Forum Energy (FET) 10-Q 2 May 17 2017 Q1 Quarterly report Financial data

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