Cover Page
| Cover Page - shares | 3 Months Ended | |
| Mar. 31, 2020 | May 06, 2020 | |
| Entity Information [Line Items] | ||
| Document Type | 10-Q | |
| Document Quarterly Report | true | |
| Document Period End Date | Mar. 31, 2020 | |
| Document Transition Report | false | |
| Entity File Number | 001-35504 | |
| Entity Registrant Name | FORUM ENERGY TECHNOLOGIES, INC. | |
| Entity Incorporation, State or Country Code | DE | |
| Entity Tax Identification Number | 61-1488595 | |
| Entity Address, Address Line One | 10344 Sam Houston Park Drive | |
| Entity Address, Address Line Two | Suite 300 | |
| Entity Address, City or Town | Houston | |
| Entity Address, State or Province | TX | |
| Entity Address, Postal Zip Code | 77064 | |
| City Area Code | (281) | |
| Local Phone Number | 949-2500 | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Accelerated Filer | |
| Entity Small Business | false | |
| Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Common Stock, Shares Outstanding | 111,367,707 | |
| Entity Central Index Key | 0001401257 | |
| Current Fiscal Year End Date | --12-31 | |
| Document Fiscal Year Focus | 2020 | |
| Document Fiscal Period Focus | Q1 | |
| Amendment Flag | false | |
| NEW YORK STOCK EXCHANGE, INC. | ||
| Entity Information [Line Items] | ||
| Title of 12(b) Security | Common stock | |
| Trading Symbol | FET | |
| Security Exchange Name | NYSE |
Condensed Consolidated Statemen
| Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Income Statement [Abstract] | ||
| Revenue | $ 182,632 | $ 271,842 |
| Cost of sales | 160,542 | 201,744 |
| Gross profit | 22,090 | 70,098 |
| Operating expenses | ||
| Selling, general and administrative expenses | 60,161 | 68,968 |
| Transaction expenses | 37 | 593 |
| Impairments of intangible assets, property and equipment | 17,320 | 0 |
| Contingent consideration benefit | 0 | (4,629) |
| Loss (gain) on disposal of assets and other | (21) | 20 |
| Total operating expenses | 77,497 | 64,952 |
| Loss from equity investment | 0 | (849) |
| Operating income (loss) | (55,407) | 4,297 |
| Other expense (income) | ||
| Interest expense | 6,724 | 8,181 |
| Foreign exchange and other losses (gains), net | (5,007) | 2,277 |
| Gain on extinguishment of debt | (7,459) | 0 |
| Deferred loan costs written off | (1,829) | 0 |
| Total other expense (income), net | (3,913) | 10,458 |
| Loss before income taxes | (51,494) | (6,161) |
| Income tax expense (benefit) | (14,350) | 1,727 |
| Net loss | $ (37,144) | $ (7,888) |
| Weighted average shares outstanding | ||
| Basic (in shares) | 111,173 | 109,643 |
| Diluted (in shares) | 111,173 | 109,643 |
| Loss per share | ||
| Basic (in USD per share) | $ (0.33) | $ (0.07) |
| Diluted (in USD per share) | $ (0.33) | $ (0.07) |
| Other comprehensive income (loss), net of tax: | ||
| Net loss | $ (37,144) | $ (7,888) |
| Change in foreign currency translation, net of tax of $0 | (8,846) | 4,834 |
| Gain (loss) on pension liability | 21 | (9) |
| Comprehensive loss | $ (45,969) | $ (3,063) |
Condensed Consolidated Statem_2
| Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Income Statement [Abstract] | ||
| Change in foreign currency translation, tax | $ 0 | $ 0 |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
| Current assets | ||
| Cash and cash equivalents | $ 108,949 | $ 57,911 |
| Accounts receivable—trade, net of allowances of $8,277 and $9,048 | 145,392 | 154,182 |
| Inventories, net | 392,944 | 414,640 |
| Prepaid expenses and other current assets | 45,009 | 33,820 |
| Accrued revenue | 1,226 | 1,260 |
| Costs and estimated profits in excess of billings | 2,739 | 4,104 |
| Total current assets | 696,259 | 665,917 |
| Property and equipment, net of accumulated depreciation | 136,451 | 154,836 |
| Operating lease assets | 36,820 | 48,682 |
| Deferred financing costs, net | 1,036 | 1,243 |
| Intangible assets, net | 259,082 | 272,300 |
| Deferred income taxes, net | 141 | 654 |
| Other long-term assets | 15,703 | 16,365 |
| Total assets | 1,145,492 | 1,159,997 |
| Current liabilities | ||
| Current portion of long-term debt | 1,021 | 717 |
| Accounts payable—trade | 98,850 | 98,720 |
| Accrued liabilities | 74,754 | 86,625 |
| Deferred revenue | 5,708 | 4,877 |
| Billings in excess of costs and profits recognized | 4,876 | 5,911 |
| Total current liabilities | 185,209 | 196,850 |
| Long-term debt, net of current portion | 444,936 | 398,862 |
| Deferred income taxes, net | 2,229 | 2,465 |
| Operating lease liabilities | 46,382 | 49,938 |
| Other long-term liabilities | 24,674 | 25,843 |
| Total liabilities | 703,430 | 673,958 |
| Commitments and contingencies | ||
| Equity | ||
| Common stock, $0.01 par value, 296,000,000 shares authorized, 119,584,140 and 118,840,611 shares issued | 1,196 | 1,189 |
| Additional paid-in capital | 1,235,039 | 1,231,650 |
| Treasury stock at cost, 8,216,637 and 8,211,919 shares | (134,499) | (134,493) |
| Retained deficit | (541,911) | (503,369) |
| Accumulated other comprehensive loss | (117,763) | (108,938) |
| Total equity | 442,062 | 486,039 |
| Total liabilities and equity | $ 1,145,492 | $ 1,159,997 |
Condensed Consolidated Balanc_2
| Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
| Statement of Financial Position [Abstract] | ||
| Trade accounts receivable allowance | $ 8,277 | $ 9,048 |
| Common Stock, par value (in 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) | 119,584,140 | 118,840,611 |
| Treasury stock (in shares) | 8,216,637 | 8,211,919 |
Condensed Consolidated Statem_3
| Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Cash flows from operating activities | ||
| Net loss | $ (37,144) | $ (7,888) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation expense | 7,355 | 7,513 |
| Amortization of intangible assets | 6,838 | 8,846 |
| Impairments of intangible assets, property and equipment | 17,320 | 0 |
| Impairments of operating lease assets | 9,483 | 2,481 |
| Inventory write down | 11,567 | 377 |
| Stock-based compensation expense | 3,223 | 3,910 |
| Loss from unconsolidated subsidiary | 0 | 849 |
| Contingent consideration benefit | 0 | (4,629) |
| Gain on extinguishment of debt | (7,459) | 0 |
| Deferred loan costs written off | 1,829 | 0 |
| Deferred income taxes | 1,152 | (1,021) |
| Noncash losses (gains) and other, net | (734) | 2,366 |
| Changes in operating assets and liabilities | ||
| Accounts receivable—trade | 6,773 | 684 |
| Inventories | 6,704 | 6,948 |
| Prepaid expenses and other assets | (11,002) | (3,031) |
| Cost and estimated profit in excess of billings | 1,374 | 1,015 |
| Accounts payable, deferred revenue and other accrued liabilities | (14,955) | 1,251 |
| Billings in excess of costs and estimated profits earned | (757) | (1,784) |
| Net cash provided by operating activities | 1,567 | 17,887 |
| Cash flows from investing activities | ||
| Capital expenditures for property and equipment | (958) | (3,687) |
| Proceeds from sale of equity investment, property and equipment | 37 | 134 |
| Net cash used in investing activities | (921) | (3,553) |
| Cash flows from financing activities | ||
| Borrowings of debt | 55,000 | 20,000 |
| Repayments of debt | (3,463) | (51,063) |
| Repurchases of stock | (179) | (973) |
| Deferred financing costs | (254) | 0 |
| Net cash provided by (used in) financing activities | 51,104 | (32,036) |
| Effect of exchange rate changes on cash | (712) | 155 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 51,038 | (17,547) |
| Cash, cash equivalents and restricted cash at beginning of period | 57,911 | 47,241 |
| Cash, cash equivalents and restricted cash at end of period | 108,949 | 29,694 |
| Noncash activities | ||
| Operating lease right of use assets obtained in exchange for lease obligations | 688 | 6,568 |
| Finance lease right of use assets obtained in exchange for lease obligations | $ 931 | $ 453 |
Condensed Consolidated Statem_4
| Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock | Additional paid-in capital | Treasury stock | Retained deficit | Retained deficitCumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income / (loss) |
| Balance at beginning of period at Dec. 31, 2018 | $ 1,030,126 | $ 1,174 | $ 1,214,928 | $ (134,434) | $ 63,688 | $ (115,230) | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
| Stock-based compensation expense | 3,910 | 3,910 | ||||||
| Restricted stock issuance, net of forfeitures | (925) | 6 | (931) | |||||
| Shares issued in employee stock purchase plan | 684 | 2 | 682 | |||||
| Contingent shares issued for acquisition of Cooper Valves | 375 | 1 | 374 | |||||
| Treasury stock | (48) | (48) | ||||||
| Currency translation adjustment | 4,834 | 4,834 | ||||||
| Change in pension liability | (9) | (9) | ||||||
| Net loss | (7,888) | (7,888) | ||||||
| Balance at end of period at Mar. 31, 2019 | 1,031,059 | 1,183 | 1,218,963 | (134,482) | 55,800 | (110,405) | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
| Adjustment for adoption of ASU 2016-13 | 486,039 | $ (1,398) | 1,189 | 1,231,650 | (134,493) | (503,369) | $ (1,398) | (108,938) |
| Balance at beginning of period at Dec. 31, 2019 | 486,039 | (1,398) | 1,189 | 1,231,650 | (134,493) | (503,369) | (1,398) | (108,938) |
| Balance at beginning of period at Dec. 31, 2019 | 486,039 | |||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
| Stock-based compensation expense | 3,223 | 3,223 | ||||||
| Restricted stock issuance, net of forfeitures | (173) | 5 | (178) | |||||
| Shares issued in employee stock purchase plan | 346 | 2 | 344 | |||||
| Adjustment for adoption of ASU 2016-13 | 442,062 | $ (1,398) | 1,196 | 1,235,039 | (134,499) | (541,911) | $ (1,398) | (117,763) |
| Treasury stock | (6) | (6) | ||||||
| Currency translation adjustment | (8,846) | (8,846) | ||||||
| Change in pension liability | 21 | 21 | ||||||
| Net loss | (37,144) | (37,144) | ||||||
| Balance at end of period at Mar. 31, 2020 | 442,062 | 1,196 | 1,235,039 | (134,499) | (541,911) | (117,763) | ||
| Balance at end of period at Mar. 31, 2020 | 442,062 | |||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
| Adjustment for adoption of ASU 2016-13 | $ 442,062 | $ 1,196 | $ 1,235,039 | $ (134,499) | $ (541,911) | $ (117,763) |
Organization and Basis of Prese
| Organization and Basis of Presentation | 3 Months Ended |
| Mar. 31, 2020 | |
| 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,” or “us”), a Delaware corporation, is a global oilfield products company, serving the drilling, downhole, subsea, completions and production sectors of the oil and natural gas industry. The Company's products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform with the current year presentation. Prior to the sale of our aggregate 40% interest in the third quarter of 2019, our investment in Ashtead Technology (”Ashtead”) was accounted for using the equity method of accounting as we had the ability to exert significant influence, but did not control operating and financial policies. Prior to the sale, our share of the net income (loss) from Ashtead was reported in “Loss from equity investment” in the condensed consolidated statements of comprehensive loss and the investment was included in “Investment in unconsolidated subsidiary” in the condensed consolidated balance sheets. Our share of equity earnings were reported within operating income (loss), as the investee’s operations were integral to the operations of the Company. See Note 4 Dispositions for further information related to the sale of our aggregate 40% interest in Ashtead. 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, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 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, 2019, which are included in the Company’s 2019 Annual Report on Form 10-K filed with the SEC on February 25, 2020. COVID-19 Impacts On March 11, 2020, the World Health Organization declared the current COVID-19 outbreak to be a global pandemic, and on March 13, 2020, the United States declared a national emergency. In response to these declarations and the rapid spread of COVID-19, federal, state and local governments have imposed varying degrees of restrictions on business and social activities to contain COVID-19, including quarantine and “stay-at-home” orders in the areas in which we operate. We have experienced resulting disruptions to our business operations, as these restrictions have significantly impacted many sectors of the economy, with businesses curtailing or ceasing normal operations. The ultimate impacts will depend on future developments, including, among others, the ultimate geographic spread of the virus, the consequences of governmental and other measures designed to prevent the spread of the virus, the development of effective treatments, the duration of the outbreak, actions taken by governmental authorities, customers, suppliers and other thirds parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. While we continue to assess the COVID-19 situation and cannot estimate with any degree of certainty the full impact of the COVID-19 outbreak on our liquidity, financial condition and future results of operations, we expect the COVID-19 situation to adversely impact future quarters. |
Recent Accounting Pronouncement
| Recent Accounting Pronouncements | 3 Months Ended |
| Mar. 31, 2020 | |
| 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 2020 Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326), which introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. It requires an entity to estimate credit losses expected over the life of an exposure based on historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. We adopted this new standard as of January 1, 2020. The adoption of this standard resulted in a noncash cumulative effect adjustment to increase our allowance for doubtful accounts and increase our retained deficit by $1.4 million. The new standard did not materially affect our Condensed Consolidated Statement of Comprehensive Loss for the three months ended March 31, 2020. Accounting for Implementation Costs Related to a Cloud Computing Arrangement . In August 2018, the FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This new guidance aligns the requirements for capitalizing implementation costs incurred by an entity related to a cloud computing arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Accordingly, this guidance requires an entity to capitalize certain implementation costs incurred and then amortize them over the term of the cloud hosting arrangement. Furthermore, this guidance also requires an entity to present the expense, cash flows, and capitalized implementation costs in the same financial statement line items as the associated hosting service. We adopted this new standard as of January 1, 2020. The adoption of this new standard did not have a material impact on our unaudited condensed consolidated financial statements. Fair Value Measurement Disclosure . In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement. This new guidance eliminated, modified and added certain disclosure requirements related to fair value measurements. We adopted this new standard as of January 1, 2020. This new standard did not have a material impact on our unaudited condensed consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Income Tax. In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740) - Disclosure Framework - Simplifying the Accounting for Income Taxes, which simplified the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and clarifying and amending existing guidance. This guidance will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We are currently evaluating the impact of this new guidance. However, we currently expect that the adoption of this guidance will not have a material impact on our consolidated financial statements. |
Revenue
| Revenue | 3 Months Ended |
| Mar. 31, 2020 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue | Revenue Revenue is recognized 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. For a detailed discussion of our revenue recognition policies, refer to the Company’s 2019 Annual Report on Form 10-K. Disaggregated Revenue Refer to Note 11 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, we record a contract liability 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. 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, 2020 (in thousands): March 31, 2020 December 31, 2019 Decrease $ % Accrued revenue $ 1,226 $ 1,260 Costs and estimated profits in excess of billings 2,739 4,104 Contract assets $ 3,965 $ 5,364 $ (1,399) (26) % Deferred revenue $ 5,708 $ 4,877 Billings in excess of costs and profits recognized 4,876 5,911 Contract liabilities $ 10,584 $ 10,788 $ (204) (2) % During the three months ended March 31, 2020, our contract assets decreased by $1.4 million primarily due to a reduction in project revenues within our Production Equipment product line. During the three months ended March 31, 2020, our contract liabilities decreased by $0.2 million. During the three months ended March 31, 2020, we recognized revenue of $5.5 million that was included in the contract liability balance at the beginning of the period. |
Dispositions
| Dispositions | 3 Months Ended |
| Mar. 31, 2020 | |
| Business Combinations [Abstract] | |
| Dispositions | Dispositions 2019 Disposition of Cooper Alloy® On December 4, 2019, we sold certain assets of our Cooper Alloy® brand of valve products for total consideration of $4.0 million and recognized a gain on disposition totaling $2.3 million. Pro forma results of operations for this disposition have not been presented because the effects were not material to the unaudited condensed consolidated financial statements. 2019 Disposition of Equity Interest in Ashtead Technology On September 3, 2019, we sold our aggregate 40% interest in Ashtead to the majority owners of Ashtead. Total consideration for Forum’s 40% interest and the settlement of a £3.0 million British Pounds note receivable from Ashtead was $47.7 million. Forum received $39.3 million in cash proceeds and a new £6.9 million British Pounds note receivable with a three year maturity. In the third quarter of 2019, we recognized a gain of $1.6 million as a result of this transaction. Pro forma results of operations for this transaction have not been presented because the effects were not material to the unaudited condensed consolidated financial statements. |
Inventories
| Inventories | 3 Months Ended |
| Mar. 31, 2020 | |
| Inventory Disclosure [Abstract] | |
| Inventories | Inventories Our significant components of inventory at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, 2020 December 31, 2019 Raw materials and parts $ 172,316 $ 172,082 Work in process 26,959 29,972 Finished goods 262,045 278,661 Gross inventories 461,320 480,715 Inventory reserve (68,376) (66,075) Inventories $ 392,944 $ 414,640 |
Intangible Assets
| Intangible Assets | 3 Months Ended |
| Mar. 31, 2020 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Intangible Assets | Intangible Assets Intangible assets consisted of the following as of March 31, 2020 and December 31, 2019, respectively (in thousands): March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 267,567 $ (105,252) $ 162,315 10-15 Patents and technology 90,389 (21,310) 69,079 5-19 Non-compete agreements 188 (108) 80 2-6 Trade names 41,924 (20,415) 21,509 7-19 Distributor relationships 14,120 (12,262) 1,858 15-22 Trademarks 5,089 (848) 4,241 15 Intangible Assets Total $ 419,277 $ (160,195) $ 259,082 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 281,052 $ (110,410) $ 170,642 10 - 15 Patents and technology 92,498 (20,819) 71,679 5 - 19 Non-compete agreements 190 (100) 90 2 - 6 Trade names 43,284 (21,015) 22,269 7 - 19 Distributor relationships 22,160 (18,866) 3,294 15 - 22 Trademarks 5,089 (763) 4,326 15 Intangible Assets Total $ 444,273 $ (171,973) $ 272,300 |
Impairments of Long-Lived Asset
| Impairments of Long-Lived Assets | 3 Months Ended |
| Mar. 31, 2020 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Impairments of Long-Lived Assets | Impairments of Long-Lived Assets Long-lived assets with definite lives are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. During the three months ended March 31, 2020, the COVID-19 pandemic and associated preventative actions taken around the world to mitigate the virus's spread caused oil demand to deteriorate and economic activity to decrease. As a result, oil prices declined significantly during the period and were exacerbated by aggressive increases in production by Saudi Arabia, Russia and other OPEC+ oil producing nations. The combination of these shocks in both supply and demand created an extremely challenging market for all sub-sectors of the oil and natural gas industry. In addition, responses to the spread of COVID-19, including significant government restrictions on movement, are continuing to drive sharp declines in global economic activity. As a result, we determined that certain long-lived assets were impaired as their carrying values exceeded their fair values. We recognized the following impairment charges during the three months ended March 31, 2020 (in thousands): Impairments of: Drilling & Downhole Completions Production Total Impairments Property and equipment (1) $ 1,076 $ 9,608 $ 1,378 $ 12,062 Intangible assets (2) 5,258 — — $ 5,258 Operating lease right of use assets (3) 1,429 6,139 1,915 $ 9,483 Total impairments $ 7,763 $ 15,747 $ 3,293 $ 26,803 (1) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss. (2) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss and include primarily customer relationships, technology and distributor relationships. (3) $8.6 million of these charges are included in Cost of sales and $0.9 million is included in Selling, general and administrative expenses in the condensed consolidated statements of comprehensive loss. The amount of the impairment charges were measured as the difference between the carrying value and the estimated fair value of the assets. The fair value was determined either through analysis of discounted future cash flows or, for certain real estate, based on a third party's sales price estimate (classified within level 3 of the fair value hierarchy). |
Debt
| Debt | 3 Months Ended |
| Mar. 31, 2020 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Notes payable and lines of credit as of March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, 2020 December 31, 2019 6.25% Senior Notes due October 2021 $ 389,150 $ 400,000 Unamortized debt premium 650 770 Debt issuance cost (1,697) (3,232) Senior secured revolving credit facility 55,000 — Other debt 2,854 2,041 Total debt 445,957 399,579 Less: current maturities (1,021) (717) Long-term debt $ 444,936 $ 398,862 Senior Notes Due 2021 In October 2013, we issued $300.0 million of 6.25% senior unsecured notes due 2021 at par, and in November 2013, we issued an additional $100.0 million aggregate principal amount of the notes at a price of 103.25% of par (the “Senior Notes”). 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. During the three months ended March 31, 2020, we repurchased an aggregate $10.9 million of principal amount of our Senior Notes for $3.4 million and recognized a net gain of $7.5 million reflecting the difference in the amount paid and the net carrying value of the extinguished debt, including debt issuance costs and unamortized debt premium. Subsequent to March 31, 2020, we announced a cash tender offer to purchase an aggregate payment amount of up to $80.0 million (exclusive of accrued and unpaid interest) of our Senior Notes. For further discussion, refer to the Liquidity and Capital Resources section in Item 2. Management’s discussion and analysis of financial condition and results of operations . Credit Facility Our credit facility ("Credit Facility") provides revolving credit commitments of $300.0 million (with a sublimit of up to $45.0 million available for the issuance of letters of credit for the account of the Company and certain of its 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”). Le nder 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 Senior 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 receivables and inventory. As of March 31, 2020, our total borrowing base wa s $234.0 million, of which $55.0 million was drawn and $26.4 million was used for security of outstanding letters of credit, resulting in remaining availability of $152.6 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 greater 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 in which our total net 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 2.70% for the three months ended March 31, 2020. 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 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% 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 Credit Facility. During the three months ended March 31, 2020, we wrote off $1.8 million of deferred loan costs due to the termination of discussions related to a potential exchange offer for our Senior Notes. Other Debt Other debt consists primarily of various capital leases. 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 $27.2 million and $24.5 million in total outstanding letters of credit as of March 31, 2020 and December 31, 2019, respectively. |
Income Taxes
| Income Taxes | 3 Months Ended |
| Mar. 31, 2020 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes For the three months ended March 31, 2020, we recorded a tax benefit of $14.4 million compared to tax expense of $1.7 million for the three months ended March 31, 2019. For interim periods, our income tax expense or benefit is computed based upon our estimated annual effective tax rate and any discrete items that impact the interim periods. The estimated annual effective tax rates for the three months ended March 31, 2020 and 2019 were impacted by losses in jurisdictions where the recording of a tax benefit is not available. On March 27, 2020, President Trump signed the U.S. Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in response to the COVID-19 pandemic. The CARES Act provides relief to corporate taxpayers by permitting a five-year carryback of 2018-2020 NOLs, increasing the 30% limitation on interest expense deductibility to 50% of adjusted taxable income for 2019 and 2020, and accelerating refunds for minimum tax credit carryforwards, among other provisions. The tax effects of changes in tax laws are recognized in the period in which the law is enacted. As such, the tax benefit for the three months ended March 31, 2020 includes a $16.6 million benefit related to a carryback claim for U.S. federal tax losses based on new provisions in the CARES Act. These losses had previously been offset by a valuation allowance. The provisions in the CARES Act enable the company to now realize these losses and the related valuation allowance has been released. Furthermore, the tax expense or benefit recorded 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. We have deferred tax assets related to net operating loss carryforwards in the U.S. and in certain states and foreign jurisdictions. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning and recent operating results. As of March 31, 2020, we do not anticipate being able to fully utilize all of the losses prior to their |
Fair Value Measurements
| Fair Value Measurements | 3 Months Ended |
| Mar. 31, 2020 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | Fair Value Measurements The Company had $55.0 million and zero borrowings outstanding under the Credit Facility at March 31, 2020 and December 31, 2019, respectively. The Credit Facility incurs interest at a variable interest rate, and therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of 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, 2020, the fair value and the carrying value of our Senior Notes approximated $123.6 million and $388.1 million, respectively. At December 31, 2019, the fair value and the carrying value of our Senior Notes approximated $354.0 million and $397.5 million, respectively. There were no other outstanding financial assets as of March 31, 2020 and December 31, 2019 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, 2020. |
Business Segments
| Business Segments | 3 Months Ended |
| Mar. 31, 2020 | |
| Segment Reporting [Abstract] | |
| Business Segments | Business Segments The Company reports is results of operations in the following three reporting segments: Drilling & Downhole, Completions and Production. 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 2020 2019 Revenue: Drilling & Downhole $ 76,643 $ 85,940 Completions 50,823 94,659 Production 55,605 91,995 Eliminations (439) (752) Total revenue $ 182,632 $ 271,842 Operating income (loss) Drilling & Downhole $ (4,145) $ (2,499) Completions (17,318) 6,851 Production (8,179) 4,335 Corporate (8,429) (8,406) Segment operating income (loss) (38,071) 281 Transaction expenses 37 593 Impairments of intangible assets, property and equipment 17,320 — Contingent consideration benefit — (4,629) Loss (gain) on disposal of assets and other (21) 20 Operating income (loss) $ (55,407) $ 4,297 A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, 2020 December 31, 2019 Drilling & Downhole $ 378,637 $ 407,779 Completions 461,799 496,714 Production 170,184 186,786 Corporate 134,872 68,718 Total assets $ 1,145,492 $ 1,159,997 Corporate assets primarily include cash, certain prepaid assets and deferred loan costs. The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended 2020 2019 Drilling Technologies $ 36,638 $ 41,926 Downhole Technologies 24,951 30,425 Subsea Technologies 15,054 13,589 Stimulation and Intervention 24,476 51,311 Coiled Tubing 26,347 43,348 Production Equipment 18,749 36,568 Valve Solutions 36,856 55,427 Eliminations (439) (752) Total revenue $ 182,632 $ 271,842 The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended 2020 2019 United States $ 123,890 $ 196,967 Canada 7,952 16,463 Europe & Africa 11,146 17,597 Middle East 13,140 19,285 Asia-Pacific 18,793 14,759 Latin America 7,711 6,771 Total Revenue $ 182,632 $ 271,842 |
Commitments and Contingencies
| Commitments and Contingencies | 3 Months Ended |
| Mar. 31, 2020 | |
| 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 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, 2020 and December 31, 2019, 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, 2020 | |
| 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 2020 2019 Net loss $ (37,144) $ (7,888) Basic - weighted average shares outstanding 111,173 109,643 Dilutive effect of stock options and restricted stock — — Diluted - weighted average shares outstanding 111,173 109,643 Loss per share Basic $ (0.33) $ (0.07) Diluted $ (0.33) $ (0.07) |
Stockholders' Equity
| Stockholders' Equity | 3 Months Ended |
| Mar. 31, 2020 | |
| Equity [Abstract] | |
| Stockholders' Equity | Stockholders' Equity Stock-based compensation During the three months ended March 31, 2020, the Company granted 2,250,360 shares of restricted stock units that vest ratably over 3 years. three |
Related Party Transactions
| Related Party Transactions | 3 Months Ended |
| Mar. 31, 2020 | |
| 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, 2020 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Condensed 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 Financial Statements | Condensed consolidating statements of comprehensive loss Three Months Ended March 31, 2020 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 147,384 $ 52,206 $ (16,958) $ 182,632 Cost of sales — 133,195 43,928 (16,581) 160,542 Gross Profit — 14,189 8,278 (377) 22,090 Operating Expenses Selling, general and administrative expenses $ — $ 49,691 $ 10,470 $ — $ 60,161 Transaction expenses — 37 — — 37 Impairments of intangible assets, property and equipment — 16,823 497 — 17,320 Loss (gain) on disposal of assets and other — (23) 2 — (21) Total operating expenses — 66,528 10,969 — 77,497 Equity earnings (loss) from affiliate, net of tax (35,820) 1,267 — 34,553 — Operating loss (35,820) (51,072) (2,691) 34,176 (55,407) Other expense (income) Interest expense (income) 6,954 22 (252) — 6,724 Foreign exchange and other losses (gains), net — 264 (5,271) — (5,007) Gain on extinguishment of debt (7,459) — — — (7,459) Deferred loan costs written off 1,829 — — — 1,829 Total other (income) expense, net 1,324 286 (5,523) — (3,913) Income (loss) before income taxes (37,144) (51,358) 2,832 34,176 (51,494) Income tax expense (benefit) — (15,538) 1,188 — (14,350) Net income (loss) (37,144) (35,820) 1,644 34,176 (37,144) Other comprehensive income (loss), net of tax: Net income (loss) (37,144) (35,820) 1,644 34,176 (37,144) Change in foreign currency translation, net of tax of $0 (8,846) (8,846) (8,846) 17,692 (8,846) Gain on pension liability 21 21 21 (42) 21 Comprehensive loss $ (45,969) $ (44,645) $ (7,181) $ 51,826 $ (45,969) Condensed consolidating statements of comprehensive income (loss) Three Months Ended March 31, 2019 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 236,806 $ 50,213 $ (15,177) $ 271,842 Cost of sales — 175,854 40,093 (14,203) 201,744 Gross Profit — 60,952 10,120 (974) 70,098 Operating Expenses Selling, general and administrative expenses — 57,410 11,558 — 68,968 Contingent consideration benefit — (4,629) — — (4,629) Transaction Expenses — 543 50 — 593 Loss (gain) on disposal of assets and other — 78 (58) — 20 Total operating expenses — 53,402 11,550 — 64,952 Loss from equity investment — (471) (378) — (849) Equity earnings (loss) from affiliate, net of tax 358 (6,608) — 6,250 — Operating income (loss) 358 471 (1,808) 5,276 4,297 Other expense (income) Interest expense (income) 8,246 (11) (54) — 8,181 Foreign exchange and other losses, net — 72 2,205 — 2,277 Total other expense 8,246 61 2,151 — 10,458 Income (loss) before income taxes (7,888) 410 (3,959) 5,276 (6,161) Income tax expense — 52 1,675 — 1,727 Net income (loss) (7,888) 358 (5,634) 5,276 (7,888) Other comprehensive income (loss), net of tax: Net income (loss) (7,888) 358 (5,634) 5,276 (7,888) Change in foreign currency translation, net of tax of $0 4,834 4,834 4,834 (9,668) 4,834 Loss on pension liability (9) (9) (9) 18 (9) Comprehensive income (loss) $ (3,063) $ 5,183 $ (809) $ (4,374) $ (3,063) |
| Condensed Financial Statements | Condensed consolidating balance sheets March 31, 2020 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 88,122 $ 20,827 $ — $ 108,949 Accounts receivable—trade, net — 106,526 38,866 — 145,392 Inventories, net — 330,613 71,035 (8,704) 392,944 Prepaid expenses and other current assets — 44,141 868 — 45,009 Accrued revenue — — 1,226 — 1,226 Costs and estimated profits in excess of billings — 2,606 133 — 2,739 Total current assets — 572,008 132,955 (8,704) 696,259 Property and equipment, net of accumulated depreciation — 117,741 18,710 — 136,451 Operating lease assets — 22,802 14,018 — 36,820 Deferred financing costs, net 1,036 — — — 1,036 Intangible assets — 234,398 24,684 — 259,082 Deferred income taxes, net — 80 61 — 141 Other long-term assets — 6,449 9,254 — 15,703 Investment in affiliates 303,976 209,553 (513,529) — Long-term advances to affiliates 594,318 — 114,089 (708,407) — Total assets $ 899,330 $ 1,163,031 $ 313,771 $ (1,230,640) $ 1,145,492 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 877 $ 144 $ — $ 1,021 Accounts payable—trade — 75,793 23,057 — 98,850 Accrued liabilities 14,164 25,897 34,693 — 74,754 Deferred revenue — 1,998 3,710 — 5,708 Billings in excess of costs and profits recognized — 722 4,154 — 4,876 Total current liabilities 14,164 105,287 65,758 — 185,209 Long-term debt, net of current portion 443,104 1,651 181 — 444,936 Deferred income taxes, net — — 2,229 — 2,229 Operating lease liabilities — 28,779 17,603 — 46,382 Other long-term liabilities — 14,931 9,743 — 24,674 Long-term payables to affiliates — 708,407 — (708,407) — Total liabilities 457,268 859,055 95,514 (708,407) 703,430 Total equity 442,062 303,976 218,257 (522,233) 442,062 Total liabilities and equity $ 899,330 $ 1,163,031 $ 313,771 $ (1,230,640) $ 1,145,492 Condensed consolidating balance sheets December 31, 2019 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 32,387 $ 25,524 $ — $ 57,911 Accounts receivable—trade, net — 116,862 37,320 — 154,182 Inventories, net — 344,920 78,047 (8,327) 414,640 Prepaid expenses and other current assets — 31,485 2,335 — 33,820 Accrued revenue — 428 832 — 1,260 Costs and estimated profits in excess of billings — 4,029 75 — 4,104 Total current assets — 530,111 144,133 (8,327) 665,917 Property and equipment, net of accumulated depreciation — 133,974 20,862 — 154,836 Operating lease assets — 29,518 19,164 — 48,682 Deferred financing costs, net 1,243 — — — 1,243 Intangible assets — 245,507 26,793 — 272,300 Deferred income taxes, net — — 654 — 654 Other long-term assets — 6,682 9,683 — 16,365 Investment in affiliates 348,623 218,228 — (566,851) — Long-term advances to affiliates 541,351 — 116,053 (657,404) — Total assets $ 891,217 $ 1,164,020 $ 337,342 $ (1,232,582) $ 1,159,997 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 566 $ 151 $ — $ 717 Accounts payable—trade — 75,999 22,721 — 98,720 Accrued liabilities 7,640 35,746 43,239 — 86,625 Deferred revenue — 1,616 3,261 — 4,877 Billings in excess of costs and profits recognized — 787 5,124 — 5,911 Total current liabilities 7,640 114,714 74,496 — 196,850 Long-term debt, net of current portion 397,538 1,128 196 — 398,862 Deferred income taxes, net — — 2,465 — 2,465 Operating Lease Liabilities — 29,896 20,042 — 49,938 Other long-term liabilities — 12,255 13,588 — 25,843 Long-term payables to affiliates — 657,404 — (657,404) — Total liabilities 405,178 815,397 110,787 (657,404) 673,958 Total equity 486,039 348,623 226,555 (575,178) 486,039 Total liabilities and equity $ 891,217 $ 1,164,020 $ 337,342 $ (1,232,582) $ 1,159,997 |
| Condensed Financial Statements | Condensed consolidating statements of cash flows Three Months Ended March 31, 2020 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities $ (1,105) $ 9,488 $ (5,702) $ (1,114) $ 1,567 Cash flows from investing activities Capital expenditures for property and equipment — (756) (202) — (958) Proceeds from sale of equity investment, property and equipment — 37 — — 37 Long-term loans and advances to affiliates (50,100) — 3,038 47,062 — Net cash provided by (used in) investing activities $ (50,100) $ (719) $ 2,836 $ 47,062 $ (921) Cash flows from financing activities Borrowings of debt 55,000 — — — 55,000 Repayments of debt (3,362) (96) (5) — (3,463) Repurchases of stock (179) — — — (179) Deferred financing costs (254) — — — (254) Long-term loans and advances from affiliates — 47,062 — (47,062) — Dividend paid to affiliates — — (1,114) 1,114 — Net cash provided by (used in) financing activities $ 51,205 $ 46,966 $ (1,119) $ (45,948) $ 51,104 Effect of exchange rate changes on cash — — (712) — (712) Net increase (decrease) in cash, cash equivalents and restricted cash — 55,735 (4,697) — 51,038 Cash, cash equivalents and restricted cash at beginning of period — 32,387 25,524 — 57,911 Cash, cash equivalents and restricted cash at end of period $ — $ 88,122 $ 20,827 $ — $ 108,949 Condensed consolidating statements of cash flows Three Months Ended March 31, 2019 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities $ 3,037 $ 18,284 $ (3,434) $ — $ 17,887 Cash flows from investing activities Capital expenditures for property and equipment — (3,294) (393) — (3,687) Proceeds from sale of business, property and equipment — 134 — — 134 Long-term loans and advances to affiliates 27,936 799 — (28,735) — Net cash provided by (used in) investing activities $ 27,936 $ (2,361) $ (393) $ (28,735) $ (3,553) Cash flows from financing activities Borrowings of debt 20,000 — — — 20,000 Repayments of debt (50,000) (1,063) — — (51,063) Repurchases of stock (973) — — — (973) Long-term loans and advances to affiliates — (27,936) (799) 28,735 — Net cash used in financing activities $ (30,973) $ (28,999) $ (799) $ 28,735 $ (32,036) Effect of exchange rate changes on cash — — 155 — 155 Net decrease in cash, cash equivalents and restricted cash — (13,076) (4,471) — (17,547) Cash, cash equivalents and restricted cash at beginning of period — 24,977 22,264 — 47,241 Cash, cash equivalents and restricted cash at end of period $ — $ 11,901 $ 17,793 $ — $ 29,694 |
Recent Accounting Pronounceme_2
| Recent Accounting Pronouncements (Policies) | 3 Months Ended |
| Mar. 31, 2020 | |
| 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 2020 Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326), which introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. It requires an entity to estimate credit losses expected over the life of an exposure based on historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. We adopted this new standard as of January 1, 2020. The adoption of this standard resulted in a noncash cumulative effect adjustment to increase our allowance for doubtful accounts and increase our retained deficit by $1.4 million. The new standard did not materially affect our Condensed Consolidated Statement of Comprehensive Loss for the three months ended March 31, 2020. Accounting for Implementation Costs Related to a Cloud Computing Arrangement . In August 2018, the FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This new guidance aligns the requirements for capitalizing implementation costs incurred by an entity related to a cloud computing arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Accordingly, this guidance requires an entity to capitalize certain implementation costs incurred and then amortize them over the term of the cloud hosting arrangement. Furthermore, this guidance also requires an entity to present the expense, cash flows, and capitalized implementation costs in the same financial statement line items as the associated hosting service. We adopted this new standard as of January 1, 2020. The adoption of this new standard did not have a material impact on our unaudited condensed consolidated financial statements. Fair Value Measurement Disclosure . In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement. This new guidance eliminated, modified and added certain disclosure requirements related to fair value measurements. We adopted this new standard as of January 1, 2020. This new standard did not have a material impact on our unaudited condensed consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Income Tax. In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740) - Disclosure Framework - Simplifying the Accounting for Income Taxes, which simplified the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and clarifying and amending existing guidance. This guidance will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We are currently evaluating the impact of this new guidance. However, we currently expect that the adoption of this guidance will not have a material impact on our consolidated financial statements. |
Revenue (Tables)
| Revenue (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Revenue from Contract with Customer [Abstract] | |
| 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, 2020 (in thousands): March 31, 2020 December 31, 2019 Decrease $ % Accrued revenue $ 1,226 $ 1,260 Costs and estimated profits in excess of billings 2,739 4,104 Contract assets $ 3,965 $ 5,364 $ (1,399) (26) % Deferred revenue $ 5,708 $ 4,877 Billings in excess of costs and profits recognized 4,876 5,911 Contract liabilities $ 10,584 $ 10,788 $ (204) (2) % |
Inventories (Tables)
| Inventories (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Inventory Disclosure [Abstract] | |
| Schedule of Inventory | Our significant components of inventory at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, 2020 December 31, 2019 Raw materials and parts $ 172,316 $ 172,082 Work in process 26,959 29,972 Finished goods 262,045 278,661 Gross inventories 461,320 480,715 Inventory reserve (68,376) (66,075) Inventories $ 392,944 $ 414,640 |
Intangible Assets (Tables)
| Intangible Assets (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Summary of Intangible Assets | Intangible assets consisted of the following as of March 31, 2020 and December 31, 2019, respectively (in thousands): March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 267,567 $ (105,252) $ 162,315 10-15 Patents and technology 90,389 (21,310) 69,079 5-19 Non-compete agreements 188 (108) 80 2-6 Trade names 41,924 (20,415) 21,509 7-19 Distributor relationships 14,120 (12,262) 1,858 15-22 Trademarks 5,089 (848) 4,241 15 Intangible Assets Total $ 419,277 $ (160,195) $ 259,082 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 281,052 $ (110,410) $ 170,642 10 - 15 Patents and technology 92,498 (20,819) 71,679 5 - 19 Non-compete agreements 190 (100) 90 2 - 6 Trade names 43,284 (21,015) 22,269 7 - 19 Distributor relationships 22,160 (18,866) 3,294 15 - 22 Trademarks 5,089 (763) 4,326 15 Intangible Assets Total $ 444,273 $ (171,973) $ 272,300 |
Impairments of Long-Lived Ass_2
| Impairments of Long-Lived Assets (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Schedule of Impairment of Long-Lived Assets | We recognized the following impairment charges during the three months ended March 31, 2020 (in thousands): Impairments of: Drilling & Downhole Completions Production Total Impairments Property and equipment (1) $ 1,076 $ 9,608 $ 1,378 $ 12,062 Intangible assets (2) 5,258 — — $ 5,258 Operating lease right of use assets (3) 1,429 6,139 1,915 $ 9,483 Total impairments $ 7,763 $ 15,747 $ 3,293 $ 26,803 (1) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss. (2) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss and include primarily customer relationships, technology and distributor relationships. (3) $8.6 million of these charges are included in Cost of sales and $0.9 million is included in Selling, general and administrative expenses in the condensed consolidated statements of comprehensive loss. |
Debt (Tables)
| Debt (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Debt Disclosure [Abstract] | |
| Schedule of Debt | Notes payable and lines of credit as of March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, 2020 December 31, 2019 6.25% Senior Notes due October 2021 $ 389,150 $ 400,000 Unamortized debt premium 650 770 Debt issuance cost (1,697) (3,232) Senior secured revolving credit facility 55,000 — Other debt 2,854 2,041 Total debt 445,957 399,579 Less: current maturities (1,021) (717) Long-term debt $ 444,936 $ 398,862 |
Business Segments (Tables)
| Business Segments (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Segment Reporting [Abstract] | |
| Schedule of Income Statement by Segment | Summary financial data by segment follows (in thousands): Three Months Ended 2020 2019 Revenue: Drilling & Downhole $ 76,643 $ 85,940 Completions 50,823 94,659 Production 55,605 91,995 Eliminations (439) (752) Total revenue $ 182,632 $ 271,842 Operating income (loss) Drilling & Downhole $ (4,145) $ (2,499) Completions (17,318) 6,851 Production (8,179) 4,335 Corporate (8,429) (8,406) Segment operating income (loss) (38,071) 281 Transaction expenses 37 593 Impairments of intangible assets, property and equipment 17,320 — Contingent consideration benefit — (4,629) Loss (gain) on disposal of assets and other (21) 20 Operating income (loss) $ (55,407) $ 4,297 A summary of consolidated assets by reportable segment is as follows (in thousands): March 31, 2020 December 31, 2019 Drilling & Downhole $ 378,637 $ 407,779 Completions 461,799 496,714 Production 170,184 186,786 Corporate 134,872 68,718 Total assets $ 1,145,492 $ 1,159,997 |
| Schedule of Disaggregation of Revenue | The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended 2020 2019 Drilling Technologies $ 36,638 $ 41,926 Downhole Technologies 24,951 30,425 Subsea Technologies 15,054 13,589 Stimulation and Intervention 24,476 51,311 Coiled Tubing 26,347 43,348 Production Equipment 18,749 36,568 Valve Solutions 36,856 55,427 Eliminations (439) (752) Total revenue $ 182,632 $ 271,842 |
| Schedule of Revenue by Geography | The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended 2020 2019 United States $ 123,890 $ 196,967 Canada 7,952 16,463 Europe & Africa 11,146 17,597 Middle East 13,140 19,285 Asia-Pacific 18,793 14,759 Latin America 7,711 6,771 Total Revenue $ 182,632 $ 271,842 |
Earnings Per Share (Tables)
| Earnings Per Share (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| 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 2020 2019 Net loss $ (37,144) $ (7,888) Basic - weighted average shares outstanding 111,173 109,643 Dilutive effect of stock options and restricted stock — — Diluted - weighted average shares outstanding 111,173 109,643 Loss per share Basic $ (0.33) $ (0.07) Diluted $ (0.33) $ (0.07) |
Condensed Consolidating Finan_2
| Condensed Consolidating Financial Statements (Tables) | 3 Months Ended |
| Mar. 31, 2020 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Condensed consolidating statements of comprehensive income (loss) | Condensed consolidating statements of comprehensive loss Three Months Ended March 31, 2020 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 147,384 $ 52,206 $ (16,958) $ 182,632 Cost of sales — 133,195 43,928 (16,581) 160,542 Gross Profit — 14,189 8,278 (377) 22,090 Operating Expenses Selling, general and administrative expenses $ — $ 49,691 $ 10,470 $ — $ 60,161 Transaction expenses — 37 — — 37 Impairments of intangible assets, property and equipment — 16,823 497 — 17,320 Loss (gain) on disposal of assets and other — (23) 2 — (21) Total operating expenses — 66,528 10,969 — 77,497 Equity earnings (loss) from affiliate, net of tax (35,820) 1,267 — 34,553 — Operating loss (35,820) (51,072) (2,691) 34,176 (55,407) Other expense (income) Interest expense (income) 6,954 22 (252) — 6,724 Foreign exchange and other losses (gains), net — 264 (5,271) — (5,007) Gain on extinguishment of debt (7,459) — — — (7,459) Deferred loan costs written off 1,829 — — — 1,829 Total other (income) expense, net 1,324 286 (5,523) — (3,913) Income (loss) before income taxes (37,144) (51,358) 2,832 34,176 (51,494) Income tax expense (benefit) — (15,538) 1,188 — (14,350) Net income (loss) (37,144) (35,820) 1,644 34,176 (37,144) Other comprehensive income (loss), net of tax: Net income (loss) (37,144) (35,820) 1,644 34,176 (37,144) Change in foreign currency translation, net of tax of $0 (8,846) (8,846) (8,846) 17,692 (8,846) Gain on pension liability 21 21 21 (42) 21 Comprehensive loss $ (45,969) $ (44,645) $ (7,181) $ 51,826 $ (45,969) Condensed consolidating statements of comprehensive income (loss) Three Months Ended March 31, 2019 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Revenue $ — $ 236,806 $ 50,213 $ (15,177) $ 271,842 Cost of sales — 175,854 40,093 (14,203) 201,744 Gross Profit — 60,952 10,120 (974) 70,098 Operating Expenses Selling, general and administrative expenses — 57,410 11,558 — 68,968 Contingent consideration benefit — (4,629) — — (4,629) Transaction Expenses — 543 50 — 593 Loss (gain) on disposal of assets and other — 78 (58) — 20 Total operating expenses — 53,402 11,550 — 64,952 Loss from equity investment — (471) (378) — (849) Equity earnings (loss) from affiliate, net of tax 358 (6,608) — 6,250 — Operating income (loss) 358 471 (1,808) 5,276 4,297 Other expense (income) Interest expense (income) 8,246 (11) (54) — 8,181 Foreign exchange and other losses, net — 72 2,205 — 2,277 Total other expense 8,246 61 2,151 — 10,458 Income (loss) before income taxes (7,888) 410 (3,959) 5,276 (6,161) Income tax expense — 52 1,675 — 1,727 Net income (loss) (7,888) 358 (5,634) 5,276 (7,888) Other comprehensive income (loss), net of tax: Net income (loss) (7,888) 358 (5,634) 5,276 (7,888) Change in foreign currency translation, net of tax of $0 4,834 4,834 4,834 (9,668) 4,834 Loss on pension liability (9) (9) (9) 18 (9) Comprehensive income (loss) $ (3,063) $ 5,183 $ (809) $ (4,374) $ (3,063) |
| Condensed consolidating balance sheets | Condensed consolidating balance sheets March 31, 2020 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 88,122 $ 20,827 $ — $ 108,949 Accounts receivable—trade, net — 106,526 38,866 — 145,392 Inventories, net — 330,613 71,035 (8,704) 392,944 Prepaid expenses and other current assets — 44,141 868 — 45,009 Accrued revenue — — 1,226 — 1,226 Costs and estimated profits in excess of billings — 2,606 133 — 2,739 Total current assets — 572,008 132,955 (8,704) 696,259 Property and equipment, net of accumulated depreciation — 117,741 18,710 — 136,451 Operating lease assets — 22,802 14,018 — 36,820 Deferred financing costs, net 1,036 — — — 1,036 Intangible assets — 234,398 24,684 — 259,082 Deferred income taxes, net — 80 61 — 141 Other long-term assets — 6,449 9,254 — 15,703 Investment in affiliates 303,976 209,553 (513,529) — Long-term advances to affiliates 594,318 — 114,089 (708,407) — Total assets $ 899,330 $ 1,163,031 $ 313,771 $ (1,230,640) $ 1,145,492 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 877 $ 144 $ — $ 1,021 Accounts payable—trade — 75,793 23,057 — 98,850 Accrued liabilities 14,164 25,897 34,693 — 74,754 Deferred revenue — 1,998 3,710 — 5,708 Billings in excess of costs and profits recognized — 722 4,154 — 4,876 Total current liabilities 14,164 105,287 65,758 — 185,209 Long-term debt, net of current portion 443,104 1,651 181 — 444,936 Deferred income taxes, net — — 2,229 — 2,229 Operating lease liabilities — 28,779 17,603 — 46,382 Other long-term liabilities — 14,931 9,743 — 24,674 Long-term payables to affiliates — 708,407 — (708,407) — Total liabilities 457,268 859,055 95,514 (708,407) 703,430 Total equity 442,062 303,976 218,257 (522,233) 442,062 Total liabilities and equity $ 899,330 $ 1,163,031 $ 313,771 $ (1,230,640) $ 1,145,492 Condensed consolidating balance sheets December 31, 2019 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Assets Current assets Cash and cash equivalents $ — $ 32,387 $ 25,524 $ — $ 57,911 Accounts receivable—trade, net — 116,862 37,320 — 154,182 Inventories, net — 344,920 78,047 (8,327) 414,640 Prepaid expenses and other current assets — 31,485 2,335 — 33,820 Accrued revenue — 428 832 — 1,260 Costs and estimated profits in excess of billings — 4,029 75 — 4,104 Total current assets — 530,111 144,133 (8,327) 665,917 Property and equipment, net of accumulated depreciation — 133,974 20,862 — 154,836 Operating lease assets — 29,518 19,164 — 48,682 Deferred financing costs, net 1,243 — — — 1,243 Intangible assets — 245,507 26,793 — 272,300 Deferred income taxes, net — — 654 — 654 Other long-term assets — 6,682 9,683 — 16,365 Investment in affiliates 348,623 218,228 — (566,851) — Long-term advances to affiliates 541,351 — 116,053 (657,404) — Total assets $ 891,217 $ 1,164,020 $ 337,342 $ (1,232,582) $ 1,159,997 Liabilities and equity Current liabilities Current portion of long-term debt $ — $ 566 $ 151 $ — $ 717 Accounts payable—trade — 75,999 22,721 — 98,720 Accrued liabilities 7,640 35,746 43,239 — 86,625 Deferred revenue — 1,616 3,261 — 4,877 Billings in excess of costs and profits recognized — 787 5,124 — 5,911 Total current liabilities 7,640 114,714 74,496 — 196,850 Long-term debt, net of current portion 397,538 1,128 196 — 398,862 Deferred income taxes, net — — 2,465 — 2,465 Operating Lease Liabilities — 29,896 20,042 — 49,938 Other long-term liabilities — 12,255 13,588 — 25,843 Long-term payables to affiliates — 657,404 — (657,404) — Total liabilities 405,178 815,397 110,787 (657,404) 673,958 Total equity 486,039 348,623 226,555 (575,178) 486,039 Total liabilities and equity $ 891,217 $ 1,164,020 $ 337,342 $ (1,232,582) $ 1,159,997 |
| Condensed consolidating statements of cash flows | Condensed consolidating statements of cash flows Three Months Ended March 31, 2020 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities $ (1,105) $ 9,488 $ (5,702) $ (1,114) $ 1,567 Cash flows from investing activities Capital expenditures for property and equipment — (756) (202) — (958) Proceeds from sale of equity investment, property and equipment — 37 — — 37 Long-term loans and advances to affiliates (50,100) — 3,038 47,062 — Net cash provided by (used in) investing activities $ (50,100) $ (719) $ 2,836 $ 47,062 $ (921) Cash flows from financing activities Borrowings of debt 55,000 — — — 55,000 Repayments of debt (3,362) (96) (5) — (3,463) Repurchases of stock (179) — — — (179) Deferred financing costs (254) — — — (254) Long-term loans and advances from affiliates — 47,062 — (47,062) — Dividend paid to affiliates — — (1,114) 1,114 — Net cash provided by (used in) financing activities $ 51,205 $ 46,966 $ (1,119) $ (45,948) $ 51,104 Effect of exchange rate changes on cash — — (712) — (712) Net increase (decrease) in cash, cash equivalents and restricted cash — 55,735 (4,697) — 51,038 Cash, cash equivalents and restricted cash at beginning of period — 32,387 25,524 — 57,911 Cash, cash equivalents and restricted cash at end of period $ — $ 88,122 $ 20,827 $ — $ 108,949 Condensed consolidating statements of cash flows Three Months Ended March 31, 2019 FET (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (in thousands) Cash flows from operating activities $ 3,037 $ 18,284 $ (3,434) $ — $ 17,887 Cash flows from investing activities Capital expenditures for property and equipment — (3,294) (393) — (3,687) Proceeds from sale of business, property and equipment — 134 — — 134 Long-term loans and advances to affiliates 27,936 799 — (28,735) — Net cash provided by (used in) investing activities $ 27,936 $ (2,361) $ (393) $ (28,735) $ (3,553) Cash flows from financing activities Borrowings of debt 20,000 — — — 20,000 Repayments of debt (50,000) (1,063) — — (51,063) Repurchases of stock (973) — — — (973) Long-term loans and advances to affiliates — (27,936) (799) 28,735 — Net cash used in financing activities $ (30,973) $ (28,999) $ (799) $ 28,735 $ (32,036) Effect of exchange rate changes on cash — — 155 — 155 Net decrease in cash, cash equivalents and restricted cash — (13,076) (4,471) — (17,547) Cash, cash equivalents and restricted cash at beginning of period — 24,977 22,264 — 47,241 Cash, cash equivalents and restricted cash at end of period $ — $ 11,901 $ 17,793 $ — $ 29,694 |
Organization and Basis of Pre_2
| Organization and Basis of Presentation - Narrative (Details) | Jan. 03, 2018 |
| Subsea Rentals | Ashtead Technology | |
| Business Acquisition [Line Items] | |
| Equity interest received in sale of business | 40.00% |
Recent Accounting Pronounceme_3
| Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
| Adjustment for adoption of ASU 2016-13 | $ 442,062 | $ 486,039 | $ 1,031,059 | $ 1,030,126 | |
| Retained deficit | |||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
| Adjustment for adoption of ASU 2016-13 | $ 55,800 | $ 63,688 | |||
| Retained deficit | Cumulative Effect, Period of Adoption, Adjustment | |||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
| Adjustment for adoption of ASU 2016-13 | $ (1,400) |
Revenue - Schedule of Changes i
| Revenue - Schedule of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Dec. 31, 2019 | |
| Contract with Customer, Asset, after Allowance for Credit Loss [Abstract] | ||
| Accrued revenue | $ 1,226 | $ 1,260 |
| Costs and estimated profits in excess of billings | 2,739 | 4,104 |
| Contract assets | 3,965 | 5,364 |
| Decrease in contract with customer assets | $ (1,399) | |
| Decrease in contract with customer asset, percentage | (26.00%) | |
| Contract with Customer, Liability [Abstract] | ||
| Deferred revenue | $ 5,708 | 4,877 |
| Billings in excess of costs and profits recognized | 4,876 | 5,911 |
| Contract liabilities | 10,584 | $ 10,788 |
| Decrease in contract with customer liabilities | $ (204) | |
| Decrease in contract with customer liability, percentage | (2.00%) |
Revenue - Narrative (Details)
| Revenue - Narrative (Details) $ in Thousands | 3 Months Ended |
| Mar. 31, 2020USD ($) | |
| Revenue from Contract with Customer [Abstract] | |
| Decrease in contract with customer assets | $ (1,399) |
| Decrease in contract with customer liabilities | (204) |
| Revenue recognized | $ 5,500 |
Dispositions - Narrative (Detai
| Dispositions - Narrative (Details) $ in Thousands, £ in Millions | Dec. 04, 2019USD ($) | Sep. 03, 2019GBP (£) | Sep. 03, 2019USD ($) | Mar. 31, 2020USD ($) | Sep. 03, 2019USD ($) | Jan. 03, 2018GBP (£) |
| Business Acquisition [Line Items] | ||||||
| Gain realized on previously held equity investment | $ 7,459 | |||||
| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||||
| Business Acquisition [Line Items] | ||||||
| Consideration for disposal group | $ 47,700 | |||||
| Note receivable received as consideration in sale of business | £ | £ 6.9 | £ 3 | ||||
| Proceeds from divestiture of business | $ 39,300 | |||||
| Gain realized on previously held equity investment | £ | £ 1.6 | |||||
| Cooper Alloy | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||||
| Business Acquisition [Line Items] | ||||||
| Consideration for disposal group | $ 4,000 | |||||
| Gain (loss) on disposition of business | $ 2,300 | |||||
| Ashtead Technology | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||||
| Business Acquisition [Line Items] | ||||||
| Equity interest received in sale of business | 40.00% |
Inventories (Details)
| Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
| Inventory Disclosure [Abstract] | ||
| Raw materials and parts | $ 172,316 | $ 172,082 |
| Work in process | 26,959 | 29,972 |
| Finished goods | 262,045 | 278,661 |
| Gross inventories | 461,320 | 480,715 |
| Inventory reserve | (68,376) | (66,075) |
| Inventories | $ 392,944 | $ 414,640 |
Intangible Assets - Finite-Live
| Intangible Assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
| Mar. 31, 2020 | Dec. 31, 2019 | |
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Accumulated Amortization | $ (160,195) | $ (171,973) |
| Gross Carrying Amount | 419,277 | 444,273 |
| Net Intangibles | 259,082 | 272,300 |
| Customer relationships | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 267,567 | 281,052 |
| Accumulated Amortization | (105,252) | (110,410) |
| Net Intangibles | 162,315 | 170,642 |
| Patents and technology | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 90,389 | 92,498 |
| Accumulated Amortization | (21,310) | (20,819) |
| Net Intangibles | 69,079 | 71,679 |
| Non-compete agreements | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 188 | 190 |
| Accumulated Amortization | (108) | (100) |
| Net Intangibles | 80 | 90 |
| Trade names | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 41,924 | 43,284 |
| Accumulated Amortization | (20,415) | (21,015) |
| Net Intangibles | 21,509 | 22,269 |
| Distributor relationships | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 14,120 | 22,160 |
| Accumulated Amortization | (12,262) | (18,866) |
| Net Intangibles | 1,858 | 3,294 |
| Trademarks | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 5,089 | 5,089 |
| Accumulated Amortization | (848) | (763) |
| Net Intangibles | $ 4,241 | $ 4,326 |
| Minimum | Customer relationships | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Amortization period | 10 years | 10 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 | 2 years | 2 years |
| Minimum | Trade names | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Amortization period | 7 years | 7 years |
| Minimum | Distributor relationships | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Amortization period | 15 years | 15 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 | 19 years | 19 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 | 19 years | 19 years |
| Maximum | Distributor relationships | ||
| Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
| Amortization period | 22 years | 22 years |
Impairments of Long-Lived Ass_3
| Impairments of Long-Lived Assets - Schedule of Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | $ 17,320 | $ 0 |
| Impairments of operating lease assets | 9,483 | $ 2,481 |
| Property and equipment | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 12,062 | |
| Intangible assets | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 5,258 | |
| Operating lease right of use assets | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 9,483 | |
| Operating Segments | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 26,803 | |
| Drilling & Downhole | Operating Segments | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 7,763 | |
| Drilling & Downhole | Operating Segments | Property and equipment | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 1,076 | |
| Drilling & Downhole | Operating Segments | Intangible assets | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 5,258 | |
| Drilling & Downhole | Operating Segments | Operating lease right of use assets | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 1,429 | |
| Completions | Operating Segments | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 15,747 | |
| Completions | Operating Segments | Property and equipment | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 9,608 | |
| Completions | Operating Segments | Intangible assets | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 0 | |
| Completions | Operating Segments | Operating lease right of use assets | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 6,139 | |
| Production | Operating Segments | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 3,293 | |
| Production | Operating Segments | Property and equipment | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 1,378 | |
| Production | Operating Segments | Intangible assets | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 0 | |
| Production | Operating Segments | Operating lease right of use assets | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Asset impairment charges | 1,915 | |
| Cost of Sales | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Impairments of operating lease assets | 8,600 | |
| Selling, General and Administrative Expenses | ||
| Impaired Long-Lived Assets Held and Used [Line Items] | ||
| Impairments of operating lease assets | $ 900 | |
Debt - Schedule of Long-Term De
| Debt - Schedule of Long-Term Debt (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2013 |
| Debt Instrument [Line Items] | |||
| Total debt | $ 445,957,000 | $ 399,579,000 | |
| Unamortized debt premium | 650,000 | 770,000 | |
| Debt issuance cost | (1,697,000) | (3,232,000) | |
| Less: current maturities | (1,021,000) | (717,000) | |
| Long-term debt | 444,936,000 | 398,862,000 | |
| 6.25% Senior Notes due October 2021 | |||
| Debt Instrument [Line Items] | |||
| Total debt | $ 389,150,000 | 400,000,000 | |
| Debt stated interest rate | 6.25% | 6.25% | |
| Other debt | |||
| Debt Instrument [Line Items] | |||
| Total debt | $ 2,854,000 | 2,041,000 | |
| 2017 Credit Facility | Senior secured revolving credit facility | |||
| Debt Instrument [Line Items] | |||
| Total debt | $ 55,000,000 | $ 0 |
Debt - Narrative (Details)
| Debt - Narrative (Details) - USD ($) | 3 Months Ended | |||||
| Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Oct. 30, 2017 | Nov. 30, 2013 | Oct. 31, 2013 | |
| Debt Instrument [Line Items] | ||||||
| Extinguishment of debt | $ 7,459,000 | $ 0 | ||||
| Debt instrument, carrying value | 445,957,000 | $ 399,579,000 | ||||
| Deferred loan costs written off | 1,829,000 | $ 0 | ||||
| Outstanding letters of credit | $ 27,200,000 | 24,500,000 | ||||
| Senior Notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Face amount | $ 100,000,000 | $ 300,000,000 | ||||
| Debt stated interest rate | 6.25% | 6.25% | ||||
| Issuance price of par percent | 103.25% | |||||
| Debt repurchased face amount | $ 10,900,000 | |||||
| Debt repurchase amount | 3,400,000 | |||||
| Aggregate payment amount on Senior Notes | 80,000,000 | |||||
| Debt instrument, carrying value | 389,150,000 | 400,000,000 | ||||
| Credit Facility | ||||||
| Debt Instrument [Line Items] | ||||||
| Line of credit facility, maximum borrowing capacity | 20,000,000 | |||||
| Line of credit facility, remaining borrowing capacity | $ 152,600,000 | |||||
| Percentage of borrowing base | 10.00% | |||||
| Credit Facility | Revolving Credit Facility | ||||||
| Debt Instrument [Line Items] | ||||||
| Line of credit facility, maximum borrowing capacity | $ 300,000,000 | |||||
| Credit Facility | Foreign Line of Credit | ||||||
| Debt Instrument [Line Items] | ||||||
| Line of credit facility, maximum borrowing capacity | 45,000,000 | |||||
| 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 | |||||
| 2017 Credit Facility | ||||||
| Debt Instrument [Line Items] | ||||||
| Weighted average interest rate | 2.70% | |||||
| 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 | $ 234,000,000 | |||||
| Debt instrument, carrying value | 55,000,000 | $ 0 | ||||
| 2017 Credit Facility | Credit Facility | Letter of Credit | ||||||
| Debt Instrument [Line Items] | ||||||
| Line of credit outstanding | $ 26,400,000 | |||||
| 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 | 0.0200 | |||||
| Maximum leverage ratio | 0.0150 | |||||
| Percentage of borrowing base | 50.00% | |||||
| Debt Instrument, Redemption, Period Four | 2017 Credit Facility | Revolving Credit Facility | ||||||
| Debt Instrument [Line Items] | ||||||
| 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 | |||||
| Fixed charge coverage ratio consecutive days threshold | 60 days | |||||
| Minimum | Debt Instrument, Redemption, Period Five | 2017 Credit Facility | Revolving Credit Facility | ||||||
| Debt Instrument [Line Items] | ||||||
| Commitment fee percentage | 0.25% | |||||
| Maximum | Debt Instrument, Redemption, Period Five | 2017 Credit Facility | Revolving Credit Facility | ||||||
| Debt Instrument [Line Items] | ||||||
| Commitment fee percentage | 0.375% | |||||
Income Taxes (Details)
| Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Income Tax Disclosure [Abstract] | ||
| Income tax expense (benefit) | $ (14,350) | $ 1,727 |
| Carryback claim for CARES Act | $ (16,600) | |
Fair Value Measurements (Detail
| Fair Value Measurements (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Debt instrument, carrying value | $ 445,957,000 | $ 399,579,000 |
| 6.25% Senior Notes due October 2021 | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Debt instrument, carrying value | 389,150,000 | 400,000,000 |
| 6.25% Senior Notes due October 2021 | Fair Value, Inputs, Level 2 | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Debt instrument, carrying value | 388,100,000 | 397,500,000 |
| Debt instrument, fair value disclosure | 123,600,000 | 354,000,000 |
| 2017 Credit Facility | Credit Facility | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Debt instrument, carrying value | $ 55,000,000 | $ 0 |
Business Segments - Income Stat
| Business Segments - Income Statement by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Segment Reporting Information [Line Items] | ||
| Total revenue | $ 182,632 | $ 271,842 |
| Segment operating income (loss) | (55,407) | 4,297 |
| Transaction expenses | 37 | 593 |
| Contingent consideration benefit | 0 | (4,629) |
| Loss (gain) on disposal of assets and other | (21) | 20 |
| Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Segment operating income (loss) | (38,071) | 281 |
| Operating Segments | Drilling & Downhole | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | 76,643 | 85,940 |
| Segment operating income (loss) | (4,145) | (2,499) |
| Operating Segments | Completions | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | 50,823 | 94,659 |
| Segment operating income (loss) | (17,318) | 6,851 |
| Operating Segments | Production | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | 55,605 | 91,995 |
| Segment operating income (loss) | (8,179) | 4,335 |
| Eliminations | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | (439) | (752) |
| Corporate | ||
| Segment Reporting Information [Line Items] | ||
| Segment operating income (loss) | (8,429) | (8,406) |
| Segment Reconciling Items | ||
| Segment Reporting Information [Line Items] | ||
| Transaction expenses | 37 | 593 |
| Goodwill and Intangible Asset Impairment | 17,320 | 0 |
| Contingent consideration benefit | 0 | (4,629) |
| Loss (gain) on disposal of assets and other | $ (21) | $ 20 |
Business Segments - Assets by S
| Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
| Segment Reporting Information [Line Items] | ||
| Assets | $ 1,145,492 | $ 1,159,997 |
| Operating Segments | Drilling & Downhole | ||
| Segment Reporting Information [Line Items] | ||
| Assets | 378,637 | 407,779 |
| Operating Segments | Completions | ||
| Segment Reporting Information [Line Items] | ||
| Assets | 461,799 | 496,714 |
| Operating Segments | Production | ||
| Segment Reporting Information [Line Items] | ||
| Assets | 170,184 | 186,786 |
| Corporate | ||
| Segment Reporting Information [Line Items] | ||
| Assets | $ 134,872 | $ 68,718 |
Business Segments - Schedule of
| Business Segments - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Disaggregation of Revenue [Line Items] | ||
| Total revenue | $ 182,632 | $ 271,842 |
| Eliminations | ||
| Disaggregation of Revenue [Line Items] | ||
| Total revenue | (439) | (752) |
| Drilling Technologies | Operating Segments | ||
| Disaggregation of Revenue [Line Items] | ||
| Total revenue | 36,638 | 41,926 |
| Downhole Technologies | Operating Segments | ||
| Disaggregation of Revenue [Line Items] | ||
| Total revenue | 24,951 | 30,425 |
| Subsea Technologies | Operating Segments | ||
| Disaggregation of Revenue [Line Items] | ||
| Total revenue | 15,054 | 13,589 |
| Stimulation and Intervention | Operating Segments | ||
| Disaggregation of Revenue [Line Items] | ||
| Total revenue | 24,476 | 51,311 |
| Coiled Tubing | Operating Segments | ||
| Disaggregation of Revenue [Line Items] | ||
| Total revenue | 26,347 | 43,348 |
| Production Equipment | Operating Segments | ||
| Disaggregation of Revenue [Line Items] | ||
| Total revenue | 18,749 | 36,568 |
| Valve Solutions | Operating Segments | ||
| Disaggregation of Revenue [Line Items] | ||
| Total revenue | $ 36,856 | $ 55,427 |
Business Segments - Schedule _2
| Business Segments - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Segment Reporting Information [Line Items] | ||
| Total revenue | $ 182,632 | $ 271,842 |
| United States | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | 123,890 | 196,967 |
| Canada | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | 7,952 | 16,463 |
| Europe & Africa | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | 11,146 | 17,597 |
| Middle East | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | 13,140 | 19,285 |
| Asia-Pacific | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | 18,793 | 14,759 |
| Latin America | ||
| Segment Reporting Information [Line Items] | ||
| Total revenue | $ 7,711 | $ 6,771 |
Earnings Per Share (Details)
| Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Earnings Per Share [Abstract] | ||
| Net loss | $ (37,144) | $ (7,888) |
| Basic - weighted average shares outstanding (in shares) | 111,173 | 109,643 |
| Dilutive effect of stock options and restricted stock (in shares) | 0 | 0 |
| Diluted - weighted average shares outstanding (in shares) | 111,173 | 109,643 |
| Loss per share | ||
| Basic (in USD per share) | $ (0.33) | $ (0.07) |
| Diluted (in USD per share) | $ (0.33) | $ (0.07) |
Stockholders' Equity (Details)
| Stockholders' Equity (Details) | 3 Months Ended |
| Mar. 31, 2020shares | |
| 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) | 2,250,360 |
| Restricted Stock and Restricted Stock Units | Employee | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Award vesting period | 3 years |
| Performance Shares | Minimum | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Share conversion ratio (in shares) | 0 |
| Performance Shares | Maximum | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Share conversion ratio (in shares) | 3 |
| February 2019 | Performance Shares | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Performance measurement period | 3 years |
Condensed Consolidating Finan_3
| Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Condensed Statements of Income and Comprehensive Income [Line Items] | ||
| Revenue | $ 182,632 | $ 271,842 |
| Cost of sales | 160,542 | 201,744 |
| Gross profit | 22,090 | 70,098 |
| Operating Expenses | ||
| Selling, general and administrative expenses | 60,161 | 68,968 |
| Transaction expenses | 37 | 593 |
| Impairments of intangible assets, property and equipment | 17,320 | 0 |
| Contingent consideration benefit | 0 | (4,629) |
| Loss (gain) on disposal of assets and other | (21) | 20 |
| Total operating expenses | 77,497 | 64,952 |
| Loss from equity investment | 0 | (849) |
| Equity earnings (loss) from affiliate, net of tax | 0 | 0 |
| Operating income (loss) | (55,407) | 4,297 |
| Other expense (income) | ||
| Interest expense (income) | 6,724 | 8,181 |
| Foreign exchange and other losses (gains), net | (5,007) | 2,277 |
| Gain on extinguishment of debt | (7,459) | |
| Deferred loan costs written off | (1,829) | 0 |
| Total other expense (income), net | (3,913) | 10,458 |
| Loss before income taxes | (51,494) | (6,161) |
| Income tax expense | (14,350) | 1,727 |
| Net loss | (37,144) | (7,888) |
| Other comprehensive income (loss), net of tax: | ||
| Net loss | (37,144) | (7,888) |
| Change in foreign currency translation, net of tax of $0 | (8,846) | 4,834 |
| Gain (loss) on pension liability | 21 | (9) |
| Comprehensive loss | (45,969) | (3,063) |
| Reportable Legal Entities | FET (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 |
| Impairments of intangible assets, property and equipment | 0 | |
| Contingent consideration benefit | 0 | |
| Loss (gain) on disposal of assets and other | 0 | 0 |
| Total operating expenses | 0 | 0 |
| Loss from equity investment | 0 | |
| Equity earnings (loss) from affiliate, net of tax | (35,820) | 358 |
| Operating income (loss) | (35,820) | 358 |
| Other expense (income) | ||
| Interest expense (income) | 6,954 | 8,246 |
| Foreign exchange and other losses (gains), net | 0 | 0 |
| Gain on extinguishment of debt | (7,459) | |
| Deferred loan costs written off | (1,829) | |
| Total other expense (income), net | 1,324 | 8,246 |
| Loss before income taxes | (37,144) | (7,888) |
| Income tax expense | 0 | 0 |
| Net loss | (37,144) | (7,888) |
| Other comprehensive income (loss), net of tax: | ||
| Net loss | (37,144) | (7,888) |
| Change in foreign currency translation, net of tax of $0 | (8,846) | 4,834 |
| Gain (loss) on pension liability | 21 | (9) |
| Comprehensive loss | (45,969) | (3,063) |
| Reportable Legal Entities | Guarantor Subsidiaries | ||
| Condensed Statements of Income and Comprehensive Income [Line Items] | ||
| Revenue | 147,384 | 236,806 |
| Cost of sales | 133,195 | 175,854 |
| Gross profit | 14,189 | 60,952 |
| Operating Expenses | ||
| Selling, general and administrative expenses | 49,691 | 57,410 |
| Transaction expenses | 37 | 543 |
| Impairments of intangible assets, property and equipment | 16,823 | |
| Contingent consideration benefit | (4,629) | |
| Loss (gain) on disposal of assets and other | (23) | 78 |
| Total operating expenses | 66,528 | 53,402 |
| Loss from equity investment | (471) | |
| Equity earnings (loss) from affiliate, net of tax | 1,267 | (6,608) |
| Operating income (loss) | (51,072) | 471 |
| Other expense (income) | ||
| Interest expense (income) | 22 | (11) |
| Foreign exchange and other losses (gains), net | 264 | 72 |
| Gain on extinguishment of debt | 0 | |
| Deferred loan costs written off | 0 | |
| Total other expense (income), net | 286 | 61 |
| Loss before income taxes | (51,358) | 410 |
| Income tax expense | (15,538) | 52 |
| Net loss | (35,820) | 358 |
| Other comprehensive income (loss), net of tax: | ||
| Net loss | (35,820) | 358 |
| Change in foreign currency translation, net of tax of $0 | (8,846) | 4,834 |
| Gain (loss) on pension liability | 21 | (9) |
| Comprehensive loss | (44,645) | 5,183 |
| Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
| Condensed Statements of Income and Comprehensive Income [Line Items] | ||
| Revenue | 52,206 | 50,213 |
| Cost of sales | 43,928 | 40,093 |
| Gross profit | 8,278 | 10,120 |
| Operating Expenses | ||
| Selling, general and administrative expenses | 10,470 | 11,558 |
| Transaction expenses | 0 | 50 |
| Impairments of intangible assets, property and equipment | 497 | |
| Contingent consideration benefit | 0 | |
| Loss (gain) on disposal of assets and other | 2 | (58) |
| Total operating expenses | 10,969 | 11,550 |
| Loss from equity investment | (378) | |
| Equity earnings (loss) from affiliate, net of tax | 0 | 0 |
| Operating income (loss) | (2,691) | (1,808) |
| Other expense (income) | ||
| Interest expense (income) | (252) | (54) |
| Foreign exchange and other losses (gains), net | (5,271) | 2,205 |
| Gain on extinguishment of debt | 0 | |
| Deferred loan costs written off | 0 | |
| Total other expense (income), net | (5,523) | 2,151 |
| Loss before income taxes | 2,832 | (3,959) |
| Income tax expense | 1,188 | 1,675 |
| Net loss | 1,644 | (5,634) |
| Other comprehensive income (loss), net of tax: | ||
| Net loss | 1,644 | (5,634) |
| Change in foreign currency translation, net of tax of $0 | (8,846) | 4,834 |
| Gain (loss) on pension liability | 21 | (9) |
| Comprehensive loss | (7,181) | (809) |
| Eliminations | ||
| Condensed Statements of Income and Comprehensive Income [Line Items] | ||
| Revenue | (16,958) | (15,177) |
| Cost of sales | (16,581) | (14,203) |
| Gross profit | (377) | (974) |
| Operating Expenses | ||
| Selling, general and administrative expenses | 0 | 0 |
| Transaction expenses | 0 | 0 |
| Impairments of intangible assets, property and equipment | 0 | |
| Contingent consideration benefit | 0 | |
| Loss (gain) on disposal of assets and other | 0 | 0 |
| Total operating expenses | 0 | 0 |
| Loss from equity investment | 0 | |
| Equity earnings (loss) from affiliate, net of tax | 34,553 | 6,250 |
| Operating income (loss) | 34,176 | 5,276 |
| Other expense (income) | ||
| Interest expense (income) | 0 | 0 |
| Foreign exchange and other losses (gains), net | 0 | 0 |
| Gain on extinguishment of debt | 0 | |
| Deferred loan costs written off | 0 | |
| Total other expense (income), net | 0 | 0 |
| Loss before income taxes | 34,176 | 5,276 |
| Income tax expense | 0 | 0 |
| Net loss | 34,176 | 5,276 |
| Other comprehensive income (loss), net of tax: | ||
| Net loss | 34,176 | 5,276 |
| Change in foreign currency translation, net of tax of $0 | 17,692 | (9,668) |
| Gain (loss) on pension liability | (42) | 18 |
| Comprehensive loss | $ 51,826 | $ (4,374) |
Condensed Consolidating Finan_4
| Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
| Current assets | ||||
| Cash and cash equivalents | $ 108,949 | $ 57,911 | ||
| Accounts receivable—trade, net | 145,392 | 154,182 | ||
| Inventories, net | 392,944 | 414,640 | ||
| Prepaid expenses and other current assets | 45,009 | 33,820 | ||
| Accrued revenue | 1,226 | 1,260 | ||
| Costs and estimated profits in excess of billings | 2,739 | 4,104 | ||
| Total current assets | 696,259 | 665,917 | ||
| Property and equipment, net of accumulated depreciation | 136,451 | 154,836 | ||
| Operating lease assets | 36,820 | 48,682 | ||
| Deferred financing costs, net | 1,036 | 1,243 | ||
| Intangible assets, net | 259,082 | 272,300 | ||
| Deferred income taxes, net | 141 | 654 | ||
| Other long-term assets | 15,703 | 16,365 | ||
| Investment in affiliates | 0 | 0 | ||
| Long-term advances to affiliates | 0 | 0 | ||
| Total assets | 1,145,492 | 1,159,997 | ||
| Current liabilities | ||||
| Current portion of long-term debt | 1,021 | 717 | ||
| Accounts payable—trade | 98,850 | 98,720 | ||
| Accrued liabilities | 74,754 | 86,625 | ||
| Deferred revenue | 5,708 | 4,877 | ||
| Billings in excess of costs and profits recognized | 4,876 | 5,911 | ||
| Total current liabilities | 185,209 | 196,850 | ||
| Long-term debt, net of current portion | 444,936 | 398,862 | ||
| Deferred income taxes, net | 2,229 | 2,465 | ||
| Operating lease liabilities | 46,382 | 49,938 | ||
| Other long-term liabilities | 24,674 | 25,843 | ||
| Long-term payables to affiliates | 0 | 0 | ||
| Total liabilities | 703,430 | 673,958 | ||
| Total equity | 442,062 | 486,039 | $ 1,031,059 | $ 1,030,126 |
| Total liabilities and equity | 1,145,492 | 1,159,997 | ||
| Reportable Legal Entities | FET (Parent) | ||||
| Current assets | ||||
| Cash and cash equivalents | 0 | 0 | ||
| Accounts receivable—trade, net | 0 | 0 | ||
| Inventories, net | 0 | 0 | ||
| Prepaid expenses and other current assets | 0 | 0 | ||
| Accrued revenue | 0 | 0 | ||
| Costs and estimated profits in excess of billings | 0 | 0 | ||
| Total current assets | 0 | 0 | ||
| Property and equipment, net of accumulated depreciation | 0 | 0 | ||
| Operating lease assets | 0 | 0 | ||
| Deferred financing costs, net | 1,036 | 1,243 | ||
| Intangible assets, net | 0 | 0 | ||
| Deferred income taxes, net | 0 | 0 | ||
| Other long-term assets | 0 | 0 | ||
| Investment in affiliates | 303,976 | 348,623 | ||
| Long-term advances to affiliates | 594,318 | 541,351 | ||
| Total assets | 899,330 | 891,217 | ||
| Current liabilities | ||||
| Current portion of long-term debt | 0 | 0 | ||
| Accounts payable—trade | 0 | 0 | ||
| Accrued liabilities | 14,164 | 7,640 | ||
| Deferred revenue | 0 | 0 | ||
| Billings in excess of costs and profits recognized | 0 | 0 | ||
| Total current liabilities | 14,164 | 7,640 | ||
| Long-term debt, net of current portion | 443,104 | 397,538 | ||
| Deferred income taxes, net | 0 | 0 | ||
| Operating lease liabilities | 0 | 0 | ||
| Other long-term liabilities | 0 | 0 | ||
| Long-term payables to affiliates | 0 | 0 | ||
| Total liabilities | 457,268 | 405,178 | ||
| Total equity | 442,062 | 486,039 | ||
| Total liabilities and equity | 899,330 | 891,217 | ||
| Reportable Legal Entities | Guarantor Subsidiaries | ||||
| Current assets | ||||
| Cash and cash equivalents | 88,122 | 32,387 | ||
| Accounts receivable—trade, net | 106,526 | 116,862 | ||
| Inventories, net | 330,613 | 344,920 | ||
| Prepaid expenses and other current assets | 44,141 | 31,485 | ||
| Accrued revenue | 0 | 428 | ||
| Costs and estimated profits in excess of billings | 2,606 | 4,029 | ||
| Total current assets | 572,008 | 530,111 | ||
| Property and equipment, net of accumulated depreciation | 117,741 | 133,974 | ||
| Operating lease assets | 22,802 | 29,518 | ||
| Deferred financing costs, net | 0 | 0 | ||
| Intangible assets, net | 234,398 | 245,507 | ||
| Deferred income taxes, net | 80 | 0 | ||
| Other long-term assets | 6,449 | 6,682 | ||
| Investment in affiliates | 209,553 | 218,228 | ||
| Long-term advances to affiliates | 0 | 0 | ||
| Total assets | 1,163,031 | 1,164,020 | ||
| Current liabilities | ||||
| Current portion of long-term debt | 877 | 566 | ||
| Accounts payable—trade | 75,793 | 75,999 | ||
| Accrued liabilities | 25,897 | 35,746 | ||
| Deferred revenue | 1,998 | 1,616 | ||
| Billings in excess of costs and profits recognized | 722 | 787 | ||
| Total current liabilities | 105,287 | 114,714 | ||
| Long-term debt, net of current portion | 1,651 | 1,128 | ||
| Deferred income taxes, net | 0 | 0 | ||
| Operating lease liabilities | 28,779 | 29,896 | ||
| Other long-term liabilities | 14,931 | 12,255 | ||
| Long-term payables to affiliates | 708,407 | 657,404 | ||
| Total liabilities | 859,055 | 815,397 | ||
| Total equity | 303,976 | 348,623 | ||
| Total liabilities and equity | 1,163,031 | 1,164,020 | ||
| Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
| Current assets | ||||
| Cash and cash equivalents | 20,827 | 25,524 | ||
| Accounts receivable—trade, net | 38,866 | 37,320 | ||
| Inventories, net | 71,035 | 78,047 | ||
| Prepaid expenses and other current assets | 868 | 2,335 | ||
| Accrued revenue | 1,226 | 832 | ||
| Costs and estimated profits in excess of billings | 133 | 75 | ||
| Total current assets | 132,955 | 144,133 | ||
| Property and equipment, net of accumulated depreciation | 18,710 | 20,862 | ||
| Operating lease assets | 14,018 | 19,164 | ||
| Deferred financing costs, net | 0 | 0 | ||
| Intangible assets, net | 24,684 | 26,793 | ||
| Deferred income taxes, net | 61 | 654 | ||
| Other long-term assets | 9,254 | 9,683 | ||
| Investment in affiliates | 0 | |||
| Long-term advances to affiliates | 114,089 | 116,053 | ||
| Total assets | 313,771 | 337,342 | ||
| Current liabilities | ||||
| Current portion of long-term debt | 144 | 151 | ||
| Accounts payable—trade | 23,057 | 22,721 | ||
| Accrued liabilities | 34,693 | 43,239 | ||
| Deferred revenue | 3,710 | 3,261 | ||
| Billings in excess of costs and profits recognized | 4,154 | 5,124 | ||
| Total current liabilities | 65,758 | 74,496 | ||
| Long-term debt, net of current portion | 181 | 196 | ||
| Deferred income taxes, net | 2,229 | 2,465 | ||
| Operating lease liabilities | 17,603 | 20,042 | ||
| Other long-term liabilities | 9,743 | 13,588 | ||
| Long-term payables to affiliates | 0 | 0 | ||
| Total liabilities | 95,514 | 110,787 | ||
| Total equity | 218,257 | 226,555 | ||
| Total liabilities and equity | 313,771 | 337,342 | ||
| Eliminations | ||||
| Current assets | ||||
| Cash and cash equivalents | 0 | 0 | ||
| Accounts receivable—trade, net | 0 | 0 | ||
| Inventories, net | (8,704) | (8,327) | ||
| Prepaid expenses and other current assets | 0 | 0 | ||
| Accrued revenue | 0 | 0 | ||
| Costs and estimated profits in excess of billings | 0 | 0 | ||
| Total current assets | (8,704) | (8,327) | ||
| Property and equipment, net of accumulated depreciation | 0 | 0 | ||
| Operating lease assets | 0 | 0 | ||
| Deferred financing costs, net | 0 | 0 | ||
| Intangible assets, net | 0 | 0 | ||
| Deferred income taxes, net | 0 | 0 | ||
| Other long-term assets | 0 | 0 | ||
| Investment in affiliates | (513,529) | (566,851) | ||
| Long-term advances to affiliates | (708,407) | (657,404) | ||
| Total assets | (1,230,640) | (1,232,582) | ||
| 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 | ||
| Operating lease liabilities | 0 | 0 | ||
| Other long-term liabilities | 0 | 0 | ||
| Long-term payables to affiliates | (708,407) | (657,404) | ||
| Total liabilities | (708,407) | (657,404) | ||
| Total equity | (522,233) | (575,178) | ||
| Total liabilities and equity | $ (1,230,640) | $ (1,232,582) |
Condensed Consolidating Finan_5
| Condensed Consolidating Financial Statements - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2020 | Mar. 31, 2019 | |
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Cash flows from operating activities | $ 1,567 | $ 17,887 |
| Cash flows from investing activities | ||
| Capital expenditures for property and equipment | (958) | (3,687) |
| Proceeds from sale of equity investment, property and equipment | 37 | 134 |
| Long-term loans and advances to affiliates | 0 | 0 |
| Net cash used in investing activities | (921) | (3,553) |
| Cash flows from financing activities | ||
| Borrowings of debt | 55,000 | 20,000 |
| Repayments of debt | (3,463) | (51,063) |
| Repurchases of stock | (179) | (973) |
| Deferred financing costs | (254) | 0 |
| Long-term loans and advances from affiliates | 0 | 0 |
| Dividend paid to affiliates | 0 | |
| Net cash provided by (used in) financing activities | 51,104 | (32,036) |
| Effect of exchange rate changes on cash | (712) | 155 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 51,038 | (17,547) |
| Cash, cash equivalents and restricted cash at beginning of period | 57,911 | 47,241 |
| Cash, cash equivalents and restricted cash at end of period | 108,949 | 29,694 |
| Reportable Legal Entities | FET (Parent) | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Cash flows from operating activities | (1,105) | 3,037 |
| Cash flows from investing activities | ||
| Capital expenditures for property and equipment | 0 | 0 |
| Proceeds from sale of equity investment, property and equipment | 0 | 0 |
| Long-term loans and advances to affiliates | (50,100) | 27,936 |
| Net cash used in investing activities | (50,100) | 27,936 |
| Cash flows from financing activities | ||
| Borrowings of debt | 55,000 | 20,000 |
| Repayments of debt | (3,362) | (50,000) |
| Repurchases of stock | (179) | (973) |
| Deferred financing costs | (254) | |
| Long-term loans and advances from affiliates | 0 | 0 |
| Dividend paid to affiliates | 0 | |
| Net cash provided by (used in) financing activities | 51,205 | (30,973) |
| Effect of exchange rate changes on cash | 0 | 0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
| Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 |
| Cash, cash equivalents and restricted cash at end of period | 0 | 0 |
| Reportable Legal Entities | Guarantor Subsidiaries | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Cash flows from operating activities | 9,488 | 18,284 |
| Cash flows from investing activities | ||
| Capital expenditures for property and equipment | (756) | (3,294) |
| Proceeds from sale of equity investment, property and equipment | 37 | 134 |
| Long-term loans and advances to affiliates | 0 | 799 |
| Net cash used in investing activities | (719) | (2,361) |
| Cash flows from financing activities | ||
| Borrowings of debt | 0 | 0 |
| Repayments of debt | (96) | (1,063) |
| Repurchases of stock | 0 | 0 |
| Deferred financing costs | 0 | |
| Long-term loans and advances from affiliates | 47,062 | (27,936) |
| Dividend paid to affiliates | 0 | |
| Net cash provided by (used in) financing activities | 46,966 | (28,999) |
| Effect of exchange rate changes on cash | 0 | 0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 55,735 | (13,076) |
| Cash, cash equivalents and restricted cash at beginning of period | 32,387 | 24,977 |
| Cash, cash equivalents and restricted cash at end of period | 88,122 | 11,901 |
| Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Cash flows from operating activities | (5,702) | (3,434) |
| Cash flows from investing activities | ||
| Capital expenditures for property and equipment | (202) | (393) |
| Proceeds from sale of equity investment, property and equipment | 0 | 0 |
| Long-term loans and advances to affiliates | 3,038 | 0 |
| Net cash used in investing activities | 2,836 | (393) |
| Cash flows from financing activities | ||
| Borrowings of debt | 0 | 0 |
| Repayments of debt | (5) | 0 |
| Repurchases of stock | 0 | 0 |
| Deferred financing costs | 0 | |
| Long-term loans and advances from affiliates | 0 | (799) |
| Dividend paid to affiliates | (1,114) | |
| Net cash provided by (used in) financing activities | (1,119) | (799) |
| Effect of exchange rate changes on cash | (712) | 155 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (4,697) | (4,471) |
| Cash, cash equivalents and restricted cash at beginning of period | 25,524 | 22,264 |
| Cash, cash equivalents and restricted cash at end of period | 20,827 | 17,793 |
| Eliminations | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Cash flows from operating activities | (1,114) | 0 |
| Cash flows from investing activities | ||
| Capital expenditures for property and equipment | 0 | 0 |
| Proceeds from sale of equity investment, property and equipment | 0 | 0 |
| Long-term loans and advances to affiliates | 47,062 | (28,735) |
| Net cash used in investing activities | 47,062 | (28,735) |
| Cash flows from financing activities | ||
| Borrowings of debt | 0 | 0 |
| Repayments of debt | 0 | 0 |
| Repurchases of stock | 0 | 0 |
| Deferred financing costs | 0 | |
| Long-term loans and advances from affiliates | (47,062) | 28,735 |
| Dividend paid to affiliates | 1,114 | |
| Net cash provided by (used in) financing activities | (45,948) | 28,735 |
| Effect of exchange rate changes on cash | 0 | 0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
| Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 |
| Cash, cash equivalents and restricted cash at end of period | $ 0 | $ 0 |