or $0.02 per diluted share after-tax, of transaction costs in our continuing operations, primarily related to the Spin-Off. | ||||||||||||||||||
[2] | In the third quarter of 2013, we recognized a net gain on the disposal of our tubular services segment of $128.6 million, or $1.51 per diluted share after-tax, which is included within net income attributable to discontinued operations. In addition, in the third quarter of 2013, we recognized, a pre-tax loss on the extinguishment of debt of $3.3 million, or $0.04 per diluted share after-tax ($2.1 million, or $0.03 per diluted share after-tax, in continuing operations, and $1.2 million, or $0.01 per diluted share after-tax, in discontinued operations) and we incurred $2.6 million, or $0.03 per diluted share after-tax, of transaction costs in our continuing operations related to the Spin-Off. | ||||||||||||||||||
[3] | In the second quarter of 2014, we recognized in our continuing operations a pre-tax loss on extinguishment of debt of $100.4 million, or $1.22 per diluted share after-tax, and $9.6 million, or $0.11 per diluted share after-tax, representing transaction costs primarily related to the Spin-Off. In the second quarter of 2013, we recognized in our continuing operations a charge of $3.0 million, or $0.05 per diluted share, from an increase in contingent acquisition consideration in our completion services business and we incurred $1.5 million, or $0.02 per diluted share after-tax, of transaction costs primarily related to the Spin-Off. | ||||||||||||||||||
[4] | In the first quarter of 2014, we incurred $1.4 million, or $0.02 per diluted share after-tax, of third-party transaction costs in our continuing operations, primarily related to the Spin-Off. In the first quarter of 2013, we recognized a gain of $4.0 million, or $0.05 per diluted share after-tax, in our continuing operations from a decrease to a liability associated with contingent acquisition consideration in our completion services business. | ||||||||||||||||||
[5] | Represents "revenues" less "product costs" and "service and other costs" included in the Company's consolidated statements of income. |
Note_20_Subsequent_Events_Deta
Note 20 - Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | 2 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 02, 2015 | Feb. 19, 2015 | |
Note 20 - Subsequent Events (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | ($2,568,000) | ($15,825,000) | |||
Treasury Stock, Value, Acquired, Cost Method | 218,906,000 | 115,932,000 | 15,245,000 | ||
Subsequent Event [Member] | MMC [Member] | |||||
Note 20 - Subsequent Events (Details) [Line Items] | |||||
Business Combination, Consideration Transferred | 34,000,000 | ||||
Subsequent Event [Member] | |||||
Note 20 - Subsequent Events (Details) [Line Items] | |||||
Treasury Stock, Value, Acquired, Cost Method | 70,000,000 | ||||
Treasury Stock, Shares, Acquired (in Shares) | 1,619,832 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $79,900,000 |