Forum Energy (FET) 10-Q 1 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		96,580,501

Condensed consolidated statemen

Condensed consolidated statements of comprehensive income (loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Net sales	$ 201,115	$ 142,723	$ 372,211	$ 302,164
Cost of sales	151,860	137,442	283,977	262,326
Gross profit	49,255	5,281	88,234	39,838
Operating expenses
Selling, general and administrative expenses	61,895	58,263	122,569	118,276
Transaction expenses	245	64	873	230
Goodwill impairment	68,004	0	68,004	0
Loss on sale of assets and other	1,635	48	1,389	16
Total operating expenses	131,779	58,375	192,835	118,522
Earnings from equity investment	2,568	216	4,030	793
Operating loss	(79,956)	(52,878)	(100,571)	(77,891)
Other expense (income)
Interest expense	6,385	6,785	12,965	13,918
Deferred financing costs written off	0	0	0	2,588
Foreign exchange losses (gains) and other, net	2,602	(10,014)	4,148	(11,394)
Total other expense (income)	8,987	(3,229)	17,113	5,112
Loss before income taxes	(88,943)	(49,649)	(117,684)	(83,003)
Benefit for income tax expense	(11,070)	(21,147)	(24,043)	(31,553)
Net loss	(77,873)	(28,502)	(93,641)	(51,450)
Less: Income attributable to noncontrolling interest	0	35	0	30
Net loss attributable to common stockholders	$ (77,873)	$ (28,537)	$ (93,641)	$ (51,480)
Weighted average shares outstanding
Basic (in shares)	96,170	90,707	96,016	90,592
Diluted (in shares)	96,170	90,707	96,016	90,592
Loss per share
Basic (in dollars per share)	$ (0.81)	$ (0.31)	$ (0.98)	$ (0.57)
Diluted (in dollars per share)	$ (0.81)	$ (0.31)	$ (0.98)	$ (0.57)
Other comprehensive income (loss), net of tax:
Net loss	$ (77,873)	$ (28,502)	$ (93,641)	$ (51,450)
Change in foreign currency translation, net of tax of $0	15,325	(22,847)	22,547	(19,375)
Gain (loss) on pension liability	(82)	24	(97)	(19)
Comprehensive loss	(62,630)	(51,325)	(71,191)	(70,844)
Less: comprehensive income attributable to noncontrolling interests	0	(36)	0	(129)
Comprehensive loss attributable to common stockholders	$ (62,630)	$ (51,361)	$ (71,191)	$ (70,973)

Condensed consolidated stateme3

Condensed consolidated statements of comprehensive income (loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0	$ 0	$ 0

Condensed consolidated balance

Condensed consolidated balance sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 220,470	$ 234,422
Accounts receivable—trade, net	145,341	105,268
Inventories, net	364,783	338,583
Income tax receivable	1,872	32,801
Prepaid expenses and other current assets	27,229	29,443
Costs and estimated profits in excess of billings	7,439	9,199
Total current assets	767,134	749,716
Property and equipment, net of accumulated depreciation	149,418	152,212
Deferred financing costs, net	809	1,112
Intangible assets	213,312	216,418
Goodwill	595,833	652,743
Investment in unconsolidated subsidiary	62,510	59,140
Deferred income taxes, net	3,945	851
Other long-term assets	2,883	3,000
Total assets	1,795,844	1,835,192
Current liabilities
Current portion of long-term debt	1,143	124
Accounts payable—trade	113,947	73,775
Accrued liabilities	56,703	55,604
Deferred revenue	8,841	8,338
Billings in excess of costs and profits recognized	1,116	4,004
Total current liabilities	181,750	141,845
Long-term debt, net of current portion	398,090	396,747
Deferred income taxes, net	5,005	26,185
Other long-term liabilities	35,183	34,654
Total liabilities	620,028	599,431
Commitments and contingencies
Equity
Common stock, $0.01 par value, 296,000,000 shares authorized, 104,697,800 and 103,682,128 shares issued	1,047	1,037
Additional paid-in capital	1,010,271	998,169
Treasury stock at cost, 8,187,432 and 8,174,963 shares	(134,248)	(133,941)
Retained earnings	404,533	498,174
Accumulated other comprehensive loss	(105,787)	(128,237)
Total stockholders’ equity	1,175,816	1,235,202
Noncontrolling interest in subsidiary	0	559
Total equity	1,175,816	1,235,761
Total liabilities and equity	$ 1,795,844	$ 1,835,192

Condensed consolidated balance5

Condensed consolidated balance sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common Stock, par value (USD per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	296,000,000	296,000,000
Common Stock, shares issued	104,697,800	103,682,128
Treasury Stock, shares, at cost	8,187,432	8,174,963

Condensed consolidated stateme6

Condensed consolidated statements of cash flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net loss	$ (93,641)	$ (51,450)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation expense	17,226	18,329
Amortization of intangible assets	13,104	13,231
Goodwill impairment	68,004	0
Share-based compensation expense	9,850	10,322
Inventory write down	769	22,733
Deferred income taxes	(24,435)	(33,412)
Deferred financing costs written off	0	2,588
Earnings from equity investment, net of distributions	(2,329)	(389)
Other	3,353	2,068
Changes in operating assets and liabilities
Accounts receivable—trade	(37,644)	41,679
Inventories	(16,800)	27,279
Prepaid expenses and other current assets	2,232	6,342
Income tax receivable	30,929	0
Accounts payable, deferred revenue and other accrued liabilities	35,183	(10,220)
Costs and estimated profits in excess of billings, net	(1,042)	(4,183)
Net cash provided by operating activities	4,759	44,917
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(8,738)	(2,700)
Capital expenditures for property and equipment	(13,020)	(10,040)
Proceeds from sale of business, property and equipment	1,699	3,710
Investment in unconsolidated subsidiary	(1,041)	0
Net cash used in investing activities	(21,100)	(9,030)
Cash flows from financing activities
Repayment of long term and short term debt	(1,011)	(238)
Net treasury shares withheld	(4,564)	(1,126)
Proceeds from stock issuance	2,020	1,137
Deferred financing costs	0	(513)
Net cash used in financing activities	(3,555)	(740)
Effect of exchange rate changes on cash	5,944	(7,167)
Net increase (decrease) in cash and cash equivalents	(13,952)	27,980
Cash and cash equivalents
Beginning of period	234,422	109,249
End of period	220,470	137,229
Noncash investing activities
Acquisition via issuance of stock	$ 4,500	$ 0

Organization and basis of prese

Organization and basis of presentation	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 May 2017, the FASB issued Accounting Standard Updates ("ASU") No. 2017-09 Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share based payment award as a modification. Under the new ASU, an entity should apply modification accounting unless the fair value, the vesting conditions, and the classification of the award as equity or liability of the modified award all remain the same as the original award. The ASU should be adopted prospectively for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. 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. 2017-04 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. During the second quarter of 2017, the Company applied this new ASU to perform the goodwill impairment analysis. See Note 6, Goodwill and intangible assets for more details. 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 has put in place an implementation team to provide training and to review contracts subject to the new revenue standard. The implementation team continues to review contracts, for the areas identified during the initial impact assessment and monitor the potential impact to the Company’s financial statements and related disclosures. The Company currently anticipates that it will adopt this standard using the modified retrospective method and elect to apply the revenue standard only to contracts that are not completed as of the date of initial application. The Company has not yet made a final determination on the effect of this new guidance on our internal control over financial reporting or other changes in business practices and processes.

Cash and cash equivalents Cash

Cash and cash equivalents Cash and cash equivalents	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and cash equivalents Cash and cash equivalents at June 30, 2017 are comprised of bank deposits and short-term investments with an original maturity of three months or less, such as money market funds, the fair value of which is based on quoted market prices, a Level 1 fair value measure.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 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 (collectively, “Cooper”) for total aggregate consideration of $14.0 million , after settlement of working capital adjustments. 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	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories The Company's significant components of inventory at June 30, 2017 and December 31, 2016 were as follows (in thousands): June 30, December 31, Raw materials and parts $ 113,152 $ 106,329 Work in process 38,912 23,303 Finished goods 274,761 277,303 Gross inventories 426,825 406,935 Inventory reserve (62,042 ) (68,352 ) Inventories $ 364,783 $ 338,583

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Jun. 30, 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 June 30, 2017 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2016 $ 307,806 $ 327,293 $ 17,644 $ 652,743 Acquisitions, net of dispositions — — 1,311 1,311 Impairment (68,004 ) — — (68,004 ) Impact of non-U.S. local currency translation 7,423 2,248 112 9,783 Goodwill Balance at June 30, 2017 $ 247,225 $ 329,541 $ 19,067 $ 595,833 The Company performs its annual impairment tests of goodwill as of October 1 or when there is an indication an impairment may have occurred. In the second quarter of 2017, there was a decline in oil prices and a developing consensus view that production from lower cost oil basins would be sufficient to meet anticipated demand for a longer period, delaying the need for production from higher cost basins. With this indication of further delays in the recovery of the offshore market, the Company performed an impairment test and determined that the carrying value of the goodwill in our Subsea reporting unit was impaired. The Company recorded an impairment charge of $68.0 million for the quarter ended June 30, 2017 . Following the impairment charge, at June 30, 2017 , the Subsea reporting unit has no remaining balance in goodwill. There was no indication an impairment may have occurred in the other reporting units. The fair values used in the impairment analysis were determined using the net present value of the expected future cash flows for the reporting unit. During the Company’s goodwill impairment analysis, the Company determines the fair value of the reporting unit, as a whole, using a discounted cash flow analysis, which requires significant assumptions and estimates about future operations. The assumptions about future cash flows and growth rates are based on our current budget for the remainder of the current year, 2018, and for future periods, as well as our strategic plans and management’s beliefs about future activity levels. The discount rate we used for future periods could change substantially if the cost of debt or equity were to significantly increase or decrease, or if we were to choose different comparable companies in determining the appropriate discount rate for our reporting units. Forecasted cash flows in future periods were estimated using a terminal value calculation, which considered long-term earnings growth rates. Accumulated impairment losses on goodwill were $236.8 million and $168.8 million as of June 30, 2017 and December 31, 2016 . Intangible assets Intangible assets consisted of the following as of June 30, 2017 and December 31, 2016 , respectively (in thousands): June 30, 2017 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 275,850 $ (126,774 ) $ 149,076 4-15 Patents and technology 39,659 (13,652 ) 26,007 5-17 Non-compete agreements 6,369 (5,932 ) 437 3-6 Trade names 46,299 (20,191 ) 26,108 10-15 Distributor relationships 22,160 (15,706 ) 6,454 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 395,567 $ (182,255 ) $ 213,312 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	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Notes payable and lines of credit as of June 30, 2017 and December 31, 2016 consisted of the following (in thousands): June 30, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 1,786 1,989 Debt issuance cost (4,773 ) (5,324 ) Senior secured revolving credit facility — — Other debt 2,220 206 Total debt 399,233 396,871 Less: current maturities (1,143 ) (124 ) Long-term debt $ 398,090 $ 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 June 30, 2017 and December 31, 2016 , the Company had no borrowings outstanding under the Credit Facility. As of June 30, 2017 , the Company had $11.4 million of outstanding letters of credit. At June 30, 2017 , the Company had the capacity to borrow an additional $109.5 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 six months ended June 30, 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 June 30, 2017 .

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company's effective tax rate was 20.4% for the six months ended June 30, 2017 and 38.0% for the six months ended June 30, 2016 . The effective tax rate was 12.4% for the three months ended June 30, 2017 and 42.6% for the three months ended June 30, 2016. Impacting the tax rate for the three and six months ended June 30, 2017 was the impairment loss related to non-tax deductible goodwill, and 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. Also impacting the tax rate for the six months ended June 30, 2017 was the implementation of new accounting guidance related to employee share-based compensation accounting.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements At June 30, 2017 and December 31, 2016 , the Company had no debt outstanding under the Credit Facility. At June 30, 2017 , the Company had $11.4 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 June 30, 2017 , the fair value and the carrying value of the Company’s Senior Notes approximated $391.7 million and $401.8 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 June 30, 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 six months ended June 30, 2017 .

Business segments

Business segments	6 Months Ended
	Jun. 30, 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. In order to better align with the predominant customer base of the segment, the Company has moved management and financial reporting of our fully rotational torque machine operations, which operates under the AMC brand, from the Drilling and Subsea segment to the Completions segment. Prior period financial information has been revised to conform with current period presentation with no impact to total segment operating results. 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 June 30, Six months ended June 30, 2017 2016 2017 2016 Revenue: Drilling & Subsea $ 64,031 $ 55,120 $ 125,907 $ 119,555 Completions 54,511 26,268 96,901 61,527 Production & Infrastructure 83,117 61,823 150,696 122,334 Intersegment eliminations (544 ) (488 ) (1,293 ) (1,252 ) Total Revenue $ 201,115 $ 142,723 $ 372,211 $ 302,164 Operating income (loss): Drilling & Subsea $ (6,367 ) $ (20,948 ) $ (14,708 ) $ (30,674 ) Completions 679 (27,609 ) (2,837 ) (34,163 ) Production & Infrastructure 3,435 2,578 2,866 1,206 Corporate (7,819 ) (6,787 ) (15,626 ) (14,014 ) Total segment operating loss (10,072 ) (52,766 ) (30,305 ) (77,645 ) Transaction expenses 245 64 873 230 Goodwill impairment 68,004 — 68,004 — Loss on sale of assets and other 1,635 48 1,389 16 Operating loss $ (79,956 ) $ (52,878 ) $ (100,571 ) $ (77,891 ) A summary of consolidated assets by reportable segment is as follows (in thousands): June 30, December 31, Assets Drilling & Subsea $ 661,334 $ 766,234 Completions 714,504 696,208 Production & Infrastructure 221,229 175,940 Corporate 198,777 196,810 Total assets $ 1,795,844 $ 1,835,192 Corporate assets include, among other items, prepaid assets, cash and deferred financing costs.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss attributable to common stockholders $ (77,873 ) $ (28,537 ) $ (93,641 ) $ (51,480 ) Average shares outstanding (basic) 96,170 90,707 96,016 90,592 Common stock equivalents — — — — Diluted shares 96,170 90,707 96,016 90,592 Loss per share Basic loss per share $ (0.81 ) $ (0.31 ) $ (0.98 ) $ (0.57 ) Diluted loss per share $ (0.81 ) $ (0.31 ) $ (0.98 ) $ (0.57 ) The diluted loss per share calculation excludes all stock options for the three and six months ended June 30, 2017 and June 30, 2016 because there was a net loss for the periods.

Stockholders' equity

Stockholders' equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' equity	Stockholders' equity Share-based compensation During the six months ended June 30, 2017 , the Company granted 278,958 options and 943,447 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, 763,263 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	6 Months Ended
	Jun. 30, 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.

Subsequent event

Subsequent event	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent event On July 3, 2017, the Company acquired Multilift Welltec, LLC and Multilift Wellbore Technology Limited (collectively, "Multilift") for approximately $40 million in cash consideration. Based in Houston, Texas, Multilift manufactures the patented SandGuard TM and the Cyclone TM completion tools. These products extend the useful life of an electrical submersible pump (ESP) by protecting it against sand and other solids. The fair values of the assets acquired and liabilities assumed as well as the pro forma results of operations for this acquisition have not been presented because they are not material to the consolidated financial statements.

Condensed consolidating financi

Condensed consolidating financial statements	6 Months Ended
	Jun. 30, 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 June 30, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 172,917 $ 44,274 $ (16,076 ) $ 201,115 Cost of sales — 132,247 35,207 (15,594 ) 151,860 Gross profit — 40,670 9,067 (482 ) 49,255 Operating expenses Selling, general and administrative expenses — 49,840 12,055 — 61,895 Transaction expenses — 245 — — 245 Goodwill impairment — 32,243 35,761 — 68,004 Loss on sale of assets and other — 1,613 22 — 1,635 Total operating expenses — 83,941 47,838 — 131,779 Earnings from equity investment — 2,568 — — 2,568 Equity earnings from affiliate, net of tax (73,513 ) (39,449 ) — 112,962 — Operating income (loss) (73,513 ) (80,152 ) (38,771 ) 112,480 (79,956 ) Other expense (income) Interest expense (income) 6,708 (159 ) (164 ) — 6,385 Deferred loan costs written off — — — — — Foreign exchange (gains) losses and other, net — (49 ) 2,651 — 2,602 Total other expense (income) 6,708 (208 ) 2,487 — 8,987 Income (loss) before income taxes (80,221 ) (79,944 ) (41,258 ) 112,480 (88,943 ) Benefit for income tax expense (2,348 ) (6,431 ) (2,291 ) — (11,070 ) Net income (loss) (77,873 ) (73,513 ) (38,967 ) 112,480 (77,873 ) Less: Income (loss) attributable to noncontrolling interest — — — — — Net income (loss) attributable to common stockholders (77,873 ) (73,513 ) (38,967 ) 112,480 (77,873 ) Other comprehensive income (loss), net of tax: Net income (loss) (77,873 ) (73,513 ) (38,967 ) 112,480 (77,873 ) Change in foreign currency translation, net of tax of $0 15,325 15,325 15,325 (30,650 ) 15,325 Change in pension liability (82 ) (82 ) (82 ) 164 (82 ) Comprehensive income (loss) (62,630 ) (58,270 ) (23,724 ) 81,994 (62,630 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — — — — Comprehensive income (loss) attributable to common stockholders $ (62,630 ) $ (58,270 ) $ (23,724 ) $ 81,994 $ (62,630 ) Condensed consolidating statements of comprehensive income (loss) Three months ended June 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 103,062 $ 50,880 $ (11,219 ) $ 142,723 Cost of sales — 107,801 41,734 (12,093 ) 137,442 Gross profit — (4,739 ) 9,146 874 5,281 Operating expenses Selling, general and administrative expenses — 46,866 11,397 — 58,263 Transaction Expense — 64 — — 64 Loss (gain) on sale of assets and other — 215 (167 ) — 48 Total operating expenses — 47,145 11,230 — 58,375 Earnings from equity investment — 216 — — 216 Equity earnings from affiliates, net of tax (24,128 ) 7,235 — 16,893 — Operating income (loss) (24,128 ) (44,433 ) (2,084 ) 17,767 (52,878 ) Other expense (income) Interest expense (income) 6,783 (2 ) 4 — 6,785 Foreign exchange gains and other, net — (451 ) (9,563 ) — (10,014 ) Total other expense (income) 6,783 (453 ) (9,559 ) — (3,229 ) Income before income taxes (30,911 ) (43,980 ) 7,475 17,767 (49,649 ) Provision for income tax expense (benefit) (2,374 ) (19,852 ) 1,079 — (21,147 ) Net income (loss) (28,537 ) (24,128 ) 6,396 17,767 (28,502 ) Less: Income (loss) attributable to noncontrolling interest — — 35 — 35 Net income (loss) attributable to common stockholders (28,537 ) (24,128 ) 6,361 17,767 (28,537 ) Other comprehensive income (loss), net of tax: Net income (loss) (28,537 ) (24,128 ) 6,396 17,767 (28,502 ) Change in foreign currency translation, net of tax of $0 (22,847 ) (22,847 ) (22,847 ) 45,694 (22,847 ) Change in pension liability 24 24 24 (48 ) 24 Comprehensive income (loss) (51,360 ) (46,951 ) (16,427 ) 63,413 (51,325 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (36 ) — (36 ) Comprehensive income (loss) attributable to common stockholders $ (51,360 ) $ (46,951 ) $ (16,463 ) $ 63,413 $ (51,361 ) Condensed consolidating statements of comprehensive income (loss) Six months ended June 30, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 315,652 $ 90,676 $ (34,117 ) $ 372,211 Cost of sales — 242,486 75,513 (34,022 ) 283,977 Gross profit — 73,166 15,163 (95 ) 88,234 Operating expenses Selling, general and administrative expenses — 97,903 24,666 — 122,569 Transaction expenses — 762 111 — 873 Goodwill impairment — 32,243 35,761 — 68,004 Loss on sale of assets and other — 1,342 47 — 1,389 Total operating expenses — 132,250 60,585 — 192,835 Earnings from equity investment — 4,030 — — 4,030 Equity earnings from affiliates, net of tax (84,948 ) (44,576 ) — 129,524 — Operating income (loss) (84,948 ) (99,630 ) (45,422 ) 129,429 (100,571 ) Other expense (income) Interest expense (income) 13,374 (186 ) (223 ) — 12,965 Deferred loan costs written off — — — — — Foreign exchange (gains) losses and other, net — (186 ) 4,334 — 4,148 Total other expense (income) 13,374 (372 ) 4,111 — 17,113 Income (loss) before income taxes (98,322 ) (99,258 ) (49,533 ) 129,429 (117,684 ) Provision (benefit) for income tax expense (4,681 ) (14,310 ) (5,052 ) — (24,043 ) Net income (loss) (93,641 ) (84,948 ) (44,481 ) 129,429 (93,641 ) Less: Income (loss) attributable to noncontrolling interest — — — — — Net income (loss) attributable to common stockholders (93,641 ) (84,948 ) (44,481 ) 129,429 (93,641 ) Other comprehensive income (loss), net of tax: Net income (loss) (93,641 ) (84,948 ) (44,481 ) 129,429 (93,641 ) Change in foreign currency translation, net of tax of $0 22,547 22,547 22,547 (45,094 ) 22,547 Change in pension liability (97 ) (97 ) (97 ) 194 (97 ) Comprehensive income (loss) (71,191 ) (62,498 ) (22,031 ) 84,529 (71,191 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — — — — Comprehensive income (loss) attributable to common stockholders $ (71,191 ) $ (62,498 ) $ (22,031 ) $ 84,529 $ (71,191 ) Condensed consolidating statements of comprehensive income (loss) Six Months Ended June 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 220,377 $ 106,514 $ (24,727 ) $ 302,164 Cost of sales — 200,417 86,864 (24,955 ) 262,326 Gross profit — 19,960 19,650 228 39,838 Operating expenses Selling, general and administrative expenses — 94,530 23,746 — 118,276 Transaction expenses — 230 — — 230 Loss (gain) on sale of assets and other — 180 (164 ) — 16 Total operating expenses — 94,940 23,582 — 118,522 Earnings from equity investment — 793 — — 793 Equity earnings from affiliates, net of tax (40,741 ) 6,147 — 34,594 — Operating income (loss) (40,741 ) (68,040 ) (3,932 ) 34,822 (77,891 ) Other expense (income) Interest expense (income) 13,931 (16 ) 3 — 13,918 Deferred loan costs written off 2,588 — — — 2,588 Foreign exchange gains and other, net — (533 ) (10,861 ) — (11,394 ) Total other expense (income) 16,519 (549 ) (10,858 ) — 5,112 Income (loss) before income taxes (57,260 ) (67,491 ) 6,926 34,822 (83,003 ) Provision (benefit) for income tax expense (5,780 ) (26,750 ) 977 — (31,553 ) Net income (loss) (51,480 ) (40,741 ) 5,949 34,822 (51,450 ) Less: Income (loss) attributable to noncontrolling interest — — 30 — 30 Net income (loss) attributable to common stockholders (51,480 ) (40,741 ) 5,919 34,822 (51,480 ) Other comprehensive income (loss), net of tax: Net income (loss) (51,480 ) (40,741 ) 5,949 34,822 (51,450 ) Change in foreign currency translation, net of tax of $0 (19,375 ) (19,375 ) (19,375 ) 38,750 (19,375 ) Change in pension liability (19 ) (19 ) (19 ) 38 (19 ) Comprehensive income (loss) (70,874 ) (60,135 ) (13,445 ) 73,610 (70,844 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (129 ) — (129 ) Comprehensive income (loss) attributable to common stockholders $ (70,874 ) $ (60,135 ) $ (13,574 ) $ 73,610 $ (70,973 ) Condensed consolidating balance sheets June 30, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 262 $ 137,943 $ 82,265 $ — $ 220,470 Accounts receivable—trade, net — 115,793 29,548 — 145,341 Inventories — 300,316 73,002 (8,535 ) 364,783 Income tax receivable — 1,872 — — 1,872 Cost and profits in excess of billings — 5,818 1,621 — 7,439 Other current assets — 17,894 9,335 — 27,229 Total current assets 262 579,636 195,771 (8,535 ) 767,134 Property and equipment, net of accumulated depreciation — 124,960 24,458 — 149,418 Deferred financing costs, net 809 — — — 809 Deferred income taxes, net — — 3,945 — 3,945 Intangibles — 163,028 50,284 — 213,312 Goodwill — 450,625 145,208 — 595,833 Investment in unconsolidated subsidiary — 62,510 — — 62,510 Investment in affiliates 1,019,604 435,700 — (1,455,304 ) — Long-term advances to affiliates 558,770 — 80,616 (639,386 ) — Other long-term assets — 2,228 655 — 2,883 Total assets $ 1,579,445 $ 1,818,687 $ 500,937 $ (2,103,225 ) $ 1,795,844 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 1,035 $ 108 $ — $ 1,143 Accounts payable—trade — 96,789 17,158 — 113,947 Accrued liabilities 6,616 40,727 9,360 — 56,703 Deferred revenue — 4,228 4,613 — 8,841 Billings in excess of costs and profits — 509 607 — 1,116 Total current liabilities 6,616 143,288 31,846 — 181,750 Long-term debt, net of current portion 397,013 1,042 35 — 398,090 Long-term payables to affiliates — 639,386 — (639,386 ) — Deferred income taxes, net — — 5,005 — 5,005 Other long-term liabilities — 15,367 19,816 — 35,183 Total liabilities 403,629 799,083 56,702 (639,386 ) 620,028 Total stockholder's equity 1,175,816 1,019,604 444,235 (1,463,839 ) 1,175,816 Noncontrolling interest in subsidiary — — — — — Equity 1,175,816 1,019,604 444,235 (1,463,839 ) 1,175,816 Total liabilities and equity $ 1,579,445 $ 1,818,687 $ 500,937 $ (2,103,225 ) $ 1,795,844 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 Six months ended June 30, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (9,897 ) $ 14,603 $ 53 $ — $ 4,759 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (8,738 ) — — (8,738 ) Capital expenditures for property and equipment — (11,147 ) (1,873 ) — (13,020 ) Investment in unconsolidated subsidiary — (1,041 ) — — — (1,041 ) Long-term loans and advances to affiliates 12,638 12,901 — (25,539 ) — Other — 1,699 — — 1,699 Net cash provided by (used in) investing activities $ 12,638 $ (6,326 ) $ (1,873 ) $ (25,539 ) $ (21,100 ) Cash flows from financing activities Repayment of long-term and short-term debt — (971 ) (40 ) — (1,011 ) Long-term loans and advances to affiliates — (12,638 ) (12,901 ) 25,539 — Net treasury shares withheld (4,564 ) — — — (4,564 ) Proceeds from stock issuance 2,020 — — — 2,020 Net cash provided by (used in) financing activities $ (2,544 ) $ (13,609 ) $ (12,941 ) $ 25,539 $ (3,555 ) Effect of exchange rate changes on cash — — 5,944 — 5,944 Net increase (decrease) in cash and cash equivalents 197 (5,332 ) (8,817 ) — (13,952 ) Cash and cash equivalents Beginning of period 65 143,275 91,082 — 234,422 End of period $ 262 $ 137,943 $ 82,265 $ — $ 220,470 Condensed consolidating statements of cash flows Six Months Ended June 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (8,981 ) $ 34,792 $ 39,106 $ (20,000 ) $ 44,917 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (2,700 ) — — (2,700 ) Capital expenditures for property and equipment — (7,455 ) (2,585 ) — (10,040 ) Long-term loans and advances to affiliates 9,483 1,483 — (10,966 ) — Other — 3,354 356 — 3,710 Net cash provided by (used in) investing activities $ 9,483 $ (5,318 ) $ (2,229 ) $ (10,966 ) $ (9,030 ) Cash flows from financing activities Repayment of long-term debt — (238 ) — — (238 ) Long-term loans and advances to affiliates — (9,483 ) (1,483 ) 10,966 — Dividend paid to affiliates — — (20,000 ) 20,000 — Other (502 ) — — — (502 ) Net cash provided by (used in) financing activities $ (502 ) $ (9,721 ) $ (21,483 ) $ 30,966 $ (740 ) Effect of exchange rate changes on cash — — (7,167 ) — (7,167 ) Net increase (decrease) in cash and cash equivalents — 19,753 8,227 — 27,980 Cash and cash equivalents Beginning of period — 36,884 72,365 — 109,249 End of period $ — $ 56,637 $ 80,592 $ — $ 137,229

Recent accounting pronounceme23

Recent accounting pronouncements (Policies)	6 Months Ended
	Jun. 30, 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 May 2017, the FASB issued Accounting Standard Updates ("ASU") No. 2017-09 Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share based payment award as a modification. Under the new ASU, an entity should apply modification accounting unless the fair value, the vesting conditions, and the classification of the award as equity or liability of the modified award all remain the same as the original award. The ASU should be adopted prospectively for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. 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. 2017-04 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. During the second quarter of 2017, the Company applied this new ASU to perform the goodwill impairment analysis. See Note 6, Goodwill and intangible assets for more details. 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 has put in place an implementation team to provide training and to review contracts subject to the new revenue standard. The implementation team continues to review contracts, for the areas identified during the initial impact assessment and monitor the potential impact to the Company’s financial statements and related disclosures. The Company currently anticipates that it will adopt this standard using the modified retrospective method and elect to apply the revenue standard only to contracts that are not completed as of the date of initial application. The Company has not yet made a final determination on the effect of this new guidance on our internal control over financial reporting or other changes in business practices and processes.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory	The Company's significant components of inventory at June 30, 2017 and December 31, 2016 were as follows (in thousands): June 30, December 31, Raw materials and parts $ 113,152 $ 106,329 Work in process 38,912 23,303 Finished goods 274,761 277,303 Gross inventories 426,825 406,935 Inventory reserve (62,042 ) (68,352 ) Inventories $ 364,783 $ 338,583

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill from December 31, 2016 to June 30, 2017 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2016 $ 307,806 $ 327,293 $ 17,644 $ 652,743 Acquisitions, net of dispositions — — 1,311 1,311 Impairment (68,004 ) — — (68,004 ) Impact of non-U.S. local currency translation 7,423 2,248 112 9,783 Goodwill Balance at June 30, 2017 $ 247,225 $ 329,541 $ 19,067 $ 595,833
Summary of Intangible Assets	Intangible assets consisted of the following as of June 30, 2017 and December 31, 2016 , respectively (in thousands): June 30, 2017 Gross carrying amount Accumulated amortization Net amortizable intangibles Amortization period (in years) Customer relationships $ 275,850 $ (126,774 ) $ 149,076 4-15 Patents and technology 39,659 (13,652 ) 26,007 5-17 Non-compete agreements 6,369 (5,932 ) 437 3-6 Trade names 46,299 (20,191 ) 26,108 10-15 Distributor relationships 22,160 (15,706 ) 6,454 8-15 Trademark 5,230 — 5,230 Indefinite Intangible Assets Total $ 395,567 $ (182,255 ) $ 213,312 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)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable and lines of credit as of June 30, 2017 and December 31, 2016 consisted of the following (in thousands): June 30, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 1,786 1,989 Debt issuance cost (4,773 ) (5,324 ) Senior secured revolving credit facility — — Other debt 2,220 206 Total debt 399,233 396,871 Less: current maturities (1,143 ) (124 ) Long-term debt $ 398,090 $ 396,747

Business segments (Tables)

Business segments (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summary financial data by segment follows (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Revenue: Drilling & Subsea $ 64,031 $ 55,120 $ 125,907 $ 119,555 Completions 54,511 26,268 96,901 61,527 Production & Infrastructure 83,117 61,823 150,696 122,334 Intersegment eliminations (544 ) (488 ) (1,293 ) (1,252 ) Total Revenue $ 201,115 $ 142,723 $ 372,211 $ 302,164 Operating income (loss): Drilling & Subsea $ (6,367 ) $ (20,948 ) $ (14,708 ) $ (30,674 ) Completions 679 (27,609 ) (2,837 ) (34,163 ) Production & Infrastructure 3,435 2,578 2,866 1,206 Corporate (7,819 ) (6,787 ) (15,626 ) (14,014 ) Total segment operating loss (10,072 ) (52,766 ) (30,305 ) (77,645 ) Transaction expenses 245 64 873 230 Goodwill impairment 68,004 — 68,004 — Loss on sale of assets and other 1,635 48 1,389 16 Operating loss $ (79,956 ) $ (52,878 ) $ (100,571 ) $ (77,891 ) A summary of consolidated assets by reportable segment is as follows (in thousands): June 30, December 31, Assets Drilling & Subsea $ 661,334 $ 766,234 Completions 714,504 696,208 Production & Infrastructure 221,229 175,940 Corporate 198,777 196,810 Total assets $ 1,795,844 $ 1,835,192

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss attributable to common stockholders $ (77,873 ) $ (28,537 ) $ (93,641 ) $ (51,480 ) Average shares outstanding (basic) 96,170 90,707 96,016 90,592 Common stock equivalents — — — — Diluted shares 96,170 90,707 96,016 90,592 Loss per share Basic loss per share $ (0.81 ) $ (0.31 ) $ (0.98 ) $ (0.57 ) Diluted loss per share $ (0.81 ) $ (0.31 ) $ (0.98 ) $ (0.57 )

Condensed consolidating finan29

Condensed consolidating financial statements (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed consolidating statements of income and comprehensive income (loss)	Condensed consolidating statements of comprehensive income (loss) Three months ended June 30, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 172,917 $ 44,274 $ (16,076 ) $ 201,115 Cost of sales — 132,247 35,207 (15,594 ) 151,860 Gross profit — 40,670 9,067 (482 ) 49,255 Operating expenses Selling, general and administrative expenses — 49,840 12,055 — 61,895 Transaction expenses — 245 — — 245 Goodwill impairment — 32,243 35,761 — 68,004 Loss on sale of assets and other — 1,613 22 — 1,635 Total operating expenses — 83,941 47,838 — 131,779 Earnings from equity investment — 2,568 — — 2,568 Equity earnings from affiliate, net of tax (73,513 ) (39,449 ) — 112,962 — Operating income (loss) (73,513 ) (80,152 ) (38,771 ) 112,480 (79,956 ) Other expense (income) Interest expense (income) 6,708 (159 ) (164 ) — 6,385 Deferred loan costs written off — — — — — Foreign exchange (gains) losses and other, net — (49 ) 2,651 — 2,602 Total other expense (income) 6,708 (208 ) 2,487 — 8,987 Income (loss) before income taxes (80,221 ) (79,944 ) (41,258 ) 112,480 (88,943 ) Benefit for income tax expense (2,348 ) (6,431 ) (2,291 ) — (11,070 ) Net income (loss) (77,873 ) (73,513 ) (38,967 ) 112,480 (77,873 ) Less: Income (loss) attributable to noncontrolling interest — — — — — Net income (loss) attributable to common stockholders (77,873 ) (73,513 ) (38,967 ) 112,480 (77,873 ) Other comprehensive income (loss), net of tax: Net income (loss) (77,873 ) (73,513 ) (38,967 ) 112,480 (77,873 ) Change in foreign currency translation, net of tax of $0 15,325 15,325 15,325 (30,650 ) 15,325 Change in pension liability (82 ) (82 ) (82 ) 164 (82 ) Comprehensive income (loss) (62,630 ) (58,270 ) (23,724 ) 81,994 (62,630 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — — — — Comprehensive income (loss) attributable to common stockholders $ (62,630 ) $ (58,270 ) $ (23,724 ) $ 81,994 $ (62,630 ) Condensed consolidating statements of comprehensive income (loss) Three months ended June 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 103,062 $ 50,880 $ (11,219 ) $ 142,723 Cost of sales — 107,801 41,734 (12,093 ) 137,442 Gross profit — (4,739 ) 9,146 874 5,281 Operating expenses Selling, general and administrative expenses — 46,866 11,397 — 58,263 Transaction Expense — 64 — — 64 Loss (gain) on sale of assets and other — 215 (167 ) — 48 Total operating expenses — 47,145 11,230 — 58,375 Earnings from equity investment — 216 — — 216 Equity earnings from affiliates, net of tax (24,128 ) 7,235 — 16,893 — Operating income (loss) (24,128 ) (44,433 ) (2,084 ) 17,767 (52,878 ) Other expense (income) Interest expense (income) 6,783 (2 ) 4 — 6,785 Foreign exchange gains and other, net — (451 ) (9,563 ) — (10,014 ) Total other expense (income) 6,783 (453 ) (9,559 ) — (3,229 ) Income before income taxes (30,911 ) (43,980 ) 7,475 17,767 (49,649 ) Provision for income tax expense (benefit) (2,374 ) (19,852 ) 1,079 — (21,147 ) Net income (loss) (28,537 ) (24,128 ) 6,396 17,767 (28,502 ) Less: Income (loss) attributable to noncontrolling interest — — 35 — 35 Net income (loss) attributable to common stockholders (28,537 ) (24,128 ) 6,361 17,767 (28,537 ) Other comprehensive income (loss), net of tax: Net income (loss) (28,537 ) (24,128 ) 6,396 17,767 (28,502 ) Change in foreign currency translation, net of tax of $0 (22,847 ) (22,847 ) (22,847 ) 45,694 (22,847 ) Change in pension liability 24 24 24 (48 ) 24 Comprehensive income (loss) (51,360 ) (46,951 ) (16,427 ) 63,413 (51,325 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (36 ) — (36 ) Comprehensive income (loss) attributable to common stockholders $ (51,360 ) $ (46,951 ) $ (16,463 ) $ 63,413 $ (51,361 ) Condensed consolidating statements of comprehensive income (loss) Six months ended June 30, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 315,652 $ 90,676 $ (34,117 ) $ 372,211 Cost of sales — 242,486 75,513 (34,022 ) 283,977 Gross profit — 73,166 15,163 (95 ) 88,234 Operating expenses Selling, general and administrative expenses — 97,903 24,666 — 122,569 Transaction expenses — 762 111 — 873 Goodwill impairment — 32,243 35,761 — 68,004 Loss on sale of assets and other — 1,342 47 — 1,389 Total operating expenses — 132,250 60,585 — 192,835 Earnings from equity investment — 4,030 — — 4,030 Equity earnings from affiliates, net of tax (84,948 ) (44,576 ) — 129,524 — Operating income (loss) (84,948 ) (99,630 ) (45,422 ) 129,429 (100,571 ) Other expense (income) Interest expense (income) 13,374 (186 ) (223 ) — 12,965 Deferred loan costs written off — — — — — Foreign exchange (gains) losses and other, net — (186 ) 4,334 — 4,148 Total other expense (income) 13,374 (372 ) 4,111 — 17,113 Income (loss) before income taxes (98,322 ) (99,258 ) (49,533 ) 129,429 (117,684 ) Provision (benefit) for income tax expense (4,681 ) (14,310 ) (5,052 ) — (24,043 ) Net income (loss) (93,641 ) (84,948 ) (44,481 ) 129,429 (93,641 ) Less: Income (loss) attributable to noncontrolling interest — — — — — Net income (loss) attributable to common stockholders (93,641 ) (84,948 ) (44,481 ) 129,429 (93,641 ) Other comprehensive income (loss), net of tax: Net income (loss) (93,641 ) (84,948 ) (44,481 ) 129,429 (93,641 ) Change in foreign currency translation, net of tax of $0 22,547 22,547 22,547 (45,094 ) 22,547 Change in pension liability (97 ) (97 ) (97 ) 194 (97 ) Comprehensive income (loss) (71,191 ) (62,498 ) (22,031 ) 84,529 (71,191 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — — — — Comprehensive income (loss) attributable to common stockholders $ (71,191 ) $ (62,498 ) $ (22,031 ) $ 84,529 $ (71,191 ) Condensed consolidating statements of comprehensive income (loss) Six Months Ended June 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 220,377 $ 106,514 $ (24,727 ) $ 302,164 Cost of sales — 200,417 86,864 (24,955 ) 262,326 Gross profit — 19,960 19,650 228 39,838 Operating expenses Selling, general and administrative expenses — 94,530 23,746 — 118,276 Transaction expenses — 230 — — 230 Loss (gain) on sale of assets and other — 180 (164 ) — 16 Total operating expenses — 94,940 23,582 — 118,522 Earnings from equity investment — 793 — — 793 Equity earnings from affiliates, net of tax (40,741 ) 6,147 — 34,594 — Operating income (loss) (40,741 ) (68,040 ) (3,932 ) 34,822 (77,891 ) Other expense (income) Interest expense (income) 13,931 (16 ) 3 — 13,918 Deferred loan costs written off 2,588 — — — 2,588 Foreign exchange gains and other, net — (533 ) (10,861 ) — (11,394 ) Total other expense (income) 16,519 (549 ) (10,858 ) — 5,112 Income (loss) before income taxes (57,260 ) (67,491 ) 6,926 34,822 (83,003 ) Provision (benefit) for income tax expense (5,780 ) (26,750 ) 977 — (31,553 ) Net income (loss) (51,480 ) (40,741 ) 5,949 34,822 (51,450 ) Less: Income (loss) attributable to noncontrolling interest — — 30 — 30 Net income (loss) attributable to common stockholders (51,480 ) (40,741 ) 5,919 34,822 (51,480 ) Other comprehensive income (loss), net of tax: Net income (loss) (51,480 ) (40,741 ) 5,949 34,822 (51,450 ) Change in foreign currency translation, net of tax of $0 (19,375 ) (19,375 ) (19,375 ) 38,750 (19,375 ) Change in pension liability (19 ) (19 ) (19 ) 38 (19 ) Comprehensive income (loss) (70,874 ) (60,135 ) (13,445 ) 73,610 (70,844 ) Less: comprehensive (income) loss attributable to noncontrolling interests — — (129 ) — (129 ) Comprehensive income (loss) attributable to common stockholders $ (70,874 ) $ (60,135 ) $ (13,574 ) $ 73,610 $ (70,973 )
Condensed consolidating balance sheets	Condensed consolidating balance sheets June 30, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 262 $ 137,943 $ 82,265 $ — $ 220,470 Accounts receivable—trade, net — 115,793 29,548 — 145,341 Inventories — 300,316 73,002 (8,535 ) 364,783 Income tax receivable — 1,872 — — 1,872 Cost and profits in excess of billings — 5,818 1,621 — 7,439 Other current assets — 17,894 9,335 — 27,229 Total current assets 262 579,636 195,771 (8,535 ) 767,134 Property and equipment, net of accumulated depreciation — 124,960 24,458 — 149,418 Deferred financing costs, net 809 — — — 809 Deferred income taxes, net — — 3,945 — 3,945 Intangibles — 163,028 50,284 — 213,312 Goodwill — 450,625 145,208 — 595,833 Investment in unconsolidated subsidiary — 62,510 — — 62,510 Investment in affiliates 1,019,604 435,700 — (1,455,304 ) — Long-term advances to affiliates 558,770 — 80,616 (639,386 ) — Other long-term assets — 2,228 655 — 2,883 Total assets $ 1,579,445 $ 1,818,687 $ 500,937 $ (2,103,225 ) $ 1,795,844 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 1,035 $ 108 $ — $ 1,143 Accounts payable—trade — 96,789 17,158 — 113,947 Accrued liabilities 6,616 40,727 9,360 — 56,703 Deferred revenue — 4,228 4,613 — 8,841 Billings in excess of costs and profits — 509 607 — 1,116 Total current liabilities 6,616 143,288 31,846 — 181,750 Long-term debt, net of current portion 397,013 1,042 35 — 398,090 Long-term payables to affiliates — 639,386 — (639,386 ) — Deferred income taxes, net — — 5,005 — 5,005 Other long-term liabilities — 15,367 19,816 — 35,183 Total liabilities 403,629 799,083 56,702 (639,386 ) 620,028 Total stockholder's equity 1,175,816 1,019,604 444,235 (1,463,839 ) 1,175,816 Noncontrolling interest in subsidiary — — — — — Equity 1,175,816 1,019,604 444,235 (1,463,839 ) 1,175,816 Total liabilities and equity $ 1,579,445 $ 1,818,687 $ 500,937 $ (2,103,225 ) $ 1,795,844 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 Six months ended June 30, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (9,897 ) $ 14,603 $ 53 $ — $ 4,759 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (8,738 ) — — (8,738 ) Capital expenditures for property and equipment — (11,147 ) (1,873 ) — (13,020 ) Investment in unconsolidated subsidiary — (1,041 ) — — — (1,041 ) Long-term loans and advances to affiliates 12,638 12,901 — (25,539 ) — Other — 1,699 — — 1,699 Net cash provided by (used in) investing activities $ 12,638 $ (6,326 ) $ (1,873 ) $ (25,539 ) $ (21,100 ) Cash flows from financing activities Repayment of long-term and short-term debt — (971 ) (40 ) — (1,011 ) Long-term loans and advances to affiliates — (12,638 ) (12,901 ) 25,539 — Net treasury shares withheld (4,564 ) — — — (4,564 ) Proceeds from stock issuance 2,020 — — — 2,020 Net cash provided by (used in) financing activities $ (2,544 ) $ (13,609 ) $ (12,941 ) $ 25,539 $ (3,555 ) Effect of exchange rate changes on cash — — 5,944 — 5,944 Net increase (decrease) in cash and cash equivalents 197 (5,332 ) (8,817 ) — (13,952 ) Cash and cash equivalents Beginning of period 65 143,275 91,082 — 234,422 End of period $ 262 $ 137,943 $ 82,265 $ — $ 220,470 Condensed consolidating statements of cash flows Six Months Ended June 30, 2016 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from (used in) operating activities $ (8,981 ) $ 34,792 $ 39,106 $ (20,000 ) $ 44,917 Cash flows from investing activities Acquisition of businesses, net of cash acquired — (2,700 ) — — (2,700 ) Capital expenditures for property and equipment — (7,455 ) (2,585 ) — (10,040 ) Long-term loans and advances to affiliates 9,483 1,483 — (10,966 ) — Other — 3,354 356 — 3,710 Net cash provided by (used in) investing activities $ 9,483 $ (5,318 ) $ (2,229 ) $ (10,966 ) $ (9,030 ) Cash flows from financing activities Repayment of long-term debt — (238 ) — — (238 ) Long-term loans and advances to affiliates — (9,483 ) (1,483 ) 10,966 — Dividend paid to affiliates — — (20,000 ) 20,000 — Other (502 ) — — — (502 ) Net cash provided by (used in) financing activities $ (502 ) $ (9,721 ) $ (21,483 ) $ 30,966 $ (740 ) Effect of exchange rate changes on cash — — (7,167 ) — (7,167 ) Net increase (decrease) in cash and cash equivalents — 19,753 8,227 — 27,980 Cash and cash equivalents Beginning of period — 36,884 72,365 — 109,249 End of period $ — $ 56,637 $ 80,592 $ — $ 137,229

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ in Thousands	Jan. 09, 2017	Jun. 30, 2017	Jun. 30, 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	$ 14,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials and parts	$ 113,152	$ 106,329
Work in process	38,912	23,303
Finished goods	274,761	277,303
Gross inventories	426,825	406,935
Inventory reserve	(62,042)	(68,352)
Inventories	$ 364,783	$ 338,583

Goodwill and intangible asset32

Goodwill and intangible assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Goodwill [Roll Forward]
Goodwill Beginning Balance			$ 652,743
Acquisitions, net of dispositions			1,311
Impairment	$ (68,004)	$ 0	(68,004)	$ 0
Impact of non-U.S. local currency translation			9,783
Goodwill Ending Balance	595,833		595,833
Accumulated impairment loss on goodwill	236,800		236,800		$ 168,800
Drilling & Subsea
Goodwill [Roll Forward]
Goodwill Beginning Balance			307,806
Acquisitions, net of dispositions			0
Impairment			(68,004)
Impact of non-U.S. local currency translation			7,423
Goodwill Ending Balance	247,225		247,225
Completions
Goodwill [Roll Forward]
Goodwill Beginning Balance			327,293
Acquisitions, net of dispositions			0
Impairment			0
Impact of non-U.S. local currency translation			2,248
Goodwill Ending Balance	329,541		329,541
Production & Infrastructure
Goodwill [Roll Forward]
Goodwill Beginning Balance			17,644
Acquisitions, net of dispositions			1,311
Impairment			0
Impact of non-U.S. local currency translation			112
Goodwill Ending Balance	19,067		$ 19,067
Subsea Technologies
Goodwill [Roll Forward]
Impairment	$ (68,000)

Goodwill and intangible asset33

Goodwill and intangible assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (182,255)	$ (166,218)
Intangible Assets Total, Gross carrying amount	395,567	382,636
Intangible Assets Total, Net amortizable intangibles	213,312	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	275,850	270,586
Accumulated amortization	(126,774)	(115,381)
Net amortizable intangibles	149,076	155,205
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	39,659	33,936
Accumulated amortization	(13,652)	(12,225)
Net amortizable intangibles	26,007	21,711
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	6,369	6,230
Accumulated amortization	(5,932)	(5,594)
Net amortizable intangibles	437	636
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	46,299	44,494
Accumulated amortization	(20,191)	(17,944)
Net amortizable intangibles	26,108	26,550
Distributor relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	22,160	22,160
Accumulated amortization	(15,706)	(15,074)
Net amortizable intangibles	$ 6,454	$ 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 ($)	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 399,233,000	$ 396,871,000
Unamortized debt premium	1,786,000	1,989,000
Debt issuance cost	(4,773,000)	(5,324,000)
Less: current maturities	(1,143,000)	(124,000)
Long-term debt	398,090,000	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	$ 2,220,000	$ 206,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016	Dec. 12, 2016	Feb. 25, 2016
Debt Instrument [Line Items]
Debt instrument, carrying value	$ 399,233,000	$ 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	$ 0
Line of credit facility, remaining borrowing capacity	$ 109,500,000
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	$ 11,400,000
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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	12.40%	42.60%	20.40%	38.00%

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	$ 399,233,000	$ 396,871,000
Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Line of credit outstanding	0	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	391,700,000	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	401,800,000	$ 402,000,000
Letter of Credit | Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Line of credit outstanding	$ 11,400,000

Business segments (Income State

Business segments (Income Statement by Segment) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			3
Segment Reporting Information [Line Items]
Net revenues	$ 201,115	$ 142,723	$ 372,211	$ 302,164
Operating income	(79,956)	(52,878)	(100,571)	(77,891)
Transaction expenses	245	64	873	230
Goodwill impairment	68,004	0	68,004	0
Loss on sale of assets and other	1,635	48	1,389	16
Drilling & Subsea
Segment Reporting Information [Line Items]
Goodwill impairment			68,004
Completions
Segment Reporting Information [Line Items]
Goodwill impairment			0
Production & Infrastructure
Segment Reporting Information [Line Items]
Goodwill impairment			0
Operating Segments
Segment Reporting Information [Line Items]
Operating income	(10,072)	(52,766)	(30,305)	(77,645)
Operating Segments | Drilling & Subsea
Segment Reporting Information [Line Items]
Net revenues	64,031	55,120	125,907	119,555
Operating income	(6,367)	(20,948)	(14,708)	(30,674)
Operating Segments | Completions
Segment Reporting Information [Line Items]
Net revenues	54,511	26,268	96,901	61,527
Operating income	679	(27,609)	(2,837)	(34,163)
Operating Segments | Production & Infrastructure
Segment Reporting Information [Line Items]
Net revenues	83,117	61,823	150,696	122,334
Operating income	3,435	2,578	2,866	1,206
Intersegment eliminations
Segment Reporting Information [Line Items]
Net revenues	(544)	(488)	(1,293)	(1,252)
Corporate
Segment Reporting Information [Line Items]
Operating income	$ (7,819)	$ (6,787)	$ (15,626)	$ (14,014)

Business segments (Assets by Se

Business segments (Assets by Segment) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Assets	$ 1,795,844	$ 1,835,192
Operating Segments | Drilling & Subsea
Segment Reporting Information [Line Items]
Assets	661,334	766,234
Operating Segments | Completions
Segment Reporting Information [Line Items]
Assets	714,504	696,208
Operating Segments | Production & Infrastructure
Segment Reporting Information [Line Items]
Assets	221,229	175,940
Corporate
Segment Reporting Information [Line Items]
Assets	$ 198,777	$ 196,810

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (77,873)	$ (28,537)	$ (93,641)	$ (51,480)
Average shares outstanding (basic) (in shares)	96,170	90,707	96,016	90,592
Common stock equivalents (in shares)	0	0	0	0
Diluted shares (in shares)	96,170	90,707	96,016	90,592
Loss per share
Basic loss per share (in dollars per share)	$ (0.81)	$ (0.31)	$ (0.98)	$ (0.57)
Diluted loss per share (in dollars per share)	$ (0.81)	$ (0.31)	$ (0.98)	$ (0.57)

Stockholders' equity (Share-bas

Stockholders' equity (Share-based compensation) (Details)	6 Months Ended
	Jun. 30, 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)	943,447
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)	763,263
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

Subsequent event (Details)

Subsequent event (Details) $ in Millions	Jul. 03, 2017USD ($)
Multilift | Subsequent Event
Subsequent Event [Line Items]
Payments to acquire businesses	$ 40

Condensed consolidating finan43

Condensed consolidating financial statements (Condensed consolidating statements of income and comprehensive income (loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales	$ 201,115	$ 142,723	$ 372,211	$ 302,164
Cost of sales	151,860	137,442	283,977	262,326
Gross profit	49,255	5,281	88,234	39,838
Operating expenses
Selling, general and administrative expenses	61,895	58,263	122,569	118,276
Transaction expenses	245	64	873	230
Goodwill impairment	68,004	0	68,004	0
Loss on sale of assets and other	1,635	48	1,389	16
Total operating expenses	131,779	58,375	192,835	118,522
Earnings from equity investment	2,568	216	4,030	793
Equity earnings from affiliate, net of tax	0	0	0	0
Operating income (loss)	(79,956)	(52,878)	(100,571)	(77,891)
Other expense (income)
Interest expense	6,385	6,785	12,965	13,918
Deferred financing costs written off	0	0	0	2,588
Foreign exchange (gains) losses and other, net	2,602	(10,014)	4,148	(11,394)
Total other expense (income)	8,987	(3,229)	17,113	5,112
Loss before income taxes	(88,943)	(49,649)	(117,684)	(83,003)
Benefit for income tax expense	(11,070)	(21,147)	(24,043)	(31,553)
Net loss	(77,873)	(28,502)	(93,641)	(51,450)
Less: Income attributable to noncontrolling interest	0	35	0	30
Net loss attributable to common stockholders	(77,873)	(28,537)	(93,641)	(51,480)
Other comprehensive income (loss), net of tax:
Net loss	(77,873)	(28,502)	(93,641)	(51,450)
Change in foreign currency translation, net of tax of $0	15,325	(22,847)	22,547	(19,375)
Gain (loss) on pension liability	(82)	24	(97)	(19)
Comprehensive loss	(62,630)	(51,325)	(71,191)	(70,844)
Less: comprehensive income attributable to noncontrolling interests	0	(36)	0	(129)
Comprehensive loss attributable to common stockholders	(62,630)	(51,361)	(71,191)	(70,973)
Change in foreign currency translation, tax	0	0	0	0
Reportable Legal Entities | FET Inc. (Parent)
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales	0	0	0	0
Cost of sales	0	0	0	0
Gross profit	0	0	0	0
Operating expenses
Selling, general and administrative expenses	0	0	0	0
Transaction expenses	0	0	0	0
Goodwill impairment	0		0
Loss on sale of assets and other	0	0	0	0
Total operating expenses	0	0	0	0
Earnings from equity investment	0	0	0	0
Equity earnings from affiliate, net of tax	(73,513)	(24,128)	(84,948)	(40,741)
Operating income (loss)	(73,513)	(24,128)	(84,948)	(40,741)
Other expense (income)
Interest expense	6,708	6,783	13,374	13,931
Deferred financing costs written off	0		0	2,588
Foreign exchange (gains) losses and other, net	0	0	0	0
Total other expense (income)	6,708	6,783	13,374	16,519
Loss before income taxes	(80,221)	(30,911)	(98,322)	(57,260)
Benefit for income tax expense	(2,348)	(2,374)	(4,681)	(5,780)
Net loss	(77,873)	(28,537)	(93,641)	(51,480)
Less: Income attributable to noncontrolling interest	0	0	0	0
Net loss attributable to common stockholders	(77,873)	(28,537)	(93,641)	(51,480)
Other comprehensive income (loss), net of tax:
Net loss	(77,873)	(28,537)	(93,641)	(51,480)
Change in foreign currency translation, net of tax of $0	15,325	(22,847)	22,547	(19,375)
Gain (loss) on pension liability	(82)	24	(97)	(19)
Comprehensive loss	(62,630)	(51,360)	(71,191)	(70,874)
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive loss attributable to common stockholders	(62,630)	(51,360)	(71,191)	(70,874)
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales	172,917	103,062	315,652	220,377
Cost of sales	132,247	107,801	242,486	200,417
Gross profit	40,670	(4,739)	73,166	19,960
Operating expenses
Selling, general and administrative expenses	49,840	46,866	97,903	94,530
Transaction expenses	245	64	762	230
Goodwill impairment	32,243		32,243
Loss on sale of assets and other	1,613	215	1,342	180
Total operating expenses	83,941	47,145	132,250	94,940
Earnings from equity investment	2,568	216	4,030	793
Equity earnings from affiliate, net of tax	(39,449)	7,235	(44,576)	6,147
Operating income (loss)	(80,152)	(44,433)	(99,630)	(68,040)
Other expense (income)
Interest expense	(159)	(2)	(186)	(16)
Deferred financing costs written off	0		0	0
Foreign exchange (gains) losses and other, net	(49)	(451)	(186)	(533)
Total other expense (income)	(208)	(453)	(372)	(549)
Loss before income taxes	(79,944)	(43,980)	(99,258)	(67,491)
Benefit for income tax expense	(6,431)	(19,852)	(14,310)	(26,750)
Net loss	(73,513)	(24,128)	(84,948)	(40,741)
Less: Income attributable to noncontrolling interest	0	0	0	0
Net loss attributable to common stockholders	(73,513)	(24,128)	(84,948)	(40,741)
Other comprehensive income (loss), net of tax:
Net loss	(73,513)	(24,128)	(84,948)	(40,741)
Change in foreign currency translation, net of tax of $0	15,325	(22,847)	22,547	(19,375)
Gain (loss) on pension liability	(82)	24	(97)	(19)
Comprehensive loss	(58,270)	(46,951)	(62,498)	(60,135)
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive loss attributable to common stockholders	(58,270)	(46,951)	(62,498)	(60,135)
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales	44,274	50,880	90,676	106,514
Cost of sales	35,207	41,734	75,513	86,864
Gross profit	9,067	9,146	15,163	19,650
Operating expenses
Selling, general and administrative expenses	12,055	11,397	24,666	23,746
Transaction expenses	0	0	111	0
Goodwill impairment	35,761		35,761
Loss on sale of assets and other	22	(167)	47	(164)
Total operating expenses	47,838	11,230	60,585	23,582
Earnings from equity investment	0	0	0	0
Equity earnings from affiliate, net of tax	0	0	0	0
Operating income (loss)	(38,771)	(2,084)	(45,422)	(3,932)
Other expense (income)
Interest expense	(164)	4	(223)	3
Deferred financing costs written off	0		0	0
Foreign exchange (gains) losses and other, net	2,651	(9,563)	4,334	(10,861)
Total other expense (income)	2,487	(9,559)	4,111	(10,858)
Loss before income taxes	(41,258)	7,475	(49,533)	6,926
Benefit for income tax expense	(2,291)	1,079	(5,052)	977
Net loss	(38,967)	6,396	(44,481)	5,949
Less: Income attributable to noncontrolling interest	0	35	0	30
Net loss attributable to common stockholders	(38,967)	6,361	(44,481)	5,919
Other comprehensive income (loss), net of tax:
Net loss	(38,967)	6,396	(44,481)	5,949
Change in foreign currency translation, net of tax of $0	15,325	(22,847)	22,547	(19,375)
Gain (loss) on pension liability	(82)	24	(97)	(19)
Comprehensive loss	(23,724)	(16,427)	(22,031)	(13,445)
Less: comprehensive income attributable to noncontrolling interests	0	(36)	0	(129)
Comprehensive loss attributable to common stockholders	(23,724)	(16,463)	(22,031)	(13,574)
Eliminations
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales	(16,076)	(11,219)	(34,117)	(24,727)
Cost of sales	(15,594)	(12,093)	(34,022)	(24,955)
Gross profit	(482)	874	(95)	228
Operating expenses
Selling, general and administrative expenses	0	0	0	0
Transaction expenses	0	0	0	0
Goodwill impairment	0		0
Loss on sale of assets and other	0	0	0	0
Total operating expenses	0	0	0	0
Earnings from equity investment	0	0	0	0
Equity earnings from affiliate, net of tax	112,962	16,893	129,524	34,594
Operating income (loss)	112,480	17,767	129,429	34,822
Other expense (income)
Interest expense	0	0	0	0
Deferred financing costs written off	0		0	0
Foreign exchange (gains) losses and other, net	0	0	0	0
Total other expense (income)	0	0	0	0
Loss before income taxes	112,480	17,767	129,429	34,822
Benefit for income tax expense	0	0	0	0
Net loss	112,480	17,767	129,429	34,822
Less: Income attributable to noncontrolling interest	0	0	0	0
Net loss attributable to common stockholders	112,480	17,767	129,429	34,822
Other comprehensive income (loss), net of tax:
Net loss	112,480	17,767	129,429	34,822
Change in foreign currency translation, net of tax of $0	(30,650)	45,694	(45,094)	38,750
Gain (loss) on pension liability	164	(48)	194	38
Comprehensive loss	81,994	63,413	84,529	73,610
Less: comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive loss attributable to common stockholders	$ 81,994	$ 63,413	$ 84,529	$ 73,610

Condensed consolidating finan44

Condensed consolidating financial statements (Condensed consolidating balance sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 220,470	$ 234,422	$ 137,229	$ 109,249
Accounts receivable—trade, net	145,341	105,268
Inventories, net	364,783	338,583
Income tax receivable	1,872	32,801
Costs and estimated profits in excess of billings	7,439	9,199
Other current assets	27,229	29,443
Total current assets	767,134	749,716
Property and equipment, net of accumulated depreciation	149,418	152,212
Deferred financing costs, net	809	1,112
Deferred income taxes, net	3,945	851
Intangible assets	213,312	216,418
Goodwill	595,833	652,743
Investment in unconsolidated subsidiary	62,510	59,140
Investment in affiliates	0	0
Long-term advances to affiliates	0	0
Other long-term assets	2,883	3,000
Total assets	1,795,844	1,835,192
Current liabilities
Current portion of long-term debt	1,143	124
Accounts payable—trade	113,947	73,775
Accrued liabilities	56,703	55,604
Deferred revenue	8,841	8,338
Billings in excess of costs and profits recognized	1,116	4,004
Total current liabilities	181,750	141,845
Long-term debt, net of current portion	398,090	396,747
Long-term payables to affiliates	0	0
Deferred income taxes, net	5,005	26,185
Other long-term liabilities	35,183	34,654
Total liabilities	620,028	599,431
Total stockholder's equity	1,175,816	1,235,202
Noncontrolling interest in subsidiary	0	559
Total equity	1,175,816	1,235,761
Total liabilities and equity	1,795,844	1,835,192
Reportable Legal Entities | FET Inc. (Parent)
Current assets
Cash and cash equivalents	262	65	0	0
Accounts receivable—trade, net	0	0
Inventories, net	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	262	65
Property and equipment, net of accumulated depreciation	0	0
Deferred financing costs, net	809	1,112
Deferred income taxes, net	0	0
Intangible assets	0	0
Goodwill	0	0
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	1,019,604	1,080,337
Long-term advances to affiliates	558,770	557,061
Other long-term assets	0	0
Total assets	1,579,445	1,638,575
Current liabilities
Current portion of long-term debt	0	0
Accounts payable—trade	0	0
Accrued liabilities	6,616	6,708
Deferred revenue	0	0
Billings in excess of costs and profits recognized	0	0
Total current liabilities	6,616	6,708
Long-term debt, net of current portion	397,013	396,665
Long-term payables to affiliates	0	0
Deferred income taxes, net	0	0
Other long-term liabilities	0	0
Total liabilities	403,629	403,373
Total stockholder's equity	1,175,816	1,235,202
Noncontrolling interest in subsidiary	0	0
Total equity	1,175,816	1,235,202
Total liabilities and equity	1,579,445	1,638,575
Reportable Legal Entities | Guarantor Subsidiaries
Current assets
Cash and cash equivalents	137,943	143,275	56,637	36,884
Accounts receivable—trade, net	115,793	77,229
Inventories, net	300,316	269,036
Income tax receivable	1,872	32,801
Costs and estimated profits in excess of billings	5,818	4,477
Other current assets	17,894	21,013
Total current assets	579,636	547,831
Property and equipment, net of accumulated depreciation	124,960	127,094
Deferred financing costs, net	0	0
Deferred income taxes, net	0	0
Intangible assets	163,028	166,437
Goodwill	450,625	481,374
Investment in unconsolidated subsidiary	62,510	59,140
Investment in affiliates	435,700	460,166
Long-term advances to affiliates	0	0
Other long-term assets	2,228	2,322
Total assets	1,818,687	1,844,364
Current liabilities
Current portion of long-term debt	1,035	23
Accounts payable—trade	96,789	59,261
Accrued liabilities	40,727	40,630
Deferred revenue	4,228	1,206
Billings in excess of costs and profits recognized	509	1,799
Total current liabilities	143,288	102,919
Long-term debt, net of current portion	1,042	0
Long-term payables to affiliates	639,386	628,118
Deferred income taxes, net	0	17,650
Other long-term liabilities	15,367	15,340
Total liabilities	799,083	764,027
Total stockholder's equity	1,019,604	1,080,337
Noncontrolling interest in subsidiary	0	0
Total equity	1,019,604	1,080,337
Total liabilities and equity	1,818,687	1,844,364
Reportable Legal Entities | Non-Guarantor Subsidiaries
Current assets
Cash and cash equivalents	82,265	91,082	80,592	72,365
Accounts receivable—trade, net	29,548	28,039
Inventories, net	73,002	77,987
Income tax receivable	0	0
Costs and estimated profits in excess of billings	1,621	4,722
Other current assets	9,335	8,430
Total current assets	195,771	210,260
Property and equipment, net of accumulated depreciation	24,458	25,118
Deferred financing costs, net	0	0
Deferred income taxes, net	3,945	851
Intangible assets	50,284	49,981
Goodwill	145,208	171,369
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	0	0
Long-term advances to affiliates	80,616	71,057
Other long-term assets	655	678
Total assets	500,937	529,314
Current liabilities
Current portion of long-term debt	108	101
Accounts payable—trade	17,158	14,514
Accrued liabilities	9,360	8,266
Deferred revenue	4,613	7,132
Billings in excess of costs and profits recognized	607	2,205
Total current liabilities	31,846	32,218
Long-term debt, net of current portion	35	82
Long-term payables to affiliates	0	0
Deferred income taxes, net	5,005	8,535
Other long-term liabilities	19,816	19,314
Total liabilities	56,702	60,149
Total stockholder's equity	444,235	468,606
Noncontrolling interest in subsidiary	0	559
Total equity	444,235	469,165
Total liabilities and equity	500,937	529,314
Eliminations
Current assets
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable—trade, net	0	0
Inventories, net	(8,535)	(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	(8,535)	(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	(1,455,304)	(1,540,503)
Long-term advances to affiliates	(639,386)	(628,118)
Other long-term assets	0	0
Total assets	(2,103,225)	(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	(639,386)	(628,118)
Deferred income taxes, net	0	0
Other long-term liabilities	0	0
Total liabilities	(639,386)	(628,118)
Total stockholder's equity	(1,463,839)	(1,548,943)
Noncontrolling interest in subsidiary	0	0
Total equity	(1,463,839)	(1,548,943)
Total liabilities and equity	$ (2,103,225)	$ (2,177,061)

Condensed consolidating finan45

Condensed consolidating financial statements (Condensed consolidating statements of cash flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	$ 4,759	$ 44,917
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(8,738)	(2,700)
Capital expenditures for property and equipment	(13,020)	(10,040)
Investment in unconsolidated subsidiary	(1,041)	0
Long-term loans and advances to affiliates	0	0
Other	1,699	3,710
Net cash used in investing activities	(21,100)	(9,030)
Cash flows from financing activities
Repayment of long-term and short-term debt	(1,011)	(238)
Long-term loans and advances to affiliates	0	0
Net treasury shares withheld	(4,564)	(1,126)
Proceeds from stock issuance	2,020	1,137
Dividend paid to affiliates		0
Other		(502)
Net cash used in financing activities	(3,555)	(740)
Effect of exchange rate changes on cash	5,944	(7,167)
Net increase (decrease) in cash and cash equivalents	(13,952)	27,980
Cash and cash equivalents
Beginning of period	234,422	109,249
End of period	220,470	137,229
Reportable Legal Entities | FET Inc. (Parent)
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	(9,897)	(8,981)
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	12,638	9,483
Other	0	0
Net cash used in investing activities	12,638	9,483
Cash flows from financing activities
Repayment of long-term and short-term debt	0	0
Long-term loans and advances to affiliates	0	0
Net treasury shares withheld	(4,564)
Proceeds from stock issuance	2,020
Dividend paid to affiliates		0
Other		(502)
Net cash used in financing activities	(2,544)	(502)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	197	0
Cash and cash equivalents
Beginning of period	65	0
End of period	262	0
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	14,603	34,792
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(8,738)	(2,700)
Capital expenditures for property and equipment	(11,147)	(7,455)
Investment in unconsolidated subsidiary	(1,041)
Long-term loans and advances to affiliates	12,901	1,483
Other	1,699	3,354
Net cash used in investing activities	(6,326)	(5,318)
Cash flows from financing activities
Repayment of long-term and short-term debt	(971)	(238)
Long-term loans and advances to affiliates	(12,638)	(9,483)
Net treasury shares withheld	0
Proceeds from stock issuance	0
Dividend paid to affiliates		0
Other		0
Net cash used in financing activities	(13,609)	(9,721)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	(5,332)	19,753
Cash and cash equivalents
Beginning of period	143,275	36,884
End of period	137,943	56,637
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	53	39,106
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	0	0
Capital expenditures for property and equipment	(1,873)	(2,585)
Investment in unconsolidated subsidiary	0
Long-term loans and advances to affiliates	0	0
Other	0	356
Net cash used in investing activities	(1,873)	(2,229)
Cash flows from financing activities
Repayment of long-term and short-term debt	(40)	0
Long-term loans and advances to affiliates	(12,901)	(1,483)
Net treasury shares withheld	0
Proceeds from stock issuance	0
Dividend paid to affiliates		(20,000)
Other		0
Net cash used in financing activities	(12,941)	(21,483)
Effect of exchange rate changes on cash	5,944	(7,167)
Net increase (decrease) in cash and cash equivalents	(8,817)	8,227
Cash and cash equivalents
Beginning of period	91,082	72,365
End of period	82,265	80,592
Eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	0	(20,000)
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	(25,539)	(10,966)
Other	0	0
Net cash used in investing activities	(25,539)	(10,966)
Cash flows from financing activities
Repayment of long-term and short-term debt	0	0
Long-term loans and advances to affiliates	25,539	10,966
Net treasury shares withheld	0
Proceeds from stock issuance	0
Dividend paid to affiliates		20,000
Other		0
Net cash used in financing activities	25,539	30,966
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