Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FORUM ENERGY TECHNOLOGIES, INC. | |
Entity Central Index Key | 1,401,257 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 96,503,320 |
Condensed consolidated statemen
Condensed consolidated statements of comprehensive income (loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 171,096 | $ 159,441 |
Cost of sales | 132,117 | 124,884 |
Gross profit | 38,979 | 34,557 |
Operating expenses | ||
Selling, general and administrative expenses | 60,674 | 60,013 |
Transaction expenses | 628 | 166 |
Loss (gain) on sale of assets and other | (246) | (32) |
Total operating expenses | 61,056 | 60,147 |
Earnings from equity investment | 1,462 | 577 |
Operating loss | (20,615) | (25,013) |
Other expense (income) | ||
Interest expense | 6,580 | 7,133 |
Deferred financing costs written off | 0 | 2,588 |
Foreign exchange (gains) and other, net | 1,546 | (1,380) |
Total other expense | 8,126 | 8,341 |
Loss before income taxes | (28,741) | (33,354) |
Benefit for income tax expense | (12,973) | (10,406) |
Net loss | (15,768) | (22,948) |
Less: Income (loss) attributable to noncontrolling interest | 0 | (5) |
Net loss attributable to common stockholders | $ (15,768) | $ (22,943) |
Weighted average shares outstanding | ||
Basic (in shares) | 95,860 | 90,477 |
Diluted (in shares) | 95,860 | 90,477 |
Loss per share | ||
Basic (in dollars per share) | $ (0.16) | $ (0.25) |
Diluted (in dollars per share) | $ (0.16) | $ (0.25) |
Other comprehensive income (loss), net of tax: | ||
Net loss | $ (15,768) | $ (22,948) |
Change in foreign currency translation, net of tax of $0 | 7,222 | 3,472 |
Loss on pension liability | (15) | (43) |
Comprehensive loss | (8,561) | (19,519) |
Less: comprehensive loss (income) attributable to noncontrolling interests | 0 | (93) |
Comprehensive loss attributable to common stockholders | $ (8,561) | $ (19,612) |
Condensed consolidated stateme3
Condensed consolidated statements of comprehensive income (loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Change in foreign currency translation, tax | $ 0 | $ 0 |
Condensed consolidated balance
Condensed consolidated balance sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 204,914 | $ 234,422 |
Accounts receivable—trade, net | 127,217 | 105,268 |
Inventories | 352,041 | 338,583 |
Income tax receivable | 32,801 | 32,801 |
Prepaid expenses and other current assets | 24,861 | 29,443 |
Costs and estimated profits in excess of billings | 7,658 | 9,199 |
Total current assets | 749,492 | 749,716 |
Property and equipment, net of accumulated depreciation | 151,067 | 152,212 |
Deferred financing costs, net | 960 | 1,112 |
Intangible assets | 217,534 | 216,418 |
Goodwill | 656,876 | 652,743 |
Investment in unconsolidated subsidiary | 61,643 | 59,140 |
Deferred income taxes, net | 2,482 | 851 |
Other long-term assets | 2,917 | 3,000 |
Total assets | 1,842,971 | 1,835,192 |
Current liabilities | ||
Current portion of long-term debt | 1,177 | 124 |
Accounts payable—trade | 100,363 | 73,775 |
Accrued liabilities | 51,968 | 55,604 |
Deferred revenue | 7,436 | 8,338 |
Billings in excess of costs and profits recognized | 1,848 | 4,004 |
Total current liabilities | 162,792 | 141,845 |
Long-term debt, net of current portion | 398,003 | 396,747 |
Deferred income taxes, net | 14,030 | 26,185 |
Other long-term liabilities | 34,987 | 34,654 |
Total liabilities | 609,812 | 599,431 |
Commitments and contingencies | ||
Equity | ||
Common stock, $0.01 par value, 296,000,000 shares authorized, 104,669,713 and 103,682,128 shares issued | 1,047 | 1,037 |
Additional paid-in capital | 1,004,935 | 998,169 |
Treasury stock at cost, 8,184,331 and 8,174,963 shares | (134,199) | (133,941) |
Retained earnings | 482,406 | 498,174 |
Accumulated other comprehensive income (loss) | (121,030) | (128,237) |
Total stockholders’ equity | 1,233,159 | 1,235,202 |
Noncontrolling interest in subsidiary | 0 | 559 |
Total equity | 1,233,159 | 1,235,761 |
Total liabilities and equity | $ 1,842,971 | $ 1,835,192 |
Condensed consolidated balance5
Condensed consolidated balance sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 296,000,000 | 296,000,000 |
Common Stock, shares issued | 104,669,713 | 103,682,128 |
Treasury Stock, shares, at cost | 8,184,331 | 8,174,963 |
Condensed consolidated stateme6
Condensed consolidated statements of cash flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (15,768) | $ (22,948) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||
Depreciation expense | 8,999 | 9,284 |
Amortization of intangible assets | 6,523 | 6,612 |
Share-based compensation expense | 4,665 | 5,084 |
Inventory write down | 531 | 609 |
Deferred income taxes | (13,787) | (10,832) |
Deferred financing costs written off | 0 | 2,588 |
Earnings from equity investment, net of distributions | (1,462) | (577) |
Other | 698 | (429) |
Changes in operating assets and liabilities | ||
Accounts receivable—trade | (19,596) | 28,764 |
Inventories | (6,127) | 8,439 |
Prepaid expenses and other current assets | 4,586 | 6,762 |
Accounts payable, deferred revenue and other accrued liabilities | 16,298 | 191 |
Costs and estimated profits in excess of billings, net | (566) | (6,691) |
Net cash (used in) provided by operating activities | (15,006) | 26,856 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | (8,738) | 0 |
Capital expenditures for property and equipment | (3,468) | (4,261) |
Proceeds from sale of business, property and equipment | 40 | 309 |
Investment in unconsolidated subsidiary | (1,041) | 0 |
Net cash used in investing activities | (13,207) | (3,952) |
Cash flows from financing activities | ||
Borrowings of long term and short term debt | 0 | 8 |
Repayment of long term and short term debt | (891) | (199) |
Repurchases of stock related to shares withheld for taxes | (4,403) | (838) |
Proceeds from stock issuance | 1,757 | 1,003 |
Deferred financing costs | 0 | (513) |
Net cash used in financing activities | (3,537) | (539) |
Effect of exchange rate changes on cash | 2,242 | 363 |
Net increase (decrease) in cash and cash equivalents | (29,508) | 22,728 |
Cash and cash equivalents | ||
Beginning of period | 234,422 | 109,249 |
End of period | 204,914 | 131,977 |
Noncash Investing and Financing Items [Abstract] | ||
Acquisition via issuance of stock | $ 4,500 | $ 0 |
Organization and basis of prese
Organization and basis of presentation | 3 Months Ended |
Mar. 31, 2017 | |
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, completion, production and infrastructure sectors of the oil and natural gas industry. The Company designs, manufactures and distributes products and engages in aftermarket services, parts supply and related services that complement the Company’s product offering. Basis of presentation The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All significant intercompany transactions have been eliminated in consolidation. The Company's investment in an operating entity where the Company has the ability to exert significant influence, but does not control operating and financial policies is accounted for using the equity method. The Company's share of the net income of this entity is recorded as "Earnings from equity investment" in the condensed consolidated statements of comprehensive income (loss). The investment in this entity is included in "Investment in unconsolidated subsidiary" in the condensed consolidated balance sheets. The Company reports its share of equity earnings within operating income (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 three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 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, 2016 , which are included in the Company’s 2016 Annual Report on Form 10-K filed with the SEC on February 28, 2017 (the "Annual Report"). |
Recent accounting pronouncement
Recent accounting pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
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 January 2017, the FASB issued Accounting Standard Updates ("ASU") No. 2017-04 Intangibles- Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test where the implied fair value of goodwill needs to be determined and compared to the carrying amount of that goodwill to measure the impairment loss. The Company is required to adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company has early adopted the standard in the first quarter of 2017. This guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In January 2017, the FASB issued ASU No. 2017-01 Business Combination (Topic 805) - Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance will be effective for annual periods beginning after December 15, 2017, including interim periods within those periods, and is not expected to have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) - Restricted Cash a consensus of the FASB Emerging Issues Task Force. This new guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019 and is not expected to have a material impact on the Company's consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16 Income Tax (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This new guidance eliminates this exception and requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The ASU is not expected to have a material impact on the Company's consolidated financial statements. 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 of the 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 March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. This new guidance includes provisions intended to simplify how share-based payments are accounted for and presented in the financial statements. The Company applied the update prospectively beginning January 1, 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases. Under this new guidance, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of greater than twelve months. The standard will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this guidance. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits the entity to use either a full retrospective or modified retrospective transition method. The FASB issued several subsequent updates in 2016 containing implementation guidance related to the new standard. These standards provide additional guidance related to principal versus agent considerations, licensing, and identifying performance obligations. Additionally, these standards provide narrow-scope improvements and practical expedients as well as technical corrections and improvements. Overall, the new guidance 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 currently anticipates that it will adopt this standard using the modified retrospective method. The Company has put in place an implementation team to provide training and to review contracts subject to the new revenue standard. The Company will also continue to monitor for any additional implementation or other guidance that may be issued in 2017 with respect to the new revenue standard and adjust its implementation plans accordingly. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2017 Acquisition On January 9, 2017, the Company acquired substantially all of the assets of Cooper Valves, LLC as well as 100% of the general partnership interests of Innovative Valve Components for total aggregate consideration of $14.5 million (collectively, “Cooper”). The aggregate consideration includes the issuance of stock valued at $4.5 million and certain contingent cash payments. These acquisitions are included in the Production and Infrastructure segment. The acquired Cooper brands include the Accuseal® metal seated ball valves engineered to meet Class VI shut off standards for use in severe service applications, as well as a full line of cast and forged gate, globe, and check valves. Innovative Valve Components, in partnership with Cooper Valves, commercialized critical service valves and components for the power generation, mining and oil and natural gas industries. The fair values of the assets acquired and liabilities assumed have not been presented because they are not material to the consolidated financial statements. Pro forma results of operations for this acquisition have not been presented because the effects were not material to the consolidated financial statements. 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. This acquisition 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 consolidated financial statements. Pro forma results of operations for the 2016 acquisition have not been presented because the effects were not material to the consolidated financial statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The Company's significant components of inventory at March 31, 2017 and December 31, 2016 were as follows (in thousands): March 31, December 31, Raw materials and parts $ 112,468 $ 106,329 Work in process 33,898 23,303 Finished goods 270,334 277,303 Gross inventories 416,700 406,935 Inventory reserve (64,659 ) (68,352 ) Inventories $ 352,041 $ 338,583 |
Goodwill and intangible assets
Goodwill and intangible assets | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 to March 31, 2017 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2016 $ 317,406 $ 317,693 $ 17,644 $ 652,743 Acquisitions, net of dispositions — — 1,776 $ 1,776 Impact of non-U.S. local currency translation 2,107 220 30 $ 2,357 Goodwill Balance at March 31, 2017 $ 319,513 $ 317,913 $ 19,450 $ 656,876 There was no impairment of goodwill during the quarter ended March 31, 2017 . Accumulated impairment losses on goodwill were $168.8 million as of March 31, 2017 and December 31, 2016 . The Company performs its annual impairment tests of goodwill as of October 1 or when there is a triggering event. Intangible assets Intangible assets consisted of the following as of March 31, 2017 and December 31, 2016 , respectively (in thousands): March 31, 2017 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 272,464 $ (120,527 ) $ 151,937 4-15 Patents and technology 39,074 (12,892 ) 26,182 5-17 Non-compete agreements 6,288 (5,749 ) 539 3-6 Trade names 45,837 (18,961 ) 26,876 10-15 Distributor relationships 22,160 (15,390 ) 6,770 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 391,053 $ (173,519 ) $ 217,534 December 31, 2016 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 270,586 $ (115,381 ) $ 155,205 4-15 Patents and technology 33,936 (12,225 ) 21,711 5-17 Non-compete agreements 6,230 (5,594 ) 636 3-6 Trade names 44,494 (17,944 ) 26,550 10-15 Distributor relationships 22,160 (15,074 ) 7,086 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 382,636 $ (166,218 ) $ 216,418 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Notes payable and lines of credit as of March 31, 2017 and December 31, 2016 consisted of the following (in thousands): March 31, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 1,887 1,989 Debt issuance cost (5,048 ) (5,324 ) Senior secured revolving credit facility — — Other debt 2,341 206 Total debt 399,180 396,871 Less: current maturities (1,177 ) (124 ) Long-term debt $ 398,003 $ 396,747 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, we amended our credit facility with Wells Fargo Bank, National Association, as administrative agent, and several financial institutions as lenders (the “Credit Facility”) to reduce lender commitments to $200.0 million . On December 12, 2016, we further amended the Credit Facility (such further amendment, the “Amended Credit Facility”), to, among other things, reduce revolving credit line commitments from $200.0 million to $140.0 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 Credit 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 Credit Facility matures in November 2018. As of March 31, 2017 and December 31, 2016 , the Company had no borrowings outstanding under the Credit Facility. As of March 31, 2017 , the Company had $18.3 million of outstanding letters of credit. Subsequent to March 31, 2017 , upon the completion of the bank's borrowing base audit, the Company had the capacity to borrow an additional $102.6 million subject to certain limitations in the Credit Facility. The Company's borrowing capacity under the Amended Credit Facility could be reduced or eliminated, depending on the future EBITDA. Weighted average interest rates under the Credit Facility for the three months ended March 31, 2017 and twelve months ended December 31, 2016 were approximately 3.00% . There have been no changes to the financial covenants disclosed in Item 8 of the Annual Report and the Company was in compliance with all financial covenants at March 31, 2017 . |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The Company's effective tax rate was 45.1% for the three months ended March 31, 2017 and 31.2% for the three months ended March 31, 2016 . Impacting the tax rate for the three months ended March 31, 2017 was the implementation of new accounting guidance related to employee share-based compensation accounting. This new guidance now requires that all excess tax benefits and tax deficiencies be recognized as income tax expense or benefit in the income statement. The Company had a benefit from share-based compensation awards in the three months ended March 31, 2017, resulting in an increase in the tax benefit rate for the period on the pre-tax loss. Further, the tax rate is higher than the prior year comparable period because of the change in the proportion of losses being generated in the United States, which are benefited at a higher statutory tax rate, as compared to earnings being generated outside the United States in jurisdictions subject to lower tax rates. The effective tax rate can vary from period to period depending on the Company's relative mix of U.S. and non-U.S. earnings. |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements At March 31, 2017 and December 31, 2016 , the Company had no debt outstanding under the Credit Facility. At March 31, 2017 , the Company had $18.3 million of outstanding letters of credit. The fair value of the Company’s Senior Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At March 31, 2017 , the fair value and the carrying value of the Company’s Senior Notes approximated $395.9 million and $401.9 million , respectively. At December 31, 2016 , the fair value and the carrying value of the Company’s Senior Notes each approximated $402.0 million . There were no outstanding financial assets as of March 31, 2017 and December 31, 2016 that required measuring the amounts at fair value. The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and there were no transfers between levels of the fair value hierarchy during the three months ended March 31, 2017 . |
Business segments
Business segments | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Business segments | Business segments The Company reports its results of operations in the following three reportable segments: Drilling & Subsea, Completions and Production & Infrastructure. The amounts indicated below as "Corporate" relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands): Three months ended March 31, 2017 2016 Revenue: Drilling & Subsea $ 62,065 $ 65,295 Completions 42,169 34,304 Production & Infrastructure 67,579 60,511 Intersegment eliminations (717 ) (669 ) Total Revenue $ 171,096 $ 159,441 Operating loss: Drilling & Subsea $ (8,992 ) $ (9,823 ) Completions (2,864 ) (6,458 ) Production & Infrastructure (569 ) (1,371 ) Corporate (7,808 ) (7,227 ) Total segment operating loss (20,233 ) (24,879 ) Transaction expenses 628 166 Gain on sale of assets and other (246 ) (32 ) Loss from operations $ (20,615 ) $ (25,013 ) A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, December 31, Assets Drilling & Subsea $ 783,939 $ 786,455 Completions 681,373 675,987 Production & Infrastructure 208,001 175,940 Corporate 169,658 196,810 Total assets $ 1,842,971 $ 1,835,192 Corporate assets include, among other items, prepaid assets, cash and deferred financing costs. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended March 31, 2017 2016 Net loss attributable to common stockholders $ (15,768 ) $ (22,943 ) Average shares outstanding (basic) 95,860 90,477 Common stock equivalents — — Diluted shares 95,860 90,477 Loss per share Basic loss per share $ (0.16 ) $ (0.25 ) Diluted loss per share $ (0.16 ) $ (0.25 ) The diluted loss per share calculation excludes all stock options for the three months ended March 31, 2017 and March 31, 2016 because there was a net loss for both quarters. |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies In the ordinary course of business, the Company is, and in the future could be, involved in various pending or threatened legal actions that may or may not be covered by insurance. Management has reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are considered to be probable and can be reasonably estimated. The reserves accrued at March 31, 2017 and December 31, 2016 , respectively, are immaterial. It is management's opinion that the Company's ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Stockholders' equity
Stockholders' equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' equity | Stockholders' equity Share-based compensation During the three months ended March 31, 2017 , the Company granted 278,958 options and 836,204 shares of restricted stock or restricted stock units, which includes 124,213 performance share awards with a market condition. The stock options were granted with an exercise price of $20.10 . Of the restricted stock or restricted stock units granted, 656,020 vest ratably over four years on each anniversary of the date of grant. 55,971 shares of restricted stock or restricted stock units were granted to the non-employee members of the Board of Directors, which have a twelve month vesting period from the date of grant. The performance share awards granted may settle for between zero and two shares of the Company's common stock. The number of shares issued pursuant to the performance share awards will be determined based on the total shareholder return of the Company's common stock as compared to a group of peer companies, measured annually over a one year , two year and three -year performance period. |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions The Company has sold and purchased equipment and services to and from a few affiliates of certain directors. The dollar amounts related to these related party activities are not material to the Company’s condensed consolidated financial statements. |
Condensed consolidating financi
Condensed consolidating financial statements | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed consolidating financial statements | Condensed consolidating financial statements The Senior Notes are guaranteed by our domestic subsidiaries which are 100% owned, directly or indirectly, by the Company. The guarantees are full and unconditional, joint and several and on an unsecured basis. Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 142,736 $ 46,402 $ (18,042 ) $ 171,096 Cost of sales — 110,240 39,395 (17,518 ) 132,117 Gross profit — 32,496 7,007 (524 ) 38,979 Operating expenses Selling, general and administrative expenses — 48,063 12,611 — 60,674 Transaction expenses — 517 111 — 628 Loss (gain) on sale of assets and other — (270 ) 24 — (246 ) Total operating expenses — 48,310 12,746 — 61,056 Earnings from equity investment — 1,462 — — 1,462 Equity earnings from affiliate, net of tax (11,435 ) (5,126 ) — 16,561 — Operating income (11,435 ) (19,478 ) (5,739 ) 16,037 (20,615 ) Other expense (income) Interest expense (income) 6,666 (27 ) (59 ) — 6,580 Deferred loan costs written off — — — — — Foreign exchange (gains) losses and other, net — (137 ) 1,683 — 1,546 Total other expense (income) 6,666 (164 ) 1,624 — 8,126 Income (loss) before income taxes (18,101 ) (19,314 ) (7,363 ) 16,037 (28,741 ) Provision (benefit) for income tax expense (2,333 ) (7,879 ) (2,761 ) — (12,973 ) Net income (loss) (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Less: Income (loss) attributable to noncontrolling interest — — — — — Net income (loss) attributable to common stockholders (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Other comprehensive income (loss), net of tax: Net income (loss) (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Change in foreign currency translation, net of tax of $0 7,222 7,222 7,222 (14,444 ) 7,222 Change in pension liability (15 ) (15 ) (15 ) 30 (15 ) Comprehensive income (loss) (8,561 ) (4,228 ) 2,605 1,623 (8,561 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — — — Comprehensive income (loss) attributable to common stockholders $ (8,561 ) $ (4,228 ) $ 2,605 $ 1,623 $ (8,561 ) Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 117,314 $ 55,634 $ (13,507 ) $ 159,441 Cost of sales — 92,614 45,132 (12,862 ) 124,884 Gross profit — 24,700 10,502 (645 ) 34,557 Operating expenses Selling, general and administrative expenses — 47,664 12,349 — 60,013 Transaction Expense — 166 — — 166 Loss (gain) on sale of assets and other — (36 ) 4 — (32 ) Total operating expenses — 47,794 12,353 — 60,147 Earnings from equity investment — 577 — — 577 Equity earnings from affiliates, net of tax (16,614 ) (1,089 ) — 17,703 — Operating income (16,614 ) (23,606 ) (1,851 ) 17,058 (25,013 ) Other expense (income) Interest expense (income) 7,148 (13 ) (2 ) — 7,133 Deferred loan costs written off 2,588 — — — 2,588 Foreign exchange (gains) losses and other, net — (82 ) (1,298 ) — (1,380 ) Total other expense (income) 9,736 (95 ) (1,300 ) — 8,341 Income before income taxes (26,350 ) (23,511 ) (551 ) 17,058 (33,354 ) Provision for income tax expense (3,407 ) (6,897 ) (102 ) — (10,406 ) Net income (22,943 ) (16,614 ) (449 ) 17,058 (22,948 ) Less: Income (loss) attributable to noncontrolling interest — — (5 ) — (5 ) Net income attributable to common stockholders (22,943 ) (16,614 ) (444 ) 17,058 (22,943 ) Other comprehensive income, net of tax: Net income (22,943 ) (16,614 ) (449 ) 17,058 (22,948 ) Change in foreign currency translation, net of tax of $0 3,472 3,472 3,472 (6,944 ) 3,472 Change in pension liability (43 ) (43 ) (43 ) 86 (43 ) Comprehensive income (loss) (19,514 ) (13,185 ) 2,980 10,200 (19,519 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (93 ) (93 ) Comprehensive income (loss) attributable to common stockholders $ (19,514 ) $ (13,185 ) $ 2,887 $ 10,200 $ (19,612 ) Condensed consolidating balance sheets March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 103 $ 121,043 $ 83,768 $ — $ 204,914 Accounts receivable—trade, net — 98,887 28,330 — 127,217 Inventories — 288,180 72,825 (8,964 ) 352,041 Income tax receivable — 32,801 — — 32,801 Cost and profits in excess of billings — 3,998 3,660 — 7,658 Other current assets — 15,685 9,176 — 24,861 Total current assets 103 560,594 197,759 (8,964 ) 749,492 Property and equipment, net of accumulated depreciation — 127,429 23,638 — 151,067 Deferred financing costs, net 960 — — — 960 Deferred income taxes, net — — 2,482 — 2,482 Intangibles — 168,203 49,331 — 217,534 Goodwill — 483,334 173,542 — 656,876 Investment in unconsolidated subsidiary — 61,643 — — 61,643 Investment in affiliates 1,077,875 459,902 — (1,537,777 ) — Long-term advances to affiliates 563,914 — 75,564 (639,478 ) — Other long-term assets — 2,290 627 — 2,917 Total assets $ 1,642,852 $ 1,863,395 $ 522,943 $ (2,186,219 ) $ 1,842,971 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 1,075 $ 102 $ — $ 1,177 Accounts payable—trade — 85,008 15,355 — 100,363 Accrued liabilities 12,854 31,735 7,379 — 51,968 Deferred revenue — 3,006 4,430 — 7,436 Billings in excess of costs and profits — 1,078 770 — 1,848 Total current liabilities 12,854 121,902 28,036 — 162,792 Long-term debt, net of current portion 396,839 1,106 58 — 398,003 Long-term payables to affiliates — 639,478 — (639,478 ) — Deferred income taxes, net — 7,346 6,684 — 14,030 Other long-term liabilities — 15,688 19,299 — 34,987 Total liabilities 409,693 785,520 54,077 (639,478 ) 609,812 Total stockholder's equity 1,233,159 1,077,875 468,866 (1,546,741 ) 1,233,159 Noncontrolling interest in subsidiary — — — — — Equity 1,233,159 1,077,875 468,866 (1,546,741 ) 1,233,159 Total liabilities and equity $ 1,642,852 $ 1,863,395 $ 522,943 $ (2,186,219 ) $ 1,842,971 Condensed consolidating balance sheets December 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 65 $ 143,275 $ 91,082 $ — $ 234,422 Accounts receivable—trade, net — 77,229 28,039 — 105,268 Inventories — 269,036 77,987 (8,440 ) 338,583 Income tax receivable — 32,801 — — 32,801 Cost and profits in excess of billings — 4,477 4,722 — 9,199 Other current assets — 21,013 8,430 — 29,443 Total current assets 65 547,831 210,260 (8,440 ) 749,716 Property and equipment, net of accumulated depreciation — 127,094 25,118 — 152,212 Deferred financing costs, net 1,112 — — — 1,112 Deferred income taxes, net — — 851 — 851 Intangibles — 166,437 49,981 — 216,418 Goodwill — 481,374 171,369 — 652,743 Investment in unconsolidated subsidiary — 59,140 — — 59,140 Investment in affiliates 1,080,337 460,166 — (1,540,503 ) — Long-term advances to affiliates 557,061 — 71,057 (628,118 ) — Other long-term assets — 2,322 678 — 3,000 Total assets $ 1,638,575 $ 1,844,364 $ 529,314 $ (2,177,061 ) $ 1,835,192 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 23 $ 101 $ — $ 124 Accounts payable—trade — 59,261 14,514 — 73,775 Accrued liabilities 6,708 40,630 8,266 — 55,604 Deferred revenue — 1,206 7,132 — 8,338 Billings in excess of costs and profits recognized — 1,799 2,205 — 4,004 Total current liabilities 6,708 102,919 32,218 — 141,845 Long-term debt, net of current portion 396,665 — 82 — 396,747 Long-term payables to affiliates — 628,118 — (628,118 ) — Deferred income taxes, net — 17,650 8,535 — 26,185 Other long-term liabilities — 15,340 19,314 — 34,654 Total liabilities 403,373 764,027 60,149 (628,118 ) 599,431 Total stockholder's equity 1,235,202 1,080,337 468,606 (1,548,943 ) 1,235,202 Noncontrolling interest in subsidiary — — 559 — 559 Equity 1,235,202 1,080,337 469,165 (1,548,943 ) 1,235,761 Total liabilities and equity $ 1,638,575 $ 1,844,364 $ 529,314 $ (2,177,061 ) $ 1,835,192 Condensed consolidating statements of cash flows Three months ended March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ 374 $ (13,349 ) $ (2,031 ) $ — $ (15,006 ) Cash flows from investing activities Acquisition of businesses, net of cash acquired — (8,738 ) — — (8,738 ) Capital expenditures for property and equipment — (3,285 ) (183 ) — (3,468 ) Investment in unconsolidated subsidiary — (1,041 ) — — — (1,041 ) Long-term loans and advances to affiliates 2,310 7,319 — (9,629 ) — Other — 40 — — 40 Net cash provided by (used in) investing activities $ 2,310 $ (5,705 ) $ (183 ) $ (9,629 ) $ (13,207 ) Cash flows from financing activities Repayment of long-term and short-term debt — (868 ) (23 ) — (891 ) Long-term loans and advances to affiliates — (2,310 ) (7,319 ) 9,629 — Stock repurchase related to shares withheld for taxes (4,403 ) — — — (4,403 ) Proceeds from stock issuance 1,757 — — — 1,757 Net cash provided by (used in) financing activities $ (2,646 ) $ (3,178 ) $ (7,342 ) $ 9,629 $ (3,537 ) Effect of exchange rate changes on cash — — 2,242 — 2,242 Net increase (decrease) in cash and cash equivalents 38 (22,232 ) (7,314 ) — (29,508 ) Cash and cash equivalents Beginning of period 65 143,275 91,082 — 234,422 End of period $ 103 $ 121,043 $ 83,768 $ — $ 204,914 Condensed consolidating statements of cash flows Three Months Ended March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ 1,670 $ 6,093 $ 19,093 $ — $ 26,856 Cash flows from investing activities Acquisition of businesses, net of cash acquired — — — — — Capital expenditures for property and equipment — (3,991 ) (270 ) — (4,261 ) Long-term loans and advances to affiliates (1,324 ) 348 — 976 — Other — 280 29 — 309 Net cash provided by (used in) investing activities $ (1,324 ) $ (3,363 ) $ (241 ) $ 976 $ (3,952 ) Cash flows from financing activities Borrowings of long-term and short-term debt — 8 — — 8 Repayment of long-term debt — (199 ) — (199 ) Long-term loans and advances to affiliates — 1,324 (348 ) (976 ) — Deferred financing costs (513 ) — — — (513 ) Other 167 (1 ) (1 ) — 165 Net cash provided by (used in) financing activities $ (346 ) $ 1,132 $ (349 ) $ (976 ) $ (539 ) Effect of exchange rate changes on cash — — 363 — 363 Net increase (decrease) in cash and cash equivalents — 3,862 18,866 — 22,728 Cash and cash equivalents Beginning of period — 36,884 72,365 — 109,249 End of period $ — $ 40,746 $ 91,231 $ — $ 131,977 |
Recent accounting pronounceme21
Recent accounting pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 January 2017, the FASB issued Accounting Standard Updates ("ASU") No. 2017-04 Intangibles- Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test where the implied fair value of goodwill needs to be determined and compared to the carrying amount of that goodwill to measure the impairment loss. The Company is required to adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company has early adopted the standard in the first quarter of 2017. This guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In January 2017, the FASB issued ASU No. 2017-01 Business Combination (Topic 805) - Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance will be effective for annual periods beginning after December 15, 2017, including interim periods within those periods, and is not expected to have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) - Restricted Cash a consensus of the FASB Emerging Issues Task Force. This new guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019 and is not expected to have a material impact on the Company's consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16 Income Tax (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This new guidance eliminates this exception and requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The ASU is not expected to have a material impact on the Company's consolidated financial statements. 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 of the 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 March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. This new guidance includes provisions intended to simplify how share-based payments are accounted for and presented in the financial statements. The Company applied the update prospectively beginning January 1, 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases. Under this new guidance, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of greater than twelve months. The standard will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this guidance. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits the entity to use either a full retrospective or modified retrospective transition method. The FASB issued several subsequent updates in 2016 containing implementation guidance related to the new standard. These standards provide additional guidance related to principal versus agent considerations, licensing, and identifying performance obligations. Additionally, these standards provide narrow-scope improvements and practical expedients as well as technical corrections and improvements. Overall, the new guidance 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 currently anticipates that it will adopt this standard using the modified retrospective method. The Company has put in place an implementation team to provide training and to review contracts subject to the new revenue standard. The Company will also continue to monitor for any additional implementation or other guidance that may be issued in 2017 with respect to the new revenue standard and adjust its implementation plans accordingly. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company's significant components of inventory at March 31, 2017 and December 31, 2016 were as follows (in thousands): March 31, December 31, Raw materials and parts $ 112,468 $ 106,329 Work in process 33,898 23,303 Finished goods 270,334 277,303 Gross inventories 416,700 406,935 Inventory reserve (64,659 ) (68,352 ) Inventories $ 352,041 $ 338,583 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill from December 31, 2016 to March 31, 2017 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2016 $ 317,406 $ 317,693 $ 17,644 $ 652,743 Acquisitions, net of dispositions — — 1,776 $ 1,776 Impact of non-U.S. local currency translation 2,107 220 30 $ 2,357 Goodwill Balance at March 31, 2017 $ 319,513 $ 317,913 $ 19,450 $ 656,876 |
Summary of Intangible Assets | Intangible assets consisted of the following as of March 31, 2017 and December 31, 2016 , respectively (in thousands): March 31, 2017 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 272,464 $ (120,527 ) $ 151,937 4-15 Patents and technology 39,074 (12,892 ) 26,182 5-17 Non-compete agreements 6,288 (5,749 ) 539 3-6 Trade names 45,837 (18,961 ) 26,876 10-15 Distributor relationships 22,160 (15,390 ) 6,770 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 391,053 $ (173,519 ) $ 217,534 December 31, 2016 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 270,586 $ (115,381 ) $ 155,205 4-15 Patents and technology 33,936 (12,225 ) 21,711 5-17 Non-compete agreements 6,230 (5,594 ) 636 3-6 Trade names 44,494 (17,944 ) 26,550 10-15 Distributor relationships 22,160 (15,074 ) 7,086 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 382,636 $ (166,218 ) $ 216,418 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Notes payable and lines of credit as of March 31, 2017 and December 31, 2016 consisted of the following (in thousands): March 31, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 1,887 1,989 Debt issuance cost (5,048 ) (5,324 ) Senior secured revolving credit facility — — Other debt 2,341 206 Total debt 399,180 396,871 Less: current maturities (1,177 ) (124 ) Long-term debt $ 398,003 $ 396,747 |
Business segments (Tables)
Business segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Summary financial data by segment follows (in thousands): Three months ended March 31, 2017 2016 Revenue: Drilling & Subsea $ 62,065 $ 65,295 Completions 42,169 34,304 Production & Infrastructure 67,579 60,511 Intersegment eliminations (717 ) (669 ) Total Revenue $ 171,096 $ 159,441 Operating loss: Drilling & Subsea $ (8,992 ) $ (9,823 ) Completions (2,864 ) (6,458 ) Production & Infrastructure (569 ) (1,371 ) Corporate (7,808 ) (7,227 ) Total segment operating loss (20,233 ) (24,879 ) Transaction expenses 628 166 Gain on sale of assets and other (246 ) (32 ) Loss from operations $ (20,615 ) $ (25,013 ) A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, December 31, Assets Drilling & Subsea $ 783,939 $ 786,455 Completions 681,373 675,987 Production & Infrastructure 208,001 175,940 Corporate 169,658 196,810 Total assets $ 1,842,971 $ 1,835,192 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended March 31, 2017 2016 Net loss attributable to common stockholders $ (15,768 ) $ (22,943 ) Average shares outstanding (basic) 95,860 90,477 Common stock equivalents — — Diluted shares 95,860 90,477 Loss per share Basic loss per share $ (0.16 ) $ (0.25 ) Diluted loss per share $ (0.16 ) $ (0.25 ) |
Condensed consolidating finan27
Condensed consolidating financial statements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed consolidating statements of income and comprehensive income | Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 142,736 $ 46,402 $ (18,042 ) $ 171,096 Cost of sales — 110,240 39,395 (17,518 ) 132,117 Gross profit — 32,496 7,007 (524 ) 38,979 Operating expenses Selling, general and administrative expenses — 48,063 12,611 — 60,674 Transaction expenses — 517 111 — 628 Loss (gain) on sale of assets and other — (270 ) 24 — (246 ) Total operating expenses — 48,310 12,746 — 61,056 Earnings from equity investment — 1,462 — — 1,462 Equity earnings from affiliate, net of tax (11,435 ) (5,126 ) — 16,561 — Operating income (11,435 ) (19,478 ) (5,739 ) 16,037 (20,615 ) Other expense (income) Interest expense (income) 6,666 (27 ) (59 ) — 6,580 Deferred loan costs written off — — — — — Foreign exchange (gains) losses and other, net — (137 ) 1,683 — 1,546 Total other expense (income) 6,666 (164 ) 1,624 — 8,126 Income (loss) before income taxes (18,101 ) (19,314 ) (7,363 ) 16,037 (28,741 ) Provision (benefit) for income tax expense (2,333 ) (7,879 ) (2,761 ) — (12,973 ) Net income (loss) (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Less: Income (loss) attributable to noncontrolling interest — — — — — Net income (loss) attributable to common stockholders (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Other comprehensive income (loss), net of tax: Net income (loss) (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Change in foreign currency translation, net of tax of $0 7,222 7,222 7,222 (14,444 ) 7,222 Change in pension liability (15 ) (15 ) (15 ) 30 (15 ) Comprehensive income (loss) (8,561 ) (4,228 ) 2,605 1,623 (8,561 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — — — Comprehensive income (loss) attributable to common stockholders $ (8,561 ) $ (4,228 ) $ 2,605 $ 1,623 $ (8,561 ) Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 117,314 $ 55,634 $ (13,507 ) $ 159,441 Cost of sales — 92,614 45,132 (12,862 ) 124,884 Gross profit — 24,700 10,502 (645 ) 34,557 Operating expenses Selling, general and administrative expenses — 47,664 12,349 — 60,013 Transaction Expense — 166 — — 166 Loss (gain) on sale of assets and other — (36 ) 4 — (32 ) Total operating expenses — 47,794 12,353 — 60,147 Earnings from equity investment — 577 — — 577 Equity earnings from affiliates, net of tax (16,614 ) (1,089 ) — 17,703 — Operating income (16,614 ) (23,606 ) (1,851 ) 17,058 (25,013 ) Other expense (income) Interest expense (income) 7,148 (13 ) (2 ) — 7,133 Deferred loan costs written off 2,588 — — — 2,588 Foreign exchange (gains) losses and other, net — (82 ) (1,298 ) — (1,380 ) Total other expense (income) 9,736 (95 ) (1,300 ) — 8,341 Income before income taxes (26,350 ) (23,511 ) (551 ) 17,058 (33,354 ) Provision for income tax expense (3,407 ) (6,897 ) (102 ) — (10,406 ) Net income (22,943 ) (16,614 ) (449 ) 17,058 (22,948 ) Less: Income (loss) attributable to noncontrolling interest — — (5 ) — (5 ) Net income attributable to common stockholders (22,943 ) (16,614 ) (444 ) 17,058 (22,943 ) Other comprehensive income, net of tax: Net income (22,943 ) (16,614 ) (449 ) 17,058 (22,948 ) Change in foreign currency translation, net of tax of $0 3,472 3,472 3,472 (6,944 ) 3,472 Change in pension liability (43 ) (43 ) (43 ) 86 (43 ) Comprehensive income (loss) (19,514 ) (13,185 ) 2,980 10,200 (19,519 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (93 ) (93 ) Comprehensive income (loss) attributable to common stockholders $ (19,514 ) $ (13,185 ) $ 2,887 $ 10,200 $ (19,612 ) |
Condensed consolidating balance sheets | Condensed consolidating balance sheets March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 103 $ 121,043 $ 83,768 $ — $ 204,914 Accounts receivable—trade, net — 98,887 28,330 — 127,217 Inventories — 288,180 72,825 (8,964 ) 352,041 Income tax receivable — 32,801 — — 32,801 Cost and profits in excess of billings — 3,998 3,660 — 7,658 Other current assets — 15,685 9,176 — 24,861 Total current assets 103 560,594 197,759 (8,964 ) 749,492 Property and equipment, net of accumulated depreciation — 127,429 23,638 — 151,067 Deferred financing costs, net 960 — — — 960 Deferred income taxes, net — — 2,482 — 2,482 Intangibles — 168,203 49,331 — 217,534 Goodwill — 483,334 173,542 — 656,876 Investment in unconsolidated subsidiary — 61,643 — — 61,643 Investment in affiliates 1,077,875 459,902 — (1,537,777 ) — Long-term advances to affiliates 563,914 — 75,564 (639,478 ) — Other long-term assets — 2,290 627 — 2,917 Total assets $ 1,642,852 $ 1,863,395 $ 522,943 $ (2,186,219 ) $ 1,842,971 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 1,075 $ 102 $ — $ 1,177 Accounts payable—trade — 85,008 15,355 — 100,363 Accrued liabilities 12,854 31,735 7,379 — 51,968 Deferred revenue — 3,006 4,430 — 7,436 Billings in excess of costs and profits — 1,078 770 — 1,848 Total current liabilities 12,854 121,902 28,036 — 162,792 Long-term debt, net of current portion 396,839 1,106 58 — 398,003 Long-term payables to affiliates — 639,478 — (639,478 ) — Deferred income taxes, net — 7,346 6,684 — 14,030 Other long-term liabilities — 15,688 19,299 — 34,987 Total liabilities 409,693 785,520 54,077 (639,478 ) 609,812 Total stockholder's equity 1,233,159 1,077,875 468,866 (1,546,741 ) 1,233,159 Noncontrolling interest in subsidiary — — — — — Equity 1,233,159 1,077,875 468,866 (1,546,741 ) 1,233,159 Total liabilities and equity $ 1,642,852 $ 1,863,395 $ 522,943 $ (2,186,219 ) $ 1,842,971 Condensed consolidating balance sheets December 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 65 $ 143,275 $ 91,082 $ — $ 234,422 Accounts receivable—trade, net — 77,229 28,039 — 105,268 Inventories — 269,036 77,987 (8,440 ) 338,583 Income tax receivable — 32,801 — — 32,801 Cost and profits in excess of billings — 4,477 4,722 — 9,199 Other current assets — 21,013 8,430 — 29,443 Total current assets 65 547,831 210,260 (8,440 ) 749,716 Property and equipment, net of accumulated depreciation — 127,094 25,118 — 152,212 Deferred financing costs, net 1,112 — — — 1,112 Deferred income taxes, net — — 851 — 851 Intangibles — 166,437 49,981 — 216,418 Goodwill — 481,374 171,369 — 652,743 Investment in unconsolidated subsidiary — 59,140 — — 59,140 Investment in affiliates 1,080,337 460,166 — (1,540,503 ) — Long-term advances to affiliates 557,061 — 71,057 (628,118 ) — Other long-term assets — 2,322 678 — 3,000 Total assets $ 1,638,575 $ 1,844,364 $ 529,314 $ (2,177,061 ) $ 1,835,192 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 23 $ 101 $ — $ 124 Accounts payable—trade — 59,261 14,514 — 73,775 Accrued liabilities 6,708 40,630 8,266 — 55,604 Deferred revenue — 1,206 7,132 — 8,338 Billings in excess of costs and profits recognized — 1,799 2,205 — 4,004 Total current liabilities 6,708 102,919 32,218 — 141,845 Long-term debt, net of current portion 396,665 — 82 — 396,747 Long-term payables to affiliates — 628,118 — (628,118 ) — Deferred income taxes, net — 17,650 8,535 — 26,185 Other long-term liabilities — 15,340 19,314 — 34,654 Total liabilities 403,373 764,027 60,149 (628,118 ) 599,431 Total stockholder's equity 1,235,202 1,080,337 468,606 (1,548,943 ) 1,235,202 Noncontrolling interest in subsidiary — — 559 — 559 Equity 1,235,202 1,080,337 469,165 (1,548,943 ) 1,235,761 Total liabilities and equity $ 1,638,575 $ 1,844,364 $ 529,314 $ (2,177,061 ) $ 1,835,192 |
Condensed consolidating statements of cash flows | Condensed consolidating statements of cash flows Three months ended March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ 374 $ (13,349 ) $ (2,031 ) $ — $ (15,006 ) Cash flows from investing activities Acquisition of businesses, net of cash acquired — (8,738 ) — — (8,738 ) Capital expenditures for property and equipment — (3,285 ) (183 ) — (3,468 ) Investment in unconsolidated subsidiary — (1,041 ) — — — (1,041 ) Long-term loans and advances to affiliates 2,310 7,319 — (9,629 ) — Other — 40 — — 40 Net cash provided by (used in) investing activities $ 2,310 $ (5,705 ) $ (183 ) $ (9,629 ) $ (13,207 ) Cash flows from financing activities Repayment of long-term and short-term debt — (868 ) (23 ) — (891 ) Long-term loans and advances to affiliates — (2,310 ) (7,319 ) 9,629 — Stock repurchase related to shares withheld for taxes (4,403 ) — — — (4,403 ) Proceeds from stock issuance 1,757 — — — 1,757 Net cash provided by (used in) financing activities $ (2,646 ) $ (3,178 ) $ (7,342 ) $ 9,629 $ (3,537 ) Effect of exchange rate changes on cash — — 2,242 — 2,242 Net increase (decrease) in cash and cash equivalents 38 (22,232 ) (7,314 ) — (29,508 ) Cash and cash equivalents Beginning of period 65 143,275 91,082 — 234,422 End of period $ 103 $ 121,043 $ 83,768 $ — $ 204,914 Condensed consolidating statements of cash flows Three Months Ended March 31, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ 1,670 $ 6,093 $ 19,093 $ — $ 26,856 Cash flows from investing activities Acquisition of businesses, net of cash acquired — — — — — Capital expenditures for property and equipment — (3,991 ) (270 ) — (4,261 ) Long-term loans and advances to affiliates (1,324 ) 348 — 976 — Other — 280 29 — 309 Net cash provided by (used in) investing activities $ (1,324 ) $ (3,363 ) $ (241 ) $ 976 $ (3,952 ) Cash flows from financing activities Borrowings of long-term and short-term debt — 8 — — 8 Repayment of long-term debt — (199 ) — (199 ) Long-term loans and advances to affiliates — 1,324 (348 ) (976 ) — Deferred financing costs (513 ) — — — (513 ) Other 167 (1 ) (1 ) — 165 Net cash provided by (used in) financing activities $ (346 ) $ 1,132 $ (349 ) $ (976 ) $ (539 ) Effect of exchange rate changes on cash — — 363 — 363 Net increase (decrease) in cash and cash equivalents — 3,862 18,866 — 22,728 Cash and cash equivalents Beginning of period — 36,884 72,365 — 109,249 End of period $ — $ 40,746 $ 91,231 $ — $ 131,977 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Jan. 09, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Business Acquisition [Line Items] | |||
Stock issued | $ 4,500 | $ 4,500 | $ 0 |
Innovative Valve Components and Cooper Valves, LLC | |||
Business Acquisition [Line Items] | |||
Business acquisition percentage of ownership | 100.00% | ||
Acquisition consideration | $ 14,500 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and parts | $ 112,468 | $ 106,329 |
Work in process | 33,898 | 23,303 |
Finished goods | 270,334 | 277,303 |
Gross inventories | 416,700 | 406,935 |
Inventory reserve | (64,659) | (68,352) |
Inventories | $ 352,041 | $ 338,583 |
Goodwill and intangible asset30
Goodwill and intangible assets (Schedule of Goodwill) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance | $ 652,743,000 | |
Acquisitions, net of dispositions | 1,776,000 | |
Impact of non-U.S. local currency translation | 2,357,000 | |
Goodwill Ending Balance | 656,876,000 | |
Goodwill, impairment loss | 0 | |
Accumulated impairment loss on goodwill | 168,800,000 | $ 168,800,000 |
Drilling & Subsea | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance | 317,406,000 | |
Acquisitions, net of dispositions | 0 | |
Impact of non-U.S. local currency translation | 2,107,000 | |
Goodwill Ending Balance | 319,513,000 | |
Completions | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance | 317,693,000 | |
Acquisitions, net of dispositions | 0 | |
Impact of non-U.S. local currency translation | 220,000 | |
Goodwill Ending Balance | 317,913,000 | |
Production & Infrastructure | ||
Goodwill [Roll Forward] | ||
Goodwill Beginning Balance | 17,644,000 | |
Acquisitions, net of dispositions | 1,776,000 | |
Impact of non-U.S. local currency translation | 30,000 | |
Goodwill Ending Balance | $ 19,450,000 |
Goodwill and intangible asset31
Goodwill and intangible assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (173,519) | $ (166,218) |
Intangible Assets Total, Gross carrying amount | 391,053 | 382,636 |
Intangible Assets Total, Net amortizable intangibles | 217,534 | 216,418 |
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 | 272,464 | 270,586 |
Accumulated amortization | (120,527) | (115,381) |
Net amortizable intangibles | 151,937 | 155,205 |
Patents and technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 39,074 | 33,936 |
Accumulated amortization | (12,892) | (12,225) |
Net amortizable intangibles | 26,182 | 21,711 |
Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6,288 | 6,230 |
Accumulated amortization | (5,749) | (5,594) |
Net amortizable intangibles | 539 | 636 |
Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 45,837 | 44,494 |
Accumulated amortization | (18,961) | (17,944) |
Net amortizable intangibles | 26,876 | 26,550 |
Distributor relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 22,160 | 22,160 |
Accumulated amortization | (15,390) | (15,074) |
Net amortizable intangibles | $ 6,770 | $ 7,086 |
Minimum | Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 4 years | 4 years |
Minimum | Patents and technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 5 years | 5 years |
Minimum | Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 3 years | 3 years |
Minimum | Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 10 years | 10 years |
Minimum | Distributor relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 8 years | 8 years |
Maximum | Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 15 years | 15 years |
Maximum | Patents and technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 17 years | 17 years |
Maximum | Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 6 years | 6 years |
Maximum | Trade names | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 15 years | 15 years |
Maximum | Distributor relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization period | 15 years | 15 years |
Debt (Schedule of Long-Term Deb
Debt (Schedule of Long-Term Debt) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 399,180,000 | $ 396,871,000 |
Unamortized debt premium | 1,887,000 | 1,989,000 |
Debt issuance cost | (5,048,000) | (5,324,000) |
Less: current maturities | (1,177,000) | (124,000) |
Long-term debt | 398,003,000 | 396,747,000 |
6.25% Senior Notes due October 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 400,000,000 | 400,000,000 |
Senior secured revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 0 |
Other debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 2,341,000 | $ 206,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 12, 2016 | Feb. 25, 2016 |
Debt Instrument [Line Items] | ||||
Debt instrument, carrying value | $ 399,180,000 | $ 396,871,000 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt stated interest rate | 6.25% | |||
Debt instrument, carrying value | $ 400,000,000 | 400,000,000 | ||
Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, carrying value | 0 | $ 0 | ||
Line of credit outstanding | 0 | |||
Line of credit facility, remaining borrowing capacity | $ 102,600,000 | |||
Weighted average interest rates | 3.00% | 3.00% | ||
Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | |||
Line of credit facility, current borrowing capacity | $ 140,000,000 | |||
Credit Facility | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 25,000,000 | |||
Line of credit outstanding | $ 18,300,000 | |||
Credit Facility | Swingline Loan | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 |
Income taxes (Narrative) (Detai
Income taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 45.10% | 31.20% |
Fair value measurements (Narrat
Fair value measurements (Narrative) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, carrying value | $ 399,180,000 | $ 396,871,000 |
Credit Facility | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Line of credit outstanding | 0 | |
Debt instrument, carrying value | 0 | 0 |
6.25% Senior Notes due October 2021 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, carrying value | 400,000,000 | 400,000,000 |
Fair Value, Inputs, Level 2 | 6.25% Senior Notes due October 2021 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, fair value disclosure | 395,900,000 | 402,000,000 |
Carrying Value | 6.25% Senior Notes due October 2021 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, carrying value | 401,900,000 | $ 402,000,000 |
Letter of Credit | Credit Facility | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Line of credit outstanding | $ 18,300,000 |
Business segments (Income State
Business segments (Income Statement by Segment) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)segment | Mar. 31, 2016USD ($) | |
Segment Reporting [Abstract] | ||
Number of operating segments | segment | 3 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 171,096 | $ 159,441 |
Operating income | (20,615) | (25,013) |
Transaction expenses | 628 | 166 |
Loss (gain) on sale of assets and other | (246) | (32) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating income | (20,233) | (24,879) |
Operating Segments | Drilling & Subsea | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 62,065 | 65,295 |
Operating income | (8,992) | (9,823) |
Operating Segments | Completions | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 42,169 | 34,304 |
Operating income | (2,864) | (6,458) |
Operating Segments | Production & Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 67,579 | 60,511 |
Operating income | (569) | (1,371) |
Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Net revenues | (717) | (669) |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating income | $ (7,808) | $ (7,227) |
Business segments (Assets by Se
Business segments (Assets by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,842,971 | $ 1,835,192 |
Operating Segments | Drilling & Subsea | ||
Segment Reporting Information [Line Items] | ||
Assets | 783,939 | 786,455 |
Operating Segments | Completions | ||
Segment Reporting Information [Line Items] | ||
Assets | 681,373 | 675,987 |
Operating Segments | Production & Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Assets | 208,001 | 175,940 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 169,658 | $ 196,810 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to common stockholders | $ (15,768) | $ (22,943) |
Average shares outstanding (basic) (in shares) | 95,860 | 90,477 |
Common stock equivalents (in shares) | 0 | 0 |
Diluted shares (in shares) | 95,860 | 90,477 |
Loss per share | ||
Basic earnings (loss) per share (in dollars per share) | $ (0.16) | $ (0.25) |
Diluted earnings (loss) per share (in dollars per share) | $ (0.16) | $ (0.25) |
Stockholders' equity (Share-bas
Stockholders' equity (Share-based compensation) (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options granted (in shares) | 278,958 |
Granted stock options, exercise price (in dollars per share) | $ / shares | $ 20.10 |
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) | 836,204 |
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) | 55,971 |
Award vesting period | 12 months |
Restricted Stock and Restricted Stock Units with Specified Vesting Period | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments other than options granted (in shares) | 656,020 |
Award vesting period | 4 years |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity instruments other than options granted (in shares) | 124,213 |
Performance Shares | Share-based Compensation Award, Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance measurement period | 1 year |
Performance Shares | Share-based Compensation Award, Tranche Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance measurement period | 2 years |
Performance Shares | Share-based Compensation Award, Tranche Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance measurement period | 3 years |
Performance Shares | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share conversion ratio | 0 |
Performance Shares | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share conversion ratio | 2 |
Condensed consolidating finan40
Condensed consolidating financial statements (Condensed consolidating statements of income and comprehensive income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | $ 171,096 | $ 159,441 |
Cost of sales | 132,117 | 124,884 |
Gross profit | 38,979 | 34,557 |
Operating expenses | ||
Selling, general and administrative expenses | 60,674 | 60,013 |
Transaction expenses | 628 | 166 |
Loss (gain) on sale of assets and other | (246) | (32) |
Total operating expenses | 61,056 | 60,147 |
Earnings from equity investment | 1,462 | 577 |
Equity earnings from affiliate, net of tax | 0 | 0 |
Operating loss | (20,615) | (25,013) |
Other expense (income) | ||
Interest expense | 6,580 | 7,133 |
Deferred financing costs written off | 0 | 2,588 |
Foreign exchange (gains) losses and other, net | 1,546 | (1,380) |
Total other expense | 8,126 | 8,341 |
Loss before income taxes | (28,741) | (33,354) |
Benefit for income tax expense | (12,973) | (10,406) |
Net loss | (15,768) | (22,948) |
Less: Income (loss) attributable to noncontrolling interest | 0 | (5) |
Net loss attributable to common stockholders | (15,768) | (22,943) |
Other comprehensive income (loss), net of tax: | ||
Net loss | (15,768) | (22,948) |
Change in foreign currency translation, net of tax of $0 | 7,222 | 3,472 |
Loss on pension liability | (15) | (43) |
Comprehensive loss | (8,561) | (19,519) |
Less: comprehensive loss (income) attributable to noncontrolling interests | 0 | (93) |
Comprehensive loss attributable to common stockholders | (8,561) | (19,612) |
Reportable Legal Entities | FET Inc. (Parent) | ||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Operating expenses | ||
Selling, general and administrative expenses | 0 | 0 |
Transaction expenses | 0 | 0 |
Loss (gain) on sale of assets and other | 0 | 0 |
Total operating expenses | 0 | 0 |
Earnings from equity investment | 0 | 0 |
Equity earnings from affiliate, net of tax | (11,435) | (16,614) |
Operating loss | (11,435) | (16,614) |
Other expense (income) | ||
Interest expense | 6,666 | 7,148 |
Deferred financing costs written off | 0 | 2,588 |
Foreign exchange (gains) losses and other, net | 0 | 0 |
Total other expense | 6,666 | 9,736 |
Loss before income taxes | (18,101) | (26,350) |
Benefit for income tax expense | (2,333) | (3,407) |
Net loss | (15,768) | (22,943) |
Less: Income (loss) attributable to noncontrolling interest | 0 | 0 |
Net loss attributable to common stockholders | (15,768) | (22,943) |
Other comprehensive income (loss), net of tax: | ||
Net loss | (15,768) | (22,943) |
Change in foreign currency translation, net of tax of $0 | 7,222 | 3,472 |
Loss on pension liability | (15) | (43) |
Comprehensive loss | (8,561) | (19,514) |
Less: comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 |
Comprehensive loss attributable to common stockholders | (8,561) | (19,514) |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | 142,736 | 117,314 |
Cost of sales | 110,240 | 92,614 |
Gross profit | 32,496 | 24,700 |
Operating expenses | ||
Selling, general and administrative expenses | 48,063 | 47,664 |
Transaction expenses | 517 | 166 |
Loss (gain) on sale of assets and other | (270) | (36) |
Total operating expenses | 48,310 | 47,794 |
Earnings from equity investment | 1,462 | 577 |
Equity earnings from affiliate, net of tax | (5,126) | (1,089) |
Operating loss | (19,478) | (23,606) |
Other expense (income) | ||
Interest expense | (27) | (13) |
Deferred financing costs written off | 0 | |
Foreign exchange (gains) losses and other, net | (137) | (82) |
Total other expense | (164) | (95) |
Loss before income taxes | (19,314) | (23,511) |
Benefit for income tax expense | (7,879) | (6,897) |
Net loss | (11,435) | (16,614) |
Less: Income (loss) attributable to noncontrolling interest | 0 | 0 |
Net loss attributable to common stockholders | (11,435) | (16,614) |
Other comprehensive income (loss), net of tax: | ||
Net loss | (11,435) | (16,614) |
Change in foreign currency translation, net of tax of $0 | 7,222 | 3,472 |
Loss on pension liability | (15) | (43) |
Comprehensive loss | (4,228) | (13,185) |
Less: comprehensive loss (income) attributable to noncontrolling interests | 0 | 0 |
Comprehensive loss attributable to common stockholders | (4,228) | (13,185) |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | 46,402 | 55,634 |
Cost of sales | 39,395 | 45,132 |
Gross profit | 7,007 | 10,502 |
Operating expenses | ||
Selling, general and administrative expenses | 12,611 | 12,349 |
Transaction expenses | 111 | 0 |
Loss (gain) on sale of assets and other | 24 | 4 |
Total operating expenses | 12,746 | 12,353 |
Earnings from equity investment | 0 | 0 |
Equity earnings from affiliate, net of tax | 0 | 0 |
Operating loss | (5,739) | (1,851) |
Other expense (income) | ||
Interest expense | (59) | (2) |
Deferred financing costs written off | 0 | |
Foreign exchange (gains) losses and other, net | 1,683 | (1,298) |
Total other expense | 1,624 | (1,300) |
Loss before income taxes | (7,363) | (551) |
Benefit for income tax expense | (2,761) | (102) |
Net loss | (4,602) | (449) |
Less: Income (loss) attributable to noncontrolling interest | 0 | (5) |
Net loss attributable to common stockholders | (4,602) | (444) |
Other comprehensive income (loss), net of tax: | ||
Net loss | (4,602) | (449) |
Change in foreign currency translation, net of tax of $0 | 7,222 | 3,472 |
Loss on pension liability | (15) | (43) |
Comprehensive loss | 2,605 | 2,980 |
Less: comprehensive loss (income) attributable to noncontrolling interests | 0 | (93) |
Comprehensive loss attributable to common stockholders | 2,605 | 2,887 |
Eliminations | ||
Condensed Statements of Income and Comprehensive Income [Line Items] | ||
Net sales | (18,042) | (13,507) |
Cost of sales | (17,518) | (12,862) |
Gross profit | (524) | (645) |
Operating expenses | ||
Selling, general and administrative expenses | 0 | 0 |
Transaction expenses | 0 | 0 |
Loss (gain) on sale of assets and other | 0 | 0 |
Total operating expenses | 0 | 0 |
Earnings from equity investment | 0 | 0 |
Equity earnings from affiliate, net of tax | 16,561 | 17,703 |
Operating loss | 16,037 | 17,058 |
Other expense (income) | ||
Interest expense | 0 | 0 |
Deferred financing costs written off | 0 | |
Foreign exchange (gains) losses and other, net | 0 | 0 |
Total other expense | 0 | 0 |
Loss before income taxes | 16,037 | 17,058 |
Benefit for income tax expense | 0 | 0 |
Net loss | 16,037 | 17,058 |
Less: Income (loss) attributable to noncontrolling interest | 0 | 0 |
Net loss attributable to common stockholders | 16,037 | 17,058 |
Other comprehensive income (loss), net of tax: | ||
Net loss | 16,037 | 17,058 |
Change in foreign currency translation, net of tax of $0 | (14,444) | (6,944) |
Loss on pension liability | 30 | 86 |
Comprehensive loss | 1,623 | 10,200 |
Less: comprehensive loss (income) attributable to noncontrolling interests | ||
Comprehensive loss attributable to common stockholders | $ 1,623 | $ 10,200 |
Condensed consolidating finan41
Condensed consolidating financial statements (Condensed consolidating balance sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 204,914 | $ 234,422 | $ 131,977 | $ 109,249 |
Accounts receivable—trade, net | 127,217 | 105,268 | ||
Inventories | 352,041 | 338,583 | ||
Income tax receivable | 32,801 | 32,801 | ||
Costs and estimated profits in excess of billings | 7,658 | 9,199 | ||
Other current assets | 24,861 | 29,443 | ||
Total current assets | 749,492 | 749,716 | ||
Property and equipment, net of accumulated depreciation | 151,067 | 152,212 | ||
Deferred financing costs, net | 960 | 1,112 | ||
Deferred income taxes, net | 2,482 | 851 | ||
Intangible assets | 217,534 | 216,418 | ||
Goodwill | 656,876 | 652,743 | ||
Investment in unconsolidated subsidiary | 61,643 | 59,140 | ||
Investment in affiliates | 0 | 0 | ||
Long-term advances to affiliates | 0 | 0 | ||
Other long-term assets | 2,917 | 3,000 | ||
Total assets | 1,842,971 | 1,835,192 | ||
Current liabilities | ||||
Current portion of long-term debt | 1,177 | 124 | ||
Accounts payable—trade | 100,363 | 73,775 | ||
Accrued liabilities | 51,968 | 55,604 | ||
Deferred revenue | 7,436 | 8,338 | ||
Billings in excess of costs and profits recognized | 1,848 | 4,004 | ||
Total current liabilities | 162,792 | 141,845 | ||
Long-term debt, net of current portion | 398,003 | 396,747 | ||
Long-term payables to affiliates | 0 | 0 | ||
Deferred income taxes, net | 14,030 | 26,185 | ||
Other long-term liabilities | 34,987 | 34,654 | ||
Total liabilities | 609,812 | 599,431 | ||
Total stockholders’ equity | 1,233,159 | 1,235,202 | ||
Noncontrolling interest in subsidiary | 0 | 559 | ||
Total equity | 1,233,159 | 1,235,761 | ||
Total liabilities and equity | 1,842,971 | 1,835,192 | ||
Reportable Legal Entities | FET Inc. (Parent) | ||||
Current assets | ||||
Cash and cash equivalents | 103 | 65 | 0 | 0 |
Accounts receivable—trade, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Income tax receivable | 0 | 0 | ||
Costs and estimated profits in excess of billings | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 103 | 65 | ||
Property and equipment, net of accumulated depreciation | 0 | 0 | ||
Deferred financing costs, net | 960 | 1,112 | ||
Deferred income taxes, net | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliates | 1,077,875 | 1,080,337 | ||
Long-term advances to affiliates | 563,914 | 557,061 | ||
Other long-term assets | 0 | 0 | ||
Total assets | 1,642,852 | 1,638,575 | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable—trade | 0 | 0 | ||
Accrued liabilities | 12,854 | 6,708 | ||
Deferred revenue | 0 | 0 | ||
Billings in excess of costs and profits recognized | 0 | 0 | ||
Total current liabilities | 12,854 | 6,708 | ||
Long-term debt, net of current portion | 396,839 | 396,665 | ||
Long-term payables to affiliates | 0 | 0 | ||
Deferred income taxes, net | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 409,693 | 403,373 | ||
Total stockholders’ equity | 1,233,159 | 1,235,202 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total equity | 1,233,159 | 1,235,202 | ||
Total liabilities and equity | 1,642,852 | 1,638,575 | ||
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 121,043 | 143,275 | 40,746 | 36,884 |
Accounts receivable—trade, net | 98,887 | 77,229 | ||
Inventories | 288,180 | 269,036 | ||
Income tax receivable | 32,801 | 32,801 | ||
Costs and estimated profits in excess of billings | 3,998 | 4,477 | ||
Other current assets | 15,685 | 21,013 | ||
Total current assets | 560,594 | 547,831 | ||
Property and equipment, net of accumulated depreciation | 127,429 | 127,094 | ||
Deferred financing costs, net | 0 | 0 | ||
Deferred income taxes, net | 0 | 0 | ||
Intangible assets | 168,203 | 166,437 | ||
Goodwill | 483,334 | 481,374 | ||
Investment in unconsolidated subsidiary | 61,643 | 59,140 | ||
Investment in affiliates | 459,902 | 460,166 | ||
Long-term advances to affiliates | 0 | 0 | ||
Other long-term assets | 2,290 | 2,322 | ||
Total assets | 1,863,395 | 1,844,364 | ||
Current liabilities | ||||
Current portion of long-term debt | 1,075 | 23 | ||
Accounts payable—trade | 85,008 | 59,261 | ||
Accrued liabilities | 31,735 | 40,630 | ||
Deferred revenue | 3,006 | 1,206 | ||
Billings in excess of costs and profits recognized | 1,078 | 1,799 | ||
Total current liabilities | 121,902 | 102,919 | ||
Long-term debt, net of current portion | 1,106 | 0 | ||
Long-term payables to affiliates | 639,478 | 628,118 | ||
Deferred income taxes, net | 7,346 | 17,650 | ||
Other long-term liabilities | 15,688 | 15,340 | ||
Total liabilities | 785,520 | 764,027 | ||
Total stockholders’ equity | 1,077,875 | 1,080,337 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total equity | 1,077,875 | 1,080,337 | ||
Total liabilities and equity | 1,863,395 | 1,844,364 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 83,768 | 91,082 | 91,231 | 72,365 |
Accounts receivable—trade, net | 28,330 | 28,039 | ||
Inventories | 72,825 | 77,987 | ||
Income tax receivable | 0 | 0 | ||
Costs and estimated profits in excess of billings | 3,660 | 4,722 | ||
Other current assets | 9,176 | 8,430 | ||
Total current assets | 197,759 | 210,260 | ||
Property and equipment, net of accumulated depreciation | 23,638 | 25,118 | ||
Deferred financing costs, net | 0 | 0 | ||
Deferred income taxes, net | 2,482 | 851 | ||
Intangible assets | 49,331 | 49,981 | ||
Goodwill | 173,542 | 171,369 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliates | 0 | 0 | ||
Long-term advances to affiliates | 75,564 | 71,057 | ||
Other long-term assets | 627 | 678 | ||
Total assets | 522,943 | 529,314 | ||
Current liabilities | ||||
Current portion of long-term debt | 102 | 101 | ||
Accounts payable—trade | 15,355 | 14,514 | ||
Accrued liabilities | 7,379 | 8,266 | ||
Deferred revenue | 4,430 | 7,132 | ||
Billings in excess of costs and profits recognized | 770 | 2,205 | ||
Total current liabilities | 28,036 | 32,218 | ||
Long-term debt, net of current portion | 58 | 82 | ||
Long-term payables to affiliates | 0 | 0 | ||
Deferred income taxes, net | 6,684 | 8,535 | ||
Other long-term liabilities | 19,299 | 19,314 | ||
Total liabilities | 54,077 | 60,149 | ||
Total stockholders’ equity | 468,866 | 468,606 | ||
Noncontrolling interest in subsidiary | 0 | 559 | ||
Total equity | 468,866 | 469,165 | ||
Total liabilities and equity | 522,943 | 529,314 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable—trade, net | 0 | 0 | ||
Inventories | (8,964) | (8,440) | ||
Income tax receivable | 0 | 0 | ||
Costs and estimated profits in excess of billings | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (8,964) | (8,440) | ||
Property and equipment, net of accumulated depreciation | 0 | 0 | ||
Deferred financing costs, net | 0 | 0 | ||
Deferred income taxes, net | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliates | (1,537,777) | (1,540,503) | ||
Long-term advances to affiliates | (639,478) | (628,118) | ||
Other long-term assets | 0 | 0 | ||
Total assets | (2,186,219) | (2,177,061) | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable—trade | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Billings in excess of costs and profits recognized | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt, net of current portion | 0 | 0 | ||
Long-term payables to affiliates | (639,478) | (628,118) | ||
Deferred income taxes, net | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (639,478) | (628,118) | ||
Total stockholders’ equity | (1,546,741) | (1,548,943) | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total equity | (1,546,741) | (1,548,943) | ||
Total liabilities and equity | $ (2,186,219) | $ (2,177,061) |
Condensed consolidating finan42
Condensed consolidating financial statements (Condensed consolidating statements of cash flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | $ (15,006) | $ 26,856 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | (8,738) | 0 |
Capital expenditures for property and equipment | (3,468) | (4,261) |
Investment in unconsolidated subsidiary | (1,041) | 0 |
Long-term loans and advances to affiliates | 0 | 0 |
Other | 40 | 309 |
Net cash used in investing activities | (13,207) | (3,952) |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | 0 | 8 |
Repayment of long-term and short-term debt | (891) | (199) |
Repayment of long-term debt | (199) | |
Long-term loans and advances to affiliates | 0 | 0 |
Stock repurchase related to shares withheld for taxes | (4,403) | (838) |
Proceeds from stock issuance | 1,757 | 1,003 |
Deferred financing costs | 0 | (513) |
Other | 165 | |
Net cash used in financing activities | (3,537) | (539) |
Effect of exchange rate changes on cash | 2,242 | 363 |
Net increase (decrease) in cash and cash equivalents | (29,508) | 22,728 |
Cash and cash equivalents | ||
Beginning of period | 234,422 | 109,249 |
End of period | 204,914 | 131,977 |
Reportable Legal Entities | FET Inc. (Parent) | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | 374 | 1,670 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | 0 | 0 |
Capital expenditures for property and equipment | 0 | 0 |
Investment in unconsolidated subsidiary | 0 | |
Long-term loans and advances to affiliates | 2,310 | (1,324) |
Other | 0 | 0 |
Net cash used in investing activities | 2,310 | (1,324) |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | 0 | |
Repayment of long-term and short-term debt | 0 | |
Repayment of long-term debt | 0 | |
Long-term loans and advances to affiliates | 0 | 0 |
Stock repurchase related to shares withheld for taxes | (4,403) | |
Proceeds from stock issuance | 1,757 | |
Deferred financing costs | (513) | |
Other | 167 | |
Net cash used in financing activities | (2,646) | (346) |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 38 | 0 |
Cash and cash equivalents | ||
Beginning of period | 65 | 0 |
End of period | 103 | 0 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | (13,349) | 6,093 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | (8,738) | 0 |
Capital expenditures for property and equipment | (3,285) | (3,991) |
Investment in unconsolidated subsidiary | (1,041) | |
Long-term loans and advances to affiliates | 7,319 | 348 |
Other | 40 | 280 |
Net cash used in investing activities | (5,705) | (3,363) |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | 8 | |
Repayment of long-term and short-term debt | (868) | |
Repayment of long-term debt | (199) | |
Long-term loans and advances to affiliates | (2,310) | 1,324 |
Stock repurchase related to shares withheld for taxes | 0 | |
Proceeds from stock issuance | 0 | |
Deferred financing costs | 0 | |
Other | (1) | |
Net cash used in financing activities | (3,178) | 1,132 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (22,232) | 3,862 |
Cash and cash equivalents | ||
Beginning of period | 143,275 | 36,884 |
End of period | 121,043 | 40,746 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | (2,031) | 19,093 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | 0 | 0 |
Capital expenditures for property and equipment | (183) | (270) |
Investment in unconsolidated subsidiary | 0 | |
Long-term loans and advances to affiliates | 0 | 0 |
Other | 0 | 29 |
Net cash used in investing activities | (183) | (241) |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | 0 | |
Repayment of long-term and short-term debt | (23) | |
Repayment of long-term debt | ||
Long-term loans and advances to affiliates | (7,319) | (348) |
Stock repurchase related to shares withheld for taxes | 0 | |
Proceeds from stock issuance | 0 | |
Deferred financing costs | 0 | |
Other | (1) | |
Net cash used in financing activities | (7,342) | (349) |
Effect of exchange rate changes on cash | 2,242 | 363 |
Net increase (decrease) in cash and cash equivalents | (7,314) | 18,866 |
Cash and cash equivalents | ||
Beginning of period | 91,082 | 72,365 |
End of period | 83,768 | 91,231 |
Eliminations | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash flows from (used in) operating activities | 0 | 0 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash acquired | 0 | 0 |
Capital expenditures for property and equipment | 0 | 0 |
Investment in unconsolidated subsidiary | 0 | |
Long-term loans and advances to affiliates | (9,629) | 976 |
Other | 0 | 0 |
Net cash used in investing activities | (9,629) | 976 |
Cash flows from financing activities | ||
Borrowings of long-term and short-term debt | 0 | |
Repayment of long-term and short-term debt | 0 | |
Repayment of long-term debt | 0 | |
Long-term loans and advances to affiliates | 9,629 | (976) |
Stock repurchase related to shares withheld for taxes | 0 | |
Proceeds from stock issuance | 0 | |
Deferred financing costs | 0 | |
Other | 0 | |
Net cash used in financing activities | 9,629 | (976) |
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 |