Forum Energy (FET) 10-K 29 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 22, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Central Index Key	1,401,257
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		90,727,231
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 1.4

Consolidated statements of comp

Consolidated statements of comprehensive income (loss) - USD ($) shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Net sales	$ 196,148,000	$ 244,993,000	$ 284,415,000	$ 348,096,000	$ 438,678,000	$ 468,822,000	$ 428,279,000	$ 403,938,000	$ 1,073,652,000	$ 1,739,717,000	$ 1,524,811,000
Cost of sales	193,242,000	179,231,000	199,532,000	238,970,000	297,195,000	316,784,000	290,286,000	276,000,000	810,975,000	1,180,265,000	1,049,586,000
Gross profit	2,906,000	65,762,000	84,883,000	109,126,000	141,483,000	152,038,000	137,993,000	127,938,000	262,677,000	559,452,000	475,225,000
Operating expenses
Selling, general and administrative expenses									264,906,000	312,821,000	269,669,000
Goodwill and Intangible asset impairment	125,092								125,092,000	0	0
Transaction expenses									480,000	2,326,000	2,700,000
Loss on sale of assets									746,000	1,431,000	614,000
Total operating expenses	194,035,000	57,439,000	66,285,000	73,465,000	83,845,000	82,747,000	78,129,000	71,857,000	391,224,000	316,578,000	272,983,000
Earnings from equity investment	2,543,000	3,870,000	3,840,000	4,571,000	7,167,000	6,749,000	5,940,000	5,308,000	14,824,000	25,164,000	7,312,000
Operating income (loss)	(188,586,000)	12,193,000	22,438,000	40,232,000	64,805,000	76,040,000	65,804,000	61,389,000	(113,723,000)	268,038,000	209,554,000
Other expense (income)
Interest expense									29,945,000	29,847,000	18,370,000
Foreign exchange (gains) losses and other, net									(9,345,000)	(4,331,000)	2,953,000
Deferred loan costs written off									0	0	2,149,000
Total other expense	3,424,000	4,543,000	11,662,000	971,000	2,958,000	2,477,000	10,854,000	9,227,000	20,600,000	25,516,000	23,472,000
Income (loss) before income taxes	(192,010,000)	7,650,000	10,776,000	39,261,000	61,847,000	73,563,000	54,950,000	52,162,000	(134,323,000)	242,522,000	186,082,000
Provision for income tax expense (benefit)	(28,387,000)	932,000	1,911,000	10,605,000	15,750,000	21,332,000	15,407,000	15,656,000	(14,939,000)	68,145,000	56,478,000
Net income (loss)	(163,623,000)	6,718,000	8,865,000	28,656,000	46,097,000	52,231,000	39,543,000	36,506,000	(119,384,000)	174,377,000	129,604,000
Less: Income (loss) attributable to noncontrolling interest	(4,000)	(2,000)	(9,000)	(16,000)	10,000	5,000	21,000	(24,000)	(31,000)	12,000	65,000
Net income (loss) attributable to common stockholders	$ (163,619,000)	$ 6,720,000	$ 8,874,000	$ 28,672,000	$ 46,087,000	$ 52,226,000	$ 39,522,000	$ 36,530,000	$ (119,353,000)	$ 174,365,000	$ 129,539,000
Weighted average shares outstanding
Basic (in shares)	90,175	90,058	89,767	89,482	92,376	93,331	92,649	92,129	89,908	92,628	90,697
Diluted (in shares)	90,175	91,687	91,884	91,469	94,666	96,198	95,695	95,191	89,908	95,308	94,604
Earnings (losses) per share
Basic (in dollars per share)	$ (1.81)	$ 0.07	$ 0.10	$ 0.32	$ 0.50	$ 0.56	$ 0.43	$ 0.40	$ (1.33)	$ 1.88	$ 1.43
Diluted (in dollars per share)	$ (1.81)	$ 0.07	$ 0.10	$ 0.31	$ 0.49	$ 0.54	$ 0.41	$ 0.38	$ (1.33)	$ 1.83	$ 1.37
Other comprehensive income (loss), net of tax:
Net income (loss)	$ (163,623,000)	$ 6,718,000	$ 8,865,000	$ 28,656,000	$ 46,097,000	$ 52,231,000	$ 39,543,000	$ 36,506,000	$ (119,384,000)	$ 174,377,000	$ 129,604,000
Change in foreign currency translation, net of tax of $0									(45,270,000)	(43,694,000)	7,525,000
Gain (loss) on pension liability									46,000	(1,110,000)	223,000
Comprehensive income (loss)									(164,608,000)	129,573,000	137,352,000
Less: comprehensive loss attributable to noncontrolling interests									168,000	46,000	72,000
Comprehensive income (loss) attributable to common stockholders									$ (164,440,000)	$ 129,619,000	$ 137,424,000

Consolidated statements of com3

Consolidated statements of comprehensive income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0	$ 0

Consolidated balance sheets

Consolidated balance sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 109,249	$ 76,579
Accounts receivable—trade, net	138,597	287,045
Inventories, net	424,121	461,515
Prepaid expenses and other current assets	33,836	32,985
Costs and estimated profits in excess of billings	12,009	14,646
Deferred income taxes, net	0	22,389
Total current assets	717,812	895,159
Property and equipment, net of accumulated depreciation	186,667	189,974
Deferred financing costs, net	4,125	5,581
Intangibles, net	246,650	271,739
Goodwill	669,036	798,481
Investment in unconsolidated subsidiary	57,719	49,675
Deferred income taxes, net	780	0
Other long-term assets	3,253	3,493
Total assets	1,886,042	2,214,102
Current liabilities
Current portion of long-term debt	253	840
Accounts payable—trade	76,823	127,757
Accrued liabilities	58,563	126,890
Deferred revenue	7,283	10,919
Billings in excess of costs and profits recognized	8,631	15,785
Total current liabilities	151,553	282,191
Long-term debt, net of current portion	396,016	420,484
Deferred income taxes, net	51,100	98,188
Other long-term liabilities	29,956	17,318
Total liabilities	$ 628,625	$ 818,181
Commitments and contingencies
Equity
Common stock, $0.01 par value, 296,000,000 shares authorized, 98,605,902 and 97,865,278 shares issued	$ 986	$ 979
Additional paid-in capital	891,248	864,313
Treasury stock at cost, 8,145,802 and 8,108,983 shares	(133,318)	(132,480)
Retained earnings	580,152	699,505
Accumulated other comprehensive loss	(82,048)	(36,961)
Total stockholders’ equity	1,257,020	1,395,356
Noncontrolling interest in subsidiary	397	565
Total equity	1,257,417	1,395,921
Total liabilities and equity	$ 1,886,042	$ 2,214,102

Consolidated balance sheets (Pa

Consolidated balance sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
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	98,605,902	97,865,278
Treasury Stock, shares, at cost	8,145,802	8,108,983

Consolidated statements of cash

Consolidated statements of cash flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net income (loss)	$ (119,384,000)	$ 174,377,000	$ 129,604,000
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expense	38,388,000	37,414,000	36,166,000
Amortization of intangible assets	27,295,000	27,658,000	24,413,000
Goodwill and Intangible asset impairment	125,092,000	0	0
Inventory reserves	51,917,000	8,171,000	10,093,000
Share-based compensation expense	21,675,000	18,770,000	19,038,000
Earnings from equity investment, net of distributions	(8,044,000)	1,376,000	(1,376,000)
Deferred income taxes	(23,246,000)	(3,270,000)	15,622,000
Deferred loan costs written off	0	0	2,149,000
Provision for doubtful accounts	4,358,000	2,492,000	2,925,000
Other	3,867,000	4,109,000	(1,842,000)
Changes in operating assets and liabilities
Accounts receivable—trade	145,753,000	(44,727,000)	1,188,000
Inventories	344,000	(34,051,000)	23,042,000
Prepaid expenses and other current assets	3,576,000	(4,107,000)	(20,415,000)
Cost and estimated profit in excess of billings	2,215,000	8,742,000	(16,705,000)
Accounts payable, deferred revenue and other accrued liabilities	(111,264,000)	62,772,000	(1,475,000)
Billings in excess of costs and estimated profits earned	(6,629,000)	10,240,000	(11,034,000)
Net cash provided by operating activities	155,913,000	269,966,000	211,393,000
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(60,836,000)	(38,289,000)	(181,718,000)
Investment in unconsolidated subsidiary	0	0	(112,241,000)
Distribution from unconsolidated subsidiary	0	0	64,228,000
Capital expenditures for property and equipment	(32,291,000)	(53,792,000)	(60,263,000)
Return of investment in unconsolidated subsidiary	0	9,240,000	0
Proceeds from sale of business, property and equipment	1,821,000	12,150,000	964,000
Net cash used in investing activities	(91,306,000)	(70,691,000)	(289,030,000)
Cash flows from financing activities
Borrowings under Credit Facility	94,984,000	15,423,000	404,953,000
Issuance of Senior Notes	0	0	403,250,000
Repayment of long-term debt	(120,077,000)	(98,415,000)	(715,131,000)
Payment of contingent consideration accrued at acquisition	0	0	(11,435,000)
Repurchases of stock	(6,438,000)	(96,632,000)	(4,316,000)
Excess tax benefits from stock based compensation	(8,000)	7,742,000	7,202,000
Proceeds from stock issuance	5,275,000	11,101,000	5,458,000
Payment of capital lease obligation	(673,000)	(1,231,000)	(924,000)
Deferred financing costs	0	(6,000)	(12,003,000)
Net cash provided by (used in) financing activities	(26,937,000)	(162,018,000)	77,054,000
Effect of exchange rate changes on cash	(5,000,000)	(260,000)	(898,000)
Net increase (decrease) in cash and cash equivalents	32,670,000	36,997,000	(1,481,000)
Cash and cash equivalents
Beginning of period	76,579,000	39,582,000	41,063,000
End of period	109,249,000	76,579,000	39,582,000
Supplemental cash flow disclosures
Interest paid	27,870,000	27,628,000	17,977,000
Income taxes paid	19,919,000	55,576,000	41,356,000
Noncash investing and financing activities
Payment of contingent consideration via stock	0	0	4,075,000
Accrued purchases of property and equipment	929,000	765,000	1,526,000
Accrued consideration for acquisition	$ 1,070,000	$ 0	$ 0

Consolidated statements of chan

Consolidated statements of changes in stockholders' equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional paid in capital [Member]	Treasury shares [Member]	Warrants [Member]	Retained earnings [Member]	Accumulated other comprehensive income / (loss) [Member]	Total common stockholders' equity [Member]	Noncontrolling interest [Member]
Balance (in shares) at Dec. 31, 2012		91,046,537		(3,377,599)
Balance at Dec. 31, 2012	$ 1,162,155	$ 911	$ 764,599	$ (25,933)	$ 26,394	$ 395,601	$ (100)	$ 1,161,472	$ 683
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures (in shares)		26,017
Restricted stock issuance, net of forfeitures	(1)	$ 0	(1)					(1)
Stock based compensation expense	19,038		19,038					19,038
Exercised 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 (loss)	129,604					129,539		129,539	65
Balance (in shares) at Dec. 31, 2013		96,306,753		(3,585,098)
Balance at Dec. 31, 2013	1,330,966	$ 964	826,028	$ (30,249)	687	525,140	7,785	1,330,355	611
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures (in shares)		70,179
Restricted stock issuance, net of forfeitures	(679)	$ 1	(680)					(679)
Stock based compensation expense	18,770		18,770					18,770
Exercised stock options (in shares)		1,108,045
Exercised stock options	9,185	$ 11	9,174					9,185
Exercise of warrants (in shares)		248,189
Exercise of warrants		$ 2	685		(687)
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 (loss)	174,377					174,365		174,365	12
Balance (in shares) at Dec. 31, 2014		97,865,278		(8,108,983)
Balance at Dec. 31, 2014	1,395,921	$ 979	864,313	$ (132,480)	0	699,505	(36,961)	1,395,356	565
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures (in shares)		157,577
Restricted stock issuance, net of forfeitures	(874)	$ 1	(875)					(874)
Stock based compensation expense	$ 21,675		21,675					21,675
Exercised stock options (in shares)	400,000	419,363
Exercised stock options	$ 3,622	$ 4	3,618					3,622
Issuance of performance shares (in shares)		17,282
Issuance of performance shares	(22)		(22)					(22)
Shares issued in employee stock purchase plan (in shares)		146,402
Shares issued in employee stock purchase plan	2,549	$ 2	2,547					2,549
Treasury stock (in shares)				(36,819)
Treasury stock	(838)			$ (838)				(838)
Excess tax benefits	(8)		(8)					(8)
Change in pension liability	46						46	46
Currency translation adjustment	(45,270)						(45,133)	(45,133)	(137)
Net income (loss)	(119,384)					(119,353)		(119,353)	(31)
Balance (in shares) at Dec. 31, 2015		98,605,902		(8,145,802)
Balance at Dec. 31, 2015	$ 1,257,417	$ 986	$ 891,248	$ (133,318)	$ 0	$ 580,152	$ (82,048)	$ 1,257,020	$ 397

Nature of operations

Nature of operations	12 Months Ended
	Dec. 31, 2015
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.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2015
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 (loss). 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, such as the one related to debt issuance cost, 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, 2015 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, 2013 $ 5,891 $ 2,925 $ (3,091 ) $ 5,725 December 31, 2014 5,725 2,492 (2,571 ) 5,646 December 31, 2015 5,646 4,358 (1,885 ) 8,119 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 thirty 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, 2015 , 2014 and 2013 , 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 For goodwill and intangible assets with indefinite lives, an assessment for impairment is performed annually or when there is an indication an impairment may have occurred. The Company completes its annual impairment test for goodwill and other indefinite-lived intangibles using an assessment date of October 1. Goodwill is reviewed for impairment by comparing the carrying value of each of our six reporting unit’s net assets (including allocated goodwill) to the fair value of the reporting unit. The fair value of the reporting units is determined using a discounted cash flow approach. Determining the fair value of a reporting unit requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, operating margins, weighted average costs of capital, a terminal growth rate, 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. Any impairment losses are reflected in operating income. Due to the further deterioration of market conditions for our products, the Company performed the impairment test on all six reporting units, and recorded $123.2 million of impairment losses for its Subsea reporting unit for the year ended December 31, 2015 . If these market conditions continue to exist, the Company may have additional impairment charges in its reporting units in the future. In 2014 and 2013 , no goodwill impairment losses were recorded. 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. In the fourth quarter of 2015, $1.9 million of intangible assets were written off related to trade names no longer in use. No impairments to intangible assets were recorded in 2014 and 2013 . 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, 2013 $ 3,777 $ 3,442 $ (1,939 ) $ 5,280 December 31, 2014 5,280 2,588 (2,554 ) 5,314 December 31, 2015 5,314 5,539 (5,156 ) 5,697 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, 2015 , 2014 and 2013 , no one customer accounted for 10% or more of the total revenue or 10% 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. There is no dilutive effect for the year 2015 since the Company is in a net loss position. The diluted earnings per share calculation excludes approximately 0.5 million stock options, and 0.3 million stock options and warrants for the years ended December 31, 2014 and 2013 , 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, 2015 2014 2013 Basic weighted average shares outstanding 89,908 92,628 90,697 Dilutive effect of stock option, restricted share plan and warrants — 2,680 3,907 Diluted weighted average shares outstanding 89,908 95,308 94,604 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 (loss) 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 February 2016, the FASB issued Accounting Standards Update ("ASU") No.2016-02, Leases. Under this new guidance, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than twelve months. The standard will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. The Company is currently evaluating the impact of the adoption of this guidance. In November 2015, the FASB issued ASU No. 2015-17, Simplifying the Presentation of Deferred Income Tax, which requires deferred tax liabilities and assets to be classified as non current in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. The new standard will be effective for public companies for the fiscal year beginning after December 15, 2016, including interim periods within those fiscal years. The Company has early adopted the guidance prospectively as of December 31, 2015, which resulted in the reclassification of its current deferred tax assets and liabilities into non-current in the consolidated balance sheet as of December 31, 2015. No prior periods were retrospectively adjusted. Refer to Note 9 Income taxes for further information related to the early adoption of this guidance. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. This new standard specifies that an acquirer in a business combination should recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, eliminating the current requirement to retrospectively account for these adjustments. Additionally, the full effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts should be recognized in the same period as the adjustments to the provisional amounts. The new standard will be effective for the Company for the fiscal year beginning January 1, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Cost Associated with Line of Credit Arrangements, which confirms that fees related to line of credit arrangements are not addresssed in ASU 2015-03, and the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The new standard will be effective for us for the fiscal year beginning January 1, 2016 and interim periods thereafter. The Company has elected to continue to present the debt issuance costs associated with line of credit arrangements as assets. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new standard will be effective for the Company for the fiscal year beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the impacts of the adoption of this guidance. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires deferred financing costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The new standard will be effective for the Company for the fiscal year beginning January 1, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the consolidated financial statements. The Company has early adopted the guidance retrospectively for the debt issuance costs related to its Senior Notes as of December 31, 2015 and has adjusted financial statements of prior years. In August 2014, the FASB issued 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 the Company for the fiscal year beginning January 1, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). 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 new standard is to be effective for the fiscal year beginning after December 15, 2017. Companies are able to early adopt the pronouncement, however not before fiscal years beginning after December 15, 2016. The Company is currently evaluating the impacts of the adoption and the implementation approach to be used.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions 2015 Acquisition Effectively February 2015, the Company completed the acquisition of J-Mac Tool, Inc. (“J-Mac”) for aggregate consideration of approximately $61.9 million . J-Mac is a Fort Worth, Texas based manufacturer of high quality hydraulic fracturing pumps, power ends, fluid ends and other pump accessories. J-Mac is included in the Production & Infrastructure segment. As the value of certain assets and liabilities are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances that existed at the acquisition date, including any post-closing purchase price adjustments. When the valuation is final, any changes to the preliminary valuation of acquired assets and liabilities could result in adjustments to identified intangibles and goodwill. The following table summarizes the current fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): 2015 Acquisition Current assets, net of cash acquired $ 36,174 Property and equipment 11,506 Intangible assets (primarily customer relationships) 10,400 Tax-deductible goodwill 13,977 Current liabilities (10,129 ) Long term liabilities (22 ) Net assets acquired $ 61,906 Revenue and net income related to the 2015 acquisition were not significant for the year ended December 31, 2015. Pro forma results of operations for the 2015 acquisition have not been presented because the effects were not material to the consolidated financial statements. 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 ) 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.

Investment in unconsolidated su

Investment in unconsolidated subsidiary	12 Months Ended
	Dec. 31, 2015
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, Current assets $ 56,160 $ 69,281 Long-term assets 145,965 143,764 Current liabilities 10,861 17,835 Long-term liabilities 95,000 115,000 Year ended December 31, 2015 2014 Net revenues $ 103,532 $ 141,708 Gross profit 45,333 68,086 Net income 30,888 52,590 The Company's earnings from equity investment 14,824 25,164

Inventories

Inventories	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories The Company's significant components of inventory at December 31, 2015 and 2014 were as follows (in thousands): December 31, December 31, Raw materials and parts $ 148,372 $ 153,768 Work in process 38,381 50,913 Finished goods 315,256 286,290 Gross inventories 502,009 490,971 Inventory reserve (77,888 ) (29,456 ) Inventories $ 424,121 $ 461,515 The change in the amounts of the inventory reserve during the three year period ended December 31, 2015 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, 2013 $ 21,125 $ 10,093 $ (4,799 ) $ 26,419 December 31, 2014 26,419 8,171 (5,134 ) $ 29,456 December 31, 2015 29,456 51,917 (3,485 ) $ 77,888

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment Property and equipment consists of the following (in thousands): Estimated useful lives December 31, 2015 2014 Land $ 11,467 $ 10,200 Buildings and leasehold improvements 7-30 83,983 74,829 Computer equipment 3-5 39,986 35,419 Machinery & equipment 5-10 128,879 116,157 Furniture & fixtures 3-10 6,866 7,125 Vehicles 3-5 10,090 10,615 Construction in progress 5,841 16,023 287,112 270,368 Less: accumulated depreciation (121,713 ) (105,806 ) Property & equipment, net 165,399 164,562 Rental equipment 3-10 76,908 78,709 Less: accumulated depreciation (55,640 ) (53,297 ) Rental equipment, net 21,268 25,412 Total property & equipment, net $ 186,667 $ 189,974 Depreciation expense was $ 38.4 million , $ 37.4 million and $ 36.2 million for the years ended December 31, 2015 , 2014 and 2013 .

Goodwill and intangible assets

Goodwill and intangible assets	12 Months Ended
	Dec. 31, 2015
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, 2014 to December 31, 2015 , were as follows (in thousands): Drilling & Subsea Production & Infrastructure Total 2015 2014 2015 2014 2015 2014 Goodwill Balance at January 1, net $ 719,860 $ 723,355 $ 78,621 $ 78,963 $ 798,481 $ 802,318 Acquisitions, net of dispositions — 16,918 13,977 — 13,977 16,918 Impairment (123,200 ) — — — (123,200 ) — Impact of non-U.S. local currency translation (19,607 ) (20,413 ) (615 ) (342 ) (20,222 ) (20,755 ) Goodwill Balance at December 31, net $ 577,053 $ 719,860 $ 91,983 $ 78,621 $ 669,036 $ 798,481 Goodwill and intangible assets with indefinite lives are assessed for impairment annually or whenever an event indicating impairment may have occurred. During the year ended December 31, 2015 , the Company elected to change the date of the Company's annual assessments of goodwill and indefinite lived intangible assets impairment from December 31 to October 1. This is a change in method of applying an accounting principle, which management believes is a preferable alternative as it better aligns the timing of the assessment with our planning and forecasting process and alleviates constraints on accounting resources during our annual reporting process. The change in the assessment date does not delay, accelerate, or avoid a potential impairment charge. At October 1, 2015 , the Company performed its annual impairment test on each of the reporting units and concluded that there had been no impairment because the estimated fair values of each of those reporting units exceeded its carrying value. Relevant events and circumstances which could have a negative impact on goodwill include: macroeconomic conditions; industry and market conditions, such as commodity prices; operating cost factors; overall financial performance; the impact of dispositions and acquisitions; and other entity-specific events. Further declines in commodity prices or sustained lower valuation for the Company's common stock could indicate a reduction in the estimate of reporting unit fair value which, in turn, could lead to an impairment of reporting unit goodwill. After October 1, 2015, the Company continued to monitor events and circumstances which could have a negative impact on estimates of reporting unit fair value. Commodity prices have remained at low levels and the active rig count has continued to decline resulting in a significant decline in the Company’s market capitalization. While the Company incorporated a downturn into its forecasts in this October 1 annual test, several factors occurred late in the fourth quarter of 2015 that indicated an occurrence of further declines in market activity. These factors include: 1) the Organization of Petroleum Exporting Countries confirmed that its members would not reduce production even in the face of low commodity prices and excess global oil supply; 2) oil prices declined further; 3) a consensus expectation developed that oil prices would stay lower for longer than previously expected; 4) exploration and production companies significantly decreased their budgets as the demand for oil and gas was lower and production was significantly less economical for them; and 5) macroeconomic concerns developed regarding a slowdown in the global economy. Due to this further deterioration of market conditions for our products, the Company performed an impairment test on all six reporting units. The Company identified and recorded an impairment charge of $123.2 million for its Subsea reporting unit for the year ended December 31, 2015 . If these market conditions continue to exist, the Company may have additional impairment charges in its reporting units in the future. Following the impairment charge, at December 31, 2015, our Subsea reporting unit has a remaining balance of $73 million in goodwill. Further declines in commodity prices or sustained lower valuation for the Company's common stock could indicate a reduction in the estimate of reporting unit fair value which, in turn, could lead to an additional impairment charges associated with goodwill. The fair values were determined using the net present value of the expected future cash flows for each reporting unit. During the Company’s goodwill impairment analysis, the Company determines the fair value of each of its reporting units as a whole using discounted cash flow analysis, which require significant assumptions and estimates about the future operations of each reporting unit. The assumptions about future cash flows and growth rates are based on our current budget for 2016 and for future periods, as well as our strategic plans and management’s beliefs about future activity levels. The discount rate we used for future periods could change substantially if the cost of debt or equity were to significantly increase or decrease, or if we were to choose different comparable companies in determining the appropriate discount rate for our reporting units. Forecasted cash flows in future periods were estimated using a terminal value calculation, which considered long-term earnings growth rates. Accumulated impairment losses on goodwill were $168.8 million and $45.6 million as of December 31, 2015 , and 2014 . There was no impairment of goodwill during the years ended December 31, 2014 and 2013 . Intangible assets At December 31, 2015 and 2014 , intangible assets consisted of the following, respectively (in thousands): December 31, 2015 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 280,297 $ (101,636 ) $ 178,661 4-15 Patents and technology 34,140 (10,264 ) 23,876 5-17 Non-compete agreements 7,269 (6,292 ) 977 3-6 Trade names 45,446 (15,890 ) 29,556 10-15 Distributor relationships 22,160 (13,810 ) 8,350 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 394,542 $ (147,892 ) $ 246,650 December 31, 2014 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 284,120 $ (84,947 ) $ 199,173 4-15 Patents and technology 31,069 (8,074 ) 22,995 5-17 Non-compete agreements 7,086 (5,761 ) 1,325 3-6 Trade names 48,149 (14,747 ) 33,402 10-15 Distributor relationships 22,160 (12,546 ) 9,614 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 397,814 $ (126,075 ) $ 271,739 Intangible assets with definite lives are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. During the year ended December 31, 2015 , an impairment loss of $1.9 million was recorded on certain intangible assets within the Drilling and Subsea segment. The impaired intangible assets included trade names that were no longer in use and is recorded under "Impairment of intangible assets and goodwill" in the consolidated statement of comprehensive income (loss). No indicators of intangible asset impairment occurred during the years ended December 31, 2014 and 2013 . Amortization expense was $ 27.3 million , $ 27.7 million and $ 24.4 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2016 $ 26,993 2017 26,647 2018 26,566 2019 26,324 2020 24,295

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt Notes payable and lines of credit as of December 31, 2015 and 2014 consisted of the following (in thousands): December 31, December 31, 6.25% Senior notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 2,395 2,801 Debt issuance cost (6,425 ) (7,526 ) Senior secured revolving credit facility — 25,000 Other debt 299 1,049 Total debt 396,269 421,324 Less: current maturities (253 ) (840 ) Long-term debt $ 396,016 $ 420,484 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 Amended Facility and rank junior to, among other indebtedness, the Amended Facility to the extent of the value of the collateral securing the Amended 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 had 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. As of December 31, 2015 , we had no of borrowings outstanding under our Credit Facility, $12.7 million of outstanding letters of credit and the capacity to borrow an additional $323.7 million under the Credit Facility. Weighted average interest rates under the Credit Facility at December 31, 2015 and 2014 were approximately 2.00% On February 25, 2016, the Company amended its senior secured Credit Facility to reduce commitment fees and provide borrowing capacity for general corporate purposes. The Amended Facility provides for a $200.0 million revolving credit line, including up to $25.0 million available for letters of credit and up to $10.0 million in swingline loans. Availability under the Amended Facility is subject to a borrowing base calculated by reference to eligible accounts receivable in the United States, United Kingdom and Canada, eligible inventory in the United States, and cash on hand. The Company was in compliance with all financial covenants under the Credit Facility at December 31, 2015 and through the effective date of the Amended Facility. The Company anticipates that it will continue to be in compliance with the Amended Facility throughout 2016. Subject to terms of the Amended Facility, the Company has the ability to increase the revolving credit facility by an additional $150.0 million . The Amended Facility contains covenants which require the Company, on a consolidated basis, to maintain specified financial ratios or conditions summarized as follows: • Senior secured debt to adjusted EBITDA of not more than 4.50 to 1.0 for the period from February 25, 2016 through December 31, 2016, not more than 4.0 to 1.0 for the period from January 1, 2017 through December 31, 2017 and not more than 3.50 to 1.0 for the period from January 1, 2018 through the termination of the facility; and • A fixed charge coverage ratio of not more than 1.25 to 1.0. This ratio is measured as EBITDA minus maintenance capital expenditures minus taxes paid in cash divided by scheduled principal and interest payments.The fixed charge coverage ratio is tested only if availability under the Amended Facility falls below certain levels. 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 , $2.6 million and $2.2 million were amortized to interest expense for the years ended December 31, 2015 , 2014 and 2013 , 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. The Company reclassified $6.4 million and $7.5 million of deferred loan costs related to the Senior Notes to Long term Debt as of December 31, 2015 and December 31, 2014 , respectively. Future payments Future principal payments under long-term debt for each of the years ending December 31 are as follows (in thousands): 2016 $ 253 2017 46 2018 — 2019 — 2020 — Thereafter 400,000 Total future payment $ 400,299 Add: Unamortized debt premium 2,395 Less: Debt issuance cost (6,425 ) Total debt $ 396,269

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The components of the Company's income before income taxes for the years ended December 31, 2015 , 2014 and 2013 are as follows (in thousands): 2015 2014 2013 U.S. $ (114,862 ) $ 127,270 $ 108,680 Non-U.S. (19,461 ) 115,252 77,402 Income (loss) before income taxes $ (134,323 ) $ 242,522 $ 186,082 The Company’s provision (benefit) for income taxes from continuing operations for the years ended December 31, 2015 , 2014 and 2013 are as follows (in thousands): 2015 2014 2013 Current U.S. Federal and state $ 43 $ 47,100 $ 20,589 Non-U.S. 8,264 24,315 20,748 Total current 8,307 71,415 41,337 Deferred U.S. Federal and state (19,071 ) (2,080 ) 16,317 Non-U.S. (4,175 ) (1,190 ) (1,176 ) Total deferred (23,246 ) (3,270 ) 15,141 Provision for income tax expense (benefit) $ (14,939 ) $ 68,145 $ 56,478 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): 2015 2014 2013 Income tax expense (benefit) at the statutory rate $ (47,013 ) 35.0 % $ 84,882 35.0 % $ 65,129 35.0 % State taxes, net of federal tax benefit (1,157 ) 0.9 % 4,132 1.7 % 3,428 1.9 % Non-U.S. operations 6,300 (4.7 )% (15,060 ) (6.2 )% (6,908 ) (3.7 )% Domestic incentives (250 ) 0.2 % (4,412 ) (1.8 )% (2,544 ) (1.4 )% Prior year federal, non-U.S. and state tax (518 ) 0.4 % (1,692 ) (0.7 )% (4,059 ) (2.2 )% Nondeductible expenses 279 (0.2 )% 663 0.3 % 1,341 0.7 % Goodwill impairment 27,210 (20.3 )% — — % — — % Other 210 (0.2 )% (368 ) (0.2 )% 91 0.1 % Provision for income tax expense (benefit) $ (14,939 ) 11.1 % $ 68,145 28.1 % $ 56,478 30.4 % The primary components of deferred taxes include (in thousands): 2015 2014 Deferred tax assets Reserves and accruals $ 7,174 $ 10,387 Inventory 29,154 12,679 Stock awards 9,350 7,892 Other 544 820 Net operating loss and other tax credit carryforwards 1,673 365 Total deferred tax assets 47,895 32,143 Deferred tax liabilities Property and equipment (16,925 ) (21,947 ) Goodwill and intangible assets (68,635 ) (73,215 ) Investment in unconsolidated subsidiary (10,764 ) (11,259 ) Unremitted non-U.S. earnings (740 ) (740 ) Prepaid expenses and other (1,151 ) (781 ) Total deferred tax liabilities (98,215 ) (107,942 ) Net deferred tax liabilities $ (50,320 ) $ (75,799 ) At December 31, 2015 , the Company had $1.9 million U.S. net operating loss carryforwards and $0.7 million state net operating losses. The losses will expire no later than 2035 if they are not utilized prior to that date. The Company had $3.5 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, 2015 , 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, 2015 and 2014 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. As discussed in Note 2, "Recent Accounting Pronouncements", during the fourth quarter of 2015, the Company elected to early adopt the recently issued guidance requiring all deferred tax assets and deferred tax liabilities to be presented as non-current on the consolidated balance sheet. Adoption of this guidance resulted in the reclassification of the current deferred tax assets and liabilities to non-current in our consolidated balance sheet as of December 31, 2015. This guidance has been adopted on a prospective basis, and therefore, prior periods have not been retrospectively adjusted and continue to reflect current and non-current classification as historically presented. 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 determination of the amount of the unrecognized deferred tax liability for temporary differences related to investments in non-US subsidiaries is not practicable. 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 2009. 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, 2015 $ 6,256 Additional based on tax positions related to prior years 2,810 Reduction based on tax positions related to prior years — Lapse of statute of limitations (656 ) Balance at December 31, 2015 8,410 Deferred tax benefits on uncertain tax position related to U.S. and non-U.S. income tax — Net balance at December 31, 2015 $ 8,410 The total amount of unrecognized tax benefits at December 31, 2015 was $8.4 million , of which it is reasonably possible that $2.2 million could be settled during the next twelve-month period as a result of the conclusion of various tax audits or due to the expiration of the applicable statute of limitations. Substantially all of the unrecognized tax benefits at December 31, 2015 would impact the Company’s future effective income tax rate, if recognized. 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, 2015 and 2014 , we had accrued approximately $0.4 million and $0.2 million , respectively, in interest and penalties. During the years ended December 31, 2015 and 2014 , 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, 2015
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements At December 31, 2015 , the Company had no debt outstanding under the Credit Facility and all of the debt under this facility 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, 2015 , the fair value and the carrying value of the Company’s unsecured Senior Notes approximated $334.1 million and $402.5 million , respectively. At December 31, 2014 , the fair value and the carrying value of the Company’s Senior Notes approximated $378.1 million and $402.8 million , respectively. There were no other outstanding financial instruments as of December 31, 2015 and 2014 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, 2015 .

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2015
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, 2015 and 2014 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. Asbestos litigation One of our subsidiaries has been named as one of many defendants in a number of product liability claims for alleged exposure to asbestos. These lawsuits are typically filed on behalf of plaintiffs who allege exposure to asbestos, against numerous defendants, often 40 or more, who may have manufactured or distributed products containing asbestos. The injuries alleged by plaintiffs in these cases range from mesothelioma and other cancers to asbestosis. The earliest claims against our subsidiary were filed in New Jersey in 1998, and our subsidiary currently has active cases in Missouri, New Jersey, New York, and Illinois. These complaints do not typically include requests for a specific amount of damages. The trademark for the product line with asbestos exposure was acquired in 1985. Our subsidiary has been successful in obtaining dismissals in many lawsuits where the exposure is alleged to have occurred prior to our acquisition of the trademark. The law in some states does not find purchasers of product lines to have tort liability for incidents occurring prior to the acquisition date unless they assumed the responsibility or in certain other circumstances. The law in certain other states on so called “successor liability” may be different or ambiguous in this regard. Most claimants alleging illnesses due to asbestos sue on the basis of exposure prior to 1985, as by that date the hazards of asbestos exposure were well known and asbestos had begun to fall into disuse in industrial settings. To date, asbestos claims have not had a material adverse effect on our business, financial condition, results of operations, or cash flow, as our annual out-of-pocket costs over the last five years has been less than $200,000 . There are typically fewer than 100 cases filed against our subsidiary each year, and a similar number of cases are dismissed, settled or otherwise disposed of each year. We currently have fewer than 200 lawsuits pending against this subsidiary. Our subsidiary has over $17 million in face amount of insurance per occurrence and over $23 million of aggregate primary insurance coverage; a portion of the coverage has been eroded by payments made by insurers. In addition, our subsidiary has over $950 million in face amount of excess coverage applicable to the claims. There can be no guarantee that all of this can be collected due to policy terms and conditions and insurer insolvencies in the past or in the future. In January 2011, we entered into an agreement with seven of our primary insurers under which they have agreed to pay 80% of the costs of handling and settling each asbestos claim against the affected subsidiary. After an initial period, and under certain circumstances, our subsidiary and the subscribing insurers may withdraw from this agreement. 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. Flow Valve litigation On March 28, 2013 Flow Valve, LLC filed suit against the Company and others in the Eastern District of Oklahoma alleging patent infringement and requesting an injunction against continued infringement, accounting for damages, interest and attorneys’ fees. The case was transferred to the Western District of Oklahoma by agreement on November 27, 2013. The plaintiff filed an amended complaint on April 4, 2014 that added a request for trebling of damages on the patent infringement claim. The amended complaint also added a count for violation of Oklahoma’s Uniform Trade Secrets Act, and requested actual and punitive damages in addition to their existing requests for relief. Subsequent to the filing of the amended complaint, the plaintiff provided an expert damages report stating that their damages amounted to approximately $61 million . The Company believes that this action is without merit and intends to vigorously defend this litigation. 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, 2015 are as follows: 2016 $ 18,153 2017 13,379 2018 9,672 2019 8,522 2020 7,485 Thereafter 16,158 $ 73,369 Total rent expense was $20.9 million , $20.8 million and $19.0 million under operating leases for the years ended December 31, 2015 , 2014 and 2013 , 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, 2015 , the Company had $12.7 million in letters of credit.

Stockholders' equity and employ

Stockholders' equity and employee benefit plans	12 Months Ended
	Dec. 31, 2015
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. There were no outstanding warrants as of December 31, 2015. Employee benefit plans The Company sponsors a 401(k) savings plan for US employees and related savings plans for certain non-US employees. These plans benefit 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. In 2015, for certain plans, the Company suspended the matching of 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 $2.2 million , $10.8 million and $8.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company has an 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. 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, credit facility restrictions, applicable legal requirements and other considerations. The Company has purchased approximately 4.5 million shares under this program for aggregate consideration of approximately $100.2 million .

Stock based compensation

Stock based compensation	12 Months Ended
	Dec. 31, 2015
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 9.1 million shares remained available for future grants as of December 31, 2015 . The total amount of share-based compensation expense recorded was approximately $21.7 million , $18.8 million and $19.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , the Company expects to record share-based compensation expense of approximately $34.8 million over the remaining term of the restricted stock and options of approximately 2 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 generally have a ten -year life and vest annually in equal increments over three or 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: 2015 Activity Number of shares (in millions) Weighted average exercise price Remaining weighted average contractual life in years Intrinsic value (in millions) Beginning balance 5.2 $ 12.23 6.2 $ 44.5 Granted 0.6 $ 17.78 — Exercised (0.4 ) $ 8.58 — Forfeited/expired (0.1 ) $ 19.30 — Total outstanding 5.3 $ 12.94 5.7 $ 15.1 Options exercisable 4.2 $ 10.80 5.0 $ 6.9 The assumptions used in the Black-Scholes pricing model to estimate the fair value of the options granted in 2015 , 2014 and 2013 are as follows: 2015 2014 2013 Weighted average fair value $6.36 $8.47 $8.41 Assumptions Expected life (in years) 6.30 6.25 6.25 Volatility 33% 27% 30% Dividend yield —% —% —% Risk free interest rate 1.81% 1.96% 1.17% The intrinsic value of the options exercised was $3.9 million in 2015 , $24.8 million in 2014 and $19.2 million 2013 . 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): 2015 Activity Nonvested at beginning of year 421.9 Granted 38.9 Vested (225.7 ) Forfeited (30.9 ) Nonvested at the end of year 204.2 The weighted average grant date fair value of the restricted stock was $18.87 , $31.71 and $29.83 per share during the years ended December 31, 2015 , 2014 and 2013 , respectively. The total fair value of shares vested was $5.1 million during 2015 , $10.9 million during 2014 and $13.5 million during 2013 . 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 2015 Activity Nonvested at beginning of year 849.1 Granted 797.5 Vested (246.5 ) Forfeited (187.9 ) Nonvested at the end of year 1,212.2 The weighted average grant date fair value of the restricted stock units was $18.06 and $27.81 per share during the years ended December 31, 2015 and 2014 , respectively. The total fair value of units vested was $6.7 million , $3.0 million , and $0.4 million during 2015 , 2014 and 2013 . Performance share awards During 2015 , the Company granted 161,660 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 one year, two year, and three -year performance period.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2015
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, 2015
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, 2015 2014 2013 Net sales: Drilling & Subsea $ 627,935 $ 1,126,575 $ 940,807 Production & Infrastructure 446,703 614,442 585,495 Intersegment eliminations (986 ) (1,300 ) (1,491 ) Total net sales $ 1,073,652 $ 1,739,717 $ 1,524,811 Operating income (loss): Drilling & Subsea $ 9,152 $ 201,269 $ 155,828 Production & Infrastructure 31,520 112,541 86,471 Corporate (28,077 ) (42,015 ) (29,431 ) Total segment operating income 12,595 271,795 212,868 Intangible asset and goodwill impairment 125,092 — — Transaction expenses 480 2,326 2,700 (Gain)/loss on sale of assets 746 1,431 614 Income (loss) from operations $ (113,723 ) $ 268,038 $ 209,554 Depreciation and amortization Drilling & Subsea $ 44,397 $ 47,201 $ 43,971 Production & Infrastructure 14,738 12,283 13,952 Corporate 6,548 5,588 2,656 Total depreciation and amortization $ 65,683 $ 65,072 $ 60,579 Capital expenditures Drilling & Subsea $ 16,320 $ 28,115 $ 40,991 Production & Infrastructure 8,986 19,287 10,940 Corporate 6,985 6,390 8,332 Total capital expenditures $ 32,291 $ 53,792 $ 60,263 A summary of consolidated assets by reportable segment is as follows (in thousands): As of December 31, Assets 2015 2014 2013 Drilling & Subsea $ 1,325,277 $ 1,674,934 $ 1,655,355 Production & Infrastructure 503,533 488,225 468,520 Corporate 57,232 50,943 36,372 Total assets $ 1,886,042 $ 2,214,102 $ 2,160,247 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: 2015 2014 2013 $ % $ % $ % United States $ 646,928 60.3 % $ 1,049,609 60.3 % $ 918,795 60.2 % Europe & Africa 188,414 17.5 % 305,376 17.6 % 225,381 14.8 % Asia-Pacific 69,923 6.5 % 154,669 8.9 % 151,790 10.0 % Middle East 59,680 5.6 % 65,498 3.8 % 65,724 4.3 % Canada 57,837 5.4 % 103,077 5.9 % 99,081 6.5 % Latin America 50,870 4.7 % 61,488 3.5 % 64,040 4.2 % Total net sales $ 1,073,652 100.0 % $ 1,739,717 100.0 % $ 1,524,811 100.0 % As of December 31, Long-lived assets: 2015 2014 2013 United States $ 869,388 $ 932,173 $ 961,487 Europe & Africa 202,852 313,589 346,017 Canada 83,688 59,207 28,839 Asia-Pacific 8,192 9,132 9,465 Middle East 3,189 3,192 3,182 Latin America 921 1,650 1,789 Total long-lived assets $ 1,168,230 $ 1,318,943 $ 1,350,779 Net sales by product lines were as follows (in thousands): Year ended December 31, Net sales: 2015 2014 2013 $ % $ % $ % Drilling Technologies $ 332,313 30.9 % $ 614,765 35.4 % $ 462,420 30.3 % Subsea Technologies 189,090 17.6 % 321,039 18.5 % 316,418 20.8 % Downhole Technologies 106,532 9.9 % 190,771 11.0 % 161,970 10.6 % Production Equipment 145,900 13.6 % 228,769 13.1 % 251,428 16.5 % Valve Solutions 174,515 16.3 % 207,456 11.9 % 211,170 13.8 % Flow Equipment 126,288 11.8 % 178,217 10.2 % 122,896 8.1 % Eliminations (986 ) (0.1 )% (1,300 ) (0.1 )% (1,491 ) (0.1 )% Total net sales $ 1,073,652 100.0 % $ 1,739,717 100.0 % $ 1,524,811 100.0 %

Condensed consolidating financi

Condensed consolidating financial statements	12 Months Ended
	Dec. 31, 2015
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 (loss) December 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 810,890 $ 369,186 $ (106,424 ) $ 1,073,652 Cost of sales — 646,076 269,900 (105,001 ) 810,975 Gross profit — 164,814 99,286 (1,423 ) 262,677 Operating expenses Selling, general and administrative expenses — 201,904 63,002 — 264,906 Goodwill and intangible assets impairment — 57,392 67,700 — 125,092 Transaction expenses — 480 — — 480 (Gain) loss on sale of assets — 943 (197 ) — 746 Total operating expenses — 260,719 130,505 — 391,224 Earnings from equity investment — 14,824 — — 14,824 Equity earnings from affiliate, net of tax (99,908 ) (28,419 ) — 128,327 — Operating income (loss) (99,908 ) (109,500 ) (31,219 ) 126,904 (113,723 ) Other expense (income) Interest expense 29,914 10 21 — 29,945 Foreign exchange (gains) losses and other, net — (479 ) (8,866 ) — (9,345 ) Total other expense (income) 29,914 (469 ) (8,845 ) — 20,600 Income (loss) before income taxes (129,822 ) (109,031 ) (22,374 ) 126,904 (134,323 ) Provision for income tax expense (benefit) (10,469 ) (9,123 ) 4,653 — (14,939 ) Net income (loss) (119,353 ) (99,908 ) (27,027 ) 126,904 (119,384 ) Less: Loss attributable to noncontrolling interest — — (31 ) — (31 ) Net income (loss) attributable to common stockholders (119,353 ) (99,908 ) (26,996 ) 126,904 (119,353 ) Other comprehensive income (loss), net of tax: Net income (loss) (119,353 ) (99,908 ) (27,027 ) 126,904 (119,384 ) Change in foreign currency translation, net of tax of $0 (45,270 ) (45,270 ) (45,270 ) 90,540 (45,270 ) Change in pension liability 46 46 46 (92 ) 46 Comprehensive income (loss) (164,577 ) (145,132 ) (72,251 ) 217,352 (164,608 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — 168 — 168 Comprehensive income (loss) attributable to common stockholders $ (164,577 ) $ (145,132 ) $ (72,083 ) $ 217,352 $ (164,440 ) Condensed consolidating statements of operations and comprehensive income December 31, 2014 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 Other operating expense (income) — 3,564 193 — 3,757 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 ) 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 December 31, 2013 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 — 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 balance sheets December 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 36,884 $ 72,365 $ — $ 109,249 Accounts receivable—trade, net — 85,537 53,060 — 138,597 Inventories — 318,360 115,165 (9,404 ) 424,121 Cost and profits in excess of billings — 6,477 5,532 — 12,009 Other current assets — 25,447 8,389 — 33,836 Total current assets — 472,705 254,511 (9,404 ) 717,812 Property and equipment, net of accumulated depreciation — 153,995 32,672 — 186,667 Deferred financing costs, net 4,125 — — — 4,125 Deferred income taxes, net — — 780 — 780 Intangibles — 186,234 60,416 — 246,650 Goodwill — 481,374 187,662 — 669,036 Investment in unconsolidated subsidiary — 57,719 — — 57,719 Investment in affiliates 1,188,707 514,893 — (1,703,600 ) — Long-term loan and advances to affiliates 467,184 — 60,221 (527,405 ) — Other long-term assets — 2,549 704 — 3,253 Total assets $ 1,660,016 $ 1,869,469 $ 596,966 $ (2,240,409 ) $ 1,886,042 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 243 $ 10 $ — $ 253 Accounts payable—trade — 57,529 19,294 — 76,823 Accrued liabilities 7,027 40,874 10,662 — 58,563 Deferred revenue — 1,334 5,949 — 7,283 Billings in excess of costs and profits recognized — 1,872 6,759 — 8,631 Total current liabilities 7,027 101,852 42,674 — 151,553 Long-term debt, net of current portion 395,970 34 12 — 396,016 Long-term loans and payables to affiliates — 527,406 — (527,406 ) — Deferred income taxes, net — 36,937 14,163 — 51,100 Other long-term liabilities — 14,533 15,423 — 29,956 Total liabilities 402,997 680,762 72,272 (527,406 ) 628,625 Total stockholder's equity 1,257,019 1,188,707 524,297 (1,713,003 ) 1,257,020 Noncontrolling interest in subsidiary — — 397 — 397 Equity 1,257,019 1,188,707 524,694 (1,713,003 ) 1,257,417 Total liabilities and equity $ 1,660,016 $ 1,869,469 $ 596,966 $ (2,240,409 ) $ 1,886,042 Condensed consolidating balance sheets December 31, 2014 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 5,581 — — — 5,581 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 advances to affiliates 483,534 — 22,531 (506,065 ) — Other long-term assets — 2,760 733 — 3,493 Total assets $ 1,828,367 $ 2,104,252 $ 719,651 $ (2,438,168 ) $ 2,214,102 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 cost and profit 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 420,275 183 26 — 420,484 Long-term payables to affiliates — 506,065 — (506,065 ) — Deferred income tax, net $ — $ 77,311 $ 20,877 $ — 98,188 Other long-term liabilities — 11,189 6,129 — 17,318 Total liabilities 433,008 770,551 120,687 (506,065 ) 818,181 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 $ 1,828,367 $ 2,104,252 $ 719,651 $ (2,438,168 ) $ 2,214,102 Condensed consolidating statements of cash flows Year ended December 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (17,306 ) $ 112,629 $ 60,590 $ — $ 155,913 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (60,836 ) — — (60,836 ) Investment in unconsolidated subsidiary — — — — — Capital expenditures for property and equipment — (23,035 ) (9,256 ) — (32,291 ) Long-term loans and advances to affiliates 38,019 41,755 — (79,774 ) — Other — 1,057 764 — 1,821 Net cash provided by (used in) investing activities 38,019 (41,059 ) (8,492 ) (79,774 ) (91,306 ) Cash flows from financing activities Borrowings under Credit Facility due to acquisitions — — — — — Borrowings under Credit Facility 94,984 — — — 94,984 Issuance of Senior Notes — — — — — Repayment of long-term debt (120,077 ) — — — (120,077 ) Long-term loans and advances to affiliates — (38,019 ) (41,755 ) 79,774 — Repurchases of stock (6,438 ) — — — (6,438 ) Proceeds from stock issuance 5,275 — — — 5,275 Other (8 ) (673 ) — — (681 ) Net cash provided by (used in) financing activities (26,264 ) (38,692 ) (41,755 ) 79,774 (26,937 ) Effect of exchange rate changes on cash — — (5,000 ) — (5,000 ) Net increase (decrease) in cash and cash equivalents (5,551 ) 32,878 5,343 — 32,670 Cash and cash equivalents Beginning of period 5,551 4,006 67,022 — 76,579 End of period $ — $ 36,884 $ 72,365 $ — $ 109,249 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 15,000 423 — — 15,423 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

Quarterly results of operations

Quarterly results of operations (unaudited)	12 Months Ended
	Dec. 31, 2015
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, 2015 and 2014 . The quarterly results may not be comparable primarily due to acquisitions in 2015 , 2014 and 2013 . Refer to Note 3, Acquisitions, for further information. 2015 (in thousands, except per share information) Q1 Q2 Q3 Q4 Net sales $ 348,096 $ 284,415 $ 244,993 $ 196,148 Cost of sales 238,970 199,532 179,231 193,242 Gross profit 109,126 84,883 65,762 2,906 Total operating expenses (1) 73,465 66,285 57,439 194,035 Earnings from equity investment 4,571 3,840 3,870 2,543 Operating income (loss) 40,232 22,438 12,193 (188,586 ) Total other expense 971 11,662 4,543 3,424 Income (loss) before income taxes 39,261 10,776 7,650 (192,010 ) Provision for income tax expense (benefit) 10,605 1,911 932 (28,387 ) Net income (loss) 28,656 8,865 6,718 (163,623 ) Less: loss attributable to noncontrolling interest (16 ) (9 ) (2 ) (4 ) Net income (loss) attributable to common stockholders $ 28,672 $ 8,874 $ 6,720 $ (163,619 ) Weighted average shares outstanding Basic 89,482 89,767 90,058 90,175 Diluted 91,469 91,884 91,687 90,175 Earnings (losses) per share Basic $ 0.32 $ 0.10 $ 0.07 $ (1.81 ) Diluted $ 0.31 $ 0.10 $ 0.07 $ (1.81 ) (1) Total Operating expenses in Q4 included $125,092 goodwill and intangible assets impairment. 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 $ 0.40 $ 0.43 $ 0.56 $ 0.50 Diluted $ 0.38 $ 0.41 $ 0.54 $ 0.49

Summary of significant accoun25

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 (loss). 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, such as the one related to debt issuance cost, 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 thirty 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, 2015 , 2014 and 2013 , 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.
Goodwill and intangible assets	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 For goodwill and intangible assets with indefinite lives, an assessment for impairment is performed annually or when there is an indication an impairment may have occurred. The Company completes its annual impairment test for goodwill and other indefinite-lived intangibles using an assessment date of October 1. Goodwill is reviewed for impairment by comparing the carrying value of each of our six reporting unit’s net assets (including allocated goodwill) to the fair value of the reporting unit. The fair value of the reporting units is determined using a discounted cash flow approach. Determining the fair value of a reporting unit requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, operating margins, weighted average costs of capital, a terminal growth rate, 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. Any impairment losses are reflected in operating income. Due to the further deterioration of market conditions for our products, the Company performed the impairment test on all six reporting units, and recorded $123.2 million of impairment losses for its Subsea reporting unit for the year ended
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.
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. There is no dilutive effect for the year 2015 since the Company is in a net loss position. The diluted earnings per share calculation excludes approximately 0.5 million stock options, and 0.3 million stock options and warrants for the years ended December 31, 2014 and 2013 , 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 (loss) 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 February 2016, the FASB issued Accounting Standards Update ("ASU") No.2016-02, Leases. Under this new guidance, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than twelve months. The standard will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. The Company is currently evaluating the impact of the adoption of this guidance. In November 2015, the FASB issued ASU No. 2015-17, Simplifying the Presentation of Deferred Income Tax, which requires deferred tax liabilities and assets to be classified as non current in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. The new standard will be effective for public companies for the fiscal year beginning after December 15, 2016, including interim periods within those fiscal years. The Company has early adopted the guidance prospectively as of December 31, 2015, which resulted in the reclassification of its current deferred tax assets and liabilities into non-current in the consolidated balance sheet as of December 31, 2015. No prior periods were retrospectively adjusted. Refer to Note 9 Income taxes for further information related to the early adoption of this guidance. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. This new standard specifies that an acquirer in a business combination should recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, eliminating the current requirement to retrospectively account for these adjustments. Additionally, the full effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts should be recognized in the same period as the adjustments to the provisional amounts. The new standard will be effective for the Company for the fiscal year beginning January 1, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Cost Associated with Line of Credit Arrangements, which confirms that fees related to line of credit arrangements are not addresssed in ASU 2015-03, and the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The new standard will be effective for us for the fiscal year beginning January 1, 2016 and interim periods thereafter. The Company has elected to continue to present the debt issuance costs associated with line of credit arrangements as assets. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new standard will be effective for the Company for the fiscal year beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the impacts of the adoption of this guidance. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires deferred financing costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The new standard will be effective for the Company for the fiscal year beginning January 1, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the consolidated financial statements. The Company has early adopted the guidance retrospectively for the debt issuance costs related to its Senior Notes as of December 31, 2015 and has adjusted financial statements of prior years. In August 2014, the FASB issued 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 the Company for the fiscal year beginning January 1, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). 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 new standard is to be effective for the fiscal year beginning after December 15, 2017. Companies are able to early adopt the pronouncement, however not before fiscal years beginning after December 15, 2016. The Company is currently evaluating the impacts of the adoption and the implementation approach to be used.

Summary of significant accoun26

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Allowance for Doubtful Accounts	The change in amounts of the allowance for doubtful accounts during the three year period ended December 31, 2015 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, 2013 $ 5,891 $ 2,925 $ (3,091 ) $ 5,725 December 31, 2014 5,725 2,492 (2,571 ) 5,646 December 31, 2015 5,646 4,358 (1,885 ) 8,119
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, 2013 $ 3,777 $ 3,442 $ (1,939 ) $ 5,280 December 31, 2014 5,280 2,588 (2,554 ) 5,314 December 31, 2015 5,314 5,539 (5,156 ) 5,697
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, 2015 2014 2013 Basic weighted average shares outstanding 89,908 92,628 90,697 Dilutive effect of stock option, restricted share plan and warrants — 2,680 3,907 Diluted weighted average shares outstanding 89,908 95,308 94,604

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the current fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): 2015 Acquisition Current assets, net of cash acquired $ 36,174 Property and equipment 11,506 Intangible assets (primarily customer relationships) 10,400 Tax-deductible goodwill 13,977 Current liabilities (10,129 ) Long term liabilities (22 ) Net assets acquired $ 61,906 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 ) Deferred tax liabilities (3,629 ) Net assets acquired $ 38,289

Investment in unconsolidated 28

Investment in unconsolidated subsidiary (Tables)	12 Months Ended
	Dec. 31, 2015
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, Current assets $ 56,160 $ 69,281 Long-term assets 145,965 143,764 Current liabilities 10,861 17,835 Long-term liabilities 95,000 115,000 Year ended December 31, 2015 2014 Net revenues $ 103,532 $ 141,708 Gross profit 45,333 68,086 Net income 30,888 52,590 The Company's earnings from equity investment 14,824 25,164

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory	The Company's significant components of inventory at December 31, 2015 and 2014 were as follows (in thousands): December 31, December 31, Raw materials and parts $ 148,372 $ 153,768 Work in process 38,381 50,913 Finished goods 315,256 286,290 Gross inventories 502,009 490,971 Inventory reserve (77,888 ) (29,456 ) Inventories $ 424,121 $ 461,515
Schedule of Inventory Reserve	The change in the amounts of the inventory reserve during the three year period ended December 31, 2015 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, 2013 $ 21,125 $ 10,093 $ (4,799 ) $ 26,419 December 31, 2014 26,419 8,171 (5,134 ) $ 29,456 December 31, 2015 29,456 51,917 (3,485 ) $ 77,888

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consists of the following (in thousands): Estimated useful lives December 31, 2015 2014 Land $ 11,467 $ 10,200 Buildings and leasehold improvements 7-30 83,983 74,829 Computer equipment 3-5 39,986 35,419 Machinery & equipment 5-10 128,879 116,157 Furniture & fixtures 3-10 6,866 7,125 Vehicles 3-5 10,090 10,615 Construction in progress 5,841 16,023 287,112 270,368 Less: accumulated depreciation (121,713 ) (105,806 ) Property & equipment, net 165,399 164,562 Rental equipment 3-10 76,908 78,709 Less: accumulated depreciation (55,640 ) (53,297 ) Rental equipment, net 21,268 25,412 Total property & equipment, net $ 186,667 $ 189,974

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill from January 1, 2014 to December 31, 2015 , were as follows (in thousands): Drilling & Subsea Production & Infrastructure Total 2015 2014 2015 2014 2015 2014 Goodwill Balance at January 1, net $ 719,860 $ 723,355 $ 78,621 $ 78,963 $ 798,481 $ 802,318 Acquisitions, net of dispositions — 16,918 13,977 — 13,977 16,918 Impairment (123,200 ) — — — (123,200 ) — Impact of non-U.S. local currency translation (19,607 ) (20,413 ) (615 ) (342 ) (20,222 ) (20,755 ) Goodwill Balance at December 31, net $ 577,053 $ 719,860 $ 91,983 $ 78,621 $ 669,036 $ 798,481
Summary of Intangible Assets	At December 31, 2015 and 2014 , intangible assets consisted of the following, respectively (in thousands): December 31, 2015 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 280,297 $ (101,636 ) $ 178,661 4-15 Patents and technology 34,140 (10,264 ) 23,876 5-17 Non-compete agreements 7,269 (6,292 ) 977 3-6 Trade names 45,446 (15,890 ) 29,556 10-15 Distributor relationships 22,160 (13,810 ) 8,350 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 394,542 $ (147,892 ) $ 246,650 December 31, 2014 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 284,120 $ (84,947 ) $ 199,173 4-15 Patents and technology 31,069 (8,074 ) 22,995 5-17 Non-compete agreements 7,086 (5,761 ) 1,325 3-6 Trade names 48,149 (14,747 ) 33,402 10-15 Distributor relationships 22,160 (12,546 ) 9,614 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 397,814 $ (126,075 ) $ 271,739
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, 2016 $ 26,993 2017 26,647 2018 26,566 2019 26,324 2020 24,295

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable and lines of credit as of December 31, 2015 and 2014 consisted of the following (in thousands): December 31, December 31, 6.25% Senior notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 2,395 2,801 Debt issuance cost (6,425 ) (7,526 ) Senior secured revolving credit facility — 25,000 Other debt 299 1,049 Total debt 396,269 421,324 Less: current maturities (253 ) (840 ) Long-term debt $ 396,016 $ 420,484
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): 2016 $ 253 2017 46 2018 — 2019 — 2020 — Thereafter 400,000 Total future payment $ 400,299 Add: Unamortized debt premium 2,395 Less: Debt issuance cost (6,425 ) Total debt $ 396,269

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015 , 2014 and 2013 are as follows (in thousands): 2015 2014 2013 U.S. $ (114,862 ) $ 127,270 $ 108,680 Non-U.S. (19,461 ) 115,252 77,402 Income (loss) before income taxes $ (134,323 ) $ 242,522 $ 186,082
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, 2015 , 2014 and 2013 are as follows (in thousands): 2015 2014 2013 Current U.S. Federal and state $ 43 $ 47,100 $ 20,589 Non-U.S. 8,264 24,315 20,748 Total current 8,307 71,415 41,337 Deferred U.S. Federal and state (19,071 ) (2,080 ) 16,317 Non-U.S. (4,175 ) (1,190 ) (1,176 ) Total deferred (23,246 ) (3,270 ) 15,141 Provision for income tax expense (benefit) $ (14,939 ) $ 68,145 $ 56,478
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): 2015 2014 2013 Income tax expense (benefit) at the statutory rate $ (47,013 ) 35.0 % $ 84,882 35.0 % $ 65,129 35.0 % State taxes, net of federal tax benefit (1,157 ) 0.9 % 4,132 1.7 % 3,428 1.9 % Non-U.S. operations 6,300 (4.7 )% (15,060 ) (6.2 )% (6,908 ) (3.7 )% Domestic incentives (250 ) 0.2 % (4,412 ) (1.8 )% (2,544 ) (1.4 )% Prior year federal, non-U.S. and state tax (518 ) 0.4 % (1,692 ) (0.7 )% (4,059 ) (2.2 )% Nondeductible expenses 279 (0.2 )% 663 0.3 % 1,341 0.7 % Goodwill impairment 27,210 (20.3 )% — — % — — % Other 210 (0.2 )% (368 ) (0.2 )% 91 0.1 % Provision for income tax expense (benefit) $ (14,939 ) 11.1 % $ 68,145 28.1 % $ 56,478 30.4 %
Schedule of Deferred Tax Assets and Liabilities	The primary components of deferred taxes include (in thousands): 2015 2014 Deferred tax assets Reserves and accruals $ 7,174 $ 10,387 Inventory 29,154 12,679 Stock awards 9,350 7,892 Other 544 820 Net operating loss and other tax credit carryforwards 1,673 365 Total deferred tax assets 47,895 32,143 Deferred tax liabilities Property and equipment (16,925 ) (21,947 ) Goodwill and intangible assets (68,635 ) (73,215 ) Investment in unconsolidated subsidiary (10,764 ) (11,259 ) Unremitted non-U.S. earnings (740 ) (740 ) Prepaid expenses and other (1,151 ) (781 ) Total deferred tax liabilities (98,215 ) (107,942 ) Net deferred tax liabilities $ (50,320 ) $ (75,799 )
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, 2015 $ 6,256 Additional based on tax positions related to prior years 2,810 Reduction based on tax positions related to prior years — Lapse of statute of limitations (656 ) Balance at December 31, 2015 8,410 Deferred tax benefits on uncertain tax position related to U.S. and non-U.S. income tax — Net balance at December 31, 2015 $ 8,410

Commitments and contingencies (

Commitments and contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015 are as follows: 2016 $ 18,153 2017 13,379 2018 9,672 2019 8,522 2020 7,485 Thereafter 16,158 $ 73,369

Stock based compensation (Table

Stock based compensation (Tables)	12 Months Ended
	Dec. 31, 2015
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: 2015 Activity Number of shares (in millions) Weighted average exercise price Remaining weighted average contractual life in years Intrinsic value (in millions) Beginning balance 5.2 $ 12.23 6.2 $ 44.5 Granted 0.6 $ 17.78 — Exercised (0.4 ) $ 8.58 — Forfeited/expired (0.1 ) $ 19.30 — Total outstanding 5.3 $ 12.94 5.7 $ 15.1 Options exercisable 4.2 $ 10.80 5.0 $ 6.9
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 2015 , 2014 and 2013 are as follows: 2015 2014 2013 Weighted average fair value $6.36 $8.47 $8.41 Assumptions Expected life (in years) 6.30 6.25 6.25 Volatility 33% 27% 30% Dividend yield —% —% —% Risk free interest rate 1.81% 1.96% 1.17%
Nonvested Restricted Stock Shares Activity	Further information about the restricted stock units follows (shares in thousands): Restricted stock units 2015 Activity Nonvested at beginning of year 849.1 Granted 797.5 Vested (246.5 ) Forfeited (187.9 ) Nonvested at the end of year 1,212.2 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): 2015 Activity Nonvested at beginning of year 421.9 Granted 38.9 Vested (225.7 ) Forfeited (30.9 ) Nonvested at the end of year 204.2

Business segments (Tables)

Business segments (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summary financial data by segment follows (in thousands): Year ended December 31, 2015 2014 2013 Net sales: Drilling & Subsea $ 627,935 $ 1,126,575 $ 940,807 Production & Infrastructure 446,703 614,442 585,495 Intersegment eliminations (986 ) (1,300 ) (1,491 ) Total net sales $ 1,073,652 $ 1,739,717 $ 1,524,811 Operating income (loss): Drilling & Subsea $ 9,152 $ 201,269 $ 155,828 Production & Infrastructure 31,520 112,541 86,471 Corporate (28,077 ) (42,015 ) (29,431 ) Total segment operating income 12,595 271,795 212,868 Intangible asset and goodwill impairment 125,092 — — Transaction expenses 480 2,326 2,700 (Gain)/loss on sale of assets 746 1,431 614 Income (loss) from operations $ (113,723 ) $ 268,038 $ 209,554 Depreciation and amortization Drilling & Subsea $ 44,397 $ 47,201 $ 43,971 Production & Infrastructure 14,738 12,283 13,952 Corporate 6,548 5,588 2,656 Total depreciation and amortization $ 65,683 $ 65,072 $ 60,579 Capital expenditures Drilling & Subsea $ 16,320 $ 28,115 $ 40,991 Production & Infrastructure 8,986 19,287 10,940 Corporate 6,985 6,390 8,332 Total capital expenditures $ 32,291 $ 53,792 $ 60,263 A summary of consolidated assets by reportable segment is as follows (in thousands): As of December 31, Assets 2015 2014 2013 Drilling & Subsea $ 1,325,277 $ 1,674,934 $ 1,655,355 Production & Infrastructure 503,533 488,225 468,520 Corporate 57,232 50,943 36,372 Total assets $ 1,886,042 $ 2,214,102 $ 2,160,247
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: 2015 2014 2013 $ % $ % $ % United States $ 646,928 60.3 % $ 1,049,609 60.3 % $ 918,795 60.2 % Europe & Africa 188,414 17.5 % 305,376 17.6 % 225,381 14.8 % Asia-Pacific 69,923 6.5 % 154,669 8.9 % 151,790 10.0 % Middle East 59,680 5.6 % 65,498 3.8 % 65,724 4.3 % Canada 57,837 5.4 % 103,077 5.9 % 99,081 6.5 % Latin America 50,870 4.7 % 61,488 3.5 % 64,040 4.2 % Total net sales $ 1,073,652 100.0 % $ 1,739,717 100.0 % $ 1,524,811 100.0 % As of December 31, Long-lived assets: 2015 2014 2013 United States $ 869,388 $ 932,173 $ 961,487 Europe & Africa 202,852 313,589 346,017 Canada 83,688 59,207 28,839 Asia-Pacific 8,192 9,132 9,465 Middle East 3,189 3,192 3,182 Latin America 921 1,650 1,789 Total long-lived assets $ 1,168,230 $ 1,318,943 $ 1,350,779
Revenue from External Customers by Products and Services	Net sales by product lines were as follows (in thousands): Year ended December 31, Net sales: 2015 2014 2013 $ % $ % $ % Drilling Technologies $ 332,313 30.9 % $ 614,765 35.4 % $ 462,420 30.3 % Subsea Technologies 189,090 17.6 % 321,039 18.5 % 316,418 20.8 % Downhole Technologies 106,532 9.9 % 190,771 11.0 % 161,970 10.6 % Production Equipment 145,900 13.6 % 228,769 13.1 % 251,428 16.5 % Valve Solutions 174,515 16.3 % 207,456 11.9 % 211,170 13.8 % Flow Equipment 126,288 11.8 % 178,217 10.2 % 122,896 8.1 % Eliminations (986 ) (0.1 )% (1,300 ) (0.1 )% (1,491 ) (0.1 )% Total net sales $ 1,073,652 100.0 % $ 1,739,717 100.0 % $ 1,524,811 100.0 %

Condensed consolidating finan37

Condensed consolidating financial statements (Tables)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed consolidating statements of income and comprehensive income	Condensed consolidating statements of operations and comprehensive income (loss) December 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 810,890 $ 369,186 $ (106,424 ) $ 1,073,652 Cost of sales — 646,076 269,900 (105,001 ) 810,975 Gross profit — 164,814 99,286 (1,423 ) 262,677 Operating expenses Selling, general and administrative expenses — 201,904 63,002 — 264,906 Goodwill and intangible assets impairment — 57,392 67,700 — 125,092 Transaction expenses — 480 — — 480 (Gain) loss on sale of assets — 943 (197 ) — 746 Total operating expenses — 260,719 130,505 — 391,224 Earnings from equity investment — 14,824 — — 14,824 Equity earnings from affiliate, net of tax (99,908 ) (28,419 ) — 128,327 — Operating income (loss) (99,908 ) (109,500 ) (31,219 ) 126,904 (113,723 ) Other expense (income) Interest expense 29,914 10 21 — 29,945 Foreign exchange (gains) losses and other, net — (479 ) (8,866 ) — (9,345 ) Total other expense (income) 29,914 (469 ) (8,845 ) — 20,600 Income (loss) before income taxes (129,822 ) (109,031 ) (22,374 ) 126,904 (134,323 ) Provision for income tax expense (benefit) (10,469 ) (9,123 ) 4,653 — (14,939 ) Net income (loss) (119,353 ) (99,908 ) (27,027 ) 126,904 (119,384 ) Less: Loss attributable to noncontrolling interest — — (31 ) — (31 ) Net income (loss) attributable to common stockholders (119,353 ) (99,908 ) (26,996 ) 126,904 (119,353 ) Other comprehensive income (loss), net of tax: Net income (loss) (119,353 ) (99,908 ) (27,027 ) 126,904 (119,384 ) Change in foreign currency translation, net of tax of $0 (45,270 ) (45,270 ) (45,270 ) 90,540 (45,270 ) Change in pension liability 46 46 46 (92 ) 46 Comprehensive income (loss) (164,577 ) (145,132 ) (72,251 ) 217,352 (164,608 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — 168 — 168 Comprehensive income (loss) attributable to common stockholders $ (164,577 ) $ (145,132 ) $ (72,083 ) $ 217,352 $ (164,440 ) Condensed consolidating statements of operations and comprehensive income December 31, 2014 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 Other operating expense (income) — 3,564 193 — 3,757 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 ) 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 December 31, 2013 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 — 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 balance sheets	Condensed consolidating balance sheets December 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 36,884 $ 72,365 $ — $ 109,249 Accounts receivable—trade, net — 85,537 53,060 — 138,597 Inventories — 318,360 115,165 (9,404 ) 424,121 Cost and profits in excess of billings — 6,477 5,532 — 12,009 Other current assets — 25,447 8,389 — 33,836 Total current assets — 472,705 254,511 (9,404 ) 717,812 Property and equipment, net of accumulated depreciation — 153,995 32,672 — 186,667 Deferred financing costs, net 4,125 — — — 4,125 Deferred income taxes, net — — 780 — 780 Intangibles — 186,234 60,416 — 246,650 Goodwill — 481,374 187,662 — 669,036 Investment in unconsolidated subsidiary — 57,719 — — 57,719 Investment in affiliates 1,188,707 514,893 — (1,703,600 ) — Long-term loan and advances to affiliates 467,184 — 60,221 (527,405 ) — Other long-term assets — 2,549 704 — 3,253 Total assets $ 1,660,016 $ 1,869,469 $ 596,966 $ (2,240,409 ) $ 1,886,042 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 243 $ 10 $ — $ 253 Accounts payable—trade — 57,529 19,294 — 76,823 Accrued liabilities 7,027 40,874 10,662 — 58,563 Deferred revenue — 1,334 5,949 — 7,283 Billings in excess of costs and profits recognized — 1,872 6,759 — 8,631 Total current liabilities 7,027 101,852 42,674 — 151,553 Long-term debt, net of current portion 395,970 34 12 — 396,016 Long-term loans and payables to affiliates — 527,406 — (527,406 ) — Deferred income taxes, net — 36,937 14,163 — 51,100 Other long-term liabilities — 14,533 15,423 — 29,956 Total liabilities 402,997 680,762 72,272 (527,406 ) 628,625 Total stockholder's equity 1,257,019 1,188,707 524,297 (1,713,003 ) 1,257,020 Noncontrolling interest in subsidiary — — 397 — 397 Equity 1,257,019 1,188,707 524,694 (1,713,003 ) 1,257,417 Total liabilities and equity $ 1,660,016 $ 1,869,469 $ 596,966 $ (2,240,409 ) $ 1,886,042 Condensed consolidating balance sheets December 31, 2014 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 5,581 — — — 5,581 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 advances to affiliates 483,534 — 22,531 (506,065 ) — Other long-term assets — 2,760 733 — 3,493 Total assets $ 1,828,367 $ 2,104,252 $ 719,651 $ (2,438,168 ) $ 2,214,102 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 cost and profit 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 420,275 183 26 — 420,484 Long-term payables to affiliates — 506,065 — (506,065 ) — Deferred income tax, net $ — $ 77,311 $ 20,877 $ — 98,188 Other long-term liabilities — 11,189 6,129 — 17,318 Total liabilities 433,008 770,551 120,687 (506,065 ) 818,181 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 $ 1,828,367 $ 2,104,252 $ 719,651 $ (2,438,168 ) $ 2,214,102
Condensed consolidating statements of cash flows	Condensed consolidating statements of cash flows Year ended December 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (17,306 ) $ 112,629 $ 60,590 $ — $ 155,913 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (60,836 ) — — (60,836 ) Investment in unconsolidated subsidiary — — — — — Capital expenditures for property and equipment — (23,035 ) (9,256 ) — (32,291 ) Long-term loans and advances to affiliates 38,019 41,755 — (79,774 ) — Other — 1,057 764 — 1,821 Net cash provided by (used in) investing activities 38,019 (41,059 ) (8,492 ) (79,774 ) (91,306 ) Cash flows from financing activities Borrowings under Credit Facility due to acquisitions — — — — — Borrowings under Credit Facility 94,984 — — — 94,984 Issuance of Senior Notes — — — — — Repayment of long-term debt (120,077 ) — — — (120,077 ) Long-term loans and advances to affiliates — (38,019 ) (41,755 ) 79,774 — Repurchases of stock (6,438 ) — — — (6,438 ) Proceeds from stock issuance 5,275 — — — 5,275 Other (8 ) (673 ) — — (681 ) Net cash provided by (used in) financing activities (26,264 ) (38,692 ) (41,755 ) 79,774 (26,937 ) Effect of exchange rate changes on cash — — (5,000 ) — (5,000 ) Net increase (decrease) in cash and cash equivalents (5,551 ) 32,878 5,343 — 32,670 Cash and cash equivalents Beginning of period 5,551 4,006 67,022 — 76,579 End of period $ — $ 36,884 $ 72,365 $ — $ 109,249 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 15,000 423 — — 15,423 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

Quarterly results of operatio38

Quarterly results of operations (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
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, 2015 and 2014 . The quarterly results may not be comparable primarily due to acquisitions in 2015 , 2014 and 2013 . Refer to Note 3, Acquisitions, for further information. 2015 (in thousands, except per share information) Q1 Q2 Q3 Q4 Net sales $ 348,096 $ 284,415 $ 244,993 $ 196,148 Cost of sales 238,970 199,532 179,231 193,242 Gross profit 109,126 84,883 65,762 2,906 Total operating expenses (1) 73,465 66,285 57,439 194,035 Earnings from equity investment 4,571 3,840 3,870 2,543 Operating income (loss) 40,232 22,438 12,193 (188,586 ) Total other expense 971 11,662 4,543 3,424 Income (loss) before income taxes 39,261 10,776 7,650 (192,010 ) Provision for income tax expense (benefit) 10,605 1,911 932 (28,387 ) Net income (loss) 28,656 8,865 6,718 (163,623 ) Less: loss attributable to noncontrolling interest (16 ) (9 ) (2 ) (4 ) Net income (loss) attributable to common stockholders $ 28,672 $ 8,874 $ 6,720 $ (163,619 ) Weighted average shares outstanding Basic 89,482 89,767 90,058 90,175 Diluted 91,469 91,884 91,687 90,175 Earnings (losses) per share Basic $ 0.32 $ 0.10 $ 0.07 $ (1.81 ) Diluted $ 0.31 $ 0.10 $ 0.07 $ (1.81 ) (1) Total Operating expenses in Q4 included $125,092 goodwill and intangible assets impairment. 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 $ 0.40 $ 0.43 $ 0.56 $ 0.50 Diluted $ 0.38 $ 0.41 $ 0.54 $ 0.49

Summary of significant accoun39

Summary of significant accounting policies (Allowance for doubtful accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of period	$ 5,646	$ 5,725	$ 5,891
Charged to expense	4,358	2,492	2,925
Deductions or other	(1,885)	(2,571)	(3,091)
Balance at end of period	$ 8,119	$ 5,646	$ 5,725

Summary of significant accoun40

Summary of significant accounting policies (Property and equipment) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)reporting_unit	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Property, Plant and Equipment [Line Items]
Number of reporting units | reporting_unit	6
Goodwill impairment loss	$ 123,200,000	$ 0
Estimated useful life, intangible assets	14 years
Impairment of intangible assets		$ 0	$ 0
Trade names [Member]
Property, Plant and Equipment [Line Items]
Impairment of intangible assets	$ 1,900,000
Subsea Technologies [Member]
Property, Plant and Equipment [Line Items]
Goodwill impairment loss	$ 123,200,000
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment	3 years
Estimated useful life, intangible assets	3 years
Minimum [Member] | Trade names [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, intangible assets	10 years	10 years
Minimum [Member] | Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment	30 years
Estimated useful life, intangible assets	17 years
Maximum [Member] | Trade names [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, intangible assets	15 years	15 years
Maximum [Member] | Rental Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment	10 years

Summary of significant accoun41

Summary of significant accounting policies (Change in warranty liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 5,314	$ 5,280	$ 3,777
Charged to expense	5,539	2,588	3,442
Deductions or other	(5,156)	(2,554)	(1,939)
Balance at end of period	$ 5,697	$ 5,314	$ 5,280

Summary of significant accoun42

Summary of significant accounting policies (Earnings per share reconciliation) (Details) - shares shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Diluted earnings per share calculation excluded shares (in shares)										500	300
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic weighted average shares outstanding (in shares)	90,175	90,058	89,767	89,482	92,376	93,331	92,649	92,129	89,908	92,628	90,697
Dilutive effect of stock option and restricted share plan (in shares)									0	2,680	3,907
Diluted weighted average shares outstanding (in shares)	90,175	91,687	91,884	91,469	94,666	96,198	95,695	95,191	89,908	95,308	94,604

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Feb. 28, 2015	May. 01, 2014
J-Mac Tool, Inc. [Member]
Business Acquisition [Line Items]
Net assets acquired	$ 61,906
Quality Wireline and Cable, Inc. [Member]
Business Acquisition [Line Items]
Net assets acquired		$ 38,289

Acquisitions (Purchase Price Al

Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Feb. 28, 2015	Dec. 31, 2014	May. 01, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Non-tax-deductible goodwill	$ 669,036		$ 798,481		$ 802,318
J-Mac Tool, Inc. [Member]
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 36,174
Property and equipment		11,506
Intangible assets (primarily customer relationships)		10,400
Tax-deductible goodwill		13,977
Current liabilities		(10,129)
Long term liabilities		(22)
Net assets acquired		$ 61,906
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)
Deferred tax liabilities				(3,629)
Net assets acquired				$ 38,289

Investment in unconsolidated 45

Investment in unconsolidated subsidiary (Balance Sheet) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Current assets	$ 717,812	$ 895,159
Current liabilities	151,553	282,191
Global Tubing LLC [Member]
Schedule of Equity Method Investments [Line Items]
Current assets	56,160	69,281
Long-term assets	145,965	143,764
Current liabilities	10,861	17,835
Long-term liabilities	$ 95,000	$ 115,000

Investment in unconsolidated 46

Investment in unconsolidated subsidiary (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Net revenues	$ 196,148	$ 244,993	$ 284,415	$ 348,096	$ 438,678	$ 468,822	$ 428,279	$ 403,938	$ 1,073,652	$ 1,739,717	$ 1,524,811
Gross profit	2,906	65,762	84,883	109,126	141,483	152,038	137,993	127,938	262,677	559,452	475,225
Net income (loss)	(163,623)	6,718	8,865	28,656	46,097	52,231	39,543	36,506	(119,384)	174,377	129,604
The Company's earnings from equity investment	$ 2,543	$ 3,870	$ 3,840	$ 4,571	$ 7,167	$ 6,749	$ 5,940	$ 5,308	14,824	25,164	$ 7,312
Global Tubing LLC [Member]
Schedule of Equity Method Investments [Line Items]
Net revenues									103,532	141,708
Gross profit									45,333	68,086
Net income (loss)									$ 30,888	$ 52,590

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Inventory Disclosure [Abstract]
Raw materials and parts	$ 148,372	$ 153,768
Work in process	38,381	50,913
Finished goods	315,256	286,290
Gross inventories	502,009	490,971
Inventory reserve	(77,888)	(29,456)	$ (26,419)	$ (21,125)
Inventories	$ 424,121	$ 461,515

Inventories (Inventory reserve)

Inventories (Inventory reserve) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Inventory Valuation Reserves Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 29,456	$ 26,419	$ 21,125
Charged to expense	51,917	8,171	10,093
Deductions or other	(3,485)	(5,134)	(4,799)
Balance at end of period	$ 77,888	$ 29,456	$ 26,419

Property and equipment (Details

Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 287,112	$ 270,368
Less: accumulated depreciation, excluding rental equipment	(121,713)	(105,806)
Property & equipment, excluding rental equipment, net	165,399	164,562
Property & equipment, net	186,667	189,974
Depreciation expense	$ 38,388	37,414	$ 36,166
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	30 years
Land [Member]
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 11,467	10,200
Buildings and leasehold improvements [Member]
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 83,983	74,829
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	30 years
Computer equipment [Member]
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 39,986	35,419
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	$ 128,879	116,157
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	$ 6,866	7,125
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	$ 10,090	10,615
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	$ 5,841	16,023
Rental equipment [Member]
Property, Plant and Equipment, Net [Abstract]
Rental equipment	76,908	78,709
Less: accumulated depreciation	(55,640)	(53,297)
Property & equipment, net	$ 21,268	$ 25,412
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 asset50

Goodwill and intangible assets (Schedule of Goodwill) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)reporting_unit	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Goodwill [Roll Forward]
Goodwill Balance at January 1, net	$ 798,481,000	$ 802,318,000
Acquisitions, net of dispositions	13,977,000	16,918,000
Impairment	(123,200,000)	0
Impact of non-U.S. local currency translation	(20,222,000)	(20,755,000)
Goodwill Balance at December 31, net	$ 669,036,000	798,481,000	$ 802,318,000
Number of reporting units | reporting_unit	6
Accumulated impairment losses on goodwill	$ 168,800,000	45,600,000
Impairment of intangible assets		0	0
Subsea Technologies [Member]
Goodwill [Roll Forward]
Impairment	(123,200,000)
Goodwill Balance at December 31, net	73,000,000
Operating Segments [Member] | Drilling & Subsea [Member]
Goodwill [Roll Forward]
Goodwill Balance at January 1, net	719,860,000	723,355,000
Acquisitions, net of dispositions	0	16,918,000
Impairment	(123,200,000)	0
Impact of non-U.S. local currency translation	(19,607,000)	(20,413,000)
Goodwill Balance at December 31, net	577,053,000	719,860,000	723,355,000
Operating Segments [Member] | Production & Infrastructure [Member]
Goodwill [Roll Forward]
Goodwill Balance at January 1, net	78,621,000	78,963,000
Acquisitions, net of dispositions	13,977,000	0
Impairment	0	0
Impact of non-U.S. local currency translation	(615,000)	(342,000)
Goodwill Balance at December 31, net	$ 91,983,000	$ 78,621,000	$ 78,963,000

Goodwill and intangible asset51

Goodwill and intangible assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (147,892)	$ (126,075)
Intangible Assets Total, Gross carrying amount	394,542	397,814
Intangible Assets Total, Net amortizable intangibles	$ 246,650	271,739
Amortization period	14 years
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	280,297	284,120
Accumulated amortization	(101,636)	(84,947)
Net amortizable intangibles	178,661	199,173
Patents and technology [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	34,140	31,069
Accumulated amortization	(10,264)	(8,074)
Net amortizable intangibles	23,876	22,995
Non-compete agreements [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	7,269	7,086
Accumulated amortization	(6,292)	(5,761)
Net amortizable intangibles	977	1,325
Trade names [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	45,446	48,149
Accumulated amortization	(15,890)	(14,747)
Net amortizable intangibles	29,556	33,402
Distributor relationships [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	22,160	22,160
Accumulated amortization	(13,810)	(12,546)
Net amortizable intangibles	$ 8,350	$ 9,614
Minimum [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	3 years
Minimum [Member] | Customer relationships [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	4 years	4 years
Minimum [Member] | Patents and technology [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	5 years	5 years
Minimum [Member] | Non-compete agreements [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	3 years	3 years
Minimum [Member] | Trade names [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	10 years	10 years
Minimum [Member] | Distributor relationships [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	8 years	8 years
Maximum [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	17 years
Maximum [Member] | Customer relationships [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	15 years	15 years
Maximum [Member] | Patents and technology [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	17 years	17 years
Maximum [Member] | Non-compete agreements [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	6 years	6 years
Maximum [Member] | Trade names [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	15 years	15 years
Maximum [Member] | Distributor relationships [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	15 years	15 years

Goodwill and intangible asset52

Goodwill and intangible assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 27,295	$ 27,658	$ 24,413
Estimated useful life, intangible assets	14 years
Estimated future amortization expense
2,016	$ 26,993
2,017	26,647
2,018	26,566
2,019	26,324
2,020	$ 24,295

Debt (Schedule of Long-Term Deb

Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2013
Debt Instrument [Line Items]
Total debt	$ 396,269,000	$ 421,324,000
Unamortized debt premium	2,395,000	2,801,000
Debt issuance cost	(6,425,000)	(7,526,000)
Less: current maturities	(253,000)	(840,000)
Long-term debt	396,016,000	420,484,000
Senior unsecured notes due October 2021 [Member]
Debt Instrument [Line Items]
Total debt	400,000,000	400,000,000
Debt instrument, stated interest rate			6.25%
Senior secured revolving credit facility [Member]
Debt Instrument [Line Items]
Total debt	0	25,000,000
Other debt [Member]
Debt Instrument [Line Items]
Total debt	$ 299,000	$ 1,049,000

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Feb. 25, 2016USD ($)	Nov. 30, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 31, 2013USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of senior debt			$ 0	$ 0	$ 403,250,000
Debt instrument, carrying value			396,269,000	421,324,000
Amount of letters of credit			12,700,000
Amortization of deferred loan costs			2,600,000	2,600,000	2,200,000
Deferred loan costs written off			0	0	$ 2,149,000
Long-term debt [Member]
Debt Instrument [Line Items]
Deferred loan costs reclassified to long-term debt			6,400,000	7,500,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Springing fixed charge coverage ratio	1.25
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			$ 400,000,000	400,000,000
Senior unsecured notes due October 2021 [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Redemption price percentage			104.688%
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%
Senior unsecured notes due October 2021 [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Redemption price percentage			103.125%
Senior unsecured notes due October 2021 [Member] | Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Redemption price percentage			101.563%
Senior unsecured notes due October 2021 [Member] | Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Redemption price percentage			100.00%
Senior unsecured notes due October 2021 [Member] | Debt Instrument, Redemption, Period Five [Member]
Debt Instrument [Line Items]
Redemption price percentage			100.00%
Senior secured revolving credit facility [Member]
Debt Instrument [Line Items]
Debt instrument, carrying value			$ 0	$ 25,000,000
Line of credit facility, remaining borrowing capacity			323,700,000
Senior secured revolving credit facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 600,000,000
Weighted average interest rates			2.00%	2.00%
Senior secured revolving credit facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 200,000,000
Line of credit facility, additional borrowing capacity	150,000,000
Senior secured revolving credit facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 75,000,000
Senior secured revolving credit facility [Member] | Letter of Credit [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	25,000,000
Senior secured revolving credit facility [Member] | Swingline Loan [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 25,000,000
Senior secured revolving credit facility [Member] | Swingline Loan [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000
Senior secured revolving credit facility [Member] | Debt Instrument, Redemption, Period One [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Senior secured debt to adjusted EBITDA ratio	4.50
Senior secured revolving credit facility [Member] | Debt Instrument, Redemption, Period Two [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Senior secured debt to adjusted EBITDA ratio	4
Senior secured revolving credit facility [Member] | Debt Instrument, Redemption, Period Three [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Senior secured debt to adjusted EBITDA ratio	3.50

Debt (Schedule of Future Paymen

Debt (Schedule of Future Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 253
2,017	46
2,018	0
2,019	0
2,020	0
Thereafter	400,000
Total future payment	400,299
Add: Unamortized debt premium	2,395	$ 2,801
Less: Debt issuance cost	(6,425)	(7,526)
Total debt	$ 396,269	$ 421,324

Income taxes (Schedule of Incom

Income taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
U.S.									$ (114,862)	$ 127,270	$ 108,680
Non-U.S.									(19,461)	115,252	77,402
Income (loss) before income taxes	$ (192,010)	$ 7,650	$ 10,776	$ 39,261	$ 61,847	$ 73,563	$ 54,950	$ 52,162	$ (134,323)	$ 242,522	$ 186,082

Income taxes (Schedule of Compo

Income taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current
U.S. Federal and state									$ 43	$ 47,100	$ 20,589
Non-U.S.									8,264	24,315	20,748
Total current									8,307	71,415	41,337
Deferred
U.S. Federal and state									(19,071)	(2,080)	16,317
Non-U.S.									(4,175)	(1,190)	(1,176)
Total deferred									(23,246)	(3,270)	15,141
Provision for income tax expense (benefit)	$ (28,387)	$ 932	$ 1,911	$ 10,605	$ 15,750	$ 21,332	$ 15,407	$ 15,656	$ (14,939)	$ 68,145	$ 56,478

Income taxes (Income Tax Rate R

Income taxes (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Income tax expense (benefit) at the statutory rate									$ (47,013)	$ 84,882	$ 65,129
State taxes, net of federal tax benefit									(1,157)	4,132	3,428
Non-U.S. operations									6,300	(15,060)	(6,908)
Domestic incentives									(250)	(4,412)	(2,544)
Prior year federal, non-U.S. and state tax									(518)	(1,692)	(4,059)
Nondeductible expenses									279	663	1,341
Goodwill impairment									27,210	0	0
Other									210	(368)	91
Provision for income tax expense (benefit)	$ (28,387)	$ 932	$ 1,911	$ 10,605	$ 15,750	$ 21,332	$ 15,407	$ 15,656	$ (14,939)	$ 68,145	$ 56,478
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Income tax expense (benefit) at the statutory rate									35.00%	35.00%	35.00%
State taxes, net of federal tax benefit									0.90%	1.70%	1.90%
Non-U.S. operations									(4.70%)	(6.20%)	(3.70%)
Domestic incentives									0.20%	(1.80%)	(1.40%)
Prior year federal, non-U.S. and state tax									0.40%	(0.70%)	(2.20%)
Nondeductible expenses									(0.20%)	0.30%	0.70%
Goodwill impairment									(20.30%)	0.00%	0.00%
Other									(0.20%)	(0.20%)	0.10%
Effective income tax rate									11.10%	28.10%	30.40%

Income taxes (Deferred Taxes) (

Income taxes (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets
Reserves and accruals	$ 7,174	$ 10,387
Inventory	29,154	12,679
Stock awards	9,350	7,892
Other	544	820
Net operating loss and other tax credit carryforwards	1,673	365
Total deferred tax assets	47,895	32,143
Deferred tax liabilities
Property and equipment	(16,925)	(21,947)
Goodwill and intangible assets	(68,635)	(73,215)
Investment in unconsolidated subsidiary	(10,764)	(11,259)
Unremitted non-U.S. earnings	(740)	(740)
Prepaid expenses and other	(1,151)	(781)
Total deferred tax liabilities	(98,215)	(107,942)
Net deferred tax liabilities	$ (50,320)	$ (75,799)

Income taxes (Narrative) (Detai

Income taxes (Narrative) (Details) $ in Millions	Dec. 31, 2015USD ($)
U.S. [Member]
Operating Loss and Tax Credit Carryforwards [Line Items]
Net operating loss carryforwards	$ 1.9
State and Local Jurisdiction [Member]
Operating Loss and Tax Credit Carryforwards [Line Items]
Net operating loss carryforwards	0.7
Non-U.S. [Member]
Operating Loss and Tax Credit Carryforwards [Line Items]
Net operating loss carryforwards	$ 3.5

Income taxes (Uncertain Tax Pos

Income taxes (Uncertain Tax Positions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 6,256
Additional based on tax positions related to prior years	2,810
Reduction based on tax positions related to prior years	0
Lapse of statute of limitations	(656)
Ending Balance	8,410
Deferred tax benefits on uncertain tax position related to U.S. and non-U.S. income tax	0
Net balance at December 31, 2015	8,410
Decrease in unrecognized tax benefits is reasonably possible	2,200
Accrued interest and penalties	$ 400	$ 200

Fair value measurements (Detail

Fair value measurements (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	$ 396,269,000	$ 421,324,000
Senior secured revolving credit facility [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	0	25,000,000
Senior unsecured notes due October 2021 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	400,000,000	400,000,000
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	334,100,000	378,100,000
Debt instrument, carrying value	$ 402,500,000	$ 402,800,000

Commitments and contingencies63

Commitments and contingencies (Operating Leases) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 18,153
2,017	13,379
2,018	9,672
2,019	8,522
2,020	7,485
Thereafter	16,158
Total future operating lease payments	$ 73,369

Commitments and contingencies64

Commitments and contingencies (Details) $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2011insurer	May. 31, 2009defendant	Dec. 31, 2015USD ($)defendantcase	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)
Loss Contingencies [Line Items]
Number of defendants | defendant		1
Rent expense			$ 20.9	$ 20.8	$ 19
Amount of letters of credit			12.7
Flow Valve, LLC [Member]
Loss Contingencies [Line Items]
Approximate damages from Flow Valve			$ 61
Asbestos Litigation [Member]
Loss Contingencies [Line Items]
Number of defendants | defendant			1
Annual out-of-pocket costs (less than)			$ 0.2	$ 0.2	$ 0.2	$ 0.2	$ 0.2
New claims filed each year (fewer than) | case			100
Pending lawsuits (fewer than) | case			200
Face amount of insurance coverage per occurrence (over)			$ 17
Aggregate primary insurance coverage (over)			23
Face amount of excess coverage (over)			$ 950
Number of primary insurers under settlement agreement | insurer	7
Percentage of costs of handling and settling each claim covered by insurance	80.00%

Stockholders' equity and empl65

Stockholders' equity and employee benefit plans (Warrants) (Details)	12 Months Ended
	Dec. 31, 2013shares
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 empl66

Stockholders' equity and employee benefit plans (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Employee contribution benefit plan expense	$ 2.2	$ 10.8	$ 8.2
Allowable purchase interval duration			6 months
Price per share to fair market value			85.00%

Stockholders' equity and empl67

Stockholders' equity and employee benefit plans (Stock Repurchases) (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2015	Oct. 31, 2014
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Shares authorized for repurchase		$ 150,000,000
Treasury stock (in shares)	4.5
Restricted stock issuance	$ 100,200,000

Stock based compensation (Narra

Stock based compensation (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	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	9,100,000
Stock based compensation expense	$ 21.7	$ 18.8	$ 19
Total compensation cost not yet recognized	$ 34.8
Total compensation cost not yet recognized, period for recognition	2 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	161,660
Performance Shares [Member] | Period 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee performance period	1 year
Performance Shares [Member] | Period 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee performance period	2 years
Performance Shares [Member] | Period 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee performance period	3 years
Minimum [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares for award settlement	0
Maximum [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares for award settlement	2

Stock based compensation (Stock

Stock based compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of shares [Roll Forward]
Number of shares, beginning balance	5.2
Number of shares, granted	0.6
Number of shares, exercised	(0.4)
Number of shares, forfeited/expired	(0.1)
Number of shares, ending balance	5.3	5.2
Number of shares, options exercisable	4.2
Weighted average exercise price [Roll Forward]
Weighted average exercise price, beginning balance (in dollars per share)	$ 12.23
Weighted average exercise price, granted (in dollars per share)	17.78
Weighted average exercise price, exercised (in dollars per share)	8.58
Weighted average exercise price, forfeited/expired (in dollars per share)	19.30
Weighted average exercise price, ending balance (in dollars per share)	12.94	$ 12.23
Weighted average exercise price, options exercisable (in dollars per share)	$ 10.80
Remaining weighted average contractual life, outstanding	5 years 7 months 25 days	6 years 2 months
Remaining weighted average contractual life, exercisable	4 years 11 months 23 days
Intrinsic value, options outstanding	$ 15.1	$ 44.5
Intrinsic value, options exercisable	$ 6.9
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise period	10 years
Stock Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years

Stock based compensation (Fair

Stock based compensation (Fair Value Assumptions) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 3.9	$ 24.8	$ 19.2
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value (in dollars per share)	$ 6.36	$ 8.47	$ 8.41
Expected life	6 years 3 months 18 days	6 years 3 months	6 years 3 months
Volatility	33.00%	27.00%	30.00%
Dividend yield	0.00%	0.00%	0.00%
Risk free interest rate	1.81%	1.96%	1.17%

Stock based compensation (Restr

Stock based compensation (Restricted Stock) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted stock [Member]
Restricted Stock Activity [Roll Forward]
Nonvested at beginning of year (in shares)	421,900
Granted (in shares)	38,900
Vested (in shares)	(225,700)
Forfeited (in shares)	(30,900)
Nonvested at the end of year (in shares)	204,200	421,900
Weighted average grant date fair value (in dollars per share)	$ 18.87	$ 31.71	$ 29.83
Fair value of shares vested	$ 5.1	$ 10.9	$ 13.5
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)	849,100
Granted (in shares)	797,500
Vested (in shares)	(246,500)
Forfeited (in shares)	(187,900)
Nonvested at the end of year (in shares)	1,212,200	849,100
Weighted average grant date fair value (in dollars per share)	$ 18.06	$ 27.81
Fair value of shares vested	$ 6.7	$ 3	$ 0.4
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)	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Number of operating segments (in segments) | segment									2
Net sales	$ 196,148,000	$ 244,993,000	$ 284,415,000	$ 348,096,000	$ 438,678,000	$ 468,822,000	$ 428,279,000	$ 403,938,000	$ 1,073,652,000	$ 1,739,717,000	$ 1,524,811,000
Operating income (loss)	(188,586,000)	$ 12,193,000	$ 22,438,000	$ 40,232,000	$ 64,805,000	$ 76,040,000	$ 65,804,000	$ 61,389,000	(113,723,000)	268,038,000	209,554,000
Goodwill and Intangible asset impairment	$ 125,092								125,092,000	0	0
Transaction expenses									480,000	2,326,000	2,700,000
(Gain)/loss on sale of assets									746,000	1,431,000	614,000
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income (loss)									12,595,000	271,795,000	212,868,000
Depreciation and amortization									65,683,000	65,072,000	60,579,000
Capital expenditures									32,291,000	53,792,000	60,263,000
Operating Segments [Member] | Drilling & Subsea [Member]
Segment Reporting Information [Line Items]
Net sales									627,935,000	1,126,575,000	940,807,000
Operating income (loss)									9,152,000	201,269,000	155,828,000
Depreciation and amortization									44,397,000	47,201,000	43,971,000
Capital expenditures									16,320,000	28,115,000	40,991,000
Operating Segments [Member] | Production & Infrastructure [Member]
Segment Reporting Information [Line Items]
Net sales									446,703,000	614,442,000	585,495,000
Operating income (loss)									31,520,000	112,541,000	86,471,000
Depreciation and amortization									14,738,000	12,283,000	13,952,000
Capital expenditures									8,986,000	19,287,000	10,940,000
Operating Segments [Member] | Corporate [Member]
Segment Reporting Information [Line Items]
Operating income (loss)									(28,077,000)	(42,015,000)	(29,431,000)
Depreciation and amortization									6,548,000	5,588,000	2,656,000
Capital expenditures									6,985,000	6,390,000	8,332,000
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales									$ (986,000)	$ (1,300,000)	$ (1,491,000)

Business segments (Assets by Se

Business segments (Assets by Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Assets	$ 1,886,042	$ 2,214,102
Operating Segments [Member]
Segment Reporting Information [Line Items]
Assets	1,886,042	2,214,102	$ 2,160,247
Operating Segments [Member] | Drilling & Subsea [Member]
Segment Reporting Information [Line Items]
Assets	1,325,277	1,674,934	1,655,355
Operating Segments [Member] | Production & Infrastructure [Member]
Segment Reporting Information [Line Items]
Assets	503,533	488,225	468,520
Operating Segments [Member] | Corporate [Member]
Segment Reporting Information [Line Items]
Assets	$ 57,232	$ 50,943	$ 36,372

Business segments (Revenue by S

Business segments (Revenue by Shipping Location) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 196,148	$ 244,993	$ 284,415	$ 348,096	$ 438,678	$ 468,822	$ 428,279	$ 403,938	$ 1,073,652	$ 1,739,717	$ 1,524,811
Sales [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 1,073,652	$ 1,739,717	$ 1,524,811
Percentage of net sales									100.00%	100.00%	100.00%
Sales [Member] | United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 646,928	$ 1,049,609	$ 918,795
Percentage of net sales									60.30%	60.30%	60.20%
Sales [Member] | Europe & Africa [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 188,414	$ 305,376	$ 225,381
Percentage of net sales									17.50%	17.60%	14.80%
Sales [Member] | Asia-Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 69,923	$ 154,669	$ 151,790
Percentage of net sales									6.50%	8.90%	10.00%
Sales [Member] | Middle East [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 59,680	$ 65,498	$ 65,724
Percentage of net sales									5.60%	3.80%	4.30%
Sales [Member] | Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 57,837	$ 103,077	$ 99,081
Percentage of net sales									5.40%	5.90%	6.50%
Sales [Member] | Latin America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 50,870	$ 61,488	$ 64,040
Percentage of net sales									4.70%	3.50%	4.20%

Business segments (Long-lived A

Business segments (Long-lived Assets by Geographic Location) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,168,230	$ 1,318,943	$ 1,350,779
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	869,388	932,173	961,487
Europe & Africa [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	202,852	313,589	346,017
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	83,688	59,207	28,839
Asia-Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	8,192	9,132	9,465
Middle East [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	3,189	3,192	3,182
Latin America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 921	$ 1,650	$ 1,789

Business segments (Revenue by P

Business segments (Revenue by Product Lines) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue from External Customer [Line Items]
Net sales	$ 196,148	$ 244,993	$ 284,415	$ 348,096	$ 438,678	$ 468,822	$ 428,279	$ 403,938	$ 1,073,652	$ 1,739,717	$ 1,524,811
Sales [Member]
Revenue from External Customer [Line Items]
Net sales									$ 1,073,652	$ 1,739,717	$ 1,524,811
Percentage of net sales									100.00%	100.00%	100.00%
Sales [Member] | Drilling Technologies [Member]
Revenue from External Customer [Line Items]
Net sales									$ 332,313	$ 614,765	$ 462,420
Percentage of net sales									30.90%	35.40%	30.30%
Sales [Member] | Subsea Technologies [Member]
Revenue from External Customer [Line Items]
Net sales									$ 189,090	$ 321,039	$ 316,418
Percentage of net sales									17.60%	18.50%	20.80%
Sales [Member] | Downhole Technologies [Member]
Revenue from External Customer [Line Items]
Net sales									$ 106,532	$ 190,771	$ 161,970
Percentage of net sales									9.90%	11.00%	10.60%
Sales [Member] | Production Equipment [Member]
Revenue from External Customer [Line Items]
Net sales									$ 145,900	$ 228,769	$ 251,428
Percentage of net sales									13.60%	13.10%	16.50%
Sales [Member] | Valve Solutions [Member]
Revenue from External Customer [Line Items]
Net sales									$ 174,515	$ 207,456	$ 211,170
Percentage of net sales									16.30%	11.90%	13.80%
Sales [Member] | Flow Equipment [Member]
Revenue from External Customer [Line Items]
Net sales									$ 126,288	$ 178,217	$ 122,896
Percentage of net sales									11.80%	10.20%	8.10%
Sales [Member] | Eliminations [Member]
Revenue from External Customer [Line Items]
Net sales									$ (986)	$ (1,300)	$ (1,491)
Percentage of net sales									(0.10%)	(0.10%)	(0.10%)

Condensed consolidating finan77

Condensed consolidating financial statements (Condensed consolidating statements of income and comprehensive income (loss)) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales	$ 196,148,000	$ 244,993,000	$ 284,415,000	$ 348,096,000	$ 438,678,000	$ 468,822,000	$ 428,279,000	$ 403,938,000	$ 1,073,652,000	$ 1,739,717,000	$ 1,524,811,000
Cost of sales	193,242,000	179,231,000	199,532,000	238,970,000	297,195,000	316,784,000	290,286,000	276,000,000	810,975,000	1,180,265,000	1,049,586,000
Gross profit	2,906,000	65,762,000	84,883,000	109,126,000	141,483,000	152,038,000	137,993,000	127,938,000	262,677,000	559,452,000	475,225,000
Operating expenses
Selling, general and administrative expenses									264,906,000	312,821,000	269,669,000
Goodwill and Intangible asset impairment	125,092								125,092,000	0	0
Transaction expenses									480,000	2,326,000	2,700,000
Loss on sale of assets									746,000	1,431,000	614,000
Other operating expense (income)										3,757,000	3,314,000
Total operating expenses	194,035,000	57,439,000	66,285,000	73,465,000	83,845,000	82,747,000	78,129,000	71,857,000	391,224,000	316,578,000	272,983,000
Earnings from equity investment	2,543,000	3,870,000	3,840,000	4,571,000	7,167,000	6,749,000	5,940,000	5,308,000	14,824,000	25,164,000	7,312,000
Equity earnings from affiliate, net of tax									0	0	0
Operating income (loss)	(188,586,000)	12,193,000	22,438,000	40,232,000	64,805,000	76,040,000	65,804,000	61,389,000	(113,723,000)	268,038,000	209,554,000
Other expense (income)
Interest expense									29,945,000	29,847,000	18,370,000
Interest income with affiliate										0	0
Interest expense with affiliate										0	0
Foreign exchange (gains) losses and other, net									(9,345,000)	(4,331,000)	2,953,000
Deferred loan costs written off									0	0	2,149,000
Total other expense	3,424,000	4,543,000	11,662,000	971,000	2,958,000	2,477,000	10,854,000	9,227,000	20,600,000	25,516,000	23,472,000
Income (loss) before income taxes	(192,010,000)	7,650,000	10,776,000	39,261,000	61,847,000	73,563,000	54,950,000	52,162,000	(134,323,000)	242,522,000	186,082,000
Provision for income tax expense (benefit)	(28,387,000)	932,000	1,911,000	10,605,000	15,750,000	21,332,000	15,407,000	15,656,000	(14,939,000)	68,145,000	56,478,000
Net income (loss)	(163,623,000)	6,718,000	8,865,000	28,656,000	46,097,000	52,231,000	39,543,000	36,506,000	(119,384,000)	174,377,000	129,604,000
Less: Income (loss) attributable to noncontrolling interest	(4,000)	(2,000)	(9,000)	(16,000)	10,000	5,000	21,000	(24,000)	(31,000)	12,000	65,000
Net income (loss) attributable to common stockholders	(163,619,000)	6,720,000	8,874,000	28,672,000	46,087,000	52,226,000	39,522,000	36,530,000	(119,353,000)	174,365,000	129,539,000
Other comprehensive income (loss), net of tax:
Net income (loss)	$ (163,623,000)	$ 6,718,000	$ 8,865,000	$ 28,656,000	$ 46,097,000	$ 52,231,000	$ 39,543,000	$ 36,506,000	(119,384,000)	174,377,000	129,604,000
Change in foreign currency translation, net of tax of $0									(45,270,000)	(43,694,000)	7,525,000
Change in foreign currency translation, tax									0	0	0
Gain (loss) on pension liability									46,000	(1,110,000)	223,000
Comprehensive income (loss)									(164,608,000)	129,573,000	137,352,000
Less: comprehensive loss attributable to noncontrolling interests									168,000	46,000	72,000
Comprehensive income (loss) attributable to common stockholders									(164,440,000)	129,619,000	137,424,000
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
Goodwill and Intangible asset impairment									0
Transaction expenses									0
Loss on sale of assets									0
Other operating expense (income)										0	0
Total operating expenses									0	0	0
Earnings from equity investment									0	0	0
Equity earnings from affiliate, net of tax									(99,908,000)	193,724,000	142,799,000
Operating income (loss)									(99,908,000)	193,724,000	142,799,000
Other expense (income)
Interest expense									29,914,000	29,783,000	18,251,000
Interest income with affiliate										0	0
Interest expense with affiliate										0	0
Foreign exchange (gains) losses and other, net									0	0	0
Deferred loan costs written off											2,149,000
Total other expense									29,914,000	29,783,000	20,400,000
Income (loss) before income taxes									(129,822,000)	163,941,000	122,399,000
Provision for income tax expense (benefit)									(10,469,000)	(10,424,000)	(7,140,000)
Net income (loss)									(119,353,000)	174,365,000	129,539,000
Less: Income (loss) attributable to noncontrolling interest									0	0	0
Net income (loss) attributable to common stockholders									(119,353,000)	174,365,000	129,539,000
Other comprehensive income (loss), net of tax:
Net income (loss)									(119,353,000)	174,365,000	129,539,000
Change in foreign currency translation, net of tax of $0									(45,270,000)	(43,694,000)	7,525,000
Change in foreign currency translation, tax									0	0	0
Gain (loss) on pension liability									46,000	(1,110,000)	223,000
Comprehensive income (loss)									(164,577,000)	129,561,000	137,287,000
Less: comprehensive loss attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to common stockholders									(164,577,000)	129,561,000	137,287,000
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales									810,890,000	1,266,376,000	1,142,000,000
Cost of sales									646,076,000	887,428,000	804,413,000
Gross profit									164,814,000	378,948,000	337,587,000
Operating expenses
Selling, general and administrative expenses									201,904,000	244,577,000	211,863,000
Goodwill and Intangible asset impairment									57,392,000
Transaction expenses									480,000
Loss on sale of assets									943,000
Other operating expense (income)										3,564,000	2,821,000
Total operating expenses									260,719,000	248,141,000	214,684,000
Earnings from equity investment									14,824,000	25,164,000	7,312,000
Equity earnings from affiliate, net of tax									(28,419,000)	90,067,000	53,520,000
Operating income (loss)									(109,500,000)	246,038,000	183,735,000
Other expense (income)
Interest expense									10,000	78,000	101,000
Interest income with affiliate										(5,770,000)	(3,987,000)
Interest expense with affiliate										0	0
Foreign exchange (gains) losses and other, net									(479,000)	116,000	(624,000)
Deferred loan costs written off											0
Total other expense									(469,000)	(5,576,000)	(4,510,000)
Income (loss) before income taxes									(109,031,000)	251,614,000	188,245,000
Provision for income tax expense (benefit)									(9,123,000)	57,890,000	45,446,000
Net income (loss)									(99,908,000)	193,724,000	142,799,000
Less: Income (loss) attributable to noncontrolling interest									0	0	0
Net income (loss) attributable to common stockholders									(99,908,000)	193,724,000	142,799,000
Other comprehensive income (loss), net of tax:
Net income (loss)									(99,908,000)	193,724,000	142,799,000
Change in foreign currency translation, net of tax of $0									(45,270,000)	(43,694,000)	7,525,000
Change in foreign currency translation, tax									0	0	0
Gain (loss) on pension liability									46,000	(1,110,000)	223,000
Comprehensive income (loss)									(145,132,000)	148,920,000	150,547,000
Less: comprehensive loss attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to common stockholders									(145,132,000)	148,920,000	150,547,000
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales									369,186,000	637,205,000	510,460,000
Cost of sales									269,900,000	453,785,000	370,517,000
Gross profit									99,286,000	183,420,000	139,943,000
Operating expenses
Selling, general and administrative expenses									63,002,000	68,244,000	57,806,000
Goodwill and Intangible asset impairment									67,700,000
Transaction expenses									0
Loss on sale of assets									(197,000)
Other operating expense (income)										193,000	493,000
Total operating expenses									130,505,000	68,437,000	58,299,000
Earnings from equity investment									0	0	0
Equity earnings from affiliate, net of tax									0	0	0
Operating income (loss)									(31,219,000)	114,983,000	81,644,000
Other expense (income)
Interest expense									21,000	(14,000)	18,000
Interest income with affiliate										0	0
Interest expense with affiliate										5,770,000	3,987,000
Foreign exchange (gains) losses and other, net									(8,866,000)	(4,447,000)	3,577,000
Deferred loan costs written off											0
Total other expense									(8,845,000)	1,309,000	7,582,000
Income (loss) before income taxes									(22,374,000)	113,674,000	74,062,000
Provision for income tax expense (benefit)									4,653,000	20,679,000	18,172,000
Net income (loss)									(27,027,000)	92,995,000	55,890,000
Less: Income (loss) attributable to noncontrolling interest									(31,000)	12,000	65,000
Net income (loss) attributable to common stockholders									(26,996,000)	92,983,000	55,825,000
Other comprehensive income (loss), net of tax:
Net income (loss)									(27,027,000)	92,995,000	55,890,000
Change in foreign currency translation, net of tax of $0									(45,270,000)	(43,694,000)	7,525,000
Change in foreign currency translation, tax									0	0	0
Gain (loss) on pension liability									46,000	(1,110,000)	223,000
Comprehensive income (loss)									(72,251,000)	48,191,000	63,638,000
Less: comprehensive loss attributable to noncontrolling interests									168,000	46,000	72,000
Comprehensive income (loss) attributable to common stockholders									(72,083,000)	48,237,000	63,710,000
Eliminations [Member]
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales									(106,424,000)	(163,864,000)	(127,649,000)
Cost of sales									(105,001,000)	(160,948,000)	(125,344,000)
Gross profit									(1,423,000)	(2,916,000)	(2,305,000)
Operating expenses
Selling, general and administrative expenses									0	0	0
Goodwill and Intangible asset impairment									0
Transaction expenses									0
Loss on sale of assets									0
Other operating expense (income)										0	0
Total operating expenses									0	0	0
Earnings from equity investment									0	0	0
Equity earnings from affiliate, net of tax									128,327,000	(283,791,000)	(196,319,000)
Operating income (loss)									126,904,000	(286,707,000)	(198,624,000)
Other expense (income)
Interest expense									0	0	0
Interest income with affiliate										5,770,000	3,987,000
Interest expense with affiliate										(5,770,000)	(3,987,000)
Foreign exchange (gains) losses and other, net									0	0	0
Deferred loan costs written off											0
Total other expense									0	0	0
Income (loss) before income taxes									126,904,000	(286,707,000)	(198,624,000)
Provision for income tax expense (benefit)									0	0	0
Net income (loss)									126,904,000	(286,707,000)	(198,624,000)
Less: Income (loss) attributable to noncontrolling interest									0	0	0
Net income (loss) attributable to common stockholders									126,904,000	(286,707,000)	(198,624,000)
Other comprehensive income (loss), net of tax:
Net income (loss)									126,904,000	(286,707,000)	(198,624,000)
Change in foreign currency translation, net of tax of $0									90,540,000	87,388,000	(15,050,000)
Change in foreign currency translation, tax									0	0	0
Gain (loss) on pension liability									(92,000)	2,220,000	(446,000)
Comprehensive income (loss)									217,352,000	(197,099,000)	(214,120,000)
Less: comprehensive loss attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to common stockholders									$ 217,352,000	$ (197,099,000)	$ (214,120,000)

Condensed consolidating finan78

Condensed consolidating financial statements (Condensed consolidating balance sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 109,249	$ 76,579	$ 39,582	$ 41,063
Accounts receivable—trade, net	138,597	287,045
Inventories, net	424,121	461,515
Costs and estimated profits in excess of billings	12,009	14,646
Other current assets	33,836	55,374
Total current assets	717,812	895,159
Property and equipment, net of accumulated depreciation	186,667	189,974
Deferred financing costs, net	4,125	5,581
Deferred income taxes, net	780	0
Intangibles, net	246,650	271,739
Goodwill	669,036	798,481	802,318
Investment in unconsolidated subsidiary	57,719	49,675
Investment in affiliates	0	0
Long-term loan and advances to affiliates	0	0
Other long-term assets	3,253	3,493
Total assets	1,886,042	2,214,102
Current liabilities
Current portion of long-term debt	253	840
Accounts payable—trade	76,823	127,757
Accrued liabilities	58,563	126,890
Deferred revenue		10,919
Deferred revenue	7,283	10,919
Billings in excess of costs and profits recognized	8,631	15,785
Total current liabilities	151,553	282,191
Long-term debt, net of current portion	396,016	420,484
Long-term loans and payables to affiliates	0	0
Deferred income taxes, net	51,100	98,188
Other long-term liabilities	29,956	17,318
Total liabilities	628,625	818,181
Total stockholders’ equity	1,257,020	1,395,356
Noncontrolling interest in subsidiary	397	565
Total equity	1,257,417	1,395,921	1,330,966	1,162,155
Total liabilities and equity	1,886,042	2,214,102
Reportable Legal Entities [Member] | FET Inc. (Parent) [Member]
Current assets
Cash and cash equivalents	0	5,551	0	0
Accounts receivable—trade, net	0	0
Inventories, net	0	0
Costs and estimated profits in excess of billings	0	0
Other current assets	0	0
Total current assets	0	5,551
Property and equipment, net of accumulated depreciation	0	0
Deferred financing costs, net	4,125	5,581
Deferred income taxes, net	0
Intangibles, net	0	0
Goodwill	0	0
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	1,188,707	1,333,701
Long-term loan and advances to affiliates	467,184	483,534
Other long-term assets	0	0
Total assets	1,660,016	1,828,367
Current liabilities
Current portion of long-term debt	0	0
Accounts payable—trade	0	0
Accrued liabilities	7,027	12,733
Deferred revenue		0
Deferred revenue	0
Billings in excess of costs and profits recognized	0	0
Total current liabilities	7,027	12,733
Long-term debt, net of current portion	395,970	420,275
Long-term loans and payables to affiliates	0	0
Deferred income taxes, net	0	0
Other long-term liabilities	0	0
Total liabilities	402,997	433,008
Total stockholders’ equity	1,257,019	1,395,359
Noncontrolling interest in subsidiary	0	0
Total equity	1,257,019	1,395,359
Total liabilities and equity	1,660,016	1,828,367
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Current assets
Cash and cash equivalents	36,884	4,006	0	8,092
Accounts receivable—trade, net	85,537	194,964
Inventories, net	318,360	343,902
Costs and estimated profits in excess of billings	6,477	4,871
Other current assets	25,447	38,920
Total current assets	472,705	586,663
Property and equipment, net of accumulated depreciation	153,995	153,016
Deferred financing costs, net	0	0
Deferred income taxes, net	0
Intangibles, net	186,234	198,819
Goodwill	481,374	522,898
Investment in unconsolidated subsidiary	57,719	49,675
Investment in affiliates	514,893	590,421
Long-term loan and advances to affiliates	0	0
Other long-term assets	2,549	2,760
Total assets	1,869,469	2,104,252
Current liabilities
Current portion of long-term debt	243	828
Accounts payable—trade	57,529	85,179
Accrued liabilities	40,874	84,824
Deferred revenue		3,783
Deferred revenue	1,334
Billings in excess of costs and profits recognized	1,872	1,189
Total current liabilities	101,852	175,803
Long-term debt, net of current portion	34	183
Long-term loans and payables to affiliates	527,406	506,065
Deferred income taxes, net	36,937	77,311
Other long-term liabilities	14,533	11,189
Total liabilities	680,762	770,551
Total stockholders’ equity	1,188,707	1,333,701
Noncontrolling interest in subsidiary	0	0
Total equity	1,188,707	1,333,701
Total liabilities and equity	1,869,469	2,104,252
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Current assets
Cash and cash equivalents	72,365	67,022	39,582	32,971
Accounts receivable—trade, net	53,060	92,081
Inventories, net	115,165	125,594
Costs and estimated profits in excess of billings	5,532	9,775
Other current assets	8,389	16,454
Total current assets	254,511	310,926
Property and equipment, net of accumulated depreciation	32,672	36,958
Deferred financing costs, net	0	0
Deferred income taxes, net	780
Intangibles, net	60,416	72,920
Goodwill	187,662	275,583
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	0	0
Long-term loan and advances to affiliates	60,221	22,531
Other long-term assets	704	733
Total assets	596,966	719,651
Current liabilities
Current portion of long-term debt	10	12
Accounts payable—trade	19,294	42,578
Accrued liabilities	10,662	29,333
Deferred revenue		7,136
Deferred revenue	5,949
Billings in excess of costs and profits recognized	6,759	14,596
Total current liabilities	42,674	93,655
Long-term debt, net of current portion	12	26
Long-term loans and payables to affiliates	0	0
Deferred income taxes, net	14,163	20,877
Other long-term liabilities	15,423	6,129
Total liabilities	72,272	120,687
Total stockholders’ equity	524,297	598,399
Noncontrolling interest in subsidiary	397	565
Total equity	524,694	598,964
Total liabilities and equity	596,966	719,651
Eliminations [Member]
Current assets
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable—trade, net	0	0
Inventories, net	(9,404)	(7,981)
Costs and estimated profits in excess of billings	0	0
Other current assets	0	0
Total current assets	(9,404)	(7,981)
Property and equipment, net of accumulated depreciation	0	0
Deferred financing costs, net	0	0
Deferred income taxes, net	0
Intangibles, net	0	0
Goodwill	0	0
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	(1,703,600)	(1,924,122)
Long-term loan and advances to affiliates	(527,405)	(506,065)
Other long-term assets	0	0
Total assets	(2,240,409)	(2,438,168)
Current liabilities
Current portion of long-term debt	0	0
Accounts payable—trade	0	0
Accrued liabilities	0	0
Deferred revenue		0
Deferred revenue	0
Billings in excess of costs and profits recognized	0	0
Total current liabilities	0	0
Long-term debt, net of current portion	0	0
Long-term loans and payables to affiliates	(527,406)	(506,065)
Deferred income taxes, net	0	0
Other long-term liabilities	0	0
Total liabilities	(527,406)	(506,065)
Total stockholders’ equity	(1,713,003)	(1,932,103)
Noncontrolling interest in subsidiary	0	0
Total equity	(1,713,003)	(1,932,103)
Total liabilities and equity	$ (2,240,409)	$ (2,438,168)

Condensed consolidating finan79

Condensed consolidating financial statements (Condensed consolidating statements of cash flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	$ 155,913	$ 269,966	$ 211,393
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(60,836)	(38,289)	(181,718)
Investment in unconsolidated subsidiary	0	0	(48,013)
Capital expenditures for property and equipment	(32,291)	(53,792)	(60,263)
Long-term loans and advances to affiliates	0	0	0
Other	1,821	21,390	964
Net cash used in investing activities	(91,306)	(70,691)	(289,030)
Cash flows from financing activities
Borrowings under Credit Facility due to acquisitions	0		181,718
Borrowings under Credit Facility	94,984	15,423	223,235
Issuance of Senior Notes	0	0	403,250
Repayment of long-term debt	(120,077)	(98,415)	(715,131)
Long-term loans and advances to affiliates	0	0	0
Deferred financing costs	0	(6)	(12,003)
Repurchases of stock	(6,438)	(96,632)	(4,316)
Proceeds from stock issuance	5,275	11,101	5,458
Payment of contingent consideration accrued at acquisition	0	0	(11,435)
Other	(681)	6,505	7,420
Net cash provided by (used in) financing activities	(26,937)	(162,018)	77,054
Effect of exchange rate changes on cash	(5,000)	(260)	(898)
Net increase (decrease) in cash and cash equivalents	32,670	36,997	(1,481)
Cash and cash equivalents
Beginning of period	76,579	39,582	41,063
End of period	109,249	76,579	39,582
Reportable Legal Entities [Member] | FET Inc. (Parent) [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	(17,306)	(16,796)	(3,683)
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	0	0	0
Investment in unconsolidated subsidiary	0	0	0
Capital expenditures for property and equipment	0	0	0
Long-term loans and advances to affiliates	38,019	191,290	(77,933)
Other	0	0	0
Net cash used in investing activities	38,019	191,290	(77,933)
Cash flows from financing activities
Borrowings under Credit Facility due to acquisitions	0		0
Borrowings under Credit Facility	94,984	15,000	402,748
Issuance of Senior Notes	0		403,250
Repayment of long-term debt	(120,077)	(98,406)	(713,521)
Long-term loans and advances to affiliates	0	0	0
Deferred financing costs			(12,003)
Repurchases of stock	(6,438)	(96,632)
Proceeds from stock issuance	5,275	11,101
Payment of contingent consideration accrued at acquisition			0
Other	(8)	(6)	1,142
Net cash provided by (used in) financing activities	(26,264)	(168,943)	81,616
Effect of exchange rate changes on cash	0	0	0
Net increase (decrease) in cash and cash equivalents	(5,551)	5,551	0
Cash and cash equivalents
Beginning of period	5,551	0	0
End of period	0	5,551	0
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	112,629	175,700	157,198
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(60,836)	0	(54,389)
Investment in unconsolidated subsidiary	0	0	(48,013)
Capital expenditures for property and equipment	(23,035)	(42,334)	(48,270)
Long-term loans and advances to affiliates	41,755	34,010	(97,316)
Other	1,057	20,862	392
Net cash used in investing activities	(41,059)	12,538	(247,596)
Cash flows from financing activities
Borrowings under Credit Facility due to acquisitions	0		54,389
Borrowings under Credit Facility	0	423	(52,184)
Issuance of Senior Notes	0		0
Repayment of long-term debt	0	124	(1,639)
Long-term loans and advances to affiliates	(38,019)	(191,290)	86,897
Deferred financing costs			0
Repurchases of stock	0	0
Proceeds from stock issuance	0	0
Payment of contingent consideration accrued at acquisition			(11,435)
Other	(673)	6,511	6,278
Net cash provided by (used in) financing activities	(38,692)	(184,232)	82,306
Effect of exchange rate changes on cash	0	0	0
Net increase (decrease) in cash and cash equivalents	32,878	4,006	(8,092)
Cash and cash equivalents
Beginning of period	4,006	0	8,092
End of period	36,884	4,006	0
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	60,590	111,062	57,878
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	0	(38,289)	(127,329)
Investment in unconsolidated subsidiary	0	0	0
Capital expenditures for property and equipment	(9,256)	(11,458)	(11,993)
Long-term loans and advances to affiliates	0	0	0
Other	764	528	572
Net cash used in investing activities	(8,492)	(49,219)	(138,750)
Cash flows from financing activities
Borrowings under Credit Facility due to acquisitions	0		127,329
Borrowings under Credit Facility	0	0	(127,329)
Issuance of Senior Notes	0		0
Repayment of long-term debt	0	(133)	29
Long-term loans and advances to affiliates	(41,755)	(34,010)	88,352
Deferred financing costs			0
Repurchases of stock	0	0
Proceeds from stock issuance	0	0
Payment of contingent consideration accrued at acquisition			0
Other	0	0	0
Net cash provided by (used in) financing activities	(41,755)	(34,143)	88,381
Effect of exchange rate changes on cash	(5,000)	(260)	(898)
Net increase (decrease) in cash and cash equivalents	5,343	27,440	6,611
Cash and cash equivalents
Beginning of period	67,022	39,582	32,971
End of period	72,365	67,022	39,582
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	0
Capital expenditures for property and equipment	0	0	0
Long-term loans and advances to affiliates	(79,774)	(225,300)	175,249
Other	0	0	0
Net cash used in investing activities	(79,774)	(225,300)	175,249
Cash flows from financing activities
Borrowings under Credit Facility due to acquisitions	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	79,774	225,300	(175,249)
Deferred financing costs			0
Repurchases of stock	0	0
Proceeds from stock issuance	0	0
Payment of contingent consideration accrued at acquisition			0
Other	0	0	0
Net cash provided by (used in) financing activities	79,774	225,300	(175,249)
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 operatio80

Quarterly results of operations (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 196,148,000	$ 244,993,000	$ 284,415,000	$ 348,096,000	$ 438,678,000	$ 468,822,000	$ 428,279,000	$ 403,938,000	$ 1,073,652,000	$ 1,739,717,000	$ 1,524,811,000
Cost of sales	193,242,000	179,231,000	199,532,000	238,970,000	297,195,000	316,784,000	290,286,000	276,000,000	810,975,000	1,180,265,000	1,049,586,000
Gross profit	2,906,000	65,762,000	84,883,000	109,126,000	141,483,000	152,038,000	137,993,000	127,938,000	262,677,000	559,452,000	475,225,000
Total operating expenses(1)	194,035,000	57,439,000	66,285,000	73,465,000	83,845,000	82,747,000	78,129,000	71,857,000	391,224,000	316,578,000	272,983,000
Earnings from equity investment	2,543,000	3,870,000	3,840,000	4,571,000	7,167,000	6,749,000	5,940,000	5,308,000	14,824,000	25,164,000	7,312,000
Operating income (loss)	(188,586,000)	12,193,000	22,438,000	40,232,000	64,805,000	76,040,000	65,804,000	61,389,000	(113,723,000)	268,038,000	209,554,000
Total other expense	3,424,000	4,543,000	11,662,000	971,000	2,958,000	2,477,000	10,854,000	9,227,000	20,600,000	25,516,000	23,472,000
Income (loss) before income taxes	(192,010,000)	7,650,000	10,776,000	39,261,000	61,847,000	73,563,000	54,950,000	52,162,000	(134,323,000)	242,522,000	186,082,000
Provision for income tax expense (benefit)	(28,387,000)	932,000	1,911,000	10,605,000	15,750,000	21,332,000	15,407,000	15,656,000	(14,939,000)	68,145,000	56,478,000
Net income (loss)	(163,623,000)	6,718,000	8,865,000	28,656,000	46,097,000	52,231,000	39,543,000	36,506,000	(119,384,000)	174,377,000	129,604,000
Less: loss attributable to noncontrolling interest	(4,000)	(2,000)	(9,000)	(16,000)	10,000	5,000	21,000	(24,000)	(31,000)	12,000	65,000
Net income (loss) attributable to common stockholders	$ (163,619,000)	$ 6,720,000	$ 8,874,000	$ 28,672,000	$ 46,087,000	$ 52,226,000	$ 39,522,000	$ 36,530,000	$ (119,353,000)	$ 174,365,000	$ 129,539,000
Weighted average shares outstanding
Basic (in shares)	90,175	90,058	89,767	89,482	92,376	93,331	92,649	92,129	89,908	92,628	90,697
Diluted (in shares)	90,175	91,687	91,884	91,469	94,666	96,198	95,695	95,191	89,908	95,308	94,604
Earnings (losses) per share
Basic (in dollars per share)	$ (1.81)	$ 0.07	$ 0.10	$ 0.32	$ 0.50	$ 0.56	$ 0.43	$ 0.40	$ (1.33)	$ 1.88	$ 1.43
Diluted (in dollars per share)	$ (1.81)	$ 0.07	$ 0.10	$ 0.31	$ 0.49	$ 0.54	$ 0.41	$ 0.38	$ (1.33)	$ 1.83	$ 1.37
Goodwill and Intangible asset impairment	$ 125,092								$ 125,092,000	$ 0	$ 0