Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
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-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 91,222,347 |
Condensed consolidated statemen
Condensed consolidated statements of comprehensive income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 159,441 | $ 348,096 |
Cost of sales | 124,884 | 238,970 |
Gross profit | 34,557 | 109,126 |
Operating expenses | ||
Selling, general and administrative expenses | 60,013 | 73,560 |
Transaction expenses | 166 | 217 |
Loss (gain) on sale of assets and other | (32) | (312) |
Total operating expenses | 60,147 | 73,465 |
Earnings from equity investment | 577 | 4,571 |
Operating income (loss) | (25,013) | 40,232 |
Other expense (income) | ||
Interest expense | 7,133 | 7,627 |
Deferred financing costs written off | 2,588 | 0 |
Foreign exchange (gains) and other, net | (1,380) | (6,656) |
Total other expense | 8,341 | 971 |
Income (loss) before income taxes | (33,354) | 39,261 |
Provision (benefit) for income tax expense | (10,406) | 10,605 |
Net income (loss) | (22,948) | 28,656 |
Less: Income (loss) attributable to noncontrolling interest | (5) | (16) |
Net income (loss) attributable to common stockholders | $ (22,943) | $ 28,672 |
Weighted average shares outstanding | ||
Basic (in shares) | 90,477 | 89,482 |
Diluted (in shares) | 90,477 | 91,469 |
Earnings (losses) per share | ||
Basic (in dollars per share) | $ (0.25) | $ 0.32 |
Diluted (in dollars per share) | $ (0.25) | $ 0.31 |
Other comprehensive income (loss), net of tax: | ||
Net income (loss) | $ (22,948) | $ 28,656 |
Change in foreign currency translation, net of tax of $0 | 3,472 | (37,297) |
Gain (loss) on pension liability | (43) | 99 |
Comprehensive income (loss) | (19,519) | (8,542) |
Less: comprehensive loss (income) attributable to noncontrolling interests | (93) | 43 |
Comprehensive income (loss) attributable to common stockholders | $ (19,612) | $ (8,499) |
Condensed consolidated stateme3
Condensed consolidated statements of comprehensive income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Change in foreign currency translation, tax | $ 0 | $ 0 |
Condensed consolidated balance
Condensed consolidated balance sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 131,977 | $ 109,249 |
Accounts receivable—trade, net | 109,203 | 138,597 |
Inventories | 416,105 | 424,121 |
Prepaid expenses and other current assets | 26,846 | 33,836 |
Costs and estimated profits in excess of billings | 14,124 | 12,009 |
Total current assets | 698,255 | 717,812 |
Property and equipment, net of accumulated depreciation | 180,206 | 186,667 |
Deferred financing costs, net | 1,750 | 4,125 |
Intangible assets | 240,967 | 246,650 |
Goodwill | 671,190 | 669,036 |
Investment in unconsolidated subsidiary | 58,296 | 57,719 |
Deferred income taxes, net | 779 | 780 |
Other long-term assets | 3,126 | 3,253 |
Total assets | 1,854,569 | 1,886,042 |
Current liabilities | ||
Current portion of long-term debt | 82 | 253 |
Accounts payable—trade | 75,568 | 76,823 |
Accrued liabilities | 55,934 | 58,563 |
Deferred revenue | 9,119 | 7,283 |
Billings in excess of costs and profits recognized | 4,002 | 8,631 |
Total current liabilities | 144,705 | 151,553 |
Long-term debt, net of current portion | 396,170 | 396,016 |
Deferred income taxes, net | 40,266 | 51,100 |
Other long-term liabilities | 31,464 | 29,956 |
Total liabilities | $ 612,605 | $ 628,625 |
Commitments and contingencies | ||
Equity | ||
Common stock, $0.01 par value, 296,000,000 shares authorized, 99,368,477 and 98,605,902 shares issued | $ 993 | $ 986 |
Additional paid-in capital | 895,307 | 891,248 |
Treasury stock at cost, 8,145,802 and 8,145,802 shares | (133,318) | (133,318) |
Retained earnings | 557,209 | 580,152 |
Accumulated other comprehensive income (loss) | (78,717) | (82,048) |
Total stockholders’ equity | 1,241,474 | 1,257,020 |
Noncontrolling interest in subsidiary | 490 | 397 |
Total equity | 1,241,964 | 1,257,417 |
Total liabilities and equity | $ 1,854,569 | $ 1,886,042 |
Condensed consolidated balance5
Condensed consolidated balance sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 99,368,477 | 98,605,902 |
Treasury Stock, shares, at cost | 8,145,802 | 8,145,802 |
Condensed consolidated stateme6
Condensed consolidated statements of cash flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ (22,948) | $ 28,656 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation expense | 9,284 | 9,513 |
Amortization of intangible assets | 6,612 | 6,769 |
Share-based compensation expense | 5,084 | 5,031 |
Deferred income taxes | (10,832) | (1,322) |
Deferred financing costs written off | 2,588 | 0 |
Earnings from equity investment, net of distributions | (577) | (4,571) |
Other | (429) | 911 |
Changes in operating assets and liabilities | ||
Accounts receivable—trade | 28,764 | 30,238 |
Inventories | 9,048 | (37,610) |
Prepaid expenses and other current assets | 6,762 | 1,554 |
Accounts payable, deferred revenue and other accrued liabilities | 191 | 12,593 |
Costs and estimated profits in excess of billings, net | (6,691) | (3,275) |
Net cash provided by operating activities | 26,856 | 48,487 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | 0 | (60,836) |
Capital expenditures for property and equipment | (4,261) | (11,421) |
Proceeds from sale of business, property and equipment | 309 | 662 |
Net cash used in investing activities | (3,952) | (71,595) |
Cash flows from financing activities | ||
Borrowings of long term and short term debt | 8 | 65,008 |
Repayment of long term and short term debt | (199) | (25,323) |
Repurchases of stock | 0 | (5,885) |
Proceeds from stock issuance | 165 | 884 |
Deferred Financing costs | (513) | 0 |
Net cash provided by (used in) financing activities | (539) | 34,684 |
Effect of exchange rate changes on cash | 363 | (4,264) |
Net increase in cash and cash equivalents | 22,728 | 7,312 |
Cash and cash equivalents | ||
Beginning of period | 109,249 | 76,579 |
End of period | $ 131,977 | $ 83,891 |
Organization and basis of prese
Organization and basis of presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and basis of presentation | Organization and basis of presentation 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. Basis of presentation The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated in consolidation. 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 condensed consolidated statements of comprehensive income. The investment in this entity is included in "Investment in unconsolidated subsidiary" in the condensed consolidated balance sheets. The Company reports its share of equity earnings within operating income as the investee's operations are integral to the operations of the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company's financial position, results of operations and cash flows have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other interim period. These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America ("GAAP") for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 , which are included in the Company’s 2015 Annual Report on Form 10-K filed with the SEC on February 26, 2016 (the "Annual Report"). |
Recent accounting pronouncement
Recent accounting pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
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 March and April 2016, the FASB issued Accounting Standards Update ("ASU") No.2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing, and No. 2016-08 Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations. ASU no. 2016-10 amended and clarified the guidance in the new revenue standard on identifying performance obligation and accounting for licenses of intellectual property and addressed the implementation issues. ASU no. 2016-08 amended the guidance in the new revenue standard on assessing whether an entity is a principal or an agent in a revenue transaction, which impacts whether an entity reports revenue on a gross or net basis. Both standards will take effect for public companies for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of the adoption of the above guidance. In March 2016, the FASB issued ASU No.2016-09, Improvements to Employee Share-Based Payment Accounting. This new guidance includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements: a) All excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement; b) Excess tax benefits should be classified along with other income tax cash flows as an operating activity; c) An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur; d) The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions; e) Cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. There are also two additional provisions for non-public entities that do not apply to the Company. The standard will take effect for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact of the adoption of this guidance. In February 2016, the FASB issued 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 greater than twelve months. The standard will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this guidance. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2015 Acquisition Effective February 2, 2015, the Company completed the acquisition of J-Mac Tool, Inc. ("J-Mac") for consideration of $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 Completions segment. The following table summarizes the 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 Revenues and net income related to the acquisitions were not significant for the current and prior periods presented in this report. Pro forma results of operations for 2015 acquisitions have not been presented because the effects were not material to the consolidated financial statements on either an individual or aggregate basis. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The Company's significant components of inventory at March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, December 31, Raw materials and parts $ 149,790 $ 148,372 Work in process 36,982 38,381 Finished goods 301,607 315,256 Gross inventories 488,379 502,009 Inventory reserve (72,274 ) (77,888 ) Inventories $ 416,105 $ 424,121 |
Goodwill and intangible assets
Goodwill and intangible assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill The changes in the carrying amount of goodwill from December 31, 2015 to March 31, 2016 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2015 $ 334,595 $ 316,914 $ 17,527 $ 669,036 Impact of non-U.S. local currency translation 326 1,619 209 $ 2,154 Goodwill Balance at March 31, 2016 $ 334,921 $ 318,533 $ 17,736 $ 671,190 The Company performs its annual impairment tests of goodwill as of October 1. There was no impairment of goodwill during the quarter ended March 31, 2016 . Accumulated impairment losses on goodwill were $168.8 million as of March 31, 2016 and December 31, 2015 . Intangible assets Intangible assets consisted of the following as of March 31, 2016 and December 31, 2015 , respectively (in thousands): March 31, 2016 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 280,381 $ (106,206 ) $ 174,175 4-15 Patents and technology 34,359 (10,739 ) 23,620 5-17 Non-compete agreements 7,295 (6,431 ) 864 3-6 Trade names 45,601 (16,557 ) 29,044 10-15 Distributor relationships 22,160 (14,126 ) 8,034 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 395,026 $ (154,059 ) $ 240,967 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 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Notes payable and lines of credit as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands): March 31, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 2,294 2,395 Debt issuance cost (6,149 ) (6,425 ) Senior secured revolving credit facility — — Other debt 107 299 Total debt 396,252 396,269 Less: current maturities (82 ) (253 ) Long-term debt $ 396,170 $ 396,016 Senior Notes Due 2021 The Senior Notes bear interest at a rate of 6.250% per annum, payable on April 1 and October 1 of each year, and mature on October 1, 2021. The Senior Notes are senior unsecured obligations, and are guaranteed on a senior unsecured basis by the Company’s subsidiaries that guarantee the Credit Facility and rank junior to, among other indebtedness, the Credit Facility to the extent of the value of the collateral securing the Credit Facility. Credit Facility On February 25, 2016, the Company amended its senior secured credit facility (the "Credit Facility" and such amendment, the "Amended Facility") to reduce commitment fees and provide borrowing capacity for general corporate purposes. The Amended Facility provides for a revolving credit line of up to $200.0 million , 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 Amended Facility reduced the borrowing capacity from $600.0 million to $200.0 million , as such the Company has written off $2.6 million of the deferred financing costs related to the credit facility. The Credit Facility matures in November 2018. As of March 31, 2016 , we had no borrowings outstanding under the Credit Facility, and $10.5 million of outstanding letters of credit. Subsequent to March 31, 2016 , upon the completion of the bank's borrowing base audit, the Company had the capacity to borrow an additional $189.5 million subject to certain limitations in the Credit Facility. Weighted average interest rates under the Credit Facility for the twelve months ended December 31, 2015 were approximately 2.00% . There have been no changes to the financial covenants disclosed in Item 8 of the Annual Report and the Company was in compliance with all financial covenants at March 31, 2016 . |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The Company's effective tax rate was 31.2% for the three months ended March 31, 2016 and 27.0% for the three months ended March 31, 2015 . The tax rate is higher than the comparable period in 2015 primarily due to the proportion of losses being generated in the United States, which are benefited at a higher statutory tax rate, as compared to earnings being generated outside the United States in jurisdictions subject to lower tax rates. The effective tax rate can vary from period to period depending on the Company's relative mix of U.S. and non-U.S. earnings. |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements At March 31, 2016 , the Company had no debt outstanding under the Credit Facility, and $10.5 million of outstanding letters of credit. Substantially all of the debt incurs interest at a variable interest rate and, therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of the Company’s Senior Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At March 31, 2016 , the fair value and the carrying value of the Company’s Senior Notes approximated $346.0 million and $402.3 million , respectively. At December 31, 2015 , the fair value and the carrying value of the Company’s Senior Notes approximated $334.1 million and $402.5 million , respectively. There were no outstanding financial assets as of March 31, 2016 and December 31, 2015 that required measuring the amounts at fair value. 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 three months ended March 31, 2016 . |
Business segments
Business segments | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business segments | Business segments Beginning with the first quarter of 2016, the Company realigned its segments. Completions was designated as a separate segment in recognition of the expansion in these operations and its significant growth potential. The Company is reporting its results of operations in the following three operating segments, which are our reportable segments: Drilling & Subsea, Completions and Production & Infrastructure, instead of the original two operating segments. Management’s change in the composition of the Company’s reporting segments was made in order to align with activity drivers and the customers of our product group and to better correspond to the manner in which management will review and evaluate operating performance. This change will be reflected on a retrospective basis in accordance with generally accepted accounting principles, with prior years adjusted to reflect the change in reporting segments. The amounts indicated below as "Corporate" relate to costs and assets not allocated to the reportable operating segments. Summary financial data by segment follows (in thousands): Three months ended March 31, 2016 2015 Revenue: Drilling & Subsea $ 65,295 $ 163,553 Completions 34,304 94,496 Production & Infrastructure 60,511 90,523 Intersegment eliminations (669 ) (476 ) Total Revenue $ 159,441 $ 348,096 Operating income (loss): Drilling & Subsea $ (9,823 ) $ 19,839 Completions (6,458 ) 20,569 Production & Infrastructure (1,371 ) 7,990 Corporate (7,227 ) (8,261 ) Total segment operating income (loss) (24,879 ) 40,137 Transaction expenses 166 217 Loss (gain) on sale of assets and other (32 ) (312 ) Income (loss) from operations $ (25,013 ) $ 40,232 A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, December 31, Assets Drilling & Subsea $ 885,418 $ 912,324 Completions 728,531 728,745 Production & Infrastructure 188,211 187,741 Corporate 52,409 57,232 Total assets $ 1,854,569 $ 1,886,042 Corporate assets include, among other items, prepaid assets, cash and deferred financing costs. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Net income (loss) attributable to common stockholders $ (22,943 ) $ 28,672 Average shares outstanding (basic) 90,477 89,482 Common stock equivalents — 1,987 Diluted shares 90,477 91,469 Earnings(losses) per share Basic earnings (losses) per share $ (0.25 ) $ 0.32 Diluted earnings (losses) per share $ (0.25 ) $ 0.31 The diluted earnings per share calculation excludes all stock options for the three months ended March 31, 2016 because there is a net loss for the quarter. The diluted earnings per share calculation excludes approximately 1.6 million stock options for the three months ended March 31, 2015 , because they were anti-dilutive as the option exercise price was greater than the average market price of the Company's common stock. |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies In the ordinary course of business, the Company is, and in the future could be, involved in various pending or threatened legal actions that 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 considered to be probable and can be reasonably estimated. The reserves accrued at March 31, 2016 and December 31, 2015 , respectively, are immaterial. It is management's opinion that 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. |
Stockholders' equity
Stockholders' equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' equity | Stockholders' equity Share-based compensation During the three months ended March 31, 2016 , the Company granted 818,620 options and 1,670,270 shares of restricted stock or restricted stock units, which includes 257,900 performance share awards with a market condition. The stock options were granted with an exercise price of $9.39 . Of the restricted stock or restricted stock units granted, 1,292,553 vest ratably over four years on each anniversary of the date of grant. 119,817 shares of restricted stock or restricted stock units were granted to the non-employee members of the Board of Directors, which have a twelve month vesting period from the date of grant. The performance share awards granted may settle for 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 | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions The Company has sold and purchased equipment and services to and from various affiliates of certain directors. The dollar amounts related to these related party activities are not material to the Company’s condensed consolidated financial statements. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event In April 2016, the Company completed the acquisition of the wholesale completion packer product line of Team Oil Tools, Inc. The product line includes a wide variety of completion and service tools, including retrievable and permanent packers, bridge plugs, and accessories which are sold to the oilfield service providers, packer repair companies and distributors on a global basis. This product line will be included in the Completions segment. |
Condensed consolidating financi
Condensed consolidating financial statements | 3 Months Ended |
Mar. 31, 2016 | |
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 comprehensive income (loss) Three months ended March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 117,314 $ 55,634 $ (13,507 ) $ 159,441 Cost of sales — 92,614 45,132 (12,862 ) 124,884 Gross profit — 24,700 10,502 (645 ) 34,557 Operating expenses Selling, general and administrative expenses — 47,664 12,349 — 60,013 Transaction expenses — 166 — — 166 Loss (gain) on sale of assets and other — (36 ) 4 — (32 ) Total operating expenses — 47,794 12,353 — 60,147 Earnings from equity investment — 577 — — 577 Equity earnings from affiliate, net of tax (16,614 ) (1,089 ) — 17,703 — Operating income (16,614 ) (23,606 ) (1,851 ) 17,058 (25,013 ) Other expense (income) Interest expense (income) 7,148 (13 ) (2 ) — 7,133 Deferred loan costs written off 2,588 — — — 2,588 Foreign exchange (gains) losses and other, net — (82 ) (1,298 ) — (1,380 ) Total other expense (income) 9,736 (95 ) (1,300 ) — 8,341 Income (loss) before income taxes (26,350 ) (23,511 ) (551 ) 17,058 (33,354 ) Provision (benefit) for income tax expense (3,407 ) (6,897 ) (102 ) — (10,406 ) Net income (loss) (22,943 ) (16,614 ) (449 ) 17,058 (22,948 ) Less: Income (loss) attributable to noncontrolling interest — — (5 ) — (5 ) Net income (loss) attributable to common stockholders (22,943 ) (16,614 ) (444 ) 17,058 (22,943 ) Other comprehensive income (loss), net of tax: Net income (loss) (22,943 ) (16,614 ) (449 ) 17,058 (22,948 ) Change in foreign currency translation, net of tax of $0 3,472 3,472 3,472 (6,944 ) 3,472 Change in pension liability (43 ) (43 ) (43 ) 86 (43 ) Comprehensive income (loss) (19,514 ) (13,185 ) 2,980 10,200 (19,519 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (93 ) (93 ) Comprehensive income (loss) attributable to common stockholders $ (19,514 ) $ (13,185 ) $ 2,887 $ 10,200 $ (19,612 ) Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 269,198 $ 120,317 $ (41,419 ) $ 348,096 Cost of sales — 188,767 89,676 (39,473 ) 238,970 Gross profit — 80,431 30,641 (1,946 ) 109,126 Operating expenses Selling, general and administrative expenses — 57,372 16,188 — 73,560 Transaction Expense — 217 — — 217 Loss (gain) on sale of assets and other — (111 ) (201 ) — (312 ) Total operating expenses — 57,478 15,987 — 73,465 Earnings from equity investment — 4,571 — — 4,571 Equity earnings from affiliates, net of tax 33,604 16,237 — (49,841 ) — Operating income 33,604 43,761 14,654 (51,787 ) 40,232 Other expense (income) Interest expense (income) 7,588 14 25 — 7,627 Foreign exchange (gains) losses and other, net — (185 ) (6,471 ) — (6,656 ) Total other expense (income) 7,588 (171 ) (6,446 ) — 971 Income before income taxes 26,016 43,932 21,100 (51,787 ) 39,261 Provision for income tax expense (2,656 ) 10,328 2,933 — 10,605 Net income 28,672 33,604 18,167 (51,787 ) 28,656 Less: Income (loss) attributable to noncontrolling interest — — (16 ) — (16 ) Net income attributable to common stockholders 28,672 33,604 18,183 (51,787 ) 28,672 Other comprehensive income, net of tax: Net income 28,672 33,604 18,167 (51,787 ) 28,656 Change in foreign currency translation, net of tax of $0 (37,297 ) (37,297 ) (37,297 ) 74,594 (37,297 ) Change in pension liability 99 99 99 (198 ) 99 Comprehensive income (loss) (8,526 ) (3,594 ) (19,031 ) 22,609 (8,542 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — 43 — 43 Comprehensive income (loss) attributable to common stockholders $ (8,526 ) $ (3,594 ) $ (18,988 ) $ 22,609 $ (8,499 ) Condensed consolidating balance sheets March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 40,746 $ 91,231 $ — $ 131,977 Accounts receivable—trade, net — 71,748 37,455 — 109,203 Inventories — 320,110 106,044 (10,049 ) 416,105 Cost and profits in excess of billings — 4,458 9,666 — 14,124 Other current assets — 20,480 6,366 — 26,846 Total current assets — 457,542 250,762 (10,049 ) 698,255 Property and equipment, net of accumulated depreciation — 149,830 30,376 — 180,206 Deferred financing costs, net 1,750 — — — 1,750 Deferred income taxes, net — (1 ) 780 — 779 Intangibles — 181,081 59,886 — 240,967 Goodwill — 481,374 189,816 — 671,190 Investment in unconsolidated subsidiary — 58,296 — — 58,296 Investment in affiliates 1,175,421 517,135 — (1,692,556 ) — Long-term advances to affiliates 473,592 — 60,031 (533,623 ) — Other long-term assets — 2,389 737 — 3,126 Total assets $ 1,650,763 $ 1,847,646 $ 592,388 $ (2,236,228 ) $ 1,854,569 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 71 $ 11 $ — $ 82 Accounts payable—trade — 59,272 16,296 — 75,568 Accrued liabilities 13,145 34,388 8,401 — 55,934 Deferred revenue — 2,551 6,568 — 9,119 Billings in excess of costs and profits — 632 3,370 — 4,002 Total current liabilities 13,145 96,914 34,646 — 144,705 Long-term debt, net of current portion 396,144 15 11 — 396,170 Long-term payables to affiliates — 533,623 — (533,623 ) — Deferred income taxes, net — 25,542 14,724 — 40,266 Other long-term liabilities — 16,131 15,333 — 31,464 Total liabilities 409,289 672,225 64,714 (533,623 ) 612,605 Total stockholder's equity 1,241,474 1,175,421 527,184 (1,702,605 ) 1,241,474 Noncontrolling interest in subsidiary — — 490 — 490 Equity 1,241,474 1,175,421 527,674 (1,702,605 ) 1,241,964 Total liabilities and equity $ 1,650,763 $ 1,847,646 $ 592,388 $ (2,236,228 ) $ 1,854,569 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 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 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 statements of cash flows Three months ended March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ 1,670 $ 6,093 $ 19,093 $ — $ 26,856 Cash flows from investing activities Acquisition of businesses, net of cash acquired — — — — — Capital expenditures for property and equipment — (3,991 ) (270 ) — (4,261 ) Long-term loans and advances to affiliates (1,324 ) 348 — 976 — Other — 280 29 — 309 Net cash provided by (used in) investing activities $ (1,324 ) $ (3,363 ) $ (241 ) $ 976 $ (3,952 ) Cash flows from financing activities Borrowings of long-term and short-term debt — 8 — — 8 Repayment of long-term and short-term debt — (199 ) — (199 ) Long-term loans and advances to affiliates — 1,324 (348 ) (976 ) — Deferred financing costs (513 ) — — — (513 ) Proceeds from stock issuance 167 (1 ) (1 ) — 165 Net cash provided by (used in) financing activities $ (346 ) $ 1,132 $ (349 ) $ (976 ) $ (539 ) Effect of exchange rate changes on cash — — 363 — 363 Net increase (decrease) in cash and cash equivalents — 3,862 18,866 — 22,728 Cash and cash equivalents Beginning of period — 36,884 72,365 — 109,249 End of period $ — $ 40,746 $ 91,231 $ — $ 131,977 Condensed consolidating statements of cash flows Three Months Ended March 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ 1,628 $ 33,735 $ 13,124 $ — $ 48,487 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (60,836 ) — — (60,836 ) Capital expenditures for property and equipment — (7,626 ) (3,795 ) — (11,421 ) Long-term loans and advances to affiliates (41,979 ) 12,997 — 28,982 — Other — 175 487 — 662 Net cash provided by (used in) investing activities $ (41,979 ) $ (55,290 ) $ (3,308 ) $ 28,982 $ (71,595 ) Cash flows from financing activities Repayment of long-term debt 39,898 (207 ) (6 ) — 39,685 Long-term loans and advances to affiliates — 41,979 (12,997 ) (28,982 ) — Other (5,001 ) — — — (5,001 ) Net cash provided by (used in) financing activities $ 34,897 $ 41,772 $ (13,003 ) $ (28,982 ) $ 34,684 Effect of exchange rate changes on cash — — (4,264 ) — (4,264 ) Net increase (decrease) in cash and cash equivalents (5,454 ) 20,217 (7,451 ) — 7,312 Cash and cash equivalents Beginning of period 5,551 4,006 67,022 — 76,579 End of period $ 97 $ 24,223 $ 59,571 $ — $ 83,891 |
Recent accounting pronounceme22
Recent accounting pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
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 March and April 2016, the FASB issued Accounting Standards Update ("ASU") No.2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing, and No. 2016-08 Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations. ASU no. 2016-10 amended and clarified the guidance in the new revenue standard on identifying performance obligation and accounting for licenses of intellectual property and addressed the implementation issues. ASU no. 2016-08 amended the guidance in the new revenue standard on assessing whether an entity is a principal or an agent in a revenue transaction, which impacts whether an entity reports revenue on a gross or net basis. Both standards will take effect for public companies for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact of the adoption of the above guidance. In March 2016, the FASB issued ASU No.2016-09, Improvements to Employee Share-Based Payment Accounting. This new guidance includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements: a) All excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement; b) Excess tax benefits should be classified along with other income tax cash flows as an operating activity; c) An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur; d) The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions; e) Cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. There are also two additional provisions for non-public entities that do not apply to the Company. The standard will take effect for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently evaluating the impact of the adoption of this guidance. In February 2016, the FASB issued 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 greater than twelve months. The standard will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this guidance. 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 (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Acquisitions | The following table summarizes the 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 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company's significant components of inventory at March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, December 31, Raw materials and parts $ 149,790 $ 148,372 Work in process 36,982 38,381 Finished goods 301,607 315,256 Gross inventories 488,379 502,009 Inventory reserve (72,274 ) (77,888 ) Inventories $ 416,105 $ 424,121 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill from December 31, 2015 to March 31, 2016 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2015 $ 334,595 $ 316,914 $ 17,527 $ 669,036 Impact of non-U.S. local currency translation 326 1,619 209 $ 2,154 Goodwill Balance at March 31, 2016 $ 334,921 $ 318,533 $ 17,736 $ 671,190 |
Summary of Intangible Assets | Intangible assets consisted of the following as of March 31, 2016 and December 31, 2015 , respectively (in thousands): March 31, 2016 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 280,381 $ (106,206 ) $ 174,175 4-15 Patents and technology 34,359 (10,739 ) 23,620 5-17 Non-compete agreements 7,295 (6,431 ) 864 3-6 Trade names 45,601 (16,557 ) 29,044 10-15 Distributor relationships 22,160 (14,126 ) 8,034 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 395,026 $ (154,059 ) $ 240,967 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 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Notes payable and lines of credit as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands): March 31, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 2,294 2,395 Debt issuance cost (6,149 ) (6,425 ) Senior secured revolving credit facility — — Other debt 107 299 Total debt 396,252 396,269 Less: current maturities (82 ) (253 ) Long-term debt $ 396,170 $ 396,016 |
Business segments (Tables)
Business segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Summary financial data by segment follows (in thousands): Three months ended March 31, 2016 2015 Revenue: Drilling & Subsea $ 65,295 $ 163,553 Completions 34,304 94,496 Production & Infrastructure 60,511 90,523 Intersegment eliminations (669 ) (476 ) Total Revenue $ 159,441 $ 348,096 Operating income (loss): Drilling & Subsea $ (9,823 ) $ 19,839 Completions (6,458 ) 20,569 Production & Infrastructure (1,371 ) 7,990 Corporate (7,227 ) (8,261 ) Total segment operating income (loss) (24,879 ) 40,137 Transaction expenses 166 217 Loss (gain) on sale of assets and other (32 ) (312 ) Income (loss) from operations $ (25,013 ) $ 40,232 A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, December 31, Assets Drilling & Subsea $ 885,418 $ 912,324 Completions 728,531 728,745 Production & Infrastructure 188,211 187,741 Corporate 52,409 57,232 Total assets $ 1,854,569 $ 1,886,042 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Net income (loss) attributable to common stockholders $ (22,943 ) $ 28,672 Average shares outstanding (basic) 90,477 89,482 Common stock equivalents — 1,987 Diluted shares 90,477 91,469 Earnings(losses) per share Basic earnings (losses) per share $ (0.25 ) $ 0.32 Diluted earnings (losses) per share $ (0.25 ) $ 0.31 |
Condensed consolidating finan29
Condensed consolidating financial statements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed consolidating statements of income and comprehensive income | Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 117,314 $ 55,634 $ (13,507 ) $ 159,441 Cost of sales — 92,614 45,132 (12,862 ) 124,884 Gross profit — 24,700 10,502 (645 ) 34,557 Operating expenses Selling, general and administrative expenses — 47,664 12,349 — 60,013 Transaction expenses — 166 — — 166 Loss (gain) on sale of assets and other — (36 ) 4 — (32 ) Total operating expenses — 47,794 12,353 — 60,147 Earnings from equity investment — 577 — — 577 Equity earnings from affiliate, net of tax (16,614 ) (1,089 ) — 17,703 — Operating income (16,614 ) (23,606 ) (1,851 ) 17,058 (25,013 ) Other expense (income) Interest expense (income) 7,148 (13 ) (2 ) — 7,133 Deferred loan costs written off 2,588 — — — 2,588 Foreign exchange (gains) losses and other, net — (82 ) (1,298 ) — (1,380 ) Total other expense (income) 9,736 (95 ) (1,300 ) — 8,341 Income (loss) before income taxes (26,350 ) (23,511 ) (551 ) 17,058 (33,354 ) Provision (benefit) for income tax expense (3,407 ) (6,897 ) (102 ) — (10,406 ) Net income (loss) (22,943 ) (16,614 ) (449 ) 17,058 (22,948 ) Less: Income (loss) attributable to noncontrolling interest — — (5 ) — (5 ) Net income (loss) attributable to common stockholders (22,943 ) (16,614 ) (444 ) 17,058 (22,943 ) Other comprehensive income (loss), net of tax: Net income (loss) (22,943 ) (16,614 ) (449 ) 17,058 (22,948 ) Change in foreign currency translation, net of tax of $0 3,472 3,472 3,472 (6,944 ) 3,472 Change in pension liability (43 ) (43 ) (43 ) 86 (43 ) Comprehensive income (loss) (19,514 ) (13,185 ) 2,980 10,200 (19,519 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (93 ) (93 ) Comprehensive income (loss) attributable to common stockholders $ (19,514 ) $ (13,185 ) $ 2,887 $ 10,200 $ (19,612 ) Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 269,198 $ 120,317 $ (41,419 ) $ 348,096 Cost of sales — 188,767 89,676 (39,473 ) 238,970 Gross profit — 80,431 30,641 (1,946 ) 109,126 Operating expenses Selling, general and administrative expenses — 57,372 16,188 — 73,560 Transaction Expense — 217 — — 217 Loss (gain) on sale of assets and other — (111 ) (201 ) — (312 ) Total operating expenses — 57,478 15,987 — 73,465 Earnings from equity investment — 4,571 — — 4,571 Equity earnings from affiliates, net of tax 33,604 16,237 — (49,841 ) — Operating income 33,604 43,761 14,654 (51,787 ) 40,232 Other expense (income) Interest expense (income) 7,588 14 25 — 7,627 Foreign exchange (gains) losses and other, net — (185 ) (6,471 ) — (6,656 ) Total other expense (income) 7,588 (171 ) (6,446 ) — 971 Income before income taxes 26,016 43,932 21,100 (51,787 ) 39,261 Provision for income tax expense (2,656 ) 10,328 2,933 — 10,605 Net income 28,672 33,604 18,167 (51,787 ) 28,656 Less: Income (loss) attributable to noncontrolling interest — — (16 ) — (16 ) Net income attributable to common stockholders 28,672 33,604 18,183 (51,787 ) 28,672 Other comprehensive income, net of tax: Net income 28,672 33,604 18,167 (51,787 ) 28,656 Change in foreign currency translation, net of tax of $0 (37,297 ) (37,297 ) (37,297 ) 74,594 (37,297 ) Change in pension liability 99 99 99 (198 ) 99 Comprehensive income (loss) (8,526 ) (3,594 ) (19,031 ) 22,609 (8,542 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — 43 — 43 Comprehensive income (loss) attributable to common stockholders $ (8,526 ) $ (3,594 ) $ (18,988 ) $ 22,609 $ (8,499 ) |
Condensed consolidating balance sheets | Condensed consolidating balance sheets March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 40,746 $ 91,231 $ — $ 131,977 Accounts receivable—trade, net — 71,748 37,455 — 109,203 Inventories — 320,110 106,044 (10,049 ) 416,105 Cost and profits in excess of billings — 4,458 9,666 — 14,124 Other current assets — 20,480 6,366 — 26,846 Total current assets — 457,542 250,762 (10,049 ) 698,255 Property and equipment, net of accumulated depreciation — 149,830 30,376 — 180,206 Deferred financing costs, net 1,750 — — — 1,750 Deferred income taxes, net — (1 ) 780 — 779 Intangibles — 181,081 59,886 — 240,967 Goodwill — 481,374 189,816 — 671,190 Investment in unconsolidated subsidiary — 58,296 — — 58,296 Investment in affiliates 1,175,421 517,135 — (1,692,556 ) — Long-term advances to affiliates 473,592 — 60,031 (533,623 ) — Other long-term assets — 2,389 737 — 3,126 Total assets $ 1,650,763 $ 1,847,646 $ 592,388 $ (2,236,228 ) $ 1,854,569 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 71 $ 11 $ — $ 82 Accounts payable—trade — 59,272 16,296 — 75,568 Accrued liabilities 13,145 34,388 8,401 — 55,934 Deferred revenue — 2,551 6,568 — 9,119 Billings in excess of costs and profits — 632 3,370 — 4,002 Total current liabilities 13,145 96,914 34,646 — 144,705 Long-term debt, net of current portion 396,144 15 11 — 396,170 Long-term payables to affiliates — 533,623 — (533,623 ) — Deferred income taxes, net — 25,542 14,724 — 40,266 Other long-term liabilities — 16,131 15,333 — 31,464 Total liabilities 409,289 672,225 64,714 (533,623 ) 612,605 Total stockholder's equity 1,241,474 1,175,421 527,184 (1,702,605 ) 1,241,474 Noncontrolling interest in subsidiary — — 490 — 490 Equity 1,241,474 1,175,421 527,674 (1,702,605 ) 1,241,964 Total liabilities and equity $ 1,650,763 $ 1,847,646 $ 592,388 $ (2,236,228 ) $ 1,854,569 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 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 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 statements of cash flows | Condensed consolidating statements of cash flows Three months ended March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ 1,670 $ 6,093 $ 19,093 $ — $ 26,856 Cash flows from investing activities Acquisition of businesses, net of cash acquired — — — — — Capital expenditures for property and equipment — (3,991 ) (270 ) — (4,261 ) Long-term loans and advances to affiliates (1,324 ) 348 — 976 — Other — 280 29 — 309 Net cash provided by (used in) investing activities $ (1,324 ) $ (3,363 ) $ (241 ) $ 976 $ (3,952 ) Cash flows from financing activities Borrowings of long-term and short-term debt — 8 — — 8 Repayment of long-term and short-term debt — (199 ) — (199 ) Long-term loans and advances to affiliates — 1,324 (348 ) (976 ) — Deferred financing costs (513 ) — — — (513 ) Proceeds from stock issuance 167 (1 ) (1 ) — 165 Net cash provided by (used in) financing activities $ (346 ) $ 1,132 $ (349 ) $ (976 ) $ (539 ) Effect of exchange rate changes on cash — — 363 — 363 Net increase (decrease) in cash and cash equivalents — 3,862 18,866 — 22,728 Cash and cash equivalents Beginning of period — 36,884 72,365 — 109,249 End of period $ — $ 40,746 $ 91,231 $ — $ 131,977 Condensed consolidating statements of cash flows Three Months Ended March 31, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ 1,628 $ 33,735 $ 13,124 $ — $ 48,487 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (60,836 ) — — (60,836 ) Capital expenditures for property and equipment — (7,626 ) (3,795 ) — (11,421 ) Long-term loans and advances to affiliates (41,979 ) 12,997 — 28,982 — Other — 175 487 — 662 Net cash provided by (used in) investing activities $ (41,979 ) $ (55,290 ) $ (3,308 ) $ 28,982 $ (71,595 ) Cash flows from financing activities Repayment of long-term debt 39,898 (207 ) (6 ) — 39,685 Long-term loans and advances to affiliates — 41,979 (12,997 ) (28,982 ) — Other (5,001 ) — — — (5,001 ) Net cash provided by (used in) financing activities $ 34,897 $ 41,772 $ (13,003 ) $ (28,982 ) $ 34,684 Effect of exchange rate changes on cash — — (4,264 ) — (4,264 ) Net increase (decrease) in cash and cash equivalents (5,454 ) 20,217 (7,451 ) — 7,312 Cash and cash equivalents Beginning of period 5,551 4,006 67,022 — 76,579 End of period $ 97 $ 24,223 $ 59,571 $ — $ 83,891 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Feb. 02, 2015USD ($) |
J-Mac Tool, Inc. | |
Business Acquisition [Line Items] | |
Acquisition consideration | $ 61,906 |
Acquisitions (Schedule of asset
Acquisitions (Schedule of assets acquired and liabilities assumed) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Feb. 02, 2015 |
Business Acquisition [Line Items] | |||
Tax-deductible goodwill | $ 671,190 | $ 669,036 | |
J-Mac Tool, Inc. | |||
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 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and parts | $ 149,790 | $ 148,372 |
Work in process | 36,982 | 38,381 |
Finished goods | 301,607 | 315,256 |
Gross inventories | 488,379 | 502,009 |
Inventory reserve | (72,274) | (77,888) |
Inventories | $ 416,105 | $ 424,121 |
Goodwill and intangible asset33
Goodwill and intangible assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance | $ 669,036 | |
Impact of non-U.S. local currency translation | 2,154 | |
Goodwill Ending Balance | 671,190 | |
Accumulated impairment loss on goodwill | $ 168,800 | |
Drilling & Subsea | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance | 334,595 | |
Impact of non-U.S. local currency translation | 326 | |
Goodwill Ending Balance | 334,921 | |
Production & Infrastructure | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance | 17,527 | |
Impact of non-U.S. local currency translation | 209 | |
Goodwill Ending Balance | 17,736 | |
Completions | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance | 316,914 | |
Impact of non-U.S. local currency translation | 1,619 | |
Goodwill Ending Balance | $ 318,533 |
Goodwill and intangible asset34
Goodwill and intangible assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (154,059) | $ (147,892) |
Intangible Assets Total, Gross carrying amount | 395,026 | 394,542 |
Intangible Assets Total, Net amortizable intangibles | 240,967 | 246,650 |
Trademark | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 5,230 | 5,230 |
Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 280,381 | 280,297 |
Accumulated amortization | (106,206) | (101,636) |
Net amortizable intangibles | 174,175 | 178,661 |
Patents and technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 34,359 | 34,140 |
Accumulated amortization | (10,739) | (10,264) |
Net amortizable intangibles | 23,620 | 23,876 |
Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 7,295 | 7,269 |
Accumulated amortization | (6,431) | (6,292) |
Net amortizable intangibles | 864 | 977 |
Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 45,601 | 45,446 |
Accumulated amortization | (16,557) | (15,890) |
Net amortizable intangibles | 29,044 | 29,556 |
Distributor relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 22,160 | 22,160 |
Accumulated amortization | (14,126) | (13,810) |
Net amortizable intangibles | $ 8,034 | $ 8,350 |
Minimum | Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 4 years | 4 years |
Minimum | Patents and technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 5 years | 5 years |
Minimum | Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 3 years | 3 years |
Minimum | Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 10 years | 10 years |
Minimum | Distributor relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 8 years | 8 years |
Maximum | Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 15 years | 15 years |
Maximum | Patents and technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 17 years | 17 years |
Maximum | Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 6 years | 6 years |
Maximum | Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 15 years | 15 years |
Maximum | Distributor relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 15 years | 15 years |
Debt (Schedule of Long-Term Deb
Debt (Schedule of Long-Term Debt) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total debt | $ 396,252,000 | $ 396,269,000 |
Unamortized debt premium | 2,294,000 | 2,395,000 |
Debt issuance cost | (6,149,000) | (6,425,000) |
Less: current maturities | (82,000) | (253,000) |
Long-term debt | 396,170,000 | 396,016,000 |
6.25% Senior Notes due October 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 400,000,000 | 400,000,000 |
Senior secured revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 0 |
Other debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 107,000 | $ 299,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Feb. 25, 2016 | Feb. 24, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||
Deferred financing costs written off | $ 2,588,000 | $ 0 | ||||
Debt instrument, carrying value | $ 396,252,000 | $ 396,252,000 | $ 396,269,000 | |||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt stated interest rate | 6.25% | 6.25% | ||||
Debt instrument, carrying value | $ 400,000,000 | $ 400,000,000 | 400,000,000 | |||
Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, carrying value | 0 | 0 | $ 0 | |||
Line of credit facility, remaining borrowing capacity | $ 189,500,000 | $ 189,500,000 | ||||
Weighted average interest rates | 2.00% | 2.00% | ||||
Credit Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | $ 600,000,000 | ||||
Deferred financing costs written off | $ 2,600,000 | |||||
Credit Facility | Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 25,000,000 | |||||
Line of credit outstanding | $ 10,500,000 | $ 10,500,000 | ||||
Credit Facility | Swingline Loan | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 |
Income taxes (Narrative) (Detai
Income taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 31.20% | 27.00% |
Fair value measurements (Narrat
Fair value measurements (Narrative) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, carrying value | $ 396,252,000 | $ 396,269,000 |
6.25% Senior Notes due October 2021 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, carrying value | 400,000,000 | 400,000,000 |
Fair Value, Inputs, Level 2 | 6.25% Senior Notes due October 2021 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, fair value disclosure | 346,000,000 | 334,100,000 |
Carrying Value | 6.25% Senior Notes due October 2021 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, carrying value | 402,300,000 | $ 402,500,000 |
Carrying Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, fair value disclosure | $ 0 |
Business segments (Income State
Business segments (Income Statement by Segment) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)segment | Mar. 31, 2015USD ($) | Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |||
Number of operating segments | segment | 3 | 2 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 159,441 | $ 348,096 | |
Operating income | (25,013) | 40,232 | |
Transaction expenses | 166 | 217 | |
Loss (gain) on sale of assets and other | (32) | (312) | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | (24,879) | 40,137 | |
Operating Segments | Drilling & Subsea | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 65,295 | 163,553 | |
Operating income | (9,823) | 19,839 | |
Operating Segments | Production & Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 60,511 | 90,523 | |
Operating income | (1,371) | 7,990 | |
Operating Segments | Completions | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 34,304 | 94,496 | |
Operating income | (6,458) | 20,569 | |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net revenues | (669) | (476) | |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Operating income | $ (7,227) | $ (8,261) |
Business segments (Assets by Se
Business segments (Assets by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,854,569 | $ 1,886,042 |
Operating Segments | Drilling & Subsea | ||
Segment Reporting Information [Line Items] | ||
Assets | 885,418 | 912,324 |
Operating Segments | Completions | ||
Segment Reporting Information [Line Items] | ||
Assets | 728,531 | 728,745 |
Operating Segments | Production & Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Assets | 188,211 | 187,741 |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 52,409 | $ 57,232 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to common stockholders | $ (22,943) | $ 28,672 |
Average shares outstanding (basic) (in shares) | 90,477 | 89,482 |
Common stock equivalents (in shares) | 0 | 1,987 |
Diluted shares (in shares) | 90,477 | 91,469 |
Basic earnings per share (in dollars per share) | $ (0.25) | $ 0.32 |
Diluted earnings per share (in dollars per share) | $ (0.25) | $ 0.31 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Diluted earnings per share calculation excludes (in shares) | 1,600 |
Stockholders' equity (Share-bas
Stockholders' equity (Share-based compensation) (Details) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options granted (in shares) | 818,620 |
Granted stock options, exercise price (in dollars per share) | $ / shares | $ 9.39 |
Restricted Stock and Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments other than options granted (in shares) | 1,670,270 |
Restricted Stock and Restricted Stock Units | Board of Directors | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments other than options granted (in shares) | 119,817 |
Award vesting period | 12 months |
Restricted Stock and Restricted Stock Units with Specified Vesting Period | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments other than options granted (in shares) | 1,292,553 |
Award vesting period | 4 years |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments other than options granted (in shares) | 257,900 |
Performance Shares | Share-based Compensation Award, Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance measurement period | 1 year |
Performance Shares | Share-based Compensation Award, Tranche Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance measurement period | 2 years |
Performance Shares | Share-based Compensation Award, Tranche Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance measurement period | 3 years |
Performance Shares | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share conversion ratio | 0 |
Performance Shares | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share conversion ratio | 2 |
Condensed consolidating finan43
Condensed consolidating financial statements (Condensed consolidating statements of income and comprehensive income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Change in foreign currency translation, tax | $ 0 | $ 0 |
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | 159,441 | 348,096 |
Cost of sales | 124,884 | 238,970 |
Gross profit | 34,557 | 109,126 |
Operating expenses | ||
Selling, general and administrative expenses | 60,013 | 73,560 |
Transaction expenses | 166 | 217 |
Loss (gain) on sale of assets and other | (32) | (312) |
Loss (gain) on sale of assets and other | (312) | |
Total operating expenses | 60,147 | 73,465 |
Earnings from equity investment | 577 | 4,571 |
Equity earnings from affiliate, net of tax | 0 | 0 |
Operating income (loss) | (25,013) | 40,232 |
Other expense (income) | ||
Interest expense | 7,133 | 7,627 |
Deferred financing costs written off | 2,588 | 0 |
Foreign exchange (gains) losses and other, net | (1,380) | (6,656) |
Total other expense | 8,341 | 971 |
Income (loss) before income taxes | (33,354) | 39,261 |
Provision (benefit) for income tax expense | (10,406) | 10,605 |
Net income (loss) | (22,948) | 28,656 |
Less: Income (loss) attributable to noncontrolling interest | (5) | (16) |
Net income (loss) attributable to common stockholders | (22,943) | 28,672 |
Other comprehensive income (loss), net of tax: | ||
Net income (loss) | (22,948) | 28,656 |
Change in foreign currency translation, net of tax of $0 | 3,472 | (37,297) |
Gain (loss) on pension liability | (43) | 99 |
Comprehensive income (loss) | (19,519) | (8,542) |
Less: comprehensive loss (income) attributable to noncontrolling interests | (93) | 43 |
Comprehensive income (loss) attributable to common stockholders | (19,612) | (8,499) |
Reportable Legal Entities | FET Inc. (Parent) | ||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Operating expenses | ||
Selling, general and administrative expenses | 0 | 0 |
Transaction expenses | 0 | 0 |
Loss (gain) on sale of assets and other | 0 | |
Loss (gain) on sale of assets and other | 0 | |
Total operating expenses | 0 | 0 |
Earnings from equity investment | 0 | 0 |
Equity earnings from affiliate, net of tax | (16,614) | 33,604 |
Operating income (loss) | (16,614) | 33,604 |
Other expense (income) | ||
Interest expense | 7,148 | 7,588 |
Deferred financing costs written off | 2,588 | |
Foreign exchange (gains) losses and other, net | 0 | 0 |
Total other expense | 9,736 | 7,588 |
Income (loss) before income taxes | (26,350) | 26,016 |
Provision (benefit) for income tax expense | (3,407) | (2,656) |
Net income (loss) | (22,943) | 28,672 |
Less: Income (loss) attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to common stockholders | (22,943) | 28,672 |
Other comprehensive income (loss), net of tax: | ||
Net income (loss) | (22,943) | 28,672 |
Change in foreign currency translation, net of tax of $0 | 3,472 | (37,297) |
Gain (loss) on pension liability | (43) | 99 |
Comprehensive income (loss) | (19,514) | (8,526) |
Less: comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to common stockholders | (19,514) | (8,526) |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | 117,314 | 269,198 |
Cost of sales | 92,614 | 188,767 |
Gross profit | 24,700 | 80,431 |
Operating expenses | ||
Selling, general and administrative expenses | 47,664 | 57,372 |
Transaction expenses | 166 | 217 |
Loss (gain) on sale of assets and other | (36) | |
Loss (gain) on sale of assets and other | (111) | |
Total operating expenses | 47,794 | 57,478 |
Earnings from equity investment | 577 | 4,571 |
Equity earnings from affiliate, net of tax | (1,089) | 16,237 |
Operating income (loss) | (23,606) | 43,761 |
Other expense (income) | ||
Interest expense | (13) | 14 |
Deferred financing costs written off | 0 | |
Foreign exchange (gains) losses and other, net | (82) | (185) |
Total other expense | (95) | (171) |
Income (loss) before income taxes | (23,511) | 43,932 |
Provision (benefit) for income tax expense | (6,897) | 10,328 |
Net income (loss) | (16,614) | 33,604 |
Less: Income (loss) attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to common stockholders | (16,614) | 33,604 |
Other comprehensive income (loss), net of tax: | ||
Net income (loss) | (16,614) | 33,604 |
Change in foreign currency translation, net of tax of $0 | 3,472 | (37,297) |
Gain (loss) on pension liability | (43) | 99 |
Comprehensive income (loss) | (13,185) | (3,594) |
Less: comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to common stockholders | (13,185) | (3,594) |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | 55,634 | 120,317 |
Cost of sales | 45,132 | 89,676 |
Gross profit | 10,502 | 30,641 |
Operating expenses | ||
Selling, general and administrative expenses | 12,349 | 16,188 |
Transaction expenses | 0 | 0 |
Loss (gain) on sale of assets and other | 4 | |
Loss (gain) on sale of assets and other | (201) | |
Total operating expenses | 12,353 | 15,987 |
Earnings from equity investment | 0 | 0 |
Equity earnings from affiliate, net of tax | 0 | 0 |
Operating income (loss) | (1,851) | 14,654 |
Other expense (income) | ||
Interest expense | (2) | 25 |
Deferred financing costs written off | 0 | |
Foreign exchange (gains) losses and other, net | (1,298) | (6,471) |
Total other expense | (1,300) | (6,446) |
Income (loss) before income taxes | (551) | 21,100 |
Provision (benefit) for income tax expense | (102) | 2,933 |
Net income (loss) | (449) | 18,167 |
Less: Income (loss) attributable to noncontrolling interest | (5) | (16) |
Net income (loss) attributable to common stockholders | (444) | 18,183 |
Other comprehensive income (loss), net of tax: | ||
Net income (loss) | (449) | 18,167 |
Change in foreign currency translation, net of tax of $0 | 3,472 | (37,297) |
Gain (loss) on pension liability | (43) | 99 |
Comprehensive income (loss) | 2,980 | (19,031) |
Less: comprehensive loss (income) attributable to noncontrolling interests | (93) | 43 |
Comprehensive income (loss) attributable to common stockholders | 2,887 | (18,988) |
Eliminations | ||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | (13,507) | (41,419) |
Cost of sales | (12,862) | (39,473) |
Gross profit | (645) | (1,946) |
Operating expenses | ||
Selling, general and administrative expenses | 0 | 0 |
Transaction expenses | 0 | 0 |
Loss (gain) on sale of assets and other | 0 | |
Loss (gain) on sale of assets and other | 0 | |
Total operating expenses | 0 | 0 |
Earnings from equity investment | 0 | 0 |
Equity earnings from affiliate, net of tax | 17,703 | (49,841) |
Operating income (loss) | 17,058 | (51,787) |
Other expense (income) | ||
Interest expense | 0 | 0 |
Deferred financing costs written off | 0 | |
Foreign exchange (gains) losses and other, net | 0 | 0 |
Total other expense | 0 | 0 |
Income (loss) before income taxes | 17,058 | (51,787) |
Provision (benefit) for income tax expense | 0 | 0 |
Net income (loss) | 17,058 | (51,787) |
Less: Income (loss) attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to common stockholders | 17,058 | (51,787) |
Other comprehensive income (loss), net of tax: | ||
Net income (loss) | 17,058 | (51,787) |
Change in foreign currency translation, net of tax of $0 | (6,944) | 74,594 |
Gain (loss) on pension liability | 86 | (198) |
Comprehensive income (loss) | $ 10,200 | 22,609 |
Less: comprehensive loss (income) attributable to noncontrolling interests | 0 | |
Comprehensive income (loss) attributable to common stockholders | $ 10,200 | $ 22,609 |
Condensed consolidating finan44
Condensed consolidating financial statements (Condensed consolidating balance sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | $ 131,977 | $ 109,249 | $ 83,891 | $ 76,579 |
Accounts receivable—trade, net | 109,203 | 138,597 | ||
Inventories | 416,105 | 424,121 | ||
Costs and estimated profits in excess of billings | 14,124 | 12,009 | ||
Other current assets | 26,846 | 33,836 | ||
Total current assets | 698,255 | 717,812 | ||
Property and equipment, net of accumulated depreciation | 180,206 | 186,667 | ||
Deferred financing costs, net | 1,750 | 4,125 | ||
Deferred income taxes, net | 779 | 780 | ||
Intangible assets | 240,967 | 246,650 | ||
Goodwill | 671,190 | 669,036 | ||
Investment in unconsolidated subsidiary | 58,296 | 57,719 | ||
Investment in affiliates | 0 | 0 | ||
Long-term advances to affiliates | 0 | 0 | ||
Other long-term assets | 3,126 | 3,253 | ||
Total assets | 1,854,569 | 1,886,042 | ||
Current liabilities | ||||
Current portion of long-term debt | 82 | 253 | ||
Accounts payable—trade | 75,568 | 76,823 | ||
Accrued liabilities | 55,934 | 58,563 | ||
Deferred revenue | 9,119 | 7,283 | ||
Billings in excess of costs and profits recognized | 4,002 | 8,631 | ||
Total current liabilities | 144,705 | 151,553 | ||
Long-term debt, net of current portion | 396,170 | 396,016 | ||
Long-term payables to affiliates | 0 | 0 | ||
Deferred income taxes, net | 40,266 | 51,100 | ||
Other long-term liabilities | 31,464 | 29,956 | ||
Total liabilities | 612,605 | 628,625 | ||
Total stockholders’ equity | 1,241,474 | 1,257,020 | ||
Noncontrolling interest in subsidiary | 490 | 397 | ||
Total equity | 1,241,964 | 1,257,417 | ||
Total liabilities and equity | 1,854,569 | 1,886,042 | ||
Reportable Legal Entities | FET Inc. (Parent) | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 97 | 5,551 |
Accounts receivable—trade, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Costs and estimated profits in excess of billings | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net of accumulated depreciation | 0 | 0 | ||
Deferred financing costs, net | 1,750 | 4,125 | ||
Deferred income taxes, net | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliates | 1,175,421 | 1,188,707 | ||
Long-term advances to affiliates | 473,592 | 467,184 | ||
Other long-term assets | 0 | 0 | ||
Total assets | 1,650,763 | 1,660,016 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable—trade | 0 | 0 | ||
Accrued liabilities | 13,145 | 7,027 | ||
Deferred revenue | 0 | 0 | ||
Billings in excess of costs and profits recognized | 0 | 0 | ||
Total current liabilities | 13,145 | 7,027 | ||
Long-term debt, net of current portion | 396,144 | 395,970 | ||
Long-term payables to affiliates | 0 | 0 | ||
Deferred income taxes, net | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 409,289 | 402,997 | ||
Total stockholders’ equity | 1,241,474 | 1,257,019 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total equity | 1,241,474 | 1,257,019 | ||
Total liabilities and equity | 1,650,763 | 1,660,016 | ||
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 40,746 | 36,884 | 24,223 | 4,006 |
Accounts receivable—trade, net | 71,748 | 85,537 | ||
Inventories | 320,110 | 318,360 | ||
Costs and estimated profits in excess of billings | 4,458 | 6,477 | ||
Other current assets | 20,480 | 25,447 | ||
Total current assets | 457,542 | 472,705 | ||
Property and equipment, net of accumulated depreciation | 149,830 | 153,995 | ||
Deferred financing costs, net | 0 | 0 | ||
Deferred income taxes, net | (1) | 0 | ||
Intangible assets | 181,081 | 186,234 | ||
Goodwill | 481,374 | 481,374 | ||
Investment in unconsolidated subsidiary | 58,296 | 57,719 | ||
Investment in affiliates | 517,135 | 514,893 | ||
Long-term advances to affiliates | 0 | 0 | ||
Other long-term assets | 2,389 | 2,549 | ||
Total assets | 1,847,646 | 1,869,469 | ||
Current liabilities | ||||
Current portion of long-term debt | 71 | 243 | ||
Accounts payable—trade | 59,272 | 57,529 | ||
Accrued liabilities | 34,388 | 40,874 | ||
Deferred revenue | 2,551 | 1,334 | ||
Billings in excess of costs and profits recognized | 632 | 1,872 | ||
Total current liabilities | 96,914 | 101,852 | ||
Long-term debt, net of current portion | 15 | 34 | ||
Long-term payables to affiliates | 533,623 | 527,406 | ||
Deferred income taxes, net | 25,542 | 36,937 | ||
Other long-term liabilities | 16,131 | 14,533 | ||
Total liabilities | 672,225 | 680,762 | ||
Total stockholders’ equity | 1,175,421 | 1,188,707 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total equity | 1,175,421 | 1,188,707 | ||
Total liabilities and equity | 1,847,646 | 1,869,469 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 91,231 | 72,365 | 59,571 | 67,022 |
Accounts receivable—trade, net | 37,455 | 53,060 | ||
Inventories | 106,044 | 115,165 | ||
Costs and estimated profits in excess of billings | 9,666 | 5,532 | ||
Other current assets | 6,366 | 8,389 | ||
Total current assets | 250,762 | 254,511 | ||
Property and equipment, net of accumulated depreciation | 30,376 | 32,672 | ||
Deferred financing costs, net | 0 | 0 | ||
Deferred income taxes, net | 780 | 780 | ||
Intangible assets | 59,886 | 60,416 | ||
Goodwill | 189,816 | 187,662 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliates | 0 | 0 | ||
Long-term advances to affiliates | 60,031 | 60,221 | ||
Other long-term assets | 737 | 704 | ||
Total assets | 592,388 | 596,966 | ||
Current liabilities | ||||
Current portion of long-term debt | 11 | 10 | ||
Accounts payable—trade | 16,296 | 19,294 | ||
Accrued liabilities | 8,401 | 10,662 | ||
Deferred revenue | 6,568 | 5,949 | ||
Billings in excess of costs and profits recognized | 3,370 | 6,759 | ||
Total current liabilities | 34,646 | 42,674 | ||
Long-term debt, net of current portion | 11 | 12 | ||
Long-term payables to affiliates | 0 | 0 | ||
Deferred income taxes, net | 14,724 | 14,163 | ||
Other long-term liabilities | 15,333 | 15,423 | ||
Total liabilities | 64,714 | 72,272 | ||
Total stockholders’ equity | 527,184 | 524,297 | ||
Noncontrolling interest in subsidiary | 490 | 397 | ||
Total equity | 527,674 | 524,694 | ||
Total liabilities and equity | 592,388 | 596,966 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable—trade, net | 0 | 0 | ||
Inventories | (10,049) | (9,404) | ||
Costs and estimated profits in excess of billings | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (10,049) | (9,404) | ||
Property and equipment, net of accumulated depreciation | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Deferred income taxes, net | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliates | (1,692,556) | (1,703,600) | ||
Long-term advances to affiliates | (533,623) | (527,405) | ||
Other long-term assets | 0 | 0 | ||
Total assets | (2,236,228) | (2,240,409) | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable—trade | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Deferred revenue | 0 | 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 payables to affiliates | (533,623) | (527,406) | ||
Deferred income taxes, net | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (533,623) | (527,406) | ||
Total stockholders’ equity | (1,702,605) | (1,713,003) | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total equity | (1,702,605) | (1,713,003) | ||
Total liabilities and equity | $ (2,236,228) | $ (2,240,409) |
Condensed consolidating finan45
Condensed consolidating financial statements (Condensed consolidating statements of cash flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | $ 26,856 | $ 48,487 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | 0 | (60,836) |
Capital expenditures for property and equipment | (4,261) | (11,421) |
Long-term loans and advances to affiliates | 0 | 0 |
Other | 309 | 662 |
Net cash used in investing activities | (3,952) | (71,595) |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | 8 | 39,685 |
Long-term loans and advances to affiliates | 0 | 0 |
Deferred Financing costs | (513) | 0 |
Proceeds from stock issuance | 165 | (5,001) |
Net cash provided by (used in) financing activities | (539) | 34,684 |
Effect of exchange rate changes on cash | 363 | (4,264) |
Net increase in cash and cash equivalents | 22,728 | 7,312 |
Cash and cash equivalents | ||
Beginning of period | 109,249 | 76,579 |
End of period | 131,977 | 83,891 |
Reportable Legal Entities | FET Inc. (Parent) | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | 1,670 | 1,628 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | 0 | 0 |
Capital expenditures for property and equipment | 0 | 0 |
Long-term loans and advances to affiliates | (1,324) | (41,979) |
Other | 0 | 0 |
Net cash used in investing activities | (1,324) | (41,979) |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | 0 | 39,898 |
Long-term loans and advances to affiliates | 0 | 0 |
Deferred Financing costs | (513) | |
Proceeds from stock issuance | 167 | (5,001) |
Net cash provided by (used in) financing activities | (346) | 34,897 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase in cash and cash equivalents | 0 | (5,454) |
Cash and cash equivalents | ||
Beginning of period | 0 | 5,551 |
End of period | 0 | 97 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | 6,093 | 33,735 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | 0 | (60,836) |
Capital expenditures for property and equipment | (3,991) | (7,626) |
Long-term loans and advances to affiliates | 348 | 12,997 |
Other | 280 | 175 |
Net cash used in investing activities | (3,363) | (55,290) |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | (199) | (207) |
Long-term loans and advances to affiliates | 1,324 | 41,979 |
Deferred Financing costs | 0 | |
Proceeds from stock issuance | (1) | 0 |
Net cash provided by (used in) financing activities | 1,132 | 41,772 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase in cash and cash equivalents | 3,862 | 20,217 |
Cash and cash equivalents | ||
Beginning of period | 36,884 | 4,006 |
End of period | 40,746 | 24,223 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | 19,093 | 13,124 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | 0 | 0 |
Capital expenditures for property and equipment | (270) | (3,795) |
Long-term loans and advances to affiliates | 0 | 0 |
Other | 29 | 487 |
Net cash used in investing activities | (241) | (3,308) |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | (6) | |
Long-term loans and advances to affiliates | (348) | (12,997) |
Deferred Financing costs | 0 | |
Proceeds from stock issuance | (1) | 0 |
Net cash provided by (used in) financing activities | (349) | (13,003) |
Effect of exchange rate changes on cash | 363 | (4,264) |
Net increase in cash and cash equivalents | 18,866 | (7,451) |
Cash and cash equivalents | ||
Beginning of period | 72,365 | 67,022 |
End of period | 91,231 | 59,571 |
Eliminations | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | 0 | 0 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | 0 | 0 |
Capital expenditures for property and equipment | 0 | 0 |
Long-term loans and advances to affiliates | 976 | 28,982 |
Other | 0 | 0 |
Net cash used in investing activities | 976 | 28,982 |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | 0 | 0 |
Long-term loans and advances to affiliates | (976) | (28,982) |
Deferred Financing costs | 0 | |
Proceeds from stock issuance | 0 | 0 |
Net cash provided by (used in) financing activities | (976) | (28,982) |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents | ||
Beginning of period | 0 | 0 |
End of period | $ 0 | $ 0 |