Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 10, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | OIL STATES INTERNATIONAL, INC | ||
Entity Central Index Key | 1,121,484 | ||
Trading Symbol | ois | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 51,372,628 | ||
Entity Public Float | $ 1,616,900,263 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Products | $ 416,174 | $ 561,018 | $ 765,339 |
Service | 278,270 | 538,959 | 1,054,270 |
694,444 | 1,099,977 | 1,819,609 | |
Costs and expenses: | |||
Product costs | 288,270 | 395,137 | 546,639 |
Service costs | 238,500 | 390,561 | 659,245 |
Selling, general and administrative expenses | 124,033 | 132,664 | 169,432 |
Depreciation and amortization expense | 118,720 | 131,257 | 124,776 |
Other operating (income) expense, net | (5,796) | (4,648) | 9,262 |
763,727 | 1,044,971 | 1,509,354 | |
Operating income (loss) | (69,283) | 55,006 | 310,255 |
Interest expense | (5,343) | (6,427) | (17,173) |
Interest income | 399 | 543 | 560 |
Loss on extinguishment of debt | (100,380) | ||
Other income | 902 | 1,446 | 3,082 |
Total | (73,325) | 50,568 | 196,344 |
Income tax benefit (provision) | 26,939 | (22,197) | (69,117) |
Net income (loss) from continuing operations | (46,386) | 28,371 | 127,227 |
Net income from discontinued operations, net of tax | (4) | 226 | 51,776 |
Net income (loss) attributable to Oil States | $ (46,390) | $ 28,597 | $ 179,003 |
Basic net income (loss) per share attributable to Oil States from: | |||
Continuing operations (in dollars per share) | $ (0.92) | $ 0.55 | $ 2.37 |
Discontinued operations (in dollars per share) | 0.01 | 0.96 | |
Net income (loss) (in dollars per share) | (0.92) | 0.56 | 3.33 |
Diluted net income (loss) per share attributable to Oil States from: | |||
Continuing operations (in dollars per share) | (0.92) | 0.55 | 2.35 |
Discontinued operations (in dollars per share) | 0.01 | 0.96 | |
Net income (loss) (in dollars per share) | $ (0.92) | $ 0.56 | $ 3.31 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 50,174 | 50,269 | 52,862 |
Diluted (in shares) | 50,174 | 50,335 | 53,151 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ (46,390) | $ 28,597 | $ 179,003 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (19,778) | (27,957) | 235 |
Unrealized gain on forward contracts, net of tax | (307) | (6) | |
Other | 176 | (948) | (185) |
Total other comprehensive income (loss) | (19,602) | (28,598) | 56 |
Comprehensive income (loss) | (65,992) | (1) | 179,059 |
Less: Comprehensive loss attributable to noncontrolling interest | (24) | ||
Comprehensive income (loss) attributable to Oil States | $ (65,992) | $ (1) | $ 179,083 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 68,800 | $ 35,973 |
Accounts receivable, net | 234,513 | 333,494 |
Inventories, net | 175,490 | 212,882 |
Prepaid expenses and other current assets | 11,174 | 29,124 |
Total current assets | 489,977 | 611,473 |
Property, plant, and equipment, net | 553,402 | 638,725 |
Goodwill, net | 263,369 | 263,787 |
Other intangible assets, net | 52,746 | 59,385 |
Other noncurrent assets | 24,404 | 23,101 |
Total assets | 1,383,898 | 1,596,471 |
Current liabilities: | ||
Less: Current portion | 538 | 533 |
Accounts payable | 34,207 | 59,116 |
Accrued liabilities | 45,018 | 49,300 |
Income taxes payable | 5,839 | 8,303 |
Deferred revenue | 21,315 | 36,655 |
Other current liabilities | 315 | 293 |
Total current liabilities | 107,232 | 154,200 |
Long-term debt and capitalized leases | 45,388 | 125,887 |
Deferred income taxes | 5,036 | 40,497 |
Other noncurrent liabilities | 21,935 | 20,215 |
Total liabilities | 179,591 | 340,799 |
Common stock, $.01 par value, 200,000,000 shares authorized, 62,295,870 shares and 61,712,805 shares issued, respectively | 623 | 617 |
Additional paid-in capital | 731,562 | 712,980 |
Retained earnings | 1,133,473 | 1,179,863 |
Accumulated other comprehensive loss | (70,300) | (50,698) |
Treasury stock at cost, 10,921,509 and 10,759,656 shares, respectively | (591,051) | (587,090) |
Total stockholders' equity | 1,204,307 | 1,255,672 |
Total liabilities and stockholders' equity | $ 1,383,898 | $ 1,596,471 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 62,295,870 | 61,712,805 |
Treasury stock, shares (in shares) | 10,921,509 | 10,759,656 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Discontinued Operations [Member]Additional Paid-in Capital [Member] | Discontinued Operations [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
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 | |||||||
Net income from noncontrolling interest – discontinued operations | 566 | 566 | |||||||
Currency translation adjustment | Excluding Intercompany Notes [Member] | 1,234 | 82 | 1,316 | ||||||
Currency translation adjustment | 235 | (24) | 211 | ||||||
Other comprehensive income | (185) | (185) | |||||||
Unrealized gain on forward contracts, net of tax | 6 | 6 | |||||||
Restricted stock | 23,513 | 23,513 | |||||||
Stock options | 3,636 | 3,636 | |||||||
Exercise/vesting of stock-based awards, including tax impact | $ 2,727 | $ 2,727 | 4 | 17,124 | 17,128 | ||||
Surrender of stock to pay taxes on restricted stock awards | (6,136) | (6,136) | |||||||
Spin-Off of Civeo | (242) | (1,348,190) | 63,519 | (1,764) | (1,286,677) | ||||
Dividends paid (noncontrolling interest) | (489) | (489) | |||||||
Acquisition of non-controlling interest | (184) | (166) | (350) | ||||||
Stock repurchases | (218,906) | (218,906) | |||||||
Other | 14 | (14) | |||||||
Balance at Dec. 31, 2014 | 610 | 685,232 | 1,151,266 | (22,100) | (474,351) | 1,340,657 | |||
Net income | 28,597 | 28,597 | |||||||
Currency translation adjustment | Excluding Intercompany Notes [Member] | (24,191) | (24,191) | |||||||
Currency translation adjustment | Intercompany Notes [Member] | (3,766) | (3,766) | |||||||
Currency translation adjustment | 4 | 18,832 | 18,836 | ||||||
Other comprehensive income | (948) | (948) | |||||||
Unrealized gain on forward contracts, net of tax | 307 | 307 | |||||||
Stock options | 2,942 | 2,942 | |||||||
Exercise/vesting of stock-based awards, including tax impact | 3 | 5,977 | 5,980 | ||||||
Surrender of stock to pay taxes on restricted stock awards | (6,826) | (6,826) | |||||||
Stock repurchases | (105,916) | (105,916) | |||||||
Balance at Dec. 31, 2015 | 617 | 712,980 | 1,179,863 | (50,698) | (587,090) | 1,255,672 | |||
OIS common stock withdrawn from deferred compensation plan | (3) | 3 | |||||||
Net income | (46,390) | (46,390) | |||||||
Currency translation adjustment | Excluding Intercompany Notes [Member] | (23,802) | (23,802) | |||||||
Currency translation adjustment | Intercompany Notes [Member] | 4,024 | 4,024 | |||||||
Other comprehensive income | 176 | 176 | |||||||
Unrealized gain on forward contracts, net of tax | |||||||||
Restricted stock | 6 | 18,899 | 18,905 | ||||||
Stock options | 2,245 | 2,245 | |||||||
Exercise/vesting of stock-based awards, including tax impact | (2,609) | (2,609) | |||||||
Surrender of stock to pay taxes on restricted stock awards | (3,980) | (3,980) | |||||||
Balance at Dec. 31, 2016 | $ 623 | 731,562 | $ 1,133,473 | $ (70,300) | (591,051) | 1,204,307 | |||
OIS common stock withdrawn from deferred compensation plan | $ 47 | $ 19 | $ 66 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ (46,390) | $ 28,597 | $ 179,003 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income (loss) from discontinued operations | 4 | (226) | (51,776) |
Depreciation and amortization | 118,720 | 131,257 | 124,776 |
Stock-based compensation expense | 21,322 | 21,778 | 25,581 |
Deferred income tax benefit | (37,606) | (3,173) | (11,970) |
Tax impact of stock-based payment arrangements | (469) | (6,904) | |
Gains on disposals of assets | (802) | (1,274) | (2,043) |
Amortization of deferred financing costs | 785 | 780 | 1,819 |
Loss on extinguishment of debt | 100,380 | ||
Other, net | 2,923 | 283 | 3,127 |
Changes in operating assets and liabilities, net of effect from acquired businesses: | |||
Accounts receivable | 85,503 | 156,945 | (65,787) |
Inventories | 32,158 | 17,777 | 1,430 |
Accounts payable and accrued liabilities | (27,716) | (98,354) | 5,741 |
Income taxes payable | (1,930) | 4,897 | (15,130) |
Other operating assets and liabilities, net | 2,286 | (3,050) | 14,397 |
Net cash flows provided by continuing operating activities | 149,257 | 255,768 | 302,644 |
Net cash flows provided by discontinued operating activities | 353 | 135,392 | |
Net cash flows provided by operating activities | 149,257 | 256,121 | 438,036 |
Cash flows from investing activities: | |||
Capital expenditures | (29,689) | (114,738) | (199,256) |
Acquisitions of businesses, net of cash acquired | (33,427) | (157) | |
Proceeds from disposition of property, plant and equipment | 1,532 | 2,655 | 3,535 |
Other, net | (1,135) | (1,686) | (2,626) |
Net cash flows used in continuing investing activities | (29,292) | (147,196) | (198,504) |
Net cash flows used in discontinued investing activities | (119,199) | ||
Net cash flows used in investing activities | (29,292) | (147,196) | (317,703) |
Cash flows from financing activities: | |||
Revolving credit facility (repayments) borrowings, net | (80,674) | (17,825) | 140,684 |
Debt and capital lease repayments | (534) | (541) | (538) |
Payment of financing costs | (72) | (2) | (3,897) |
Distribution received from Spin-Off of Civeo | 750,000 | ||
Issuance of common stock from stock-based payment arrangements | 367 | 5,920 | 10,475 |
Purchase of treasury stock | (105,916) | (226,303) | |
Tax impact of stock-based payment arrangements | 469 | 6,904 | |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | (3,962) | (6,827) | (6,136) |
Net cash flows used in continuing financing activities | (84,875) | (124,722) | (378,912) |
Net cash flows used in discontinued financing activities | (282,204) | ||
Net cash flows used in financing activities | (84,875) | (124,722) | (661,116) |
Effect of exchange rate changes on cash | (2,263) | (1,493) | (5,260) |
Net change in cash and cash equivalents | 32,827 | (17,290) | (546,043) |
Cash and cash equivalents, beginning of year | 35,973 | 53,263 | 599,306 |
Cash and cash equivalents, end of year | 68,800 | 35,973 | 53,263 |
Six and a Half Percent Senior Notes [Member] | |||
Cash flows from financing activities: | |||
Repayment of senior notes | (630,307) | ||
Five and One Eighth Percent Senior Notes [Member] | |||
Cash flows from financing activities: | |||
Repayment of senior notes | $ (419,794) |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parentheticals) | Dec. 31, 2014 |
Six and a Half Percent Senior Notes [Member] | |
Interest rate | 6.50% |
Five and One Eighth Percent Senior Notes [Member] | |
Interest rate | 5.125% |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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. Certain prior-year amounts in the Company’s Consolidated Financial Statements have been reclassified to conform to the current year presentation. On May 30, 2014, 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 crude oil and natural gas producing regions, onshore and offshore United States, Canada, West Africa, the North Sea, South America and Southeast and Central Asia. The Company operates through two |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three 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. 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 operations. 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. We evaluate goodwill for impairment annually and when an event occurs or circumstances change to suggest that the carrying amount may December 31, 2016 first 50 two two first two 2016, two two 2014, 2015 2016, 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 See Note 9 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 Foreign Currency and Other Comprehensive Loss Gains and losses resulting from balance sheet translation of international operations where the local currency is the functional currency are included as a separate component of accumulated other comprehensive loss within stockholders' equity representing substantially all of the balances within accumulated other comprehensive loss. Remeasurements of intercompany loans denominated in a currency other than the functional currency of the entity that are of a long-term investment nature are recognized as a component of other comprehensive loss 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 operations as incurred. Currency Exchange Rate Risk A portion of revenues, earnings and net investments in operations outside the United States are exposed to changes in currency exchange rates. We seek to manage our currency 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 December 31, 2016 2015, $2.2 $5.4 2015, $0.4 2015. $4.7 $3.7 2016 2015, $0.4 2014, 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 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 international 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. During 2016 2015, $20.1 $35.2 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. This assessment requires analysis of available positive and negative evidence, including losses in recent years, reversals of temporary differences, forecasts of future income, assessment of future business assumptions and tax planning strategies. During 2015 2016, 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 2014. 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 may Earnings per Share Diluted earnings per share (“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, 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 stockholders 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 amounts under the two The presentation of basic EPS amounts on the face of the accompanying consolidated statements of operations is computed by dividing the net income (loss) applicable to the Company’s common stockholders 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. Stock-Based Compensation The fair value of share-based payments is estimated using the quoted market price of the Company’s stock and pricing models as of the date of grant as further discussed in Note 15. 2016, 2015 2014, may Guarantees Some product sales in our Offshore Products businesses are sold with a warranty, generally ranging from 12 18 $1.1 $2.6 December 31, 2016 2015, 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, 2016, $36.1 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 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 and potential future adjustments related to contractual agreements. 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 litigation, taxes, insurance claims, warranty claims, contractual claims and obligations and discontinued operations. |
Note 3 - Details of Selected Ba
Note 3 - Details of Selected Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 3 . Details of Selected Balance Sheet Accounts Additional information regarding selected balance sheet accounts as of December 31, 2016 2015 201 6 201 5 Accounts receivable, net: Trade $ 173,087 $ 210,313 Unbilled revenue 64,564 124,331 Other 5,372 5,738 Total accounts receivable 243,023 340,382 Allowance for doubtful accounts (8,510 ) (6,888 ) $ 234,513 $ 333,494 201 6 201 5 Inventories, net: Finished goods and purchased products $ 87,241 $ 97,362 Work in process 30,584 42,182 Raw materials 72,514 86,236 Total inventories 190,339 225,780 Allowance for excess, damaged, or obsolete inventory (14,849 ) (12,898 ) $ 175,490 $ 212,882 2016 2015 Prepaid expenses and other current assets : Prepayments to vendors $ 877 $ 5,266 Prepaid insurance 3,738 4,827 Income tax asset 430 11,519 Prepaid non-income taxes 1,650 1,680 Prepaid rent 602 1,108 Other 3,877 4,724 $ 11,174 $ 29,124 Estimated Useful Life (in years) 201 6 201 5 Property, plant and equipment, net: Land $ 31,683 $ 26,334 Buildings and leasehold improvements 3 - 40 227,642 185,274 Machinery and equipment 2 - 28 455,873 462,054 Completion services equipment 2 - 10 429,845 421,386 Office furniture and equipment 3 - 10 42,827 32,200 Vehicles 2 - 10 121,317 125,211 Construction in progress 27,519 92,800 Total property, plant and equipment 1,336,706 1,345,259 Accumulated depreciation (783,304 ) (706,534 ) $ 553,402 $ 638,725 Depreciation expense was $110.5 $123.5 $117.7 December 31, 2016, 2015 2014, 201 6 201 5 Accrued liabilities: Accrued compensation $ 23,131 $ 19,402 Insurance liabilities 8,099 9,855 Accrued taxes, other than income taxes 2,461 3,619 Accrued leasehold restoration liability 766 3,389 Accrued commissions 1,305 2,033 Accrued product warranty reserves 1,113 2,638 Accrued claims 1,578 896 Other 6,565 7,468 $ 45,018 $ 49,300 |
Note 4 - Recent Accounting Pron
Note 4 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 4 . Recent Accounting Pronouncements In May 2014, January 1, 2018, In February 2016, The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. The Company will adopt this guidance on January 1, 2019. December 31, 2016 14, In March 2016, January 1, 2017 and does not expect it to have a material impact on its consolidated financial statements. In January 2017, January 1, 2017. January 1, 2017. 9, In April 2015, January 1, 2016 deferred financing costs associated with its revolving credit agreement from other noncurrent assets to a reduction of long-term debt on a retrospective basis. The Company’s consolidated balance sheet included deferred financing costs of $2.7 December 31, 2015 December 31, 2016, $2.0 |
Note 5 - Accumulated Other Comp
Note 5 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 5. Accumulated other comprehensive loss, reported as a component of stockholders’ equity, increased from $50.7 December 31, 2015 $70.3 December 31, 2016, 2016 2015, December 31, 2016, 16% December 31, 2015, 22% 3%, As of December 31, 2015, 5%, 31% 16%, December 31, 2014. |
Note 6 - Acquisitions and Suppl
Note 6 - Acquisitions and Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 6. On January 2, 2015, $33.4 Components of cash used in connection with this acquisition as reflected in the consolidated statements of cash flows for the year ended December 31, 2015 2015 Fair value of assets acquired including intangibles and goodwill $ 39,505 Liabilities assumed (6,026 ) Cash acquired (52 ) Cash used in acquisition of business $ 33,427 Cash paid during the years ended December 31, 2016, 2015 2014 201 6 201 5 201 4 Interest $ 3,942 $ 5,629 $ 40,375 Income taxes, net of refunds $ 2,330 $ 18,780 $ 102,160 |
Note 7 - Discontinued Operation
Note 7 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. On May 30, 2014, May 30, 2014, May 21, 2014 two The following table provides the components of net income from discontinued operations, net of tax for each operating segment (in thousands). 201 6 201 5 201 4 Revenues Accommodations $ – $ – $ 404,207 Income from Accommodations discontinued operations: Income (loss) from discontinued operations before income taxes $ (21 ) $ 327 $ 62,504 Income tax benefit (provision) 8 (118 ) (11,004 ) Net income (loss) from discontinued operations, net of tax $ (13 ) $ 209 $ 51,500 Income from Tubular S ervices discontinued operations: Income from discontinued operations before income taxes $ 14 $ 27 $ 321 Income tax benefit (provision) (5 ) (10 ) (45 ) Net income from discontinued operations, net of tax $ 9 $ 17 $ 276 |
Note 8 - Net Income (Loss) Per
Note 8 - Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Net Income (Loss) Per Share The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the years ended December 31, 2016 2015 2016 2015 2014 Numerators: Net income (loss) from continuing operations $ (46,386 ) $ 28,371 $ 127,227 Less: Income attributable to unvested restricted stock awards – (592 ) (2,095 ) Numerator for basic net income (loss) per share from continuing operations (46,386 ) 27,779 125,132 Net income (loss) from discontinued operations, net of tax (4 ) 226 51,776 Less: Income attributable to unvested restricted stock awards – (5 ) (853 ) Numerator for basic net income (loss) per share attributable to Oil S tates (46,390 ) 28,000 176,055 Effect of dilutive securities: Unvested restricted stock awards – 1 16 Numerator for diluted net income (loss) per share attributable to Oil States $ (46,390 ) $ 28,001 $ 176,071 Denominators: Weighted average number of common shares outstanding 51,307 51,341 53,747 Less: Weighted average number of unvested restricted stock awards outstanding (1,133 ) (1,072 ) (885 ) Denominator for basic net income (loss) per s hare attributable to Oil States 50,174 50,269 52,862 Effect of dilutive securities: Unvested restricted stock awards – 9 15 Assumed exercise of stock options – 57 274 – 66 289 Denominator for diluted net income (loss) per share attributable to Oil States 50,174 50,335 53,151 Basic net income (loss) per share attributable to Oil States from : Continuing operations $ (0.92 ) $ 0.55 $ 2.37 Discontinued operations – 0.01 0.96 Net income (loss) $ (0.92 ) $ 0.56 $ 3.33 Diluted net income (loss) per share attributable to Oil States from : Continuing operations $ (0.92 ) $ 0.55 $ 2.35 Discontinued operations – 0.01 0.96 Net income (loss) $ (0.92 ) $ 0.56 $ 3.31 The calculation of diluted net income (loss) per share for the years ended December 31, 2016, 2015 2014 748,552 747,839 224,739 |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. 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 two December 31, 2016. 3 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. As of December 31, 2016 2015, Changes in the carrying amount of goodwill for the years ended December 31, 2016 2015 Well Site Services Completion Services Drilling Services Subtotal Offshore Products Total 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 Goodwill acquired and purchase price adjustments – – – 13,943 13,943 Foreign currency translation and other changes (2,064 ) – (2,064 ) (293 ) (2,357 ) Balance as of December 31, 2015 $ 104,375 $ – $ 104,375 $ 159,412 $ 263,787 Balance as of December 31, 2015 Goodwill $ 198,903 $ 22,767 $ 221,670 $ 159,412 $ 381,082 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) 104,375 – 104,375 159,412 263,787 Foreign currency translation and other changes 375 – 375 (793 ) (418 ) Balance as of December 31, 2016 $ 104,750 $ – $ 104,750 $ 158,619 $ 263,369 Balance as of December 31, 2016 Goodwill $ 199,278 $ 22,767 $ 222,045 $ 158,619 $ 380,664 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) $ 104,750 $ – $ 104,750 $ 158,619 $ 263,369 The following table presents the total gross carrying amount of intangibles and the total accumulated amortization for major intangible asset classes as of December 31, 2016 2015 As of December 31, 201 6 201 5 Other Intangible Assets Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 44,557 $ 19,225 $ 44,557 $ 15,790 Contracts/Agreements/Backlog 1,064 709 1,064 355 Patents 20,056 8,418 20,024 6,521 Technology 10,111 4,064 10,111 3,052 Noncompete agreements 4,358 2,216 4,358 1,565 Trademarks and other 9,737 2,505 8,237 1,683 Total other intangible assets $ 89,883 $ 37,137 $ 88,351 $ 28,966 The weighted average remaining amortization period for all intangible assets, other than goodwill, was 8.2 December 31, 2016 8.7 December 31, 2015. $8.1 2017, $7.4 2018, $7.2 2019, $7.0 2020 $6.0 2021. $8.2 $7.8 $7.0 December 31, 2016, 2015 2014, |
Note 10 - Long-term Debt
Note 10 - Long-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10 . Long-term Debt As of December 31, 2016 2015, 201 6 201 5 Revolving credit facility (1) $ 40,230 $ 120,191 Capital lease obligations and other debt 5,696 6,229 Total debt 45,926 126,420 Less: Current portion 538 533 Total long-term debt and capitalized leases $ 45,388 $ 125,887 (1) Amounts presented are net of $2.0 $2.7 Scheduled maturities of combined long-term debt as of December 31, 2016, 2017 $ 538 2018 449 2019 40,572 2020 359 2021 374 Thereafter 3,634 $ 45,926 The Company's capital leases consist primarily of plant facilities and equipment. The value of capitalized leases and the related accumulated depreciation totaled $1.1 $0.8 December 31, 2016. $1.5 $0.9 December 31, 2015. Credit Facility The Company has a $600 an option to increase the maximum borrowings under its revolving credit facility to $750 May 28, 2019. December 31, 2016, $42.2 $30.7 $153.1 he total amount available to be drawn under our revolving credit facility was less than the lender commitments as of December 31, 2016, 2017 twelve The revolving credit facility is governed by a Credit Agreement dated as of May 28, 2014, October 3, 2016, may 1.50% 2.50%, 0.50% 1.50%, December 31, 2016, 1.50%. 0.375% December 31, 2016. 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 1.0 3.25 1.0. December 31, 2016, 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 revolving 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 Agreement, 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 facility and cause it to become immediately due and payable in full. Loss on Extinguishment of Debt During 2014, $100.4 6 1/2% 5 1/8% second $96.7 6 1/2% 5 1/8% tendered 2014, $3.7 $1.8 |
Note 11 - Stock Repurchase Prog
Note 11 - Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stock Repurchase Program [Text Block] | 11 . Stock Repurchase Program On July 29, 2015, $150 July 29, 2016. July 27, 2016, one July 29, 2017. December 31, 2016, no 2015, $105.9 (2,674,218 $218.9 (2,843,142 2014. December 31, 2016 $136.8 |
Note 12 - Retirement Plans
Note 12 - Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12 . Retirement Plans The Company sponsors defined contribution plans. Participation in these plans is available to substantially all employees. The Company recognized expense of $6.8 $8.0 $13.0 December 31, 2016, 2015 2014, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13 . Income Taxes Consolidated income (loss) from continuing operations before income taxes for the years ended December 31, 2016, 2015 2014 201 6 201 5 201 4 United States $ (113,512 ) $ (21,598 ) $ 128,639 Foreign 40,187 72,166 67,705 Total $ (73,325 ) $ 50,568 $ 196,344 The components of the income tax provision (benefit) with respect to income (loss) from continuing operations for the years ended December 31, 2016, 2015 2014 2016 201 5 201 4 Current: Federal $ (534 ) $ 7,221 $ 56,317 State 1,053 1,868 5,426 Foreign 10,148 16,281 19,344 10,667 25,370 81,087 Deferred: Federal (34,816 ) (5,656 ) (8,620 ) State (2,807 ) (496 ) 26 Foreign 17 2,979 (3,376 ) (37,606 ) (3,173 ) (11,970 ) Total provision (benefit) $ (26,939 ) $ 22,197 $ 69,117 A reconciliation of the federal statutory tax provision (benefit) rate to the effective tax provision (benefit) rate for the years ended December 31, 2016, 2015 2014 201 6 201 5 201 4 United States statutory tax provision (benefit) rate (35.0 )% 35.0 % 35.0 % Effect of foreign income taxed at different rates (4.3 ) (11.1 ) (2.8 ) Valuation allowance against tax assets 3.1 8.1 – Non-deductible compensation 1.1 7.6 0.3 Other non-deductible expenses 2.0 4.5 1.4 Domestic manufacturing deduction – (2.6 ) (1.9 ) State income taxes, net of federal benefits (2.1 ) 1.3 2.8 Other, net (1.5 ) 1.1 0.4 Effective tax provision (benefit) rate (36.7 )% 43.9 % 35.2 % The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2016 2015 201 6 2015 Deferred tax assets: Foreign tax credit carryover $ 32,548 $ 24,852 Net operating loss carryforwards 21,871 4,580 Employee benefits 18,060 18,252 Inventory reserves 7,152 7,394 Other reserves 2,939 3,580 Allowance for doubtful accounts 2,445 1,657 Other 668 635 Gross deferred tax asset 85,683 60,950 Valuation allowance (7,033 ) (3,970 ) Net deferred tax asset 78,650 56,980 Deferred tax liabilities: Tax over book depreciation (62,403 ) (77,632 ) Intangible assets (19,878 ) (17,804 ) Accrued liabilities (1,016 ) (1,513 ) Deferred revenue (268 ) (113 ) Other – (377 ) Deferred tax liability (83,565 ) (97,439 ) Net deferred tax liability $ (4,915 ) $ (40,459 ) 201 6 2015 Balance sheet classification: Other non-current assets $ 121 $ 38 Deferred tax liability (5,036 ) (40,497 ) Net deferred tax liability $ (4,915 ) $ (40,459 ) Our primary deferred tax assets at December 31, 2016, 2021 2026. At December 31, 2016, $36.6 $50.9 December 31, 2016, $2.1 $3.2 $11.7 $1.0 2036. 2021 2036. 2019 2022, 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 approximately $240 December 31, 2016, may may 2016 2015, $20.1 $35.2 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 2013 2010 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 fifty The total amount of unrecognized tax benefits as of December 31, 2016, 2015 2014 nil December 31, 2016 2015, no |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14 . 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 as of December 31, 2016, Operating Leases 2017 $ 7,981 2018 6,286 2019 4,624 2020 2,467 2021 1,370 Thereafter 4,376 Total $ 27,104 Rental expense under operating leases was $10.2 $11.3 $11.5 December 31, 2016, 2015 2014, 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, 2015 2016, one November 19, 2015. We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of our products or operations. Some of these claims relate to matters occurring prior to our acquisition of businesses, and some relate to businesses we have sold. In certain cases, we are entitled to indemnification from the sellers of businesses and, in other cases, we have indemnified the buyers of businesses from us. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may |
Note 15 - Stock-based and Defer
Note 15 - Stock-based and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 15 . 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 based on the grant-date fair value of the award. The fair value of stock option awards is estimated using option-pricing models. The fair value of service-based and performance-based restricted stock awarded is determined by the quoted market price of the Company’s common stock on the date of grant, except for a limited number of performance-based restricted awards which are valued using a Monte Carlo simulation model as a result of the inclusion of performance metrics that are not based solely on the performance of our Company’s common stock. 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. Stock-based compensation pre-tax expense from continuing operations recognized in the years ended December 31, 2016, 2015 2014 $21.3 $21.8 $25.6 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 2015 2014 2016) 201 5 201 4 Risk-free weighted interest rate 1.2% 1.3% Expected life (in years) 4.3 4.1 Expected volatility 37% 38% The following table presents the changes in stock options outstanding and related information for the year ended December 31, 2016: Options Weighted Average Exercise Price Weighted Average Contractual Life (Years ) Aggregate Intrinsic Value (thousands) Outstanding Options at December 31, 2015 770,181 $ 48.49 7.0 $ 88 Exercised (16,714 ) 24.89 Forfeited/Expired (38,372 ) 48.40 Outstanding Options at December 31, 2016 715,095 49.11 6.2 – Exercisable Options at December 31, 2016 494,504 $ 48.86 5.7 $ – The weighted average fair values of options granted during 2015 2014 $13.32 $32.03 2015 ten 2016, 2015, 2014 $0.4 $12.4 $28.1 2016, 2015, 2014 $0.4 $5.9 $10.5 2016, 2015 2014 $0.1 $6.5 $6.9 The following table summarizes information for stock options outstanding as of December 31, 2016: Options Outstanding Options Exercisable Range of Exercise Prices Options Outstanding Weighted Average Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $41.49 - $ 46.78 384,672 6.3 $ 44.74 251,560 $ 45.20 $49.33 - $ 49.33 155,372 5.1 49.33 155,372 49.33 $58.54 - $ 58.54 175,051 7.1 58.54 87,572 58.54 715,095 6.2 49.11 494,504 48.86 Restricted Stock Awards The restricted stock program consists of a combination of service-based restricted stock and performance-based restricted stock. The number of performance-based restricted shares ultimately issued under the program is dependent upon our achievement of a predefined specific performance measures generally measured over a three 2016 2015 2014 2014 2015 80,000 2017. In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% may three four The following table presents the changes of restricted stock awards and related information for 2016: Service-based Restricted Stock Performance-based Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Total Number of Restricted Shares Unvested, December 31, 2015 1,047,084 $ 43.08 124,800 $ 50.16 1,171,884 Granted 623,584 25.52 86,462 37.93 710,046 Performance adjustment – – (46,850 ) 62.37 (46,850 ) Vested (472,946 ) 24.88 – (472,946 ) Forfeited (57,233 ) 38.08 (6,487 ) 47.52 (63,720 ) Unvested, December 31, 2016 1,140,489 35.07 157,925 39.95 1,298,414 The weighted average grant date fair value per share for restricted stock awards granted in 2016, 2015 2014 $25.52, $42.39, $93.09, 2016, 2015 2014 $11.8 $18.9 $27.2 December 31, 2016, $27.9 two At December 31, 2016, 1,276,175 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) 401(k) 401(k) ten December 31, 2016, $18.8 1 December 31, 2016, $19.0 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 operations. 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 operations. |
Note 16 - Segment and Related I
Note 16 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16 . Segment and Related Information The Company operates through two Financial information by business segment for each of the three December 31, 2016, 2015 2014, Revenues Depreciation and amortization Operating income (loss) Equity in income of unconsolidated affiliates Capital expenditures Total assets 201 6 Well Site Services - Completion services $ 163,060 $ 70,031 $ (83,636 ) $ – $ 10,418 $ 467,387 Drilling services 22,594 23,366 (24,239 ) – 962 78,081 Total Well Site Services 185,654 93,397 (107,875 ) – 11,380 545,468 Offshore Products 508,790 24,205 87,084 224 17,515 810,464 Corporate – 1,118 (48,492 ) – 794 27,966 Total $ 694,444 $ 118,720 $ (69,283 ) $ 224 $ 29,689 $ 1,383,898 2015 Well Site Services - Completion services $ 308,077 $ 75,612 $ (26,280 ) $ – $ 55,336 $ 525,012 Drilling services 67,782 26,889 (17,866 ) – 12,097 103,156 Total Well Site Services 375,859 102,501 (44,146 ) – 67,433 628,168 Offshore Products 724,118 27,416 146,389 526 46,615 930,871 Corporate – 1,340 (47,237 ) – 690 37,432 Total $ 1,099,977 $ 131,257 $ 55,006 $ 526 $ 114,738 $ 1,596,471 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 – 1,023 (68,204 ) – 2,054 45,224 Total $ 1,819,609 $ 124,776 $ 310,255 $ 378 $ 199,256 $ 1,806,167 Financial information by geographic location for each of the three December 31, 2016, 2015 2014, United States United Kingdom Singapore Other Total 201 6 Revenues from unaffiliated customers $ 493,615 $ 111,565 $ 34,577 $ 54,687 $ 694,444 Long-lived assets 729,699 65,675 23,972 74,454 893,800 2015 Revenues from unaffiliated customers $ 797,762 $ 170,536 $ 66,305 $ 65,374 $ 1,099,977 Long-lived assets 817,797 74,082 26,462 66,619 984,960 2014 Revenues from unaffiliated customers $ 1,468,202 $ 188,753 $ 83,493 $ 79,161 $ 1,819,609 Long-lived assets 823,203 54,868 27,438 71,265 976,774 No 10% December 31, 2016, 2015 2014. |
Note 17 - Valuation Allowances
Note 17 - Valuation Allowances | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 17 . Valuation Allowances Activity in the valuation accounts was as follows (in thousands): Balance at Beginning of Period Charged to Costs and Expenses Deductions (net of recoveries) Translation and Other, Net Balance at E nd of Period Year Ended December 31, 2016: Allowance for doubtful accounts receivable $ 6,888 $ 2,275 $ (400 ) $ (253 ) $ 8,510 Allowance for excess, damaged or obsolete inventory 12,898 4,916 (2,756 ) (209 ) 14,849 Valuation allowance on deferred tax assets 3,970 2,279 – 784 7,033 Year Ended December 31, 2015: Allowance for doubtful accounts receivable $ 7,125 $ 195 $ (187 ) $ (245 ) $ 6,888 Allowance for excess, damaged or obsolete inventory 9,876 5,487 (2,395 ) (70 ) 12,898 Valuation allowance on deferred tax assets – 3,970 – – 3,970 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 |
Note 18 - Quarterly Financial I
Note 18 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 18 . Quarterly Financial Information (Unaudited) The following table summarizes quarterly financial information for 2016 2015 First Quarter (2) Second Quarter (3) Third Quarter (4) Fourth Quarter (5) 201 6 Revenues $ 169,655 $ 175,849 $ 179,006 $ 169,934 Gross profit (1) 40,840 39,449 43,240 44,144 Net income attributable to: Continuing operations (13,236 ) (11,705 ) (10,818 ) (10,627 ) Discontinued operations (3 ) (1 ) – – Basic earnings per share: Continuing operations (0.26 ) (0.23 ) (0.22 ) (0.21 ) Discontinued operations – – – – Diluted earnings per share: Continuing operations (0.26 ) (0.23 ) (0.22 ) (0.21 ) Discontinued operations – – – – 201 5 Revenues $ 337,358 $ 269,258 $ 258,886 $ 234,474 Gross profit (1) 99,636 74,594 70,296 69,752 Net income attributable to: Continuing operations 19,402 6,148 1,706 1,115 Discontinued operations 166 35 23 2 Basic earnings per share: Continuing operations 0.38 0.12 0.03 0.02 Discontinued operations – – – – Diluted earnings per share: Continuing operations 0.38 0.12 0.03 0.02 Discontinued operations – – – – (1) Represents "product and service revenues" less "product and service costs" included in the Company's consolidated statements of operations. (2) During the first 2016, $1.6 first 2015 $2.1 $2.3 (3) During the second 2016, $1.1 second 2015, $1.7 (4) During the third 2016, $2.0 third 2015 $3.2 $0.7 (5) During the fourth 2016, $0.6 fourth 2015, $3.4 one $1.9 $1.2 $0.6 Amounts are calculated independently for each of the quarters presented. Therefore, the sum of the quarterly amounts may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 |
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. |
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 operations. |
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. We evaluate goodwill for impairment annually and when an event occurs or circumstances change to suggest that the carrying amount may December 31, 2016 first 50 two two first two 2016, two two 2014, 2015 2016, 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 See Note 9 |
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 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency and Other Comprehensive Loss Gains and losses resulting from balance sheet translation of international operations where the local currency is the functional currency are included as a separate component of accumulated other comprehensive loss within stockholders' equity representing substantially all of the balances within accumulated other comprehensive loss. Remeasurements of intercompany loans denominated in a currency other than the functional currency of the entity that are of a long-term investment nature are recognized as a component of other comprehensive loss 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 operations as incurred. Currency Exchange Rate Risk A portion of revenues, earnings and net investments in operations outside the United States are exposed to changes in currency exchange rates. We seek to manage our currency 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 December 31, 2016 2015, $2.2 $5.4 2015, $0.4 2015. $4.7 $3.7 2016 2015, $0.4 2014, |
Revenue and Cost Recognition [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 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 international 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. During 2016 2015, $20.1 $35.2 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. This assessment requires analysis of available positive and negative evidence, including losses in recent years, reversals of temporary differences, forecasts of future income, assessment of future business assumptions and tax planning strategies. During 2015 2016, 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 2014. |
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 may |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Diluted earnings per share (“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, 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 stockholders 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 amounts under the two The presentation of basic EPS amounts on the face of the accompanying consolidated statements of operations is computed by dividing the net income (loss) applicable to the Company’s common stockholders 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. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The fair value of share-based payments is estimated using the quoted market price of the Company’s stock and pricing models as of the date of grant as further discussed in Note 15. 2016, 2015 2014, may |
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 18 $1.1 $2.6 December 31, 2016 2015, 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, 2016, $36.1 |
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 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 and potential future adjustments related to contractual agreements. 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 litigation, taxes, insurance claims, warranty claims, contractual claims and obligations and discontinued operations. |
Note 3 - Details of Selected 28
Note 3 - Details of Selected Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 201 6 201 5 Accounts receivable, net: Trade $ 173,087 $ 210,313 Unbilled revenue 64,564 124,331 Other 5,372 5,738 Total accounts receivable 243,023 340,382 Allowance for doubtful accounts (8,510 ) (6,888 ) $ 234,513 $ 333,494 |
Schedule of Inventory, Current [Table Text Block] | 201 6 201 5 Inventories, net: Finished goods and purchased products $ 87,241 $ 97,362 Work in process 30,584 42,182 Raw materials 72,514 86,236 Total inventories 190,339 225,780 Allowance for excess, damaged, or obsolete inventory (14,849 ) (12,898 ) $ 175,490 $ 212,882 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2016 2015 Prepaid expenses and other current assets : Prepayments to vendors $ 877 $ 5,266 Prepaid insurance 3,738 4,827 Income tax asset 430 11,519 Prepaid non-income taxes 1,650 1,680 Prepaid rent 602 1,108 Other 3,877 4,724 $ 11,174 $ 29,124 |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Life (in years) 201 6 201 5 Property, plant and equipment, net: Land $ 31,683 $ 26,334 Buildings and leasehold improvements 3 - 40 227,642 185,274 Machinery and equipment 2 - 28 455,873 462,054 Completion services equipment 2 - 10 429,845 421,386 Office furniture and equipment 3 - 10 42,827 32,200 Vehicles 2 - 10 121,317 125,211 Construction in progress 27,519 92,800 Total property, plant and equipment 1,336,706 1,345,259 Accumulated depreciation (783,304 ) (706,534 ) $ 553,402 $ 638,725 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | 201 6 201 5 Accrued liabilities: Accrued compensation $ 23,131 $ 19,402 Insurance liabilities 8,099 9,855 Accrued taxes, other than income taxes 2,461 3,619 Accrued leasehold restoration liability 766 3,389 Accrued commissions 1,305 2,033 Accrued product warranty reserves 1,113 2,638 Accrued claims 1,578 896 Other 6,565 7,468 $ 45,018 $ 49,300 |
Note 6 - Acquisitions and Sup29
Note 6 - Acquisitions and Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 2015 Fair value of assets acquired including intangibles and goodwill $ 39,505 Liabilities assumed (6,026 ) Cash acquired (52 ) Cash used in acquisition of business $ 33,427 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 201 6 201 5 201 4 Interest $ 3,942 $ 5,629 $ 40,375 Income taxes, net of refunds $ 2,330 $ 18,780 $ 102,160 |
Note 7 - Discontinued Operati30
Note 7 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 201 6 201 5 201 4 Revenues Accommodations $ – $ – $ 404,207 Income from Accommodations discontinued operations: Income (loss) from discontinued operations before income taxes $ (21 ) $ 327 $ 62,504 Income tax benefit (provision) 8 (118 ) (11,004 ) Net income (loss) from discontinued operations, net of tax $ (13 ) $ 209 $ 51,500 Income from Tubular S ervices discontinued operations: Income from discontinued operations before income taxes $ 14 $ 27 $ 321 Income tax benefit (provision) (5 ) (10 ) (45 ) Net income from discontinued operations, net of tax $ 9 $ 17 $ 276 |
Note 8 - Net Income (Loss) Pe31
Note 8 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Numerators: Net income (loss) from continuing operations $ (46,386 ) $ 28,371 $ 127,227 Less: Income attributable to unvested restricted stock awards – (592 ) (2,095 ) Numerator for basic net income (loss) per share from continuing operations (46,386 ) 27,779 125,132 Net income (loss) from discontinued operations, net of tax (4 ) 226 51,776 Less: Income attributable to unvested restricted stock awards – (5 ) (853 ) Numerator for basic net income (loss) per share attributable to Oil S tates (46,390 ) 28,000 176,055 Effect of dilutive securities: Unvested restricted stock awards – 1 16 Numerator for diluted net income (loss) per share attributable to Oil States $ (46,390 ) $ 28,001 $ 176,071 Denominators: Weighted average number of common shares outstanding 51,307 51,341 53,747 Less: Weighted average number of unvested restricted stock awards outstanding (1,133 ) (1,072 ) (885 ) Denominator for basic net income (loss) per s hare attributable to Oil States 50,174 50,269 52,862 Effect of dilutive securities: Unvested restricted stock awards – 9 15 Assumed exercise of stock options – 57 274 – 66 289 Denominator for diluted net income (loss) per share attributable to Oil States 50,174 50,335 53,151 Basic net income (loss) per share attributable to Oil States from : Continuing operations $ (0.92 ) $ 0.55 $ 2.37 Discontinued operations – 0.01 0.96 Net income (loss) $ (0.92 ) $ 0.56 $ 3.33 Diluted net income (loss) per share attributable to Oil States from : Continuing operations $ (0.92 ) $ 0.55 $ 2.35 Discontinued operations – 0.01 0.96 Net income (loss) $ (0.92 ) $ 0.56 $ 3.31 |
Note 9 - Goodwill and Other I32
Note 9 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Well Site Services Completion Services Drilling Services Subtotal Offshore Products Total 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 Goodwill acquired and purchase price adjustments – – – 13,943 13,943 Foreign currency translation and other changes (2,064 ) – (2,064 ) (293 ) (2,357 ) Balance as of December 31, 2015 $ 104,375 $ – $ 104,375 $ 159,412 $ 263,787 Balance as of December 31, 2015 Goodwill $ 198,903 $ 22,767 $ 221,670 $ 159,412 $ 381,082 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) 104,375 – 104,375 159,412 263,787 Foreign currency translation and other changes 375 – 375 (793 ) (418 ) Balance as of December 31, 2016 $ 104,750 $ – $ 104,750 $ 158,619 $ 263,369 Balance as of December 31, 2016 Goodwill $ 199,278 $ 22,767 $ 222,045 $ 158,619 $ 380,664 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) $ 104,750 $ – $ 104,750 $ 158,619 $ 263,369 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 201 6 201 5 Other Intangible Assets Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 44,557 $ 19,225 $ 44,557 $ 15,790 Contracts/Agreements/Backlog 1,064 709 1,064 355 Patents 20,056 8,418 20,024 6,521 Technology 10,111 4,064 10,111 3,052 Noncompete agreements 4,358 2,216 4,358 1,565 Trademarks and other 9,737 2,505 8,237 1,683 Total other intangible assets $ 89,883 $ 37,137 $ 88,351 $ 28,966 |
Note 10 - Long-term Debt (Table
Note 10 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 201 6 201 5 Revolving credit facility (1) $ 40,230 $ 120,191 Capital lease obligations and other debt 5,696 6,229 Total debt 45,926 126,420 Less: Current portion 538 533 Total long-term debt and capitalized leases $ 45,388 $ 125,887 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 $ 538 2018 449 2019 40,572 2020 359 2021 374 Thereafter 3,634 $ 45,926 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 201 6 201 5 201 4 United States $ (113,512 ) $ (21,598 ) $ 128,639 Foreign 40,187 72,166 67,705 Total $ (73,325 ) $ 50,568 $ 196,344 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 201 5 201 4 Current: Federal $ (534 ) $ 7,221 $ 56,317 State 1,053 1,868 5,426 Foreign 10,148 16,281 19,344 10,667 25,370 81,087 Deferred: Federal (34,816 ) (5,656 ) (8,620 ) State (2,807 ) (496 ) 26 Foreign 17 2,979 (3,376 ) (37,606 ) (3,173 ) (11,970 ) Total provision (benefit) $ (26,939 ) $ 22,197 $ 69,117 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 6 201 5 201 4 United States statutory tax provision (benefit) rate (35.0 )% 35.0 % 35.0 % Effect of foreign income taxed at different rates (4.3 ) (11.1 ) (2.8 ) Valuation allowance against tax assets 3.1 8.1 – Non-deductible compensation 1.1 7.6 0.3 Other non-deductible expenses 2.0 4.5 1.4 Domestic manufacturing deduction – (2.6 ) (1.9 ) State income taxes, net of federal benefits (2.1 ) 1.3 2.8 Other, net (1.5 ) 1.1 0.4 Effective tax provision (benefit) rate (36.7 )% 43.9 % 35.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 6 2015 Deferred tax assets: Foreign tax credit carryover $ 32,548 $ 24,852 Net operating loss carryforwards 21,871 4,580 Employee benefits 18,060 18,252 Inventory reserves 7,152 7,394 Other reserves 2,939 3,580 Allowance for doubtful accounts 2,445 1,657 Other 668 635 Gross deferred tax asset 85,683 60,950 Valuation allowance (7,033 ) (3,970 ) Net deferred tax asset 78,650 56,980 Deferred tax liabilities: Tax over book depreciation (62,403 ) (77,632 ) Intangible assets (19,878 ) (17,804 ) Accrued liabilities (1,016 ) (1,513 ) Deferred revenue (268 ) (113 ) Other – (377 ) Deferred tax liability (83,565 ) (97,439 ) Net deferred tax liability $ (4,915 ) $ (40,459 ) |
Schedule of Deferred Tax Reclassifications [Table Text Block] | 201 6 2015 Balance sheet classification: Other non-current assets $ 121 $ 38 Deferred tax liability (5,036 ) (40,497 ) Net deferred tax liability $ (4,915 ) $ (40,459 ) |
Note 14 - Commitments and Con35
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating Leases 2017 $ 7,981 2018 6,286 2019 4,624 2020 2,467 2021 1,370 Thereafter 4,376 Total $ 27,104 |
Note 15 - Stock-based and Def36
Note 15 - Stock-based and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 5 201 4 Risk-free weighted interest rate 1.2% 1.3% Expected life (in years) 4.3 4.1 Expected volatility 37% 38% |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted Average Exercise Price Weighted Average Contractual Life (Years ) Aggregate Intrinsic Value (thousands) Outstanding Options at December 31, 2015 770,181 $ 48.49 7.0 $ 88 Exercised (16,714 ) 24.89 Forfeited/Expired (38,372 ) 48.40 Outstanding Options at December 31, 2016 715,095 49.11 6.2 – Exercisable Options at December 31, 2016 494,504 $ 48.86 5.7 $ – |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Prices Options Outstanding Weighted Average Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $41.49 - $ 46.78 384,672 6.3 $ 44.74 251,560 $ 45.20 $49.33 - $ 49.33 155,372 5.1 49.33 155,372 49.33 $58.54 - $ 58.54 175,051 7.1 58.54 87,572 58.54 715,095 6.2 49.11 494,504 48.86 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Service-based Restricted Stock Performance-based Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Total Number of Restricted Shares Unvested, December 31, 2015 1,047,084 $ 43.08 124,800 $ 50.16 1,171,884 Granted 623,584 25.52 86,462 37.93 710,046 Performance adjustment – – (46,850 ) 62.37 (46,850 ) Vested (472,946 ) 24.88 – (472,946 ) Forfeited (57,233 ) 38.08 (6,487 ) 47.52 (63,720 ) Unvested, December 31, 2016 1,140,489 35.07 157,925 39.95 1,298,414 |
Note 16 - Segment and Related37
Note 16 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Revenues Depreciation and amortization Operating income (loss) Equity in income of unconsolidated affiliates Capital expenditures Total assets 201 6 Well Site Services - Completion services $ 163,060 $ 70,031 $ (83,636 ) $ – $ 10,418 $ 467,387 Drilling services 22,594 23,366 (24,239 ) – 962 78,081 Total Well Site Services 185,654 93,397 (107,875 ) – 11,380 545,468 Offshore Products 508,790 24,205 87,084 224 17,515 810,464 Corporate – 1,118 (48,492 ) – 794 27,966 Total $ 694,444 $ 118,720 $ (69,283 ) $ 224 $ 29,689 $ 1,383,898 2015 Well Site Services - Completion services $ 308,077 $ 75,612 $ (26,280 ) $ – $ 55,336 $ 525,012 Drilling services 67,782 26,889 (17,866 ) – 12,097 103,156 Total Well Site Services 375,859 102,501 (44,146 ) – 67,433 628,168 Offshore Products 724,118 27,416 146,389 526 46,615 930,871 Corporate – 1,340 (47,237 ) – 690 37,432 Total $ 1,099,977 $ 131,257 $ 55,006 $ 526 $ 114,738 $ 1,596,471 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 – 1,023 (68,204 ) – 2,054 45,224 Total $ 1,819,609 $ 124,776 $ 310,255 $ 378 $ 199,256 $ 1,806,167 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | United States United Kingdom Singapore Other Total 201 6 Revenues from unaffiliated customers $ 493,615 $ 111,565 $ 34,577 $ 54,687 $ 694,444 Long-lived assets 729,699 65,675 23,972 74,454 893,800 2015 Revenues from unaffiliated customers $ 797,762 $ 170,536 $ 66,305 $ 65,374 $ 1,099,977 Long-lived assets 817,797 74,082 26,462 66,619 984,960 2014 Revenues from unaffiliated customers $ 1,468,202 $ 188,753 $ 83,493 $ 79,161 $ 1,819,609 Long-lived assets 823,203 54,868 27,438 71,265 976,774 |
Note 17 - Valuation Allowances
Note 17 - Valuation Allowances (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance at Beginning of Period Charged to Costs and Expenses Deductions (net of recoveries) Translation and Other, Net Balance at E nd of Period Year Ended December 31, 2016: Allowance for doubtful accounts receivable $ 6,888 $ 2,275 $ (400 ) $ (253 ) $ 8,510 Allowance for excess, damaged or obsolete inventory 12,898 4,916 (2,756 ) (209 ) 14,849 Valuation allowance on deferred tax assets 3,970 2,279 – 784 7,033 Year Ended December 31, 2015: Allowance for doubtful accounts receivable $ 7,125 $ 195 $ (187 ) $ (245 ) $ 6,888 Allowance for excess, damaged or obsolete inventory 9,876 5,487 (2,395 ) (70 ) 12,898 Valuation allowance on deferred tax assets – 3,970 – – 3,970 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 |
Note 18 - Quarterly Financial39
Note 18 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Quarter (2) Second Quarter (3) Third Quarter (4) Fourth Quarter (5) 201 6 Revenues $ 169,655 $ 175,849 $ 179,006 $ 169,934 Gross profit (1) 40,840 39,449 43,240 44,144 Net income attributable to: Continuing operations (13,236 ) (11,705 ) (10,818 ) (10,627 ) Discontinued operations (3 ) (1 ) – – Basic earnings per share: Continuing operations (0.26 ) (0.23 ) (0.22 ) (0.21 ) Discontinued operations – – – – Diluted earnings per share: Continuing operations (0.26 ) (0.23 ) (0.22 ) (0.21 ) Discontinued operations – – – – 201 5 Revenues $ 337,358 $ 269,258 $ 258,886 $ 234,474 Gross profit (1) 99,636 74,594 70,296 69,752 Net income attributable to: Continuing operations 19,402 6,148 1,706 1,115 Discontinued operations 166 35 23 2 Basic earnings per share: Continuing operations 0.38 0.12 0.03 0.02 Discontinued operations – – – – Diluted earnings per share: Continuing operations 0.38 0.12 0.03 0.02 Discontinued operations – – – – |
Note 1 - Organization and Bas40
Note 1 - Organization and Basis of Presentation (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Number of Operating Segments | 2 |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 0 |
Derivative, Notional Amount | 2,200 | 5,400 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | (400) | ||
Conversion Gains and Losses on Foreign Investments | 4,700 | 3,700 | $ (400) |
Foreign Earnings Repatriated | $ 20,100 | 35,200 | |
Product Warranty Period, Minimum | 1 year | ||
Product Warranty Period, Maximum | 1 year 180 days | ||
Standard and Extended Product Warranty Accrual | $ 1,100 | $ 2,600 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 36,100 |
Note 3 - Details of Selected 42
Note 3 - Details of Selected Balance Sheet Accounts (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation | $ 110.5 | $ 123.5 | $ 117.7 |
Note 3 - Details of Selected 43
Note 3 - Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, net: | ||
Accounts receivable, gross | $ 243,023 | $ 340,382 |
Allowance for doubtful accounts | (8,510) | (6,888) |
234,513 | 333,494 | |
Trade Accounts Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable, gross | 173,087 | 210,313 |
Unbilled Revenue [Member] | ||
Accounts receivable, net: | ||
Accounts receivable, gross | 64,564 | 124,331 |
Other Receivables [Member] | ||
Accounts receivable, net: | ||
Accounts receivable, gross | $ 5,372 | $ 5,738 |
Note 3 - Details of Selected 44
Note 3 - Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories, net: | ||
Finished goods and purchased products | $ 87,241 | $ 97,362 |
Work in process | 30,584 | 42,182 |
Raw materials | 72,514 | 86,236 |
Total inventories | 190,339 | 225,780 |
Allowance for excess, damaged, or obsolete inventory | (14,849) | (12,898) |
$ 175,490 | $ 212,882 |
Note 3 - Details of Selected 45
Note 3 - Details of Selected Balance Sheet Accounts - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid expenses and other current assets: | ||
Prepayments to vendors | $ 877 | $ 5,266 |
Prepaid insurance | 3,738 | 4,827 |
Income tax asset | 430 | 11,519 |
Prepaid non-income taxes | 1,650 | 1,680 |
Prepaid rent | 602 | 1,108 |
Other | 3,877 | 4,724 |
$ 11,174 | $ 29,124 |
Note 3 - Details of Selected 46
Note 3 - Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, plant, and equipment, gross | $ 1,336,706 | $ 1,345,259 |
Accumulated depreciation | (783,304) | (706,534) |
Property, plant, and equipment, net | 553,402 | 638,725 |
Land [Member] | ||
Property, plant, and equipment, gross | 31,683 | 26,334 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | $ 227,642 | 185,274 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 40 years | |
Machinery and Equipment [Member] | ||
Property, plant, and equipment, gross | $ 455,873 | 462,054 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 28 years | |
Completion Services [Member] | ||
Property, plant, and equipment, gross | $ 429,845 | 421,386 |
Completion Services [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Completion Services [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Office Furniture and Equipment [Member] | ||
Property, plant, and equipment, gross | $ 42,827 | 32,200 |
Office Furniture and Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Office Furniture and Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Vehicles [Member] | ||
Property, plant, and equipment, gross | $ 121,317 | 125,211 |
Vehicles [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Vehicles [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 27,519 | $ 92,800 |
Note 3 - Details of Selected 47
Note 3 - Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued liabilities: | ||
Accrued compensation | $ 23,131 | $ 19,402 |
Insurance liabilities | 8,099 | 9,855 |
Accrued taxes, other than income taxes | 2,461 | 3,619 |
Accrued leasehold restoration liability | 766 | 3,389 |
Accrued commissions | 1,305 | 2,033 |
Accrued product warranty reserves | 1,113 | 2,638 |
Accrued claims | 1,578 | 896 |
Other | 6,565 | 7,468 |
$ 45,018 | $ 49,300 |
Note 4 - Recent Accounting Pr48
Note 4 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Financing Costs [Member] | ||
Prior Period Reclassification Adjustment | $ 2 | $ 2.7 |
Note 5 - Accumulated Other Co49
Note 5 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (70,300) | $ (50,698) |
UNITED KINGDOM | ||
Exchange Rate, Weakened | 16.00% | 5.00% |
BRAZIL | ||
Exchange Rate, Weakened | 31.00% | |
Exchange Rate, Strengthened | 22.00% | |
CANADA | ||
Exchange Rate, Weakened | 16.00% | |
Exchange Rate, Strengthened | 3.00% |
Note 6 - Acquisitions and Sup50
Note 6 - Acquisitions and Supplemental Cash Flow Information (Details Textual) $ in Millions | Jan. 02, 0205USD ($) |
Montgomery Machine Company Inc [Member] | |
Payments to Acquire Businesses, Gross | $ 33.4 |
Note 6 - Acquisitions and Sup51
Note 6 - Acquisitions and Supplemental Cash Flow Information - Cash Used for Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash used in acquisition of business | $ 33,427 | $ 157 | |
Montgomery Machine Company Inc [Member] | |||
Fair value of assets acquired including intangibles and goodwill | 39,505 | ||
Liabilities assumed | (6,026) | ||
Cash acquired | (52) | ||
Cash used in acquisition of business | $ 33,427 |
Note 6 - Acquisitions and Sup52
Note 6 - Acquisitions and Supplemental Cash Flow Information - Interest and Income Taxes Paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest | $ 3,942 | $ 5,629 | $ 40,375 |
Income taxes, net of refunds | $ 2,330 | $ 18,780 | $ 102,160 |
Note 7 - Discontinued Operati53
Note 7 - Discontinued Operations (Details Textual) | May 30, 2014 |
Spin Off Common Stock Ratio | 2 |
Note 7 - Discontinued Operati54
Note 7 - Discontinued Operations - Operating Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [4] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) from discontinued operations, net of tax | $ (1) | $ (3) | $ 2 | $ 23 | $ 35 | $ 166 | $ (4) | $ 226 | $ 51,776 | ||||||||||
Accommodations [Member] | |||||||||||||||||||
Revenues | 404,207 | ||||||||||||||||||
Income (loss) from discontinued operations before income taxes | (21) | 327 | 62,504 | ||||||||||||||||
Income tax benefit (provision) | 8 | (118) | (11,004) | ||||||||||||||||
Net income (loss) from discontinued operations, net of tax | (13) | 209 | 51,500 | ||||||||||||||||
Tubular Services [Member] | |||||||||||||||||||
Income (loss) from discontinued operations before income taxes | 14 | 27 | 321 | ||||||||||||||||
Income tax benefit (provision) | (5) | (10) | (45) | ||||||||||||||||
Net income (loss) from discontinued operations, net of tax | $ 9 | $ 17 | $ 276 | ||||||||||||||||
[1] | During the fourth quarter of 2016, we recognized $0.6 million (pre-tax) of severance and other downsizing charges. In the fourth quarter of 2015, we recognized a $3.4 million (pre-tax) leasehold restoration provision for one of our Offshore Products U.K. facilities, $1.9 million (pre-tax) of severance and other downsizing charges, and a higher effective tax rate driven primarily by $1.2 million in tax adjustments primarily related to non-deductible items and a $0.6 million valuation allowance recorded against the Company's tax loss carryforwards in various foreign jurisdictions. | ||||||||||||||||||
[2] | During the third quarter of 2016, we recognized $2.0 million (pre-tax) of severance and other downsizing charges. Our third quarter 2015 net income attributable to continuing operations included a higher effective tax rate driven primarily by a $3.2 million valuation allowance recorded against the Company's deferred tax assets related to loss carryforwards and $0.7 million (pre-tax) of severance related costs. | ||||||||||||||||||
[3] | During the second quarter of 2016, we recognized $1.1 million (pre-tax) of severance and other downsizing charges. In the second quarter of 2015, we recognized $1.7 million (pre-tax) of severance and other downsizing charges. | ||||||||||||||||||
[4] | During the first quarter of 2016, we recognized $1.6 million (pre-tax) of severance and other downsizing charges. Our first quarter 2015 net income attributable to continuing operations included $2.1 million (pre-tax) of severance and other downsizing initiatives, and a higher effective tax rate driven primarily by a $2.3 million deferred tax adjustment for certain prior period non-deductible items. |
Note 8 - Net Income (Loss) Pe55
Note 8 - Net Income (Loss) Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 748,552 | 747,839 | 224,739 |
Note 8 - Net Income (Loss) Pe56
Note 8 - Net Income (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [4] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) from continuing operations | $ (10,627) | $ (10,818) | $ (11,705) | $ (13,236) | $ 1,115 | $ 1,706 | $ 6,148 | $ 19,402 | $ (46,386) | $ 28,371 | $ 127,227 | ||||||||
Less: Income attributable to unvested restricted stock awards | (592) | (2,095) | |||||||||||||||||
Numerator for basic net income (loss) per share from continuing operations | (46,386) | 27,779 | 125,132 | ||||||||||||||||
Net income from discontinued operations, net of tax | $ (1) | $ (3) | $ 2 | $ 23 | $ 35 | $ 166 | (4) | 226 | 51,776 | ||||||||||
Less: Income attributable to unvested restricted stock awards | (5) | (853) | |||||||||||||||||
Numerator for basic net income (loss) per share attributable to Oil States | (46,390) | 28,000 | 176,055 | ||||||||||||||||
Unvested restricted stock awards | 1 | 16 | |||||||||||||||||
Numerator for diluted net income (loss) per share attributable to Oil States | $ (46,390) | $ 28,001 | $ 176,071 | ||||||||||||||||
Weighted average number of common shares outstanding (in shares) | 51,307 | 51,341 | 53,747 | ||||||||||||||||
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) | (1,133) | (1,072) | (885) | ||||||||||||||||
Denominator for basic net income (loss) per share attributable to Oil States (in shares) | 50,174 | 50,269 | 52,862 | ||||||||||||||||
(in shares) | 66 | 289 | |||||||||||||||||
Denominator for diluted net income (loss) per share attributable to Oil States (in shares) | 50,174 | 50,335 | 53,151 | ||||||||||||||||
Continuing operations (in dollars per share) | $ (0.21) | $ (0.22) | $ (0.23) | $ (0.26) | $ 0.02 | $ 0.03 | $ 0.12 | $ 0.38 | $ (0.92) | $ 0.55 | $ 2.37 | ||||||||
Discontinued operations (in dollars per share) | 0.01 | 0.96 | |||||||||||||||||
Net income (loss) (in dollars per share) | (0.92) | 0.56 | 3.33 | ||||||||||||||||
Continuing operations (in dollars per share) | (0.21) | (0.22) | (0.23) | (0.26) | 0.02 | 0.03 | 0.12 | 0.38 | (0.92) | 0.55 | 2.35 | ||||||||
Discontinued operations (in dollars per share) | 0.01 | 0.96 | |||||||||||||||||
Net income (loss) (in dollars per share) | $ (0.92) | $ 0.56 | $ 3.31 | ||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | 9 | 15 | |||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | 57 | 274 | |||||||||||||||||
[1] | During the fourth quarter of 2016, we recognized $0.6 million (pre-tax) of severance and other downsizing charges. In the fourth quarter of 2015, we recognized a $3.4 million (pre-tax) leasehold restoration provision for one of our Offshore Products U.K. facilities, $1.9 million (pre-tax) of severance and other downsizing charges, and a higher effective tax rate driven primarily by $1.2 million in tax adjustments primarily related to non-deductible items and a $0.6 million valuation allowance recorded against the Company's tax loss carryforwards in various foreign jurisdictions. | ||||||||||||||||||
[2] | During the third quarter of 2016, we recognized $2.0 million (pre-tax) of severance and other downsizing charges. Our third quarter 2015 net income attributable to continuing operations included a higher effective tax rate driven primarily by a $3.2 million valuation allowance recorded against the Company's deferred tax assets related to loss carryforwards and $0.7 million (pre-tax) of severance related costs. | ||||||||||||||||||
[3] | During the second quarter of 2016, we recognized $1.1 million (pre-tax) of severance and other downsizing charges. In the second quarter of 2015, we recognized $1.7 million (pre-tax) of severance and other downsizing charges. | ||||||||||||||||||
[4] | During the first quarter of 2016, we recognized $1.6 million (pre-tax) of severance and other downsizing charges. Our first quarter 2015 net income attributable to continuing operations included $2.1 million (pre-tax) of severance and other downsizing initiatives, and a higher effective tax rate driven primarily by a $2.3 million deferred tax adjustment for certain prior period non-deductible items. |
Note 9 - Goodwill and Other I57
Note 9 - Goodwill and Other Intangible Assets (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Reporting Units | 2 | ||
Finite-Lived Intangible Asset, Useful Life | 8 years 73 days | 8 years 255 days | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 8.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7.2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 6 | ||
Amortization of Intangible Assets | $ 8.2 | $ 7.8 | $ 7 |
Note 9 - Goodwill and Other I58
Note 9 - Goodwill and Other Intangible Assets - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill, gross | $ 380,664 | $ 381,082 | $ 369,496 | ||
Accumulated impairment losses | (117,295) | (117,295) | (117,295) | ||
Goodwill | $ 263,787 | $ 252,201 | |||
Goodwill acquired and purchase price adjustments | 13,943 | ||||
Foreign currency translation and other changes | (418) | (2,357) | |||
Goodwill | 263,369 | 263,787 | |||
Goodwill | 263,787 | 252,201 | 263,369 | 263,787 | 252,201 |
Well Site Services Completion Services [Member] | |||||
Goodwill, gross | 199,278 | 198,903 | 200,967 | ||
Accumulated impairment losses | (94,528) | (94,528) | (94,528) | ||
Goodwill | 104,375 | 106,439 | |||
Goodwill acquired and purchase price adjustments | |||||
Foreign currency translation and other changes | 375 | (2,064) | |||
Goodwill | 104,750 | 104,375 | |||
Goodwill | 104,375 | 106,439 | 104,750 | 104,375 | 106,439 |
Well Site Services Drilling Services [Member] | |||||
Goodwill, gross | 22,767 | 22,767 | 22,767 | ||
Accumulated impairment losses | (22,767) | (22,767) | (22,767) | ||
Goodwill | |||||
Goodwill acquired and purchase price adjustments | |||||
Foreign currency translation and other changes | |||||
Goodwill | |||||
Goodwill | |||||
Total Well Site Services [Member] | |||||
Goodwill, gross | 222,045 | 221,670 | 223,734 | ||
Accumulated impairment losses | (117,295) | (117,295) | (117,295) | ||
Goodwill | 104,375 | 106,439 | |||
Goodwill acquired and purchase price adjustments | |||||
Foreign currency translation and other changes | 375 | (2,064) | |||
Goodwill | 104,750 | 104,375 | |||
Goodwill | 104,375 | 106,439 | 104,750 | 104,375 | 106,439 |
Offshore Products [Member] | |||||
Goodwill, gross | 158,619 | 159,412 | 145,762 | ||
Accumulated impairment losses | |||||
Goodwill | 159,412 | 145,762 | |||
Goodwill acquired and purchase price adjustments | 13,943 | ||||
Foreign currency translation and other changes | (793) | (293) | |||
Goodwill | 158,619 | 159,412 | |||
Goodwill | $ 159,412 | $ 145,762 | $ 158,619 | $ 159,412 | $ 145,762 |
Note 9 - Goodwill and Other I59
Note 9 - Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortizable intangible assets, gross carrying amount | $ 89,883 | $ 88,351 |
Amortizable intangible assets, accumulated amortization | 37,137 | 28,966 |
Customer Relationships [Member] | ||
Amortizable intangible assets, gross carrying amount | 44,557 | 44,557 |
Amortizable intangible assets, accumulated amortization | 19,225 | 15,790 |
Customer Contracts [Member] | ||
Amortizable intangible assets, gross carrying amount | 1,064 | 1,064 |
Amortizable intangible assets, accumulated amortization | 709 | 355 |
Patents [Member] | ||
Amortizable intangible assets, gross carrying amount | 20,056 | 20,024 |
Amortizable intangible assets, accumulated amortization | 8,418 | 6,521 |
Technology-Based Intangible Assets [Member] | ||
Amortizable intangible assets, gross carrying amount | 10,111 | 10,111 |
Amortizable intangible assets, accumulated amortization | 4,064 | 3,052 |
Noncompete Agreements [Member] | ||
Amortizable intangible assets, gross carrying amount | 4,358 | 4,358 |
Amortizable intangible assets, accumulated amortization | 2,216 | 1,565 |
Trademarks [Member] | ||
Amortizable intangible assets, gross carrying amount | 9,737 | 8,237 |
Amortizable intangible assets, accumulated amortization | $ 2,505 | $ 1,683 |
Note 10 - Long-term Debt (Detai
Note 10 - Long-term Debt (Details Textual) $ in Thousands | Oct. 03, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | May 28, 2014USD ($) |
Debt Issuance Costs, Net | $ 2,000 | $ 2,700 | |||
Capital Leased Assets, Gross | 1,100 | 1,500 | |||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 800 | 900 | |||
Letters of Credit Outstanding, Amount | 30,700 | ||||
Gain (Loss) on Extinguishment of Debt | $ (100,380) | ||||
Write Off Of Unamortized Deferred Finance Costs [Member] | |||||
Gain (Loss) on Extinguishment of Debt | (3,700) | ||||
Write Off Of Unamortized Deferred Finance Costs [Member] | CANADA | Discontinued Operations [Member] | |||||
Gain (Loss) on Extinguishment of Debt | (1,800) | ||||
The 6 1/2 % Notes and 5 1/8 % Notes [Member] | |||||
Gain (Loss) on Extinguishment of Debt | (100,400) | ||||
Senior Unsecured Notes [Member] | |||||
Gain (Loss) on Extinguishment of Debt | $ (96,700) | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000 | ||||
Long-term Line of Credit | 42,200 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 153,100 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||
Debt Instrument, Covenant, Minimum Interest Coverage Ratio | 3 | ||||
Debt Instrument, Covenant, Maximum Leverage Ratio | 3.25 | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | ||||
Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note 10 - Long-term Debt- Summa
Note 10 - Long-term Debt- Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Revolving credit facility | $ 45,926 | ||
Capital lease obligations and other debt | 5,696 | $ 6,229 | |
Total debt | 45,926 | 126,420 | |
Less: Current portion | 538 | 533 | |
Total long-term debt and capitalized leases | 45,388 | 125,887 | |
Revolving Credit Facility [Member] | |||
Revolving credit facility | [1] | $ 40,230 | $ 120,191 |
[1] | Amounts presented are net of $2.0 million and $2.7 million, respectively, of unamortized debt issuance costs. |
Note 10 - Long-term Debt - Long
Note 10 - Long-term Debt - Long-term Debt Maturities Schedule (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 538 |
2,018 | 449 |
2,019 | 40,572 |
2,020 | 359 |
2,021 | 374 |
Thereafter | 3,634 |
$ 45,926 |
Note 11 - Stock Repurchase Pr63
Note 11 - Stock Repurchase Program (Details Textual) - USD ($) $ in Thousands | Jul. 27, 2016 | Jul. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stock Repurchased During Period, Value | $ 150,000 | $ 0 | $ 105,900 | $ 218,900 | |
Stock Repurchase Program, Extended Period | 1 year | ||||
Stock Repurchased During Period, Shares | 0 | 2,674,218 | 2,843,142 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 136,800 |
Note 12 - Retirement Plans (Det
Note 12 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Continuing Operations [Member] | |||
Pension and Other Postretirement Benefit Expense | $ 6.8 | $ 8 | $ 13 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Undistributed Earnings of Foreign Subsidiaries | $ 240,000 | ||
Foreign Earnings Repatriated | 20,100 | $ 35,200 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | |
Unrecognized Tax Benefits | 0 | $ 0 | $ 0 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | 36,600 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | 50,900 | ||
Foreign Tax Authority [Member] | Ministry of Finance, India [Member] | |||
Operating Loss Carryforwards | 2,100 | ||
Foreign Tax Authority [Member] | Tax Authority, Thailand [Member] | |||
Operating Loss Carryforwards | 3,200 | ||
Foreign Tax Authority [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | |||
Operating Loss Carryforwards | 11,700 | ||
Foreign Tax Authority [Member] | Mexican Tax Authority [Member] | |||
Operating Loss Carryforwards | $ 1,000 |
Note 13 - Income Taxes - Consol
Note 13 - Income Taxes - Consolidated Pre-tax Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
United States | $ (113,512) | $ (21,598) | $ 128,639 |
Foreign | 40,187 | 72,166 | 67,705 |
Total | $ (73,325) | $ 50,568 | $ 196,344 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ (534) | $ 7,221 | $ 56,317 |
State | 1,053 | 1,868 | 5,426 |
Foreign | 10,148 | 16,281 | 19,344 |
Current, Total | 10,667 | 25,370 | 81,087 |
Deferred: | |||
Federal | (34,816) | (5,656) | (8,620) |
State | (2,807) | (496) | 26 |
Foreign | 17 | 2,979 | (3,376) |
Deferred, Total | (37,606) | (3,173) | (11,970) |
Total provision (benefit) | $ (26,939) | $ 22,197 | $ 69,117 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
United States statutory tax provision (benefit) rate | (35.00%) | (35.00%) | (35.00%) |
United States statutory tax provision (benefit) rate | 35.00% | 35.00% | 35.00% |
Effect of foreign income taxed at different rates | (4.30%) | (11.10%) | (2.80%) |
Valuation allowance against tax assets | 3.10% | 8.10% | |
Non-deductible compensation | 1.10% | 7.60% | 0.30% |
Other non-deductible expenses | 2.00% | 4.50% | 1.40% |
Domestic manufacturing deduction | (2.60%) | (1.90%) | |
State income taxes, net of federal benefits | (2.10%) | 1.30% | 2.80% |
Other, net | (1.50%) | 1.10% | 0.40% |
Effective tax provision (benefit) rate | (36.70%) | 43.90% | 35.20% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Foreign tax credit carryover | $ 32,548 | $ 24,852 |
Net operating loss carryforwards | 21,871 | 4,580 |
Employee benefits | 18,060 | 18,252 |
Inventory reserves | 7,152 | 7,394 |
Other reserves | 2,939 | 3,580 |
Allowance for doubtful accounts | 2,445 | 1,657 |
Other | 668 | 635 |
Gross deferred tax asset | 85,683 | 60,950 |
Valuation allowance | (7,033) | (3,970) |
Net deferred tax asset | 78,650 | 56,980 |
Tax over book depreciation | (62,403) | (77,632) |
Intangible assets | (19,878) | (17,804) |
Accrued liabilities | (1,016) | (1,513) |
Deferred revenue | (268) | (113) |
Other | (377) | |
Deferred tax liability | (83,565) | (97,439) |
Net deferred tax liability | $ (4,915) | $ (40,459) |
Note 13 - Income Taxes - Defe70
Note 13 - Income Taxes - Deferred Tax Reclassifications (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liability | $ (5,036) | $ (40,497) |
Net deferred tax liability | (4,915) | (40,459) |
Other Noncurrent Assets [Member] | ||
Other non-current assets | $ 121 | $ 38 |
Note 14 - Commitments and Con71
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Continuing Operations [Member] | |||
Operating Leases, Rent Expense | $ 10.2 | $ 11.3 | $ 11.5 |
Note 14 - Commitments and Con72
Note 14 - Commitments and Contingencies - Minimum Future Operating Lease Obligations (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 7,981 |
2,018 | 6,286 |
2,019 | 4,624 |
2,020 | 2,467 |
2,021 | 1,370 |
Thereafter | 4,376 |
Total | $ 27,104 |
Note 15 - Stock-based and Def73
Note 15 - Stock-based and Deferred Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Allocated Share-based Compensation Expense | $ 21.3 | $ 21.8 | $ 25.6 | ||
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 | $ 13.32 | $ 32.03 | |||
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 | $ 0.4 | 12.4 | 28.1 | ||
Proceeds from Stock Options Exercised | 0.4 | 5.9 | 10.5 | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 0.1 | $ 6.5 | $ 6.9 | ||
Deferred Compensation Plan Assets | 18.8 | ||||
Deferred Compensation Cash-based Arrangements, Liability, Classified, Noncurrent | $ 19 | ||||
Performance-based Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional Performance-based Shares to be Issued if Current Period Metrics Achieved | 80,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Additional Performance-based Shares to Be Issued if Current Period Metrics Achieved, Maximum Target Award, Percentage | 200.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 37.93 | ||||
Time-based Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Time-based Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 25.52 | $ 42.39 | $ 93.09 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 11.8 | $ 18.9 | $ 27.2 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 27.9 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||
Stock Options And Restricted Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,276,175 |
Note 15 - Stock-based and Def74
Note 15 - Stock-based and Deferred Compensation Plans - Valuation Assumptions of Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Risk-free weighted interest rate | 1.20% | 1.30% |
Expected life (in years) (Year) | 4 years 109 days | 4 years 36 days |
Expected volatility | 37.00% | 38.00% |
Note 15 - Stock-based and Def75
Note 15 - Stock-based and Deferred Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding Options (in shares) | 770,181 | |
Outstanding Options (in dollars per share) | $ 48.49 | |
Outstanding Options (Year) | 6 years 73 days | 7 years |
Outstanding Options | $ 88 | |
Exercised (in shares) | (16,714) | |
Exercised (in dollars per share) | $ 24.89 | |
Forfeited/Expired (in shares) | (38,372) | |
Forfeited/Expired (in dollars per share) | $ 48.40 | |
Outstanding Options (in shares) | 715,095 | 770,181 |
Outstanding Options (in dollars per share) | $ 49.11 | $ 48.49 |
Exercisable Options (in shares) | 494,504 | |
Exercisable Options (in dollars per share) | $ 48.86 | |
Exercisable Options (Year) | 5 years 255 days | |
Exercisable Options |
Note 15 - Stock-based and Def76
Note 15 - Stock-based and Deferred Compensation Plans - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Options Outstanding Number Outstanding (in shares) | shares | 715,095 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 6 years 73 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 49.11 |
Options Exercisable Number Exercisable (in shares) | shares | 494,504 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 48.86 |
Exercise Price Range 1 [Member] | |
Options, Exercise Price Range, Lower Limit (in dollars per share) | 41.49 |
Options, Exercise Price Range, Upper Limit (in dollars per share) | $ 46.78 |
Options Outstanding Number Outstanding (in shares) | shares | 384,672 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 6 years 109 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 44.74 |
Options Exercisable Number Exercisable (in shares) | shares | 251,560 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 45.20 |
Exercise Price Range 2 [Member] | |
Options, Exercise Price Range, Lower Limit (in dollars per share) | 49.33 |
Options, Exercise Price Range, Upper Limit (in dollars per share) | $ 49.33 |
Options Outstanding Number Outstanding (in shares) | shares | 155,372 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 5 years 36 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 49.33 |
Options Exercisable Number Exercisable (in shares) | shares | 155,372 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 49.33 |
Exercise Price Range 3 [Member] | |
Options, Exercise Price Range, Lower Limit (in dollars per share) | 58.54 |
Options, Exercise Price Range, Upper Limit (in dollars per share) | $ 58.54 |
Options Outstanding Number Outstanding (in shares) | shares | 175,051 |
Options Outstanding Weighted Average Remaining Contractual Life (Year) | 7 years 36 days |
Options Outstanding Weighted Average Exercise Price (in dollars per share) | $ 58.54 |
Options Exercisable Number Exercisable (in shares) | shares | 87,572 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 58.54 |
Note 15 - Stock-based and Def77
Note 15 - Stock-based and Deferred Compensation Plans - Restricted Stock Awards and Related Information (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Service-based Restricted Stock [Member] | |||
Unvested, Number of Awards (in shares) | 1,047,084 | ||
Unvested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 43.08 | ||
Granted, Number of Awards (in shares) | 623,584 | ||
Granted, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 25.52 | ||
Vested, Number of Awards (in shares) | (472,946) | ||
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 24.88 | ||
Forfeited, Number of Awards (in shares) | (57,233) | ||
Forfeited, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 38.08 | ||
Unvested, Number of Awards (in shares) | 1,140,489 | 1,047,084 | |
Unvested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 35.07 | $ 43.08 | |
Performance-based Restricted Stock [Member] | |||
Unvested, Number of Awards (in shares) | 124,800 | ||
Unvested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 50.16 | ||
Granted, Number of Awards (in shares) | 86,462 | ||
Granted, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 37.93 | ||
Performance adjustment, Number of Awards (in shares) | (46,850) | ||
Performance adjustment, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 62.37 | ||
Vested, Number of Awards (in shares) | |||
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | |||
Forfeited, Number of Awards (in shares) | (6,487) | ||
Forfeited, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 47.52 | ||
Unvested, Number of Awards (in shares) | 157,925 | 124,800 | |
Unvested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 39.95 | $ 50.16 | |
Restricted Stock [Member] | |||
Unvested, Number of Awards (in shares) | 1,171,884 | ||
Granted, Number of Awards (in shares) | 710,046 | ||
Granted, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 25.52 | $ 42.39 | $ 93.09 |
Performance adjustment, Number of Awards (in shares) | (46,850) | ||
Vested, Number of Awards (in shares) | (472,946) | ||
Forfeited, Number of Awards (in shares) | (63,720) | ||
Unvested, Number of Awards (in shares) | 1,298,414 | 1,171,884 |
Note 16 - Segment and Related78
Note 16 - Segment and Related Information (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Reportable Segments | 2 | ||
Number of Customers | 0 | 0 | 0 |
Note 16 - Segment and Related79
Note 16 - Segment and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from unaffiliated customers | $ 694,444 | $ 1,099,977 | $ 1,819,609 |
Depreciation and amortization expense | 118,720 | 131,257 | 124,776 |
Operating income (loss) | (69,283) | 55,006 | 310,255 |
Capital expenditures | 29,689 | 114,738 | 199,256 |
Total assets | 1,383,898 | 1,596,471 | 1,806,167 |
Equity in earnings of unconsolidated affiliates | 224 | 526 | 378 |
Operating income (loss) | (69,283) | 55,006 | 310,255 |
Capital expenditures | 29,689 | 114,738 | 199,256 |
Corporate, Non-Segment [Member] | |||
Revenues from unaffiliated customers | |||
Depreciation and amortization expense | 1,118 | 1,340 | 1,023 |
Operating income (loss) | (48,492) | (47,237) | (68,204) |
Capital expenditures | 794 | 690 | 2,054 |
Total assets | 27,966 | 37,432 | 45,224 |
Equity in earnings of unconsolidated affiliates | |||
Operating income (loss) | (48,492) | (47,237) | (68,204) |
Capital expenditures | 794 | 690 | 2,054 |
Well Site Services Completion Services [Member] | Operating Segments [Member] | |||
Revenues from unaffiliated customers | 163,060 | 308,077 | 656,862 |
Depreciation and amortization expense | 70,031 | 75,612 | 74,176 |
Operating income (loss) | (83,636) | (26,280) | 148,787 |
Capital expenditures | 10,418 | 55,336 | 107,580 |
Total assets | 467,387 | 525,012 | 641,725 |
Equity in earnings of unconsolidated affiliates | |||
Operating income (loss) | (83,636) | (26,280) | 148,787 |
Capital expenditures | 10,418 | 55,336 | 107,580 |
Well Site Services Drilling Services [Member] | Operating Segments [Member] | |||
Revenues from unaffiliated customers | 22,594 | 67,782 | 201,143 |
Depreciation and amortization expense | 23,366 | 26,889 | 27,081 |
Operating income (loss) | (24,239) | (17,866) | 29,574 |
Capital expenditures | 962 | 12,097 | 29,359 |
Total assets | 78,081 | 103,156 | 135,676 |
Equity in earnings of unconsolidated affiliates | |||
Operating income (loss) | (24,239) | (17,866) | 29,574 |
Capital expenditures | 962 | 12,097 | 29,359 |
Total Well Site Services [Member] | Operating Segments [Member] | |||
Revenues from unaffiliated customers | 185,654 | 375,859 | 858,005 |
Depreciation and amortization expense | 93,397 | 102,501 | 101,257 |
Operating income (loss) | (107,875) | (44,146) | 178,361 |
Capital expenditures | 11,380 | 67,433 | 136,939 |
Total assets | 545,468 | 628,168 | 777,401 |
Equity in earnings of unconsolidated affiliates | |||
Operating income (loss) | (107,875) | (44,146) | 178,361 |
Capital expenditures | 11,380 | 67,433 | 136,939 |
Offshore Products [Member] | Operating Segments [Member] | |||
Revenues from unaffiliated customers | 508,790 | 724,118 | 961,604 |
Depreciation and amortization expense | 24,205 | 27,416 | 22,496 |
Operating income (loss) | 87,084 | 146,389 | 200,098 |
Capital expenditures | 17,515 | 46,615 | 60,263 |
Total assets | 810,464 | 930,871 | 983,542 |
Equity in earnings of unconsolidated affiliates | 224 | 526 | 378 |
Operating income (loss) | 87,084 | 146,389 | 200,098 |
Capital expenditures | $ 17,515 | $ 46,615 | $ 60,263 |
Note 16 - Segment and Related80
Note 16 - Segment and Related Information - Financial Information by Geographic Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from unaffiliated customers | $ 694,444 | $ 1,099,977 | $ 1,819,609 |
Long-lived assets | 893,800 | 984,960 | 976,774 |
UNITED STATES | |||
Revenues from unaffiliated customers | 493,615 | 797,762 | 1,468,202 |
Long-lived assets | 729,699 | 817,797 | 823,203 |
UNITED KINGDOM | |||
Revenues from unaffiliated customers | 111,565 | 170,536 | 188,753 |
Long-lived assets | 65,675 | 74,082 | 54,868 |
SINGAPORE | |||
Revenues from unaffiliated customers | 34,577 | 66,305 | 83,493 |
Long-lived assets | 23,972 | 26,462 | 27,438 |
Other [Member] | |||
Revenues from unaffiliated customers | 54,687 | 65,374 | 79,161 |
Long-lived assets | $ 74,454 | $ 66,619 | $ 71,265 |
Note 17 - Valuation Allowance81
Note 17 - Valuation Allowances - Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 3,970 | ||
Charged to Costs and Expenses | 2,279 | 3,970 | |
Deductions | |||
Translation and Other, Net | 784 | ||
Balance | 7,033 | 3,970 | |
Allowance for Doubtful Accounts [Member] | |||
Balance | 6,888 | 7,125 | 3,878 |
Charged to Costs and Expenses | 2,275 | 195 | 3,364 |
Deductions | (400) | (187) | 111 |
Translation and Other, Net | (253) | (245) | (228) |
Balance | 8,510 | 6,888 | 7,125 |
Inventory Valuation Reserve [Member] | |||
Balance | 12,898 | 9,876 | 9,540 |
Charged to Costs and Expenses | 4,916 | 5,487 | 2,147 |
Deductions | (2,756) | (2,395) | (1,772) |
Translation and Other, Net | (209) | (70) | (39) |
Balance | $ 14,849 | $ 12,898 | $ 9,876 |
Note 18 - Quarterly Financial82
Note 18 - Quarterly Financial Information (Unaudited) (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Downsizing Costs | $ 0.6 | $ 2 | $ 1.1 | $ 1.6 | $ 1.9 | $ 0.7 | $ 1.7 | $ 2.1 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 1.2 | $ 2.3 | ||||||
Operating Loss Carryforwards, Valuation Allowance | $ 3.2 | |||||||
Provision for Lease Losses | 3.4 | |||||||
Foreign Tax Authority [Member] | ||||||||
Operating Loss Carryforwards, Valuation Allowance | $ 0.6 |
Note 18 - Quarterly Financial83
Note 18 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [4] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenues | $ 169,934 | $ 179,006 | $ 175,849 | $ 169,655 | $ 234,474 | $ 258,886 | $ 269,258 | $ 337,358 | ||||||||||||
Gross profit | [5] | 44,144 | 43,240 | 39,449 | 40,840 | 69,752 | 70,296 | 74,594 | 99,636 | |||||||||||
Net income attributable to: | ||||||||||||||||||||
Net income (loss) from continuing operations | (10,627) | (10,818) | (11,705) | (13,236) | 1,115 | 1,706 | 6,148 | 19,402 | $ (46,386) | $ 28,371 | $ 127,227 | |||||||||
Discontinued operations | $ (1) | $ (3) | $ 2 | $ 23 | $ 35 | $ 166 | $ (4) | $ 226 | $ 51,776 | |||||||||||
Basic net income (loss) per share attributable to Oil States from: | ||||||||||||||||||||
Continuing operations (in dollars per share) | $ (0.21) | $ (0.22) | $ (0.23) | $ (0.26) | $ 0.02 | $ 0.03 | $ 0.12 | $ 0.38 | $ (0.92) | $ 0.55 | $ 2.37 | |||||||||
Discontinued operations (in dollars per share) | 0.01 | 0.96 | ||||||||||||||||||
Diluted net income (loss) per share attributable to Oil States from: | ||||||||||||||||||||
Continuing operations (in dollars per share) | (0.21) | (0.22) | (0.23) | (0.26) | 0.02 | 0.03 | 0.12 | 0.38 | (0.92) | 0.55 | 2.35 | |||||||||
Discontinued operations (in dollars per share) | $ 0.01 | $ 0.96 | ||||||||||||||||||
Revenues | $ 169,934 | $ 179,006 | $ 175,849 | $ 169,655 | $ 234,474 | $ 258,886 | $ 269,258 | $ 337,358 | ||||||||||||
Gross profit | [5] | $ 44,144 | $ 43,240 | $ 39,449 | $ 40,840 | $ 69,752 | $ 70,296 | $ 74,594 | $ 99,636 | |||||||||||
[1] | During the fourth quarter of 2016, we recognized $0.6 million (pre-tax) of severance and other downsizing charges. In the fourth quarter of 2015, we recognized a $3.4 million (pre-tax) leasehold restoration provision for one of our Offshore Products U.K. facilities, $1.9 million (pre-tax) of severance and other downsizing charges, and a higher effective tax rate driven primarily by $1.2 million in tax adjustments primarily related to non-deductible items and a $0.6 million valuation allowance recorded against the Company's tax loss carryforwards in various foreign jurisdictions. | |||||||||||||||||||
[2] | During the third quarter of 2016, we recognized $2.0 million (pre-tax) of severance and other downsizing charges. Our third quarter 2015 net income attributable to continuing operations included a higher effective tax rate driven primarily by a $3.2 million valuation allowance recorded against the Company's deferred tax assets related to loss carryforwards and $0.7 million (pre-tax) of severance related costs. | |||||||||||||||||||
[3] | During the second quarter of 2016, we recognized $1.1 million (pre-tax) of severance and other downsizing charges. In the second quarter of 2015, we recognized $1.7 million (pre-tax) of severance and other downsizing charges. | |||||||||||||||||||
[4] | During the first quarter of 2016, we recognized $1.6 million (pre-tax) of severance and other downsizing charges. Our first quarter 2015 net income attributable to continuing operations included $2.1 million (pre-tax) of severance and other downsizing initiatives, and a higher effective tax rate driven primarily by a $2.3 million deferred tax adjustment for certain prior period non-deductible items. | |||||||||||||||||||
[5] | Represents "product and service revenues" less "product and service costs" included in the Company's consolidated statements of operations. |