Forum Energy (FET) 10-Q 2 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		91,424,555

Condensed consolidated statemen

Condensed consolidated statements of comprehensive income (loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenue	$ 138,268	$ 244,993	$ 440,432	$ 877,504
Cost of sales	108,984	179,231	371,310	617,733
Gross profit	29,284	65,762	69,122	259,771
Operating expenses
Selling, general and administrative expenses	53,362	57,235	171,638	197,020
Transaction expenses	341	193	571	433
Loss (gain) on sale of assets and other	2,217	11	2,233	(264)
Total operating expenses	55,920	57,439	174,442	197,189
Earnings from equity investment	414	3,870	1,207	12,281
Operating income (loss)	(26,222)	12,193	(104,113)	74,863
Other expense (income)
Interest expense	6,746	7,453	20,664	22,687
Deferred financing costs written off	0	0	2,588	0
Foreign exchange (gains) losses and other, net	(3,152)	(2,910)	(14,546)	(5,511)
Total other expense	3,594	4,543	8,706	17,176
Income (loss) before income taxes	(29,816)	7,650	(112,819)	57,687
Provision (benefit) for income tax expense	(11,821)	932	(43,374)	13,448
Net income (loss)	(17,995)	6,718	(69,445)	44,239
Less: Income (loss) attributable to noncontrolling interest	(6)	(2)	24	(27)
Net income (loss) attributable to common stockholders	$ (17,989)	$ 6,720	$ (69,469)	$ 44,266
Weighted average shares outstanding
Basic (in shares)	90,860	90,058	90,682	89,770
Diluted (in shares)	90,860	91,687	90,682	91,576
Earnings (losses) per share
Basic (in dollars per share)	$ (0.20)	$ 0.07	$ (0.77)	$ 0.49
Diluted (in dollars per share)	$ (0.20)	$ 0.07	$ (0.77)	$ 0.48
Other comprehensive income (loss), net of tax:
Net income (loss)	$ (17,995)	$ 6,718	$ (69,445)	$ 44,239
Change in foreign currency translation, net of tax of $0	(6,243)	(18,747)	(25,618)	(30,553)
Gain (loss) on pension liability	(14)	(2)	(33)	68
Comprehensive income (loss)	(24,252)	(12,031)	(95,096)	13,754
Less: comprehensive loss (income) attributable to noncontrolling interests	(27)	64	(156)	118
Comprehensive income (loss) attributable to common stockholders	$ (24,279)	$ (11,967)	$ (95,252)	$ 13,872

Condensed consolidated stateme3

Condensed consolidated statements of comprehensive income (loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0	$ 0	$ 0

Condensed consolidated balance

Condensed consolidated balance sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 132,534	$ 109,249
Accounts receivable—trade, net	100,255	138,597
Inventories, net	355,232	424,121
Income tax receivable	32,801	0
Prepaid expenses and other current assets	29,626	33,836
Costs and estimated profits in excess of billings	10,301	12,009
Total current assets	660,749	717,812
Property and equipment, net of accumulated depreciation	159,453	186,667
Deferred financing costs, net	1,412	4,125
Intangibles, net	225,520	246,650
Goodwill	660,976	669,036
Investment in unconsolidated subsidiary	58,523	57,719
Deferred income taxes, net	720	780
Other long-term assets	3,032	3,253
Total assets	1,770,385	1,886,042
Current liabilities
Current portion of long-term debt	38	253
Accounts payable—trade	60,146	76,823
Accrued liabilities	55,824	58,563
Deferred revenue	8,751	7,283
Billings in excess of costs and profits recognized	1,604	8,631
Total current liabilities	126,363	151,553
Long-term debt, net of current portion	396,498	396,016
Deferred income taxes, net	39,093	51,100
Other long-term liabilities	30,341	29,956
Total liabilities	592,295	628,625
Commitments and contingencies
Equity
Common stock, $0.01 par value, 296,000,000 shares authorized, 99,550,209 and 98,605,902 shares issued	996	986
Additional paid-in capital	907,300	891,248
Treasury stock at cost, 8,159,887 and 8,145,802 shares	(133,611)	(133,318)
Retained earnings	510,683	580,152
Accumulated other comprehensive income (loss)	(107,831)	(82,048)
Total stockholders’ equity	1,177,537	1,257,020
Noncontrolling interest in subsidiary	553	397
Total equity	1,178,090	1,257,417
Total liabilities and equity	$ 1,770,385	$ 1,886,042

Condensed consolidated balance5

Condensed consolidated balance sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	296,000,000	296,000,000
Common Stock, shares issued	99,550,209	98,605,902
Treasury Stock, shares, at cost	8,159,887	8,145,802

Condensed consolidated stateme6

Condensed consolidated statements of cash flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net income (loss)	$ (69,445)	$ 44,239
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation expense	27,141	28,721
Amortization of intangible assets	19,709	20,558
Share-based compensation expense	15,521	17,090
Deferred income taxes	(12,988)	(1,528)
Deferred financing costs written off	2,588	0
Inventory write down	24,479	6,613
Earnings from equity investment, net of distributions	(804)	(6,782)
Other	4,137	4,523
Changes in operating assets and liabilities
Accounts receivable—trade	35,673	129,601
Inventories	44,538	(31,342)
Income tax receivable	(32,801)	0
Prepaid expenses and other current assets	7,113	(2,019)
Accounts payable, deferred revenue and other accrued liabilities	(15,130)	(81,496)
Costs and estimated profits in excess of billings, net	(5,511)	(10,472)
Net cash provided by operating activities	44,220	117,706
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(2,700)	(60,836)
Capital expenditures for property and equipment	(13,438)	(28,046)
Proceeds from sale of property and equipment	3,710	1,699
Net cash used in investing activities	(12,428)	(87,183)
Cash flows from financing activities
Borrowings under Credit Facility	0	79,943
Repayment of long-term debt	(254)	(105,985)
Excess tax benefits from stock based compensation	0	206
Repurchases of stock	(292)	(6,246)
Proceeds from stock issuance	1,761	4,618
Deferred financing costs	(513)	0
Net cash provided by (used in) financing activities	702	(27,464)
Effect of exchange rate changes on cash	(9,209)	(3,453)
Net increase (decrease) in cash and cash equivalents	23,285	(394)
Cash and cash equivalents
Beginning of period	109,249	76,579
End of period	$ 132,534	$ 76,185

Organization and basis of prese

Organization and basis of presentation	9 Months Ended
	Sep. 30, 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 drilling, subsea, completions, 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 (loss) of this entity is recorded as "Earnings from equity investment" in the unaudited condensed consolidated statements of comprehensive income (loss). The investment in this entity is included in "Investment in unconsolidated subsidiary" in the unaudited condensed consolidated balance sheets. The Company reports its share of equity earnings within operating income (loss) 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 nine months ended September 30, 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 , as updated by Exhibit 99.4 to the Company’s Current Report on Form 8-K filed with the SEC on August 23, 2016 (the "Annual Report").

Recent accounting pronouncement

Recent accounting pronouncements	9 Months Ended
	Sep. 30, 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 August 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-15 Cash Flow Statement (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. This new guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice, including: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. The only issue currently relevant to the Company is distributions received from equity method investees, where the new guidance allows an accounting policy election between the cumulative earnings approach and the nature distribution approach. The Company will continue to use the cumulative earnings approach, therefore the guidance is not expected to have a material impact on the Company's consolidated financial statements. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. In May 2016, the FASB issued ASU No. 2016-11 Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of Accounting Standards Updates No. 2014-09 and No. 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. This new guidance rescinded certain SEC staff observer comments in Topic 605 related to revenue and expense recognition for freight services in process and accounting for shipping and handling fees and costs, in Topic 932 related to gas-balancing arrangements, and in Topic 815 related to the nature of a host contract related to a hybrid instrument issued in the form of a share. ASU 2016-11 is effective upon adoption of Topic 606 and is not expected to have a material impact on the Company's consolidated financial statements. In March, April and May 2016, the FASB issued a series of ASUs on revenue standards, including No. 2016-08 Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations, No. 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing, and No. 2016-12 Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients. 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. 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. 2016-12 amended and updated only the narrow aspects of Topic 606. The above 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 August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern. The new standard requires management to evaluate whether there are conditions or events that raise substantial doubt as to an entity's ability to continue as a going concern for both annual and interim reporting periods. The guidance is effective for the Company for the annual period ending after December 15, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The 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 and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions 2016 Acquisition In April 2016, the Company completed the acquisition of the wholesale completion packers business of Team Oil Tools, Inc. The acquisition includes a wide variety of completion and service tools, including retrievable and permanent packers, bridge plugs and accessories which are sold to oilfield service providers, packer repair companies and distributors on a global basis, and is included in the Completions segment. The fair values of the assets acquired and liabilities assumed have not been presented because they are not material to the unaudited condensed consolidated financial statements. 2015 Acquisition Effective February 2, 2015, the Company completed the acquisition of J-Mac Tool, Inc. ("J-Mac") for consideration of $61.9 million , including $1.1 million paid subsequent to September 30, 2016 in conjunction with the completion of the review of working capital. 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 (loss) related to the acquisitions were not significant for the current and prior periods presented in this report. Pro forma results of operations for 2015 and 2016 acquisitions have not been presented because the effects were not material to the unaudited condensed consolidated financial statements on either an individual or aggregate basis. Dispositions and Assets Held for Sale In the third quarter 2016, management approved a plan to sell the land and building located in Robstown, Texas (the “Robstown assets”) in the Completions segment with a total carrying value of $8.2 million . The decision to sell the Robstown assets was primarily intended to achieve cost savings from the consolidation of manufacturing locations. The Robstown assets were classified as held for sale as of September 30, 2016, and were reported within the balance sheet line item Prepaid expenses and other current assets. The Robstown assets are recorded at their fair value, net of estimated cost to sell, of $6.1 million . As a result, a $2.1 million write-down was recorded during the third quarter of 2016, which is included in Loss (gain) on sale of assets and other in our Condensed consolidated statements of comprehensive income (loss). The Robstown assets are expected to be sold in the fourth quarter of 2016.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories The Company's significant components of inventory at September 30, 2016 and December 31, 2015 were as follows (in thousands): September 30, December 31, Raw materials and parts $ 117,882 $ 148,372 Work in process 26,762 38,381 Finished goods 293,609 315,256 Gross inventories 438,253 502,009 Inventory reserve (83,021 ) (77,888 ) Inventories $ 355,232 $ 424,121

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
	Sep. 30, 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 September 30, 2016 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2015, net $ 334,595 $ 316,914 $ 17,527 $ 669,036 Acquisitions — — — — Impact of non-U.S. local currency translation (9,602 ) 1,353 189 (8,060 ) Goodwill Balance at September 30, 2016, net $ 324,993 $ 318,267 $ 17,716 $ 660,976 The Company performs its annual impairment tests of goodwill as of October 1. There was no impairment of goodwill during the three and nine months ended September 30, 2016 . Accumulated impairment losses on goodwill were $168.8 million as of September 30, 2016 and December 31, 2015 . Intangible assets Intangible assets consisted of the following as of September 30, 2016 and December 31, 2015 , respectively (in thousands): September 30, 2016 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 274,533 $ (112,599 ) $ 161,934 4-15 Patents and technology 34,514 (11,781 ) 22,733 5-17 Non-compete agreements 6,321 (5,598 ) 723 3-6 Trade names 45,001 (17,503 ) 27,498 10-15 Distributor relationships 22,160 (14,758 ) 7,402 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 387,759 $ (162,239 ) $ 225,520 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

Investment in unconsolidated su

Investment in unconsolidated subsidiary	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in unconsolidated subsidiary	Investment in unconsolidated subsidiary Effective July 1, 2013, the Company jointly purchased Global Tubing, LLC ("Global Tubing") with an equal partner, with management retaining a small interest. Global Tubing is a Dayton, Texas based provider of coiled tubing strings and related services. The Company's equity investment is reported in the Completions segment and is accounted for using the equity method of accounting. As Global Tubing's products are complementary to the Company’s well intervention and stimulation products and the investment's business is integral to the Company's operations, the earnings from the equity investment are included within operating income. Condensed financial data for the equity investment in the unconsolidated subsidiary is summarized as follows (in thousands): Three months ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net revenues $ 17,099 $ 26,033 $ 49,851 $ 81,513 Gross profit 3,684 11,731 12,082 36,505 Net income 863 8,063 2,515 25,588 The Company's earnings from equity investment 414 3,870 1,207 12,281

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Notes payable and lines of credit as of September 30, 2016 and December 31, 2015 consisted of the following (in thousands): September 30, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 2,091 2,395 Deferred financing cost (5,599 ) (6,425 ) Senior secured revolving credit facility — — Other debt 44 299 Total debt 396,536 396,269 Less: current maturities 38 253 Long-term debt $ 396,498 $ 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 . Accordingly, 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 September 30, 2016 , we had no borrowings outstanding under the Credit Facility, and $17.3 million of outstanding letters of credit. As of September 30, 2016 , the Company had the capacity to borrow an additional $108.0 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% . There have been no changes to the financial covenants disclosed in Item 8 of the Annual Report, as updated by Exhibit 99.4 to the Company’s Current Report on Form 8-K filed with the SEC on August 23, 2016, and the Company was in compliance with all financial covenants at September 30, 2016 .

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company's effective tax rate was 38.4% for the nine months ended September 30, 2016 and 23.3% for the nine months ended September 30, 2015 . The effective tax rate was 39.6% for the three months ended September 30, 2016 and 12.2% for the three months ended September 30, 2015 . The tax rates for the three and nine months ended September 30, 2016 are higher than the comparable period in 2015 primarily due to the losses incurred in the United States, which are benefited at a higher statutory tax rate, offset by earnings 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 and losses.The Company expects to realize a net operating loss in the United States in 2016. In the third quarter 2016, the Company determined it would elect to carry the net operating loss back to recover taxes paid in earlier periods. As a result, the tax benefit of $32.8 million was reclassified from deferred taxes to income tax receivable.

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements At September 30, 2016 , the Company had no debt outstanding under the Credit Facility, and $17.3 million of outstanding letters of credit. Substantially all of the debt, if any, under the Credit Facility incurs interest at a variable interest rate and, therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of the Company’s Senior Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At September 30, 2016 , the fair value and the carrying value of the Company’s Senior Notes approximated $378.5 million and $402.1 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 September 30, 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 nine months ended September 30, 2016 .

Business segments

Business segments	9 Months Ended
	Sep. 30, 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 its expanded operations and its significant growth potential. The Company is reporting its results of operations in the following three reportable segments: Drilling & Subsea, Completions and Production & Infrastructure, instead of the original two reportable segments. Management’s change in the composition of the Company’s reportable segments was made in order to align with activity drivers and the customers of our product group, and how management reviews and evaluates operating performance. This change will be reflected on a retrospective basis in accordance with GAAP, with prior years adjusted to reflect the change in reportable 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Revenue: Drilling & Subsea $ 50,830 $ 110,849 $ 172,859 $ 404,121 Completions 33,549 55,627 92,320 222,465 Production & Infrastructure 54,030 78,791 176,364 251,850 Intersegment eliminations (141 ) (274 ) (1,111 ) (932 ) Total revenue $ 138,268 $ 244,993 $ 440,432 $ 877,504 Operating income (loss): Drilling & Subsea $ (11,340 ) $ 5,438 $ (41,696 ) $ 35,569 Completions (5,205 ) 5,380 (39,687 ) 36,805 Production & Infrastructure (713 ) 6,572 494 23,995 Corporate (6,406 ) (4,993 ) (20,420 ) (21,337 ) Total segment operating income (loss) (23,664 ) 12,397 (101,309 ) 75,032 Transaction expenses 341 193 571 433 Loss (gain) on sale of assets and other 2,217 11 2,233 (264 ) Income (loss) from operations $ (26,222 ) $ 12,193 $ (104,113 ) $ 74,863 A summary of consolidated assets by reportable segment is as follows (in thousands): September 30, December 31, Assets Drilling & Subsea $ 810,905 $ 912,324 Completions 696,532 728,745 Production & Infrastructure 172,272 187,741 Corporate 90,676 57,232 Total assets $ 1,770,385 $ 1,886,042 Corporate assets include, among other items, prepaid assets, cash and deferred financing costs.

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per share	Earnings per share The calculation of basic and diluted earnings (losses) per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three months ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Income (loss) attributable to common stockholders $ (17,989 ) $ 6,720 $ (69,469 ) $ 44,266 Average shares outstanding (basic) 90,860 90,058 90,682 89,770 Common stock equivalents — 1,629 — 1,806 Diluted shares 90,860 91,687 90,682 91,576 Earnings (losses) per share Basic earnings (losses) per share $ (0.20 ) $ 0.07 $ (0.77 ) $ 0.49 Diluted earnings (losses) per share $ (0.20 ) $ 0.07 $ (0.77 ) $ 0.48 The diluted earnings per share calculation excludes all stock options for the three and nine months ended September 30, 2016 , because there is a net loss for each respective period. The diluted earnings per share calculation excludes approximately 2.0 million stock options for the three months ended September 30, 2015 , and approximately 1.8 million stock options for the nine months ended September 30, 2015 , because they were anti-dilutive as the option exercise price was greater than the average market price of the common stock.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 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. Reserves have been established that are believed to be appropriate in light of the outcomes that are considered to be probable and can be reasonably estimated. The reserves accrued at September 30, 2016 and December 31, 2015 , respectively, are immaterial.

Stockholders' equity

Stockholders' equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Stockholders' equity	Stockholders' equity Share-based compensation During the nine months ended September 30, 2016 , the Company granted 818,620 options and 1,716,239 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 exercise prices of $9.39 . Of the restricted stock or restricted stock units granted, 1,338,522 vest ratably over four years on each anniversary of the grant date. 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 grant date. 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	9 Months Ended
	Sep. 30, 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 unaudited condensed consolidated financial statements.

Condensed consolidating financi

Condensed consolidating financial statements	9 Months Ended
	Sep. 30, 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 September 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 101,357 $ 44,869 $ (7,958 ) $ 138,268 Cost of sales — 81,250 36,767 (9,033 ) 108,984 Gross profit — 20,107 8,102 1,075 29,284 Operating expenses Selling, general and administrative expenses — 42,569 10,793 — 53,362 Transaction expenses — 306 35 — 341 Loss (gain) on sale of assets and other — 2,130 87 — 2,217 Total operating expenses — 45,005 10,915 — 55,920 Earnings from equity investment — 414 — — 414 Equity earnings (losses) from affiliate, net of tax (13,579 ) 1,620 — 11,959 — Operating income (loss) (13,579 ) (22,864 ) (2,813 ) 13,034 (26,222 ) Other expense (income) Interest expense (income) 6,785 (84 ) 45 — 6,746 Foreign exchange (gains) losses and other, net — (19 ) (3,133 ) — (3,152 ) Total other expense (income) 6,785 (103 ) (3,088 ) — 3,594 Income (loss) before income taxes (20,364 ) (22,761 ) 275 13,034 (29,816 ) Provision (benefit) for income tax expense (2,375 ) (9,182 ) (264 ) — (11,821 ) Net income (loss) (17,989 ) (13,579 ) 539 13,034 (17,995 ) Less: Income (loss) attributable to noncontrolling interest — — (6 ) — (6 ) Net income (loss) attributable to common stockholders (17,989 ) (13,579 ) 545 13,034 (17,989 ) Other comprehensive income (loss), net of tax: Net income (loss) (17,989 ) (13,579 ) 539 13,034 (17,995 ) Change in foreign currency translation, net of tax of $0 (6,243 ) (6,243 ) (6,243 ) 12,486 (6,243 ) Change in pension liability (14 ) (14 ) (14 ) 28 (14 ) Comprehensive income (loss) (24,246 ) (19,836 ) (5,718 ) 25,548 (24,252 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (27 ) (27 ) Comprehensive income (loss) attributable to common stockholders $ (24,246 ) $ (19,836 ) $ (5,745 ) $ 25,548 $ (24,279 ) Condensed consolidating statements of comprehensive income (loss) Three months ended September 30, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 182,986 $ 83,751 $ (21,744 ) $ 244,993 Cost of sales — 140,444 60,494 (21,707 ) 179,231 Gross profit — 42,542 23,257 (37 ) 65,762 Operating expenses Selling, general and administrative expenses — 41,157 16,078 — 57,235 Transaction expenses — 193 — — 193 Loss (gain) on sale of assets and other — (15 ) 26 — 11 Total operating expenses — 41,335 16,104 — 57,439 Earnings from equity investment — 3,870 — — 3,870 Equity earnings from affiliates, net of tax 11,568 8,286 — (19,854 ) — Operating income (loss) 11,568 13,363 7,153 (19,891 ) 12,193 Other expense (income) Interest expense (income) 7,458 (1 ) (4 ) — 7,453 Foreign exchange (gains) losses and other, net — (253 ) (2,657 ) — (2,910 ) Total other expense (income) 7,458 (254 ) (2,661 ) — 4,543 Income (loss) before income taxes 4,110 13,617 9,814 (19,891 ) 7,650 Provision (benefit) for income tax expense (2,610 ) 2,049 1,493 — 932 Net income (loss) 6,720 11,568 8,321 (19,891 ) 6,718 Less: Income (loss) attributable to noncontrolling interest — — (2 ) — (2 ) Net income (loss) attributable to common stockholders 6,720 11,568 8,323 (19,891 ) 6,720 Other comprehensive income (loss), net of tax: Net income (loss) 6,720 11,568 8,321 (19,891 ) 6,718 Change in foreign currency translation, net of tax of $0 (18,747 ) (18,747 ) (18,747 ) 37,494 (18,747 ) Change in pension liability (2 ) (2 ) (2 ) 4 (2 ) Comprehensive income (loss) (12,029 ) (7,181 ) (10,428 ) 17,607 (12,031 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — 64 — 64 Comprehensive income (loss) attributable to common stockholders $ (12,029 ) $ (7,181 ) $ (10,364 ) $ 17,607 $ (11,967 ) Condensed consolidating statements of comprehensive income (loss) Nine months ended September 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 321,734 $ 151,383 $ (32,685 ) $ 440,432 Cost of sales — 281,666 123,631 (33,987 ) 371,310 Gross profit — 40,068 27,752 1,302 69,122 Operating expenses Selling, general and administrative expenses — 137,099 34,539 — 171,638 Transaction expenses — 536 35 — 571 Loss (gain) on sale of assets and other — 2,310 (77 ) — 2,233 Total operating expenses — 139,945 34,497 — 174,442 Earnings from equity investment — 1,207 — — 1,207 Equity earnings (losses) from affiliates, net of tax (54,323 ) 7,765 — 46,558 — Operating income (loss) (54,323 ) (90,905 ) (6,745 ) 47,860 (104,113 ) Other expense (income) Interest expense (income) 20,713 (97 ) 48 — 20,664 Deferred loan costs written off 2,588 — — — 2,588 Foreign exchange (gains) losses and other, net — (553 ) (13,993 ) — (14,546 ) Total other expense (income) 23,301 (650 ) (13,945 ) — 8,706 Income (loss) before income taxes (77,624 ) (90,255 ) 7,200 47,860 (112,819 ) Provision (benefit) for income tax expense (8,155 ) (35,932 ) 713 — (43,374 ) Net income (loss) (69,469 ) (54,323 ) 6,487 47,860 (69,445 ) Less: Income (loss) attributable to noncontrolling interest — — 24 — 24 Net income (loss) attributable to common stockholders (69,469 ) (54,323 ) 6,463 47,860 (69,469 ) Other comprehensive income (loss), net of tax: Net income (loss) (69,469 ) (54,323 ) 6,487 47,860 (69,445 ) Change in foreign currency translation, net of tax of $0 (25,618 ) (25,618 ) (25,618 ) 51,236 (25,618 ) Change in pension liability (33 ) (33 ) (33 ) 66 (33 ) Comprehensive income (loss) (95,120 ) (79,974 ) (19,164 ) 99,162 (95,096 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (156 ) — (156 ) Comprehensive income (loss) attributable to common stockholders $ (95,120 ) $ (79,974 ) $ (19,320 ) $ 99,162 $ (95,252 ) Condensed consolidating statements of comprehensive income (loss) Nine months ended September 30, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 661,419 $ 306,431 $ (90,346 ) $ 877,504 Cost of sales — 484,338 221,940 (88,545 ) 617,733 Gross profit — 177,081 84,491 (1,801 ) 259,771 Operating expenses Selling, general and administrative expenses — 150,955 46,065 — 197,020 Transaction expenses — 433 — — 433 Loss (gain) on sale of assets and other — (73 ) (191 ) — (264 ) Total operating expenses — 151,315 45,874 — 197,189 Earnings from equity investment — 12,281 — — 12,281 Equity earnings from affiliates, net of tax 59,002 35,116 — (94,118 ) — Operating income (loss) 59,002 73,163 38,617 (95,919 ) 74,863 Other expense (income) Interest expense (income) 22,670 13 4 — 22,687 Foreign exchange (gains) losses and other, net — (407 ) (5,104 ) — (5,511 ) Total other expense (income) 22,670 (394 ) (5,100 ) — 17,176 Income (loss) before income taxes 36,332 73,557 43,717 (95,919 ) 57,687 Provision (benefit) for income tax expense (7,934 ) 14,555 6,827 — 13,448 Net income (loss) 44,266 59,002 36,890 (95,919 ) 44,239 Less: Income (loss) attributable to noncontrolling interest — — (27 ) — (27 ) Net income (loss) attributable to common stockholders 44,266 59,002 36,917 (95,919 ) 44,266 Other comprehensive income (loss), net of tax: Net income (loss) 44,266 59,002 36,890 (95,919 ) 44,239 Change in foreign currency translation, net of tax of $0 (30,553 ) (30,553 ) (30,553 ) 61,106 (30,553 ) Change in pension liability 68 68 68 (136 ) 68 Comprehensive income (loss) 13,781 28,517 6,405 (34,949 ) 13,754 Less: comprehensive (income) loss attributable to noncontrolling interests — — 118 — 118 Comprehensive income (loss) attributable to common stockholders $ 13,781 $ 28,517 $ 6,523 $ (34,949 ) $ 13,872 Condensed consolidating balance sheets September 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 65 $ 44,930 $ 87,539 $ — $ 132,534 Accounts receivable—trade, net — 66,272 33,983 — 100,255 Inventories — 275,694 87,640 (8,102 ) 355,232 Cost and profits in excess of billings — 5,627 4,674 — 10,301 Income tax receivable — 32,801 — — 32,801 Other current assets 230 23,088 6,308 — 29,626 Total current assets 295 448,412 220,144 (8,102 ) 660,749 Property and equipment, net of accumulated depreciation — 132,087 27,366 — 159,453 Deferred financing costs, net 1,412 — — — 1,412 Deferred income taxes, net — — 720 — 720 Intangibles — 171,488 54,032 — 225,520 Goodwill — 481,374 179,602 — 660,976 Investment in unconsolidated subsidiary — 58,523 — — 58,523 Investment in affiliates 1,108,601 476,874 — (1,585,475 ) — Long-term advances to affiliates 476,656 — 61,774 (538,430 ) — Other long-term assets — 2,363 669 — 3,032 Total assets $ 1,586,964 $ 1,771,121 $ 544,307 $ (2,132,007 ) $ 1,770,385 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 28 $ 10 $ — $ 38 Accounts payable—trade — 43,463 16,683 — 60,146 Accrued liabilities 12,935 35,199 7,690 — 55,824 Deferred revenue — 1,260 7,491 — 8,751 Billings in excess of costs and profits — 457 1,147 — 1,604 Total current liabilities 12,935 80,407 33,021 — 126,363 Long-term debt, net of current portion 396,492 2 4 — 396,498 Long-term payables to affiliates — 538,430 — (538,430 ) — Deferred income taxes, net — 27,896 11,197 — 39,093 Other long-term liabilities — 15,785 14,556 — 30,341 Total liabilities 409,427 662,520 58,778 (538,430 ) 592,295 Total stockholder's equity 1,177,537 1,108,601 484,976 (1,593,577 ) 1,177,537 Noncontrolling interest in subsidiary — — 553 — 553 Equity 1,177,537 1,108,601 485,529 (1,593,577 ) 1,178,090 Total liabilities and equity $ 1,586,964 $ 1,771,121 $ 544,307 $ (2,132,007 ) $ 1,770,385 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 tax, 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 7,026 40,875 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 7,026 101,853 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 402,996 680,763 72,272 (527,406 ) 628,625 Total stockholder's equity 1,257,020 1,188,706 524,297 (1,713,003 ) 1,257,020 Noncontrolling interest in subsidiary — — 397 — 397 Equity 1,257,020 1,188,706 524,694 (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 Nine months ended September 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (6,940 ) $ 20,042 $ 51,118 $ (20,000 ) $ 44,220 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (2,700 ) — — (2,700 ) Capital expenditures for property and equipment — (9,530 ) (3,908 ) — (13,438 ) Long-term loans and advances to affiliates 6,049 3,148 — (9,197 ) — Other — 3,389 321 — 3,710 Net cash provided by (used in) investing activities $ 6,049 $ (5,693 ) $ (3,587 ) $ (9,197 ) $ (12,428 ) Cash flows from financing activities Borrowings (repayment) of long-term debt — (254 ) — — (254 ) Long-term loans and advances to affiliates — (6,049 ) (3,148 ) 9,197 — Dividend paid to affiliates — — (20,000 ) 20,000 — Other 956 — — — 956 Net cash provided by (used in) financing activities $ 956 $ (6,303 ) $ (23,148 ) $ 29,197 $ 702 Effect of exchange rate changes on cash — — (9,209 ) — (9,209 ) Net increase (decrease) in cash and cash equivalents 65 8,046 15,174 — 23,285 Cash and cash equivalents Beginning of period — 36,884 72,365 — 109,249 End of period $ 65 $ 44,930 $ 87,539 $ — $ 132,534 Condensed consolidating statements of cash flows Nine months ended September 30, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (6,543 ) $ 79,698 $ 44,551 $ — $ 117,706 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (60,836 ) — — (60,836 ) Capital expenditures for property and equipment — (19,858 ) (8,188 ) — (28,046 ) Long-term loans and advances to affiliates 27,719 40,544 — (68,263 ) — Other — 992 707 — 1,699 Net cash provided by (used in) investing activities $ 27,719 $ (39,158 ) $ (7,481 ) $ (68,263 ) $ (87,183 ) Cash flows from financing activities Repayment of long-term debt (25,305 ) (723 ) (14 ) — (26,042 ) Long-term loans and advances to affiliates — (27,719 ) (40,544 ) 68,263 — Other (1,422 ) — — — (1,422 ) Net cash provided by (used in) financing activities $ (26,727 ) $ (28,442 ) $ (40,558 ) $ 68,263 $ (27,464 ) Effect of exchange rate changes on cash — — (3,453 ) — (3,453 ) Net increase (decrease) in cash and cash equivalents (5,551 ) 12,098 (6,941 ) — (394 ) Cash and cash equivalents Beginning of period 5,551 4,006 67,022 — 76,579 End of period $ — $ 16,104 $ 60,081 $ — $ 76,185

Recent accounting pronounceme22

Recent accounting pronouncements (Policies)	9 Months Ended
	Sep. 30, 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 August 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-15 Cash Flow Statement (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. This new guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice, including: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. The only issue currently relevant to the Company is distributions received from equity method investees, where the new guidance allows an accounting policy election between the cumulative earnings approach and the nature distribution approach. The Company will continue to use the cumulative earnings approach, therefore the guidance is not expected to have a material impact on the Company's consolidated financial statements. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. In May 2016, the FASB issued ASU No. 2016-11 Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance Because of Accounting Standards Updates No. 2014-09 and No. 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. This new guidance rescinded certain SEC staff observer comments in Topic 605 related to revenue and expense recognition for freight services in process and accounting for shipping and handling fees and costs, in Topic 932 related to gas-balancing arrangements, and in Topic 815 related to the nature of a host contract related to a hybrid instrument issued in the form of a share. ASU 2016-11 is effective upon adoption of Topic 606 and is not expected to have a material impact on the Company's consolidated financial statements. In March, April and May 2016, the FASB issued a series of ASUs on revenue standards, including No. 2016-08 Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations, No. 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing, and No. 2016-12 Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients. 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. 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. 2016-12 amended and updated only the narrow aspects of Topic 606. The above 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 August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern. The new standard requires management to evaluate whether there are conditions or events that raise substantial doubt as to an entity's ability to continue as a going concern for both annual and interim reporting periods. The guidance is effective for the Company for the annual period ending after December 15, 2016 and interim periods thereafter. The guidance is not expected to have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The 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 and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory	The Company's significant components of inventory at September 30, 2016 and December 31, 2015 were as follows (in thousands): September 30, December 31, Raw materials and parts $ 117,882 $ 148,372 Work in process 26,762 38,381 Finished goods 293,609 315,256 Gross inventories 438,253 502,009 Inventory reserve (83,021 ) (77,888 ) Inventories $ 355,232 $ 424,121

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill from December 31, 2015 to September 30, 2016 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2015, net $ 334,595 $ 316,914 $ 17,527 $ 669,036 Acquisitions — — — — Impact of non-U.S. local currency translation (9,602 ) 1,353 189 (8,060 ) Goodwill Balance at September 30, 2016, net $ 324,993 $ 318,267 $ 17,716 $ 660,976
Summary of Intangible Assets	Intangible assets consisted of the following as of September 30, 2016 and December 31, 2015 , respectively (in thousands): September 30, 2016 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 274,533 $ (112,599 ) $ 161,934 4-15 Patents and technology 34,514 (11,781 ) 22,733 5-17 Non-compete agreements 6,321 (5,598 ) 723 3-6 Trade names 45,001 (17,503 ) 27,498 10-15 Distributor relationships 22,160 (14,758 ) 7,402 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 387,759 $ (162,239 ) $ 225,520 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

Investment in unconsolidated 26

Investment in unconsolidated subsidiary (Tables)	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Condensed financial data for the equity investment in the unconsolidated subsidiary is summarized as follows (in thousands): Three months ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net revenues $ 17,099 $ 26,033 $ 49,851 $ 81,513 Gross profit 3,684 11,731 12,082 36,505 Net income 863 8,063 2,515 25,588 The Company's earnings from equity investment 414 3,870 1,207 12,281

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable and lines of credit as of September 30, 2016 and December 31, 2015 consisted of the following (in thousands): September 30, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 2,091 2,395 Deferred financing cost (5,599 ) (6,425 ) Senior secured revolving credit facility — — Other debt 44 299 Total debt 396,536 396,269 Less: current maturities 38 253 Long-term debt $ 396,498 $ 396,016

Business segments (Tables)

Business segments (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summary financial data by segment follows (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Revenue: Drilling & Subsea $ 50,830 $ 110,849 $ 172,859 $ 404,121 Completions 33,549 55,627 92,320 222,465 Production & Infrastructure 54,030 78,791 176,364 251,850 Intersegment eliminations (141 ) (274 ) (1,111 ) (932 ) Total revenue $ 138,268 $ 244,993 $ 440,432 $ 877,504 Operating income (loss): Drilling & Subsea $ (11,340 ) $ 5,438 $ (41,696 ) $ 35,569 Completions (5,205 ) 5,380 (39,687 ) 36,805 Production & Infrastructure (713 ) 6,572 494 23,995 Corporate (6,406 ) (4,993 ) (20,420 ) (21,337 ) Total segment operating income (loss) (23,664 ) 12,397 (101,309 ) 75,032 Transaction expenses 341 193 571 433 Loss (gain) on sale of assets and other 2,217 11 2,233 (264 ) Income (loss) from operations $ (26,222 ) $ 12,193 $ (104,113 ) $ 74,863 A summary of consolidated assets by reportable segment is as follows (in thousands): September 30, December 31, Assets Drilling & Subsea $ 810,905 $ 912,324 Completions 696,532 728,745 Production & Infrastructure 172,272 187,741 Corporate 90,676 57,232 Total assets $ 1,770,385 $ 1,886,042

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings (losses) per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three months ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Income (loss) attributable to common stockholders $ (17,989 ) $ 6,720 $ (69,469 ) $ 44,266 Average shares outstanding (basic) 90,860 90,058 90,682 89,770 Common stock equivalents — 1,629 — 1,806 Diluted shares 90,860 91,687 90,682 91,576 Earnings (losses) per share Basic earnings (losses) per share $ (0.20 ) $ 0.07 $ (0.77 ) $ 0.49 Diluted earnings (losses) per share $ (0.20 ) $ 0.07 $ (0.77 ) $ 0.48

Condensed consolidating finan30

Condensed consolidating financial statements (Tables)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Statements of Income and Comprehensive Income (Loss)	Condensed consolidating statements of comprehensive income (loss) Three months ended September 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 101,357 $ 44,869 $ (7,958 ) $ 138,268 Cost of sales — 81,250 36,767 (9,033 ) 108,984 Gross profit — 20,107 8,102 1,075 29,284 Operating expenses Selling, general and administrative expenses — 42,569 10,793 — 53,362 Transaction expenses — 306 35 — 341 Loss (gain) on sale of assets and other — 2,130 87 — 2,217 Total operating expenses — 45,005 10,915 — 55,920 Earnings from equity investment — 414 — — 414 Equity earnings (losses) from affiliate, net of tax (13,579 ) 1,620 — 11,959 — Operating income (loss) (13,579 ) (22,864 ) (2,813 ) 13,034 (26,222 ) Other expense (income) Interest expense (income) 6,785 (84 ) 45 — 6,746 Foreign exchange (gains) losses and other, net — (19 ) (3,133 ) — (3,152 ) Total other expense (income) 6,785 (103 ) (3,088 ) — 3,594 Income (loss) before income taxes (20,364 ) (22,761 ) 275 13,034 (29,816 ) Provision (benefit) for income tax expense (2,375 ) (9,182 ) (264 ) — (11,821 ) Net income (loss) (17,989 ) (13,579 ) 539 13,034 (17,995 ) Less: Income (loss) attributable to noncontrolling interest — — (6 ) — (6 ) Net income (loss) attributable to common stockholders (17,989 ) (13,579 ) 545 13,034 (17,989 ) Other comprehensive income (loss), net of tax: Net income (loss) (17,989 ) (13,579 ) 539 13,034 (17,995 ) Change in foreign currency translation, net of tax of $0 (6,243 ) (6,243 ) (6,243 ) 12,486 (6,243 ) Change in pension liability (14 ) (14 ) (14 ) 28 (14 ) Comprehensive income (loss) (24,246 ) (19,836 ) (5,718 ) 25,548 (24,252 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (27 ) (27 ) Comprehensive income (loss) attributable to common stockholders $ (24,246 ) $ (19,836 ) $ (5,745 ) $ 25,548 $ (24,279 ) Condensed consolidating statements of comprehensive income (loss) Three months ended September 30, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 182,986 $ 83,751 $ (21,744 ) $ 244,993 Cost of sales — 140,444 60,494 (21,707 ) 179,231 Gross profit — 42,542 23,257 (37 ) 65,762 Operating expenses Selling, general and administrative expenses — 41,157 16,078 — 57,235 Transaction expenses — 193 — — 193 Loss (gain) on sale of assets and other — (15 ) 26 — 11 Total operating expenses — 41,335 16,104 — 57,439 Earnings from equity investment — 3,870 — — 3,870 Equity earnings from affiliates, net of tax 11,568 8,286 — (19,854 ) — Operating income (loss) 11,568 13,363 7,153 (19,891 ) 12,193 Other expense (income) Interest expense (income) 7,458 (1 ) (4 ) — 7,453 Foreign exchange (gains) losses and other, net — (253 ) (2,657 ) — (2,910 ) Total other expense (income) 7,458 (254 ) (2,661 ) — 4,543 Income (loss) before income taxes 4,110 13,617 9,814 (19,891 ) 7,650 Provision (benefit) for income tax expense (2,610 ) 2,049 1,493 — 932 Net income (loss) 6,720 11,568 8,321 (19,891 ) 6,718 Less: Income (loss) attributable to noncontrolling interest — — (2 ) — (2 ) Net income (loss) attributable to common stockholders 6,720 11,568 8,323 (19,891 ) 6,720 Other comprehensive income (loss), net of tax: Net income (loss) 6,720 11,568 8,321 (19,891 ) 6,718 Change in foreign currency translation, net of tax of $0 (18,747 ) (18,747 ) (18,747 ) 37,494 (18,747 ) Change in pension liability (2 ) (2 ) (2 ) 4 (2 ) Comprehensive income (loss) (12,029 ) (7,181 ) (10,428 ) 17,607 (12,031 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — 64 — 64 Comprehensive income (loss) attributable to common stockholders $ (12,029 ) $ (7,181 ) $ (10,364 ) $ 17,607 $ (11,967 ) Condensed consolidating statements of comprehensive income (loss) Nine months ended September 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 321,734 $ 151,383 $ (32,685 ) $ 440,432 Cost of sales — 281,666 123,631 (33,987 ) 371,310 Gross profit — 40,068 27,752 1,302 69,122 Operating expenses Selling, general and administrative expenses — 137,099 34,539 — 171,638 Transaction expenses — 536 35 — 571 Loss (gain) on sale of assets and other — 2,310 (77 ) — 2,233 Total operating expenses — 139,945 34,497 — 174,442 Earnings from equity investment — 1,207 — — 1,207 Equity earnings (losses) from affiliates, net of tax (54,323 ) 7,765 — 46,558 — Operating income (loss) (54,323 ) (90,905 ) (6,745 ) 47,860 (104,113 ) Other expense (income) Interest expense (income) 20,713 (97 ) 48 — 20,664 Deferred loan costs written off 2,588 — — — 2,588 Foreign exchange (gains) losses and other, net — (553 ) (13,993 ) — (14,546 ) Total other expense (income) 23,301 (650 ) (13,945 ) — 8,706 Income (loss) before income taxes (77,624 ) (90,255 ) 7,200 47,860 (112,819 ) Provision (benefit) for income tax expense (8,155 ) (35,932 ) 713 — (43,374 ) Net income (loss) (69,469 ) (54,323 ) 6,487 47,860 (69,445 ) Less: Income (loss) attributable to noncontrolling interest — — 24 — 24 Net income (loss) attributable to common stockholders (69,469 ) (54,323 ) 6,463 47,860 (69,469 ) Other comprehensive income (loss), net of tax: Net income (loss) (69,469 ) (54,323 ) 6,487 47,860 (69,445 ) Change in foreign currency translation, net of tax of $0 (25,618 ) (25,618 ) (25,618 ) 51,236 (25,618 ) Change in pension liability (33 ) (33 ) (33 ) 66 (33 ) Comprehensive income (loss) (95,120 ) (79,974 ) (19,164 ) 99,162 (95,096 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (156 ) — (156 ) Comprehensive income (loss) attributable to common stockholders $ (95,120 ) $ (79,974 ) $ (19,320 ) $ 99,162 $ (95,252 ) Condensed consolidating statements of comprehensive income (loss) Nine months ended September 30, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 661,419 $ 306,431 $ (90,346 ) $ 877,504 Cost of sales — 484,338 221,940 (88,545 ) 617,733 Gross profit — 177,081 84,491 (1,801 ) 259,771 Operating expenses Selling, general and administrative expenses — 150,955 46,065 — 197,020 Transaction expenses — 433 — — 433 Loss (gain) on sale of assets and other — (73 ) (191 ) — (264 ) Total operating expenses — 151,315 45,874 — 197,189 Earnings from equity investment — 12,281 — — 12,281 Equity earnings from affiliates, net of tax 59,002 35,116 — (94,118 ) — Operating income (loss) 59,002 73,163 38,617 (95,919 ) 74,863 Other expense (income) Interest expense (income) 22,670 13 4 — 22,687 Foreign exchange (gains) losses and other, net — (407 ) (5,104 ) — (5,511 ) Total other expense (income) 22,670 (394 ) (5,100 ) — 17,176 Income (loss) before income taxes 36,332 73,557 43,717 (95,919 ) 57,687 Provision (benefit) for income tax expense (7,934 ) 14,555 6,827 — 13,448 Net income (loss) 44,266 59,002 36,890 (95,919 ) 44,239 Less: Income (loss) attributable to noncontrolling interest — — (27 ) — (27 ) Net income (loss) attributable to common stockholders 44,266 59,002 36,917 (95,919 ) 44,266 Other comprehensive income (loss), net of tax: Net income (loss) 44,266 59,002 36,890 (95,919 ) 44,239 Change in foreign currency translation, net of tax of $0 (30,553 ) (30,553 ) (30,553 ) 61,106 (30,553 ) Change in pension liability 68 68 68 (136 ) 68 Comprehensive income (loss) 13,781 28,517 6,405 (34,949 ) 13,754 Less: comprehensive (income) loss attributable to noncontrolling interests — — 118 — 118 Comprehensive income (loss) attributable to common stockholders $ 13,781 $ 28,517 $ 6,523 $ (34,949 ) $ 13,872
Condensed Consolidating Balance Sheets	Condensed consolidating balance sheets September 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 65 $ 44,930 $ 87,539 $ — $ 132,534 Accounts receivable—trade, net — 66,272 33,983 — 100,255 Inventories — 275,694 87,640 (8,102 ) 355,232 Cost and profits in excess of billings — 5,627 4,674 — 10,301 Income tax receivable — 32,801 — — 32,801 Other current assets 230 23,088 6,308 — 29,626 Total current assets 295 448,412 220,144 (8,102 ) 660,749 Property and equipment, net of accumulated depreciation — 132,087 27,366 — 159,453 Deferred financing costs, net 1,412 — — — 1,412 Deferred income taxes, net — — 720 — 720 Intangibles — 171,488 54,032 — 225,520 Goodwill — 481,374 179,602 — 660,976 Investment in unconsolidated subsidiary — 58,523 — — 58,523 Investment in affiliates 1,108,601 476,874 — (1,585,475 ) — Long-term advances to affiliates 476,656 — 61,774 (538,430 ) — Other long-term assets — 2,363 669 — 3,032 Total assets $ 1,586,964 $ 1,771,121 $ 544,307 $ (2,132,007 ) $ 1,770,385 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 28 $ 10 $ — $ 38 Accounts payable—trade — 43,463 16,683 — 60,146 Accrued liabilities 12,935 35,199 7,690 — 55,824 Deferred revenue — 1,260 7,491 — 8,751 Billings in excess of costs and profits — 457 1,147 — 1,604 Total current liabilities 12,935 80,407 33,021 — 126,363 Long-term debt, net of current portion 396,492 2 4 — 396,498 Long-term payables to affiliates — 538,430 — (538,430 ) — Deferred income taxes, net — 27,896 11,197 — 39,093 Other long-term liabilities — 15,785 14,556 — 30,341 Total liabilities 409,427 662,520 58,778 (538,430 ) 592,295 Total stockholder's equity 1,177,537 1,108,601 484,976 (1,593,577 ) 1,177,537 Noncontrolling interest in subsidiary — — 553 — 553 Equity 1,177,537 1,108,601 485,529 (1,593,577 ) 1,178,090 Total liabilities and equity $ 1,586,964 $ 1,771,121 $ 544,307 $ (2,132,007 ) $ 1,770,385 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 tax, 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 7,026 40,875 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 7,026 101,853 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 402,996 680,763 72,272 (527,406 ) 628,625 Total stockholder's equity 1,257,020 1,188,706 524,297 (1,713,003 ) 1,257,020 Noncontrolling interest in subsidiary — — 397 — 397 Equity 1,257,020 1,188,706 524,694 (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 Nine months ended September 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (6,940 ) $ 20,042 $ 51,118 $ (20,000 ) $ 44,220 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (2,700 ) — — (2,700 ) Capital expenditures for property and equipment — (9,530 ) (3,908 ) — (13,438 ) Long-term loans and advances to affiliates 6,049 3,148 — (9,197 ) — Other — 3,389 321 — 3,710 Net cash provided by (used in) investing activities $ 6,049 $ (5,693 ) $ (3,587 ) $ (9,197 ) $ (12,428 ) Cash flows from financing activities Borrowings (repayment) of long-term debt — (254 ) — — (254 ) Long-term loans and advances to affiliates — (6,049 ) (3,148 ) 9,197 — Dividend paid to affiliates — — (20,000 ) 20,000 — Other 956 — — — 956 Net cash provided by (used in) financing activities $ 956 $ (6,303 ) $ (23,148 ) $ 29,197 $ 702 Effect of exchange rate changes on cash — — (9,209 ) — (9,209 ) Net increase (decrease) in cash and cash equivalents 65 8,046 15,174 — 23,285 Cash and cash equivalents Beginning of period — 36,884 72,365 — 109,249 End of period $ 65 $ 44,930 $ 87,539 $ — $ 132,534 Condensed consolidating statements of cash flows Nine months ended September 30, 2015 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (6,543 ) $ 79,698 $ 44,551 $ — $ 117,706 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (60,836 ) — — (60,836 ) Capital expenditures for property and equipment — (19,858 ) (8,188 ) — (28,046 ) Long-term loans and advances to affiliates 27,719 40,544 — (68,263 ) — Other — 992 707 — 1,699 Net cash provided by (used in) investing activities $ 27,719 $ (39,158 ) $ (7,481 ) $ (68,263 ) $ (87,183 ) Cash flows from financing activities Repayment of long-term debt (25,305 ) (723 ) (14 ) — (26,042 ) Long-term loans and advances to affiliates — (27,719 ) (40,544 ) 68,263 — Other (1,422 ) — — — (1,422 ) Net cash provided by (used in) financing activities $ (26,727 ) $ (28,442 ) $ (40,558 ) $ 68,263 $ (27,464 ) Effect of exchange rate changes on cash — — (3,453 ) — (3,453 ) Net increase (decrease) in cash and cash equivalents (5,551 ) 12,098 (6,941 ) — (394 ) Cash and cash equivalents Beginning of period 5,551 4,006 67,022 — 76,579 End of period $ — $ 16,104 $ 60,081 $ — $ 76,185

Acquisitions and Dispositions31

Acquisitions and Dispositions (Schedule of assets acquired and liabilities assumed) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Feb. 02, 2015
Business Acquisition [Line Items]
Tax-deductible goodwill	$ 660,976	$ 669,036
J-Mac Tool, Inc.
Business Acquisition [Line Items]
Contingent consideration not yet paid until working capital is finalized			$ 1,100
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

Acquisitions and Dispositions32

Acquisitions and Dispositions (Dispositions and assets held for sale) (Details) - Robstown, Texas [Member] $ in Millions	3 Months Ended
	Sep. 30, 2016USD ($)
Business Acquisition [Line Items]
Real estate held-for-sale	$ 8.2
Real estate held-for-sale, net of estimated cost to sell	6.1
Impairment of long-lived assets held-for-sale	$ 2.1

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials and parts	$ 117,882	$ 148,372
Work in process	26,762	38,381
Finished goods	293,609	315,256
Gross inventories	438,253	502,009
Inventory reserve	(83,021)	(77,888)
Inventories	$ 355,232	$ 424,121

Goodwill and intangible asset34

Goodwill and intangible assets (Schedule of Goodwill) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill Beginning Balance		$ 669,036,000
Acquisitions		0
Impact of non-U.S. local currency translation		(8,060,000)
Goodwill Ending Balance	$ 660,976,000	660,976,000
Impairment of goodwill	0	0
Accumulated impairment losses on goodwill	168,800,000	168,800,000	$ 168,800,000
Drilling & Subsea
Goodwill [Roll Forward]
Goodwill Beginning Balance		334,595,000
Acquisitions		0
Impact of non-U.S. local currency translation		(9,602,000)
Goodwill Ending Balance	324,993,000	324,993,000
Completions
Goodwill [Roll Forward]
Goodwill Beginning Balance		316,914,000
Acquisitions		0
Impact of non-U.S. local currency translation		1,353,000
Goodwill Ending Balance	318,267,000	318,267,000
Production & Infrastructure
Goodwill [Roll Forward]
Goodwill Beginning Balance		17,527,000
Acquisitions		0
Impact of non-U.S. local currency translation		189,000
Goodwill Ending Balance	$ 17,716,000	$ 17,716,000

Goodwill and intangible asset35

Goodwill and intangible assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (162,239)	$ (147,892)
Intangible Assets Total, Gross carrying amount	387,759	394,542
Intangible Assets Total, Net amortizable intangibles	225,520	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	274,533	280,297
Accumulated amortization	(112,599)	(101,636)
Net amortizable intangibles	$ 161,934	$ 178,661
Customer relationships | Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	4 years	4 years
Customer relationships | Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	15 years	15 years
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 34,514	$ 34,140
Accumulated amortization	(11,781)	(10,264)
Net amortizable intangibles	$ 22,733	$ 23,876
Patents and technology | Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	5 years	5 years
Patents and technology | Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	17 years	17 years
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 6,321	$ 7,269
Accumulated amortization	(5,598)	(6,292)
Net amortizable intangibles	$ 723	$ 977
Non-compete agreements | Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	3 years	3 years
Non-compete agreements | Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	6 years	6 years
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 45,001	$ 45,446
Accumulated amortization	(17,503)	(15,890)
Net amortizable intangibles	$ 27,498	$ 29,556
Trade names | Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	10 years	10 years
Trade names | Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	15 years	15 years
Distributor relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 22,160	$ 22,160
Accumulated amortization	(14,758)	(13,810)
Net amortizable intangibles	$ 7,402	$ 8,350
Distributor relationships | Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	8 years	8 years
Distributor relationships | Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	15 years	15 years

Investment in unconsolidated 36

Investment in unconsolidated subsidiary (Condensed financial data) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Revenue	$ 138,268	$ 244,993	$ 440,432	$ 877,504
Gross Profit	29,284	65,762	69,122	259,771
Net income (loss)	(17,995)	6,718	(69,445)	44,239
Earnings from equity investment	414	3,870	1,207	12,281
Global Tubing LLC
Schedule of Equity Method Investments [Line Items]
Revenue	17,099	26,033	49,851	81,513
Gross Profit	3,684	11,731	12,082	36,505
Net income (loss)	863	8,063	2,515	25,588
Earnings from equity investment	$ 414	$ 3,870	$ 1,207	$ 12,281

Debt (Schedule of Long-Term Deb

Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument
Total debt	$ 396,536,000	$ 396,269,000
Unamortized debt premium	2,091,000	2,395,000
Deferred financing cost	(5,599,000)	(6,425,000)
Less: current maturities	38,000	253,000
Long-term debt	396,498,000	396,016,000
6.25% Senior Notes due October 2021
Debt Instrument
Total debt	400,000,000	400,000,000
Senior secured revolving credit facility
Debt Instrument
Total debt	0	0
Other debt
Debt Instrument
Total debt	$ 44,000	$ 299,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended		7 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Feb. 25, 2016	Feb. 24, 2016	Dec. 31, 2015
Debt Instrument
Deferred financing costs written off	$ 0	$ 0		$ 2,588,000	$ 0
Debt instrument, carrying value	$ 396,536,000		$ 396,536,000	$ 396,536,000				$ 396,269,000
Weighted average interest rate								2.00%
6.25% Senior Notes due October 2021
Debt Instrument
Debt stated interest rate	6.25%		6.25%	6.25%
Debt instrument, carrying value	$ 400,000,000		$ 400,000,000	$ 400,000,000				$ 400,000,000
Senior secured revolving credit facility
Debt Instrument
Debt instrument, carrying value	0		0	0				$ 0
Line of credit facility, remaining borrowing capacity	108,000,000		108,000,000	108,000,000
Senior secured revolving credit facility | Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity						$ 200,000,000	$ 600,000,000
Deferred financing costs written off			2,600,000
Senior secured revolving credit facility | Letter of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity						25,000,000
Line of credit outstanding	$ 17,300,000		$ 17,300,000	$ 17,300,000
Senior secured revolving credit facility | Swingline Loan
Debt Instrument
Line of credit facility, maximum borrowing capacity						$ 10,000,000

Income taxes (Narrative) (Detai

Income taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	39.60%	12.20%	38.40%	23.30%
Income Tax Contingency [Line Items]
Income tax receivable	$ 32,801		$ 32,801		$ 0
Election to carry the net operating loss back
Income Tax Contingency [Line Items]
Operating loss carryforwards reclassified	(32,800)		(32,800)
Income tax receivable	$ 32,800		$ 32,800

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	$ 396,536,000	$ 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
6.25% Senior Notes due October 2021 | Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	378,500,000	334,100,000
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	0
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	$ 402,100,000	$ 402,500,000

Business segments (Income State

Business segments (Income Statement by Segment) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Dec. 31, 2015segment
Segment Reporting [Abstract]
Number of operating segments (in segments) | segment			3		2
Segment Reporting Information [Line Items]
Total revenue	$ 138,268	$ 244,993	$ 440,432	$ 877,504
Operating income (loss)	(26,222)	12,193	(104,113)	74,863
Transaction expenses	341	193	571	433
Loss (gain) on sale of assets and other	2,217	11	2,233	(264)
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	(23,664)	12,397	(101,309)	75,032
Operating Segments | Drilling & Subsea
Segment Reporting Information [Line Items]
Total revenue	50,830	110,849	172,859	404,121
Operating income (loss)	(11,340)	5,438	(41,696)	35,569
Operating Segments | Completions
Segment Reporting Information [Line Items]
Total revenue	33,549	55,627	92,320	222,465
Operating income (loss)	(5,205)	5,380	(39,687)	36,805
Operating Segments | Production & Infrastructure
Segment Reporting Information [Line Items]
Total revenue	54,030	78,791	176,364	251,850
Operating income (loss)	(713)	6,572	494	23,995
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenue	(141)	(274)	(1,111)	(932)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating income (loss)	$ (6,406)	$ (4,993)	$ (20,420)	$ (21,337)

Business segments (Assets by Se

Business segments (Assets by Segment) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Assets	$ 1,770,385	$ 1,886,042
Operating Segments | Drilling & Subsea
Segment Reporting Information [Line Items]
Assets	810,905	912,324
Operating Segments | Completions
Segment Reporting Information [Line Items]
Assets	696,532	728,745
Operating Segments | Production & Infrastructure
Segment Reporting Information [Line Items]
Assets	172,272	187,741
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Assets	$ 90,676	$ 57,232

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Income (loss) attributable to common stockholders	$ (17,989)	$ 6,720	$ (69,469)	$ 44,266
Average shares outstanding (basic) (in shares)	90,860	90,058	90,682	89,770
Common stock equivalents (in shares)	0	1,629	0	1,806
Diluted shares (in shares)	90,860	91,687	90,682	91,576
Basic earnings per share (in dollars per share)	$ (0.20)	$ 0.07	$ (0.77)	$ 0.49
Diluted earnings per share (in dollars per share)	$ (0.20)	$ 0.07	$ (0.77)	$ 0.48
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted earnings per share calculation excludes (in shares)		2,000		1,800

Stockholders' equity (Share-bas

Stockholders' equity (Share-based compensation) (Details)	9 Months Ended
	Sep. 30, 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)	1,716,239
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
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
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)	1,338,522
Award vesting period	4 years

Condensed consolidating finan45

Condensed consolidating financial statements (Condensed consolidating statements of income and comprehensive income (loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0	$ 0	$ 0
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	138,268	244,993	440,432	877,504
Cost of sales	108,984	179,231	371,310	617,733
Gross profit	29,284	65,762	69,122	259,771
Operating expenses
Selling, general and administrative expenses	53,362	57,235	171,638	197,020
Transaction expenses	341	193	571	433
Loss (gain) on sale of assets and other	2,217	11	2,233	(264)
Total operating expenses	55,920	57,439	174,442	197,189
Earnings from equity investment	414	3,870	1,207	12,281
Equity earnings (losses) from affiliate, net of tax	0	0	0	0
Operating income (loss)	(26,222)	12,193	(104,113)	74,863
Other expense (income)
Interest expense (income)	6,746	7,453	20,664	22,687
Deferred financing costs written off	0	0	2,588	0
Foreign exchange (gains) losses and other, net	(3,152)	(2,910)	(14,546)	(5,511)
Total other expense	3,594	4,543	8,706	17,176
Income (loss) before income taxes	(29,816)	7,650	(112,819)	57,687
Provision (benefit) for income tax expense	(11,821)	932	(43,374)	13,448
Net income (loss)	(17,995)	6,718	(69,445)	44,239
Less: Income (loss) attributable to noncontrolling interest	(6)	(2)	24	(27)
Net income (loss) attributable to common stockholders	(17,989)	6,720	(69,469)	44,266
Other comprehensive income (loss), net of tax:
Net income (loss)	(17,995)	6,718	(69,445)	44,239
Change in foreign currency translation, net of tax of $0	(6,243)	(18,747)	(25,618)	(30,553)
Change in pension liability	(14)	(2)	(33)	68
Comprehensive income (loss)	(24,252)	(12,031)	(95,096)	13,754
Less: comprehensive loss (income) attributable to noncontrolling interests	(27)	64	(156)	118
Comprehensive income (loss) attributable to common stockholders	(24,279)	(11,967)	(95,252)	13,872
Reportable Legal Entities | FET Inc. (Parent)
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	0	0	0	0
Cost of sales	0	0	0	0
Gross profit	0	0	0	0
Operating expenses
Selling, general and administrative expenses	0	0	0	0
Transaction expenses	0	0	0	0
Loss (gain) on sale of assets and other	0	0	0	0
Total operating expenses	0	0	0	0
Earnings from equity investment	0	0	0	0
Equity earnings (losses) from affiliate, net of tax	(13,579)	11,568	(54,323)	59,002
Operating income (loss)	(13,579)	11,568	(54,323)	59,002
Other expense (income)
Interest expense (income)	6,785	7,458	20,713	22,670
Deferred financing costs written off			2,588
Foreign exchange (gains) losses and other, net	0	0	0	0
Total other expense	6,785	7,458	23,301	22,670
Income (loss) before income taxes	(20,364)	4,110	(77,624)	36,332
Provision (benefit) for income tax expense	(2,375)	(2,610)	(8,155)	(7,934)
Net income (loss)	(17,989)	6,720	(69,469)	44,266
Less: Income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to common stockholders	(17,989)	6,720	(69,469)	44,266
Other comprehensive income (loss), net of tax:
Net income (loss)	(17,989)	6,720	(69,469)	44,266
Change in foreign currency translation, net of tax of $0	(6,243)	(18,747)	(25,618)	(30,553)
Change in pension liability	(14)	(2)	(33)	68
Comprehensive income (loss)	(24,246)	(12,029)	(95,120)	13,781
Less: comprehensive loss (income) attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to common stockholders	(24,246)	(12,029)	(95,120)	13,781
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	101,357	182,986	321,734	661,419
Cost of sales	81,250	140,444	281,666	484,338
Gross profit	20,107	42,542	40,068	177,081
Operating expenses
Selling, general and administrative expenses	42,569	41,157	137,099	150,955
Transaction expenses	306	193	536	433
Loss (gain) on sale of assets and other	2,130	(15)	2,310	(73)
Total operating expenses	45,005	41,335	139,945	151,315
Earnings from equity investment	414	3,870	1,207	12,281
Equity earnings (losses) from affiliate, net of tax	1,620	8,286	7,765	35,116
Operating income (loss)	(22,864)	13,363	(90,905)	73,163
Other expense (income)
Interest expense (income)	(84)	(1)	(97)	13
Deferred financing costs written off			0
Foreign exchange (gains) losses and other, net	(19)	(253)	(553)	(407)
Total other expense	(103)	(254)	(650)	(394)
Income (loss) before income taxes	(22,761)	13,617	(90,255)	73,557
Provision (benefit) for income tax expense	(9,182)	2,049	(35,932)	14,555
Net income (loss)	(13,579)	11,568	(54,323)	59,002
Less: Income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to common stockholders	(13,579)	11,568	(54,323)	59,002
Other comprehensive income (loss), net of tax:
Net income (loss)	(13,579)	11,568	(54,323)	59,002
Change in foreign currency translation, net of tax of $0	(6,243)	(18,747)	(25,618)	(30,553)
Change in pension liability	(14)	(2)	(33)	68
Comprehensive income (loss)	(19,836)	(7,181)	(79,974)	28,517
Less: comprehensive loss (income) attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to common stockholders	(19,836)	(7,181)	(79,974)	28,517
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	44,869	83,751	151,383	306,431
Cost of sales	36,767	60,494	123,631	221,940
Gross profit	8,102	23,257	27,752	84,491
Operating expenses
Selling, general and administrative expenses	10,793	16,078	34,539	46,065
Transaction expenses	35	0	35	0
Loss (gain) on sale of assets and other	87	26	(77)	(191)
Total operating expenses	10,915	16,104	34,497	45,874
Earnings from equity investment	0	0	0	0
Equity earnings (losses) from affiliate, net of tax	0	0	0	0
Operating income (loss)	(2,813)	7,153	(6,745)	38,617
Other expense (income)
Interest expense (income)	45	(4)	48	4
Deferred financing costs written off			0
Foreign exchange (gains) losses and other, net	(3,133)	(2,657)	(13,993)	(5,104)
Total other expense	(3,088)	(2,661)	(13,945)	(5,100)
Income (loss) before income taxes	275	9,814	7,200	43,717
Provision (benefit) for income tax expense	(264)	1,493	713	6,827
Net income (loss)	539	8,321	6,487	36,890
Less: Income (loss) attributable to noncontrolling interest	(6)	(2)	24	(27)
Net income (loss) attributable to common stockholders	545	8,323	6,463	36,917
Other comprehensive income (loss), net of tax:
Net income (loss)	539	8,321	6,487	36,890
Change in foreign currency translation, net of tax of $0	(6,243)	(18,747)	(25,618)	(30,553)
Change in pension liability	(14)	(2)	(33)	68
Comprehensive income (loss)	(5,718)	(10,428)	(19,164)	6,405
Less: comprehensive loss (income) attributable to noncontrolling interests	(27)	64	(156)	118
Comprehensive income (loss) attributable to common stockholders	(5,745)	(10,364)	(19,320)	6,523
Eliminations
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	(7,958)	(21,744)	(32,685)	(90,346)
Cost of sales	(9,033)	(21,707)	(33,987)	(88,545)
Gross profit	1,075	(37)	1,302	(1,801)
Operating expenses
Selling, general and administrative expenses	0	0	0	0
Transaction expenses	0	0	0	0
Loss (gain) on sale of assets and other	0	0	0	0
Total operating expenses	0	0	0	0
Earnings from equity investment	0	0	0	0
Equity earnings (losses) from affiliate, net of tax	11,959	(19,854)	46,558	(94,118)
Operating income (loss)	13,034	(19,891)	47,860	(95,919)
Other expense (income)
Interest expense (income)	0	0	0	0
Deferred financing costs written off			0
Foreign exchange (gains) losses and other, net	0	0	0	0
Total other expense	0	0	0	0
Income (loss) before income taxes	13,034	(19,891)	47,860	(95,919)
Provision (benefit) for income tax expense	0	0	0	0
Net income (loss)	13,034	(19,891)	47,860	(95,919)
Less: Income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to common stockholders	13,034	(19,891)	47,860	(95,919)
Other comprehensive income (loss), net of tax:
Net income (loss)	13,034	(19,891)	47,860	(95,919)
Change in foreign currency translation, net of tax of $0	12,486	37,494	51,236	61,106
Change in pension liability	28	4	66	(136)
Comprehensive income (loss)	25,548	17,607	99,162	(34,949)
Less: comprehensive loss (income) attributable to noncontrolling interests		0	0	0
Comprehensive income (loss) attributable to common stockholders	$ 25,548	$ 17,607	$ 99,162	$ (34,949)

Condensed consolidating finan46

Condensed consolidating financial statements (Condensed consolidating balance sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 132,534	$ 109,249	$ 76,185	$ 76,579
Accounts receivable—trade, net	100,255	138,597
Inventories, net	355,232	424,121
Costs and estimated profits in excess of billings	10,301	12,009
Income tax receivable	32,801	0
Other current assets	29,626	33,836
Total current assets	660,749	717,812
Property and equipment, net of accumulated depreciation	159,453	186,667
Deferred financing costs, net	1,412	4,125
Deferred income taxes, net	720	780
Intangibles, net	225,520	246,650
Goodwill	660,976	669,036
Investment in unconsolidated subsidiary	58,523	57,719
Investment in affiliates	0	0
Long-term advances to affiliates	0	0
Other long-term assets	3,032	3,253
Total assets	1,770,385	1,886,042
Current liabilities
Current portion of long-term debt	38	253
Accounts payable—trade	60,146	76,823
Accrued liabilities	55,824	58,563
Deferred revenue	8,751	7,283
Billings in excess of costs and profits	1,604	8,631
Total current liabilities	126,363	151,553
Long-term debt, net of current portion	396,498	396,016
Long-term payables to affiliates	0	0
Deferred income taxes, net	39,093	51,100
Other long-term liabilities	30,341	29,956
Total liabilities	592,295	628,625
Total stockholders’ equity	1,177,537	1,257,020
Noncontrolling interest in subsidiary	553	397
Total equity	1,178,090	1,257,417
Total liabilities and equity	1,770,385	1,886,042
Reportable Legal Entities | FET Inc. (Parent)
Current assets
Cash and cash equivalents	65	0	0	5,551
Accounts receivable—trade, net	0	0
Inventories, net	0	0
Costs and estimated profits in excess of billings	0	0
Income tax receivable	0
Other current assets	230	0
Total current assets	295	0
Property and equipment, net of accumulated depreciation	0	0
Deferred financing costs, net	1,412	4,125
Deferred income taxes, net	0	0
Intangibles, net	0	0
Goodwill	0	0
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	1,108,601	1,188,707
Long-term advances to affiliates	476,656	467,184
Other long-term assets	0	0
Total assets	1,586,964	1,660,016
Current liabilities
Current portion of long-term debt	0	0
Accounts payable—trade	0	0
Accrued liabilities	12,935	7,026
Deferred revenue	0	0
Billings in excess of costs and profits	0	0
Total current liabilities	12,935	7,026
Long-term debt, net of current portion	396,492	395,970
Long-term payables to affiliates	0	0
Deferred income taxes, net	0	0
Other long-term liabilities	0	0
Total liabilities	409,427	402,996
Total stockholders’ equity	1,177,537	1,257,020
Noncontrolling interest in subsidiary	0	0
Total equity	1,177,537	1,257,020
Total liabilities and equity	1,586,964	1,660,016
Reportable Legal Entities | Guarantor Subsidiaries
Current assets
Cash and cash equivalents	44,930	36,884	16,104	4,006
Accounts receivable—trade, net	66,272	85,537
Inventories, net	275,694	318,360
Costs and estimated profits in excess of billings	5,627	6,477
Income tax receivable	32,801
Other current assets	23,088	25,447
Total current assets	448,412	472,705
Property and equipment, net of accumulated depreciation	132,087	153,995
Deferred financing costs, net	0	0
Deferred income taxes, net	0	0
Intangibles, net	171,488	186,234
Goodwill	481,374	481,374
Investment in unconsolidated subsidiary	58,523	57,719
Investment in affiliates	476,874	514,893
Long-term advances to affiliates	0	0
Other long-term assets	2,363	2,549
Total assets	1,771,121	1,869,469
Current liabilities
Current portion of long-term debt	28	243
Accounts payable—trade	43,463	57,529
Accrued liabilities	35,199	40,875
Deferred revenue	1,260	1,334
Billings in excess of costs and profits	457	1,872
Total current liabilities	80,407	101,853
Long-term debt, net of current portion	2	34
Long-term payables to affiliates	538,430	527,406
Deferred income taxes, net	27,896	36,937
Other long-term liabilities	15,785	14,533
Total liabilities	662,520	680,763
Total stockholders’ equity	1,108,601	1,188,706
Noncontrolling interest in subsidiary	0	0
Total equity	1,108,601	1,188,706
Total liabilities and equity	1,771,121	1,869,469
Reportable Legal Entities | Non-Guarantor Subsidiaries
Current assets
Cash and cash equivalents	87,539	72,365	60,081	67,022
Accounts receivable—trade, net	33,983	53,060
Inventories, net	87,640	115,165
Costs and estimated profits in excess of billings	4,674	5,532
Income tax receivable	0
Other current assets	6,308	8,389
Total current assets	220,144	254,511
Property and equipment, net of accumulated depreciation	27,366	32,672
Deferred financing costs, net	0	0
Deferred income taxes, net	720	780
Intangibles, net	54,032	60,416
Goodwill	179,602	187,662
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	0	0
Long-term advances to affiliates	61,774	60,221
Other long-term assets	669	704
Total assets	544,307	596,966
Current liabilities
Current portion of long-term debt	10	10
Accounts payable—trade	16,683	19,294
Accrued liabilities	7,690	10,662
Deferred revenue	7,491	5,949
Billings in excess of costs and profits	1,147	6,759
Total current liabilities	33,021	42,674
Long-term debt, net of current portion	4	12
Long-term payables to affiliates	0	0
Deferred income taxes, net	11,197	14,163
Other long-term liabilities	14,556	15,423
Total liabilities	58,778	72,272
Total stockholders’ equity	484,976	524,297
Noncontrolling interest in subsidiary	553	397
Total equity	485,529	524,694
Total liabilities and equity	544,307	596,966
Eliminations
Current assets
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable—trade, net	0	0
Inventories, net	(8,102)	(9,404)
Costs and estimated profits in excess of billings	0	0
Income tax receivable	0
Other current assets	0	0
Total current assets	(8,102)	(9,404)
Property and equipment, net of accumulated depreciation	0	0
Deferred financing costs, net	0	0
Deferred income taxes, net	0	0
Intangibles, net	0	0
Goodwill	0	0
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	(1,585,475)	(1,703,600)
Long-term advances to affiliates	(538,430)	(527,405)
Other long-term assets	0	0
Total assets	(2,132,007)	(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	0	0
Total current liabilities	0	0
Long-term debt, net of current portion	0	0
Long-term payables to affiliates	(538,430)	(527,406)
Deferred income taxes, net	0	0
Other long-term liabilities	0	0
Total liabilities	(538,430)	(527,406)
Total stockholders’ equity	(1,593,577)	(1,713,003)
Noncontrolling interest in subsidiary	0	0
Total equity	(1,593,577)	(1,713,003)
Total liabilities and equity	$ (2,132,007)	$ (2,240,409)

Condensed consolidating finan47

Condensed consolidating financial statements (Condensed consolidating statements of cash flows) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	$ 44,220	$ 117,706
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(2,700)	(60,836)
Capital expenditures for property and equipment	(13,438)	(28,046)
Long-term loans and advances to affiliates	0	0
Other	3,710	1,699
Net cash used in investing activities	(12,428)	(87,183)
Cash flows from financing activities
Borrowings (repayment) of long-term debt	(254)	(26,042)
Long-term loans and advances to affiliates	0	0
Dividend paid to affiliates	0
Other	956	(1,422)
Net cash provided by (used in) financing activities	702	(27,464)
Effect of exchange rate changes on cash	(9,209)	(3,453)
Net increase (decrease) in cash and cash equivalents	23,285	(394)
Cash and cash equivalents
Beginning of period	109,249	76,579
End of period	132,534	76,185
Reportable Legal Entities | FET Inc. (Parent)
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	(6,940)	(6,543)
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	6,049	27,719
Other	0	0
Net cash used in investing activities	6,049	27,719
Cash flows from financing activities
Borrowings (repayment) of long-term debt	0	(25,305)
Long-term loans and advances to affiliates	0	0
Dividend paid to affiliates	0
Other	956	(1,422)
Net cash provided by (used in) financing activities	956	(26,727)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	65	(5,551)
Cash and cash equivalents
Beginning of period	0	5,551
End of period	65	0
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	20,042	79,698
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(2,700)	(60,836)
Capital expenditures for property and equipment	(9,530)	(19,858)
Long-term loans and advances to affiliates	3,148	40,544
Other	3,389	992
Net cash used in investing activities	(5,693)	(39,158)
Cash flows from financing activities
Borrowings (repayment) of long-term debt	(254)	(723)
Long-term loans and advances to affiliates	(6,049)	(27,719)
Dividend paid to affiliates	0
Other	0	0
Net cash provided by (used in) financing activities	(6,303)	(28,442)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	8,046	12,098
Cash and cash equivalents
Beginning of period	36,884	4,006
End of period	44,930	16,104
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	51,118	44,551
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	0	0
Capital expenditures for property and equipment	(3,908)	(8,188)
Long-term loans and advances to affiliates	0	0
Other	321	707
Net cash used in investing activities	(3,587)	(7,481)
Cash flows from financing activities
Borrowings (repayment) of long-term debt	0	(14)
Long-term loans and advances to affiliates	(3,148)	(40,544)
Dividend paid to affiliates	(20,000)
Other	0	0
Net cash provided by (used in) financing activities	(23,148)	(40,558)
Effect of exchange rate changes on cash	(9,209)	(3,453)
Net increase (decrease) in cash and cash equivalents	15,174	(6,941)
Cash and cash equivalents
Beginning of period	72,365	67,022
End of period	87,539	60,081
Eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	(20,000)	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	(9,197)	(68,263)
Other	0	0
Net cash used in investing activities	(9,197)	(68,263)
Cash flows from financing activities
Borrowings (repayment) of long-term debt	0	0
Long-term loans and advances to affiliates	9,197	68,263
Dividend paid to affiliates	20,000
Other	0	0
Net cash provided by (used in) financing activities	29,197	68,263
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents
Beginning of period	0	0
End of period	$ 0	$ 0