Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 25, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | FORUM ENERGY TECHNOLOGIES, INC. | ||
Entity Central Index Key | 1401257 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 89,885,578 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $2.40 |
Condensed_statements_of_compre
Condensed statements of comprehensive income (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ||||||||||||
Net sales | $438,678 | $468,822 | $428,279 | $403,938 | $393,733 | $390,192 | $367,887 | $372,999 | $1,739,717 | $1,524,811 | $1,414,933 | |
Cost of sales | 297,195 | 316,784 | 290,286 | 276,000 | 272,968 | 265,021 | 253,404 | 258,193 | 1,180,265 | 1,049,586 | 951,876 | |
Gross profit | 141,483 | 152,038 | 137,993 | 127,938 | 120,765 | 125,171 | 114,483 | 114,806 | 559,452 | 475,225 | 463,057 | |
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 312,821 | 269,669 | 225,268 | |||||||||
Contingent consideration (benefit) | 0 | 0 | -4,568 | |||||||||
Impairment of intangible assets | 0 | 0 | 1,161 | |||||||||
Transaction expenses | 2,326 | 2,700 | 1,751 | |||||||||
(Gain) loss on sale of assets | 1,431 | 614 | -1,435 | |||||||||
Total operating expenses | 83,845 | 82,747 | 78,129 | 71,857 | 67,866 | 72,179 | 67,345 | 65,593 | 316,578 | 272,983 | 222,177 | |
Earnings from equity investment | 7,167 | 6,749 | 5,940 | 5,308 | 4,366 | 2,946 | 0 | 0 | 7,312 | 25,164 | 7,312 | 0 |
Operating income | 64,805 | 76,040 | 65,804 | 61,389 | 57,265 | 55,938 | 47,138 | 49,213 | 268,038 | 209,554 | 240,880 | |
Other expense (income) | ||||||||||||
Interest expense | 29,847 | 18,370 | 16,372 | |||||||||
Foreign exchange (gains) losses and other, net | -4,331 | 2,953 | 1,713 | |||||||||
Deferred loan costs written off | 0 | 2,149 | 0 | |||||||||
Total other expense | 2,958 | 2,477 | 10,854 | 9,227 | 8,613 | 8,833 | 4,130 | 1,896 | 25,516 | 23,472 | 18,085 | |
Income before income taxes | 61,847 | 73,563 | 54,950 | 52,162 | 48,652 | 47,105 | 43,008 | 47,317 | 242,522 | 186,082 | 222,795 | |
Provision for income tax expense | 15,750 | 21,332 | 15,407 | 15,656 | 14,107 | 13,924 | 13,068 | 15,379 | 68,145 | 56,478 | 71,265 | |
Net income | 46,097 | 52,231 | 39,543 | 36,506 | 34,545 | 33,181 | 29,940 | 31,938 | 174,377 | 129,604 | 151,530 | |
Less: Income attributable to noncontrolling interest | 10 | 5 | 21 | -24 | 6 | 40 | 21 | -2 | 12 | 65 | 74 | |
Net income attributable to common stockholders | 46,087 | 52,226 | 39,522 | 36,530 | 34,539 | 33,141 | 29,919 | 31,940 | 174,365 | 129,539 | 151,456 | |
Weighted average shares outstanding | ||||||||||||
Basic (in shares) | 92,376 | 93,331 | 92,649 | 92,129 | 91,743 | 91,443 | 91,032 | 88,533 | 92,628 | 90,697 | 80,111 | |
Diluted (in shares) | 94,666 | 96,198 | 95,695 | 95,191 | 94,936 | 94,734 | 94,606 | 94,356 | 95,308 | 94,604 | 86,937 | |
Earnings per share | ||||||||||||
Basic (in dollars per share) | $0.50 | $0.56 | $0.43 | $0.40 | $0.38 | $0.36 | $0.33 | $0.36 | $1.88 | $1.43 | $1.89 | |
Diluted (in dollars per share) | $0.49 | $0.54 | $0.41 | $0.38 | $0.36 | $0.35 | $0.32 | $0.34 | $1.83 | $1.37 | $1.74 | |
Other comprehensive income, net of tax: | ||||||||||||
Net income | 46,097 | 52,231 | 39,543 | 36,506 | 34,545 | 33,181 | 29,940 | 31,938 | 174,377 | 129,604 | 151,530 | |
Change in foreign currency translation, net of tax of $0 | -43,694 | 7,525 | 15,887 | |||||||||
Gain (loss) on pension liability | -1,110 | 223 | 0 | |||||||||
Comprehensive income | 129,573 | 137,352 | 167,417 | |||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | 46 | 72 | -44 | |||||||||
Comprehensive income attributable to common stockholders | $129,619 | $137,424 | $167,373 |
Condensed_statements_of_compre1
Condensed statements of comprehensive income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Change in foreign currency translation, tax | $0 | $0 | $0 |
Consolidated_balance_sheets
Consolidated balance sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $76,579 | $39,582 |
Accounts receivable—trade, net | 287,045 | 250,272 |
Inventories, net | 461,515 | 441,049 |
Prepaid expenses and other current assets | 32,985 | 29,707 |
Costs and estimated profits in excess of billings | 14,646 | 24,012 |
Deferred income taxes, net | 22,389 | 24,846 |
Total current assets | 895,159 | 809,468 |
Property and equipment, net of accumulated depreciation | 189,974 | 180,292 |
Deferred financing costs, net | 13,107 | 15,658 |
Intangibles, net | 271,739 | 295,352 |
Goodwill | 798,481 | 802,318 |
Investment in unconsolidated subsidiary | 49,675 | 60,292 |
Other long-term assets | 3,493 | 5,489 |
Total assets | 2,221,628 | 2,168,869 |
Current liabilities | ||
Current portion of long-term debt | 840 | 998 |
Accounts payable—trade | 127,757 | 100,221 |
Accrued liabilities | 126,890 | 96,529 |
Deferred revenue | 10,919 | 15,837 |
Billings in excess of costs and profits recognized | 15,785 | 6,398 |
Total current liabilities | 282,191 | 219,983 |
Long-term debt, net of current portion | 428,010 | 512,077 |
Deferred income taxes, net | 98,188 | 97,774 |
Other long-term liabilities | 17,318 | 8,069 |
Total liabilities | 825,707 | 837,903 |
Commitments and contingencies | ||
Equity | ||
Common stock, $0.01 par value, 296,000,000 shares authorized, 97,865,278 and 96,306,753 shares issued | 979 | 964 |
Additional paid-in capital | 864,313 | 826,028 |
Treasury stock at cost, 8,108,983 and 3,585,098 shares | -132,480 | -30,249 |
Warrants | 0 | 687 |
Retained earnings | 699,505 | 525,140 |
Accumulated other comprehensive income/(loss) | -36,961 | 7,785 |
Total stockholders’ equity | 1,395,356 | 1,330,355 |
Noncontrolling interest in subsidiary | 565 | 611 |
Total equity | 1,395,921 | 1,330,966 |
Total liabilities and equity | $2,221,628 | $2,168,869 |
Consolidated_balance_sheets_Pa
Consolidated balance sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 296,000,000 | 296,000,000 |
Common Stock, shares issued | 97,865,278 | 96,306,753 |
Treasury Stock, shares, at cost | 8,108,983 | 3,585,098 |
Consolidated_statements_of_cas
Consolidated statements of cash flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income | $174,377 | $129,604 | $151,530 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation expense | 37,414 | 36,166 | 31,458 |
Amortization of intangible assets | 27,658 | 24,413 | 20,346 |
Share-based compensation expense | 18,770 | 19,038 | 8,179 |
Earnings from equity investment, net of distributions | 1,376 | -1,376 | 0 |
Payment of contingent consideration included in operating expense | 0 | 0 | -7,127 |
Change in contingent consideration | 0 | 0 | -4,568 |
Impairment of intangible assets | 0 | 0 | 1,161 |
Deferred income taxes | -3,270 | 15,622 | -6,349 |
Deferred loan costs written off | 0 | 2,149 | 0 |
Other | 6,601 | 1,083 | 2,108 |
Changes in operating assets and liabilities | |||
Accounts receivable—trade | -44,727 | 1,188 | 12,872 |
Inventories | -25,880 | 33,135 | -100,268 |
Prepaid expenses and other current assets | -4,107 | -20,415 | 15,636 |
Cost and estimated profit in excess of billings | 8,742 | -16,705 | 5,403 |
Accounts payable, deferred revenue and other accrued liabilities | 62,772 | -1,475 | -4,781 |
Billings in excess of costs and estimated profits earned | 10,240 | -11,034 | 12,341 |
Net cash provided by operating activities | 269,966 | 211,393 | 137,941 |
Cash flows from investing activities | |||
Acquisition of businesses, net of cash acquired | -38,289 | -181,718 | -139,889 |
Investment in unconsolidated subsidiary | 0 | -112,241 | 0 |
Distribution from unconsolidated subsidiary | 0 | 64,228 | 0 |
Capital expenditures for property and equipment | -53,792 | -60,263 | -49,685 |
Return of investment in unconsolidated subsidiary | 9,240 | 0 | 0 |
Proceeds from sale of business, property and equipment | 12,150 | 964 | 5,051 |
Net cash (used in) investing activities | -70,691 | -289,030 | -184,523 |
Cash flows from financing activities | |||
Borrowings under Credit Facility | 15,423 | 404,953 | 203,286 |
Issuance of Senior Notes | 0 | 403,250 | 0 |
Repayment of long-term debt | -98,415 | -715,131 | -454,019 |
Proceeds of IPO, net of offering costs | 0 | 0 | 256,381 |
Proceeds from concurrent private placement | 0 | 0 | 50,000 |
Payment of contingent consideration accrued at acquisition | 0 | -11,435 | -11,100 |
Repurchases of stock | -96,632 | -4,316 | -56 |
Excess tax benefits from stock based compensation | 7,742 | 7,202 | 7,337 |
Proceeds from stock issuance | 11,101 | 5,458 | 14,432 |
Payment of capital lease obligation | -1,231 | -924 | -464 |
Deferred financing costs | -6 | -12,003 | -15 |
Net cash provided by (used in) financing activities | -162,018 | 77,054 | 65,782 |
Effect of exchange rate changes on cash | -260 | -898 | 1,315 |
Net increase (decrease) in cash and cash equivalents | 36,997 | -1,481 | 20,515 |
Cash and cash equivalents | |||
Beginning of period | 39,582 | 41,063 | 20,548 |
End of period | 76,579 | 39,582 | 41,063 |
Supplemental cash flow disclosures | |||
Interest paid | 27,628 | 17,977 | 15,224 |
Income taxes paid | 55,576 | 41,356 | 59,439 |
Noncash investing and financing activities | |||
Insurance policy financed through notes payable | 0 | 0 | 6,348 |
Payment of contingent consideration via stock | 0 | 4,075 | 3,341 |
Accrued purchases of property and equipment | $765 | $1,526 | $0 |
Consolidated_statements_of_cha
Consolidated statements of changes in stockholders' equity (USD $) | Total | Common Stock [Member] | Additional paid in capital [Member] | Treasury stock [Member] | Warrants [Member] | Retained earnings [Member] | Accumulated other comprehensive income / (loss) [Member] | Total common stockholders' equity [Member] | Noncontrolling interest [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||||
Balance at Dec. 31, 2011 | $655,132 | $715 | $424,430 | ($25,877) | $27,097 | $244,145 | ($16,017) | $654,493 | $639 |
Balance (in shares) at Dec. 31, 2011 | 71,447,389 | -3,374,770 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock issuance | 499 | 0 | 499 | 499 | |||||
Stock issuance (in shares) | 30,821 | ||||||||
Issuance of stock upon IPO, net of offering costs | 256,381 | 139 | 256,242 | 256,381 | |||||
Issuance of stock upon IPO, net of offering costs (in shares) | 13,889,470 | ||||||||
Issuance of stock upon concurrent private placement | 50,000 | 27 | 49,973 | 50,000 | |||||
Issuance of stock upon concurrent private placement (in shares) | 2,666,666 | ||||||||
Restricted stock issuance | 9 | -9 | 0 | ||||||
Restricted stock issuance (in shares) | 869,826 | ||||||||
Stock based compensation expense | 8,179 | 8,179 | 8,179 | ||||||
Exercise of stock options (in shares) | 1,573,268 | ||||||||
Exercised stock options | 10,742 | 16 | 10,726 | 10,742 | |||||
Exercise of warrants (in shares) | 363,044 | ||||||||
Exercise of warrants | 3,183 | 3 | 3,883 | -703 | 3,183 | ||||
Treasury stock (in shares) | -2,829 | ||||||||
Treasury stock | -56 | -56 | -56 | ||||||
Excess tax benefits | 7,337 | 7,337 | 7,337 | ||||||
Equity related to contingent consideration (in shares) | 206,053 | ||||||||
Equity related to contingent consideration | 3,341 | 2 | 3,339 | 3,341 | |||||
Change in pension liability | 0 | ||||||||
Currency translation adjustment | 15,887 | 15,917 | 15,917 | -30 | |||||
Net income | 151,530 | 151,456 | 151,456 | 74 | |||||
Balance at Dec. 31, 2012 | 1,162,155 | 911 | 764,599 | -25,933 | 26,394 | 395,601 | -100 | 1,161,472 | 683 |
Balance (in shares) at Dec. 31, 2012 | 91,046,537 | -3,377,599 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock issuance (in shares) | 4,227,358 | ||||||||
Issuance of stock upon concurrent private placement (in shares) | 26,017 | ||||||||
Restricted stock issuance | -1 | -1 | -1 | ||||||
Restricted stock issuance (in shares) | 0 | ||||||||
Stock based compensation expense | 19,038 | 19,038 | 19,038 | ||||||
Exercise of stock options (in shares) | 796,848 | ||||||||
Exercised stock options | 5,461 | 8 | 5,453 | 5,461 | |||||
Exercise of warrants (in shares) | 4,272,775 | ||||||||
Exercise of warrants | 43 | 25,664 | -25,707 | ||||||
Treasury stock (in shares) | -207,499 | ||||||||
Treasury stock | -4,316 | -4,316 | -4,316 | ||||||
Excess tax benefits | 7,202 | 7,202 | 7,202 | ||||||
Equity related to contingent consideration (in shares) | 164,576 | ||||||||
Equity related to contingent consideration | 4,075 | 2 | 4,073 | 4,075 | |||||
Change in pension liability | 223 | 223 | 223 | ||||||
Currency translation adjustment | 7,525 | 7,662 | 7,662 | -137 | |||||
Net income | 129,604 | 129,539 | 129,539 | 65 | |||||
Balance at Dec. 31, 2013 | 1,330,966 | 964 | 826,028 | -30,249 | 687 | 525,140 | 7,785 | 1,330,355 | 611 |
Balance (in shares) at Dec. 31, 2013 | 96,306,753 | -3,585,098 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Restricted stock issuance | -679 | 1 | -680 | -679 | |||||
Restricted stock issuance (in shares) | 70,179 | ||||||||
Stock based compensation expense | 18,770 | 18,770 | 18,770 | ||||||
Exercise of stock options (in shares) | 1,100,000 | 1,108,045 | |||||||
Exercised stock options | 9,185 | 11 | 9,174 | 9,185 | |||||
Exercise of warrants (in shares) | 248,189 | ||||||||
Exercise of warrants | 0 | 2 | 685 | -687 | 0 | ||||
Issuance of performance shares (in shares) | 21,603 | ||||||||
Issuance of performance shares | -70 | -70 | -70 | ||||||
Shares issued in employee stock purchase plan (in shares) | 110,509 | ||||||||
Shares issued in employee stock purchase plan | 2,665 | 1 | 2,664 | 2,665 | |||||
Treasury stock (in shares) | -4,523,885 | ||||||||
Treasury stock | -102,231 | -102,231 | -102,231 | ||||||
Excess tax benefits | 7,742 | 7,742 | 7,742 | ||||||
Change in pension liability | -1,110 | -1,110 | -1,110 | ||||||
Currency translation adjustment | -43,694 | -43,636 | -43,636 | -58 | |||||
Net income | 174,377 | 174,365 | 174,365 | 12 | |||||
Balance at Dec. 31, 2014 | $1,395,921 | $979 | $864,313 | ($132,480) | $0 | $699,505 | ($36,961) | $1,395,356 | $565 |
Balance (in shares) at Dec. 31, 2014 | 97,865,278 | -8,108,983 |
Nature_of_operations
Nature of operations | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operations |
Forum Energy Technologies, Inc. (the "Company"), a Delaware corporation, is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services that complement the Company’s product offering. | |
On August 2, 2010, the Company completed the combination (the "Combination") of Forum Oilfield Technologies, Inc. ("FOT"), Global Flow Technologies, Inc. ("Global Flow"), Triton Group Holdings, LLC ("Triton"), Allied Production Services, Inc. ("Allied"), and Subsea Services International, Inc. ("Subsea") pursuant to which each company's shareholders, other than FOT, exchanged all of their common stock for the common stock of FOT. In conjunction with the Combination, FOT changed its name to Forum Energy Technologies, Inc. After the completion of the Combination, the Company's common stock was owned by three private equity funds with the same sponsor, certain current and former employees and directors of the Company, and former owners of previously acquired companies. | |
On April 17, 2012, the Company closed its initial public offering (the "IPO") pursuant to which the Company sold 13,889,470 shares of common stock and the selling stockholders sold 7,900,000 shares of common stock, including 2,842,104 shares of common stock pursuant to the underwriters' option to purchase additional shares, each at an offering price of $20.00 per share, all issued at par value. After deducting estimated expenses and underwriting discounts, the Company and the selling stockholders received net proceeds of approximately $256.4 million and $147.2 million, respectively. The Company did not receive any proceeds from the sale of common stock by the selling stockholders. Concurrently with the closing of the IPO, the Company sold 2,666,666 shares of common stock in a private placement to Tinicum L.P. ("Tinicum"), a private equity fund, for net proceeds of $50.0 million. The Company used all of the net proceeds from the IPO and concurrent private placement to repay a portion of the outstanding borrowings under the revolving portion of the Company's senior secured credit facility ("Credit Facility"). The Company's common shares are listed on the New York Stock Exchange under the symbol "FET." |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of significant accounting policies | Summary of significant accounting policies | ||||||||||||||||
Basis of presentation | |||||||||||||||||
The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). | |||||||||||||||||
Principles of consolidation | |||||||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries after elimination of intercompany balances and transactions. Noncontrolling interest principally represents ownership by others of the equity in our consolidated majority owned South African subsidiary. | |||||||||||||||||
The Company's investment in an operating entity where the Company has the ability to exert significant influence, but does not control operating and financial policies, is accounted for using the equity method. The Company's share of the net income of this entity is recorded as "Earnings from equity investment" in the consolidated statements of comprehensive income. The investment in this entity is included in "Investment in unconsolidated subsidiary" in the consolidated balance sheets. The Company reports its share of equity earnings within operating income as the investee's operations are similar in nature to the operations of the Company. | |||||||||||||||||
Reclassifications | |||||||||||||||||
Certain reclassifications have been made in prior period financial statements to conform with the current period presentation. Reclassifications have no impact on the Company's financial position, results of operations or cash flows. | |||||||||||||||||
Use of estimates | |||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. | |||||||||||||||||
In the preparation of these consolidated financial statements, estimates and assumptions have been made by management including, among others, costs to complete contracts, an assessment of percentage of completion of projects, the selection of useful lives of tangible and intangible assets, fair value of reporting units used for goodwill impairment testing, expected future cash flows from long lived assets to support impairment tests, provisions necessary for trade receivables, amounts of deferred taxes and income tax contingencies. Actual results could differ from these estimates. | |||||||||||||||||
The financial reporting of contracts depends on estimates, which are assessed continually during the term of those contracts. Recognized revenues and income are subject to revisions as the contract progresses to completion and changes in estimates are reflected in the period in which the facts that give rise to the revisions become known. Additional information that enhances and refines the estimating process that is obtained after the balance sheet date, but before issuance of the financial statements is reflected in the financial statements. | |||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
Cash and cash equivalents consist of cash on deposit and high quality, short term money market instruments with an original maturity of three months or less. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. | |||||||||||||||||
Accounts receivable-trade | |||||||||||||||||
Trade accounts receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus receivables do not bear interest, although a finance charge may be applied to amounts past due. The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of its customers to make required payments. Such allowances are based upon several factors including, but not limited to, credit approval practices, industry and customer historical experience as well as the current and projected financial condition of the specific customer. Accounts receivable outstanding longer than contractual terms are considered past due. The Company writes off accounts receivable to the allowance for doubtful accounts when they become uncollectible. Any payments subsequently received on receivables previously written off are credited to bad debt expense. | |||||||||||||||||
The change in amounts of the allowance for doubtful accounts during the three year period ended December 31, 2014 is as follows (in thousands): | |||||||||||||||||
Period ended | Balance at beginning of period | Charged to expense | Deductions or other | Balance at end of period | |||||||||||||
December 31, 2012 | $ | 5,795 | $ | 2,115 | $ | (2,019 | ) | $ | 5,891 | ||||||||
December 31, 2013 | 5,891 | 2,925 | (3,091 | ) | 5,725 | ||||||||||||
December 31, 2014 | 5,725 | 2,492 | (2,571 | ) | 5,646 | ||||||||||||
Inventories | |||||||||||||||||
Inventory consisting of finished goods and materials and supplies held for resale is carried at the lower of cost or market. For certain operations, cost, which includes the cost of raw materials and labor for finished goods, is determined on a first-in first-out basis. For other operations, this cost is determined on an average cost basis. Market means current replacement cost except that (1) market should not exceed net realizable value and (2) market should not be less than net realizable value reduced by an allowance for a normal profit margin. The Company continuously evaluates inventories, based on an analysis of inventory levels, historical sales experience and future sales forecasts, to determine obsolete, slow-moving and excess inventory. Adjustments to reduce such inventory to its estimated recoverable value have been recorded by management. | |||||||||||||||||
Property and equipment | |||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Equipment held under capital leases are stated at the present value of minimum lease payments. Expenditures for property and equipment and for items which substantially increase the useful lives of existing assets are capitalized at cost and depreciated over their estimated useful life utilizing the straight-line method. Routine expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method based on the estimated useful lives of assets, generally three to twenty years. Property and equipment held under capital leases are amortized straight-line over the shorter of the lease term or estimated useful life of the asset. Gains or losses resulting from the disposition of assets are recognized in income, and the related asset cost and accumulated depreciation are removed from the accounts. Assets acquired in connection with business combinations are recorded at fair value. | |||||||||||||||||
Rental equipment consists of equipment leased to customers under operating leases. Rental equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of three to ten years. | |||||||||||||||||
The Company reviews long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows based on expected utilization. The impairment loss recognized represents the excess of the assets carrying value as compared to its estimated fair value. For the years ended December 31, 2014, 2013 and 2012, no impairments were recorded. | |||||||||||||||||
To the extent that asset retirement obligations are incurred, the Company records the fair value of an asset retirement obligation as a liability in the period in which the associated legal obligation is incurred. The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for any change in their present value. Asset retirement obligations as of December 31, 2014, 2013 and 2012 are not significant. | |||||||||||||||||
Goodwill and intangible assets | |||||||||||||||||
For goodwill and intangible assets with indefinite lives, an assessment for impairment is performed annually or whenever an event indicating impairment may have occurred. The Company completes its annual impairment test for goodwill and other indefinite-lived intangibles using an assessment date of December 31. Goodwill is reviewed for impairment by comparing the carrying value of each reporting unit’s net assets (including allocated goodwill) to the fair value of the reporting unit. The Company has six reporting units. The fair value of the reporting units is determined using a discounted cash flow approach. Determining the fair value of a reporting unit requires judgment and the use of significant estimates and assumptions. Such estimates and assumptions include revenue growth rates, operating margins, weighted average costs of capital and future market conditions, among others. The Company believes that the estimates and assumptions used in impairment assessments are reasonable. If the reporting unit’s carrying value is greater than its fair value, a second step is performed whereby the implied fair value of goodwill is estimated by allocating the fair value of the reporting unit in a hypothetical purchase price allocation analysis. The Company recognizes a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds its fair value. The impairment test is a fair value test which includes assumptions such as growth and discount rates. Any impairment losses are reflected in operating income. In 2014, 2013 and 2012, no goodwill impairment losses were recorded as the estimated fair values of each reporting unit exceeded its carrying value. | |||||||||||||||||
Intangible assets with definite lives comprised of customer and distributor relationships, non-compete agreements, and patents are amortized on a straight-line basis over the life of the intangible asset, generally three to seventeen years. These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. No impairments to intangible assets were recorded in 2014 and 2013. During the year ended December 31, 2012, an impairment loss of $1.2 million was recorded on certain intangible assets resulting from a lack of business and orders related to a specific service line within the Production & Infrastructure segment. Refer to Note 7, Goodwill and intangible assets, for further discussion. | |||||||||||||||||
Recognition of provisions for contingencies | |||||||||||||||||
In the ordinary course of business, the Company is subject to various claims, suits and complaints. The Company, in consultation with internal and external advisors, will provide for a contingent loss in the consolidated financial statements if it is probable that a liability has been incurred at the date of the consolidated financial statements and the amount can be reasonably estimated. If it is determined that the reasonable estimate of the loss is a range and that there is no best estimate within the range, provision will be made for the lower amount of the range. Legal costs are expensed as incurred. | |||||||||||||||||
An assessment is made of the areas where potential claims may arise under the contract warranty clauses. Where a specific risk is identified and the potential for a claim is assessed as probable and can be reasonably estimated, an appropriate warranty provision is recorded. Warranty provisions are eliminated at the end of the warranty period except where warranty claims are still outstanding. The liability for product warranty is included in other accrued liabilities on the consolidated balance sheet. | |||||||||||||||||
Changes in the Company’s warranty liability were as follows (in thousands): | |||||||||||||||||
Period ended | Balance at beginning of period | Charged to expense | Deductions or other | Balance at end of period | |||||||||||||
December 31, 2012 | $ | 4,914 | $ | 2,083 | $ | (3,220 | ) | $ | 3,777 | ||||||||
December 31, 2013 | 3,777 | 3,442 | (1,939 | ) | 5,280 | ||||||||||||
December 31, 2014 | 5,280 | 2,588 | (2,554 | ) | 5,314 | ||||||||||||
Revenue recognition and deferred revenue | |||||||||||||||||
Revenue is recognized when all of the following criteria have been met: (a) persuasive evidence of an arrangement exists, (b) delivery of the equipment has occurred or services have been rendered, (c) the price of the product or service is fixed and determinable and (d) collectability is reasonably assured. Revenue from product sales, including shipping costs, is recognized as title passes to the customer, which generally occurs when items are shipped from the Company’s facilities. Revenue from services is recognized when the service is completed to the customer’s specifications. | |||||||||||||||||
Customers are sometimes billed in advance of services performed or products manufactured, and the Company recognizes the associated liability as deferred revenue. | |||||||||||||||||
Revenue generated from long-term contracts typically longer than six months in duration are recognized on the percentage-of-completion method of accounting. The Company recognizes revenue and cost of goods sold each period based upon the advancement of the work-in-progress unless the stage of completion is insufficient to enable a reasonably certain forecast of profit to be established. In such cases, no profit is recognized during the period. The percentage-of-completion is calculated based on the ratio of costs incurred to-date to total estimated costs, taking into account the level of completion. The percentage-of-completion method requires management to calculate reasonably dependable estimates of progress toward completion of contract revenues and contract costs. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. | |||||||||||||||||
Primarily related to the remotely operated vehicles ("ROVs"), which may take longer to manufacture, accounting estimates during the course of the project may change. The effect of such a change, which can be upward as well as downward, is accounted for in the period of change and the cumulative income recognized to date is adjusted to reflect the latest estimates. These revisions to estimates are accounted for on a prospective basis. | |||||||||||||||||
On a contract by contract basis, cost and profit in excess of billings represents the cumulative revenue recognized less the cumulative billings to the customer. Similarly, billings in excess of costs and profits represent the cumulative billings to the customer less the cumulative revenue recognized. | |||||||||||||||||
Revenue from the rental of equipment or providing of services is recognized over the period when the asset is rented or services are rendered and collectability is reasonably assured. Rates for asset rental and service provision are priced on a per day, per man hour, or similar basis. | |||||||||||||||||
Concentration of credit risk | |||||||||||||||||
Financial instruments which potentially subject the Company to credit risk include trade accounts receivable. Trade accounts receivable consist of uncollateralized receivables from domestic and internationally based customers. For the years ended December 31, 2014, 2013 and 2012, no one customer accounted for 10% or more of the total revenue or 10% or more of the total accounts receivable balance at the end of the respective period. | |||||||||||||||||
Share-based compensation | |||||||||||||||||
The Company measures all share-based compensation awards at fair value on the date they are granted to employees and directors, and recognizes compensation cost, net of forfeitures, over the requisite service period for awards with only a service condition, and over a graded vesting period for awards with service and performance or market conditions. | |||||||||||||||||
The fair value of share-based compensation awards with market conditions is measured using a lattice model and in accordance with Accounting Standards Codification ("ASC") 718, is not adjusted based on actual achievement of the performance goals. The Black-Scholes option pricing model is used to measure the fair value of options. The following sections address the assumptions used related to the Black-Scholes option pricing model. | |||||||||||||||||
Expected life | |||||||||||||||||
The expected term of stock options represents the period the stock options are expected to remain outstanding and is based on the simplified method, which is the weighted average vesting term plus the original contractual term divided by two. The Company uses the simplified method due to a lack of sufficient historical share option exercise experience upon which to estimate an expected term. | |||||||||||||||||
Expected volatility | |||||||||||||||||
Expected volatility measures the amount that a stock price has fluctuated or is expected to fluctuate during a period and is estimated based on a weighted average of the Company's historical stock price. | |||||||||||||||||
Dividend yield | |||||||||||||||||
The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future. Therefore, a zero expected dividend yield was used in the valuation model. | |||||||||||||||||
Risk-free interest rate | |||||||||||||||||
The risk-free interest rate is based on United States Treasury zero-coupon issues with remaining terms similar to the expected term on the options. | |||||||||||||||||
Forfeitures | |||||||||||||||||
The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option forfeitures and record stock-based compensation expense only for those awards that are expected to vest. If the Company’s actual forfeiture rate is materially different from its estimate, the stock-based compensation expense could be different from what the Company has recorded in the current period. Historically, estimated forfeitures have been in line with actual forfeitures. | |||||||||||||||||
Income taxes | |||||||||||||||||
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based upon temporary differences between the carrying amounts and tax bases of the Company’s assets and liabilities at the balance sheet date, and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period in which the change occurs. The Company records a valuation allowance in each reporting period when management believes that it is more likely than not that any deferred tax asset created will not be realized. | |||||||||||||||||
Accounting guidance for income taxes requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. If a tax position meets the "more likely than not" recognition criteria, accounting guidance requires the tax position be measured at the largest amount of benefit greater than 50% likely of being realized upon ultimate settlement. | |||||||||||||||||
Earnings per share | |||||||||||||||||
Basic earnings per share for all periods presented equals net income divided by the weighted average number of the shares of the Company’s common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of the Company’s common stock outstanding during the period as adjusted for the dilutive effect of the Company’s stock options, restricted share plans and warrants. | |||||||||||||||||
The exercise price of each option is based on the Company’s stock price at the date of grant. The diluted earnings per share calculation excludes approximately 0.5 million stock options, 0.3 million stock options and warrants, and 1.0 million stock options and warrants for the years ended December 31, 2014, 2013 and 2012, respectively, because they were anti-dilutive as the option exercise price or warrant conversion price was greater than the average market price of the common stock. | |||||||||||||||||
The following is a reconciliation of the number of shares used for the basic and diluted earnings per share computations (shares in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Basic weighted average shares outstanding | 92,628 | 90,697 | 80,111 | ||||||||||||||
Dilutive effect of stock option, restricted share plan and warrants | 2,680 | 3,907 | 6,826 | ||||||||||||||
Diluted weighted average shares outstanding | 95,308 | 94,604 | 86,937 | ||||||||||||||
Non-U.S. local currency translation | |||||||||||||||||
The Company operates globally and its primary functional currency is the U.S. dollar ($). The majority of the Company’s non-U.S. operations have designated the local currency as their functional currency. Financial statements of these non-U.S. operations are translated into U.S. dollars using the current rate method whereby assets and liabilities are translated at the balance sheet rate and income and expenses are translated into U.S. dollars at the average exchange rates in effect during the period. The resultant translation adjustments are reported as a component of accumulated other comprehensive income within stockholders’ equity. | |||||||||||||||||
Noncontrolling interest | |||||||||||||||||
Noncontrolling interests are classified as equity in the consolidated balance sheets. Net earnings include the net earnings for both controlling and noncontrolling interests, with disclosure of both amounts on the consolidated statements of earnings. | |||||||||||||||||
Fair value | |||||||||||||||||
The carrying amounts for financial instruments classified as current assets and current liabilities approximate fair value, due to the short maturity of such instruments. The book values of other financial instruments, such as the Company’s debt related to the Credit Facility, approximates fair value because interest rates charged are similar to other financial instruments with similar terms and maturities and the rates vary in accordance with a market index. | |||||||||||||||||
For the financial assets and liabilities disclosed at fair value, fair value is determined as the exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The established fair value hierarchy divides fair value measurement into three broad levels: | |||||||||||||||||
• | Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; | ||||||||||||||||
• | Level 2 - inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly; and | ||||||||||||||||
• | Level 3 - inputs are unobservable for the asset or liability, which reflect the best judgment of management. | ||||||||||||||||
The financial assets and liabilities that are disclosed at fair value for disclosure purposes are categorized in one of the above three levels based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. | |||||||||||||||||
Recent accounting pronouncements | |||||||||||||||||
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. | |||||||||||||||||
In August 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-15, Presentation of Financial Statements - Going Concern. The new standard requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity's ability to continue as a going concern for both annual and interim reporting periods. The guidance is effective for us for the fiscal year beginning January 1, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The Company is currently evaluating the impacts of adoption and the implementation approach to be used. | |||||||||||||||||
In April 2014, the FASB issued ASU 2014-08 — Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The ASU raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for the Company for the fiscal year beginning January 1, 2015, and is not expected to have a material impact on the consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | Acquisitions | ||||
2014 Acquisition | |||||
Effective May 1, 2014, the Company completed the acquisition of Quality Wireline & Cable, Inc. ("Quality") for consideration of $38.3 million. Quality is a Calgary, Alberta based manufacturer of high-performance cased-hole electro-mechanical wireline cables and specialty cables for the oil and gas industry. Quality is included in the Drilling & Subsea segment. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): | |||||
2014 Acquisition | |||||
Current assets, net of cash acquired | $ | 7,596 | |||
Property and equipment | 3,837 | ||||
Intangible assets (primarily customer relationships) | 11,527 | ||||
Non-tax-deductible goodwill | 20,573 | ||||
Current liabilities | (1,615 | ) | |||
Long term liabilities | — | ||||
Deferred tax liabilities | (3,629 | ) | |||
Net assets acquired | $ | 38,289 | |||
Revenue and net income related to the 2014 acquisition were not significant for the year ended December 31, 2014. Pro forma results of operations for the 2014 acquisition have not been presented because the effects were not material to the consolidated financial statements. | |||||
2013 Acquisitions | |||||
Effective July 1, 2013, the Company completed the following two acquisitions for aggregate consideration of approximately $180.0 million: | |||||
• | Blohm + Voss Oil Tools GmbH and related entities ("B+V Oil Tools"), a manufacturer of pipe handling equipment used on offshore and onshore drilling rigs with locations in Hamburg, Germany and Willis, Texas. B+V Oil Tools is included in the Drilling & Subsea segment; and | ||||
• | Moffat 2000 Ltd. ("Moffat"), a Newcastle, England based manufacturer of subsea pipeline inspection gauge launching and receiving systems, and subsea connectors. Moffat is included in the Drilling & Subsea segment. | ||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): | |||||
2013 Acquisitions | |||||
Current assets, net of cash acquired | $ | 60,669 | |||
Property and equipment | 4,545 | ||||
Intangible assets (primarily customer relationships) | 59,242 | ||||
Non-tax-deductible goodwill | 100,257 | ||||
Current liabilities | (17,619 | ) | |||
Long term liabilities | (7,879 | ) | |||
Deferred tax liabilities | (20,108 | ) | |||
Net assets acquired | $ | 179,107 | |||
Revenues and net income related to the 2013 acquisitions were not significant for the year ended December 31, 2013. Pro forma results of operations for the 2013 acquisitions have not been presented because the effects were not material to the consolidated financial statements on either an individual or aggregate basis. | |||||
2012 Acquisitions | |||||
The Company completed four acquisitions in the fourth quarter 2012 for aggregate consideration of $139.7 million (the "2012 acquisitions"). These acquisitions, all of which are included in the Drilling & Subsea segment, included: | |||||
• | Syntech Technology, Incorporated ("Syntech"), a Lorton, Virgina based manufacturer of syntactic foam buoyancy materials used for ROVs and other deepwater flotation applications; | ||||
• | Wireline Solutions, LLC ("Wireline"), a Sanger, Texas based manufacturer of downhole completion tools, including composite plugs used for plug, perforate and fracture applications and wireline flow control products; | ||||
• | Dynacon, Inc. ("Dynacon"), a Bryan, Texas based provider of launch and recovery systems used for the deployment of ROVs and high quality specialized cable and umbilical handling equipment; and | ||||
• | Merrimac Manufacturing, Inc. ("Merrimac"), a Plantersville, Texas based manufacturer of consumable parts for drilling, well servicing and pressure pumping applications, including mud pump parts, power swivel parts and valves and seats for hydraulic fracturing pumps. | ||||
Contingent consideration from 2011 Acquisitions | |||||
The total purchase consideration for two acquisitions completed in 2011, Wood Flowline Products, LLC ("WFP") and Phoinix Global, LLC ("Phoinix"), included two separate contingent consideration payments based on each of the acquired company's 2011 and 2012 calendar year earnings as defined in the applicable purchase and sale agreement. The contingent consideration payment related to the WFP acquisition included a portion payable in shares. Upon resolution of the results of operations for WFP for the year ended December 31, 2012, the portion of the contingent consideration payable in shares of the Company's common stock was finalized and $4.1 million was reclassified to equity in May 2013. The cash portion of the contingent consideration payments based on WFP's and Phoinix's 2012 earnings in the amount of $3.5 million and $7.9 million, respectively, were paid during the quarter ended June 30, 2013. | |||||
Subsequent event | |||||
In February 2015, the Company completed the acquisition of J-Mac Tool, Inc. (“J-Mac”) for aggregate consideration of approximately $65.0 million. J-Mac, located in Fort Worth, Texas, manufactures hydraulic fracturing pumps, power ends, fluid ends and other pump accessories. The acquired business also provides repair and refurbishment services at its main location in Fort Worth and at other service center locations. J-Mac will be included in the Production & Infrastructure segment. |
Investment_in_unconsolidated_s
Investment in unconsolidated subsidiary | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Investment in unconsolidated subsidiary | Investment in unconsolidated subsidiary | |||||||
Effective July 1, 2013, the Company jointly purchased Global Tubing, LLC ("Global Tubing") with an equal partner, with management retaining a small interest. Global Tubing is a Dayton, Texas based provider of coiled tubing strings and related services. The Company's equity investment is reported in the Production & Infrastructure segment and is accounted for using the equity method of accounting. As Global Tubing's products are complementary to the Company’s well intervention and stimulation products and the investment's business is integral to the Company's operations, the earnings from the equity investment are included within operating income. | ||||||||
Condensed financial data for the equity investment in the unconsolidated subsidiary is summarized as follows: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Current assets | $ | 69,281 | $ | 48,673 | ||||
Long-term assets | 143,764 | 141,799 | ||||||
Current liabilities | 17,835 | 13,718 | ||||||
Long-term liabilities | 115,000 | 73,239 | ||||||
Year ended December 31, | Six months ended December 31, | |||||||
2014 | 2013 | |||||||
Net revenues | $ | 141,708 | $ | 53,371 | ||||
Gross profit | 68,086 | 23,538 | ||||||
Net income | 52,590 | 15,067 | ||||||
The Company's earnings from equity investment | 25,164 | 7,312 | ||||||
Inventories
Inventories | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||
Inventories | Inventories | ||||||||||||||||
The Company's significant components of inventory at December 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials and parts | $ | 153,768 | $ | 139,573 | |||||||||||||
Work in process | 50,913 | 51,819 | |||||||||||||||
Finished goods | 286,290 | 276,076 | |||||||||||||||
Gross inventories | 490,971 | 467,468 | |||||||||||||||
Inventory reserve | (29,456 | ) | (26,419 | ) | |||||||||||||
Inventories | $ | 461,515 | $ | 441,049 | |||||||||||||
The change in the amounts of the inventory reserve during the three year period ended December 31, 2014 is as follows (in thousands): | |||||||||||||||||
Period ended | Balance at beginning of period | Charged to expense | Deductions or other | Balance at end of period | |||||||||||||
December 31, 2012 | $ | 17,440 | $ | 6,107 | $ | (2,422 | ) | $ | 21,125 | ||||||||
December 31, 2013 | 21,125 | 10,093 | (4,799 | ) | $ | 26,419 | |||||||||||
December 31, 2014 | 26,419 | 8,171 | (5,134 | ) | $ | 29,456 | |||||||||||
Property_and_equipment
Property and equipment | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property and equipment | Property and equipment | ||||||||||
Property and equipment consists of the following (in thousands): | |||||||||||
December 31, | |||||||||||
Estimated useful lives | 2014 | 2013 | |||||||||
Land | $ | 10,200 | $ | 6,718 | |||||||
Buildings and leasehold improvements | 20-Jul | 74,829 | 53,025 | ||||||||
Computer equipment | 5-Mar | 35,419 | 29,374 | ||||||||
Machinery & equipment | 10-May | 116,157 | 102,937 | ||||||||
Furniture & fixtures | 10-Mar | 7,125 | 6,625 | ||||||||
Vehicles | 5-Mar | 10,615 | 11,247 | ||||||||
Construction in progress | 16,023 | 25,202 | |||||||||
270,368 | 235,128 | ||||||||||
Less: accumulated depreciation | (105,806 | ) | (88,526 | ) | |||||||
Property & equipment, net | 164,562 | 146,602 | |||||||||
Rental equipment | 10-Mar | 78,709 | 110,455 | ||||||||
Less: accumulated depreciation | (53,297 | ) | (76,765 | ) | |||||||
Rental equipment, net | 25,412 | 33,690 | |||||||||
Total property & equipment, net | $ | 189,974 | $ | 180,292 | |||||||
Depreciation expense was $37.4 million, $36.2 million and $31.5 million for the years ended December 31, 2014, 2013 and 2012. |
Goodwill_and_intangible_assets
Goodwill and intangible assets | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Goodwill and intangible assets | Goodwill and intangible assets | ||||||||||||||||||||
Goodwill | |||||||||||||||||||||
The changes in the carrying amount of goodwill from January 1, 2013 to December 31, 2014, were as follows (in thousands): | |||||||||||||||||||||
Drilling & | Production & Infrastructure | Total | |||||||||||||||||||
Subsea | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Goodwill Balance at January 1, net | $ | 723,355 | $ | 616,520 | $ | 78,963 | $ | 79,279 | $ | 802,318 | $ | 695,799 | |||||||||
Acquisitions, net of dispositions | 16,918 | 100,257 | — | — | 16,918 | 100,257 | |||||||||||||||
Purchase accounting adjustment | — | 97 | — | — | — | 97 | |||||||||||||||
Impact of non-U.S. local currency translation | (20,413 | ) | 6,481 | (342 | ) | (316 | ) | (20,755 | ) | 6,165 | |||||||||||
Goodwill Balance at December 31, net | $ | 719,860 | $ | 723,355 | $ | 78,621 | $ | 78,963 | $ | 798,481 | $ | 802,318 | |||||||||
The Company performs its annual impairment tests of goodwill as of December 31. There was no impairment of goodwill during the years ended December 31, 2014, 2013 and 2012. The fair values were determined using the net present value of the expected future cash flows for each reporting unit. Accumulated impairment losses on goodwill were $40.0 million as of December 31, 2014 and 2013. | |||||||||||||||||||||
Intangible assets | |||||||||||||||||||||
At December 31, 2014 and 2013, intangible assets consisted of the following, respectively (in thousands): | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Gross carrying | Accumulated | Net amortizable | Amortization | ||||||||||||||||||
amount | amortization | intangibles | period (in years) | ||||||||||||||||||
Customer relationships | $ | 284,120 | $ | (84,947 | ) | $ | 199,173 | 15-Apr | |||||||||||||
Patents and technology | 31,069 | (8,074 | ) | 22,995 | 17-May | ||||||||||||||||
Non-compete agreements | 7,086 | (5,761 | ) | 1,325 | 6-Mar | ||||||||||||||||
Trade names | 48,149 | (14,747 | ) | 33,402 | 15-Oct | ||||||||||||||||
Distributor relationships | 22,160 | (12,546 | ) | 9,614 | 15-Aug | ||||||||||||||||
Trademark | 5,230 | — | 5,230 | Indefinite | |||||||||||||||||
Intangible Assets Total | $ | 397,814 | $ | (126,075 | ) | $ | 271,739 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Gross carrying | Accumulated | Net amortizable | Amortization | ||||||||||||||||||
amount | amortization | intangibles | period (in years) | ||||||||||||||||||
Customer relationships | $ | 283,171 | $ | (67,435 | ) | $ | 215,736 | 15-Apr | |||||||||||||
Patents and technology | 33,843 | (6,510 | ) | 27,333 | 17-May | ||||||||||||||||
Non-compete agreements | 6,577 | (5,108 | ) | 1,469 | 6-Mar | ||||||||||||||||
Trade names | 46,654 | (11,948 | ) | 34,706 | 15-Oct | ||||||||||||||||
Distributor relationships | 22,160 | (11,282 | ) | 10,878 | 15-Aug | ||||||||||||||||
Trademark | 5,230 | — | 5,230 | Indefinite | |||||||||||||||||
Intangible Assets Total | $ | 397,635 | $ | (102,283 | ) | $ | 295,352 | ||||||||||||||
During the year ended December 31, 2012, an impairment loss of $1.2 million was recorded on certain intangible assets resulting from a lack of business and orders related to a specific service line within the Production & Infrastructure segment. The impairment loss was measured using a discounted cash flows approach and was recorded for the amount by which the carrying value exceeded the estimated fair value of the intangible assets. The impaired intangible assets included customer relationships and trade names and is recorded under "Impairment of intangible assets" in the consolidated statement of comprehensive income. No other indicators of intangible asset impairment occurred during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
Amortization expense was $27.7 million, $24.4 million and $20.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. The total weighted average amortization period is 14 years and the estimated future amortization expense for the next five years is as follows (in thousands): | |||||||||||||||||||||
Year ending December 31, | |||||||||||||||||||||
2015 | 27,676 | ||||||||||||||||||||
2016 | 26,993 | ||||||||||||||||||||
2017 | 26,647 | ||||||||||||||||||||
2018 | 26,566 | ||||||||||||||||||||
2019 | 26,418 | ||||||||||||||||||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Notes payable and lines of credit as of December 31, 2014 and 2013 consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
6.25% Senior notes due October 2021 | $ | 402,801 | $ | 403,208 | ||||
Senior secured revolving credit facility | 25,000 | 108,000 | ||||||
Other debt | 1,049 | 1,867 | ||||||
Total debt | 428,850 | 513,075 | ||||||
Less: current maturities | (840 | ) | (998 | ) | ||||
Long-term debt | $ | 428,010 | $ | 512,077 | ||||
Senior Notes Due 2021 | ||||||||
In October 2013, the Company issued $300.0 million of 6.25% senior unsecured notes due 2021 at par, and in November 2013, the Company issued an additional $100.0 million aggregate principal amount of the notes at a price of 103.25% of par, plus accrued interest from October 2, 2013 (the "Senior Notes"). The Senior Notes bear interest at a rate of 6.25% per annum, payable on April 1 and October 1 of each year, and mature on October 1, 2021. Net proceeds from the issuance of approximately $394.0 million, after deducting initial purchasers' discounts and offering expenses and excluding accrued interest paid by the purchasers, were used for the repayment of the then-outstanding term loan balance and a portion of the revolving Credit Facility balance. | ||||||||
The terms of the Senior Notes are governed by the indenture, dated October 2, 2013 (the “Indenture”), between the Company, the guarantors named therein and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Senior Notes are senior unsecured obligations, and are guaranteed on a senior unsecured basis by the Company’s subsidiaries that guarantee the Credit Facility and rank junior to, among other indebtedness, the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The Senior Notes contain customary covenants including some limitations and restrictions on the Company’s ability to pay dividends on, purchase or redeem its common stock or purchase or redeem its subordinated debt; make certain investments; incur or guarantee additional indebtedness or issue certain types of equity securities; create certain liens, sell assets, including equity interests in its restricted subsidiaries; redeem or prepay subordinated debt; restrict dividends or other payments of its restricted subsidiaries; consolidate, merge or transfer all or substantially all of its assets; engage in transactions with affiliates; and create unrestricted subsidiaries. Many of these restrictions will terminate if the Senior Notes become rated investment grade. The Indenture also contains customary events of default, including nonpayment, breach of covenants in the Indenture, payment defaults or acceleration of other indebtedness, failure to pay certain judgments and certain events of bankruptcy and insolvency. The Company is required to offer to repurchase the Senior Notes in connection with specified change in control events or with excess proceeds of asset sales not applied for permitted purposes. | ||||||||
The Company may redeem the Senior Notes due 2021: | ||||||||
• | beginning on October 1, 2016 at a redemption price of 104.688% of their principal amount plus accrued and unpaid interest and additional interest, if any; then | |||||||
• | at a redemption price of 103.125% of their principal amount plus accrued and unpaid interest and additional interest, if any, for the twelve-month period beginning October 1, 2017; then | |||||||
• | at a redemption price of 101.563% of their principal amount plus accrued and unpaid interest and additional interest, if any, for the twelve-month period beginning October 1, 2018; and then | |||||||
• | at a redemption price of 100.000% of their principal amount plus accrued interest and unpaid interest and additional interest, if any, beginning on October 1, 2019. | |||||||
• | We may also redeem some or all of the Senior Notes due 2021 before October 1, 2016 at a redemption price of 100.000% of the principal amount, plus accrued and unpaid interest and additional interest, if any, to the redemption date, plus an applicable premium. | |||||||
• | In addition, before October 1, 2016, we may redeem up to 35% of the aggregate principal amount with the proceeds of certain equity offerings at 106.250% of their principal amount plus accrued and unpaid interest and additional interest, if any; we may make such redemption only if, after any such redemption, at least 65% of the aggregate principal amount originally issued remains outstanding. | |||||||
Credit Facility | ||||||||
The Company has a Credit Facility, with a maturity date of November 2018, with several financial institutions as lenders, which provides for a $600.0 million credit facility with up to $75.0 million available for letters of credit and up to $25.0 million in swingline loans. Subject to terms of the Credit Facility, the Company has the ability to increase the revolving Credit Facility by an additional $300.0 million. Weighted average interest rates under the Credit Facility at December 31, 2014 and 2013 were 1.91% and 2.17%, respectively. | ||||||||
The Credit Facility contains covenants which require the Company, on a consolidated basis, to maintain specified financial ratios or conditions summarized as follows: | ||||||||
• | Total funded debt to adjusted EBITDA (as defined as the "Leverage Ratio" in the Credit Facility) of not more than 4.50 to 1.0; | |||||||
• | Senior secured debt to adjusted EBITDA (defined as the "Senior Secured Leverage Ratio" in the Credit Facility) of not more than 3.50 to 1.0; and | |||||||
• | EBITDA to interest expense (defined as the "Interest Coverage Ratio" in the Credit Facility) of not less than 3.0 to 1.0. | |||||||
As of December 31, 2014, we had $25.0 million of borrowings outstanding under the Credit Facility, $10.7 million of outstanding letters of credit and the capacity to borrow an additional $564.3 million. The Company was in compliance with all financial covenants at December 31, 2014. | ||||||||
Other debt | ||||||||
Other debt consists primarily of various capital leases of equipment. | ||||||||
Debt issue costs | ||||||||
The Company has incurred loan costs that have been capitalized and are amortized to interest expense over the term of the Senior Notes and the Credit Facility. As a result, approximately $2.6 million, $2.2 million and $2.1 million were amortized to interest expense for the years ended December 31, 2014, 2013 and 2012, respectively. The estimated term over which debt issue costs related to the term loan were being amortized was revised in connection with the repayment of the term loan from the issuance of the Senior Notes. Accordingly, debt issue costs of $2.1 million that had been previously capitalized were charged to expense in 2013. | ||||||||
Future payments | ||||||||
Future principal payments under long-term debt for each of the years ending December 31 are as follows (in thousands): | ||||||||
2015 | $ | 840 | ||||||
2016 | 209 | |||||||
2017 | — | |||||||
2018 | 25,000 | |||||||
2019 | — | |||||||
Thereafter | 402,801 | |||||||
$ | 428,850 | |||||||
Income_taxes
Income taxes | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||
Income taxes | Income taxes | ||||||||||||||||||||||
The components of the Company's income before income taxes for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
U.S. | $ | 127,270 | $ | 108,680 | $ | 140,179 | |||||||||||||||||
Non-U.S. | 115,252 | 77,402 | 82,616 | ||||||||||||||||||||
Income before income taxes | $ | 242,522 | $ | 186,082 | $ | 222,795 | |||||||||||||||||
The Company’s provision (benefit) for income taxes from continuing operations for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Current | |||||||||||||||||||||||
U.S. Federal and state | 47,100 | 20,589 | $ | 55,591 | |||||||||||||||||||
Non-U.S. | 24,315 | 20,748 | 22,023 | ||||||||||||||||||||
Total current | 71,415 | 41,337 | 77,614 | ||||||||||||||||||||
Deferred | |||||||||||||||||||||||
U.S. Federal and state | (2,080 | ) | 16,317 | (4,788 | ) | ||||||||||||||||||
Non-U.S. | (1,190 | ) | (1,176 | ) | (1,561 | ) | |||||||||||||||||
Total deferred | (3,270 | ) | 15,141 | (6,349 | ) | ||||||||||||||||||
Provision for income tax expense | $ | 68,145 | $ | 56,478 | $ | 71,265 | |||||||||||||||||
The reconciliation between the actual provision for income taxes from continuing operations and that computed by applying the U.S. statutory rate to income before income taxes and noncontrolling interests are outlined below (in thousands): | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Income tax expense at the statutory rate | $ | 84,882 | 35 | % | $ | 65,129 | 35 | % | $ | 77,978 | 35 | % | |||||||||||
State taxes, net of federal tax benefit | 4,132 | 1.7 | % | 3,428 | 1.9 | % | 3,847 | 1.7 | % | ||||||||||||||
Non-U.S. operations | (15,060 | ) | (6.2 | )% | (6,908 | ) | (3.7 | )% | (7,363 | ) | (3.3 | )% | |||||||||||
Domestic incentives | (4,412 | ) | (1.8 | )% | (2,544 | ) | (1.4 | )% | (2,202 | ) | (1.0 | )% | |||||||||||
Prior year federal, non-U.S. and state tax | (1,692 | ) | (0.7 | )% | (4,059 | ) | (2.2 | )% | (1,736 | ) | (0.8 | )% | |||||||||||
Nondeductible expenses | 663 | 0.3 | % | 1,341 | 0.7 | % | 666 | 0.3 | % | ||||||||||||||
Other | (368 | ) | (0.2 | )% | 91 | 0.1 | % | 75 | 0.1 | % | |||||||||||||
Provision for income tax expense | $ | 68,145 | 28.1 | % | $ | 56,478 | 30.4 | % | $ | 71,265 | 32 | % | |||||||||||
The primary components of deferred taxes include (in thousands): | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||
Reserves and accruals | $ | 10,387 | $ | 7,149 | |||||||||||||||||||
Inventory | 12,679 | 12,538 | |||||||||||||||||||||
Stock awards | 7,892 | 6,284 | |||||||||||||||||||||
Other | 820 | 146 | |||||||||||||||||||||
Net operating loss and other tax credit carryforwards | 365 | 1,858 | |||||||||||||||||||||
Total deferred tax assets | 32,143 | 27,975 | |||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||
Property and equipment | (21,947 | ) | (16,387 | ) | |||||||||||||||||||
Goodwill and intangible assets | (73,215 | ) | (71,406 | ) | |||||||||||||||||||
Investment in unconsolidated subsidiary | (11,259 | ) | (10,993 | ) | |||||||||||||||||||
Unremitted non-U.S. earnings | (740 | ) | (740 | ) | |||||||||||||||||||
Prepaid expenses and other | (781 | ) | (1,377 | ) | |||||||||||||||||||
Total deferred tax liabilities | (107,942 | ) | (100,903 | ) | |||||||||||||||||||
Net deferred tax liabilities | $ | (75,799 | ) | $ | (72,928 | ) | |||||||||||||||||
At December 31, 2014, the Company had no U.S. net operating loss carryforwards. The Company had $0.4 million of non-U.S. net operating loss carryforwards with indefinite expiration dates. The Company anticipates being able to fully utilize the losses prior to their expiration. | |||||||||||||||||||||||
At December 31, 2014, the Company had no foreign tax credit carryforwards. | |||||||||||||||||||||||
Goodwill from certain acquisitions is tax deductible due to the acquisition structure as an asset purchase or due to tax elections made by the Company and the respective sellers at the time of acquisition. | |||||||||||||||||||||||
The Company believes that it is more likely than not that deferred tax assets at December 31, 2014 and 2013 will be utilized to offset future taxable income and the reversal of taxable temporary differences. Consequently, no valuation allowance has been recorded in the financial statements. | |||||||||||||||||||||||
Taxes are provided as necessary with respect to non-U.S. earnings that are not permanently reinvested. For all other non-U.S. earnings, no U.S. taxes are provided because such earnings are intended to be reinvested indefinitely to finance non-U.S. activities. | |||||||||||||||||||||||
The Company files income tax returns in the U.S. as well as in various states and non-U.S. jurisdictions. With few exceptions, the Company is no longer subject to income tax examination by tax authorities in these jurisdictions prior to 2008. | |||||||||||||||||||||||
The Company accounts for uncertain tax positions in accordance with guidance in FASB ASC 740, which prescribes the minimum recognition threshold a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. A reconciliation of the beginning and ending amount of uncertain tax positions is as follows (in thousands): | |||||||||||||||||||||||
Balance at January 1, 2014 | $ | 4,607 | |||||||||||||||||||||
Additional based on tax positions related to prior years | 2,579 | ||||||||||||||||||||||
Reduction based on tax positions related to prior years | (620 | ) | |||||||||||||||||||||
Lapse of statute of limitations | (310 | ) | |||||||||||||||||||||
Balance at December 31, 2014 | 6,256 | ||||||||||||||||||||||
Deferred tax benefits on uncertain tax position related to U.S. and non-U.S. income tax | — | ||||||||||||||||||||||
Net balance at December 31, 2014 | $ | 6,256 | |||||||||||||||||||||
The Company does not anticipate any significant changes to the unrecognized tax benefits within the next twelve months. | |||||||||||||||||||||||
The Company recognizes interest and penalties related to uncertain tax positions within the provision for income taxes in the consolidated statement of income. As of December 31, 2014 and 2013, we had accrued approximately $0.2 million and $0.1 million, respectively, in interest and penalties. During the years ended December 31, 2014 and 2013, we recognized no material change in the interest and penalties related to uncertain tax positions. |
Fair_value_measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements |
At December 31, 2014, the carrying value of the Credit Facility was $25.0 million and all of this debt incurs interest at a variable interest rate and, therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. | |
The fair value of the Company’s Senior Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At December 31, 2014, the fair value and the carrying value of the Company’s unsecured Senior Notes approximated $378.1 million and $402.8 million, respectively. | |
There were no other outstanding financial instruments as of December 31, 2014 and 2013 that required measuring the amounts at fair value on a recurring basis. The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and there were no transfers between levels of the fair value hierarchy during the year ended December 31, 2014. |
Commitments_and_contingencies
Commitments and contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and contingencies | Commitments and contingencies | |||
Litigation | ||||
In the ordinary course of business, the Company is, and in the future, could be involved in various pending or threatened legal actions, some of which may or may not be covered by insurance. Management has reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are believed to be probable and can be estimated. The reserves accrued at December 31, 2014 and 2013 are immaterial. In the opinion of management, the Company's ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. | ||||
Portland Harbor Superfund litigation | ||||
In May 2009, one of the Company's subsidiaries (which is presently a dormant company with nominal assets except for rights under insurance policies) was named along with many defendants in a suit filed by the Port of Portland, Oregon seeking reimbursement of costs related to a five-year study of contaminated sediments at the port. In March 2010, the subsidiary also received a notice letter from the Environmental Protection Agency indicating that it had been identified as a potentially responsible party with respect to environmental contamination in the "study area" for the Portland Harbor Superfund Site. Under a 1997 indemnity agreement, the subsidiary is indemnified by a third party with respect to losses relating to environmental contamination. As required under the indemnity agreement, the subsidiary provided notice of these claims, and the indemnitor has assumed responsibility and is providing a defense of the claims. Although the Company believes that it is unlikely that the subsidiary contributed to the contamination at the Portland Harbor Superfund Site, the potential liability of the subsidiary and the ability of the indemnitor to fulfill its indemnity obligations cannot be quantified at this time. | ||||
Operating leases | ||||
The Company has operating leases for warehouse, office space, manufacturing facilities and equipment. The leases generally require the Company to pay certain expenses including taxes, insurance, maintenance, and utilities. The minimum future lease commitments under noncancelable leases in effect at December 31, 2014 are as follows: | ||||
2015 | $ | 19,110 | ||
2016 | 16,921 | |||
2017 | 12,117 | |||
2018 | 8,823 | |||
2019 | 7,443 | |||
Thereafter | 20,084 | |||
$ | 84,498 | |||
Total rent expense was $20.8 million, $19.0 million and $16.1 million under operating leases for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
Letters of credit and guarantees | ||||
The Company executes letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee the Company fulfilling certain performance obligations relating to certain large contracts. At December 31, 2014, the Company had $10.7 million in letters of credit. |
Stockholders_equity_and_employ
Stockholders' equity and employee benefit plans | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract] | |
Stockholders' equity and employee benefit plans | Stockholders' equity and employee benefit plans |
Warrants | |
The warrants outstanding as of December 31, 2013 were recorded to stockholders’ equity at their fair value at the time of issuance. During the year ended December 31, 2013, the Company's largest shareholder converted all of its 6,366,072 warrants pursuant to the terms of a warrant agreement and received 4,227,358 shares of the Company's common stock. All outstanding warrants expired on October 11, 2014 and were converted into shares of the Company's common stock. | |
Employee benefit plans | |
The Company sponsors a 401(k) savings plan, which benefits eligible employees by allowing them the opportunity to make contributions up to certain limits. The Company contributes by matching a percentage of each employee's contributions. Subsequent to the closing of all acquisitions, employees of those acquired entities will generally be eligible to participate in the Company's 401(k) savings plan. The Company also has the discretion to provide a profit sharing contribution to each participant depending on the Company’s performance for the applicable year. The expense under the Company's plan was $10.8 million, $8.2 million and $5.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
During 2013, the Company adopted the Employee Stock Purchase Plan, which allows eligible employees to purchase shares of the Company's common stock at six-month intervals through periodic payroll deductions at a price per share equal to 85% of the lower of the fair market value at the beginning and ending of the six-month intervals. This plan is deemed to be non-compensatory, and accordingly, no share-based compensation expense for shares purchased under the plan is recognized. | |
Stock repurchases | |
In October 2014, the Board of Directors approved a share repurchase program for the repurchase of outstanding shares of the Company's common stock with an aggregate purchase price of up to $150.0 million. Shares may be repurchased under the program from time to time, in amounts and at prices that are deemed appropriate, subject to market and business conditions, applicable legal requirements and other considerations. In the fourth quarter of 2014, the Company purchased approximately 4.4 million shares under this program for aggregate consideration of approximately $100.0 million. |
Stock_based_compensation
Stock based compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock based compensation | Stock based compensation | ||||||||||||
FET share-based compensation plan | |||||||||||||
In August 2010, the Company created the 2010 Stock Incentive Plan (the "Plan") to allow for employees, directors and consultants of the Company and its subsidiaries to maintain stock ownership in the Company through the award of stock options, restricted stock, restricted stock units or any combination thereof. Under the terms of the Plan, 18.5 million shares have been authorized for awards and approximately 8.8 million shares remained available for future grants as of December 31, 2014. | |||||||||||||
The total amount of share-based compensation expense recorded was approximately $18.8 million, $19.0 million and $8.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, the Company expects to record share-based compensation expense of approximately $25.4 million over the remaining term of the restricted stock and options of approximately 3 years. Future stock option grants will result in additional compensation expense. | |||||||||||||
Stock options | |||||||||||||
The exercise price of each option is based on the fair market value of the Company’s stock at the date of grant. Options may generally be exercised over a ten-year period and vest annually in equal increments over four years. The Company’s policy for issuing stock upon a stock option exercise is to issue new shares. Compensation expense is generally recognized on a straight line basis over the vesting period. The following tables provide additional information related to the options: | |||||||||||||
2014 Activity | Number of shares | Weighted average exercise price | Remaining weighted average contractual life in years | Intrinsic value | |||||||||
(in millions) | (in millions) | ||||||||||||
Beginning balance | 6 | $ | 10.76 | 6.8 | $ | 106.5 | |||||||
Granted | 0.4 | $ | 26.96 | — | |||||||||
Exercised | (1.1 | ) | $ | 8.31 | — | ||||||||
Forfeited/expired | (0.1 | ) | $ | 18.46 | — | ||||||||
Total outstanding | 5.2 | $ | 12.23 | 6.2 | $ | 44.5 | |||||||
Options exercisable | 4.2 | $ | 9.42 | 5.8 | $ | 47 | |||||||
The assumptions used in the Black-Scholes pricing model to estimate the fair value of the options granted in 2014, 2013 and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average fair value | $8.47 | $8.41 | $6.81 | ||||||||||
Assumptions | |||||||||||||
Expected life (in years) | 6.25 | 6.25 | 6.25 | ||||||||||
Volatility | 27% | 30% | 36% | ||||||||||
Dividend yield | —% | —% | —% | ||||||||||
Risk free interest rate | 1.96% | 1.17% | 1.13% - 1.22% | ||||||||||
The intrinsic value of the options exercised was $24.8 million in 2014, $19.2 million in 2013 and $25.0 million 2012. The intrinsic value is the amount by which the fair value of the underlying share exceeds the exercise price of an option. | |||||||||||||
Restricted stock | |||||||||||||
Restricted stock generally vests over a three or four year period from the date of grant. Further information about the restricted stock follows (shares in thousands): | |||||||||||||
Restricted stock | |||||||||||||
2014 Activity | |||||||||||||
Nonvested at beginning of year | 822.3 | ||||||||||||
Granted | 56.8 | ||||||||||||
Vested | (364.3 | ) | |||||||||||
Forfeited | (92.9 | ) | |||||||||||
Nonvested at the end of year | 421.9 | ||||||||||||
The weighted average grant date fair value of the restricted stock was $31.71, $29.83 and $22.26 per share during the years ended December 31, 2014, 2013 and 2012, respectively. The total fair value of shares vested was $10.9 million during 2014, $13.5 million during 2013 and $4.4 million during 2012. | |||||||||||||
Restricted stock units | |||||||||||||
Restricted stock units generally vest over a four year period from the date of grant. Further information about the restricted stock units follows (shares in thousands): | |||||||||||||
Restricted stock units | |||||||||||||
2014 Activity | |||||||||||||
Nonvested at beginning of year | 404.4 | ||||||||||||
Granted | 631.2 | ||||||||||||
Vested | (112.1 | ) | |||||||||||
Forfeited | (74.4 | ) | |||||||||||
Nonvested at the end of year | 849.1 | ||||||||||||
The weighted average grant date fair value of the restricted stock units was $27.81 and $25.53 per share during the years ended December 31, 2014 and 2013, respectively. The total fair value of units vested was $3.0 million during 2014. | |||||||||||||
Performance share awards | |||||||||||||
During 2014, the Company granted 115,610 performance share awards with service-vesting and market-vesting conditions. These awards may settle between zero and two shares of the Company's common stock. The number of shares issued pursuant to the performance share awards will be determined based on the total shareholder return of the Company's common stock as compared to a group of peer companies, measured annually over a three-year performance period. |
Related_party_transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions |
The Company entered into lease agreements for office and warehouse space and has sold and purchased inventory, services and fixed assets to and from various affiliates of certain directors. The dollar amounts related to these related party activities are not significant to the Company’s consolidated financial statements. |
Business_segments
Business segments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||
Business segments | Business segments | ||||||||||||||||||
The Company’s operations are divided into the following two operating segments, which are our reportable segments: Drilling & Subsea ("D&S") and Production & Infrastructure ("P&I"). The D&S segment designs and manufactures products and provides related services to the subsea, drilling, well construction, completion and intervention markets. The Company’s P&I segment designs and manufactures products and provides related equipment and services to the well stimulation, completion, production and infrastructure markets. | |||||||||||||||||||
The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker ("CODM") and our Board of Directors view the business. We consider the CODM to be the Chief Executive Officer. | |||||||||||||||||||
The amounts indicated below as "Corporate" relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands): | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Net sales: | |||||||||||||||||||
Drilling & Subsea | $ | 1,126,575 | $ | 940,807 | $ | 826,500 | |||||||||||||
Production & Infrastructure | 614,442 | 585,495 | 589,204 | ||||||||||||||||
Intersegment eliminations | (1,300 | ) | (1,491 | ) | (771 | ) | |||||||||||||
Total net sales | $ | 1,739,717 | $ | 1,524,811 | $ | 1,414,933 | |||||||||||||
Operating income: | |||||||||||||||||||
Drilling & Subsea | $ | 201,269 | $ | 155,828 | $ | 161,160 | |||||||||||||
Production & Infrastructure | 112,541 | 86,471 | 97,257 | ||||||||||||||||
Corporate | (42,015 | ) | (29,431 | ) | (20,628 | ) | |||||||||||||
Total segment operating income | 271,795 | 212,868 | 237,789 | ||||||||||||||||
Intangible asset impairment | — | — | 1,161 | ||||||||||||||||
Contingent consideration | — | — | (4,568 | ) | |||||||||||||||
Transaction expenses | 2,326 | 2,700 | 1,751 | ||||||||||||||||
(Gain)/loss on sale of assets | 1,431 | 614 | (1,435 | ) | |||||||||||||||
Income from operations | $ | 268,038 | $ | 209,554 | $ | 240,880 | |||||||||||||
Depreciation and amortization | |||||||||||||||||||
Drilling & Subsea | $ | 47,201 | $ | 43,971 | $ | 37,737 | |||||||||||||
Production & Infrastructure | 12,283 | 13,952 | 13,163 | ||||||||||||||||
Corporate | 5,588 | 2,656 | 904 | ||||||||||||||||
Total depreciation and amortization | $ | 65,072 | $ | 60,579 | $ | 51,804 | |||||||||||||
Capital expenditures | |||||||||||||||||||
Drilling & Subsea | $ | 28,115 | $ | 40,991 | $ | 31,118 | |||||||||||||
Production & Infrastructure | 19,287 | 10,940 | 13,644 | ||||||||||||||||
Corporate | 6,390 | 8,332 | 4,923 | ||||||||||||||||
Total capital expenditures | $ | 53,792 | $ | 60,263 | $ | 49,685 | |||||||||||||
A summary of consolidated assets by reportable segment is as follows (in thousands): | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Assets | |||||||||||||||||||
Drilling & Subsea | 1,674,934 | 1,655,355 | $ | 1,413,944 | |||||||||||||||
Production & Infrastructure | 488,225 | 468,520 | 435,496 | ||||||||||||||||
Corporate | 58,469 | 44,994 | 43,540 | ||||||||||||||||
Total assets | $ | 2,221,628 | $ | 2,168,869 | $ | 1,892,980 | |||||||||||||
Corporate assets include primarily deferred tax assets and deferred loan costs. | |||||||||||||||||||
Net sales by shipping destination and long-lived assets by country were as follows (in thousands): | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
Net sales: | 2014 | 2013 | 2012 | ||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||
United States | 1,049,609 | 60.3 | % | 918,795 | 60.2 | % | $ | 894,969 | 63.3 | % | |||||||||
Europe & Africa | 305,376 | 17.6 | % | 225,381 | 14.8 | % | 196,841 | 13.9 | % | ||||||||||
Asia-Pacific | 154,669 | 8.9 | % | 151,790 | 10 | % | 100,938 | 7.1 | % | ||||||||||
Canada | 103,077 | 5.9 | % | 99,081 | 6.5 | % | 114,197 | 8.1 | % | ||||||||||
Middle East | 65,498 | 3.8 | % | 65,724 | 4.3 | % | 49,568 | 3.5 | % | ||||||||||
Latin America | 61,488 | 3.5 | % | 64,040 | 4.2 | % | 58,420 | 4.1 | % | ||||||||||
Total net sales | $ | 1,739,717 | 100 | % | $ | 1,524,811 | 100 | % | $ | 1,414,933 | 100 | % | |||||||
As of December 31, | |||||||||||||||||||
Long-lived assets: | 2014 | 2013 | 2012 | ||||||||||||||||
United States | 939,699 | 970,109 | $ | 849,470 | |||||||||||||||
Europe & Africa | 313,589 | 346,017 | 224,093 | ||||||||||||||||
Canada | 59,207 | 28,839 | 31,956 | ||||||||||||||||
Asia-Pacific | 9,132 | 9,465 | 7,512 | ||||||||||||||||
Middle East | 3,192 | 3,182 | 3,159 | ||||||||||||||||
Latin America | 1,650 | 1,789 | 1,913 | ||||||||||||||||
Total long-lived assets | $ | 1,326,469 | $ | 1,359,401 | $ | 1,118,103 | |||||||||||||
Net sales by product lines were as follows (in thousands): | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
Net sales: | 2014 | 2013 | 2012 | ||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||
Drilling Technologies | 614,765 | 35.4 | % | 462,420 | 30.3 | % | $ | 434,240 | 30.7 | % | |||||||||
Subsea Technologies | 321,039 | 18.5 | % | 316,418 | 20.8 | % | 250,554 | 17.7 | % | ||||||||||
Downhole Technologies | 190,771 | 11 | % | 161,970 | 10.6 | % | 141,706 | 10 | % | ||||||||||
Production Equipment | 228,769 | 13.1 | % | 251,428 | 16.5 | % | 227,286 | 16.1 | % | ||||||||||
Valve Solutions | 207,456 | 11.9 | % | 211,170 | 13.8 | % | 210,608 | 14.9 | % | ||||||||||
Flow Equipment | 178,217 | 10.2 | % | 122,896 | 8.1 | % | 151,310 | 10.7 | % | ||||||||||
Eliminations | (1,300 | ) | (0.1 | )% | (1,491 | ) | (0.1 | )% | (771 | ) | (0.1 | )% | |||||||
Total net sales | $ | 1,739,717 | 100 | % | $ | 1,524,811 | 100 | % | $ | 1,414,933 | 100 | % | |||||||
Condensed_consolidating_financ
Condensed consolidating financial statements | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||
Condensed consolidating financial statements | Condensed consolidating financial statements | |||||||||||||||||||||
The Senior Notes are guaranteed by our domestic subsidiaries which are 100% owned, directly or indirectly, by the Company. The guarantees are full and unconditional, joint and several and on an unsecured basis. | ||||||||||||||||||||||
Condensed consolidating statements of operations and comprehensive income | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Net sales | $ | — | $ | 1,266,376 | $ | 637,205 | $ | (163,864 | ) | $ | 1,739,717 | |||||||||||
Cost of sales | — | 887,428 | 453,785 | (160,948 | ) | 1,180,265 | ||||||||||||||||
Gross profit | — | 378,948 | 183,420 | (2,916 | ) | 559,452 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Selling, general and administrative expenses | — | 244,577 | 68,244 | — | 312,821 | |||||||||||||||||
Transaction expenses | — | 2,326 | — | — | 2,326 | |||||||||||||||||
(Gain) loss on sale of assets | — | 1,238 | 193 | — | 1,431 | |||||||||||||||||
Total operating expenses | — | 248,141 | 68,437 | — | 316,578 | |||||||||||||||||
Earnings from equity investment | — | 25,164 | — | — | 25,164 | |||||||||||||||||
Equity earnings from affiliate, net of tax | 193,724 | 90,067 | — | (283,791 | ) | — | ||||||||||||||||
Operating income | 193,724 | 246,038 | 114,983 | (286,707 | ) | 268,038 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||
Interest expense | 29,783 | 78 | (14 | ) | — | 29,847 | ||||||||||||||||
Interest income with affiliate | — | (5,770 | ) | — | 5,770 | — | ||||||||||||||||
Interest expense with affiliate | — | — | 5,770 | (5,770 | ) | — | ||||||||||||||||
Foreign exchange (gains) losses and other, net | — | 116 | (4,447 | ) | — | (4,331 | ) | |||||||||||||||
Deferred loan costs written off | — | — | — | — | — | |||||||||||||||||
Total other expense (income) | 29,783 | (5,576 | ) | 1,309 | — | 25,516 | ||||||||||||||||
Income before income taxes | 163,941 | 251,614 | 113,674 | (286,707 | ) | 242,522 | ||||||||||||||||
Provision for income tax expense | (10,424 | ) | 57,890 | 20,679 | — | 68,145 | ||||||||||||||||
Net income | 174,365 | 193,724 | 92,995 | (286,707 | ) | 174,377 | ||||||||||||||||
Less: Income attributable to noncontrolling interest | — | — | 12 | — | 12 | |||||||||||||||||
Net income attributable to common stockholders | 174,365 | 193,724 | 92,983 | (286,707 | ) | 174,365 | ||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||
Net income | 174,365 | 193,724 | 92,995 | (286,707 | ) | 174,377 | ||||||||||||||||
Change in foreign currency translation, net of tax of $0 | (43,694 | ) | (43,694 | ) | (43,694 | ) | 87,388 | (43,694 | ) | |||||||||||||
Change in pension liability | (1,110 | ) | (1,110 | ) | (1,110 | ) | 2,220 | (1,110 | ) | |||||||||||||
Comprehensive income | 129,561 | 148,920 | 48,191 | (197,099 | ) | 129,573 | ||||||||||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | — | — | 46 | — | 46 | |||||||||||||||||
Comprehensive income attributable to common stockholders | $ | 129,561 | $ | 148,920 | $ | 48,237 | $ | (197,099 | ) | $ | 129,619 | |||||||||||
Condensed consolidating statements of operations and comprehensive income | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Net sales | $ | — | $ | 1,142,000 | $ | 510,460 | $ | (127,649 | ) | $ | 1,524,811 | |||||||||||
Cost of sales | — | 804,413 | 370,517 | (125,344 | ) | 1,049,586 | ||||||||||||||||
Gross profit | — | 337,587 | 139,943 | (2,305 | ) | 475,225 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Selling, general and administrative expenses | — | 211,863 | 57,806 | — | 269,669 | |||||||||||||||||
Other operating expense (income) | — | 2,821 | 493 | — | 3,314 | |||||||||||||||||
Total operating expenses | — | 214,684 | 58,299 | — | 272,983 | |||||||||||||||||
Earnings from equity investment | — | 7,312 | — | 7,312 | ||||||||||||||||||
Equity earnings from affiliate, net of tax | 142,799 | 53,520 | — | (196,319 | ) | — | ||||||||||||||||
Operating income | 142,799 | 183,735 | 81,644 | (198,624 | ) | 209,554 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||
Interest expense | 18,251 | 101 | 18 | — | 18,370 | |||||||||||||||||
Interest income with affiliate | — | (3,987 | ) | — | 3,987 | — | ||||||||||||||||
Interest expense with affiliate | — | — | 3,987 | (3,987 | ) | — | ||||||||||||||||
Foreign exchange (gains) losses and other, net | — | (624 | ) | 3,577 | — | 2,953 | ||||||||||||||||
Deferred loan costs written off | 2,149 | — | — | — | 2,149 | |||||||||||||||||
Total other expense (income) | 20,400 | (4,510 | ) | 7,582 | — | 23,472 | ||||||||||||||||
Income before income taxes | 122,399 | 188,245 | 74,062 | (198,624 | ) | 186,082 | ||||||||||||||||
Provision for income tax expense | (7,140 | ) | 45,446 | 18,172 | — | 56,478 | ||||||||||||||||
Net income | 129,539 | 142,799 | 55,890 | (198,624 | ) | 129,604 | ||||||||||||||||
Less: Income attributable to noncontrolling interest | — | — | 65 | — | 65 | |||||||||||||||||
Net income attributable to common stockholders | 129,539 | 142,799 | 55,825 | (198,624 | ) | 129,539 | ||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||
Net income | 129,539 | 142,799 | 55,890 | (198,624 | ) | 129,604 | ||||||||||||||||
Change in foreign currency translation, net of tax of $0 | 7,525 | 7,525 | 7,525 | (15,050 | ) | 7,525 | ||||||||||||||||
Change in pension liability | 223 | 223 | 223 | (446 | ) | 223 | ||||||||||||||||
Comprehensive income | 137,287 | 150,547 | 63,638 | (214,120 | ) | 137,352 | ||||||||||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | — | — | 72 | — | 72 | |||||||||||||||||
Comprehensive income attributable to common stockholders | $ | 137,287 | $ | 150,547 | $ | 63,710 | $ | (214,120 | ) | $ | 137,424 | |||||||||||
Condensed consolidating statements of operations and comprehensive income | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Net sales | $ | — | $ | 1,072,732 | $ | 474,864 | $ | (132,663 | ) | $ | 1,414,933 | |||||||||||
Cost of sales | — | 742,473 | 340,240 | (130,837 | ) | 951,876 | ||||||||||||||||
Gross profit | — | 330,259 | 134,624 | (1,826 | ) | 463,057 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Selling, general and administrative expenses | — | 176,417 | 48,851 | — | 225,268 | |||||||||||||||||
Contingent consideration expense | — | (4,568 | ) | — | — | (4,568 | ) | |||||||||||||||
Other operating expense | — | 3,446 | (1,969 | ) | — | 1,477 | ||||||||||||||||
Total operating expenses | — | 175,295 | 46,882 | — | 222,177 | |||||||||||||||||
Equity earnings from affiliate, net of tax | 157,847 | 58,417 | — | (216,264 | ) | — | ||||||||||||||||
Operating income | 157,847 | 213,381 | 87,742 | (218,090 | ) | 240,880 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||
Interest expense | 15,997 | 361 | 14 | — | 16,372 | |||||||||||||||||
Interest income with affiliate | (6,164 | ) | — | — | 6,164 | — | ||||||||||||||||
Interest expense with affiliate | — | — | 6,164 | (6,164 | ) | — | ||||||||||||||||
Foreign exchange (gains) losses and other, net | — | (21 | ) | 1,734 | — | 1,713 | ||||||||||||||||
Total other expense (income) | 9,833 | 340 | 7,912 | — | 18,085 | |||||||||||||||||
Income before income taxes | 148,014 | 213,041 | 79,830 | (218,090 | ) | 222,795 | ||||||||||||||||
Provision for income tax expense | (3,442 | ) | 55,194 | 19,513 | — | 71,265 | ||||||||||||||||
Net income | 151,456 | 157,847 | 60,317 | (218,090 | ) | 151,530 | ||||||||||||||||
Less: Income attributable to noncontrolling interest | — | — | 74 | — | 74 | |||||||||||||||||
Net income attributable to common stockholders | 151,456 | 157,847 | 60,243 | (218,090 | ) | 151,456 | ||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||
Net income | 151,456 | 157,847 | 60,317 | (218,090 | ) | 151,530 | ||||||||||||||||
Change in foreign currency translation, net of tax of $0 | 15,887 | 15,887 | 15,887 | (31,774 | ) | 15,887 | ||||||||||||||||
Comprehensive income | 167,343 | 173,734 | 76,204 | (249,864 | ) | 167,417 | ||||||||||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | — | — | (44 | ) | — | (44 | ) | |||||||||||||||
Comprehensive income attributable to common stockholders | $ | 167,343 | $ | 173,734 | $ | 76,160 | $ | (249,864 | ) | $ | 167,373 | |||||||||||
Condensed consolidating balance sheets | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 5,551 | $ | 4,006 | $ | 67,022 | $ | — | $ | 76,579 | ||||||||||||
Accounts receivable—trade, net | — | 194,964 | 92,081 | — | 287,045 | |||||||||||||||||
Inventories | — | 343,902 | 125,594 | (7,981 | ) | 461,515 | ||||||||||||||||
Cost and profits in excess of billings | — | 4,871 | 9,775 | — | 14,646 | |||||||||||||||||
Other current assets | — | 38,920 | 16,454 | — | 55,374 | |||||||||||||||||
Total current assets | 5,551 | 586,663 | 310,926 | (7,981 | ) | 895,159 | ||||||||||||||||
Property and equipment, net of accumulated depreciation | — | 153,016 | 36,958 | — | 189,974 | |||||||||||||||||
Deferred financing costs, net | 13,107 | — | — | — | 13,107 | |||||||||||||||||
Intangibles | — | 198,819 | 72,920 | — | 271,739 | |||||||||||||||||
Goodwill | — | 522,898 | 275,583 | — | 798,481 | |||||||||||||||||
Investment in unconsolidated subsidiary | — | 49,675 | — | — | 49,675 | |||||||||||||||||
Investment in affiliates | 1,333,701 | 590,421 | — | (1,924,122 | ) | — | ||||||||||||||||
Long-term loan and advances to affiliates | 483,534 | — | 22,531 | (506,065 | ) | — | ||||||||||||||||
Other long-term assets | — | 2,760 | 733 | — | 3,493 | |||||||||||||||||
Total assets | $ | 1,835,893 | $ | 2,104,252 | $ | 719,651 | $ | (2,438,168 | ) | $ | 2,221,628 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 828 | $ | 12 | $ | — | $ | 840 | ||||||||||||
Accounts payable—trade | — | 85,179 | 42,578 | — | 127,757 | |||||||||||||||||
Accrued liabilities | 12,733 | 84,824 | 29,333 | — | 126,890 | |||||||||||||||||
Deferred revenue | — | 3,783 | 7,136 | — | 10,919 | |||||||||||||||||
Billings in excess of costs and profits recognized | — | 1,189 | 14,596 | — | 15,785 | |||||||||||||||||
Total current liabilities | 12,733 | 175,803 | 93,655 | — | 282,191 | |||||||||||||||||
Long-term debt, net of current portion | 427,801 | 183 | 26 | — | 428,010 | |||||||||||||||||
Long-term loans and payables to affiliates | — | 506,065 | — | (506,065 | ) | — | ||||||||||||||||
Deferred income taxes, net | — | 77,311 | 20,877 | — | 98,188 | |||||||||||||||||
Other long-term liabilities | — | 11,189 | 6,129 | — | 17,318 | |||||||||||||||||
Total liabilities | 440,534 | 770,551 | 120,687 | (506,065 | ) | 825,707 | ||||||||||||||||
Total stockholder's equity | 1,395,359 | 1,333,701 | 598,399 | (1,932,103 | ) | 1,395,356 | ||||||||||||||||
Noncontrolling interest in subsidiary | — | — | 565 | — | 565 | |||||||||||||||||
Equity | 1,395,359 | 1,333,701 | 598,964 | (1,932,103 | ) | 1,395,921 | ||||||||||||||||
Total liabilities and equity | $ | 1,835,893 | $ | 2,104,252 | $ | 719,651 | $ | (2,438,168 | ) | $ | 2,221,628 | |||||||||||
Condensed consolidating balance sheets | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 39,582 | $ | — | $ | 39,582 | ||||||||||||
Accounts receivable—trade, net | — | 172,563 | 77,709 | — | 250,272 | |||||||||||||||||
Inventories | — | 310,191 | 135,924 | (5,066 | ) | 441,049 | ||||||||||||||||
Other current assets | 63 | 41,495 | 37,007 | — | 78,565 | |||||||||||||||||
Total current assets | 63 | 524,249 | 290,222 | (5,066 | ) | 809,468 | ||||||||||||||||
Property and equipment, net of accumulated depreciation | — | 143,180 | 37,112 | — | 180,292 | |||||||||||||||||
Intangibles | — | 220,980 | 74,372 | — | 295,352 | |||||||||||||||||
Goodwill | — | 526,083 | 276,235 | — | 802,318 | |||||||||||||||||
Investment in unconsolidated subsidiary | — | 60,292 | — | — | 60,292 | |||||||||||||||||
Investment in affiliates | 1,209,699 | 454,024 | — | (1,663,723 | ) | — | ||||||||||||||||
Long-term advances to affiliates | 623,337 | 97,316 | — | (720,653 | ) | — | ||||||||||||||||
Other long-term assets | 15,658 | 4,168 | 1,321 | — | 21,147 | |||||||||||||||||
Total assets | $ | 1,848,757 | $ | 2,030,292 | $ | 679,262 | $ | (2,389,442 | ) | $ | 2,168,869 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Accounts payable—trade | $ | — | $ | 69,467 | $ | 30,754 | $ | — | $ | 100,221 | ||||||||||||
Accrued liabilities | 7,194 | 43,693 | 45,642 | — | 96,529 | |||||||||||||||||
Current portion of debt and other current liabilities | — | 9,217 | 14,016 | — | 23,233 | |||||||||||||||||
Total current liabilities | 7,194 | 122,377 | 90,412 | — | 219,983 | |||||||||||||||||
Long-term debt, net of current portion | 511,208 | 824 | 45 | — | 512,077 | |||||||||||||||||
Long-term payables to affiliates | — | 619,778 | 100,875 | (720,653 | ) | — | ||||||||||||||||
Other long-term liabilities | — | 77,614 | 28,229 | — | 105,843 | |||||||||||||||||
Total liabilities | 518,402 | 820,593 | 219,561 | (720,653 | ) | 837,903 | ||||||||||||||||
Total stockholder's equity | 1,330,355 | 1,209,699 | 459,090 | (1,668,789 | ) | 1,330,355 | ||||||||||||||||
Noncontrolling interest in subsidiary | — | — | 611 | — | 611 | |||||||||||||||||
Equity | 1,330,355 | 1,209,699 | 459,701 | (1,668,789 | ) | 1,330,355 | 1,330,966 | |||||||||||||||
Total liabilities and equity | $ | 1,848,757 | $ | 2,030,292 | $ | 679,262 | $ | (2,389,442 | ) | $ | 2,168,869 | |||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Cash flows from (used in) operating activities | $ | (16,796 | ) | $ | 175,700 | $ | 111,062 | $ | — | $ | 269,966 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | (38,289 | ) | — | (38,289 | ) | |||||||||||||||
Investment in unconsolidated subsidiary | — | — | — | — | — | |||||||||||||||||
Capital expenditures for property and equipment | — | (42,334 | ) | (11,458 | ) | — | (53,792 | ) | ||||||||||||||
Long-term loans and advances to affiliates | 191,290 | 34,010 | — | (225,300 | ) | — | ||||||||||||||||
Other | — | 20,862 | 528 | — | 21,390 | |||||||||||||||||
Net cash provided by (used in) investing activities | 191,290 | 12,538 | (49,219 | ) | (225,300 | ) | (70,691 | ) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||
Borrowings under Credit Facility due to acquisitions | — | — | — | — | — | |||||||||||||||||
Borrowings under Credit Facility | 15,000 | 423 | — | — | 15,423 | |||||||||||||||||
Issuance of Senior Notes | — | — | — | — | — | |||||||||||||||||
Repayment of long-term debt | (98,406 | ) | 124 | (133 | ) | — | (98,415 | ) | ||||||||||||||
Long-term loans and advances to affiliates | — | (191,290 | ) | (34,010 | ) | 225,300 | — | |||||||||||||||
Repurchases of stock | (96,632 | ) | — | — | — | (96,632 | ) | |||||||||||||||
Proceeds from stock issuance | 11,101 | — | — | — | 11,101 | |||||||||||||||||
Other | (6 | ) | 6,511 | — | — | 6,505 | ||||||||||||||||
Net cash provided by (used in) financing activities | (168,943 | ) | (184,232 | ) | (34,143 | ) | 225,300 | (162,018 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | — | (260 | ) | — | (260 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 5,551 | 4,006 | 27,440 | — | 36,997 | |||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||
Beginning of period | — | — | 39,582 | — | 39,582 | |||||||||||||||||
End of period | $ | 5,551 | $ | 4,006 | $ | 67,022 | $ | — | $ | 76,579 | ||||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Cash flows from (used in) operating activities | $ | (3,683 | ) | $ | 157,198 | $ | 57,878 | $ | — | $ | 211,393 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | (54,389 | ) | (127,329 | ) | — | (181,718 | ) | ||||||||||||||
Investment in unconsolidated subsidiary | — | (48,013 | ) | — | — | (48,013 | ) | |||||||||||||||
Capital expenditures for property and equipment | — | (48,270 | ) | (11,993 | ) | — | (60,263 | ) | ||||||||||||||
Long-term loans and advances to affiliates | (77,933 | ) | (97,316 | ) | — | 175,249 | — | |||||||||||||||
Other | — | 392 | 572 | — | 964 | |||||||||||||||||
Net cash provided by (used in) investing activities | (77,933 | ) | (247,596 | ) | (138,750 | ) | 175,249 | (289,030 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||
Borrowings under Credit Facility due to acquisitions | — | 54,389 | 127,329 | — | 181,718 | |||||||||||||||||
Borrowings under Credit Facility | 402,748 | (52,184 | ) | (127,329 | ) | — | 223,235 | |||||||||||||||
Issuance of Senior Notes | 403,250 | — | — | — | 403,250 | |||||||||||||||||
Repayment of long-term debt | (713,521 | ) | (1,639 | ) | 29 | — | (715,131 | ) | ||||||||||||||
Long-term loans and advances to affiliates | — | 86,897 | 88,352 | (175,249 | ) | — | ||||||||||||||||
Deferred financing costs | (12,003 | ) | — | — | — | (12,003 | ) | |||||||||||||||
Payment of contingent consideration | — | (11,435 | ) | — | — | (11,435 | ) | |||||||||||||||
Other | 1,142 | 6,278 | — | — | 7,420 | |||||||||||||||||
Net cash provided by (used in) financing activities | 81,616 | 82,306 | 88,381 | (175,249 | ) | 77,054 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | (898 | ) | — | (898 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (8,092 | ) | 6,611 | — | (1,481 | ) | |||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||
Beginning of period | — | 8,092 | 32,971 | — | 41,063 | |||||||||||||||||
End of period | $ | — | $ | — | $ | 39,582 | $ | — | $ | 39,582 | ||||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Cash flows from (used in) operating activities | $ | (6,078 | ) | $ | 79,366 | $ | 64,653 | $ | — | $ | 137,941 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | (139,889 | ) | — | — | (139,889 | ) | |||||||||||||||
Capital expenditures for property and equipment | — | (36,354 | ) | (13,331 | ) | — | (49,685 | ) | ||||||||||||||
Long-term loans and advances to affiliates | (69,701 | ) | — | — | 69,701 | — | ||||||||||||||||
Other | — | 2,296 | 2,755 | — | 5,051 | |||||||||||||||||
Net cash provided by (used in) investing activities | (69,701 | ) | (173,947 | ) | (10,576 | ) | 69,701 | (184,523 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||
Borrowings under Credit Facility due to acquisitions | — | 139,889 | — | — | 139,889 | |||||||||||||||||
Borrowings under Credit Facility | 203,155 | (139,758 | ) | — | — | 63,397 | ||||||||||||||||
Repayment of long-term debt | (448,118 | ) | (5,655 | ) | (246 | ) | — | (454,019 | ) | |||||||||||||
Long-term loans and advances to affiliates | — | 110,111 | (40,410 | ) | (69,701 | ) | — | |||||||||||||||
Proceeds from IPO | 256,381 | — | — | — | 256,381 | |||||||||||||||||
Proceeds from concurrent private placement | 50,000 | — | — | — | 50,000 | |||||||||||||||||
Payment of contingent consideration | — | (11,100 | ) | — | — | (11,100 | ) | |||||||||||||||
Proceeds from stock issuance | 14,432 | — | — | — | 14,432 | |||||||||||||||||
Other | (71 | ) | 6,873 | — | — | 6,802 | ||||||||||||||||
Net cash provided by (used in) financing activities | 75,779 | 100,360 | (40,656 | ) | (69,701 | ) | 65,782 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | 1,315 | — | 1,315 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 5,779 | 14,736 | — | 20,515 | |||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||
Beginning of period | — | 2,313 | 18,235 | — | 20,548 | |||||||||||||||||
End of period | $ | — | $ | 8,092 | $ | 32,971 | $ | — | $ | 41,063 | ||||||||||||
Quarterly_results_of_operation
Quarterly results of operations (unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly results of operations (unaudited) | Quarterly results of operations (unaudited) | |||||||||||||||
The following tables summarize the Company's results by quarter for the years ended December 31, 2014 and 2013. The quarterly results may not be comparable primarily due to acquisitions in 2014, 2013 and 2012. Refer to Note 3, Acquisitions, for further information. | ||||||||||||||||
2014 | ||||||||||||||||
(in thousands, except per share information) | Q1 | Q2 | Q3 | Q4 | ||||||||||||
Net sales | $ | 403,938 | $ | 428,279 | $ | 468,822 | $ | 438,678 | ||||||||
Cost of sales | 276,000 | 290,286 | 316,784 | 297,195 | ||||||||||||
Gross profit | 127,938 | 137,993 | 152,038 | 141,483 | ||||||||||||
Total operating expenses | 71,857 | 78,129 | 82,747 | 83,845 | ||||||||||||
Earnings from equity investment | 5,308 | 5,940 | 6,749 | 7,167 | ||||||||||||
Operating income | 61,389 | 65,804 | 76,040 | 64,805 | ||||||||||||
Total other expense | 9,227 | 10,854 | 2,477 | 2,958 | ||||||||||||
Income before income taxes | 52,162 | 54,950 | 73,563 | 61,847 | ||||||||||||
Provision for income tax expense | 15,656 | 15,407 | 21,332 | 15,750 | ||||||||||||
Net income | 36,506 | 39,543 | 52,231 | 46,097 | ||||||||||||
Less: Income (loss) attributable to noncontrolling interest | (24 | ) | 21 | 5 | 10 | |||||||||||
Net income attributable to common stockholders | $ | 36,530 | $ | 39,522 | $ | 52,226 | $ | 46,087 | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 92,129 | 92,649 | 93,331 | 92,376 | ||||||||||||
Diluted | 95,191 | 95,695 | 96,198 | 94,666 | ||||||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.4 | $ | 0.43 | $ | 0.56 | $ | 0.5 | ||||||||
Diluted | $ | 0.38 | $ | 0.41 | $ | 0.54 | $ | 0.49 | ||||||||
2013 | ||||||||||||||||
(in thousands, except per share information) | Q1 | Q2 | Q3 | Q4 | ||||||||||||
Net sales | $ | 372,999 | $ | 367,887 | $ | 390,192 | $ | 393,733 | ||||||||
Cost of sales | 258,193 | 253,404 | 265,021 | 272,968 | ||||||||||||
Gross profit | 114,806 | 114,483 | 125,171 | 120,765 | ||||||||||||
Total operating expenses | 65,593 | 67,345 | 72,179 | 67,866 | ||||||||||||
Earnings from equity investment | — | — | 2,946 | 4,366 | ||||||||||||
Operating income | 49,213 | 47,138 | 55,938 | 57,265 | ||||||||||||
Total other expense | 1,896 | 4,130 | 8,833 | 8,613 | ||||||||||||
Income before income taxes | 47,317 | 43,008 | 47,105 | 48,652 | ||||||||||||
Provision for income tax expense | 15,379 | 13,068 | 13,924 | 14,107 | ||||||||||||
Net income | 31,938 | 29,940 | 33,181 | 34,545 | ||||||||||||
Less: Income (loss) attributable to noncontrolling interest | (2 | ) | 21 | 40 | 6 | |||||||||||
Net income attributable to common stockholders | $ | 31,940 | $ | 29,919 | $ | 33,141 | $ | 34,539 | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 88,533 | 91,032 | 91,443 | 91,743 | ||||||||||||
Diluted | 94,356 | 94,606 | 94,734 | 94,936 | ||||||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.36 | $ | 0.33 | $ | 0.36 | $ | 0.38 | ||||||||
Diluted | $ | 0.34 | $ | 0.32 | $ | 0.35 | $ | 0.36 | ||||||||
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of presentation | Basis of presentation | |
The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). | ||
Principles of consolidation | Principles of consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries after elimination of intercompany balances and transactions. Noncontrolling interest principally represents ownership by others of the equity in our consolidated majority owned South African subsidiary. | ||
The Company's investment in an operating entity where the Company has the ability to exert significant influence, but does not control operating and financial policies, is accounted for using the equity method. The Company's share of the net income of this entity is recorded as "Earnings from equity investment" in the consolidated statements of comprehensive income. The investment in this entity is included in "Investment in unconsolidated subsidiary" in the consolidated balance sheets. The Company reports its share of equity earnings within operating income as the investee's operations are similar in nature to the operations of the Company. | ||
Reclassifications | Reclassifications | |
Certain reclassifications have been made in prior period financial statements to conform with the current period presentation. Reclassifications have no impact on the Company's financial position, results of operations or cash flows | ||
Use of estimates | Use of estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. | ||
In the preparation of these consolidated financial statements, estimates and assumptions have been made by management including, among others, costs to complete contracts, an assessment of percentage of completion of projects, the selection of useful lives of tangible and intangible assets, fair value of reporting units used for goodwill impairment testing, expected future cash flows from long lived assets to support impairment tests, provisions necessary for trade receivables, amounts of deferred taxes and income tax contingencies. Actual results could differ from these estimates. | ||
The financial reporting of contracts depends on estimates, which are assessed continually during the term of those contracts. Recognized revenues and income are subject to revisions as the contract progresses to completion and changes in estimates are reflected in the period in which the facts that give rise to the revisions become known. Additional information that enhances and refines the estimating process that is obtained after the balance sheet date, but before issuance of the financial statements is reflected in the financial statements. | ||
Cash and cash equivalents | Cash and cash equivalents | |
Cash and cash equivalents consist of cash on deposit and high quality, short term money market instruments with an original maturity of three months or less. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. | ||
Accounts receivable-trade | Accounts receivable-trade | |
Trade accounts receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus receivables do not bear interest, although a finance charge may be applied to amounts past due. The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of its customers to make required payments. Such allowances are based upon several factors including, but not limited to, credit approval practices, industry and customer historical experience as well as the current and projected financial condition of the specific customer. Accounts receivable outstanding longer than contractual terms are considered past due. The Company writes off accounts receivable to the allowance for doubtful accounts when they become uncollectible. Any payments subsequently received on receivables previously written off are credited to bad debt expense. | ||
Inventories | Inventories | |
Inventory consisting of finished goods and materials and supplies held for resale is carried at the lower of cost or market. For certain operations, cost, which includes the cost of raw materials and labor for finished goods, is determined on a first-in first-out basis. For other operations, this cost is determined on an average cost basis. Market means current replacement cost except that (1) market should not exceed net realizable value and (2) market should not be less than net realizable value reduced by an allowance for a normal profit margin. The Company continuously evaluates inventories, based on an analysis of inventory levels, historical sales experience and future sales forecasts, to determine obsolete, slow-moving and excess inventory. Adjustments to reduce such inventory to its estimated recoverable value have been recorded by management. | ||
Property and equipment | Property and equipment | |
Property and equipment are stated at cost less accumulated depreciation. Equipment held under capital leases are stated at the present value of minimum lease payments. Expenditures for property and equipment and for items which substantially increase the useful lives of existing assets are capitalized at cost and depreciated over their estimated useful life utilizing the straight-line method. Routine expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method based on the estimated useful lives of assets, generally three to twenty years. Property and equipment held under capital leases are amortized straight-line over the shorter of the lease term or estimated useful life of the asset. Gains or losses resulting from the disposition of assets are recognized in income, and the related asset cost and accumulated depreciation are removed from the accounts. Assets acquired in connection with business combinations are recorded at fair value. | ||
Rental equipment consists of equipment leased to customers under operating leases. Rental equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of three to ten years. | ||
The Company reviews long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows based on expected utilization. The impairment loss recognized represents the excess of the assets carrying value as compared to its estimated fair value. For the years ended December 31, 2014, 2013 and 2012, no impairments were recorded. | ||
To the extent that asset retirement obligations are incurred, the Company records the fair value of an asset retirement obligation as a liability in the period in which the associated legal obligation is incurred. The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for any change in their present value. | ||
Goodwill and intangible assets | Goodwill and intangible assets | |
For goodwill and intangible assets with indefinite lives, an assessment for impairment is performed annually or whenever an event indicating impairment may have occurred. The Company completes its annual impairment test for goodwill and other indefinite-lived intangibles using an assessment date of December 31. Goodwill is reviewed for impairment by comparing the carrying value of each reporting unit’s net assets (including allocated goodwill) to the fair value of the reporting unit. The Company has six reporting units. The fair value of the reporting units is determined using a discounted cash flow approach. Determining the fair value of a reporting unit requires judgment and the use of significant estimates and assumptions. Such estimates and assumptions include revenue growth rates, operating margins, weighted average costs of capital and future market conditions, among others. The Company believes that the estimates and assumptions used in impairment assessments are reasonable. If the reporting unit’s carrying value is greater than its fair value, a second step is performed whereby the implied fair value of goodwill is estimated by allocating the fair value of the reporting unit in a hypothetical purchase price allocation analysis. The Company recognizes a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds its fair value. The impairment test is a fair value test which includes assumptions such as growth and discount rates. Any impairment losses are reflected in operating income. In 2014, 2013 and 2012, no goodwill impairment losses were recorded as the estimated fair values of each reporting unit exceeded its carrying value. | ||
Intangible assets with definite lives comprised of customer and distributor relationships, non-compete agreements, and patents are amortized on a straight-line basis over the life of the intangible asset, generally three to seventeen years. These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. | ||
Recognition of provisions for contingencies | Recognition of provisions for contingencies | |
In the ordinary course of business, the Company is subject to various claims, suits and complaints. The Company, in consultation with internal and external advisors, will provide for a contingent loss in the consolidated financial statements if it is probable that a liability has been incurred at the date of the consolidated financial statements and the amount can be reasonably estimated. If it is determined that the reasonable estimate of the loss is a range and that there is no best estimate within the range, provision will be made for the lower amount of the range. Legal costs are expensed as incurred. | ||
An assessment is made of the areas where potential claims may arise under the contract warranty clauses. Where a specific risk is identified and the potential for a claim is assessed as probable and can be reasonably estimated, an appropriate warranty provision is recorded. Warranty provisions are eliminated at the end of the warranty period except where warranty claims are still outstanding. The liability for product warranty is included in other accrued liabilities on the consolidated balance sheet. | ||
Revenue recognition and deferred revenue | Revenue recognition and deferred revenue | |
Revenue is recognized when all of the following criteria have been met: (a) persuasive evidence of an arrangement exists, (b) delivery of the equipment has occurred or services have been rendered, (c) the price of the product or service is fixed and determinable and (d) collectability is reasonably assured. Revenue from product sales, including shipping costs, is recognized as title passes to the customer, which generally occurs when items are shipped from the Company’s facilities. Revenue from services is recognized when the service is completed to the customer’s specifications. | ||
Customers are sometimes billed in advance of services performed or products manufactured, and the Company recognizes the associated liability as deferred revenue. | ||
Revenue generated from long-term contracts typically longer than six months in duration are recognized on the percentage-of-completion method of accounting. The Company recognizes revenue and cost of goods sold each period based upon the advancement of the work-in-progress unless the stage of completion is insufficient to enable a reasonably certain forecast of profit to be established. In such cases, no profit is recognized during the period. The percentage-of-completion is calculated based on the ratio of costs incurred to-date to total estimated costs, taking into account the level of completion. The percentage-of-completion method requires management to calculate reasonably dependable estimates of progress toward completion of contract revenues and contract costs. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. | ||
Primarily related to the remotely operated vehicles ("ROVs"), which may take longer to manufacture, accounting estimates during the course of the project may change. The effect of such a change, which can be upward as well as downward, is accounted for in the period of change and the cumulative income recognized to date is adjusted to reflect the latest estimates. These revisions to estimates are accounted for on a prospective basis. | ||
On a contract by contract basis, cost and profit in excess of billings represents the cumulative revenue recognized less the cumulative billings to the customer. Similarly, billings in excess of costs and profits represent the cumulative billings to the customer less the cumulative revenue recognized. | ||
Revenue from the rental of equipment or providing of services is recognized over the period when the asset is rented or services are rendered and collectability is reasonably assured. Rates for asset rental and service provision are priced on a per day, per man hour, or similar basis. | ||
Concentration of credit risk | Concentration of credit risk | |
Financial instruments which potentially subject the Company to credit risk include trade accounts receivable. Trade accounts receivable consist of uncollateralized receivables from domestic and internationally based customers. For the years ended December 31, 2014, 2013 and 2012, no one customer accounted for 10% or more of the total revenue or 10% or more of the total accounts receivable balance at the end of the respective period. | ||
Share-based compensation | Share-based compensation | |
The Company measures all share-based compensation awards at fair value on the date they are granted to employees and directors, and recognizes compensation cost, net of forfeitures, over the requisite service period for awards with only a service condition, and over a graded vesting period for awards with service and performance or market conditions. | ||
The fair value of share-based compensation awards with market conditions is measured using a lattice model and in accordance with Accounting Standards Codification ("ASC") 718, is not adjusted based on actual achievement of the performance goals. The Black-Scholes option pricing model is used to measure the fair value of options. The following sections address the assumptions used related to the Black-Scholes option pricing model. | ||
Expected life | ||
The expected term of stock options represents the period the stock options are expected to remain outstanding and is based on the simplified method, which is the weighted average vesting term plus the original contractual term divided by two. The Company uses the simplified method due to a lack of sufficient historical share option exercise experience upon which to estimate an expected term. | ||
Expected volatility | ||
Expected volatility measures the amount that a stock price has fluctuated or is expected to fluctuate during a period and is estimated based on a weighted average of the Company's historical stock price. | ||
Dividend yield | ||
The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future. Therefore, a zero expected dividend yield was used in the valuation model. | ||
Risk-free interest rate | ||
The risk-free interest rate is based on United States Treasury zero-coupon issues with remaining terms similar to the expected term on the options. | ||
Forfeitures | ||
The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option forfeitures and record stock-based compensation expense only for those awards that are expected to vest. If the Company’s actual forfeiture rate is materially different from its estimate, the stock-based compensation expense could be different from what the Company has recorded in the current period. Historically, estimated forfeitures have been in line with actual forfeitures. | ||
Income taxes | Income taxes | |
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based upon temporary differences between the carrying amounts and tax bases of the Company’s assets and liabilities at the balance sheet date, and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period in which the change occurs. The Company records a valuation allowance in each reporting period when management believes that it is more likely than not that any deferred tax asset created will not be realized. | ||
Accounting guidance for income taxes requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. If a tax position meets the "more likely than not" recognition criteria, accounting guidance requires the tax position be measured at the largest amount of benefit greater than 50% likely of being realized upon ultimate settlement. | ||
Earnings per share | Earnings per share | |
Basic earnings per share for all periods presented equals net income divided by the weighted average number of the shares of the Company’s common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of the Company’s common stock outstanding during the period as adjusted for the dilutive effect of the Company’s stock options, restricted share plans and warrants. | ||
The exercise price of each option is based on the Company’s stock price at the date of grant. The diluted earnings per share calculation excludes approximately 0.5 million stock options, 0.3 million stock options and warrants, and 1.0 million stock options and warrants for the years ended December 31, 2014, 2013 and 2012, respectively, because they were anti-dilutive as the option exercise price or warrant conversion price was greater than the average market price of the common stock. | ||
Non-U.S. local currency translation | Non-U.S. local currency translation | |
The Company operates globally and its primary functional currency is the U.S. dollar ($). The majority of the Company’s non-U.S. operations have designated the local currency as their functional currency. Financial statements of these non-U.S. operations are translated into U.S. dollars using the current rate method whereby assets and liabilities are translated at the balance sheet rate and income and expenses are translated into U.S. dollars at the average exchange rates in effect during the period. The resultant translation adjustments are reported as a component of accumulated other comprehensive income within stockholders’ equity. | ||
Noncontrolling interest | Noncontrolling interest | |
Noncontrolling interests are classified as equity in the consolidated balance sheets. Net earnings include the net earnings for both controlling and noncontrolling interests, with disclosure of both amounts on the consolidated statements of earnings. | ||
Fair value | Fair value | |
The carrying amounts for financial instruments classified as current assets and current liabilities approximate fair value, due to the short maturity of such instruments. The book values of other financial instruments, such as the Company’s debt related to the Credit Facility, approximates fair value because interest rates charged are similar to other financial instruments with similar terms and maturities and the rates vary in accordance with a market index. | ||
For the financial assets and liabilities disclosed at fair value, fair value is determined as the exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The established fair value hierarchy divides fair value measurement into three broad levels: | ||
• | Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; | |
• | Level 2 - inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly; and | |
• | Level 3 - inputs are unobservable for the asset or liability, which reflect the best judgment of management. | |
The financial assets and liabilities that are disclosed at fair value for disclosure purposes are categorized in one of the above three levels based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. | ||
Recent accounting pronouncements | Recent accounting pronouncements | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. | ||
In August 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-15, Presentation of Financial Statements - Going Concern. The new standard requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity's ability to continue as a going concern for both annual and interim reporting periods. The guidance is effective for us for the fiscal year beginning January 1, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the Company's consolidated financial statements. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The Company is currently evaluating the impacts of adoption and the implementation approach to be used. | ||
In April 2014, the FASB issued ASU 2014-08 — Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The ASU raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance is effective for the Company for the fiscal year beginning January 1, 2015, and is not expected to have a material impact on the consolidated financial statements. |
Summary_of_significant_account2
Summary of significant accounting policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | The change in amounts of the allowance for doubtful accounts during the three year period ended December 31, 2014 is as follows (in thousands): | ||||||||||||||||
Period ended | Balance at beginning of period | Charged to expense | Deductions or other | Balance at end of period | |||||||||||||
December 31, 2012 | $ | 5,795 | $ | 2,115 | $ | (2,019 | ) | $ | 5,891 | ||||||||
December 31, 2013 | 5,891 | 2,925 | (3,091 | ) | 5,725 | ||||||||||||
December 31, 2014 | 5,725 | 2,492 | (2,571 | ) | 5,646 | ||||||||||||
Schedule of Product Warranty Liability | Changes in the Company’s warranty liability were as follows (in thousands): | ||||||||||||||||
Period ended | Balance at beginning of period | Charged to expense | Deductions or other | Balance at end of period | |||||||||||||
December 31, 2012 | $ | 4,914 | $ | 2,083 | $ | (3,220 | ) | $ | 3,777 | ||||||||
December 31, 2013 | 3,777 | 3,442 | (1,939 | ) | 5,280 | ||||||||||||
December 31, 2014 | 5,280 | 2,588 | (2,554 | ) | 5,314 | ||||||||||||
Schedule of Earnings Per Share Reconciliation | The following is a reconciliation of the number of shares used for the basic and diluted earnings per share computations (shares in thousands): | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Basic weighted average shares outstanding | 92,628 | 90,697 | 80,111 | ||||||||||||||
Dilutive effect of stock option, restricted share plan and warrants | 2,680 | 3,907 | 6,826 | ||||||||||||||
Diluted weighted average shares outstanding | 95,308 | 94,604 | 86,937 | ||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): | ||||
2013 Acquisitions | |||||
Current assets, net of cash acquired | $ | 60,669 | |||
Property and equipment | 4,545 | ||||
Intangible assets (primarily customer relationships) | 59,242 | ||||
Non-tax-deductible goodwill | 100,257 | ||||
Current liabilities | (17,619 | ) | |||
Long term liabilities | (7,879 | ) | |||
Deferred tax liabilities | (20,108 | ) | |||
Net assets acquired | $ | 179,107 | |||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): | |||||
2014 Acquisition | |||||
Current assets, net of cash acquired | $ | 7,596 | |||
Property and equipment | 3,837 | ||||
Intangible assets (primarily customer relationships) | 11,527 | ||||
Non-tax-deductible goodwill | 20,573 | ||||
Current liabilities | (1,615 | ) | |||
Long term liabilities | — | ||||
Deferred tax liabilities | (3,629 | ) | |||
Net assets acquired | $ | 38,289 | |||
Investment_in_unconsolidated_s1
Investment in unconsolidated subsidiary (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Equity Method Investments | Condensed financial data for the equity investment in the unconsolidated subsidiary is summarized as follows: | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Current assets | $ | 69,281 | $ | 48,673 | ||||
Long-term assets | 143,764 | 141,799 | ||||||
Current liabilities | 17,835 | 13,718 | ||||||
Long-term liabilities | 115,000 | 73,239 | ||||||
Year ended December 31, | Six months ended December 31, | |||||||
2014 | 2013 | |||||||
Net revenues | $ | 141,708 | $ | 53,371 | ||||
Gross profit | 68,086 | 23,538 | ||||||
Net income | 52,590 | 15,067 | ||||||
The Company's earnings from equity investment | 25,164 | 7,312 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||
Schedule of Inventory | The Company's significant components of inventory at December 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials and parts | $ | 153,768 | $ | 139,573 | |||||||||||||
Work in process | 50,913 | 51,819 | |||||||||||||||
Finished goods | 286,290 | 276,076 | |||||||||||||||
Gross inventories | 490,971 | 467,468 | |||||||||||||||
Inventory reserve | (29,456 | ) | (26,419 | ) | |||||||||||||
Inventories | $ | 461,515 | $ | 441,049 | |||||||||||||
Schedule of Inventory Reserve | The change in the amounts of the inventory reserve during the three year period ended December 31, 2014 is as follows (in thousands): | ||||||||||||||||
Period ended | Balance at beginning of period | Charged to expense | Deductions or other | Balance at end of period | |||||||||||||
December 31, 2012 | $ | 17,440 | $ | 6,107 | $ | (2,422 | ) | $ | 21,125 | ||||||||
December 31, 2013 | 21,125 | 10,093 | (4,799 | ) | $ | 26,419 | |||||||||||
December 31, 2014 | 26,419 | 8,171 | (5,134 | ) | $ | 29,456 | |||||||||||
Property_and_equipment_Tables
Property and equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment | Property and equipment consists of the following (in thousands): | ||||||||||
December 31, | |||||||||||
Estimated useful lives | 2014 | 2013 | |||||||||
Land | $ | 10,200 | $ | 6,718 | |||||||
Buildings and leasehold improvements | 20-Jul | 74,829 | 53,025 | ||||||||
Computer equipment | 5-Mar | 35,419 | 29,374 | ||||||||
Machinery & equipment | 10-May | 116,157 | 102,937 | ||||||||
Furniture & fixtures | 10-Mar | 7,125 | 6,625 | ||||||||
Vehicles | 5-Mar | 10,615 | 11,247 | ||||||||
Construction in progress | 16,023 | 25,202 | |||||||||
270,368 | 235,128 | ||||||||||
Less: accumulated depreciation | (105,806 | ) | (88,526 | ) | |||||||
Property & equipment, net | 164,562 | 146,602 | |||||||||
Rental equipment | 10-Mar | 78,709 | 110,455 | ||||||||
Less: accumulated depreciation | (53,297 | ) | (76,765 | ) | |||||||
Rental equipment, net | 25,412 | 33,690 | |||||||||
Total property & equipment, net | $ | 189,974 | $ | 180,292 | |||||||
Goodwill_and_intangible_assets1
Goodwill and intangible assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill from January 1, 2013 to December 31, 2014, were as follows (in thousands): | ||||||||||||||||||||
Drilling & | Production & Infrastructure | Total | |||||||||||||||||||
Subsea | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Goodwill Balance at January 1, net | $ | 723,355 | $ | 616,520 | $ | 78,963 | $ | 79,279 | $ | 802,318 | $ | 695,799 | |||||||||
Acquisitions, net of dispositions | 16,918 | 100,257 | — | — | 16,918 | 100,257 | |||||||||||||||
Purchase accounting adjustment | — | 97 | — | — | — | 97 | |||||||||||||||
Impact of non-U.S. local currency translation | (20,413 | ) | 6,481 | (342 | ) | (316 | ) | (20,755 | ) | 6,165 | |||||||||||
Goodwill Balance at December 31, net | $ | 719,860 | $ | 723,355 | $ | 78,621 | $ | 78,963 | $ | 798,481 | $ | 802,318 | |||||||||
Summary of Intangible Assets | At December 31, 2014 and 2013, intangible assets consisted of the following, respectively (in thousands): | ||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Gross carrying | Accumulated | Net amortizable | Amortization | ||||||||||||||||||
amount | amortization | intangibles | period (in years) | ||||||||||||||||||
Customer relationships | $ | 284,120 | $ | (84,947 | ) | $ | 199,173 | 15-Apr | |||||||||||||
Patents and technology | 31,069 | (8,074 | ) | 22,995 | 17-May | ||||||||||||||||
Non-compete agreements | 7,086 | (5,761 | ) | 1,325 | 6-Mar | ||||||||||||||||
Trade names | 48,149 | (14,747 | ) | 33,402 | 15-Oct | ||||||||||||||||
Distributor relationships | 22,160 | (12,546 | ) | 9,614 | 15-Aug | ||||||||||||||||
Trademark | 5,230 | — | 5,230 | Indefinite | |||||||||||||||||
Intangible Assets Total | $ | 397,814 | $ | (126,075 | ) | $ | 271,739 | ||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Gross carrying | Accumulated | Net amortizable | Amortization | ||||||||||||||||||
amount | amortization | intangibles | period (in years) | ||||||||||||||||||
Customer relationships | $ | 283,171 | $ | (67,435 | ) | $ | 215,736 | 15-Apr | |||||||||||||
Patents and technology | 33,843 | (6,510 | ) | 27,333 | 17-May | ||||||||||||||||
Non-compete agreements | 6,577 | (5,108 | ) | 1,469 | 6-Mar | ||||||||||||||||
Trade names | 46,654 | (11,948 | ) | 34,706 | 15-Oct | ||||||||||||||||
Distributor relationships | 22,160 | (11,282 | ) | 10,878 | 15-Aug | ||||||||||||||||
Trademark | 5,230 | — | 5,230 | Indefinite | |||||||||||||||||
Intangible Assets Total | $ | 397,635 | $ | (102,283 | ) | $ | 295,352 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The total weighted average amortization period is 14 years and the estimated future amortization expense for the next five years is as follows (in thousands): | ||||||||||||||||||||
Year ending December 31, | |||||||||||||||||||||
2015 | 27,676 | ||||||||||||||||||||
2016 | 26,993 | ||||||||||||||||||||
2017 | 26,647 | ||||||||||||||||||||
2018 | 26,566 | ||||||||||||||||||||
2019 | 26,418 | ||||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt | Notes payable and lines of credit as of December 31, 2014 and 2013 consisted of the following (in thousands): | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
6.25% Senior notes due October 2021 | $ | 402,801 | $ | 403,208 | ||||
Senior secured revolving credit facility | 25,000 | 108,000 | ||||||
Other debt | 1,049 | 1,867 | ||||||
Total debt | 428,850 | 513,075 | ||||||
Less: current maturities | (840 | ) | (998 | ) | ||||
Long-term debt | $ | 428,010 | $ | 512,077 | ||||
Schedule of Maturities of Long-term Debt | Future principal payments under long-term debt for each of the years ending December 31 are as follows (in thousands): | |||||||
2015 | $ | 840 | ||||||
2016 | 209 | |||||||
2017 | — | |||||||
2018 | 25,000 | |||||||
2019 | — | |||||||
Thereafter | 402,801 | |||||||
$ | 428,850 | |||||||
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | The components of the Company's income before income taxes for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
U.S. | $ | 127,270 | $ | 108,680 | $ | 140,179 | |||||||||||||||||
Non-U.S. | 115,252 | 77,402 | 82,616 | ||||||||||||||||||||
Income before income taxes | $ | 242,522 | $ | 186,082 | $ | 222,795 | |||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The Company’s provision (benefit) for income taxes from continuing operations for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Current | |||||||||||||||||||||||
U.S. Federal and state | 47,100 | 20,589 | $ | 55,591 | |||||||||||||||||||
Non-U.S. | 24,315 | 20,748 | 22,023 | ||||||||||||||||||||
Total current | 71,415 | 41,337 | 77,614 | ||||||||||||||||||||
Deferred | |||||||||||||||||||||||
U.S. Federal and state | (2,080 | ) | 16,317 | (4,788 | ) | ||||||||||||||||||
Non-U.S. | (1,190 | ) | (1,176 | ) | (1,561 | ) | |||||||||||||||||
Total deferred | (3,270 | ) | 15,141 | (6,349 | ) | ||||||||||||||||||
Provision for income tax expense | $ | 68,145 | $ | 56,478 | $ | 71,265 | |||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between the actual provision for income taxes from continuing operations and that computed by applying the U.S. statutory rate to income before income taxes and noncontrolling interests are outlined below (in thousands): | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Income tax expense at the statutory rate | $ | 84,882 | 35 | % | $ | 65,129 | 35 | % | $ | 77,978 | 35 | % | |||||||||||
State taxes, net of federal tax benefit | 4,132 | 1.7 | % | 3,428 | 1.9 | % | 3,847 | 1.7 | % | ||||||||||||||
Non-U.S. operations | (15,060 | ) | (6.2 | )% | (6,908 | ) | (3.7 | )% | (7,363 | ) | (3.3 | )% | |||||||||||
Domestic incentives | (4,412 | ) | (1.8 | )% | (2,544 | ) | (1.4 | )% | (2,202 | ) | (1.0 | )% | |||||||||||
Prior year federal, non-U.S. and state tax | (1,692 | ) | (0.7 | )% | (4,059 | ) | (2.2 | )% | (1,736 | ) | (0.8 | )% | |||||||||||
Nondeductible expenses | 663 | 0.3 | % | 1,341 | 0.7 | % | 666 | 0.3 | % | ||||||||||||||
Other | (368 | ) | (0.2 | )% | 91 | 0.1 | % | 75 | 0.1 | % | |||||||||||||
Provision for income tax expense | $ | 68,145 | 28.1 | % | $ | 56,478 | 30.4 | % | $ | 71,265 | 32 | % | |||||||||||
Schedule of Deferred Tax Assets and Liabilities | The primary components of deferred taxes include (in thousands): | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||||
Reserves and accruals | $ | 10,387 | $ | 7,149 | |||||||||||||||||||
Inventory | 12,679 | 12,538 | |||||||||||||||||||||
Stock awards | 7,892 | 6,284 | |||||||||||||||||||||
Other | 820 | 146 | |||||||||||||||||||||
Net operating loss and other tax credit carryforwards | 365 | 1,858 | |||||||||||||||||||||
Total deferred tax assets | 32,143 | 27,975 | |||||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||||
Property and equipment | (21,947 | ) | (16,387 | ) | |||||||||||||||||||
Goodwill and intangible assets | (73,215 | ) | (71,406 | ) | |||||||||||||||||||
Investment in unconsolidated subsidiary | (11,259 | ) | (10,993 | ) | |||||||||||||||||||
Unremitted non-U.S. earnings | (740 | ) | (740 | ) | |||||||||||||||||||
Prepaid expenses and other | (781 | ) | (1,377 | ) | |||||||||||||||||||
Total deferred tax liabilities | (107,942 | ) | (100,903 | ) | |||||||||||||||||||
Net deferred tax liabilities | $ | (75,799 | ) | $ | (72,928 | ) | |||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of uncertain tax positions is as follows (in thousands): | ||||||||||||||||||||||
Balance at January 1, 2014 | $ | 4,607 | |||||||||||||||||||||
Additional based on tax positions related to prior years | 2,579 | ||||||||||||||||||||||
Reduction based on tax positions related to prior years | (620 | ) | |||||||||||||||||||||
Lapse of statute of limitations | (310 | ) | |||||||||||||||||||||
Balance at December 31, 2014 | 6,256 | ||||||||||||||||||||||
Deferred tax benefits on uncertain tax position related to U.S. and non-U.S. income tax | — | ||||||||||||||||||||||
Net balance at December 31, 2014 | $ | 6,256 | |||||||||||||||||||||
Commitments_and_contingencies_
Commitments and contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | The minimum future lease commitments under noncancelable leases in effect at December 31, 2014 are as follows: | |||
2015 | $ | 19,110 | ||
2016 | 16,921 | |||
2017 | 12,117 | |||
2018 | 8,823 | |||
2019 | 7,443 | |||
Thereafter | 20,084 | |||
$ | 84,498 | |||
Stock_based_compensation_Table
Stock based compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following tables provide additional information related to the options: | ||||||||||||
2014 Activity | Number of shares | Weighted average exercise price | Remaining weighted average contractual life in years | Intrinsic value | |||||||||
(in millions) | (in millions) | ||||||||||||
Beginning balance | 6 | $ | 10.76 | 6.8 | $ | 106.5 | |||||||
Granted | 0.4 | $ | 26.96 | — | |||||||||
Exercised | (1.1 | ) | $ | 8.31 | — | ||||||||
Forfeited/expired | (0.1 | ) | $ | 18.46 | — | ||||||||
Total outstanding | 5.2 | $ | 12.23 | 6.2 | $ | 44.5 | |||||||
Options exercisable | 4.2 | $ | 9.42 | 5.8 | $ | 47 | |||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions used in the Black-Scholes pricing model to estimate the fair value of the options granted in 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average fair value | $8.47 | $8.41 | $6.81 | ||||||||||
Assumptions | |||||||||||||
Expected life (in years) | 6.25 | 6.25 | 6.25 | ||||||||||
Volatility | 27% | 30% | 36% | ||||||||||
Dividend yield | —% | —% | —% | ||||||||||
Risk free interest rate | 1.96% | 1.17% | 1.13% - 1.22% | ||||||||||
Nonvested Restricted Stock Shares Activity | Restricted stock generally vests over a three or four year period from the date of grant. Further information about the restricted stock follows (shares in thousands): | ||||||||||||
Restricted stock | |||||||||||||
2014 Activity | |||||||||||||
Nonvested at beginning of year | 822.3 | ||||||||||||
Granted | 56.8 | ||||||||||||
Vested | (364.3 | ) | |||||||||||
Forfeited | (92.9 | ) | |||||||||||
Nonvested at the end of year | 421.9 | ||||||||||||
Further information about the restricted stock units follows (shares in thousands): | |||||||||||||
Restricted stock units | |||||||||||||
2014 Activity | |||||||||||||
Nonvested at beginning of year | 404.4 | ||||||||||||
Granted | 631.2 | ||||||||||||
Vested | (112.1 | ) | |||||||||||
Forfeited | (74.4 | ) | |||||||||||
Nonvested at the end of year | 849.1 | ||||||||||||
Business_segments_Tables
Business segments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Summary financial data by segment follows (in thousands): | ||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Net sales: | |||||||||||||||||||
Drilling & Subsea | $ | 1,126,575 | $ | 940,807 | $ | 826,500 | |||||||||||||
Production & Infrastructure | 614,442 | 585,495 | 589,204 | ||||||||||||||||
Intersegment eliminations | (1,300 | ) | (1,491 | ) | (771 | ) | |||||||||||||
Total net sales | $ | 1,739,717 | $ | 1,524,811 | $ | 1,414,933 | |||||||||||||
Operating income: | |||||||||||||||||||
Drilling & Subsea | $ | 201,269 | $ | 155,828 | $ | 161,160 | |||||||||||||
Production & Infrastructure | 112,541 | 86,471 | 97,257 | ||||||||||||||||
Corporate | (42,015 | ) | (29,431 | ) | (20,628 | ) | |||||||||||||
Total segment operating income | 271,795 | 212,868 | 237,789 | ||||||||||||||||
Intangible asset impairment | — | — | 1,161 | ||||||||||||||||
Contingent consideration | — | — | (4,568 | ) | |||||||||||||||
Transaction expenses | 2,326 | 2,700 | 1,751 | ||||||||||||||||
(Gain)/loss on sale of assets | 1,431 | 614 | (1,435 | ) | |||||||||||||||
Income from operations | $ | 268,038 | $ | 209,554 | $ | 240,880 | |||||||||||||
Depreciation and amortization | |||||||||||||||||||
Drilling & Subsea | $ | 47,201 | $ | 43,971 | $ | 37,737 | |||||||||||||
Production & Infrastructure | 12,283 | 13,952 | 13,163 | ||||||||||||||||
Corporate | 5,588 | 2,656 | 904 | ||||||||||||||||
Total depreciation and amortization | $ | 65,072 | $ | 60,579 | $ | 51,804 | |||||||||||||
Capital expenditures | |||||||||||||||||||
Drilling & Subsea | $ | 28,115 | $ | 40,991 | $ | 31,118 | |||||||||||||
Production & Infrastructure | 19,287 | 10,940 | 13,644 | ||||||||||||||||
Corporate | 6,390 | 8,332 | 4,923 | ||||||||||||||||
Total capital expenditures | $ | 53,792 | $ | 60,263 | $ | 49,685 | |||||||||||||
A summary of consolidated assets by reportable segment is as follows (in thousands): | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Assets | |||||||||||||||||||
Drilling & Subsea | 1,674,934 | 1,655,355 | $ | 1,413,944 | |||||||||||||||
Production & Infrastructure | 488,225 | 468,520 | 435,496 | ||||||||||||||||
Corporate | 58,469 | 44,994 | 43,540 | ||||||||||||||||
Total assets | $ | 2,221,628 | $ | 2,168,869 | $ | 1,892,980 | |||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Net sales by shipping destination and long-lived assets by country were as follows (in thousands): | ||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
Net sales: | 2014 | 2013 | 2012 | ||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||
United States | 1,049,609 | 60.3 | % | 918,795 | 60.2 | % | $ | 894,969 | 63.3 | % | |||||||||
Europe & Africa | 305,376 | 17.6 | % | 225,381 | 14.8 | % | 196,841 | 13.9 | % | ||||||||||
Asia-Pacific | 154,669 | 8.9 | % | 151,790 | 10 | % | 100,938 | 7.1 | % | ||||||||||
Canada | 103,077 | 5.9 | % | 99,081 | 6.5 | % | 114,197 | 8.1 | % | ||||||||||
Middle East | 65,498 | 3.8 | % | 65,724 | 4.3 | % | 49,568 | 3.5 | % | ||||||||||
Latin America | 61,488 | 3.5 | % | 64,040 | 4.2 | % | 58,420 | 4.1 | % | ||||||||||
Total net sales | $ | 1,739,717 | 100 | % | $ | 1,524,811 | 100 | % | $ | 1,414,933 | 100 | % | |||||||
As of December 31, | |||||||||||||||||||
Long-lived assets: | 2014 | 2013 | 2012 | ||||||||||||||||
United States | 939,699 | 970,109 | $ | 849,470 | |||||||||||||||
Europe & Africa | 313,589 | 346,017 | 224,093 | ||||||||||||||||
Canada | 59,207 | 28,839 | 31,956 | ||||||||||||||||
Asia-Pacific | 9,132 | 9,465 | 7,512 | ||||||||||||||||
Middle East | 3,192 | 3,182 | 3,159 | ||||||||||||||||
Latin America | 1,650 | 1,789 | 1,913 | ||||||||||||||||
Total long-lived assets | $ | 1,326,469 | $ | 1,359,401 | $ | 1,118,103 | |||||||||||||
Revenue from External Customers by Products and Services | Net sales by product lines were as follows (in thousands): | ||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
Net sales: | 2014 | 2013 | 2012 | ||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||
Drilling Technologies | 614,765 | 35.4 | % | 462,420 | 30.3 | % | $ | 434,240 | 30.7 | % | |||||||||
Subsea Technologies | 321,039 | 18.5 | % | 316,418 | 20.8 | % | 250,554 | 17.7 | % | ||||||||||
Downhole Technologies | 190,771 | 11 | % | 161,970 | 10.6 | % | 141,706 | 10 | % | ||||||||||
Production Equipment | 228,769 | 13.1 | % | 251,428 | 16.5 | % | 227,286 | 16.1 | % | ||||||||||
Valve Solutions | 207,456 | 11.9 | % | 211,170 | 13.8 | % | 210,608 | 14.9 | % | ||||||||||
Flow Equipment | 178,217 | 10.2 | % | 122,896 | 8.1 | % | 151,310 | 10.7 | % | ||||||||||
Eliminations | (1,300 | ) | (0.1 | )% | (1,491 | ) | (0.1 | )% | (771 | ) | (0.1 | )% | |||||||
Total net sales | $ | 1,739,717 | 100 | % | $ | 1,524,811 | 100 | % | $ | 1,414,933 | 100 | % | |||||||
Condensed_consolidating_financ1
Condensed consolidating financial statements (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||
Condensed consolidating statements of income and comprehensive income | ||||||||||||||||||||||
Condensed consolidating statements of operations and comprehensive income | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Net sales | $ | — | $ | 1,266,376 | $ | 637,205 | $ | (163,864 | ) | $ | 1,739,717 | |||||||||||
Cost of sales | — | 887,428 | 453,785 | (160,948 | ) | 1,180,265 | ||||||||||||||||
Gross profit | — | 378,948 | 183,420 | (2,916 | ) | 559,452 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Selling, general and administrative expenses | — | 244,577 | 68,244 | — | 312,821 | |||||||||||||||||
Transaction expenses | — | 2,326 | — | — | 2,326 | |||||||||||||||||
(Gain) loss on sale of assets | — | 1,238 | 193 | — | 1,431 | |||||||||||||||||
Total operating expenses | — | 248,141 | 68,437 | — | 316,578 | |||||||||||||||||
Earnings from equity investment | — | 25,164 | — | — | 25,164 | |||||||||||||||||
Equity earnings from affiliate, net of tax | 193,724 | 90,067 | — | (283,791 | ) | — | ||||||||||||||||
Operating income | 193,724 | 246,038 | 114,983 | (286,707 | ) | 268,038 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||
Interest expense | 29,783 | 78 | (14 | ) | — | 29,847 | ||||||||||||||||
Interest income with affiliate | — | (5,770 | ) | — | 5,770 | — | ||||||||||||||||
Interest expense with affiliate | — | — | 5,770 | (5,770 | ) | — | ||||||||||||||||
Foreign exchange (gains) losses and other, net | — | 116 | (4,447 | ) | — | (4,331 | ) | |||||||||||||||
Deferred loan costs written off | — | — | — | — | — | |||||||||||||||||
Total other expense (income) | 29,783 | (5,576 | ) | 1,309 | — | 25,516 | ||||||||||||||||
Income before income taxes | 163,941 | 251,614 | 113,674 | (286,707 | ) | 242,522 | ||||||||||||||||
Provision for income tax expense | (10,424 | ) | 57,890 | 20,679 | — | 68,145 | ||||||||||||||||
Net income | 174,365 | 193,724 | 92,995 | (286,707 | ) | 174,377 | ||||||||||||||||
Less: Income attributable to noncontrolling interest | — | — | 12 | — | 12 | |||||||||||||||||
Net income attributable to common stockholders | 174,365 | 193,724 | 92,983 | (286,707 | ) | 174,365 | ||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||
Net income | 174,365 | 193,724 | 92,995 | (286,707 | ) | 174,377 | ||||||||||||||||
Change in foreign currency translation, net of tax of $0 | (43,694 | ) | (43,694 | ) | (43,694 | ) | 87,388 | (43,694 | ) | |||||||||||||
Change in pension liability | (1,110 | ) | (1,110 | ) | (1,110 | ) | 2,220 | (1,110 | ) | |||||||||||||
Comprehensive income | 129,561 | 148,920 | 48,191 | (197,099 | ) | 129,573 | ||||||||||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | — | — | 46 | — | 46 | |||||||||||||||||
Comprehensive income attributable to common stockholders | $ | 129,561 | $ | 148,920 | $ | 48,237 | $ | (197,099 | ) | $ | 129,619 | |||||||||||
Condensed consolidating statements of operations and comprehensive income | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Net sales | $ | — | $ | 1,142,000 | $ | 510,460 | $ | (127,649 | ) | $ | 1,524,811 | |||||||||||
Cost of sales | — | 804,413 | 370,517 | (125,344 | ) | 1,049,586 | ||||||||||||||||
Gross profit | — | 337,587 | 139,943 | (2,305 | ) | 475,225 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Selling, general and administrative expenses | — | 211,863 | 57,806 | — | 269,669 | |||||||||||||||||
Other operating expense (income) | — | 2,821 | 493 | — | 3,314 | |||||||||||||||||
Total operating expenses | — | 214,684 | 58,299 | — | 272,983 | |||||||||||||||||
Earnings from equity investment | — | 7,312 | — | 7,312 | ||||||||||||||||||
Equity earnings from affiliate, net of tax | 142,799 | 53,520 | — | (196,319 | ) | — | ||||||||||||||||
Operating income | 142,799 | 183,735 | 81,644 | (198,624 | ) | 209,554 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||
Interest expense | 18,251 | 101 | 18 | — | 18,370 | |||||||||||||||||
Interest income with affiliate | — | (3,987 | ) | — | 3,987 | — | ||||||||||||||||
Interest expense with affiliate | — | — | 3,987 | (3,987 | ) | — | ||||||||||||||||
Foreign exchange (gains) losses and other, net | — | (624 | ) | 3,577 | — | 2,953 | ||||||||||||||||
Deferred loan costs written off | 2,149 | — | — | — | 2,149 | |||||||||||||||||
Total other expense (income) | 20,400 | (4,510 | ) | 7,582 | — | 23,472 | ||||||||||||||||
Income before income taxes | 122,399 | 188,245 | 74,062 | (198,624 | ) | 186,082 | ||||||||||||||||
Provision for income tax expense | (7,140 | ) | 45,446 | 18,172 | — | 56,478 | ||||||||||||||||
Net income | 129,539 | 142,799 | 55,890 | (198,624 | ) | 129,604 | ||||||||||||||||
Less: Income attributable to noncontrolling interest | — | — | 65 | — | 65 | |||||||||||||||||
Net income attributable to common stockholders | 129,539 | 142,799 | 55,825 | (198,624 | ) | 129,539 | ||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||
Net income | 129,539 | 142,799 | 55,890 | (198,624 | ) | 129,604 | ||||||||||||||||
Change in foreign currency translation, net of tax of $0 | 7,525 | 7,525 | 7,525 | (15,050 | ) | 7,525 | ||||||||||||||||
Change in pension liability | 223 | 223 | 223 | (446 | ) | 223 | ||||||||||||||||
Comprehensive income | 137,287 | 150,547 | 63,638 | (214,120 | ) | 137,352 | ||||||||||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | — | — | 72 | — | 72 | |||||||||||||||||
Comprehensive income attributable to common stockholders | $ | 137,287 | $ | 150,547 | $ | 63,710 | $ | (214,120 | ) | $ | 137,424 | |||||||||||
Condensed consolidating statements of operations and comprehensive income | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Net sales | $ | — | $ | 1,072,732 | $ | 474,864 | $ | (132,663 | ) | $ | 1,414,933 | |||||||||||
Cost of sales | — | 742,473 | 340,240 | (130,837 | ) | 951,876 | ||||||||||||||||
Gross profit | — | 330,259 | 134,624 | (1,826 | ) | 463,057 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Selling, general and administrative expenses | — | 176,417 | 48,851 | — | 225,268 | |||||||||||||||||
Contingent consideration expense | — | (4,568 | ) | — | — | (4,568 | ) | |||||||||||||||
Other operating expense | — | 3,446 | (1,969 | ) | — | 1,477 | ||||||||||||||||
Total operating expenses | — | 175,295 | 46,882 | — | 222,177 | |||||||||||||||||
Equity earnings from affiliate, net of tax | 157,847 | 58,417 | — | (216,264 | ) | — | ||||||||||||||||
Operating income | 157,847 | 213,381 | 87,742 | (218,090 | ) | 240,880 | ||||||||||||||||
Other expense (income) | ||||||||||||||||||||||
Interest expense | 15,997 | 361 | 14 | — | 16,372 | |||||||||||||||||
Interest income with affiliate | (6,164 | ) | — | — | 6,164 | — | ||||||||||||||||
Interest expense with affiliate | — | — | 6,164 | (6,164 | ) | — | ||||||||||||||||
Foreign exchange (gains) losses and other, net | — | (21 | ) | 1,734 | — | 1,713 | ||||||||||||||||
Total other expense (income) | 9,833 | 340 | 7,912 | — | 18,085 | |||||||||||||||||
Income before income taxes | 148,014 | 213,041 | 79,830 | (218,090 | ) | 222,795 | ||||||||||||||||
Provision for income tax expense | (3,442 | ) | 55,194 | 19,513 | — | 71,265 | ||||||||||||||||
Net income | 151,456 | 157,847 | 60,317 | (218,090 | ) | 151,530 | ||||||||||||||||
Less: Income attributable to noncontrolling interest | — | — | 74 | — | 74 | |||||||||||||||||
Net income attributable to common stockholders | 151,456 | 157,847 | 60,243 | (218,090 | ) | 151,456 | ||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||
Net income | 151,456 | 157,847 | 60,317 | (218,090 | ) | 151,530 | ||||||||||||||||
Change in foreign currency translation, net of tax of $0 | 15,887 | 15,887 | 15,887 | (31,774 | ) | 15,887 | ||||||||||||||||
Comprehensive income | 167,343 | 173,734 | 76,204 | (249,864 | ) | 167,417 | ||||||||||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | — | — | (44 | ) | — | (44 | ) | |||||||||||||||
Comprehensive income attributable to common stockholders | $ | 167,343 | $ | 173,734 | $ | 76,160 | $ | (249,864 | ) | $ | 167,373 | |||||||||||
Condensed consolidating balance sheets | ||||||||||||||||||||||
Condensed consolidating balance sheets | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 5,551 | $ | 4,006 | $ | 67,022 | $ | — | $ | 76,579 | ||||||||||||
Accounts receivable—trade, net | — | 194,964 | 92,081 | — | 287,045 | |||||||||||||||||
Inventories | — | 343,902 | 125,594 | (7,981 | ) | 461,515 | ||||||||||||||||
Cost and profits in excess of billings | — | 4,871 | 9,775 | — | 14,646 | |||||||||||||||||
Other current assets | — | 38,920 | 16,454 | — | 55,374 | |||||||||||||||||
Total current assets | 5,551 | 586,663 | 310,926 | (7,981 | ) | 895,159 | ||||||||||||||||
Property and equipment, net of accumulated depreciation | — | 153,016 | 36,958 | — | 189,974 | |||||||||||||||||
Deferred financing costs, net | 13,107 | — | — | — | 13,107 | |||||||||||||||||
Intangibles | — | 198,819 | 72,920 | — | 271,739 | |||||||||||||||||
Goodwill | — | 522,898 | 275,583 | — | 798,481 | |||||||||||||||||
Investment in unconsolidated subsidiary | — | 49,675 | — | — | 49,675 | |||||||||||||||||
Investment in affiliates | 1,333,701 | 590,421 | — | (1,924,122 | ) | — | ||||||||||||||||
Long-term loan and advances to affiliates | 483,534 | — | 22,531 | (506,065 | ) | — | ||||||||||||||||
Other long-term assets | — | 2,760 | 733 | — | 3,493 | |||||||||||||||||
Total assets | $ | 1,835,893 | $ | 2,104,252 | $ | 719,651 | $ | (2,438,168 | ) | $ | 2,221,628 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 828 | $ | 12 | $ | — | $ | 840 | ||||||||||||
Accounts payable—trade | — | 85,179 | 42,578 | — | 127,757 | |||||||||||||||||
Accrued liabilities | 12,733 | 84,824 | 29,333 | — | 126,890 | |||||||||||||||||
Deferred revenue | — | 3,783 | 7,136 | — | 10,919 | |||||||||||||||||
Billings in excess of costs and profits recognized | — | 1,189 | 14,596 | — | 15,785 | |||||||||||||||||
Total current liabilities | 12,733 | 175,803 | 93,655 | — | 282,191 | |||||||||||||||||
Long-term debt, net of current portion | 427,801 | 183 | 26 | — | 428,010 | |||||||||||||||||
Long-term loans and payables to affiliates | — | 506,065 | — | (506,065 | ) | — | ||||||||||||||||
Deferred income taxes, net | — | 77,311 | 20,877 | — | 98,188 | |||||||||||||||||
Other long-term liabilities | — | 11,189 | 6,129 | — | 17,318 | |||||||||||||||||
Total liabilities | 440,534 | 770,551 | 120,687 | (506,065 | ) | 825,707 | ||||||||||||||||
Total stockholder's equity | 1,395,359 | 1,333,701 | 598,399 | (1,932,103 | ) | 1,395,356 | ||||||||||||||||
Noncontrolling interest in subsidiary | — | — | 565 | — | 565 | |||||||||||||||||
Equity | 1,395,359 | 1,333,701 | 598,964 | (1,932,103 | ) | 1,395,921 | ||||||||||||||||
Total liabilities and equity | $ | 1,835,893 | $ | 2,104,252 | $ | 719,651 | $ | (2,438,168 | ) | $ | 2,221,628 | |||||||||||
Condensed consolidating balance sheets | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 39,582 | $ | — | $ | 39,582 | ||||||||||||
Accounts receivable—trade, net | — | 172,563 | 77,709 | — | 250,272 | |||||||||||||||||
Inventories | — | 310,191 | 135,924 | (5,066 | ) | 441,049 | ||||||||||||||||
Other current assets | 63 | 41,495 | 37,007 | — | 78,565 | |||||||||||||||||
Total current assets | 63 | 524,249 | 290,222 | (5,066 | ) | 809,468 | ||||||||||||||||
Property and equipment, net of accumulated depreciation | — | 143,180 | 37,112 | — | 180,292 | |||||||||||||||||
Intangibles | — | 220,980 | 74,372 | — | 295,352 | |||||||||||||||||
Goodwill | — | 526,083 | 276,235 | — | 802,318 | |||||||||||||||||
Investment in unconsolidated subsidiary | — | 60,292 | — | — | 60,292 | |||||||||||||||||
Investment in affiliates | 1,209,699 | 454,024 | — | (1,663,723 | ) | — | ||||||||||||||||
Long-term advances to affiliates | 623,337 | 97,316 | — | (720,653 | ) | — | ||||||||||||||||
Other long-term assets | 15,658 | 4,168 | 1,321 | — | 21,147 | |||||||||||||||||
Total assets | $ | 1,848,757 | $ | 2,030,292 | $ | 679,262 | $ | (2,389,442 | ) | $ | 2,168,869 | |||||||||||
Liabilities and equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Accounts payable—trade | $ | — | $ | 69,467 | $ | 30,754 | $ | — | $ | 100,221 | ||||||||||||
Accrued liabilities | 7,194 | 43,693 | 45,642 | — | 96,529 | |||||||||||||||||
Current portion of debt and other current liabilities | — | 9,217 | 14,016 | — | 23,233 | |||||||||||||||||
Total current liabilities | 7,194 | 122,377 | 90,412 | — | 219,983 | |||||||||||||||||
Long-term debt, net of current portion | 511,208 | 824 | 45 | — | 512,077 | |||||||||||||||||
Long-term payables to affiliates | — | 619,778 | 100,875 | (720,653 | ) | — | ||||||||||||||||
Other long-term liabilities | — | 77,614 | 28,229 | — | 105,843 | |||||||||||||||||
Total liabilities | 518,402 | 820,593 | 219,561 | (720,653 | ) | 837,903 | ||||||||||||||||
Total stockholder's equity | 1,330,355 | 1,209,699 | 459,090 | (1,668,789 | ) | 1,330,355 | ||||||||||||||||
Noncontrolling interest in subsidiary | — | — | 611 | — | 611 | |||||||||||||||||
Equity | 1,330,355 | 1,209,699 | 459,701 | (1,668,789 | ) | 1,330,355 | 1,330,966 | |||||||||||||||
Total liabilities and equity | $ | 1,848,757 | $ | 2,030,292 | $ | 679,262 | $ | (2,389,442 | ) | $ | 2,168,869 | |||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Cash flows from (used in) operating activities | $ | (16,796 | ) | $ | 175,700 | $ | 111,062 | $ | — | $ | 269,966 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | (38,289 | ) | — | (38,289 | ) | |||||||||||||||
Investment in unconsolidated subsidiary | — | — | — | — | — | |||||||||||||||||
Capital expenditures for property and equipment | — | (42,334 | ) | (11,458 | ) | — | (53,792 | ) | ||||||||||||||
Long-term loans and advances to affiliates | 191,290 | 34,010 | — | (225,300 | ) | — | ||||||||||||||||
Other | — | 20,862 | 528 | — | 21,390 | |||||||||||||||||
Net cash provided by (used in) investing activities | 191,290 | 12,538 | (49,219 | ) | (225,300 | ) | (70,691 | ) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||
Borrowings under Credit Facility due to acquisitions | — | — | — | — | — | |||||||||||||||||
Borrowings under Credit Facility | 15,000 | 423 | — | — | 15,423 | |||||||||||||||||
Issuance of Senior Notes | — | — | — | — | — | |||||||||||||||||
Repayment of long-term debt | (98,406 | ) | 124 | (133 | ) | — | (98,415 | ) | ||||||||||||||
Long-term loans and advances to affiliates | — | (191,290 | ) | (34,010 | ) | 225,300 | — | |||||||||||||||
Repurchases of stock | (96,632 | ) | — | — | — | (96,632 | ) | |||||||||||||||
Proceeds from stock issuance | 11,101 | — | — | — | 11,101 | |||||||||||||||||
Other | (6 | ) | 6,511 | — | — | 6,505 | ||||||||||||||||
Net cash provided by (used in) financing activities | (168,943 | ) | (184,232 | ) | (34,143 | ) | 225,300 | (162,018 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | — | (260 | ) | — | (260 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 5,551 | 4,006 | 27,440 | — | 36,997 | |||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||
Beginning of period | — | — | 39,582 | — | 39,582 | |||||||||||||||||
End of period | $ | 5,551 | $ | 4,006 | $ | 67,022 | $ | — | $ | 76,579 | ||||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Cash flows from (used in) operating activities | $ | (3,683 | ) | $ | 157,198 | $ | 57,878 | $ | — | $ | 211,393 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | (54,389 | ) | (127,329 | ) | — | (181,718 | ) | ||||||||||||||
Investment in unconsolidated subsidiary | — | (48,013 | ) | — | — | (48,013 | ) | |||||||||||||||
Capital expenditures for property and equipment | — | (48,270 | ) | (11,993 | ) | — | (60,263 | ) | ||||||||||||||
Long-term loans and advances to affiliates | (77,933 | ) | (97,316 | ) | — | 175,249 | — | |||||||||||||||
Other | — | 392 | 572 | — | 964 | |||||||||||||||||
Net cash provided by (used in) investing activities | (77,933 | ) | (247,596 | ) | (138,750 | ) | 175,249 | (289,030 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||
Borrowings under Credit Facility due to acquisitions | — | 54,389 | 127,329 | — | 181,718 | |||||||||||||||||
Borrowings under Credit Facility | 402,748 | (52,184 | ) | (127,329 | ) | — | 223,235 | |||||||||||||||
Issuance of Senior Notes | 403,250 | — | — | — | 403,250 | |||||||||||||||||
Repayment of long-term debt | (713,521 | ) | (1,639 | ) | 29 | — | (715,131 | ) | ||||||||||||||
Long-term loans and advances to affiliates | — | 86,897 | 88,352 | (175,249 | ) | — | ||||||||||||||||
Deferred financing costs | (12,003 | ) | — | — | — | (12,003 | ) | |||||||||||||||
Payment of contingent consideration | — | (11,435 | ) | — | — | (11,435 | ) | |||||||||||||||
Other | 1,142 | 6,278 | — | — | 7,420 | |||||||||||||||||
Net cash provided by (used in) financing activities | 81,616 | 82,306 | 88,381 | (175,249 | ) | 77,054 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | (898 | ) | — | (898 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (8,092 | ) | 6,611 | — | (1,481 | ) | |||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||
Beginning of period | — | 8,092 | 32,971 | — | 41,063 | |||||||||||||||||
End of period | $ | — | $ | — | $ | 39,582 | $ | — | $ | 39,582 | ||||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||
FET (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Cash flows from (used in) operating activities | $ | (6,078 | ) | $ | 79,366 | $ | 64,653 | $ | — | $ | 137,941 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | — | (139,889 | ) | — | — | (139,889 | ) | |||||||||||||||
Capital expenditures for property and equipment | — | (36,354 | ) | (13,331 | ) | — | (49,685 | ) | ||||||||||||||
Long-term loans and advances to affiliates | (69,701 | ) | — | — | 69,701 | — | ||||||||||||||||
Other | — | 2,296 | 2,755 | — | 5,051 | |||||||||||||||||
Net cash provided by (used in) investing activities | (69,701 | ) | (173,947 | ) | (10,576 | ) | 69,701 | (184,523 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||
Borrowings under Credit Facility due to acquisitions | — | 139,889 | — | — | 139,889 | |||||||||||||||||
Borrowings under Credit Facility | 203,155 | (139,758 | ) | — | — | 63,397 | ||||||||||||||||
Repayment of long-term debt | (448,118 | ) | (5,655 | ) | (246 | ) | — | (454,019 | ) | |||||||||||||
Long-term loans and advances to affiliates | — | 110,111 | (40,410 | ) | (69,701 | ) | — | |||||||||||||||
Proceeds from IPO | 256,381 | — | — | — | 256,381 | |||||||||||||||||
Proceeds from concurrent private placement | 50,000 | — | — | — | 50,000 | |||||||||||||||||
Payment of contingent consideration | — | (11,100 | ) | — | — | (11,100 | ) | |||||||||||||||
Proceeds from stock issuance | 14,432 | — | — | — | 14,432 | |||||||||||||||||
Other | (71 | ) | 6,873 | — | — | 6,802 | ||||||||||||||||
Net cash provided by (used in) financing activities | 75,779 | 100,360 | (40,656 | ) | (69,701 | ) | 65,782 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | 1,315 | — | 1,315 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 5,779 | 14,736 | — | 20,515 | |||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||
Beginning of period | — | 2,313 | 18,235 | — | 20,548 | |||||||||||||||||
End of period | $ | — | $ | 8,092 | $ | 32,971 | $ | — | $ | 41,063 | ||||||||||||
Quarterly_results_of_operation1
Quarterly results of operations (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | The following tables summarize the Company's results by quarter for the years ended December 31, 2014 and 2013. The quarterly results may not be comparable primarily due to acquisitions in 2014, 2013 and 2012. Refer to Note 3, Acquisitions, for further information. | |||||||||||||||
2014 | ||||||||||||||||
(in thousands, except per share information) | Q1 | Q2 | Q3 | Q4 | ||||||||||||
Net sales | $ | 403,938 | $ | 428,279 | $ | 468,822 | $ | 438,678 | ||||||||
Cost of sales | 276,000 | 290,286 | 316,784 | 297,195 | ||||||||||||
Gross profit | 127,938 | 137,993 | 152,038 | 141,483 | ||||||||||||
Total operating expenses | 71,857 | 78,129 | 82,747 | 83,845 | ||||||||||||
Earnings from equity investment | 5,308 | 5,940 | 6,749 | 7,167 | ||||||||||||
Operating income | 61,389 | 65,804 | 76,040 | 64,805 | ||||||||||||
Total other expense | 9,227 | 10,854 | 2,477 | 2,958 | ||||||||||||
Income before income taxes | 52,162 | 54,950 | 73,563 | 61,847 | ||||||||||||
Provision for income tax expense | 15,656 | 15,407 | 21,332 | 15,750 | ||||||||||||
Net income | 36,506 | 39,543 | 52,231 | 46,097 | ||||||||||||
Less: Income (loss) attributable to noncontrolling interest | (24 | ) | 21 | 5 | 10 | |||||||||||
Net income attributable to common stockholders | $ | 36,530 | $ | 39,522 | $ | 52,226 | $ | 46,087 | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 92,129 | 92,649 | 93,331 | 92,376 | ||||||||||||
Diluted | 95,191 | 95,695 | 96,198 | 94,666 | ||||||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.4 | $ | 0.43 | $ | 0.56 | $ | 0.5 | ||||||||
Diluted | $ | 0.38 | $ | 0.41 | $ | 0.54 | $ | 0.49 | ||||||||
2013 | ||||||||||||||||
(in thousands, except per share information) | Q1 | Q2 | Q3 | Q4 | ||||||||||||
Net sales | $ | 372,999 | $ | 367,887 | $ | 390,192 | $ | 393,733 | ||||||||
Cost of sales | 258,193 | 253,404 | 265,021 | 272,968 | ||||||||||||
Gross profit | 114,806 | 114,483 | 125,171 | 120,765 | ||||||||||||
Total operating expenses | 65,593 | 67,345 | 72,179 | 67,866 | ||||||||||||
Earnings from equity investment | — | — | 2,946 | 4,366 | ||||||||||||
Operating income | 49,213 | 47,138 | 55,938 | 57,265 | ||||||||||||
Total other expense | 1,896 | 4,130 | 8,833 | 8,613 | ||||||||||||
Income before income taxes | 47,317 | 43,008 | 47,105 | 48,652 | ||||||||||||
Provision for income tax expense | 15,379 | 13,068 | 13,924 | 14,107 | ||||||||||||
Net income | 31,938 | 29,940 | 33,181 | 34,545 | ||||||||||||
Less: Income (loss) attributable to noncontrolling interest | (2 | ) | 21 | 40 | 6 | |||||||||||
Net income attributable to common stockholders | $ | 31,940 | $ | 29,919 | $ | 33,141 | $ | 34,539 | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 88,533 | 91,032 | 91,443 | 91,743 | ||||||||||||
Diluted | 94,356 | 94,606 | 94,734 | 94,936 | ||||||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.36 | $ | 0.33 | $ | 0.36 | $ | 0.38 | ||||||||
Diluted | $ | 0.34 | $ | 0.32 | $ | 0.35 | $ | 0.36 | ||||||||
Nature_of_operations_Details
Nature of operations (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Apr. 17, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 17, 2012 | Aug. 02, 2010 |
private_equity_funds | ||||||
Equity [Line Items] | ||||||
Number of private equity funds (in private equity funds) | 3 | |||||
Common stock share price (in dollars per share) | $20 | $20 | ||||
Proceeds from issuance of initial public offering | $256,400 | $0 | $0 | $256,381 | ||
Proceeds from issuance of private placement | 50,000 | 0 | 0 | 50,000 | ||
IPO [Member] | ||||||
Equity [Line Items] | ||||||
Stock issued during the period (in shares) | 13,889,470 | |||||
Private Placement [Member] | ||||||
Equity [Line Items] | ||||||
Stock issued during the period (in shares) | 2,666,666 | |||||
Stockholder [Member] | ||||||
Equity [Line Items] | ||||||
Proceeds from issuance of initial public offering | $147,200 | |||||
Stockholder [Member] | IPO [Member] | ||||||
Equity [Line Items] | ||||||
Stock issued during the period (in shares) | 7,900,000 | |||||
Underwriters With An Option To Purchase Shares [Member] | IPO [Member] | ||||||
Equity [Line Items] | ||||||
Stock issued during the period (in shares) | 2,842,104 |
Summary_of_significant_account3
Summary of significant accounting policies (Allowance for doubtful accounts) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of period | $5,725 | $5,891 | $5,795 |
Charged to expense | 2,492 | 2,925 | 2,115 |
Deductions or other | -2,571 | -3,091 | -2,019 |
Balance at end of period | $5,646 | $5,725 | $5,891 |
Summary_of_significant_account4
Summary of significant accounting policies (Property and equipment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
reporting_unit | |||
Property, Plant and Equipment [Line Items] | |||
Number of reporting units | 6 | ||
Estimated useful life, intangible assets | 14 years | ||
Impairment of intangible assets | $0 | $0 | $1,161 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life, property and equipment | 3 years | ||
Estimated useful life, intangible assets | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life, property and equipment | 20 years | ||
Estimated useful life, intangible assets | 17 years | ||
Rental Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life, property and equipment | 3 years | ||
Rental Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life, property and equipment | 10 years |
Summary_of_significant_account5
Summary of significant accounting policies (Change in warranty liability) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $5,280 | $3,777 | $4,914 |
Charged to expense | 2,588 | 3,442 | 2,083 |
Deductions or other | -2,554 | -1,939 | -3,220 |
Balance at end of period | $5,314 | $5,280 | $3,777 |
Summary_of_significant_account6
Summary of significant accounting policies (Earnings per share reconciliation) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | |||||||||||
Diluted earnings per share calculation excluded shares (in shares) | 500,000 | 300,000 | 1,000,000 | ||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||
Basic weighted average shares outstanding (in shares) | 92,376,000 | 93,331,000 | 92,649,000 | 92,129,000 | 91,743,000 | 91,443,000 | 91,032,000 | 88,533,000 | 92,628,000 | 90,697,000 | 80,111,000 |
Dilutive effect of stock option and restricted share plan (in shares) | 2,680,000 | 3,907,000 | 6,826,000 | ||||||||
Diluted weighted average shares outstanding (in shares) | 94,666,000 | 96,198,000 | 95,695,000 | 95,191,000 | 94,936,000 | 94,734,000 | 94,606,000 | 94,356,000 | 95,308,000 | 94,604,000 | 86,937,000 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |
Jul. 01, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Jun. 30, 2013 | Feb. 28, 2015 | 1-May-14 | |
business | business | payments | |||||
business | |||||||
Quality Wireline and Cable, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net assets acquired | $38,289,000 | ||||||
2013 Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net assets acquired | 179,107,000 | ||||||
Number of businesses acquired | 2 | ||||||
Aggregate consideration | 180,000,000 | ||||||
2012 Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of businesses acquired | 4 | ||||||
Aggregate consideration | 139,700,000 | ||||||
2011 Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of businesses acquired | 2 | ||||||
Number of contingent consideration payments | 2 | ||||||
Wood Flowline Products, LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Reclassification from liability to equity | 4,100,000 | ||||||
Contingent consideration cash payment | 3,500,000 | ||||||
Phoinix Global LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Contingent consideration cash payment | 7,900,000 | ||||||
Subsequent Event [Member] | J-Mac Tool, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate consideration | $65,000,000 |
Acquisitions_Purchase_Price_Al
Acquisitions (Purchase Price Allocation) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 1-May-14 | Jul. 01, 2013 |
In Thousands, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Non-tax-deductible goodwill | $798,481 | $802,318 | $695,799 | ||
Quality Wireline and Cable, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Current assets, net of cash acquired | 7,596 | ||||
Property and equipment | 3,837 | ||||
Intangible assets (primarily customer relationships) | 11,527 | ||||
Non-tax-deductible goodwill | 20,573 | ||||
Current liabilities | -1,615 | ||||
Long term liabilities | 0 | ||||
Deferred tax liabilities | -3,629 | ||||
Net assets acquired | 38,289 | ||||
2013 Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Current assets, net of cash acquired | 60,669 | ||||
Property and equipment | 4,545 | ||||
Intangible assets (primarily customer relationships) | 59,242 | ||||
Non-tax-deductible goodwill | 100,257 | ||||
Current liabilities | -17,619 | ||||
Long term liabilities | -7,879 | ||||
Deferred tax liabilities | -20,108 | ||||
Net assets acquired | $179,107 |
Investment_in_unconsolidated_s2
Investment in unconsolidated subsidiary (Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $895,159 | $809,468 |
Current liabilities | 282,191 | 219,983 |
Global Tubing LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 69,281 | 48,673 |
Long-term assets | 143,764 | 141,799 |
Current liabilities | 17,835 | 13,718 |
Long-term liabilities | $115,000 | $73,239 |
Investment_in_unconsolidated_s3
Investment in unconsolidated subsidiary (Income Statement) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net sales | $438,678 | $468,822 | $428,279 | $403,938 | $393,733 | $390,192 | $367,887 | $372,999 | $1,739,717 | $1,524,811 | $1,414,933 | |
Gross profit | 141,483 | 152,038 | 137,993 | 127,938 | 120,765 | 125,171 | 114,483 | 114,806 | 559,452 | 475,225 | 463,057 | |
Net income | 46,097 | 52,231 | 39,543 | 36,506 | 34,545 | 33,181 | 29,940 | 31,938 | 174,377 | 129,604 | 151,530 | |
Earnings from equity investment | 7,167 | 6,749 | 5,940 | 5,308 | 4,366 | 2,946 | 0 | 0 | 7,312 | 25,164 | 7,312 | 0 |
Global Tubing LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net sales | 53,371 | 141,708 | ||||||||||
Gross profit | 23,538 | 68,086 | ||||||||||
Net income | $15,067 | $52,590 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Inventory Disclosure [Abstract] | ||||
Raw materials and parts | $153,768 | $139,573 | ||
Work in process | 50,913 | 51,819 | ||
Finished goods | 286,290 | 276,076 | ||
Gross inventories | 490,971 | 467,468 | ||
Inventory reserve | -29,456 | -26,419 | -21,125 | -17,440 |
Inventories | $461,515 | $441,049 |
Inventories_Inventory_reserve_
Inventories (Inventory reserve) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Valuation Reserves Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $26,419 | $21,125 | $17,440 |
Charged to expense | 8,171 | 10,093 | 6,107 |
Deductions or other | -5,134 | -4,799 | -2,422 |
Balance at end of period | $29,456 | $26,419 | $21,125 |
Property_and_equipment_Details
Property and equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment, Net [Abstract] | |||
Property & equipment, excluding rental equipment, gross | $270,368 | $235,128 | |
Less: accumulated depreciation, excluding rental equipment | -105,806 | -88,526 | |
Property & equipment, excluding rental equipment, net | 164,562 | 146,602 | |
Property & equipment, net | 189,974 | 180,292 | |
Depreciation expense | 37,414 | 36,166 | 31,458 |
Minimum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 20 years | ||
Land [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property & equipment, excluding rental equipment, gross | 10,200 | 6,718 | |
Buildings and leasehold improvements [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property & equipment, excluding rental equipment, gross | 74,829 | 53,025 | |
Buildings and leasehold improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 7 years | ||
Buildings and leasehold improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 20 years | ||
Computer equipment [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property & equipment, excluding rental equipment, gross | 35,419 | 29,374 | |
Computer equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 3 years | ||
Computer equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 5 years | ||
Machinery & equipment [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property & equipment, excluding rental equipment, gross | 116,157 | 102,937 | |
Machinery & equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 5 years | ||
Machinery & equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 10 years | ||
Furniture & fixtures [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property & equipment, excluding rental equipment, gross | 7,125 | 6,625 | |
Furniture & fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 3 years | ||
Furniture & fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 10 years | ||
Vehicles [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property & equipment, excluding rental equipment, gross | 10,615 | 11,247 | |
Vehicles [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 3 years | ||
Vehicles [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 5 years | ||
Construction in progress [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Property & equipment, excluding rental equipment, gross | 16,023 | 25,202 | |
Rental equipment [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Rental equipment | 78,709 | 110,455 | |
Less: accumulated depreciation | -53,297 | -76,765 | |
Property & equipment, net | $25,412 | $33,690 | |
Rental equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 3 years | ||
Rental equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Net [Abstract] | |||
Estimated useful life, property and equipment | 10 years |
Goodwill_and_intangible_assets2
Goodwill and intangible assets (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | ||
Goodwill Balance at January 1, net | $802,318,000 | $695,799,000 |
Acquisitions, net of dispositions | 16,918,000 | 100,257,000 |
Purchase accounting adjustment | 0 | 97,000 |
Impact of non-U.S. local currency translation | -20,755,000 | 6,165,000 |
Goodwill Balance at December 31, net | 798,481,000 | 802,318,000 |
Accumulated impairment losses on goodwill | 40,000,000 | 40,000,000 |
Drilling & Subsea [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Balance at January 1, net | 723,355,000 | 616,520,000 |
Acquisitions, net of dispositions | 16,918,000 | 100,257,000 |
Purchase accounting adjustment | 0 | 97,000 |
Impact of non-U.S. local currency translation | -20,413,000 | 6,481,000 |
Goodwill Balance at December 31, net | 719,860,000 | 723,355,000 |
Production & Infrastructure [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Balance at January 1, net | 78,963,000 | 79,279,000 |
Acquisitions, net of dispositions | 0 | 0 |
Purchase accounting adjustment | 0 | 0 |
Impact of non-U.S. local currency translation | -342,000 | -316,000 |
Goodwill Balance at December 31, net | $78,621,000 | $78,963,000 |
Goodwill_and_intangible_assets3
Goodwill and intangible assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | ($126,075) | ($102,283) | |
Intangible Assets Total, Gross carrying amount | 397,814 | 397,635 | |
Intangible Assets Total, Net amortizable intangibles | 271,739 | 295,352 | |
Amortization period (in years) | 14 years | ||
Impairment of intangible assets | 0 | 0 | 1,161 |
Trademark [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 5,230 | 5,230 | |
Customer relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 284,120 | 283,171 | |
Accumulated amortization | -84,947 | -67,435 | |
Net amortizable intangibles | 199,173 | 215,736 | |
Patents and technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 31,069 | 33,843 | |
Accumulated amortization | -8,074 | -6,510 | |
Net amortizable intangibles | 22,995 | 27,333 | |
Non-compete agreements [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 7,086 | 6,577 | |
Accumulated amortization | -5,761 | -5,108 | |
Net amortizable intangibles | 1,325 | 1,469 | |
Trade names [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 48,149 | 46,654 | |
Accumulated amortization | -14,747 | -11,948 | |
Net amortizable intangibles | 33,402 | 34,706 | |
Distributor relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 22,160 | 22,160 | |
Accumulated amortization | -12,546 | -11,282 | |
Net amortizable intangibles | $9,614 | $10,878 | |
Minimum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 3 years | ||
Minimum [Member] | Customer relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 4 years | 4 years | |
Minimum [Member] | Patents and technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 5 years | 5 years | |
Minimum [Member] | Non-compete agreements [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 3 years | 3 years | |
Minimum [Member] | Trade names [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 10 years | 10 years | |
Minimum [Member] | Distributor relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 8 years | 8 years | |
Maximum [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 17 years | ||
Maximum [Member] | Customer relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 15 years | 15 years | |
Maximum [Member] | Patents and technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 17 years | 17 years | |
Maximum [Member] | Non-compete agreements [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 6 years | 6 years | |
Maximum [Member] | Trade names [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 15 years | 15 years | |
Maximum [Member] | Distributor relationships [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 15 years | 15 years |
Goodwill_and_intangible_assets4
Goodwill and intangible assets (Schedule of Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $27,658 | $24,413 | $20,346 |
Estimated useful life, intangible assets | 14 years | ||
Estimated future amortization expense | |||
2015 | 27,676 | ||
2016 | 26,993 | ||
2017 | 26,647 | ||
2018 | 26,566 | ||
2019 | $26,418 |
Debt_Schedule_of_LongTerm_Debt
Debt (Schedule of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Total debt | $428,850 | $513,075 | |
Less: current maturities | -840 | -998 | |
Long-term debt | 428,010 | 512,077 | |
Senior unsecured notes due October 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 402,801 | 403,208 | |
Debt instrument, stated interest rate | 6.25% | ||
Senior secured revolving credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 25,000 | 108,000 | |
Other debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $1,049 | $1,867 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Oct. 31, 2013 | |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of senior debt | $0 | $403,250,000 | $0 | ||
Debt instrument, carrying value | 428,850,000 | 513,075,000 | |||
Amount of letters of credit | 10,700,000 | ||||
Deferred loan costs written off | 0 | 2,149,000 | 0 | ||
Senior unsecured notes due October 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, face amount | 100,000,000 | 300,000,000 | |||
Debt instrument, stated interest rate | 6.25% | ||||
Debt instrument, issuance price of par, percentage | 103.25% | ||||
Proceeds from issuance of senior debt | 394,000,000 | ||||
Debt instrument, carrying value | 402,801,000 | 403,208,000 | |||
Senior secured revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rates | 1.91% | 2.17% | |||
Total funded debt to EBITDA ratio | 4.5 | ||||
Senior secured debt to adjusted EBITDA ratio | 3.5 | ||||
EBITDA to interest expense ratio | 3 | ||||
Debt instrument, carrying value | 25,000,000 | 108,000,000 | |||
Line of credit facility, remaining borrowing capacity | 564,300,000 | ||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 600,000,000 | ||||
Letter of Credit [Member] | Senior secured revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 75,000,000 | ||||
Swingline Loan [Member] | Senior secured revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 25,000,000 | ||||
Rental equipment [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, additional borrowing capacity | $300,000,000 | ||||
Debt Instrument, Redemption, Period One [Member] | Senior unsecured notes due October 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 104.69% | ||||
Redemption price percentage of principal | 35.00% | ||||
Redemption price as a percent of principal and interest | 106.25% | ||||
Redemption percentage of remaining principal outstanding maximum | 65.00% | ||||
Debt Instrument, Redemption, Period Two [Member] | Senior unsecured notes due October 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 103.13% | ||||
Debt Instrument, Redemption, Period Three [Member] | Senior unsecured notes due October 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 101.56% | ||||
Debt Instrument, Redemption, Period Four [Member] | Senior unsecured notes due October 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
Debt Instrument, Redemption, Period Five [Member] | Senior unsecured notes due October 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% |
Debt_Debt_Issue_Costs_Details
Debt (Debt Issue Costs) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Amortization of deferred loan costs | $2,600,000 | $2,200,000 | $2,100,000 |
Deferred loan costs written off | $0 | $2,149,000 | $0 |
Debt_Schedule_of_Future_Paymen
Debt (Schedule of Future Payments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $840 | |
2016 | 209 | |
2017 | 0 | |
2018 | 25,000 | |
2019 | 0 | |
Thereafter | 402,801 | |
Total debt | $428,850 | $513,075 |
Income_taxes_Schedule_of_Incom
Income taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. | $127,270 | $108,680 | $140,179 | ||||||||
Non-U.S. | 115,252 | 77,402 | 82,616 | ||||||||
Income before income taxes | $61,847 | $73,563 | $54,950 | $52,162 | $48,652 | $47,105 | $43,008 | $47,317 | $242,522 | $186,082 | $222,795 |
Income_taxes_Schedule_of_Compo
Income taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||||||||||
U.S. Federal and state | $47,100 | $20,589 | $55,591 | ||||||||
Non-U.S. | 24,315 | 20,748 | 22,023 | ||||||||
Total current | 71,415 | 41,337 | 77,614 | ||||||||
Deferred | |||||||||||
U.S. Federal and state | -2,080 | 16,317 | -4,788 | ||||||||
Non-U.S. | -1,190 | -1,176 | -1,561 | ||||||||
Total deferred | -3,270 | 15,141 | -6,349 | ||||||||
Provision for income tax expense | $15,750 | $21,332 | $15,407 | $15,656 | $14,107 | $13,924 | $13,068 | $15,379 | $68,145 | $56,478 | $71,265 |
Income_taxes_Income_Tax_Rate_R
Income taxes (Income Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Income tax expense at the statutory rate | $84,882 | $65,129 | $77,978 | ||||||||
State taxes, net of federal tax benefit | 4,132 | 3,428 | 3,847 | ||||||||
Non-U.S. operations | -15,060 | -6,908 | -7,363 | ||||||||
Domestic incentives | -4,412 | -2,544 | -2,202 | ||||||||
Prior year federal, non-U.S. and state tax | -1,692 | -4,059 | -1,736 | ||||||||
Nondeductible expenses | 663 | 1,341 | 666 | ||||||||
Other | -368 | 91 | 75 | ||||||||
Provision for income tax expense | $15,750 | $21,332 | $15,407 | $15,656 | $14,107 | $13,924 | $13,068 | $15,379 | $68,145 | $56,478 | $71,265 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||||||||
Income tax expense at the statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
State taxes, net of federal tax benefit | 1.70% | 1.90% | 1.70% | ||||||||
Non-U.S. operations | -6.20% | -3.70% | -3.30% | ||||||||
Domestic incentives | -1.80% | -1.40% | -1.00% | ||||||||
Prior year federal, non-U.S. and state tax | -0.70% | -2.20% | -0.80% | ||||||||
Nondeductible expenses | 0.30% | 0.70% | 0.30% | ||||||||
Other | -0.20% | 0.10% | 0.10% | ||||||||
Effective income tax rate | 28.10% | 30.40% | 32.00% |
Income_taxes_Deferred_Taxes_De
Income taxes (Deferred Taxes) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ||
Reserves and accruals | $10,387 | $7,149 |
Inventory | 12,679 | 12,538 |
Stock awards | 7,892 | 6,284 |
Other | 820 | 146 |
Net operating loss and other tax credit carryforwards | 365 | 1,858 |
Total deferred tax assets | 32,143 | 27,975 |
Deferred tax liabilities | ||
Property and equipment | -21,947 | -16,387 |
Goodwill and intangible assets | -73,215 | -71,406 |
Investment in unconsolidated subsidiary | -11,259 | -10,993 |
Unremitted non-U.S. earnings | -740 | -740 |
Prepaid expenses and other | -781 | -1,377 |
Total deferred tax liabilities | -107,942 | -100,903 |
Net deferred tax liabilities | ($75,799) | ($72,928) |
Income_taxes_Narrative_Details
Income taxes (Narrative) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
U.S. [Member] | |
Operating Loss and Tax Credit Carryforwards [Line Items] | |
Net operating loss carryforwards | $0 |
Non-U.S. [Member] | |
Operating Loss and Tax Credit Carryforwards [Line Items] | |
Net operating loss carryforwards | $0.40 |
Income_taxes_Uncertain_Tax_Pos
Income taxes (Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning Balance | $4,607,000 | |
Additional based on tax positions related to prior years | 2,579,000 | |
Reduction based on tax positions related to prior years | -620,000 | |
Lapse of statute of limitations | -310,000 | |
Ending Balance | 6,256,000 | |
Deferred tax benefits on uncertain tax position related to U.S. and non-U.S. income tax | 0 | |
Net balance at December 31, 2014 | 6,256,000 | |
Accrued interest and penalties | $200,000 | $100,000 |
Fair_value_measurements_Detail
Fair value measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, carrying value | $428,850,000 | $513,075,000 |
Senior secured revolving credit facility [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, carrying value | 25,000,000 | 108,000,000 |
Senior unsecured notes due October 2021 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, carrying value | 402,801,000 | 403,208,000 |
Senior unsecured notes due October 2021 [Member] | Significant other observable inputs (Level 2) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, fair value | $378,100,000 |
Commitments_and_contingencies_1
Commitments and contingencies (Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $19,110 |
2016 | 16,921 |
2017 | 12,117 |
2018 | 8,823 |
2019 | 7,443 |
Thereafter | 20,084 |
Total future operating lease payments | $84,498 |
Commitments_and_contingencies_2
Commitments and contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $20.80 | $19 | $16.10 |
Amount of letters of credit | $10.70 |
Stockholders_equity_and_employ1
Stockholders' equity and employee benefit plans (Warrants) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | |
Number of warrants converted to common stock (in shares) | 6,366,072 |
Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Stock issued during the period (in shares) | 4,227,358 |
Stockholders_equity_and_employ2
Stockholders' equity and employee benefit plans (Employee Benefit Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract] | |||
Employee contribution benefit plan expense | $10.80 | $8.20 | $5.80 |
Allowable purchase interval duration | 6 months | ||
Price per share to fair market value | 85.00% |
Stockholders_equity_and_employ3
Stockholders' equity and employee benefit plans (Stock Repurchases) (Details) (USD $) | 1 Months Ended | 3 Months Ended |
Oct. 31, 2014 | Dec. 31, 2014 | |
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract] | ||
Shares authorized for repurchase (in shares) | $150,000,000 | |
Treasury stock (in shares) | 4,400,000 | |
Restricted stock issuance | $100,000,000 |
Stock_based_compensation_Narra
Stock based compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 18,500,000 | |||
Number of shares available for grant (in shares) | 8,800,000 | |||
Stock based compensation expense | $18.80 | $19 | $8.20 | |
Total compensation cost not yet recognized | $25.40 | |||
Total compensation cost not yet recognized, period for recognition | 3 years | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 115,610 | |||
Employee performance period | 3 years | |||
Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares for award settlement (in shares) | 0 | |||
Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares for award settlement (in shares) | 2 |
Stock_based_compensation_Stock
Stock based compensation (Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Number of shares [Roll Forward] | ||
Number of shares, beginning balance | 6,000,000 | |
Number of shares, granted | 400,000 | |
Number of shares, exercised | -1,100,000 | |
Number of shares, forfeited/expired | -100,000 | |
Number of shares, ending balance | 5,200,000 | 6,000,000 |
Number of shares, options exercisable | 4,200,000 | |
Weighted average exercise price [Roll Forward] | ||
Weighted average exercise price, beginning balance (in dollars per share) | $10.76 | |
Weighted average exercise price, granted (in dollars per share) | $26.96 | |
Weighted average exercise price, exercised (in dollars per share) | $8.31 | |
Weighted average exercise price, forfeited/expired (in dollars per share) | $18.46 | |
Weighted average exercise price, ending balance (in dollars per share) | $12.23 | $10.76 |
Weighted average exercise price, options exercisable (in dollars per share) | $9.42 | |
Remaining weighted average contractual life in years, outstanding | 6 years 2 months | 6 years 9 months |
Remaining weighted average contractual life in years, exercisable | 5 years 9 months | |
Intrinsic value, options outstanding | $44.50 | $106.50 |
Intrinsic value, options exercisable | $47 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise period | 10 years | |
Award vesting period | 4 years |
Stock_based_compensation_Fair_
Stock based compensation (Fair Value Assumptions) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $24.80 | $19.20 | $25 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value (in dollars per share) | $8.47 | $8.41 | $6.81 |
Expected life (in years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Volatility | 27.00% | 30.00% | 36.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk free interest rate | 1.96% | 1.17% | |
Risk free interest rate, minimum | 1.13% | ||
Risk free interest rate, maximum | 1.22% |
Stock_based_compensation_Restr
Stock based compensation (Restricted Stock) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted stock [Member] | |||
Restricted Stock Activity [Roll Forward] | |||
Nonvested at beginning of year (in shares) | 822,300 | ||
Granted (in shares) | 56,800 | ||
Vested (in shares) | -364,300 | ||
Forfeited (in shares) | -92,900 | ||
Nonvested at the end of year (in shares) | 421,900 | 822,300 | |
Weighted average grant date fair value (in dollars per share) | $31.71 | $29.83 | $22.26 |
Fair value of shares vested | $10.90 | $13.50 | $4.40 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Restricted Stock Activity [Roll Forward] | |||
Nonvested at beginning of year (in shares) | 404,400 | ||
Granted (in shares) | 631,200 | ||
Vested (in shares) | -112,100 | ||
Forfeited (in shares) | -74,400 | ||
Nonvested at the end of year (in shares) | 849,100 | 404,400 | |
Weighted average grant date fair value (in dollars per share) | $27.81 | $25.53 | |
Fair value of shares vested | $3 | ||
Minimum [Member] | Restricted stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Maximum [Member] | Restricted stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years |
Business_segments_Income_State
Business segments (Income Statement by Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments (in segments) | 2 | ||||||||||
Revenue | $438,678 | $468,822 | $428,279 | $403,938 | $393,733 | $390,192 | $367,887 | $372,999 | $1,739,717 | $1,524,811 | $1,414,933 |
Operating income | 64,805 | 76,040 | 65,804 | 61,389 | 57,265 | 55,938 | 47,138 | 49,213 | 268,038 | 209,554 | 240,880 |
Intangible asset impairment | 0 | 0 | 1,161 | ||||||||
Change in contingent consideration | 0 | 0 | -4,568 | ||||||||
Transaction expenses | 2,326 | 2,700 | 1,751 | ||||||||
(Gain)/loss on sale of assets | 1,431 | 614 | -1,435 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | 271,795 | 212,868 | 237,789 | ||||||||
Depreciation and amortization | 65,072 | 60,579 | 51,804 | ||||||||
Capital expenditures | 53,792 | 60,263 | 49,685 | ||||||||
Operating Segments [Member] | Drilling & Subsea [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,126,575 | 940,807 | 826,500 | ||||||||
Operating income | 201,269 | 155,828 | 161,160 | ||||||||
Depreciation and amortization | 47,201 | 43,971 | 37,737 | ||||||||
Capital expenditures | 28,115 | 40,991 | 31,118 | ||||||||
Operating Segments [Member] | Production & Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 614,442 | 585,495 | 589,204 | ||||||||
Operating income | 112,541 | 86,471 | 97,257 | ||||||||
Depreciation and amortization | 12,283 | 13,952 | 13,163 | ||||||||
Capital expenditures | 19,287 | 10,940 | 13,644 | ||||||||
Operating Segments [Member] | Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | -42,015 | -29,431 | -20,628 | ||||||||
Depreciation and amortization | 5,588 | 2,656 | 904 | ||||||||
Capital expenditures | 6,390 | 8,332 | 4,923 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | ($1,300) | ($1,491) | ($771) |
Business_segments_Assets_by_Se
Business segments (Assets by Segment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | |||
Assets | $2,221,628 | $2,168,869 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,221,628 | 2,168,869 | 1,892,980 |
Operating Segments [Member] | Drilling & Subsea [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,674,934 | 1,655,355 | 1,413,944 |
Operating Segments [Member] | Production & Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 488,225 | 468,520 | 435,496 |
Operating Segments [Member] | Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $58,469 | $44,994 | $43,540 |
Business_segments_Revenue_by_S
Business segments (Revenue by Shipping Location) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $438,678 | $468,822 | $428,279 | $403,938 | $393,733 | $390,192 | $367,887 | $372,999 | $1,739,717 | $1,524,811 | $1,414,933 |
Sales [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 1,739,717 | 1,524,811 | 1,414,933 | ||||||||
Revenue, Percentage | 100.00% | 100.00% | 100.00% | ||||||||
Sales [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 1,049,609 | 918,795 | 894,969 | ||||||||
Revenue, Percentage | 60.30% | 60.20% | 63.30% | ||||||||
Sales [Member] | Europe & Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 305,376 | 225,381 | 196,841 | ||||||||
Revenue, Percentage | 17.60% | 14.80% | 13.90% | ||||||||
Sales [Member] | Asia-Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 154,669 | 151,790 | 100,938 | ||||||||
Revenue, Percentage | 8.90% | 10.00% | 7.10% | ||||||||
Sales [Member] | Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 103,077 | 99,081 | 114,197 | ||||||||
Revenue, Percentage | 5.90% | 6.50% | 8.10% | ||||||||
Sales [Member] | Middle East [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 65,498 | 65,724 | 49,568 | ||||||||
Revenue, Percentage | 3.80% | 4.30% | 3.50% | ||||||||
Sales [Member] | Latin America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $61,488 | $64,040 | $58,420 | ||||||||
Revenue, Percentage | 3.50% | 4.20% | 4.10% |
Business_segments_Longlived_As
Business segments (Long-lived Assets by Geographic Location) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $1,326,469 | $1,359,401 | $1,118,103 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 939,699 | 970,109 | 849,470 |
Europe & Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 313,589 | 346,017 | 224,093 |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 59,207 | 28,839 | 31,956 |
Asia-Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 9,132 | 9,465 | 7,512 |
Middle East [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 3,192 | 3,182 | 3,159 |
Latin America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $1,650 | $1,789 | $1,913 |
Business_segments_Revenue_by_P
Business segments (Revenue by Product Lines) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $438,678 | $468,822 | $428,279 | $403,938 | $393,733 | $390,192 | $367,887 | $372,999 | $1,739,717 | $1,524,811 | $1,414,933 |
Sales [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 1,739,717 | 1,524,811 | 1,414,933 | ||||||||
Revenue, Percentage | 100.00% | 100.00% | 100.00% | ||||||||
Sales [Member] | Drilling Technologies [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 614,765 | 462,420 | 434,240 | ||||||||
Revenue, Percentage | 35.40% | 30.30% | 30.70% | ||||||||
Sales [Member] | Subsea Technologies [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 321,039 | 316,418 | 250,554 | ||||||||
Revenue, Percentage | 18.50% | 20.80% | 17.70% | ||||||||
Sales [Member] | Downhole Technologies [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 190,771 | 161,970 | 141,706 | ||||||||
Revenue, Percentage | 11.00% | 10.60% | 10.00% | ||||||||
Sales [Member] | Production Equipment [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 228,769 | 251,428 | 227,286 | ||||||||
Revenue, Percentage | 13.10% | 16.50% | 16.10% | ||||||||
Sales [Member] | Valve Solutions [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 207,456 | 211,170 | 210,608 | ||||||||
Revenue, Percentage | 11.90% | 13.80% | 14.90% | ||||||||
Sales [Member] | Flow Equipment [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 178,217 | 122,896 | 151,310 | ||||||||
Revenue, Percentage | 10.20% | 8.10% | 10.70% | ||||||||
Sales [Member] | Eliminations [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | ($1,300) | ($1,491) | ($771) | ||||||||
Revenue, Percentage | -0.10% | -0.10% | -0.10% |
Condensed_consolidating_financ2
Condensed consolidating financial statements (Condensed consolidating statements of income and comprehensive income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Statements of Income and Comprehensive Income [Line Items] | ||||||||||||
Net sales | $438,678 | $468,822 | $428,279 | $403,938 | $393,733 | $390,192 | $367,887 | $372,999 | $1,739,717 | $1,524,811 | $1,414,933 | |
Cost of sales | 297,195 | 316,784 | 290,286 | 276,000 | 272,968 | 265,021 | 253,404 | 258,193 | 1,180,265 | 1,049,586 | 951,876 | |
Gross profit | 141,483 | 152,038 | 137,993 | 127,938 | 120,765 | 125,171 | 114,483 | 114,806 | 559,452 | 475,225 | 463,057 | |
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 312,821 | 269,669 | 225,268 | |||||||||
Transaction expenses | 2,326 | 2,700 | 1,751 | |||||||||
(Gain) loss on sale of assets | 1,431 | 614 | -1,435 | |||||||||
Contingent consideration (benefit) | 0 | 0 | -4,568 | |||||||||
Other operating expense (income) | 3,314 | 1,477 | ||||||||||
Total operating expenses | 83,845 | 82,747 | 78,129 | 71,857 | 67,866 | 72,179 | 67,345 | 65,593 | 316,578 | 272,983 | 222,177 | |
Earnings from equity investment | 7,167 | 6,749 | 5,940 | 5,308 | 4,366 | 2,946 | 0 | 0 | 7,312 | 25,164 | 7,312 | 0 |
Equity earnings from affiliate, net of tax | 0 | 0 | ||||||||||
Operating income | 64,805 | 76,040 | 65,804 | 61,389 | 57,265 | 55,938 | 47,138 | 49,213 | 268,038 | 209,554 | 240,880 | |
Other expense (income) | ||||||||||||
Interest expense | 29,847 | 18,370 | 16,372 | |||||||||
Interest income with affiliate | 0 | 0 | 0 | |||||||||
Interest expense with affiliate | 0 | 0 | 0 | |||||||||
Foreign exchange (gains) losses and other, net | -4,331 | 2,953 | 1,713 | |||||||||
Deferred loan costs written off | 0 | 2,149 | 0 | |||||||||
Total other expense | 2,958 | 2,477 | 10,854 | 9,227 | 8,613 | 8,833 | 4,130 | 1,896 | 25,516 | 23,472 | 18,085 | |
Income before income taxes | 61,847 | 73,563 | 54,950 | 52,162 | 48,652 | 47,105 | 43,008 | 47,317 | 242,522 | 186,082 | 222,795 | |
Provision for income tax expense | 15,750 | 21,332 | 15,407 | 15,656 | 14,107 | 13,924 | 13,068 | 15,379 | 68,145 | 56,478 | 71,265 | |
Net income | 46,097 | 52,231 | 39,543 | 36,506 | 34,545 | 33,181 | 29,940 | 31,938 | 174,377 | 129,604 | 151,530 | |
Less: Income attributable to noncontrolling interest | 10 | 5 | 21 | -24 | 6 | 40 | 21 | -2 | 12 | 65 | 74 | |
Net income attributable to common stockholders | 46,087 | 52,226 | 39,522 | 36,530 | 34,539 | 33,141 | 29,919 | 31,940 | 174,365 | 129,539 | 151,456 | |
Other comprehensive income, net of tax: | ||||||||||||
Net income | 46,097 | 52,231 | 39,543 | 36,506 | 34,545 | 33,181 | 29,940 | 31,938 | 174,377 | 129,604 | 151,530 | |
Change in foreign currency translation, net of tax of $0 | -43,694 | 7,525 | 15,887 | |||||||||
Gain (loss) on pension liability | -1,110 | 223 | 0 | |||||||||
Comprehensive income | 129,573 | 137,352 | 167,417 | |||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | 46 | 72 | -44 | |||||||||
Comprehensive income attributable to common stockholders | 129,619 | 137,424 | 167,373 | |||||||||
Reportable Legal Entities [Member] | FET Inc. (Parent) [Member] | ||||||||||||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||||||||||||
Net sales | 0 | 0 | 0 | |||||||||
Cost of sales | 0 | 0 | 0 | |||||||||
Gross profit | 0 | 0 | 0 | |||||||||
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | |||||||||
Transaction expenses | 0 | |||||||||||
(Gain) loss on sale of assets | 0 | |||||||||||
Contingent consideration (benefit) | 0 | |||||||||||
Other operating expense (income) | 0 | 0 | ||||||||||
Total operating expenses | 0 | 0 | 0 | |||||||||
Earnings from equity investment | 0 | 0 | 157,847 | |||||||||
Equity earnings from affiliate, net of tax | 193,724 | 142,799 | ||||||||||
Operating income | 193,724 | 142,799 | 157,847 | |||||||||
Other expense (income) | ||||||||||||
Interest expense | 29,783 | 18,251 | 15,997 | |||||||||
Interest income with affiliate | 0 | 0 | -6,164 | |||||||||
Interest expense with affiliate | 0 | 0 | 0 | |||||||||
Foreign exchange (gains) losses and other, net | 0 | 0 | 0 | |||||||||
Deferred loan costs written off | 0 | 2,149 | ||||||||||
Total other expense | 29,783 | 20,400 | 9,833 | |||||||||
Income before income taxes | 163,941 | 122,399 | 148,014 | |||||||||
Provision for income tax expense | -10,424 | -7,140 | -3,442 | |||||||||
Net income | 174,365 | 129,539 | 151,456 | |||||||||
Less: Income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||
Net income attributable to common stockholders | 174,365 | 129,539 | 151,456 | |||||||||
Other comprehensive income, net of tax: | ||||||||||||
Net income | 174,365 | 129,539 | 151,456 | |||||||||
Change in foreign currency translation, net of tax of $0 | -43,694 | 7,525 | 15,887 | |||||||||
Gain (loss) on pension liability | -1,110 | 223 | ||||||||||
Comprehensive income | 129,561 | 137,287 | 167,343 | |||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Comprehensive income attributable to common stockholders | 129,561 | 137,287 | 167,343 | |||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||||||||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||||||||||||
Net sales | 1,266,376 | 1,142,000 | 1,072,732 | |||||||||
Cost of sales | 887,428 | 804,413 | 742,473 | |||||||||
Gross profit | 378,948 | 337,587 | 330,259 | |||||||||
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 244,577 | 211,863 | 176,417 | |||||||||
Transaction expenses | 2,326 | |||||||||||
(Gain) loss on sale of assets | 1,238 | |||||||||||
Contingent consideration (benefit) | -4,568 | |||||||||||
Other operating expense (income) | 2,821 | 3,446 | ||||||||||
Total operating expenses | 248,141 | 214,684 | 175,295 | |||||||||
Earnings from equity investment | 25,164 | 7,312 | 58,417 | |||||||||
Equity earnings from affiliate, net of tax | 90,067 | 53,520 | ||||||||||
Operating income | 246,038 | 183,735 | 213,381 | |||||||||
Other expense (income) | ||||||||||||
Interest expense | 78 | 101 | 361 | |||||||||
Interest income with affiliate | -5,770 | -3,987 | 0 | |||||||||
Interest expense with affiliate | 0 | 0 | 0 | |||||||||
Foreign exchange (gains) losses and other, net | 116 | -624 | -21 | |||||||||
Deferred loan costs written off | 0 | 0 | ||||||||||
Total other expense | -5,576 | -4,510 | 340 | |||||||||
Income before income taxes | 251,614 | 188,245 | 213,041 | |||||||||
Provision for income tax expense | 57,890 | 45,446 | 55,194 | |||||||||
Net income | 193,724 | 142,799 | 157,847 | |||||||||
Less: Income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||
Net income attributable to common stockholders | 193,724 | 142,799 | 157,847 | |||||||||
Other comprehensive income, net of tax: | ||||||||||||
Net income | 193,724 | 142,799 | 157,847 | |||||||||
Change in foreign currency translation, net of tax of $0 | -43,694 | 7,525 | 15,887 | |||||||||
Gain (loss) on pension liability | -1,110 | 223 | ||||||||||
Comprehensive income | 148,920 | 150,547 | 173,734 | |||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Comprehensive income attributable to common stockholders | 148,920 | 150,547 | 173,734 | |||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||||||||||||
Net sales | 637,205 | 510,460 | 474,864 | |||||||||
Cost of sales | 453,785 | 370,517 | 340,240 | |||||||||
Gross profit | 183,420 | 139,943 | 134,624 | |||||||||
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 68,244 | 57,806 | 48,851 | |||||||||
Transaction expenses | 0 | |||||||||||
(Gain) loss on sale of assets | 193 | |||||||||||
Contingent consideration (benefit) | 0 | |||||||||||
Other operating expense (income) | 493 | -1,969 | ||||||||||
Total operating expenses | 68,437 | 58,299 | 46,882 | |||||||||
Earnings from equity investment | 0 | 0 | 0 | |||||||||
Equity earnings from affiliate, net of tax | 0 | 0 | ||||||||||
Operating income | 114,983 | 81,644 | 87,742 | |||||||||
Other expense (income) | ||||||||||||
Interest expense | -14 | 18 | 14 | |||||||||
Interest income with affiliate | 0 | 0 | 0 | |||||||||
Interest expense with affiliate | 5,770 | 3,987 | 6,164 | |||||||||
Foreign exchange (gains) losses and other, net | -4,447 | 3,577 | 1,734 | |||||||||
Deferred loan costs written off | 0 | 0 | ||||||||||
Total other expense | 1,309 | 7,582 | 7,912 | |||||||||
Income before income taxes | 113,674 | 74,062 | 79,830 | |||||||||
Provision for income tax expense | 20,679 | 18,172 | 19,513 | |||||||||
Net income | 92,995 | 55,890 | 60,317 | |||||||||
Less: Income attributable to noncontrolling interest | 12 | 65 | 74 | |||||||||
Net income attributable to common stockholders | 92,983 | 55,825 | 60,243 | |||||||||
Other comprehensive income, net of tax: | ||||||||||||
Net income | 92,995 | 55,890 | 60,317 | |||||||||
Change in foreign currency translation, net of tax of $0 | -43,694 | 7,525 | 15,887 | |||||||||
Gain (loss) on pension liability | -1,110 | 223 | ||||||||||
Comprehensive income | 48,191 | 63,638 | 76,204 | |||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | 46 | 72 | -44 | |||||||||
Comprehensive income attributable to common stockholders | 48,237 | 63,710 | 76,160 | |||||||||
Eliminations [Member] | ||||||||||||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||||||||||||
Net sales | -163,864 | -127,649 | -132,663 | |||||||||
Cost of sales | -160,948 | -125,344 | -130,837 | |||||||||
Gross profit | -2,916 | -2,305 | -1,826 | |||||||||
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | |||||||||
Transaction expenses | 0 | |||||||||||
(Gain) loss on sale of assets | 0 | |||||||||||
Contingent consideration (benefit) | 0 | |||||||||||
Other operating expense (income) | 0 | 0 | ||||||||||
Total operating expenses | 0 | 0 | 0 | |||||||||
Earnings from equity investment | 0 | -216,264 | ||||||||||
Equity earnings from affiliate, net of tax | -283,791 | -196,319 | ||||||||||
Operating income | -286,707 | -198,624 | -218,090 | |||||||||
Other expense (income) | ||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||
Interest income with affiliate | 5,770 | 3,987 | 6,164 | |||||||||
Interest expense with affiliate | -5,770 | -3,987 | -6,164 | |||||||||
Foreign exchange (gains) losses and other, net | 0 | 0 | 0 | |||||||||
Deferred loan costs written off | 0 | 0 | ||||||||||
Total other expense | 0 | 0 | 0 | |||||||||
Income before income taxes | -286,707 | -198,624 | -218,090 | |||||||||
Provision for income tax expense | 0 | 0 | 0 | |||||||||
Net income | -286,707 | -198,624 | -218,090 | |||||||||
Less: Income attributable to noncontrolling interest | 0 | 0 | 0 | |||||||||
Net income attributable to common stockholders | -286,707 | -198,624 | -218,090 | |||||||||
Other comprehensive income, net of tax: | ||||||||||||
Net income | -286,707 | -198,624 | -218,090 | |||||||||
Change in foreign currency translation, net of tax of $0 | 87,388 | -15,050 | -31,774 | |||||||||
Gain (loss) on pension liability | 2,220 | -446 | ||||||||||
Comprehensive income | -197,099 | -214,120 | -249,864 | |||||||||
Less: comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Comprehensive income attributable to common stockholders | ($197,099) | ($214,120) | ($249,864) |
Condensed_consolidating_financ3
Condensed consolidating financial statements (Condensed consolidating balance sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $76,579 | $39,582 | $41,063 | $20,548 |
Accounts receivable—trade, net | 287,045 | 250,272 | ||
Inventories, net | 461,515 | 441,049 | ||
Costs and estimated profits in excess of billings | 14,646 | 24,012 | ||
Other current assets | 55,374 | 78,565 | ||
Total current assets | 895,159 | 809,468 | ||
Property and equipment, net of accumulated depreciation | 189,974 | 180,292 | ||
Deferred financing costs, net | 13,107 | 15,658 | ||
Intangibles, net | 271,739 | 295,352 | ||
Goodwill | 798,481 | 802,318 | 695,799 | |
Investment in unconsolidated subsidiary | 49,675 | 60,292 | ||
Investment in affiliates | 0 | 0 | ||
Long-term loan and advances to affiliates | 0 | 0 | ||
Other long-term assets | 3,493 | 21,147 | ||
Total assets | 2,221,628 | 2,168,869 | ||
Current liabilities | ||||
Current portion of long-term debt | 840 | 998 | ||
Accounts payable—trade | 127,757 | 100,221 | ||
Accrued liabilities | 126,890 | 96,529 | ||
Current portion of debt and other current liabilities | 23,233 | |||
Deferred revenue | 10,919 | 15,837 | ||
Billings in excess of costs and profits recognized | 15,785 | 6,398 | ||
Total current liabilities | 282,191 | 219,983 | ||
Long-term debt, net of current portion | 428,010 | 512,077 | ||
Long-term loans and payables to affiliates | 0 | 0 | ||
Deferred income taxes, net | 98,188 | 97,774 | ||
Other long-term liabilities | 17,318 | 105,843 | ||
Total liabilities | 825,707 | 837,903 | ||
Total stockholders’ equity | 1,395,356 | 1,330,355 | ||
Noncontrolling interest in subsidiary | 565 | 611 | ||
Total equity | 1,395,921 | 1,330,966 | 1,162,155 | 655,132 |
Total liabilities and equity | 2,221,628 | 2,168,869 | ||
Reportable Legal Entities [Member] | FET Inc. (Parent) [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 5,551 | 0 | 0 | 0 |
Accounts receivable—trade, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Costs and estimated profits in excess of billings | 0 | |||
Other current assets | 0 | 63 | ||
Total current assets | 5,551 | 63 | ||
Property and equipment, net of accumulated depreciation | 0 | 0 | ||
Deferred financing costs, net | 13,107 | |||
Intangibles, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliates | 1,333,701 | 1,209,699 | ||
Long-term loan and advances to affiliates | 483,534 | 623,337 | ||
Other long-term assets | 0 | 15,658 | ||
Total assets | 1,835,893 | 1,848,757 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | |||
Accounts payable—trade | 0 | 0 | ||
Accrued liabilities | 12,733 | 7,194 | ||
Current portion of debt and other current liabilities | 0 | |||
Deferred revenue | 0 | |||
Billings in excess of costs and profits recognized | 0 | |||
Total current liabilities | 12,733 | 7,194 | ||
Long-term debt, net of current portion | 427,801 | 511,208 | ||
Long-term loans and payables to affiliates | 0 | 0 | ||
Deferred income taxes, net | 0 | |||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 440,534 | 518,402 | ||
Total stockholders’ equity | 1,395,359 | 1,330,355 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total equity | 1,395,359 | 1,330,355 | ||
Total liabilities and equity | 1,835,893 | 1,848,757 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 4,006 | 0 | 8,092 | 2,313 |
Accounts receivable—trade, net | 194,964 | 172,563 | ||
Inventories, net | 343,902 | 310,191 | ||
Costs and estimated profits in excess of billings | 4,871 | |||
Other current assets | 38,920 | 41,495 | ||
Total current assets | 586,663 | 524,249 | ||
Property and equipment, net of accumulated depreciation | 153,016 | 143,180 | ||
Deferred financing costs, net | 0 | |||
Intangibles, net | 198,819 | 220,980 | ||
Goodwill | 522,898 | 526,083 | ||
Investment in unconsolidated subsidiary | 49,675 | 60,292 | ||
Investment in affiliates | 590,421 | 454,024 | ||
Long-term loan and advances to affiliates | 0 | 97,316 | ||
Other long-term assets | 2,760 | 4,168 | ||
Total assets | 2,104,252 | 2,030,292 | ||
Current liabilities | ||||
Current portion of long-term debt | 828 | |||
Accounts payable—trade | 85,179 | 69,467 | ||
Accrued liabilities | 84,824 | 43,693 | ||
Current portion of debt and other current liabilities | 9,217 | |||
Deferred revenue | 3,783 | |||
Billings in excess of costs and profits recognized | 1,189 | |||
Total current liabilities | 175,803 | 122,377 | ||
Long-term debt, net of current portion | 183 | 824 | ||
Long-term loans and payables to affiliates | 506,065 | 619,778 | ||
Deferred income taxes, net | 77,311 | |||
Other long-term liabilities | 11,189 | 77,614 | ||
Total liabilities | 770,551 | 820,593 | ||
Total stockholders’ equity | 1,333,701 | 1,209,699 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total equity | 1,333,701 | 1,209,699 | ||
Total liabilities and equity | 2,104,252 | 2,030,292 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 67,022 | 39,582 | 32,971 | 18,235 |
Accounts receivable—trade, net | 92,081 | 77,709 | ||
Inventories, net | 125,594 | 135,924 | ||
Costs and estimated profits in excess of billings | 9,775 | |||
Other current assets | 16,454 | 37,007 | ||
Total current assets | 310,926 | 290,222 | ||
Property and equipment, net of accumulated depreciation | 36,958 | 37,112 | ||
Deferred financing costs, net | 0 | |||
Intangibles, net | 72,920 | 74,372 | ||
Goodwill | 275,583 | 276,235 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliates | 0 | 0 | ||
Long-term loan and advances to affiliates | 22,531 | 0 | ||
Other long-term assets | 733 | 1,321 | ||
Total assets | 719,651 | 679,262 | ||
Current liabilities | ||||
Current portion of long-term debt | 12 | |||
Accounts payable—trade | 42,578 | 30,754 | ||
Accrued liabilities | 29,333 | 45,642 | ||
Current portion of debt and other current liabilities | 14,016 | |||
Deferred revenue | 7,136 | |||
Billings in excess of costs and profits recognized | 14,596 | |||
Total current liabilities | 93,655 | 90,412 | ||
Long-term debt, net of current portion | 26 | 45 | ||
Long-term loans and payables to affiliates | 0 | 100,875 | ||
Deferred income taxes, net | 20,877 | |||
Other long-term liabilities | 6,129 | 28,229 | ||
Total liabilities | 120,687 | 219,561 | ||
Total stockholders’ equity | 598,399 | 459,090 | ||
Noncontrolling interest in subsidiary | 565 | 611 | ||
Total equity | 598,964 | 459,701 | ||
Total liabilities and equity | 719,651 | 679,262 | ||
Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable—trade, net | 0 | 0 | ||
Inventories, net | -7,981 | -5,066 | ||
Costs and estimated profits in excess of billings | 0 | |||
Other current assets | 0 | 0 | ||
Total current assets | -7,981 | -5,066 | ||
Property and equipment, net of accumulated depreciation | 0 | 0 | ||
Deferred financing costs, net | 0 | |||
Intangibles, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliates | -1,924,122 | -1,663,723 | ||
Long-term loan and advances to affiliates | -506,065 | -720,653 | ||
Other long-term assets | 0 | 0 | ||
Total assets | -2,438,168 | -2,389,442 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | |||
Accounts payable—trade | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Current portion of debt and other current liabilities | 0 | |||
Deferred revenue | 0 | |||
Billings in excess of costs and profits recognized | 0 | |||
Total current liabilities | 0 | 0 | ||
Long-term debt, net of current portion | 0 | 0 | ||
Long-term loans and payables to affiliates | -506,065 | -720,653 | ||
Deferred income taxes, net | 0 | |||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | -506,065 | -720,653 | ||
Total stockholders’ equity | -1,932,103 | -1,668,789 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total equity | -1,932,103 | -1,668,789 | ||
Total liabilities and equity | ($2,438,168) | ($2,389,442) |
Condensed_consolidating_financ4
Condensed consolidating financial statements (Condensed consolidating statements of cash flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows from (used in) operating activities | $269,966 | $211,393 | $137,941 |
Cash flows from investing activities | |||
Acquisition of businesses, net of cash acquired | -38,289 | -181,718 | -139,889 |
Investment in unconsolidated subsidiary | 0 | -48,013 | |
Capital expenditures for property and equipment | -53,792 | -60,263 | -49,685 |
Long-term loans and advances to affiliates | 0 | 0 | 0 |
Other | 21,390 | 964 | 5,051 |
Net cash (used in) investing activities | -70,691 | -289,030 | -184,523 |
Cash flows from financing activities | |||
Borrowings under Credit Facility due to acquisitions | 0 | 181,718 | 139,889 |
Borrowings under Credit Facility | 15,423 | 223,235 | 63,397 |
Issuance of Senior Notes | 0 | 403,250 | 0 |
Repayment of long-term debt | -98,415 | -715,131 | -454,019 |
Long-term loans and advances to affiliates | 0 | 0 | 0 |
Deferred financing costs | 6 | 12,003 | 15 |
Proceeds of IPO, net of offering costs | 0 | 0 | 256,381 |
Proceeds from concurrent private placement | 0 | 0 | 50,000 |
Repurchases of stock | -96,632 | -4,316 | -56 |
Payment of contingent consideration accrued at acquisition | 0 | -11,435 | -11,100 |
Proceeds from stock issuance | 11,101 | 5,458 | 14,432 |
Other | 6,505 | 7,420 | 6,802 |
Net cash provided by (used in) financing activities | -162,018 | 77,054 | 65,782 |
Effect of exchange rate changes on cash | -260 | -898 | 1,315 |
Net increase (decrease) in cash and cash equivalents | 36,997 | -1,481 | 20,515 |
Cash and cash equivalents | |||
Beginning of period | 39,582 | 41,063 | 20,548 |
End of period | 76,579 | 39,582 | 41,063 |
Reportable Legal Entities [Member] | FET Inc. (Parent) [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows from (used in) operating activities | -16,796 | -3,683 | -6,078 |
Cash flows from investing activities | |||
Acquisition of businesses, net of cash acquired | 0 | 0 | 0 |
Investment in unconsolidated subsidiary | 0 | 0 | |
Capital expenditures for property and equipment | 0 | 0 | 0 |
Long-term loans and advances to affiliates | 191,290 | -77,933 | -69,701 |
Other | 0 | 0 | 0 |
Net cash (used in) investing activities | 191,290 | -77,933 | -69,701 |
Cash flows from financing activities | |||
Borrowings under Credit Facility due to acquisitions | 0 | 0 | 0 |
Borrowings under Credit Facility | 15,000 | 402,748 | 203,155 |
Issuance of Senior Notes | 0 | 403,250 | |
Repayment of long-term debt | -98,406 | -713,521 | -448,118 |
Long-term loans and advances to affiliates | 0 | 0 | 0 |
Deferred financing costs | 12,003 | ||
Proceeds of IPO, net of offering costs | 256,381 | ||
Proceeds from concurrent private placement | 50,000 | ||
Repurchases of stock | -96,632 | ||
Payment of contingent consideration accrued at acquisition | 0 | 0 | |
Proceeds from stock issuance | 11,101 | 14,432 | |
Other | -6 | 1,142 | -71 |
Net cash provided by (used in) financing activities | -168,943 | 81,616 | 75,779 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 5,551 | 0 | 0 |
Cash and cash equivalents | |||
Beginning of period | 0 | 0 | 0 |
End of period | 5,551 | 0 | 0 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows from (used in) operating activities | 175,700 | 157,198 | 79,366 |
Cash flows from investing activities | |||
Acquisition of businesses, net of cash acquired | 0 | -54,389 | -139,889 |
Investment in unconsolidated subsidiary | 0 | -48,013 | |
Capital expenditures for property and equipment | -42,334 | -48,270 | -36,354 |
Long-term loans and advances to affiliates | 34,010 | -97,316 | 0 |
Other | 20,862 | 392 | 2,296 |
Net cash (used in) investing activities | 12,538 | -247,596 | -173,947 |
Cash flows from financing activities | |||
Borrowings under Credit Facility due to acquisitions | 0 | 54,389 | 139,889 |
Borrowings under Credit Facility | 423 | -52,184 | -139,758 |
Issuance of Senior Notes | 0 | 0 | |
Repayment of long-term debt | 124 | -1,639 | -5,655 |
Long-term loans and advances to affiliates | -191,290 | 86,897 | 110,111 |
Deferred financing costs | 0 | ||
Proceeds of IPO, net of offering costs | 0 | ||
Proceeds from concurrent private placement | 0 | ||
Repurchases of stock | 0 | ||
Payment of contingent consideration accrued at acquisition | -11,435 | -11,100 | |
Proceeds from stock issuance | 0 | 0 | |
Other | 6,511 | 6,278 | 6,873 |
Net cash provided by (used in) financing activities | -184,232 | 82,306 | 100,360 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 4,006 | -8,092 | 5,779 |
Cash and cash equivalents | |||
Beginning of period | 0 | 8,092 | 2,313 |
End of period | 4,006 | 0 | 8,092 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows from (used in) operating activities | 111,062 | 57,878 | 64,653 |
Cash flows from investing activities | |||
Acquisition of businesses, net of cash acquired | -38,289 | -127,329 | 0 |
Investment in unconsolidated subsidiary | 0 | 0 | |
Capital expenditures for property and equipment | -11,458 | -11,993 | -13,331 |
Long-term loans and advances to affiliates | 0 | 0 | 0 |
Other | 528 | 572 | 2,755 |
Net cash (used in) investing activities | -49,219 | -138,750 | -10,576 |
Cash flows from financing activities | |||
Borrowings under Credit Facility due to acquisitions | 0 | 127,329 | 0 |
Borrowings under Credit Facility | 0 | -127,329 | 0 |
Issuance of Senior Notes | 0 | 0 | |
Repayment of long-term debt | -133 | 29 | -246 |
Long-term loans and advances to affiliates | -34,010 | 88,352 | -40,410 |
Deferred financing costs | 0 | ||
Proceeds of IPO, net of offering costs | 0 | ||
Proceeds from concurrent private placement | 0 | ||
Repurchases of stock | 0 | ||
Payment of contingent consideration accrued at acquisition | 0 | 0 | |
Proceeds from stock issuance | 0 | 0 | |
Other | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -34,143 | 88,381 | -40,656 |
Effect of exchange rate changes on cash | -260 | -898 | 1,315 |
Net increase (decrease) in cash and cash equivalents | 27,440 | 6,611 | 14,736 |
Cash and cash equivalents | |||
Beginning of period | 39,582 | 32,971 | 18,235 |
End of period | 67,022 | 39,582 | 32,971 |
Eliminations [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash flows from (used in) operating activities | 0 | 0 | 0 |
Cash flows from investing activities | |||
Acquisition of businesses, net of cash acquired | 0 | 0 | 0 |
Investment in unconsolidated subsidiary | 0 | 0 | |
Capital expenditures for property and equipment | 0 | 0 | 0 |
Long-term loans and advances to affiliates | -225,300 | 175,249 | 69,701 |
Other | 0 | 0 | 0 |
Net cash (used in) investing activities | -225,300 | 175,249 | 69,701 |
Cash flows from financing activities | |||
Borrowings under Credit Facility due to acquisitions | 0 | 0 | 0 |
Borrowings under Credit Facility | 0 | 0 | 0 |
Issuance of Senior Notes | 0 | 0 | |
Repayment of long-term debt | 0 | 0 | 0 |
Long-term loans and advances to affiliates | 225,300 | -175,249 | -69,701 |
Deferred financing costs | 0 | ||
Proceeds of IPO, net of offering costs | 0 | ||
Proceeds from concurrent private placement | 0 | ||
Repurchases of stock | 0 | ||
Payment of contingent consideration accrued at acquisition | 0 | 0 | |
Proceeds from stock issuance | 0 | 0 | |
Other | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 225,300 | -175,249 | -69,701 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents | |||
Beginning of period | 0 | 0 | 0 |
End of period | $0 | $0 | $0 |
Quarterly_results_of_operation2
Quarterly results of operations (unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $438,678 | $468,822 | $428,279 | $403,938 | $393,733 | $390,192 | $367,887 | $372,999 | $1,739,717 | $1,524,811 | $1,414,933 | |
Cost of sales | 297,195 | 316,784 | 290,286 | 276,000 | 272,968 | 265,021 | 253,404 | 258,193 | 1,180,265 | 1,049,586 | 951,876 | |
Gross profit | 141,483 | 152,038 | 137,993 | 127,938 | 120,765 | 125,171 | 114,483 | 114,806 | 559,452 | 475,225 | 463,057 | |
Total operating expenses | 83,845 | 82,747 | 78,129 | 71,857 | 67,866 | 72,179 | 67,345 | 65,593 | 316,578 | 272,983 | 222,177 | |
Earnings from equity investment | 7,167 | 6,749 | 5,940 | 5,308 | 4,366 | 2,946 | 0 | 0 | 7,312 | 25,164 | 7,312 | 0 |
Operating income | 64,805 | 76,040 | 65,804 | 61,389 | 57,265 | 55,938 | 47,138 | 49,213 | 268,038 | 209,554 | 240,880 | |
Total other expense | 2,958 | 2,477 | 10,854 | 9,227 | 8,613 | 8,833 | 4,130 | 1,896 | 25,516 | 23,472 | 18,085 | |
Income before income taxes | 61,847 | 73,563 | 54,950 | 52,162 | 48,652 | 47,105 | 43,008 | 47,317 | 242,522 | 186,082 | 222,795 | |
Provision for income tax expense | 15,750 | 21,332 | 15,407 | 15,656 | 14,107 | 13,924 | 13,068 | 15,379 | 68,145 | 56,478 | 71,265 | |
Net income | 46,097 | 52,231 | 39,543 | 36,506 | 34,545 | 33,181 | 29,940 | 31,938 | 174,377 | 129,604 | 151,530 | |
Less: Income (loss) attributable to noncontrolling interest | 10 | 5 | 21 | -24 | 6 | 40 | 21 | -2 | 12 | 65 | 74 | |
Net income attributable to common stockholders | $46,087 | $52,226 | $39,522 | $36,530 | $34,539 | $33,141 | $29,919 | $31,940 | $174,365 | $129,539 | $151,456 | |
Weighted average shares outstanding | ||||||||||||
Basic (in shares) | 92,376 | 93,331 | 92,649 | 92,129 | 91,743 | 91,443 | 91,032 | 88,533 | 92,628 | 90,697 | 80,111 | |
Diluted (in shares) | 94,666 | 96,198 | 95,695 | 95,191 | 94,936 | 94,734 | 94,606 | 94,356 | 95,308 | 94,604 | 86,937 | |
Earnings per share | ||||||||||||
Basic (in dollars per share) | $0.50 | $0.56 | $0.43 | $0.40 | $0.38 | $0.36 | $0.33 | $0.36 | $1.88 | $1.43 | $1.89 | |
Diluted (in dollars per share) | $0.49 | $0.54 | $0.41 | $0.38 | $0.36 | $0.35 | $0.32 | $0.34 | $1.83 | $1.37 | $1.74 |