Forum Energy (FET) 10-Q 2 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 26, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Central Index Key	1,401,257
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		108,838,232

Condensed Consolidated Statemen

Condensed Consolidated Statements of Conprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenue	$ 250,231	$ 171,096
Cost of sales	182,944	132,117
Gross profit	67,287	38,979
Operating expenses
Selling, general and administrative expenses	72,091	60,674
Transaction expenses	1,336	628
Gain on disposal of assets and other	(397)	(246)
Total operating expenses	73,030	61,056
Earnings (loss) from equity investment	(963)	1,462
Operating income (loss)	(6,706)	(20,615)
Other expense (income)
Interest expense	8,087	6,580
Foreign exchange losses and other, net	3,551	1,546
Gain on contribution of subsea rentals business	(33,506)	0
Total other (income) expense, net	(21,868)	8,126
Income (loss) before income taxes	15,162	(28,741)
Income tax benefit	(12,904)	(12,973)
Net income (loss)	$ 28,066	$ (15,768)
Weighted average shares outstanding
Basic (in shares)	108,423	95,860
Diluted (in shares)	110,857	95,860
Earnings (loss) per share
Basic (in USD per share)	$ 0.26	$ (0.16)
Diluted (in USD per share)	$ 0.25	$ (0.16)
Other comprehensive income (loss), net of tax:
Net income (loss)	$ 28,066	$ (15,768)
Change in foreign currency translation, net of tax of $0	6,287	7,222
Gain (loss) on pension liability	16	(15)
Comprehensive income (loss)	$ 34,369	$ (8,561)

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Conprehensive Income (Loss) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 42,340	$ 115,216
Accounts receivable—trade, net	194,949	202,914
Inventories, net	468,896	443,177
Prepaid expenses and other current assets	32,863	19,490
Accrued revenue	2,860	0
Costs and estimated profits in excess of billings	12,056	9,584
Total current assets	753,964	790,381
Property and equipment, net of accumulated depreciation	184,526	197,281
Deferred financing costs, net	2,692	2,900
Intangible assets	426,744	443,064
Goodwill	757,801	755,245
Investment in unconsolidated subsidiary	43,086	0
Deferred income taxes, net	4,015	3,344
Other long-term assets	9,677	3,013
Total assets	2,182,505	2,195,228
Current liabilities
Current portion of long-term debt	1,133	1,156
Accounts payable—trade	143,897	137,684
Accrued liabilities	62,756	66,765
Deferred revenue	8,614	8,819
Billings in excess of costs and profits recognized	816	1,881
Total current liabilities	217,216	216,305
Long-term debt, net of current portion	456,577	506,750
Deferred income taxes, net	29,168	31,232
Other long-term liabilities	32,688	31,925
Total liabilities	735,649	786,212
Commitments and contingencies
Equity
Common stock, $0.01 par value, 296,000,000 shares authorized, 117,030,329 and 116,343,656 shares issued	1,170	1,163
Additional paid-in capital	1,199,875	1,195,339
Treasury stock at cost, 8,195,192 and 8,190,362 shares	(134,359)	(134,293)
Retained earnings	465,834	438,774
Accumulated other comprehensive loss	(85,664)	(91,967)
Total equity	1,446,856	1,409,016
Total liabilities and equity	$ 2,182,505	$ 2,195,228

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common Stock, par value (USD per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	296,000,000	296,000,000
Common Stock, shares issued (in shares)	117,030,329	116,343,656
Treasury stock (in shares)	8,195,192	8,190,362

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income (loss)	$ 28,066	$ (15,768)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation expense	8,158	8,999
Amortization of intangible assets	10,500	6,523
Inventory write down	2,455	531
Share-based compensation expense	5,302	4,665
(Earnings) loss from unconsolidated subsidiary, net of distributions	963	(1,462)
Gain on contribution of subsea rentals business	(33,506)	0
Deferred income taxes	(2,735)	(13,787)
Other	531	698
Changes in operating assets and liabilities
Accounts receivable—trade	3,034	(19,596)
Inventories	(27,363)	(6,127)
Prepaid expenses and other assets	(16,770)	4,586
Cost and estimated profit in excess of billings	(3,420)	1,611
Accounts payable, deferred revenue and other accrued liabilities	6,528	16,298
Billings in excess of costs and estimated profits earned	(1,065)	(2,177)
Net cash used in operating activities	(19,322)	(15,006)
Cash flows from investing activities
Capital expenditures for property and equipment	(5,080)	(3,468)
Acquisition of businesses, net of cash acquired	0	(8,738)
Investment in unconsolidated subsidiary	0	(1,041)
Proceeds from sale of business, property and equipment	5,074	40
Net cash used in investing activities	(6)	(13,207)
Cash flows from financing activities
Repayments of debt	(50,729)	(891)
Repurchases of stock	(1,946)	(4,403)
Proceeds from stock issuance	0	1,757
Net cash used in financing activities	(52,675)	(3,537)
Effect of exchange rate changes on cash	(873)	2,242
Net decrease in cash, cash equivalents and restricted cash	(72,876)	(29,508)
Cash, cash equivalents and restricted cash at beginning of period	115,216	234,422
Cash, cash equivalents and restricted cash at end of period	42,340	204,914
Noncash investing activities
Acquisition via issuance of stock	0	4,500
Assets contributed for equity method investment	18,070	0
Note receivable related to equity method investment transaction	$ 4,067	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Forum Energy Technologies, Inc. (the “Company”, “we”, “our”, “us”), 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. Our investments in operating entities where we have the ability to exert significant influence, but do not control operating and financial policies, are accounted for using the equity method of accounting with our share of the net income reported in “ Earnings (loss) from equity investment ” in the condensed consolidated statements of comprehensive income (loss) . These investments are included in “ Investment in unconsolidated subsidiary ” in the condensed consolidated balance sheets. The Company’s share of equity earnings and losses are reported within operating loss as the investee’s operations are integral to the operations of the Company. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations and cash flows have been included. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 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, 2017 , which are included in the Company’s 2017 Annual Report on Form 10-K filed with the SEC on February 27, 2018 (the “Annual Report”).

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
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 we adopt 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 our consolidated financial statements upon adoption. Accounting Standards Adopted in 2018 Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“Topic 606”). Topic 606 supersedes existing revenue recognition guidance and requires 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. We adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method applied to contracts that were not completed as of that date. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of Topic 606 did not have a material impact on the timing or amounts of revenue recognized in our unaudited condensed consolidated financial statements. We did not recognize any cumulative-effect adjustment to retained earnings upon adoption as the impact was immaterial. Refer to Note 3 Revenues for additional information related to our revenue recognition policies and incremental disclosures following the adoption of Topic 606. Modification Accounting for Stock Compensation. In May 2017, the FASB issued 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. We applied the update prospectively beginning January 1, 2018. The adoption of this new guidance had no impact on our unaudited condensed consolidated financial statements or related disclosures. Clarifying the Definition of a Business. 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. We applied the update prospectively beginning January 1, 2018. The adoption of this new guidance had no impact on our unaudited condensed consolidated financial statements or related disclosures. Deferred Taxes on Intra-Entity Asset Transfers. 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 the income tax consequences of an intra-entity transfer of an asset other than inventory be recognized when the transfer occurs. As required, we applied this update on a modified retrospective basis resulting in a $1.0 million direct cumulative-effect adjustment to retained earnings as of January 1, 2018. Statement of Cash Flows. 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. We adopted this new guidance in the first quarter of 2018. 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. We will continue to use the cumulative earnings approach. Therefore, the adoption of this guidance did not have a material impact on our unaudited condensed consolidated financial statements. Restricted Cash Presentation. 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. We applied the update prospectively beginning January 1, 2018. The adoption of this new guidance did not have a material impact on our unaudited condensed consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Stranded Tax Effects from the Tax Cuts and Jobs Act. In February 2018, the FASB issued ASU No. 2018-02 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. U.S. GAAP requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date, even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income (referred to as “stranded tax effects”). The amendments in this ASU allow a specific exception for reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. In addition, the amendments in this Update also require certain disclosures about stranded tax effects. The standard will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. We are currently evaluating the impact of the adoption of this guidance. Leases. 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. We are continuing to evaluate the impact of this new guidance and have put in place an implementation team to review lease contracts, evaluate existing lease related processes and provide training related to the new standard. We will continue to monitor for any additional implementation or other guidance that may be issued in 2018 with respect to the new lease standard and adjust implementation plans accordingly.

Revenues Revenues

Revenues Revenues	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Adoption of ASC Topic 606, “Revenue from Contracts with Customers” On January 1, 2018, we adopted Topic 606 using the modified retrospective transition method applied to contracts that were not completed as of that date. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with historic revenue recognition guidance. The adoption of Topic 606 did not have a material impact on our consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the three months ended March 31, 2018 . Furthermore, we expect the impact of the adoption of the new standard to be immaterial to our revenue and gross profit on an ongoing basis. The following table summarizes the impacts of adopting Topic 606 on our consolidated financial statements as of January 1, 2018: As Reported Adjustments due to As Adjusted (in thousands, unaudited) Dec. 31, 2017 ASC 606 Jan. 1, 2018 Accounts receivable—trade, net $ 202,914 $ (3,235 ) $ 199,679 Accrued revenue — 3,235 3,235 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated statement of comprehensive income and balance sheet is shown in the table below. The immaterial impact to revenue and cost of sales relates to a change in the timing of revenue recognition for certain short-term contracts in our subsea product line. Three Months Ended March 31, 2018 (in thousands, unaudited) As Reported Amount Without Adoption of ASC 606 Effect of Change Income Statement Revenue $ 250,231 $ 249,868 $ 363 Cost of sales 182,944 182,529 415 Gross profit $ 67,287 $ 67,339 $ (52 ) Balance Sheet Accounts receivable—trade, net $ 194,949 $ 197,809 $ (2,860 ) Accrued revenue 2,860 — 2,860 Inventories, net 468,896 469,311 (415 ) Costs and estimated profits in excess of billings 12,056 11,693 363 Retained earnings 465,834 465,886 (52 ) Revenue Recognition Policies Revenue is recognized in accordance with ASC Topic 606 when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Contract Identification. We account for a contract when it is approved, both parties are committed, the rights of the parties are identified, payment terms are defined, the contact has commercial substance and collection of consideration is probable. Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer under Topic 606. The majority of our contracts with customers contain a single performance obligation to provide agreed-upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. In accordance with Topic 606, we do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We have elected to apply the practical expedient to account for shipping and handling costs associated with outbound freight after control of a product has transferred to a customer as a fulfillment cost which is included in Cost of Sales. Furthermore, since our customer payment terms are short-term in nature, we have also elected to apply the practical expedient which allows an entity to not adjust for the effects of a significant financing component if it expects that the customer’s payment period will be less than one year in duration. Contract Value. Revenue is measured based on the amount of consideration specified in the contracts with our customers and excludes any amounts collected on behalf of third parties. We have elected the practical expedient to exclude amounts collected from customers for all sales (and other similar) taxes. The estimation of total revenue from a customer contract is subject to elements of variable consideration. Certain customers may receive rebates or discounts which are accounted for as variable consideration. We estimate variable consideration as the most likely amount to which we expect to be entitled and we include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved. Our estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historic, current, forecast) that is reasonably available to us. Timing of Recognition. We recognize revenue when we satisfy a performance obligation by transferring control of a product or service to a customer. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from goods transferred to customers at a point in time accounted for 97% of revenues for the three months ended March 31, 2018 . The majority of this revenue is product sales which are generally recognized when items are shipped from our facilities and title passes to the customer. The amount of revenue recognized for products is adjusted for expected returns, which are estimated based on historical data. Revenue from goods transferred to customers over time accounted for 3% of revenues for the three months ended March 31, 2018 which is primarily related to contracts in our Subsea and Production Equipment product lines. Recognition over time for these contracts is supported by our assessment of the products supplied as having no alternative use to us and by clauses in the contracts that provide us with an enforceable right to payment for performance completed to date. We use the cost-to-cost method to measure progress for these contracts because it best depicts the transfer of assets to the customer which occurs as costs are incurred on the contract. The amount of revenue recognized is calculated based on the ratio of costs incurred to-date compared to total estimated costs which requires management to calculate reasonably dependable estimates of total contract costs. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. We recognize revenue and cost of sales each period based upon the advancement of the work-in-progress unless the stage of completion is insufficient to enable a reasonably certain forecast of profit to be established. In such cases, no profit is recognized during the period. Accounting estimates during the course of projects may change, primarily related to our remotely operated vehicles (“ROVs”) which may take longer to manufacture. The effect of such a change, which can be upward as well as downward, is accounted for in the period of change, and the cumulative income recognized to date is adjusted to reflect the latest estimates. These revisions to estimates are accounted for on a prospective basis. Contracts are sometimes modified to account for changes in product specifications or requirements. Most of our contract modifications are for goods and services that are not distinct from the existing contract. As such, these modifications are accounted for as if they were part of the existing contract, and therefore, the effect of the modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. No adjustment to any one contract was material to our unaudited condensed consolidated financial statements for the three months ended March 31, 2018 . We sell our products through a number of channels including a direct sales force, marketing representatives, and distributors. We have elected to expense sales commissions when incurred as the amortization period would be less than one year. These costs are recorded within cost of sales. Portfolio Approach. We have elected to apply the new revenue standard to a portfolio of contracts with similar characteristics as we reasonably expect that the effects on the financial statements of applying this guidance to the portfolio would not differ materially from applying this guidance to the individual contracts within that portfolio. Disaggregated Revenue Refer to Note 10 Business Segments for disaggregated revenue by product line and geography. Contract Balances Contract balances are determined on a contract by contract basis. Contract assets represent revenue recognized for goods and services provided to our customers when payment is conditioned on something other than the passage of time. Similarly, when we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, we record a contract liability. Such contract liabilities typically result from billings in excess of costs incurred on construction contracts and advance payments received on product sales. The following table reflects the changes in our contract assets and contract liabilities balances for the three months ended March 31, 2018 : March 31, 2018 January 1, 2018 Increase / (Decrease) $ % Accrued revenue $ 2,860 $ 3,235 Costs and estimated profits in excess of billings 12,056 9,584 Contract assets $ 14,916 $ 12,819 $ 2,097 16 % Deferred revenue $ 8,614 $ 8,819 Billings in excess of costs and profits recognized 816 1,881 Contract liabilities $ 9,430 $ 10,700 $ (1,270 ) (12 )% During the three months ended March 31, 2018 , our contract assets increase d by $2.1 million and our contract liabilities decrease d by $1.3 million primarily due to an increase in project activity and the timing of billings in our Production Equipment product line. During the three months ended March 31, 2018 , we recognized revenue of $8.3 million that was included in the contract liability balance at the beginning of the period. As all of our contracts are less than one year in duration, we have elected to apply the practical expedient which allows an entity to exclude disclosures about its remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

Acquisitions & Dispositions

Acquisitions & Dispositions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions & Dispositions	Acquisitions & Dispositions 2018 Disposition of Forum Subsea Rentals On January 3, 2018, we contributed our subsea rentals business into Ashtead Technology to create a leading independent provider of subsea survey and remotely operated vehicle equipment rental services. In exchange, we received a 40% interest in the combined business (“Ashtead”), a cash payment of £ 2.7 million British Pounds and a note receivable from Ashtead of £ 3.0 million British Pounds. Our 40% interest in Ashtead is accounted for as an equity method investment and reported as Investment in unconsolidated subsidiary in our unaudited condensed consolidated balance sheets. In the first quarter of 2018, we recognized a gain of $33.5 million as a result of the deconsolidation of our Forum Subsea Rentals business, which is classified as Gain on contribution of subsea rentals business in the unaudited condensed consolidated statements of comprehensive income (loss). This gain is equal to the sum of the consideration received, which includes the fair value of our 40% interest in Ashtead, £ 2.7 million British Pounds in cash, and the £ 3.0 million British Pounds note receivable from Ashtead, less the $18.1 million carrying value of the Forum subsea rentals assets at the time of closing. The fair value of our 40% interest in Ashtead was determined based on the present value of estimated future cash flows of the combined entity as of January 3, 2018. The difference between the fair value of our 40% interest in Ashtead of $43.8 million and the book value of the underlying net assets resulted in a basis difference, which was allocated to fixed assets, intangible assets and goodwill based on their respective fair values as of January 3, 2018. The basis difference allocated to fixed assets and intangible assets will be amortized through equity earnings (loss) over the estimated life of the respective assets. As the valuation of our 40% interest in Ashtead is preliminary in nature, it is subject to adjustment as additional information is obtained about the facts and circumstances that existed at the transaction date. Pro forma results of operations for this transaction have not been presented because the effects were not material to the consolidated financial statements. 2017 Acquisition of Global Tubing On October 2, 2017, we acquired all of the remaining ownership interests of Global Tubing, LLC (“Global Tubing”) from our joint venture partner and management for total consideration of approximately $290.3 million . We originally invested in Global Tubing with the joint venture partner and management in 2013. Prior to acquiring the remaining ownership interest in Global Tubing, we reported this investment using the equity method of accounting. The financial results for Global Tubing are reported in the Completions segment. Located in Dayton, Texas, Global Tubing provides coiled tubing, coiled line pipe and related services to customers worldwide. We believe that this strategic acquisition will further enhance our focus and strategy of expansion in the North American completions market. Global Tubing contributed revenues of $37.0 million during the three months ended March 31, 2018 . Refer to Note 4. Acquisitions in our annual report on Form 10-K for the year ended December 31, 2017 for pro forma results of operations for this acquisition. The following table summarizes the consideration transferred to acquire the remaining ownership interests of Global Tubing (in thousands other than stock price and shares issued): Purchase Consideration Forum Energy Technologies' closing stock price on October 2, 2017 $ 15.10 Multiplied by number of shares issued for acquisition 11,488,208 Value of common shares $ 173,472 Cash 31,764 Repayment of Global Tubing debt at acquisition 85,084 Total consideration paid for the acquisition $ 290,320 The following table summarizes the current fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): Accounts receivable $ 28,044 Inventory 40,005 Other current assets 3,141 Property and equipment 51,585 Intangible assets (primarily developed technologies and customer relationships) 228,190 Tax-deductible goodwill 69,423 Non-tax deductible goodwill 64,491 Current liabilities (16,005 ) Long term liabilities (54 ) Total net assets 468,820 Fair value of equity method investment previously held (178,500 ) Net assets acquired $ 290,320 The goodwill is attributable to the workforce of the acquired business and synergies expected to arise following the acquisition of the remaining ownership interests of Global Tubing. The goodwill associated with the previously owned equity interests is not deductible for tax purposes. All of the goodwill was assigned to the Company’s Completions segment. 2017 Acquisition of Multilift On July 3, 2017, the Company acquired Multilift Welltec, LLC and Multilift Wellbore Technology Limited (collectively, “Multilift”) for approximately $39.2 million in cash consideration. These acquisitions are included in the Completions segment. Based in Houston, Texas, Multilift manufactures the patented SandGuard TM and the Cyclone TM completion tools. This acquisition increases our product offering related to artificial lift to our completions customers. We intend to utilize our distribution system to increase Multilift’s sales with additional customers and through geographic expansion. Pro forma results of operations for this acquisition have not been presented because the effects were not material to the condensed consolidated financial statements. The following table summarizes the current fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): Current assets, net of cash acquired $ 3,763 Property and equipment 96 Intangible assets (primarily customer relationships) 17,090 Tax-Deductible Goodwill 16,472 Non-tax Deductible Goodwill 3,099 Current liabilities (1,329 ) Net assets acquired $ 39,191 2017 Acquisition of Cooper Valves 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 included the issuance of stock valued at $4.5 million and certain contingent cash payments. These acquisitions are included in the Production & Infrastructure segment. The acquired Cooper brands include 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 Cooper Alloy ® 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 and pro forma results of operations have not been presented because they are not material to the consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories The Company’s significant components of inventory at March 31, 2018 and December 31, 2017 were as follows (in thousands): March 31, December 31, Raw materials and parts $ 176,424 $ 160,093 Work in process 53,308 51,941 Finished goods 310,581 305,461 Gross inventories 540,313 517,495 Inventory reserve (71,417 ) (74,318 ) Inventories $ 468,896 $ 443,177

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2018
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, 2017 to March 31, 2018 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2017 $ 251,454 $ 484,345 $ 19,446 $ 755,245 Impact of non-U.S. local currency translation 2,668 (30 ) (82 ) 2,556 Goodwill Balance at March 31, 2018 $ 254,122 $ 484,315 $ 19,364 $ 757,801 There was no impairment of goodwill during the three months ended March 31, 2018 and 2017 . Accumulated impairment losses on goodwill were $236.8 million as of March 31, 2018 and December 31, 2017 . The Company performs its annual impairment tests of goodwill as of October 1, or when there is an indication an impairment may have occurred. Intangible assets Intangible assets consisted of the following as of March 31, 2018 and December 31, 2017 , respectively (in thousands): March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Amortizable Intangibles Amortization Period (In Years) Customer relationships $ 413,942 $ (135,125 ) $ 278,817 4-15 Patents and technology 112,695 (19,160 ) 93,535 5-17 Non-compete agreements 6,183 (5,726 ) 457 3-6 Trade names 61,808 (23,528 ) 38,280 10-15 Distributor relationships 22,160 (16,654 ) 5,506 8-15 Trademarks 10,319 (170 ) 10,149 15 - Indefinite Intangible Assets Total $ 627,107 $ (200,363 ) $ 426,744 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Amortizable Intangibles Amortization Period (In Years) Customer relationships $ 428,544 $ (138,566 ) $ 289,978 4-15 Patents and technology 110,910 (16,733 ) 94,177 5-17 Non-compete agreements 6,625 (6,041 ) 584 3-6 Trade names 64,359 (22,090 ) 42,269 10-15 Distributor relationships 22,160 (16,338 ) 5,822 8-15 Trademarks 10,319 (85 ) 10,234 15 - Indefinite Intangible Assets Total $ 642,917 $ (199,853 ) $ 443,064

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Notes payable and lines of credit as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 1,481 1,583 Debt issuance cost (3,947 ) (4,222 ) Senior secured revolving credit facility 58,803 108,446 Other debt 1,373 2,099 Total debt 457,710 507,906 Less: current maturities (1,133 ) (1,156 ) Long-term debt $ 456,577 $ 506,750 Senior Notes Due 2021 The Senior Notes bear interest at a rate of 6.25% 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 our 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 October 30, 2017, we amended and restated our existing credit facility (such amended and restated credit facility, the “Credit Facility”) to, among other things, increase revolving credit commitments from $140.0 million to $300.0 million (with a sublimit of up to $25.0 million available for the issuance of letters of credit for the account of the Company and certain of our domestic subsidiaries) (the “U.S. Line”), of which up to $30.0 million is available to certain of our Canadian subsidiaries for loans in U.S. or Canadian dollars (with a sublimit of up to $3.0 million available for the issuance of letters of credit for the account of our Canadian subsidiaries) (the “Canadian Line”). Lender commitments under the Credit Facility, subject to certain limitations, may be increased by an additional $100.0 million . The Credit Facility matures in July 2021, but if our outstanding Notes due October 2021 are refinanced or replaced with indebtedness maturing in or after February 2023, the final maturity of the Credit Facility will automatically extend to October 2022. Availability under the Credit Facility is subject to a borrowing base calculated by reference to eligible accounts receivable in the U.S., Canada and certain other jurisdictions (subject to a cap) and eligible inventory in the U.S. and Canada. Our borrowing capacity under the Credit Facility could be reduced or eliminated, depending on future fluctuations in our balances of receivables and inventory. As of March 31, 2018 , our total borrowing base was $299.4 million , of which $58.8 million was drawn and $5.7 million was used for security of outstanding letters of credit, resulting in remaining availability of $234.9 million . Borrowings under the U.S. Line bear interest at a rate equal to, at our option, either (a) the LIBOR rate or (b) a base rate determined by reference to the highest of (i) the rate of interest per annum determined from time to time by Wells Fargo as its prime rate in effect at its principal office in San Francisco, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month adjusted LIBOR plus 1.00% per annum, in each case plus an applicable margin. Borrowings under the Canadian Line bear interest at a rate equal to, at Forum Canada’s option, either (a) the CDOR rate or (b) a base rate determined by reference to the highest of (i) the prime rate for Canadian dollar commercial loans made in Canada as reported from time to time by Thomson Reuters and (ii) the CDOR rate plus 1.00% , in each case plus an applicable margin. The applicable margin for LIBOR and CDOR loans will initially range from 1.75% to 2.25% , depending upon average excess availability under the Credit Facility. After the first quarter ending on or after March 31, 2018 in which our total leverage ratio is less than or equal to 4.00 : 1.00 , the applicable margin for LIBOR and CDOR loans will range from 1.50% to 2.00% , depending upon average excess availability under the Credit Facility. The weighted average interest rate under the Credit Facility was approximately 3.85% for the three months ended March 31, 2018 . The Credit Facility also provides for a commitment fee in the amount of (a) 0.375% per annum on the unused portion of commitments if average usage of the Credit Facility is greater than 50% and (b) 0.500% per annum on the unused portion of commitments if average usage of the Credit Facility is less than or equal to 50% . After the first quarter ending on or after March 31, 2018 in which our total leverage ratio is less than or equal to 4.00 : 1.00 , the commitment fees will range from 0.25% to 0.375% , depending upon average usage of the Credit Facility. If excess availability under the Credit Facility falls below the greater of 10.0% of the borrowing base and $20.0 million , we will be required to maintain a fixed charge coverage ratio of at least 1.00 : 1.00 as of the end of each fiscal quarter until excess availability under the Credit Facility exceeds such thresholds for at least 60 consecutive days. Deferred Loan Costs We have incurred loan costs that have been deferred and are amortized to interest expense over the term of the Senior Notes and the Amended Credit Facility. Other Debt Other debt consists primarily of various capital leases of equipment. Letters of Credit and Guarantees We execute letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee our fulfillment of performance obligations relating to certain large contracts. We had $6.5 million and $7.9 million in total outstanding letters of credit as of March 31, 2018 and December 31, 2017 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate, calculated by dividing total tax benefit by income (loss) before income taxes , was a benefit of 85.1% for three months ended March 31, 2018 compared to a benefit of 45.1% for the three months ended March 31, 2017 . The effective tax rate for 2018 is significantly different than the comparable period in 2017 primarily due to the reduction in the U.S. corporate income tax rate as well as a benefit related to the adjustment of the provisional tax impact of tax reform initially recorded in the prior quarter. Furthermore, the effective tax rate can vary from period to period depending on the Company’s relative mix of U.S. and non-U.S. earnings and losses by jurisdiction. On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (“U.S. Tax Reform”), a comprehensive U.S. tax reform package that, effective January 1, 2018, among other things, lowered the corporate income tax rate from 35% to 21% and moved the country towards a territorial tax system with a one-time mandatory tax on previously deferred earnings of non-U.S. subsidiaries. In the fourth quarter of 2017, we recorded provisional amounts related to the effects of U.S. Tax Reform including the recognition of liabilities for taxes on mandatory deemed repatriation of non-U.S. earnings and re-measurement of deferred taxes based on the new U.S. corporate income tax rate of 21% . We have updated these provisional amounts in the first quarter of 2018 based on additional guidance recently issued by the U.S. Internal Revenue Service resulting in an income tax benefit of $16.2 million in the quarter. This adjustment to our provisional estimate of the effects of U.S. Tax Reform results in an overall benefit of $6.1 million . As we do not have all the necessary information to analyze all income tax effects of the new rules, these amounts remain provisional and we believe they represent a reasonable estimate of the accounting implications of U.S. Tax Reform. The ultimate impact of U.S. Tax Reform continues to be subject to adjustment as further guidance is provided by the U.S. Internal Revenue Service regarding the application of the new U.S. corporate income tax laws. We expect to complete our detailed analysis no later than the fourth quarter of 2018.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements At March 31, 2018 and December 31, 2017 , the Company had $58.8 million and $108.4 million , respectively, of debt outstanding under the Credit Facility which incurs interest at a variable interest rate and therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of our Senior Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At March 31, 2018 , the fair value and the carrying value of our Senior Notes approximated $396.0 million and $401.5 million , respectively. At December 31, 2017 , the fair value and the carrying value of our Senior Notes approximated $402.0 million and $401.6 million , respectively. There were no other outstanding financial assets as of March 31, 2018 and December 31, 2017 that required measuring the amounts at fair value. We did not change our valuation techniques associated with recurring fair value measurements from prior periods and there were no transfers between levels of the fair value hierarchy during the three months ended March 31, 2018 .

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2018
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 the second quarter 2017, the Company moved management and financial reporting of our AMC branded fully rotational torque machine operations from the Drilling and Subsea segment to the Completions segment in order to better align with the predominant customer base of the 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 March 31, 2018 2017 Revenue: Drilling & Subsea $ 52,348 $ 61,876 Completions 112,508 42,390 Production & Infrastructure 86,421 67,579 Eliminations (1,046 ) (749 ) Total revenue $ 250,231 $ 171,096 Operating loss Drilling & Subsea $ (10,206 ) $ (8,341 ) Completions 8,857 (3,516 ) Production & Infrastructure 4,162 (569 ) Corporate (8,580 ) (7,807 ) Segment operating loss (5,767 ) (20,233 ) Transaction expenses 1,336 628 Gain on disposal of assets and other (397 ) (246 ) Operating loss $ (6,706 ) $ (20,615 ) A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, December 31, Drilling & Subsea $ 651,571 $ 645,254 Completions 1,225,071 1,202,379 Production & Infrastructure 245,047 251,685 Corporate 60,816 95,910 Total assets $ 2,182,505 $ 2,195,228 Corporate assets include, among other items, cash, prepaid assets and deferred financing costs. The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended March 31, 2018 2017 Drilling Technologies $ 42,768 $ 45,143 Subsea Technologies 9,580 16,733 Downhole Technologies 24,527 16,614 Stimulation and Intervention 50,987 25,776 Coiled Tubing 36,994 — Production Equipment 31,456 24,721 Valve Solutions 54,965 42,858 Eliminations (1,046 ) (749 ) Total revenue $ 250,231 $ 171,096 The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended March 31, 2018 2017 United States $ 190,064 $ 127,325 Canada 19,194 13,470 Europe & Africa 13,890 16,727 Middle East 10,570 4,359 Asia-Pacific 8,850 5,382 Latin America 7,663 3,833 Total Revenue $ 250,231 $ 171,096

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is, and in the future could be, involved in various pending or threatened legal actions that may or may not be covered by insurance. Management has reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are considered to be probable and can be reasonably estimated. The reserves accrued at March 31, 2018 and December 31, 2017 , 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	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended March 31, 2018 2017 Net income (loss) $ 28,066 $ (15,768 ) Basic - weighted average shares outstanding 108,423 95,860 Dilutive effect of stock options and restricted stock 2,434 — Diluted - weighted average shares outstanding 110,857 95,860 Earnings (loss) per share Basic $ 0.26 $ (0.16 ) Diluted $ 0.25 $ (0.16 ) The calculation of diluted earnings per share excludes approximately 3.3 million shares that were anti-dilutive for the three months ended March 31, 2018 . The calculation of diluted loss per share excludes all potentially dilutive shares for the three months ended March 31, 2017 because there was a net loss for the period.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Share-based compensation During the three months ended March 31, 2018 , the Company granted 504,930 stock options, 1,152,294 shares of restricted stock and restricted stock units and 160,010 performance share awards with a market condition. The stock options granted have an exercise price of $12.00 per share and vest ratably over 4 years . The 1,152,294 shares of restricted stock and restricted stock units include 1,039,794 shares granted to employees that vest ratably over 4 years and 112,500 shares granted to non-employee members of the Board of Directors that have a vesting period of 12 months . 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 award agreements will be determined based on the total shareholder return of the Company’s common stock as compared to a group of peer companies, measured annually over a one year, two year and three year performance period.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has sold and purchased equipment and services to and from certain affiliates of our directors. The dollar amounts related to these related party activities are not material to the Company’s unaudited condensed consolidated financial statements.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed consolidating financial statements	Condensed Consolidating Financial Statements The Senior Notes are guaranteed by our domestic subsidiaries which are 100% owned, directly or indirectly, by the Company. The guarantees are full and unconditional, joint and several, and on an unsecured basis. Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2018 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 218,949 $ 43,753 $ (12,471 ) $ 250,231 Cost of sales — 159,305 35,898 (12,259 ) 182,944 Gross profit — 59,644 7,855 (212 ) 67,287 Operating expenses Selling, general and administrative expenses — 60,073 12,018 — 72,091 Transaction expenses — 1,329 7 — 1,336 Loss (gain) on disposal of assets and other — (631 ) 234 — (397 ) Total operating expenses — 60,771 12,259 — 73,030 Loss from equity investment — (10 ) (953 ) — (963 ) Equity earnings from affiliate, net of tax 34,321 28,307 — (62,628 ) — Operating income (loss) 34,321 27,170 (5,357 ) (62,840 ) (6,706 ) Other expense (income) Interest expense (income) 7,918 343 (174 ) — 8,087 Foreign exchange losses and other, net — — 3,551 — 3,551 (Gain) loss on contribution of subsea rentals business — 5,856 (39,362 ) — (33,506 ) Total other expense (income) 7,918 6,199 (35,985 ) — (21,868 ) Income before income taxes 26,403 20,971 30,628 (62,840 ) 15,162 Income tax expense (benefit) (1,663 ) (13,350 ) 2,109 — (12,904 ) Net income 28,066 34,321 28,519 (62,840 ) 28,066 Other comprehensive income, net of tax: Net income 28,066 34,321 28,519 (62,840 ) 28,066 Change in foreign currency translation, net of tax of $0 6,287 6,287 6,287 (12,574 ) 6,287 Change in pension liability 16 16 16 (32 ) 16 Comprehensive income $ 34,369 $ 40,624 $ 34,822 $ (75,446 ) $ 34,369 Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 142,736 $ 46,402 $ (18,042 ) $ 171,096 Cost of sales — 110,240 39,395 (17,518 ) 132,117 Gross profit — 32,496 7,007 (524 ) 38,979 Operating expenses Selling, general and administrative expenses — 48,063 12,611 — 60,674 Transaction Expense — 517 111 — 628 Loss (gain) on disposal of assets and other — (270 ) 24 — (246 ) Total operating expenses — 48,310 12,746 — 61,056 Earnings from equity investment — 1,462 — — 1,462 Equity earnings from affiliates, net of tax (11,435 ) (5,126 ) — 16,561 — Operating loss (11,435 ) (19,478 ) (5,739 ) 16,037 (20,615 ) Other expense (income) Interest expense (income) 6,666 (27 ) (59 ) — 6,580 Foreign exchange losses (gains) and other, net — (137 ) 1,683 — 1,546 Total other expense (income) 6,666 (164 ) 1,624 — 8,126 Loss before income taxes (18,101 ) (19,314 ) (7,363 ) 16,037 (28,741 ) Income tax benefit (2,333 ) (7,879 ) (2,761 ) — (12,973 ) Net loss (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Other comprehensive income (loss), net of tax: Net loss (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Change in foreign currency translation, net of tax of $0 7,222 7,222 7,222 (14,444 ) 7,222 Change in pension liability (15 ) (15 ) (15 ) 30 (15 ) Comprehensive income (loss) $ (8,561 ) $ (4,228 ) $ 2,605 $ 1,623 $ (8,561 ) Condensed consolidating balance sheets March 31, 2018 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 484 $ 27,946 $ 13,910 $ — $ 42,340 Accounts receivable—trade, net — 165,928 29,021 — 194,949 Inventories, net — 403,196 74,716 (9,016 ) 468,896 Prepaid expenses and other current assets — 22,822 10,041 — 32,863 Accrued revenue — — 2,860 — 2,860 Cost and estimated profits in excess of billings — 11,981 75 — 12,056 Total current assets 484 631,873 130,623 (9,016 ) 753,964 Property and equipment, net of accumulated depreciation — 162,012 22,514 — 184,526 Deferred financing costs, net 2,692 — — — 2,692 Intangible assets — 374,864 51,880 — 426,744 Goodwill — 599,820 157,981 — 757,801 Investment in unconsolidated subsidiary — 1,923 41,163 — 43,086 Deferred income taxes, net — 671 3,344 — 4,015 Other long-term assets — 4,407 5,270 — 9,677 Investment in affiliates 1,290,210 429,493 — (1,719,703 ) — Long-term advances to affiliates 622,735 — 89,304 (712,039 ) — Total assets $ 1,916,121 $ 2,205,063 $ 502,079 $ (2,440,758 ) $ 2,182,505 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 1,052 $ 81 $ — $ 1,133 Accounts payable—trade — 124,861 19,036 — 143,897 Accrued liabilities 12,927 37,326 12,503 — 62,756 Deferred revenue — 4,175 4,439 — 8,614 Billings in excess of costs and profits recognized — 370 446 — 816 Total current liabilities 12,927 167,784 36,505 — 217,216 Long-term debt, net of current portion 456,338 212 27 — 456,577 Deferred income taxes, net — 20,266 8,902 — 29,168 Other long-term liabilities — 14,552 18,136 — 32,688 Long-term payables to affiliates — 712,039 — (712,039 ) — Total liabilities 469,265 914,853 63,570 (712,039 ) 735,649 Total equity 1,446,856 1,290,210 438,509 (1,728,719 ) 1,446,856 Total liabilities and equity $ 1,916,121 $ 2,205,063 $ 502,079 $ (2,440,758 ) $ 2,182,505 Condensed consolidating balance sheets December 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 73,981 $ 41,235 $ — $ 115,216 Accounts receivable—trade, net — 168,162 34,752 — 202,914 Inventories — 374,527 77,454 (8,804 ) 443,177 Other current assets — 12,679 6,811 — 19,490 Cost and profits in excess of billings — 9,584 — — 9,584 Total current assets — 638,933 160,252 (8,804 ) 790,381 Property and equipment, net of accumulated depreciation — 167,407 29,874 — 197,281 Deferred financing costs, net 2,900 — — — 2,900 Intangible assets — 390,752 52,312 — 443,064 Goodwill — 599,677 155,568 — 755,245 Investment in unconsolidated subsidiary — — — — — Deferred income taxes, net — — 3,344 — 3,344 Other long-term assets — 2,086 927 — 3,013 Investment in affiliates 1,250,593 418,799 — (1,669,392 ) — Long-term advances to affiliates 667,968 — 90,524 (758,492 ) — Total assets $ 1,921,461 $ 2,217,654 $ 492,801 $ (2,436,688 ) $ 2,195,228 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 1,048 $ 108 $ — $ 1,156 Accounts payable—trade — 117,158 20,526 — 137,684 Accrued liabilities 6,638 46,962 13,165 — 66,765 Deferred revenue — 4,455 4,364 — 8,819 Billings in excess of costs and profits recognized — 1,394 487 — 1,881 Total current liabilities 6,638 171,017 38,650 — 216,305 Long-term debt, net of current portion 505,807 908 35 — 506,750 Deferred income taxes, net — 22,737 8,495 — 31,232 Other long-term liabilities — 13,907 18,018 — 31,925 Long-term payables to affiliates — 758,492 — (758,492 ) — Total liabilities 512,445 967,061 65,198 (758,492 ) 786,212 Total equity 1,409,016 1,250,593 427,603 (1,678,196 ) 1,409,016 Total liabilities and equity $ 1,921,461 $ 2,217,654 $ 492,801 $ (2,436,688 ) $ 2,195,228 Condensed consolidating statements of cash flows Three months ended March 31, 2018 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities $ 7,196 $ 3,050 $ (5,618 ) $ (23,950 ) $ (19,322 ) Cash flows from investing activities Capital expenditures for property and equipment — (3,944 ) (1,136 ) — (5,080 ) Long-term loans and advances to affiliates 45,234 — — (45,234 ) — Proceeds from sale of business, property and equipment — 785 4,289 — 5,074 Net cash provided by (used in) investing activities $ 45,234 $ (3,159 ) $ 3,153 $ (45,234 ) $ (6 ) Cash flows from financing activities Repayments of debt (50,000 ) (692 ) (37 ) — (50,729 ) Long-term loans and advances to affiliates — (45,234 ) — 45,234 — Dividend paid to affiliates — — (23,950 ) 23,950 — Repurchases of stock (1,946 ) — — — (1,946 ) Net cash used in financing activities $ (51,946 ) $ (45,926 ) $ (23,987 ) $ 69,184 $ (52,675 ) Effect of exchange rate changes on cash — — (873 ) — (873 ) Net increase (decrease) in cash and cash equivalents 484 (46,035 ) (27,325 ) — (72,876 ) Cash and cash equivalents Beginning of period — 73,981 41,235 — 115,216 End of period $ 484 $ 27,946 $ 13,910 $ — $ 42,340 Condensed consolidating statements of cash flows Three months ended March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities $ 374 $ (13,349 ) $ (2,031 ) $ — $ (15,006 ) Cash flows from investing activities Acquisition of businesses, net of cash acquired — (8,738 ) — — (8,738 ) Capital expenditures for property and equipment — (3,285 ) (183 ) — (3,468 ) Investment in unconsolidated subsidiary — (1,041 ) — — (1,041 ) Long-term loans and advances to affiliates 2,310 7,319 — (9,629 ) — Proceeds from sale of business, property and equipment — 40 — — 40 Net cash provided by (used in) investing activities $ 2,310 $ (5,705 ) $ (183 ) $ (9,629 ) $ (13,207 ) Cash flows from financing activities Repayments of debt — (868 ) (23 ) — (891 ) Long-term loans and advances to affiliates — (2,310 ) (7,319 ) 9,629 — Repurchases of stock (4,403 ) — — — (4,403 ) Proceeds from stock issuance 1,757 — — — 1,757 Net cash used in financing activities $ (2,646 ) $ (3,178 ) $ (7,342 ) $ 9,629 $ (3,537 ) Effect of exchange rate changes on cash — — 2,242 — 2,242 Net increase (decrease) in cash and cash equivalents 38 (22,232 ) (7,314 ) — (29,508 ) Cash and cash equivalents Beginning of period 65 143,275 91,082 — 234,422 End of period $ 103 $ 121,043 $ 83,768 $ — $ 204,914

Recent Accounting Pronounceme22

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2018
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 we adopt 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 our consolidated financial statements upon adoption. Accounting Standards Adopted in 2018 Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“Topic 606”). Topic 606 supersedes existing revenue recognition guidance and requires 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. We adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method applied to contracts that were not completed as of that date. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of Topic 606 did not have a material impact on the timing or amounts of revenue recognized in our unaudited condensed consolidated financial statements. We did not recognize any cumulative-effect adjustment to retained earnings upon adoption as the impact was immaterial. Refer to Note 3 Revenues for additional information related to our revenue recognition policies and incremental disclosures following the adoption of Topic 606. Modification Accounting for Stock Compensation. In May 2017, the FASB issued 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. We applied the update prospectively beginning January 1, 2018. The adoption of this new guidance had no impact on our unaudited condensed consolidated financial statements or related disclosures. Clarifying the Definition of a Business. 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. We applied the update prospectively beginning January 1, 2018. The adoption of this new guidance had no impact on our unaudited condensed consolidated financial statements or related disclosures. Deferred Taxes on Intra-Entity Asset Transfers. 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 the income tax consequences of an intra-entity transfer of an asset other than inventory be recognized when the transfer occurs. As required, we applied this update on a modified retrospective basis resulting in a $1.0 million direct cumulative-effect adjustment to retained earnings as of January 1, 2018. Statement of Cash Flows. 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. We adopted this new guidance in the first quarter of 2018. 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. We will continue to use the cumulative earnings approach. Therefore, the adoption of this guidance did not have a material impact on our unaudited condensed consolidated financial statements. Restricted Cash Presentation. 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. We applied the update prospectively beginning January 1, 2018. The adoption of this new guidance did not have a material impact on our unaudited condensed consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Stranded Tax Effects from the Tax Cuts and Jobs Act. In February 2018, the FASB issued ASU No. 2018-02 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. U.S. GAAP requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date, even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income (referred to as “stranded tax effects”). The amendments in this ASU allow a specific exception for reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. In addition, the amendments in this Update also require certain disclosures about stranded tax effects. The standard will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. We are currently evaluating the impact of the adoption of this guidance. Leases. 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. We are continuing to evaluate the impact of this new guidance and have put in place an implementation team to review lease contracts, evaluate existing lease related processes and provide training related to the new standard. We will continue to monitor for any additional implementation or other guidance that may be issued in 2018 with respect to the new lease standard and adjust implementation plans accordingly.

Revenues Revenues (Tables)

Revenues Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Impacts of Adopting Topic 606	The following table summarizes the impacts of adopting Topic 606 on our consolidated financial statements as of January 1, 2018: As Reported Adjustments due to As Adjusted (in thousands, unaudited) Dec. 31, 2017 ASC 606 Jan. 1, 2018 Accounts receivable—trade, net $ 202,914 $ (3,235 ) $ 199,679 Accrued revenue — 3,235 3,235 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated statement of comprehensive income and balance sheet is shown in the table below. The immaterial impact to revenue and cost of sales relates to a change in the timing of revenue recognition for certain short-term contracts in our subsea product line. Three Months Ended March 31, 2018 (in thousands, unaudited) As Reported Amount Without Adoption of ASC 606 Effect of Change Income Statement Revenue $ 250,231 $ 249,868 $ 363 Cost of sales 182,944 182,529 415 Gross profit $ 67,287 $ 67,339 $ (52 ) Balance Sheet Accounts receivable—trade, net $ 194,949 $ 197,809 $ (2,860 ) Accrued revenue 2,860 — 2,860 Inventories, net 468,896 469,311 (415 ) Costs and estimated profits in excess of billings 12,056 11,693 363 Retained earnings 465,834 465,886 (52 )
Schedule of Changes in Contract Assets and Contract Liabilities	The following table reflects the changes in our contract assets and contract liabilities balances for the three months ended March 31, 2018 : March 31, 2018 January 1, 2018 Increase / (Decrease) $ % Accrued revenue $ 2,860 $ 3,235 Costs and estimated profits in excess of billings 12,056 9,584 Contract assets $ 14,916 $ 12,819 $ 2,097 16 % Deferred revenue $ 8,614 $ 8,819 Billings in excess of costs and profits recognized 816 1,881 Contract liabilities $ 9,430 $ 10,700 $ (1,270 ) (12 )%

Acquisitions & Dispositions (Ta

Acquisitions & Dispositions (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table summarizes the consideration transferred to acquire the remaining ownership interests of Global Tubing (in thousands other than stock price and shares issued): Purchase Consideration Forum Energy Technologies' closing stock price on October 2, 2017 $ 15.10 Multiplied by number of shares issued for acquisition 11,488,208 Value of common shares $ 173,472 Cash 31,764 Repayment of Global Tubing debt at acquisition 85,084 Total consideration paid for the acquisition $ 290,320 The following table summarizes the current fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): Current assets, net of cash acquired $ 3,763 Property and equipment 96 Intangible assets (primarily customer relationships) 17,090 Tax-Deductible Goodwill 16,472 Non-tax Deductible Goodwill 3,099 Current liabilities (1,329 ) Net assets acquired $ 39,191 The following table summarizes the current fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): Accounts receivable $ 28,044 Inventory 40,005 Other current assets 3,141 Property and equipment 51,585 Intangible assets (primarily developed technologies and customer relationships) 228,190 Tax-deductible goodwill 69,423 Non-tax deductible goodwill 64,491 Current liabilities (16,005 ) Long term liabilities (54 ) Total net assets 468,820 Fair value of equity method investment previously held (178,500 ) Net assets acquired $ 290,320

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Schedule of Inventory	The Company’s significant components of inventory at March 31, 2018 and December 31, 2017 were as follows (in thousands): March 31, December 31, Raw materials and parts $ 176,424 $ 160,093 Work in process 53,308 51,941 Finished goods 310,581 305,461 Gross inventories 540,313 517,495 Inventory reserve (71,417 ) (74,318 ) Inventories $ 468,896 $ 443,177

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill from December 31, 2017 to March 31, 2018 , were as follows (in thousands): Drilling & Subsea Completions Production & Infrastructure Total Goodwill Balance at December 31, 2017 $ 251,454 $ 484,345 $ 19,446 $ 755,245 Impact of non-U.S. local currency translation 2,668 (30 ) (82 ) 2,556 Goodwill Balance at March 31, 2018 $ 254,122 $ 484,315 $ 19,364 $ 757,801
Summary of Intangible Assets	Intangible assets consisted of the following as of March 31, 2018 and December 31, 2017 , respectively (in thousands): March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Amortizable Intangibles Amortization Period (In Years) Customer relationships $ 413,942 $ (135,125 ) $ 278,817 4-15 Patents and technology 112,695 (19,160 ) 93,535 5-17 Non-compete agreements 6,183 (5,726 ) 457 3-6 Trade names 61,808 (23,528 ) 38,280 10-15 Distributor relationships 22,160 (16,654 ) 5,506 8-15 Trademarks 10,319 (170 ) 10,149 15 - Indefinite Intangible Assets Total $ 627,107 $ (200,363 ) $ 426,744 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Amortizable Intangibles Amortization Period (In Years) Customer relationships $ 428,544 $ (138,566 ) $ 289,978 4-15 Patents and technology 110,910 (16,733 ) 94,177 5-17 Non-compete agreements 6,625 (6,041 ) 584 3-6 Trade names 64,359 (22,090 ) 42,269 10-15 Distributor relationships 22,160 (16,338 ) 5,822 8-15 Trademarks 10,319 (85 ) 10,234 15 - Indefinite Intangible Assets Total $ 642,917 $ (199,853 ) $ 443,064

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable and lines of credit as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands): March 31, December 31, 6.25% Senior Notes due October 2021 $ 400,000 $ 400,000 Unamortized debt premium 1,481 1,583 Debt issuance cost (3,947 ) (4,222 ) Senior secured revolving credit facility 58,803 108,446 Other debt 1,373 2,099 Total debt 457,710 507,906 Less: current maturities (1,133 ) (1,156 ) Long-term debt $ 456,577 $ 506,750

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summary financial data by segment follows (in thousands): Three months ended March 31, 2018 2017 Revenue: Drilling & Subsea $ 52,348 $ 61,876 Completions 112,508 42,390 Production & Infrastructure 86,421 67,579 Eliminations (1,046 ) (749 ) Total revenue $ 250,231 $ 171,096 Operating loss Drilling & Subsea $ (10,206 ) $ (8,341 ) Completions 8,857 (3,516 ) Production & Infrastructure 4,162 (569 ) Corporate (8,580 ) (7,807 ) Segment operating loss (5,767 ) (20,233 ) Transaction expenses 1,336 628 Gain on disposal of assets and other (397 ) (246 ) Operating loss $ (6,706 ) $ (20,615 ) A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, December 31, Drilling & Subsea $ 651,571 $ 645,254 Completions 1,225,071 1,202,379 Production & Infrastructure 245,047 251,685 Corporate 60,816 95,910 Total assets $ 2,182,505 $ 2,195,228
Schedule of Disaggregation of Revenue	The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended March 31, 2018 2017 Drilling Technologies $ 42,768 $ 45,143 Subsea Technologies 9,580 16,733 Downhole Technologies 24,527 16,614 Stimulation and Intervention 50,987 25,776 Coiled Tubing 36,994 — Production Equipment 31,456 24,721 Valve Solutions 54,965 42,858 Eliminations (1,046 ) (749 ) Total revenue $ 250,231 $ 171,096
Schedule of Revenue by Geography	The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended March 31, 2018 2017 United States $ 190,064 $ 127,325 Canada 19,194 13,470 Europe & Africa 13,890 16,727 Middle East 10,570 4,359 Asia-Pacific 8,850 5,382 Latin America 7,663 3,833 Total Revenue $ 250,231 $ 171,096

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended March 31, 2018 2017 Net income (loss) $ 28,066 $ (15,768 ) Basic - weighted average shares outstanding 108,423 95,860 Dilutive effect of stock options and restricted stock 2,434 — Diluted - weighted average shares outstanding 110,857 95,860 Earnings (loss) per share Basic $ 0.26 $ (0.16 ) Diluted $ 0.25 $ (0.16 )

Condensed Consolidating Finan30

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 218,949 $ 43,753 $ (12,471 ) $ 250,231 Cost of sales — 159,305 35,898 (12,259 ) 182,944 Gross profit — 59,644 7,855 (212 ) 67,287 Operating expenses Selling, general and administrative expenses — 60,073 12,018 — 72,091 Transaction expenses — 1,329 7 — 1,336 Loss (gain) on disposal of assets and other — (631 ) 234 — (397 ) Total operating expenses — 60,771 12,259 — 73,030 Loss from equity investment — (10 ) (953 ) — (963 ) Equity earnings from affiliate, net of tax 34,321 28,307 — (62,628 ) — Operating income (loss) 34,321 27,170 (5,357 ) (62,840 ) (6,706 ) Other expense (income) Interest expense (income) 7,918 343 (174 ) — 8,087 Foreign exchange losses and other, net — — 3,551 — 3,551 (Gain) loss on contribution of subsea rentals business — 5,856 (39,362 ) — (33,506 ) Total other expense (income) 7,918 6,199 (35,985 ) — (21,868 ) Income before income taxes 26,403 20,971 30,628 (62,840 ) 15,162 Income tax expense (benefit) (1,663 ) (13,350 ) 2,109 — (12,904 ) Net income 28,066 34,321 28,519 (62,840 ) 28,066 Other comprehensive income, net of tax: Net income 28,066 34,321 28,519 (62,840 ) 28,066 Change in foreign currency translation, net of tax of $0 6,287 6,287 6,287 (12,574 ) 6,287 Change in pension liability 16 16 16 (32 ) 16 Comprehensive income $ 34,369 $ 40,624 $ 34,822 $ (75,446 ) $ 34,369 Condensed consolidating statements of comprehensive income (loss) Three months ended March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net sales $ — $ 142,736 $ 46,402 $ (18,042 ) $ 171,096 Cost of sales — 110,240 39,395 (17,518 ) 132,117 Gross profit — 32,496 7,007 (524 ) 38,979 Operating expenses Selling, general and administrative expenses — 48,063 12,611 — 60,674 Transaction Expense — 517 111 — 628 Loss (gain) on disposal of assets and other — (270 ) 24 — (246 ) Total operating expenses — 48,310 12,746 — 61,056 Earnings from equity investment — 1,462 — — 1,462 Equity earnings from affiliates, net of tax (11,435 ) (5,126 ) — 16,561 — Operating loss (11,435 ) (19,478 ) (5,739 ) 16,037 (20,615 ) Other expense (income) Interest expense (income) 6,666 (27 ) (59 ) — 6,580 Foreign exchange losses (gains) and other, net — (137 ) 1,683 — 1,546 Total other expense (income) 6,666 (164 ) 1,624 — 8,126 Loss before income taxes (18,101 ) (19,314 ) (7,363 ) 16,037 (28,741 ) Income tax benefit (2,333 ) (7,879 ) (2,761 ) — (12,973 ) Net loss (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Other comprehensive income (loss), net of tax: Net loss (15,768 ) (11,435 ) (4,602 ) 16,037 (15,768 ) Change in foreign currency translation, net of tax of $0 7,222 7,222 7,222 (14,444 ) 7,222 Change in pension liability (15 ) (15 ) (15 ) 30 (15 ) Comprehensive income (loss) $ (8,561 ) $ (4,228 ) $ 2,605 $ 1,623 $ (8,561 )
Condensed consolidating balance sheets	Condensed consolidating balance sheets March 31, 2018 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ 484 $ 27,946 $ 13,910 $ — $ 42,340 Accounts receivable—trade, net — 165,928 29,021 — 194,949 Inventories, net — 403,196 74,716 (9,016 ) 468,896 Prepaid expenses and other current assets — 22,822 10,041 — 32,863 Accrued revenue — — 2,860 — 2,860 Cost and estimated profits in excess of billings — 11,981 75 — 12,056 Total current assets 484 631,873 130,623 (9,016 ) 753,964 Property and equipment, net of accumulated depreciation — 162,012 22,514 — 184,526 Deferred financing costs, net 2,692 — — — 2,692 Intangible assets — 374,864 51,880 — 426,744 Goodwill — 599,820 157,981 — 757,801 Investment in unconsolidated subsidiary — 1,923 41,163 — 43,086 Deferred income taxes, net — 671 3,344 — 4,015 Other long-term assets — 4,407 5,270 — 9,677 Investment in affiliates 1,290,210 429,493 — (1,719,703 ) — Long-term advances to affiliates 622,735 — 89,304 (712,039 ) — Total assets $ 1,916,121 $ 2,205,063 $ 502,079 $ (2,440,758 ) $ 2,182,505 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 1,052 $ 81 $ — $ 1,133 Accounts payable—trade — 124,861 19,036 — 143,897 Accrued liabilities 12,927 37,326 12,503 — 62,756 Deferred revenue — 4,175 4,439 — 8,614 Billings in excess of costs and profits recognized — 370 446 — 816 Total current liabilities 12,927 167,784 36,505 — 217,216 Long-term debt, net of current portion 456,338 212 27 — 456,577 Deferred income taxes, net — 20,266 8,902 — 29,168 Other long-term liabilities — 14,552 18,136 — 32,688 Long-term payables to affiliates — 712,039 — (712,039 ) — Total liabilities 469,265 914,853 63,570 (712,039 ) 735,649 Total equity 1,446,856 1,290,210 438,509 (1,728,719 ) 1,446,856 Total liabilities and equity $ 1,916,121 $ 2,205,063 $ 502,079 $ (2,440,758 ) $ 2,182,505 Condensed consolidating balance sheets December 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 73,981 $ 41,235 $ — $ 115,216 Accounts receivable—trade, net — 168,162 34,752 — 202,914 Inventories — 374,527 77,454 (8,804 ) 443,177 Other current assets — 12,679 6,811 — 19,490 Cost and profits in excess of billings — 9,584 — — 9,584 Total current assets — 638,933 160,252 (8,804 ) 790,381 Property and equipment, net of accumulated depreciation — 167,407 29,874 — 197,281 Deferred financing costs, net 2,900 — — — 2,900 Intangible assets — 390,752 52,312 — 443,064 Goodwill — 599,677 155,568 — 755,245 Investment in unconsolidated subsidiary — — — — — Deferred income taxes, net — — 3,344 — 3,344 Other long-term assets — 2,086 927 — 3,013 Investment in affiliates 1,250,593 418,799 — (1,669,392 ) — Long-term advances to affiliates 667,968 — 90,524 (758,492 ) — Total assets $ 1,921,461 $ 2,217,654 $ 492,801 $ (2,436,688 ) $ 2,195,228 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 1,048 $ 108 $ — $ 1,156 Accounts payable—trade — 117,158 20,526 — 137,684 Accrued liabilities 6,638 46,962 13,165 — 66,765 Deferred revenue — 4,455 4,364 — 8,819 Billings in excess of costs and profits recognized — 1,394 487 — 1,881 Total current liabilities 6,638 171,017 38,650 — 216,305 Long-term debt, net of current portion 505,807 908 35 — 506,750 Deferred income taxes, net — 22,737 8,495 — 31,232 Other long-term liabilities — 13,907 18,018 — 31,925 Long-term payables to affiliates — 758,492 — (758,492 ) — Total liabilities 512,445 967,061 65,198 (758,492 ) 786,212 Total equity 1,409,016 1,250,593 427,603 (1,678,196 ) 1,409,016 Total liabilities and equity $ 1,921,461 $ 2,217,654 $ 492,801 $ (2,436,688 ) $ 2,195,228
Condensed consolidating statements of cash flows	Condensed consolidating statements of cash flows Three months ended March 31, 2018 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities $ 7,196 $ 3,050 $ (5,618 ) $ (23,950 ) $ (19,322 ) Cash flows from investing activities Capital expenditures for property and equipment — (3,944 ) (1,136 ) — (5,080 ) Long-term loans and advances to affiliates 45,234 — — (45,234 ) — Proceeds from sale of business, property and equipment — 785 4,289 — 5,074 Net cash provided by (used in) investing activities $ 45,234 $ (3,159 ) $ 3,153 $ (45,234 ) $ (6 ) Cash flows from financing activities Repayments of debt (50,000 ) (692 ) (37 ) — (50,729 ) Long-term loans and advances to affiliates — (45,234 ) — 45,234 — Dividend paid to affiliates — — (23,950 ) 23,950 — Repurchases of stock (1,946 ) — — — (1,946 ) Net cash used in financing activities $ (51,946 ) $ (45,926 ) $ (23,987 ) $ 69,184 $ (52,675 ) Effect of exchange rate changes on cash — — (873 ) — (873 ) Net increase (decrease) in cash and cash equivalents 484 (46,035 ) (27,325 ) — (72,876 ) Cash and cash equivalents Beginning of period — 73,981 41,235 — 115,216 End of period $ 484 $ 27,946 $ 13,910 $ — $ 42,340 Condensed consolidating statements of cash flows Three months ended March 31, 2017 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities $ 374 $ (13,349 ) $ (2,031 ) $ — $ (15,006 ) Cash flows from investing activities Acquisition of businesses, net of cash acquired — (8,738 ) — — (8,738 ) Capital expenditures for property and equipment — (3,285 ) (183 ) — (3,468 ) Investment in unconsolidated subsidiary — (1,041 ) — — (1,041 ) Long-term loans and advances to affiliates 2,310 7,319 — (9,629 ) — Proceeds from sale of business, property and equipment — 40 — — 40 Net cash provided by (used in) investing activities $ 2,310 $ (5,705 ) $ (183 ) $ (9,629 ) $ (13,207 ) Cash flows from financing activities Repayments of debt — (868 ) (23 ) — (891 ) Long-term loans and advances to affiliates — (2,310 ) (7,319 ) 9,629 — Repurchases of stock (4,403 ) — — — (4,403 ) Proceeds from stock issuance 1,757 — — — 1,757 Net cash used in financing activities $ (2,646 ) $ (3,178 ) $ (7,342 ) $ 9,629 $ (3,537 ) Effect of exchange rate changes on cash — — 2,242 — 2,242 Net increase (decrease) in cash and cash equivalents 38 (22,232 ) (7,314 ) — (29,508 ) Cash and cash equivalents Beginning of period 65 143,275 91,082 — 234,422 End of period $ 103 $ 121,043 $ 83,768 $ — $ 204,914

Recent Accounting Pronounceme31

Recent Accounting Pronouncements (Details) $ in Millions	Jan. 01, 2018USD ($)
Retained Earnings | Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to retained earnings	$ 1

Revenues - Schedule of Impacts

Revenues - Schedule of Impacts of Adopting Topic 606 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Balance Sheet
Accounts receivable—trade, net	$ 194,949		$ 199,679	$ 202,914
Accrued revenue	2,860		3,235	0
Inventories, net	468,896			443,177
Costs and estimated profits in excess of billings	12,056			9,584
Retained earnings	465,834			438,774
Income Statement
Revenue	250,231	$ 171,096
Cost of sales	182,944	132,117
Gross profit	67,287	$ 38,979
Calculated under Revenue Guidance in Effect before Topic 606
Balance Sheet
Accounts receivable—trade, net	197,809			202,914
Accrued revenue	0			$ 0
Inventories, net	469,311
Costs and estimated profits in excess of billings	11,693
Retained earnings	465,886
Income Statement
Revenue	249,868
Cost of sales	182,529
Gross profit	67,339
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Balance Sheet
Accounts receivable—trade, net	(2,860)		(3,235)
Accrued revenue	2,860		$ 3,235
Inventories, net	(415)
Costs and estimated profits in excess of billings	363
Retained earnings	(52)
Income Statement
Revenue	363
Cost of sales	415
Gross profit	$ (52)

Revenues - Narrative (Details)

Revenues - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Revenue from Contract with Customer [Abstract]
Percent of revenue from goods and services transferred at point in time	97.00%
Percent of revenue from goods and services transferred over time	3.00%
Increase (decrease) in contract with customer assets	$ 2,097
Increase (decrease) in contract with customer liabilities	1,270
Revenue recognized	$ 8,300

Revenues - Schedule of Changes

Revenues - Schedule of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018
Contract with Customer, Asset, Net [Abstract]
Accrued revenue	$ 2,860	$ 3,235
Costs and estimated profits in excess of billings	12,056	9,584
Contract assets	14,916	12,819
Increase (decrease) in contract with customer assets	$ 2,097
Increase (decrease) in contract with customer asset, percentage	16.00%
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 8,614	8,819
Billings in excess of costs and profits recognized	816	1,881
Contract liabilities	9,430	$ 10,700
Increase (decrease) in contract with customer liabilities	$ (1,270)
Increase (decrease) in contract with customer liability, percentage	(12.00%)

Acquisitions & Dispositions - N

Acquisitions & Dispositions - Narrative (Details) $ in Thousands, £ in Millions	Oct. 02, 2017USD ($)	Jul. 03, 2017USD ($)	Jan. 09, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Jan. 03, 2018USD ($)	Jan. 03, 2018GBP (£)
Business Acquisition [Line Items]
Gain on contribution of subsea rentals business				$ (33,506)	$ 0
Revenue				250,231	$ 171,096
Global Tubing, LLC
Business Acquisition [Line Items]
Net assets acquired	$ 290,320
Revenue				$ 37,000
Value of common shares	$ 173,472
Innovative Valve Components and Cooper Valves, LLC
Business Acquisition [Line Items]
Net assets acquired			$ 14,000
Business acquisition percentage of ownership			100.00%
Value of common shares			$ 4,500
Multilift
Business Acquisition [Line Items]
Net assets acquired		$ 39,200
Subsea Rentals
Business Acquisition [Line Items]
Cash consideration received in sale of business | £							£ 2.7
Note receivable received as consideration in sale of business | £							£ 3
Subsea rental assets carry value						$ 18,100
Ashtead Technology | Subsea Rentals
Business Acquisition [Line Items]
Equity interest received in sale of business						40.00%	40.00%
Equity ownership interest fair value						$ 43,800

Acquisitions & Dispositions - S

Acquisitions & Dispositions - Stock Consideration In Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 02, 2017	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Repayment of Global Tubing debt at acquisition		$ 1,336	$ 628
Global Tubing, LLC
Business Acquisition [Line Items]
Forum Energy Technologies' closing stock price on October 2, 2017 (in USD per share)	$ 15.10
Multiplied by number of shares issued for acquisition (in shares)	11,488,208
Value of common shares	$ 173,472
Cash	31,764
Repayment of Global Tubing debt at acquisition	85,084
Total consideration paid for the acquisition	$ 290,320

Acquisitions & Dispositions -37

Acquisitions & Dispositions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 02, 2017	Jul. 03, 2017	Mar. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Non-tax deductible goodwill			$ 757,801	$ 755,245
Long term liabilities	$ (54)
Global Tubing, LLC
Business Acquisition [Line Items]
Accounts receivable	28,044
Inventory	40,005
Other current assets	3,141
Property and equipment	51,585
Intangible assets (primarily developed technologies and customer relationships)	228,190
Tax-deductible goodwill	69,423
Non-tax deductible goodwill	64,491
Current liabilities	(16,005)
Total net assets	468,820
Fair value of equity method investment previously held	(178,500)
Net assets acquired	$ 290,320
Multilift
Business Acquisition [Line Items]
Other current assets		$ 3,763
Property and equipment		96
Intangible assets (primarily developed technologies and customer relationships)		17,090
Tax-deductible goodwill		16,472
Non-tax deductible goodwill		3,099
Current liabilities		(1,329)
Net assets acquired		39,191
Net assets acquired		$ 39,200

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials and parts	$ 176,424	$ 160,093
Work in process	53,308	51,941
Finished goods	310,581	305,461
Gross inventories	540,313	517,495
Inventory reserve	(71,417)	(74,318)
Inventories	$ 468,896	$ 443,177

Goodwill and Intangible Asset39

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Goodwill [Roll Forward]
Goodwill beginning balance	$ 755,245,000
Impact of non-U.S. local currency translation	2,556,000
Goodwill ending balance	757,801,000
Goodwill impairment loss	0	$ 0
Accumulated impairment loss on goodwill	236,800,000		$ 236,800,000
Drilling & Subsea
Goodwill [Roll Forward]
Goodwill beginning balance	251,454,000
Impact of non-U.S. local currency translation	2,668,000
Goodwill ending balance	254,122,000
Completions
Goodwill [Roll Forward]
Goodwill beginning balance	484,345,000
Impact of non-U.S. local currency translation	(30,000)
Goodwill ending balance	484,315,000
Production & Infrastructure
Goodwill [Roll Forward]
Goodwill beginning balance	19,446,000
Impact of non-U.S. local currency translation	(82,000)
Goodwill ending balance	$ 19,364,000

Goodwill and Intangible Asset40

Goodwill and Intangible Assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2016	Dec. 31, 2017
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (200,363)		$ (199,853)
Gross Carrying Amount	627,107		642,917
Net Amortizable Intangibles	426,744		443,064
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	413,942		428,544
Accumulated Amortization	(135,125)		(138,566)
Net Amortizable Intangibles	278,817		289,978
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	112,695		110,910
Accumulated Amortization	(19,160)		(16,733)
Net Amortizable Intangibles	93,535		94,177
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,183		6,625
Accumulated Amortization	(5,726)		(6,041)
Net Amortizable Intangibles	457		584
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	61,808		64,359
Accumulated Amortization	(23,528)		(22,090)
Net Amortizable Intangibles	38,280		42,269
Distributor relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	22,160		22,160
Accumulated Amortization	(16,654)		(16,338)
Net Amortizable Intangibles	5,506		5,822
Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,319		10,319
Accumulated Amortization	(170)		(85)
Net Amortizable Intangibles	$ 10,149		$ 10,234
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
Minimum | Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	15 years	15 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 De

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 457,710	$ 507,906
Unamortized debt premium	1,481	1,583
Debt issuance cost	(3,947)	(4,222)
Less: current maturities	(1,133)	(1,156)
Long-term debt	456,577	506,750
6.25% Senior Notes due October 2021
Debt Instrument [Line Items]
Total debt	400,000	400,000
Senior secured revolving credit facility
Debt Instrument [Line Items]
Total debt		108,446
Other debt
Debt Instrument [Line Items]
Total debt	1,373	2,099
2017 Credit Facility | Senior secured revolving credit facility
Debt Instrument [Line Items]
Total debt	$ 58,803	$ 108,400

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Oct. 30, 2017USD ($)
Debt Instrument [Line Items]
Debt instrument, carrying value	$ 457,710,000	$ 507,906,000
Outstanding letters of credit	$ 6,500,000	7,900,000
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]
Line of credit facility, maximum borrowing capacity	20,000,000
Debt instrument, carrying value		108,446,000
Line of credit facility, remaining borrowing capacity	$ 234,900,000
Percentage of borrowing base (as a percentage)	10.00%
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 140,000,000
Line of credit facility, maximum borrowing capacity			300,000,000
Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			30,000,000
Credit Facility | Letter of Credit | Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			3,000,000
Credit Facility | Foreign Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			25,000,000
2017 Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate	3.85%
Unused capacity commitment fee percentage	0.375%
2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit accordion feature increase limit			$ 100,000,000
2017 Credit Facility | Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 299,400,000
Debt instrument, carrying value	58,803,000	$ 108,400,000
2017 Credit Facility | Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit outstanding	$ 5,700,000
Federal Funds Effective Swap Rate | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	0.50%
London Interbank Offered Rate (LIBOR) | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.00%
CDOR Rate | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.00%
Debt Instrument, Redemption, Period One | Credit Facility
Debt Instrument [Line Items]
Minimum leverage ratio	0.0175
Maximum leverage ratio	0.0225
Debt Instrument, Redemption, Period Two | Credit Facility
Debt Instrument [Line Items]
Maximum leverage ratio	4
Debt Instrument, Redemption, Period Three | Credit Facility
Debt Instrument [Line Items]
Minimum leverage ratio	0.02
Maximum leverage ratio	0.015
Percentage of borrowing base (as a percentage)	50.00%
Debt Instrument, Redemption, Period Four | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.50%
Debt Instrument, Redemption, Period Five | Credit Facility
Debt Instrument [Line Items]
Maximum leverage ratio	4
Minimum | Credit Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio	1
Minimum | Debt Instrument, Redemption, Period Five | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%
Maximum | Debt Instrument, Redemption, Period Five | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.375%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	(85.10%)	45.10%
Provisional income tax benefit as result of the Tax Cuts and Jobs Act	$ 16.2
Income tax benefit as result of the Tax Cuts and Jobs Act	$ 6.1

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	$ 457,710	$ 507,906
Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value		108,446
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	400,000
6.25% Senior Notes due October 2021 | Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	401,500	401,600
Debt instrument, fair value disclosure	396,000	402,000
2017 Credit Facility | Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	$ 58,803	$ 108,400

Business Segments - Income Stat

Business Segments - Income Statement by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	3
Segment Reporting Information [Line Items]
Net revenues	$ 250,231	$ 171,096
Operating income	(6,706)	(20,615)
Transaction expenses	1,336	628
Gain on disposal of assets and other	(397)	(246)
Operating Segments
Segment Reporting Information [Line Items]
Operating income	(5,767)	(20,233)
Operating Segments | Drilling & Subsea
Segment Reporting Information [Line Items]
Net revenues	52,348	61,876
Operating income	(10,206)	(8,341)
Operating Segments | Completions
Segment Reporting Information [Line Items]
Net revenues	112,508	42,390
Operating income	8,857	(3,516)
Operating Segments | Production & Infrastructure
Segment Reporting Information [Line Items]
Net revenues	86,421	67,579
Operating income	4,162	(569)
Eliminations
Segment Reporting Information [Line Items]
Net revenues	(1,046)	(749)
Corporate
Segment Reporting Information [Line Items]
Operating income	$ (8,580)	$ (7,807)

Business Segments - Assets by S

Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Assets	$ 2,182,505	$ 2,195,228
Operating Segments | Drilling & Subsea
Segment Reporting Information [Line Items]
Assets	651,571	645,254
Operating Segments | Completions
Segment Reporting Information [Line Items]
Assets	1,225,071	1,202,379
Operating Segments | Production & Infrastructure
Segment Reporting Information [Line Items]
Assets	245,047	251,685
Corporate
Segment Reporting Information [Line Items]
Assets	$ 60,816	$ 95,910

Business Segments - Schedule of

Business Segments - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 250,231	$ 171,096
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	(1,046)	(749)
Drilling Technologies | Drilling & Subsea | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	42,768	45,143
Subsea Technologies | Drilling & Subsea | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	9,580	16,733
Downhole Technologies | Completions | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	24,527	16,614
Stimulation and Intervention | Completions | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	50,987	25,776
Coiled Tubing | Completions | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	36,994	0
Production Equipment | Production & Infrastructure | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	31,456	24,721
Valve Solutions | Production & Infrastructure | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 54,965	$ 42,858

Business Segments - Schedule 48

Business Segments - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 250,231	$ 171,096
United States
Segment Reporting Information [Line Items]
Revenue from contract with customer	190,064	127,325
Europe & Africa
Segment Reporting Information [Line Items]
Revenue from contract with customer	13,890	16,727
Asia-Pacific
Segment Reporting Information [Line Items]
Revenue from contract with customer	8,850	5,382
Middle East
Segment Reporting Information [Line Items]
Revenue from contract with customer	10,570	4,359
Canada
Segment Reporting Information [Line Items]
Revenue from contract with customer	19,194	13,470
Latin America
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 7,663	$ 3,833

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income (loss)	$ 28,066	$ (15,768)
Average shares outstanding (basic) (in shares)	108,423	95,860
Common stock equivalents (in shares)	2,434	0
Diluted shares (in shares)	110,857	95,860
Earnings (loss) per share
Basic loss per share (in USD per share)	$ 0.26	$ (0.16)
Diluted loss per share (in USD per share)	$ 0.25	$ (0.16)
Diluted earnings per share excluded (in shares)	3,300

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted (in shares)	504,930
Granted stock options, exercise price (in USD per share) | $ / shares	$ 12
Award vesting period	4 years
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	1,039,794
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	112,500
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	1,152,294
Restricted Stock and Restricted Stock Units | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Restricted Stock and Restricted Stock Units | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	12 months
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	160,010
Performance Shares | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period	1 year
Performance Shares | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period	2 years
Performance Shares | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement period	3 years
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share conversion ratio	0
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share conversion ratio	2

Condensed Consolidating Finan51

Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Income and Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	$ 250,231,000	$ 171,096,000
Cost of sales	182,944,000	132,117,000
Gross profit	67,287,000	38,979,000
Operating expenses
Selling, general and administrative expenses	72,091,000	60,674,000
Transaction expenses	1,336,000	628,000
Loss on sale of assets and other	(397,000)	(246,000)
Total operating expenses	73,030,000	61,056,000
Loss from equity investment	(963,000)	1,462,000
Equity earnings from affiliate, net of tax	0	0
Operating income (loss)	(6,706,000)	(20,615,000)
Other expense (income)
Interest expense	8,087,000	6,580,000
Foreign exchange (gains) losses and other, net	3,551,000	1,546,000
(Gain) loss on contribution of subsea rentals business	(33,506,000)	0
Total other (income) expense, net	(21,868,000)	8,126,000
Income (loss) before income taxes	15,162,000	(28,741,000)
Income tax expense (benefit)	(12,904,000)	(12,973,000)
Net income (loss)	28,066,000	(15,768,000)
Other comprehensive income (loss), net of tax:
Net income (loss)	28,066,000	(15,768,000)
Change in foreign currency translation, net of tax of $0	6,287,000	7,222,000
Gain (loss) on pension liability	16,000	(15,000)
Comprehensive income (loss)	34,369,000	(8,561,000)
Change in foreign currency translation, tax	0	0
Reportable Legal Entities | FET Inc. (Parent)
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	0	0
Cost of sales	0	0
Gross profit	0	0
Operating expenses
Selling, general and administrative expenses	0	0
Transaction expenses	0	0
Loss on sale of assets and other	0	0
Total operating expenses	0	0
Loss from equity investment	0	0
Equity earnings from affiliate, net of tax	34,321,000	(11,435,000)
Operating income (loss)	34,321,000	(11,435,000)
Other expense (income)
Interest expense	7,918,000	6,666,000
Foreign exchange (gains) losses and other, net	0	0
(Gain) loss on contribution of subsea rentals business	0
Total other (income) expense, net	7,918,000	6,666,000
Income (loss) before income taxes	26,403,000	(18,101,000)
Income tax expense (benefit)	(1,663,000)	(2,333,000)
Net income (loss)	28,066,000	(15,768,000)
Other comprehensive income (loss), net of tax:
Net income (loss)	28,066,000	(15,768,000)
Change in foreign currency translation, net of tax of $0	6,287,000	7,222,000
Gain (loss) on pension liability	16,000	(15,000)
Comprehensive income (loss)	34,369,000	(8,561,000)
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	218,949,000	142,736,000
Cost of sales	159,305,000	110,240,000
Gross profit	59,644,000	32,496,000
Operating expenses
Selling, general and administrative expenses	60,073,000	48,063,000
Transaction expenses	1,329,000	517,000
Loss on sale of assets and other	(631,000)	(270,000)
Total operating expenses	60,771,000	48,310,000
Loss from equity investment	(10,000)	1,462,000
Equity earnings from affiliate, net of tax	28,307,000	(5,126,000)
Operating income (loss)	27,170,000	(19,478,000)
Other expense (income)
Interest expense	343,000	(27,000)
Foreign exchange (gains) losses and other, net	0	(137,000)
(Gain) loss on contribution of subsea rentals business	5,856,000
Total other (income) expense, net	6,199,000	(164,000)
Income (loss) before income taxes	20,971,000	(19,314,000)
Income tax expense (benefit)	(13,350,000)	(7,879,000)
Net income (loss)	34,321,000	(11,435,000)
Other comprehensive income (loss), net of tax:
Net income (loss)	34,321,000	(11,435,000)
Change in foreign currency translation, net of tax of $0	6,287,000	7,222,000
Gain (loss) on pension liability	16,000	(15,000)
Comprehensive income (loss)	40,624,000	(4,228,000)
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	43,753,000	46,402,000
Cost of sales	35,898,000	39,395,000
Gross profit	7,855,000	7,007,000
Operating expenses
Selling, general and administrative expenses	12,018,000	12,611,000
Transaction expenses	7,000	111,000
Loss on sale of assets and other	234,000	24,000
Total operating expenses	12,259,000	12,746,000
Loss from equity investment	(953,000)	0
Equity earnings from affiliate, net of tax	0	0
Operating income (loss)	(5,357,000)	(5,739,000)
Other expense (income)
Interest expense	(174,000)	(59,000)
Foreign exchange (gains) losses and other, net	3,551,000	1,683,000
(Gain) loss on contribution of subsea rentals business	(39,362,000)
Total other (income) expense, net	(35,985,000)	1,624,000
Income (loss) before income taxes	30,628,000	(7,363,000)
Income tax expense (benefit)	2,109,000	(2,761,000)
Net income (loss)	28,519,000	(4,602,000)
Other comprehensive income (loss), net of tax:
Net income (loss)	28,519,000	(4,602,000)
Change in foreign currency translation, net of tax of $0	6,287,000	7,222,000
Gain (loss) on pension liability	16,000	(15,000)
Comprehensive income (loss)	34,822,000	2,605,000
Eliminations
Condensed Statements of Income and Comprehensive Income [Line Items]
Revenue	(12,471,000)	(18,042,000)
Cost of sales	(12,259,000)	(17,518,000)
Gross profit	(212,000)	(524,000)
Operating expenses
Selling, general and administrative expenses	0	0
Transaction expenses	0	0
Loss on sale of assets and other	0	0
Total operating expenses	0	0
Loss from equity investment	0	0
Equity earnings from affiliate, net of tax	(62,628,000)	16,561,000
Operating income (loss)	(62,840,000)	16,037,000
Other expense (income)
Interest expense	0	0
Foreign exchange (gains) losses and other, net	0	0
(Gain) loss on contribution of subsea rentals business	0
Total other (income) expense, net	0	0
Income (loss) before income taxes	(62,840,000)	16,037,000
Income tax expense (benefit)	0	0
Net income (loss)	(62,840,000)	16,037,000
Other comprehensive income (loss), net of tax:
Net income (loss)	(62,840,000)	16,037,000
Change in foreign currency translation, net of tax of $0	(12,574,000)	(14,444,000)
Gain (loss) on pension liability	(32,000)	30,000
Comprehensive income (loss)	$ (75,446,000)	$ 1,623,000

Condensed Consolidating Finan52

Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 42,340		$ 115,216	$ 204,914	$ 234,422
Accounts receivable—trade, net	194,949	$ 199,679	202,914
Inventories, net	468,896		443,177
Other current assets			19,490
Prepaid expenses and other current assets	32,863		19,490
Accrued revenue	2,860	$ 3,235	0
Costs and estimated profits in excess of billings	12,056		9,584
Total current assets	753,964		790,381
Property and equipment, net of accumulated depreciation	184,526		197,281
Deferred financing costs, net	2,692		2,900
Intangible assets	426,744		443,064
Goodwill	757,801		755,245
Investment in unconsolidated subsidiary	43,086		0
Deferred income taxes, net	4,015		3,344
Other long-term assets	9,677		3,013
Investment in affiliates	0		0
Long-term advances to affiliates	0		0
Total assets	2,182,505		2,195,228
Current liabilities
Current portion of long-term debt	1,133		1,156
Accounts payable—trade	143,897		137,684
Accrued liabilities	62,756		66,765
Deferred revenue	8,614		8,819
Billings in excess of costs and profits recognized	816		1,881
Total current liabilities	217,216		216,305
Long-term debt, net of current portion	456,577		506,750
Deferred income taxes, net	29,168		31,232
Other long-term liabilities	32,688		31,925
Long-term payables to affiliates	0		0
Total liabilities	735,649		786,212
Total equity	1,446,856		1,409,016
Total liabilities and equity	2,182,505		2,195,228
Reportable Legal Entities | FET Inc. (Parent)
Current assets
Cash and cash equivalents	484		0	103	65
Accounts receivable—trade, net	0		0
Inventories, net	0		0
Other current assets			0
Prepaid expenses and other current assets	0
Accrued revenue	0
Costs and estimated profits in excess of billings	0		0
Total current assets	484		0
Property and equipment, net of accumulated depreciation	0		0
Deferred financing costs, net	2,692		2,900
Intangible assets	0		0
Goodwill	0		0
Investment in unconsolidated subsidiary	0		0
Deferred income taxes, net	0		0
Other long-term assets	0		0
Investment in affiliates	1,290,210		1,250,593
Long-term advances to affiliates	622,735		667,968
Total assets	1,916,121		1,921,461
Current liabilities
Current portion of long-term debt	0		0
Accounts payable—trade	0		0
Accrued liabilities	12,927		6,638
Deferred revenue	0		0
Billings in excess of costs and profits recognized	0		0
Total current liabilities	12,927		6,638
Long-term debt, net of current portion	456,338		505,807
Deferred income taxes, net	0		0
Other long-term liabilities	0		0
Long-term payables to affiliates	0		0
Total liabilities	469,265		512,445
Total equity	1,446,856		1,409,016
Total liabilities and equity	1,916,121		1,921,461
Reportable Legal Entities | Guarantor Subsidiaries
Current assets
Cash and cash equivalents	27,946		73,981	121,043	143,275
Accounts receivable—trade, net	165,928		168,162
Inventories, net	403,196		374,527
Other current assets			12,679
Prepaid expenses and other current assets	22,822
Accrued revenue	0
Costs and estimated profits in excess of billings	11,981		9,584
Total current assets	631,873		638,933
Property and equipment, net of accumulated depreciation	162,012		167,407
Deferred financing costs, net	0		0
Intangible assets	374,864		390,752
Goodwill	599,820		599,677
Investment in unconsolidated subsidiary	1,923		0
Deferred income taxes, net	671		0
Other long-term assets	4,407		2,086
Investment in affiliates	429,493		418,799
Long-term advances to affiliates	0		0
Total assets	2,205,063		2,217,654
Current liabilities
Current portion of long-term debt	1,052		1,048
Accounts payable—trade	124,861		117,158
Accrued liabilities	37,326		46,962
Deferred revenue	4,175		4,455
Billings in excess of costs and profits recognized	370		1,394
Total current liabilities	167,784		171,017
Long-term debt, net of current portion	212		908
Deferred income taxes, net	20,266		22,737
Other long-term liabilities	14,552		13,907
Long-term payables to affiliates	712,039		758,492
Total liabilities	914,853		967,061
Total equity	1,290,210		1,250,593
Total liabilities and equity	2,205,063		2,217,654
Reportable Legal Entities | Non-Guarantor Subsidiaries
Current assets
Cash and cash equivalents	13,910		41,235	83,768	91,082
Accounts receivable—trade, net	29,021		34,752
Inventories, net	74,716		77,454
Other current assets			6,811
Prepaid expenses and other current assets	10,041
Accrued revenue	2,860
Costs and estimated profits in excess of billings	75		0
Total current assets	130,623		160,252
Property and equipment, net of accumulated depreciation	22,514		29,874
Deferred financing costs, net	0		0
Intangible assets	51,880		52,312
Goodwill	157,981		155,568
Investment in unconsolidated subsidiary	41,163		0
Deferred income taxes, net	3,344		3,344
Other long-term assets	5,270		927
Investment in affiliates	0		0
Long-term advances to affiliates	89,304		90,524
Total assets	502,079		492,801
Current liabilities
Current portion of long-term debt	81		108
Accounts payable—trade	19,036		20,526
Accrued liabilities	12,503		13,165
Deferred revenue	4,439		4,364
Billings in excess of costs and profits recognized	446		487
Total current liabilities	36,505		38,650
Long-term debt, net of current portion	27		35
Deferred income taxes, net	8,902		8,495
Other long-term liabilities	18,136		18,018
Long-term payables to affiliates	0		0
Total liabilities	63,570		65,198
Total equity	438,509		427,603
Total liabilities and equity	502,079		492,801
Eliminations
Current assets
Cash and cash equivalents	0		0	$ 0	$ 0
Accounts receivable—trade, net	0		0
Inventories, net	(9,016)		(8,804)
Other current assets			0
Prepaid expenses and other current assets	0
Accrued revenue	0
Costs and estimated profits in excess of billings	0		0
Total current assets	(9,016)		(8,804)
Property and equipment, net of accumulated depreciation	0		0
Deferred financing costs, net	0		0
Intangible assets	0		0
Goodwill	0		0
Investment in unconsolidated subsidiary	0		0
Deferred income taxes, net	0		0
Other long-term assets	0		0
Investment in affiliates	(1,719,703)		(1,669,392)
Long-term advances to affiliates	(712,039)		(758,492)
Total assets	(2,440,758)		(2,436,688)
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
Deferred income taxes, net	0		0
Other long-term liabilities	0		0
Long-term payables to affiliates	(712,039)		(758,492)
Total liabilities	(712,039)		(758,492)
Total equity	(1,728,719)		(1,678,196)
Total liabilities and equity	$ (2,440,758)		$ (2,436,688)

Condensed Consolidating Finan53

Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	$ (19,322)	$ (15,006)
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	0	(8,738)
Capital expenditures for property and equipment	(5,080)	(3,468)
Investment in unconsolidated subsidiary	0	(1,041)
Long-term loans and advances to affiliates	0	0
Proceeds from sale of business, property and equipment	5,074	40
Net cash used in investing activities	(6)	(13,207)
Cash flows from financing activities
Repayments of debt	(50,729)	(891)
Long-term loans and advances to affiliates	0	0
Dividend paid to affiliates	0
Repurchases of stock	(1,946)	(4,403)
Proceeds from stock issuance	0	1,757
Net cash used in financing activities	(52,675)	(3,537)
Effect of exchange rate changes on cash	(873)	2,242
Net decrease in cash, cash equivalents and restricted cash	(72,876)	(29,508)
Cash and cash equivalents
Cash, cash equivalents and restricted cash at beginning of period	115,216	234,422
Cash, cash equivalents and restricted cash at end of period	42,340	204,914
Reportable Legal Entities | FET Inc. (Parent)
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	7,196	374
Cash flows from investing activities
Acquisition of businesses, net of cash acquired		0
Capital expenditures for property and equipment	0	0
Investment in unconsolidated subsidiary		0
Long-term loans and advances to affiliates	45,234	2,310
Proceeds from sale of business, property and equipment	0	0
Net cash used in investing activities	45,234	2,310
Cash flows from financing activities
Repayments of debt	(50,000)	0
Long-term loans and advances to affiliates	0	0
Dividend paid to affiliates	0
Repurchases of stock	(1,946)	(4,403)
Proceeds from stock issuance		1,757
Net cash used in financing activities	(51,946)	(2,646)
Effect of exchange rate changes on cash	0	0
Net decrease in cash, cash equivalents and restricted cash	484	38
Cash and cash equivalents
Cash, cash equivalents and restricted cash at beginning of period	0	65
Cash, cash equivalents and restricted cash at end of period	484	103
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	3,050	(13,349)
Cash flows from investing activities
Acquisition of businesses, net of cash acquired		(8,738)
Capital expenditures for property and equipment	(3,944)	(3,285)
Investment in unconsolidated subsidiary		(1,041)
Long-term loans and advances to affiliates	0	7,319
Proceeds from sale of business, property and equipment	785	40
Net cash used in investing activities	(3,159)	(5,705)
Cash flows from financing activities
Repayments of debt	(692)	(868)
Long-term loans and advances to affiliates	(45,234)	(2,310)
Dividend paid to affiliates	0
Repurchases of stock	0	0
Proceeds from stock issuance		0
Net cash used in financing activities	(45,926)	(3,178)
Effect of exchange rate changes on cash	0	0
Net decrease in cash, cash equivalents and restricted cash	(46,035)	(22,232)
Cash and cash equivalents
Cash, cash equivalents and restricted cash at beginning of period	73,981	143,275
Cash, cash equivalents and restricted cash at end of period	27,946	121,043
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	(5,618)	(2,031)
Cash flows from investing activities
Acquisition of businesses, net of cash acquired		0
Capital expenditures for property and equipment	(1,136)	(183)
Investment in unconsolidated subsidiary		0
Long-term loans and advances to affiliates	0	0
Proceeds from sale of business, property and equipment	4,289	0
Net cash used in investing activities	3,153	(183)
Cash flows from financing activities
Repayments of debt	(37)	(23)
Long-term loans and advances to affiliates	0	(7,319)
Dividend paid to affiliates	(23,950)
Repurchases of stock	0	0
Proceeds from stock issuance		0
Net cash used in financing activities	(23,987)	(7,342)
Effect of exchange rate changes on cash	(873)	2,242
Net decrease in cash, cash equivalents and restricted cash	(27,325)	(7,314)
Cash and cash equivalents
Cash, cash equivalents and restricted cash at beginning of period	41,235	91,082
Cash, cash equivalents and restricted cash at end of period	13,910	83,768
Eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from (used in) operating activities	(23,950)	0
Cash flows from investing activities
Acquisition of businesses, net of cash acquired		0
Capital expenditures for property and equipment	0	0
Investment in unconsolidated subsidiary		0
Long-term loans and advances to affiliates	(45,234)	(9,629)
Proceeds from sale of business, property and equipment	0	0
Net cash used in investing activities	(45,234)	(9,629)
Cash flows from financing activities
Repayments of debt	0	0
Long-term loans and advances to affiliates	45,234	9,629
Dividend paid to affiliates	23,950
Repurchases of stock	0	0
Proceeds from stock issuance		0
Net cash used in financing activities	69,184	9,629
Effect of exchange rate changes on cash	0	0
Net decrease in cash, cash equivalents and restricted cash	0	0
Cash and cash equivalents
Cash, cash equivalents and restricted cash at beginning of period	0	0
Cash, cash equivalents and restricted cash at end of period	$ 0	$ 0