Forum Energy (FET) 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

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