Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 02, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-35195 | ||
Entity Registrant Name | CSI Compressco LP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-3450907 | ||
Entity Address, Address Line One | 24955 Interstate 45 North | ||
Entity Address, City or Town | The Woodlands, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77380 | ||
City Area Code | 281 | ||
Local Phone Number | 364-2244 | ||
Title of 12(b) Security | COMMON UNITS REPRESENTING LIMITED PARTNERSHIP INTERESTS | ||
Trading Symbol | CCLP | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 30,732,860 | ||
Entity Common Stock, Shares Outstanding | 47,971,240 | ||
Entity Central Index Key | 0001449488 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 16,577 | $ 2,370 |
Trade accounts receivable, net of allowances for doubtful accounts of $1,973 in 2015 and $1,496 in 2014 | 43,837 | 60,835 |
Inventory, Net | 31,188 | 36,516 |
Prepaid expenses and other current assets | 5,184 | 4,015 |
Current assets associated with discontinued operations | 39 | 23,557 |
Total current assets | 96,825 | 127,293 |
Property, plant, and equipment: | ||
Land and building | 13,259 | 11,990 |
Compressors and equipment | 975,375 | 973,269 |
Vehicles | 7,692 | 9,158 |
Construction in progress | 12,763 | 9,545 |
Total property, plant, and equipment | 1,009,089 | 1,003,962 |
Less accumulated depreciation | (457,688) | (399,624) |
Net property, plant, and equipment | 551,401 | 604,338 |
Other assets: | ||
Deferred tax asset | 10 | 24 |
Intangible assets, net of accumulated amortization of $7,425 in 2015 and $3,826 in 2014 | 25,057 | 28,017 |
Operating Lease, Right-of-Use Asset | 32,637 | 21,006 |
Deferred financing costs and other assets | 4,036 | 3,539 |
Long-term assets associated with discontinued operations | 0 | 38,029 |
Total other assets | 61,740 | 90,615 |
Total assets | 709,966 | 822,246 |
Current liabilities: | ||
Accounts payable | 19,766 | 21,341 |
Unearned income | 269 | 283 |
Accrued liabilities and other | 35,801 | 41,325 |
Amounts payable to affiliates | 3,234 | 7,704 |
Current liabilities associated with discontinued operations | 345 | 36,974 |
Total current liabilities | 59,415 | 107,627 |
Other liabilities: | ||
Long-term debt, net | 638,631 | 638,238 |
Deferred tax liabilities, net | 1,478 | 1,211 |
Long-term affiliate payable | 0 | 12,324 |
Operating lease liabilities | 24,059 | 13,822 |
Other long-term liabilities | 11,716 | 33 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 0 |
Total other liabilities | 675,884 | 665,628 |
Partners' capital: | ||
General partner interest | (885) | 180 |
Common units | 10,055 | (63,384) |
Accumulated other comprehensive income | (14,393) | (14,573) |
Total partners' capital | (25,333) | 48,991 |
Total liabilities and partners' capital | $ 709,966 | $ 822,246 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Long-term debt, net | $ 638,631,000 | $ 638,238,000 |
Current assets: | ||
Trade accounts receivable, allowances for doubtful accounts | 1,333,000 | 990,000 |
Intangible assets, accumulated amortization | $ 30,711,000 | $ 27,751,000 |
Partners' capital: | ||
Common units issued and outstanding | 47,352,291 | 47,078,529 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Total revenues | $ 301,587 | $ 340,093 | $ 314,020 |
Cost of revenues (excluding depreciation and amortization expense): | |||
Total cost of revenues | 174,233 | 195,184 | 195,503 |
Depreciation and amortization | 80,007 | 75,629 | 69,483 |
Impairment of long-lived assets | 15,367 | 3,160 | 681 |
Insurance Recoveries | (517) | (555) | 0 |
Selling, general, and administrative expense | 34,295 | 36,629 | 34,256 |
Interest expense, net | 54,468 | 53,375 | 52,585 |
Liabilities, Fair Value Adjustment | 0 | 1,470 | (838) |
Other expense, net | 3,544 | (486) | 2,102 |
Income before income tax provision (benefit) | (59,810) | (24,313) | (39,752) |
Provision (benefit) for income taxes | 3,144 | 2,947 | 2,365 |
Loss from continuing operations | (62,954) | (27,260) | (42,117) |
Income (loss) from discontinued operations, net of taxes | (10,886) | 6,287 | 5,139 |
Net income | $ (73,840) | (20,973) | (36,978) |
Interest in net loss | |||
General partner interest in net income | (298) | (607) | |
Common units interest in net income | $ (20,675) | $ (36,371) | |
Basic and diluted net loss per common unit: | |||
Loss from continuing operations per common unit, basic and diluted (in usd per share) | $ (1.31) | $ (0.57) | $ (1) |
Loss from discontinued operations per common unit, basic and diluted (in usd per share) | (0.23) | 0.13 | 0.12 |
Net loss per common unit (in usd per share) | $ (1.54) | $ (0.44) | $ (0.88) |
Weighted average common units outstanding: | |||
Weighted average number of shares outstanding, basic and diluted (in shares) | 47,006,543 | 41,552,804 | |
Compression and related services | |||
Revenues: | |||
Total revenues | $ 228,088 | $ 258,270 | $ 230,303 |
Cost of revenues (excluding depreciation and amortization expense): | |||
Cost of goods and services sold | 108,843 | 125,104 | 127,128 |
Aftermarket services | |||
Revenues: | |||
Total revenues | 60,290 | 76,290 | 70,910 |
Cost of revenues (excluding depreciation and amortization expense): | |||
Cost of goods and services sold | 52,444 | 63,757 | 57,873 |
Equipment sales | |||
Revenues: | |||
Total revenues | 13,209 | 5,533 | 12,807 |
Cost of revenues (excluding depreciation and amortization expense): | |||
Cost of goods and services sold | 12,946 | 6,323 | 10,502 |
General Partner [Member] | |||
Cost of revenues (excluding depreciation and amortization expense): | |||
Net income | (298) | (607) | |
Interest in net loss | |||
General partner interest in net income | (1,037) | ||
Common Unitholders [Member] | |||
Cost of revenues (excluding depreciation and amortization expense): | |||
Net income | $ (20,675) | $ (36,371) | |
Interest in net loss | |||
Common units interest in net income | $ (72,803) | ||
Common Units [Member] | |||
Weighted average common units outstanding: | |||
Weighted average number of shares outstanding, basic and diluted (in shares) | 47,301,804 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ (73,840) | $ (20,973) | $ (36,978) |
Foreign currency translation adjustment, net of tax of $0 in 2014, $0 in 2013, and $0 in 2012 | (180) | (513) | 3,597 |
Comprehensive income | $ (73,660) | $ (20,460) | $ (40,575) |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | General Partner [Member] | Common Unitholders [Member] | Accumulated Other Comprehensive Income [Member] | Common Unitholders, Units [Member] |
Partners' capital rollforward | |||||
Common units issued and outstanding | 37,618,000 | ||||
Net Income (Loss) Allocated to General Partners | $ (607) | ||||
Beginning balance at Dec. 31, 2017 | 95,027 | $ 1,618 | $ 104,898 | $ (11,489) | |
Partners' capital rollforward | |||||
Net income | (36,978) | (607) | (36,371) | 0 | |
Distributions | (31,294) | (506) | (30,788) | 0 | |
Equity compensation | 420 | 0 | 420 | 0 | |
Vesting of Phantom Units | 0 | 0 | $ 0 | 0 | |
Conversion of Stock, Shares Converted | 8,022,000 | ||||
Conversion of Stock, Amount Converted | 43,825 | $ 43,825 | |||
Vesting of Phantom Units, number of units | 129,000 | ||||
Other comprehensive income (loss) | (3,597) | 0 | $ 0 | (3,597) | |
Ending balance at Dec. 31, 2018 | 67,403 | 505 | $ 81,984 | (15,086) | |
Partners' capital rollforward | |||||
Net Income (Loss) Allocated to Limited Partners | (36,371) | ||||
Common units issued and outstanding | 45,769,000 | ||||
Net Income (Loss) Allocated to General Partners | (298) | ||||
Net income | (20,973) | (298) | $ (20,675) | 0 | |
Distributions | (1,907) | (27) | (1,880) | 0 | |
Equity compensation | 988 | 0 | 988 | 0 | |
Vesting of Phantom Units | $ 0 | 0 | $ 0 | 0 | |
Conversion of Stock, Shares Converted | 1,113,000 | ||||
Conversion of Stock, Amount Converted | $ 3,048 | 0 | $ 3,048 | ||
Partners' Capital, Other | (81) | $ (81) | |||
Vesting of Phantom Units, number of units | 197,000 | ||||
Other comprehensive income (loss) | 513 | 0 | $ 0 | 513 | |
Ending balance at Dec. 31, 2019 | 48,991 | 180 | $ 63,384 | (14,573) | |
Partners' capital rollforward | |||||
Net Income (Loss) Allocated to Limited Partners | $ (20,675) | ||||
Common units issued and outstanding | 47,078,529 | 47,079,000 | |||
Net Income (Loss) Allocated to General Partners | (1,037) | ||||
Net income | $ (73,840) | 0 | |||
Distributions | (1,918) | (28) | $ (1,890) | 0 | |
Equity compensation | 1,254 | 0 | 1,254 | 0 | |
Vesting of Phantom Units | 0 | 0 | $ 0 | 0 | |
Vesting of Phantom Units, number of units | 273,000 | ||||
Other comprehensive income (loss) | 180 | 0 | $ 0 | 180 | |
Ending balance at Dec. 31, 2020 | $ (25,333) | $ (885) | (10,055) | $ (14,393) | |
Partners' capital rollforward | |||||
Net Income (Loss) Allocated to Limited Partners | $ (72,803) | ||||
Common units issued and outstanding | 47,352,291 | 47,352,000 |
Consolidated Statements of Pa_2
Consolidated Statements of Partners' Capital (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Partners' Capital [Abstract] | |||
Distributions | $ 0.04 | $ 0.04 | $ 0.75 |
Foreign currency translation adjustment, taxes | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net income | $ (73,840) | $ (20,973) | $ (36,978) |
Reconciliation of net income to cash provided by operating activities: | |||
Depreciation and amortization | 80,533 | 76,663 | 70,500 |
Impairment charges | 20,841 | 3,160 | 681 |
Provision (benefit) for deferred income taxes | 226 | 129 | (178) |
Proceeds from Insurance Settlement, Operating Activities Reconciliation | (517) | (555) | 0 |
Series A Preferred Unit distributions and adjustments | 0 | 4,061 | 4,581 |
Equity compensation expense | 1,389 | 1,064 | 639 |
Provision for doubtful accounts | 1,185 | 2,459 | 1,004 |
Amortization of deferred financing costs | 2,564 | 2,570 | 6,070 |
Equipment received in lieu of cash | 1,042 | 0 | |
Debt exchange expenses | 4,892 | 0 | |
Other non-cash charges and (credits) | (729) | 96 | 633 |
Loss on sale of property, plant, and equipment | (1,693) | (667) | (217) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 18,934 | (2,070) | (19,287) |
Inventories | 13,199 | (291) | (23,536) |
Prepaid expenses and other current assets | (1,170) | 1,441 | (2,247) |
Accounts payable and accrued expenses | (45,743) | 1,789 | 29,788 |
Other | (351) | (1,180) | (1,332) |
Net cash provided by operating activities | 20,762 | 67,696 | 30,121 |
Investing activities: | |||
Purchases of property, plant, and equipment, net | (14,698) | (75,798) | (104,001) |
Proceeds from sale of property, plant, and equipment, net | 19,364 | 11,025 | 512 |
Insurance recoveries associated with damaged equipment | 517 | 555 | 0 |
Advances and other investing activities | 0 | 0 | (1) |
Net cash used in investing activities | 5,183 | (64,218) | (103,490) |
Financing activities: | |||
Proceeds from long-term debt, net | 411,134 | 45,000 | 380,000 |
Payments of long-term debt | (413,110) | (41,567) | (258,000) |
Proceeds from (Repurchase of) Redeemable Preferred Stock | 0 | (31,913) | 0 |
Distributions | (1,918) | (1,907) | (31,294) |
Deferred financing cost and other financing activities | (5,027) | (1,365) | (8,999) |
Payments to affiliates | (2,764) | 0 | 0 |
Advances from affiliates | 0 | 14,782 | 0 |
Net cash (used in) provided by financing activities | (11,685) | (16,970) | 81,707 |
Effect of exchange rate changes on cash | (53) | 4 | (81) |
Increase (decrease) in cash and cash equivalents | 14,207 | (13,488) | 8,257 |
Cash and cash equivalents at beginning of period | 2,370 | 15,858 | 7,601 |
Cash and cash equivalents at end of period | 16,577 | 2,370 | 15,858 |
Supplemental cash flow information: | |||
Taxes paid | 2,718 | 3,133 | 2,056 |
Interest paid | 49,765 | 47,788 | 38,550 |
Accrued capital expenditures | $ 1,379 | $ 2,647 | $ 516 |
Formation of the Partnership
Formation of the Partnership | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Formation of the Partnership and Description of Business | ORGANIZATION AND OPERATIONS CSI Compressco LP, a Delaware limited partnership, is a provider of compression services and equipment for natural gas and oil production, gathering, artificial lift, transmission, processing, and storage. We also provide aftermarket services and compressor package parts and components manufactured by third-party suppliers. We provide these compression services and equipment to a broad base of natural gas and oil exploration and production, midstream, and transmission companies operating throughout many of the onshore producing regions of the U.S. as well as in a number of international locations, including the countries of Mexico, Canada, and Argentina. Previously, our equipment sales business included our new unit sales business that consisted of the fabrication and sale of new standard and custom-designed, engineered compressor packages fabricated primarily at our facility in Midland, Texas that were used to provide compression services or sold to our customers. In the fourth quarter of 2020, we fully exited the new unit sales business and we have reflected these operations as discontinued operations for all periods presented. See Note 9 - “Discontinued Operations.” Used equipment sales revenue continues to be included in equipment sales revenue. Unless the context requires otherwise, when we refer to “the Partnership,” “we,” “us,” and “our,” we are describing CSI Compressco LP and its wholly owned subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. Reclassifications Certain previously reported financial information has been reclassified to conform to the current year’s presentation. For a discussion of the reclassification of the financial presentation of our new unit sales business as discontinued operations, see Note 9 - “Discontinued Operations.” Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. Cash Equivalents We consider all highly liquid cash investments with maturities of three months or less when purchased to be cash equivalents. Financial Instruments Financial instruments that subject us to concentrations of credit risk consist principally of trade accounts receivable, which are primarily due from companies of varying size engaged in oil and gas activities in the United States, Canada, Mexico, and Argentina. Our policy is to review the financial condition of customers before extending credit and periodically update customer credit information. Payment terms are on a short-term basis. The risk of loss from the inability to collect trade receivables is heightened during prolonged periods of low oil and natural gas commodity prices. We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. Our risk management activities include the use of foreign currency forward purchase and sale derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected international operations. We have no balance outstanding under our variable rate revolving credit facility as of December 31, 2020 and face market risk exposure related to changes in applicable interest rates when balances are outstanding. Significant Customers During the years ended December 31, 2020, 2019 and 2018 , one individual customer accounted for 10% or more of our revenues. As of December 31, 2020 and 2019, no receivables from individual customers represented 10% or more of our consolidated trade accounts receivable net of allowance for doubtful accounts. Foreign Currencies We have designated the Canadian dollar as the functional currency for our operations in Canada. We are exposed to fluctuations between the U.S. dollar and certain foreign currencies, including the Canadian dollar, the Mexican peso, and the Argentine peso, as a result of our international operations. Foreign currency exchange gains are included in other (income) expense, net, and totaled $0.5 million, $2.6 million, and $1.4 million during the years ended December 31, 2020, 2019, and 2018, respectively. On June 30, 2018, we determined the economy in Argentina to be highly inflationary. As a result of this determination and in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”), on July 1, 2018, the functional currency of our operations in Argentina was changed from the Argentine peso to the U.S. dollar. The remeasurement did not have a material impact on our consolidated financial position or results of operations. Leases As a lessee, unless the lease meets the criteria of short-term and is excluded per our policy election described below, we initially recognize a lease liability and related right-of-use asset on the commencement date. The right-of-use asset represents our right to use an underlying asset and the lease liability represents our obligation to make lease payments to the lessor over the lease term. All of our long-term leases are operating leases and are included in operating lease right-of-use assets, accrued liabilities and other, and operating lease liabilities in our consolidated balance sheet as of December 31, 2020 and 2019. We determine whether a contract is or contains a lease at inception of the contract. Where we are a lessee in a contract that includes an option to extend or terminate the lease, we include the extension period or exclude the period covered by the termination option in our lease term in determining the right-of-use asset and lease liability, if it is reasonably certain that we would exercise the option. As an accounting policy election, we do not include short-term leases on our balance sheet. Short-term leases include leases with a term of 12 months or less, inclusive of renewal options we are reasonably certain to exercise. The lease payments for short-term leases are included as operating lease costs on a straight-line basis over the lease term in cost of revenues or selling, general, and administrative expense based on the use of the underlying asset. We recognize lease costs for variable lease payments not included in the determination of a lease liability in the period in which an obligation is incurred. As allowed by U.S. GAAP, we do not separate nonlease components from the associated lease component for our compression services contracts and instead account for those components as a single component based on the accounting treatment of the predominant component. In our evaluation of whether Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842 “Leases” or ASC 606 “Revenue from Contracts with Customers” is applicable to the combined component based on the predominant component, we determined the services nonlease component is predominant, resulting in the ongoing recognition of our compression services contracts following ASC 606. Our operating leases are recognized at the present value of lease payments over the lease term. When the implicit discount rate is not readily determinable, we use our incremental borrowing rate to calculate the discount rate used to determine the present value of lease payments. Consistent with other long-lived assets or asset groups that are held and used, we test for impairment of our right-of-use assets when impairment indicators are present. Allowance for Doubtful Accounts The allowance for doubtful accounts is determined on a specific identification basis when we believe that the collection of specific amounts owed to us is not probable. Changes in the allowance are as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) At beginning of period $ 990 $ 637 $ 822 Activity in the period: Provision for doubtful accounts 1,185 691 412 Account (chargeoffs) recoveries, net (842) (338) (597) At end of period $ 1,333 $ 990 $ 637 Inventories Inventories consist primarily of compressor package parts and supplies and work in process and are stated at the lower of cost or net realizable value. For parts and supplies, cost is determined using the weighted average cost method.The cost of work in progress is determined using the specific identification method. Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Expenditures that increase the useful lives of assets are capitalized. The cost of repairs and maintenance is charged to cost of revenues as incurred. Compressors include compressor packages currently placed in service and available for service. Depreciation is computed using the straight-line method based on the following estimated useful lives: Buildings 15 – 30 years Compressors 12 – 20 years Other equipment 2 – 8 years Vehicles 3 – 5 years Information systems 7 years Leasehold improvements are depreciated over the shorter of the remaining term of the associated building lease or their useful lives. Depreciation expense for the years ended December 31, 2020, 2019, and 2018 was $76.6 million, $72.3 million, and $66.5 million, respectively. Construction in progress as of December 31, 2020 and 2019 consisted primarily of new compressor packages under fabrication and capital expenditures that sustain the capacity of our existing fleet. Intangible Assets Trademarks/trade names, customer relationships, and other intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 2 to 15 years. Amortization expense related to intangible assets was $3.0 million for each of the years ended December 31, 2020, 2019, and 2018, and is included in depreciation and amortization. The estimated future annual amortization expense of trademarks/trade names, customer relationships, and other intangible assets is $2.9 million each year for 2021 to 2025. Our intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. In such an event, we will determine the fair value of the asset using an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we will recognize a loss for the difference between the carrying value and the estimated fair value of the intangible asset. Impairments and Other Charges Impairments of long-lived assets, including identified intangible assets, are determined periodically, when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, an impairment is recognized for the excess of the carrying value over its fair value. Fair value of intangible assets is generally determined using the discounted present value of future cash flows using discount rates commensurate with the risks inherent with the specific assets. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. During 2020, the COVID-19 pandemic and decline in oil and gas prices had a significant impact on our customers and industry, resulting in a decrease in demand in certain of our service lines. We started to see our customers decrease their capital budgets and adjust their operations accordingly, which led to a decline in orders for new compression equipment to be fabricated and sold to third parties. We concluded that these events were indicators of impairment for all our asset groups. We recorded impairments and other charges of approximately $15.4 million associated with non-core used compressor equipment, certain classes of our compression fleet that we re under utilized due to market preferences , and field inventory for compression and related services. Fair value used to determine impairments was estimated based on a market approach. During 2019, we recorded impairments of $2.3 million on certain units of our GasJack (R) fleet, reflecting our decision to dispose of these units upon management’s determination that refurbishing this equipment was not economic given limited current and forecasted demand for such equipment. There were 441 GasJack (R) units impaired, representing 20,286 of total horsepower. A recoverability analysis was performed on the remaining low-horsepower fleet and we concluded that the remaining fleet was recoverable from estimated future cash flows. In addition, a certain compressor package was written off due to being destroyed by fire, resulting in an additional charge of $0.8 million. During 2018, we recorded no impairments of long-lived assets. Accrued Liabilities Accrued liabilities are detailed as follows: December 31, 2020 2019 (In Thousands) Accrued interest $ 13,644 $ 14,666 Operating lease liabilities, current portion 8,099 6,706 Accrued taxes 5,282 9,428 Compensation and employee benefits 2,822 5,746 Accrued capital expenditures 1,379 2,647 Other accrued liabilities 4,575 2,132 Total accrued liabilities and other $ 35,801 $ 41,325 Revenue Recognition Performance Obligations. Revenue is recognized when performance obligations under the terms of a contract with our customer are satisfied. Revenue is generally recognized when we transfer control of our products or services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or providing services to our customers. We receive cash equal to the invoice price for most product sales and services and payment terms typically range from 30 to 60 days from the date we invoice our customer. With the exception of the initial terms of our compression services contracts of our medium- and high-horsepower compressor packages, our customer contracts are generally for terms of one year or less. Since the period between when we deliver products or services and when the customer pays for products or services is not to exceed one year, we have elected not to calculate or disclose a financing component for our customer contracts. Depending on the terms of the arrangement, we may also defer the recognition of revenue for a portion of the consideration received because we have to satisfy a future performance obligation. For example, consideration received from customers during the fabrication of new compressor packages is typically deferred until control of the compressor package is transferred to our customer. For revenue associated with mobilization of service equipment as part of a service contract arrangement, such revenue, if significant, is deferred and amortized over the estimated service period. Compression and related services. For compression services revenues recognized over time, our customer contracts typically provide agreed upon monthly service rates and we recognize service revenue based upon the number of days that services have been performed. The majority of our compression services are provided pursuant to contract terms ranging from one month to twenty-four months. Monthly agreements are generally cancellable with 30 days written notice by the customer. Sales taxes, value added taxes, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. We recognize the cost for freight and shipping costs when control over our products (i.e. delivery) has transferred to the customer as part of cost of product sales. Use of Estimates. Our revenues do not include material amounts of variable consideration, as our revenues typically do not require significant estimates or judgments. The transaction price on a majority of our arrangements are fixed and product returns are immaterial. Additionally, our arrangements typically do not include multiple performance obligations that require estimates of the stand-alone purchase price for each performance obligation. Revenue on certain aftermarket service arrangements that include time as a component of the transaction price is not recognized until the performance obligation is complete. Contract Assets and Liabilities. We consider contract assets to be trade accounts receivable when we have an unconditional right to consideration and only the passage of time is required before payment is due. In certain instances, particularly those requiring customer specific documentation prior to invoicing, our invoicing of the customer is delayed until certain documentation requirements are met. In those cases, we recognize a contract asset rather than a billed trade accounts receivable until we are able to invoice the customer. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. We classify contract liabilities as unearned income in our consolidated balance sheets. Such unearned income typically results from advance payments received on orders for new compressor equipment prior to the time such equipment is completed and transferred to the customer in accordance with the customer contract. New equipment sales orders generally take less than twelve months to build and deliver. Equity-Based Compensation We have an equity incentive compensation plan which provides for the granting of phantom units and performance phantom units to the executive officers, key employees, non-executive officers, and directors of our general partner. Total equity-based compensation expense for the years ended December 31, 2020, 2019, and 2018, was $1.4 million, $1.1 million, and $0.6 million, respectively. For further discussion of equity-based compensation, see Note 11 - “Equity-Based Compensation.” Income Taxes Our operations are not subject to U.S. federal income tax other than the operations that are conducted through taxable subsidiaries. We incur state and local income taxes in certain areas of the U.S. in which we conduct business. We incur income taxes and are subject to withholding requirements related to certain of our operations in Latin America, Canada, and other foreign countries in which we operate. Furthermore, we also incur Texas Margin Tax, which, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, is classified as an income tax for reporting purposes. A portion of the carrying value of certain deferred tax assets is subject to a valuation allowance. See Note 13 - “Income Taxes” for further discussion. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Tax Reform Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or to treat any taxes on GILTI inclusions as period costs are both acceptable methods subject to an accounting policy election. As of December 31, 2018, we elected to account for GILTI as a period cost in the year the tax is incurred. Accumulated Other Comprehensive Income (Loss) Certain of our international operations maintain their accounting records in the local currencies that are their functional currencies. For these operations, the functional currency financial statements are converted to U.S. dollar equivalents, with the effect of the foreign currency translation adjustment reflected as a component of accumulated other comprehensive income (loss). Accumulated other comprehensive income (loss) is included in partners’ capital in the accompanying audited consolidated balance sheets and consists of the cumulative currency translation adjustments associated with such international operations. Activity within our accumulated other comprehensive income (loss) is not subject to reclassifications to net income. Allocation of Net Income Our net income (loss) is allocated to partners’ capital accounts in accordance with the provisions of the Partnership Agreement. Fair Value Measurements We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements were utilized in the determination of the carrying value of our Series A Preferred Units (a Level 3 fair value measurement). We also utilize fair value measurements on a recurring basis in the accounting for our foreign currency forward purchase and sale derivative contracts. For these fair value measurements, we utilize the quoted value (a Level 2 fair value measurement). Refer to Note 12 - “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis, such as in the allocation of purchase consideration for acquisition transactions to the assets and liabilities acquired, including intangible assets (a Level 3 fair value measurement) and for the impairment of long-lived assets (a Level 3 fair value measurement). Distributions On January 20, 2020, April 20, 2020, July 20, 2020 and October 19, 2020, our General Partner declared a cash distribution attributable to the respective quarter end of $0.01 per common unit. These distributions each equate to a distribution of $0.04 per outstanding common unit on an annualized basis. These distributions were paid on February 14, 2020, May 15, 2020, August 14, 2020 and November 13, 2020, respectively, to the holders of common units of record as of the close of business on February 1, 2020, May 1, 2020, August 1, 2020 and November 1, 2020, respectively. Series A Preferred Units The fair value of the Series A Preferred Units were classified as a long-term liability on our consolidated balance sheets in accordance with ASC 480 “Distinguishing Liabilities and Equity” with changes in the fair value resulting in credits or charges to earnings in the accompanying consolidated statements of operations. Unless otherwise redeemed for cash, a ratable portion of the Preferred Units were converted into common units on the eighth day of each month over a period of thirty months that began in March 2017. In January 2019, we began redeeming Preferred Units for cash, resulting in 2,660,569 Preferred Units being redeemed during the year ended December 31, 2019 for $31.9 million, which includes approximately $1.5 million of redemption premium that was paid and charged to other (income) expense, net in the accompanying consolidated statements of operation. The last redemption of all remaining Preferred Units occurred on August 8, 2019. New Accounting Pronouncements Standards adopted In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. On January 1, 2020, we adopted ASU 2018-15. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairments will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 is effective for us the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for us the first quarter of fiscal 2021. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments were effective for all entities as of March 12, 2020 through December 31, 2022. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. As of December 31, 2020, we have not modified our credit agreements to remove references to LIBOR. We are currently evaluating the impact of the provisions of ASU 2020-04 on our consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE FROM CONTRACTS WITH CUSTOMERS As of December 31, 2020, we had $41.8 million of remaining contractual performance obligations for compression services. As a practical expedient, thi s amount does not reflect revenue for compression service contracts whose original expected duration is less than twelve months an d does not consider the effects of the time value of money . Expected revenue to be recognized in the future as of December 31, 2020 for completion of performance obligations of compression service contracts are as follows: 2021 2022 2023 2024 2025 Total (In Thousands) Compression service contracts remaining performance obligations $ 34,071 $ 6,689 $ 983 $ 42 $ 14 $ 41,799 Our contract asset balances included in trade accounts receivable in our consolidated balance sheets, primarily associated with customer documentation requirements prior to invoicing, were $6.8 million, $9.6 million and $5.9 million as of December 31, 2020, December 31, 2019 and December 31, 2018, respectively. Collections associated with progressive billings to customers for the construction of compression equipment and for other sales and services transactions is included in unearned income in the consolidated balance sheets. The following table reflects the changes in unearned income in our consolidated balance sheets for the periods indicated: December 31, 2020 December 31, 2019 (In Thousands) Unearned income, beginning of period $ 283 $ 2,731 Additional unearned income 13,166 2,079 Revenue recognized (13,180) (4,527) Unearned income, end of period $ 269 $ 283 During the years ended December 31, 2020, 2019, and 2018, contract costs were immaterial. Dis aggregated revenue from contracts with customers by geography is as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Compression and related services U.S. $ 197,757 $ 224,248 $ 198,384 International 30,331 34,022 31,919 228,088 258,270 230,303 Aftermarket services U.S. 58,641 72,597 67,319 International 1,649 3,693 3,591 60,290 76,290 70,910 Equipment sales U.S. 12,207 4,063 10,639 International 1,002 1,470 2,168 13,209 5,533 12,807 Total Revenue U.S. 268,605 300,908 276,342 International 32,982 39,185 37,678 $ 301,587 $ 340,093 $ 314,020 |
Inventories (Notes)
Inventories (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Components of inventories, net of reserve as of December 31, 2020 and December 31, 2019 are as follows: December 31, 2020 December 31, 2019 (In Thousands) Parts and supplies $ 28,483 $ 32,383 Work in progress 2,705 4,133 Total inventories $ 31,188 $ 36,516 Inventories |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES We have operating leases for some of our office space, warehouse space, operating locations, and machinery and equipment. Our leases have remaining lease terms ranging from 1 to 10 years. Some of our leases have options to extend for various periods, while some have termination options with prior notice of generally 30 days or six months. Our leases generally require us to pay all maintenance and insurance costs. During the fourth quarter of 2019, we entered into a lease agreement commitment for 14 compressor packages. The leases have an initial term of seven years and commenced upon the completion of the fabrication of the compressor packages. During 2020, we took delivery of all 14 of the compressor packages. We have no other leases that have not yet commenced that create significant rights and obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. In November 2019, we entered into a sale and leaseback transaction with a third-party lessor whereby we received $9.8 million of proceeds from the sale of compression equipment in service and entered into an associated lease of the same equipment with an initial lease term of seven years. Lease costs are included in either cost of revenues or selling, general, and administrative expense depending on the use of the underlying asset. Total lease expense (inclusive of lease expense for leases not included on our consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less), was $13.5 million for the year ended December 31, 2020, of which, $3.2 million related to short-term leases. Total lease expense was $8.2 million ,of which, $2.8 million related to short-term leases, for the year ended December 31, 2019. Total lease expense was $5.6 million for the year ended December 31, 2018. Variable rent expense was not material. Operating lease supplemental cash flow information: Year Ended December 31, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 10,100 $ 5,447 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 19,114 $ 16,598 Supplemental balance sheet information: December 31, 2020 December 31, 2019 (In Thousands) Operating leases: Operating right-of-use asset $ 32,637 $ 21,006 Accrued liabilities and other $ 8,099 $ 6,706 Operating lease liabilities 24,059 13,822 Total operating lease liabilities $ 32,158 $ 20,528 Additional operating lease information: December 31, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 4.73 years 4.51 years Weighted average discount rate: Operating leases 9.02 % 8.73 % Future minimum lease payments by year and in the aggregate, under non-cancelable operating leases with terms in excess of one year consist of the following at December 31, 2020: Operating Leases (In Thousands) 2021 $ 10,337 2022 8,684 2023 7,068 2024 4,812 2025 4,237 Thereafter 4,583 Total lease payments 39,721 Less imputed interest (7,563) Total lease liabilities $ 32,158 |
Lessee, Operating Leases [Text Block] | LEASES We have operating leases for some of our office space, warehouse space, operating locations, and machinery and equipment. Our leases have remaining lease terms ranging from 1 to 10 years. Some of our leases have options to extend for various periods, while some have termination options with prior notice of generally 30 days or six months. Our leases generally require us to pay all maintenance and insurance costs. During the fourth quarter of 2019, we entered into a lease agreement commitment for 14 compressor packages. The leases have an initial term of seven years and commenced upon the completion of the fabrication of the compressor packages. During 2020, we took delivery of all 14 of the compressor packages. We have no other leases that have not yet commenced that create significant rights and obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. In November 2019, we entered into a sale and leaseback transaction with a third-party lessor whereby we received $9.8 million of proceeds from the sale of compression equipment in service and entered into an associated lease of the same equipment with an initial lease term of seven years. Lease costs are included in either cost of revenues or selling, general, and administrative expense depending on the use of the underlying asset. Total lease expense (inclusive of lease expense for leases not included on our consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less), was $13.5 million for the year ended December 31, 2020, of which, $3.2 million related to short-term leases. Total lease expense was $8.2 million ,of which, $2.8 million related to short-term leases, for the year ended December 31, 2019. Total lease expense was $5.6 million for the year ended December 31, 2018. Variable rent expense was not material. Operating lease supplemental cash flow information: Year Ended December 31, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 10,100 $ 5,447 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 19,114 $ 16,598 Supplemental balance sheet information: December 31, 2020 December 31, 2019 (In Thousands) Operating leases: Operating right-of-use asset $ 32,637 $ 21,006 Accrued liabilities and other $ 8,099 $ 6,706 Operating lease liabilities 24,059 13,822 Total operating lease liabilities $ 32,158 $ 20,528 Additional operating lease information: December 31, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 4.73 years 4.51 years Weighted average discount rate: Operating leases 9.02 % 8.73 % Future minimum lease payments by year and in the aggregate, under non-cancelable operating leases with terms in excess of one year consist of the following at December 31, 2020: Operating Leases (In Thousands) 2021 $ 10,337 2022 8,684 2023 7,068 2024 4,812 2025 4,237 Thereafter 4,583 Total lease payments 39,721 Less imputed interest (7,563) Total lease liabilities $ 32,158 |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowings | LONG-TERM DEBT AND OTHER BORROWINGS Long-term debt consists of the following: December 31, 2020 December 31, 2019 Scheduled Maturity (In Thousands) Credit Agreement (1) June 29, 2023 $ — $ 2,622 7.25% Senior Notes due 2022 (2) August 15, 2022 80,001 291,444 7.50% First Lien Notes due 2025 (3) April 1, 2025 399,654 344,172 10.000%/10.750% Second Lien Notes due 2026 (4) April 1, 2026 158,976 — Total long-term debt $ 638,631 $ 638,238 (1) Net of unamortized deferred financing costs of $0.9 million as of December 31, 2019. (2) Net of unamortized discount of $0.3 million and $1.7 million as of December 31, 2020 and 2019, respectively and unamortized deferred financing costs of $0.4 million and $2.8 million as of December 31, 2020 and 2019, respectively. (3) Net of unamortized deferred financing costs of $5.2 million and $5.8 million as of December 31, 2020 and 2019, respectively, and unamortized discount of $0.2 million and deferred restructuring gain of $5.0 million as of December 31, 2020, respectively. (4) Net of unamortized discount of $0.7 million, unamortized deferred financing costs of $1.2 million, and deferred restructuring gain of $3.7 million as of December 31, 2020. Scheduled maturities for the next five years and thereafter are as follows: December 31, 2020 (In Thousands) 2021 $ — 2022 80,722 2023 — 2024 — 2025 400,000 Thereafter 157,162 Total maturities $ 637,884 Our credit and senior note agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. We are in compliance with all covenants of our credit and senior note agreements as of December 31, 2020. Refer to Note 7 - “Related Party Transactions,” for a discussion of our amounts payable to affiliates and long-term affiliate payable. Credit Facility On June 11, 2020, the Partnership amended the Loan and Security Agreement dated June 29, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement provides for maximum revolving credit commitments of $35.0 million and includes a $5.0 million reserve, which results in reduced borrowing availability. The Credit Agreement includes a $25.0 million sublimit for letters of credit. As of December 31, 2020, and subject to compliance with the covenants, borrowing base, and other provisions of the agreements that may limit borrowings under the Credit Agreement, we had availability of $14.2 million. The maturity date of the Credit Agreement is June 29, 2023. As of December 31, 2020, we had no outstanding balance and had $3.5 million in letters of credit against our Credit Agreement. Because there was no outstanding balance on our variable rate revolving credit facility, associated deferred financing costs of $0.6 million were classified as other long-term assets on the accompanying consolidated balance sheet. Refer to Note 18 - “Subsequent Events” for a discussion of amendments to the Credit Facility made in January 2021. 7.25% Senior Notes due 2022 On June 11, 2020, CSI Compressco, LP and CSI Compressco Finance Inc. (the "Issuers") announced that they had accepted for exchange $215.8 million of the Senior Notes (the "Old Notes") that were validly tendered on June 10, 2020, for (i) $50.0 million of the Issuers' 7.50% Senior Secured First Lien Notes due 2025 (the "First Lien Notes") and (ii) $155.5 million aggregate principal amount of new 10.00%/10.75% Senior Secured Second Lien Notes due 2026 (the "Second Lien Notes"), pursuant to the previously announced exchange offer and consent solicitation (the "Exchange Offer"), which commenced on April 17, 2020. In connection with the Exchange Offer, the Partnership incurred financing fees of $4.8 million which were charged to other (income) expense, net. On June 12, 2020, the Issuers issued $50.0 million in aggregate principal amount of First Lien Notes to certain holders of the Old Notes pursuant to the terms of the Exchange Offer. As of December 31, 2020, our 7.25% Senior Notes due 2022 (the “Senior Notes”) had $80.0 million outstanding net of unamortized discounts and unamortized deferred financing costs. Interest on these notes is payable on February 15 and August 15 of each year. The Senior Notes are unsecured obligations, and are guaranteed on a unsecured basis by the Partnership’s subsidiaries that guarantee the Credit Agreement. Our Senior Notes are jointly and severally, and fully and unconditionally, guaranteed by each of the Partnership’s domestic restricted subsidiaries (other than CSI Compressco Finance Inc.) that guarantee the Partnership’s other indebtedness (collectively, the "Guarantor Subsidiaries”). The Senior Notes indenture includes customary provisions for the release of the guarantees by the Guarantor Subsidiaries upon the occurrence of certain allowed events including the release of a guarantor under our revolving credit facility. 7.50% First Lien Notes due 2025 As of December 31, 2020, our First Lien Notes had $399.7 million outstanding net of unamortized discounts, unamortized deferred financing costs and deferred restructuring gains. Interest on these notes is payable on April 1 and October 1 of each year. The First Lien Notes are secured by a first-priority security interest in substantially all of the Partnership’s and its subsidiaries assets, subject to certain permitted encumbrances and exceptions, and are guaranteed on a senior secured basis by each of the Partnership’s U.S. restricted subsidiaries (other than Finance Corp, certain immaterial subsidiaries and certain other excluded U.S. subsidiaries). 10.000%/10.750% Second Lien Notes due 2026 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Omnibus Agreement On June 20, 2014, the Partnership, CSI Compressco GP Inc. (the “General Partner”), and TETRA Technologies, Inc. (“TETRA”) entered into a First Amendment to Omnibus Agreement (the “First Amendment”). The First Amendment amended the Omnibus Agreement previously entered into on June 20, 2011 (as amended, the “Omnibus Agreement”) to extend the term thereof. The Omnibus Agreement terminated upon the closing of the GP Sale (as defined below). Under the terms of the Omnibus Agreement, our General Partner provides all personnel and services reasonably necessary to manage our operations and conduct our business (other than in Mexico, Canada, and Argentina), and certain of TETRA’s Latin American-based subsidiaries provide personnel and services necessary for the conduct of certain of our Latin American-based businesses. In addition, under the Omnibus Agreement, TETRA provides certain corporate and general and administrative services as requested by our General Partner, including, without limitation, legal, accounting and financial reporting, treasury, insurance administration, claims processing and risk management, health, safety and environmental, information technology, human resources, credit, payroll, internal audit, and tax services. Pursuant to the Omnibus Agreement, we reimburse our General Partner and TETRA for services they provide to us. For the years ended December 31, 2020, 2019, and 2018, we were charged by TETRA $32.6 million , $36.3.million, and $34.8 million, respectively, for expenses incurred on our behalf as described below. Amounts charged under the Omnibus Agreement and outstanding as of December 31, 2020 and 2019 are included in amounts payable to affiliates in the accompanying consolidated balance sheets. Under the terms of the Omnibus Agreement, we or TETRA could, but neither was under any obligation to, perform for the other such production enhancement or other oilfield services on a subcontract basis as were needed or desired by the other, for such periods of time and in such amounts as may be mutually agreed upon by TETRA and our General Partner. In addition, we or TETRA could, but were under no obligation to, sell, lease or exchange on a like-kind basis to the other such production enhancement or other oilfield services equipment as was needed or desired to meet either of our production enhancement or other oilfield services obligations, in such amounts, upon such conditions and for such periods of time, if applicable, as may have been mutually agreed upon by TETRA and our General Partner. Any such services, sales, leases, or like-kind exchanges were required to be performed on terms that were (i) approved by the conflicts committee of our General Partner’s board of directors, (ii) no less favorable to us than those generally being provided to or available from non-affiliated third parties, as determined by our General Partner, or (iii) fair and reasonable to us, taking into account the totality of the relationships between TETRA and us (including other transactions that may be particularly favorable or advantageous to us), as determined by our General Partner. Unless otherwise approved by the conflicts committee of our General Partner’s board of directors, TETRA could purchase from us previously fabricated equipment for a price that was not less than the sum of the net book value of such equipment plus a fixed margin percentage thereof. This description is not a complete discussion of this agreement and is qualified in its entirety by reference to the full text of the complete agreement, which is filed, along with other agreements, as exhibits to our filings with the SEC. In addition to the Omnibus Agreement, we have entered into other agreements with TETRA in the course of our operations. TETRA and General Partner Ownership TETRA’s ownership interest in us as of both December 31, 2020 and 2019 was approximately 35%, with the common units held by the public representing an approximate 65% interest in us. As of December 31, 2020, TETRA’s ownership was through various wholly owned subsidiaries and consisted of approximately 34.2% of the limited partner interests plus the approximate 1.4% general partner interest, through which it held incentive distribution rights. As a result of its ownership of common units and its general partner interest in us, TETRA received distributions of $0.7 million, $0.7 million, and $12.1 million during the years ended December 31, 2020, 2019, and 2018, respectively. See Note 18 - “Subsequent Events” for further discussion. Indemnification Agreement Each of our directors and officers entered into an indemnification agreement with regard to their services as a director or officer, in order to enhance the indemnification rights provided under Delaware law and our Partnership Agreement. The individual indemnification agreements provide each such director or officer with the right to receive his or her costs of defense if he or she is made a party or witness to any proceeding other than a proceeding brought by or in the right of us, provided that such director or officer has not acted in bad faith or engaged in fraud with respect to the action that gave rise to his or her participation in the proceeding. Other Sources of Financing In February 2019, we entered into a transaction with TETRA whereby TETRA agreed to fund the construction of and purchase from us up to $15.0 million of new compressor services equipment and to subsequently lease the equipment back to us in exchange for a monthly rental fee. As of November 30, 2020, pursuant to this arrangement, $14.8 million had been funded by TETRA for the construction of new compressor services equipment and all compression units were completed and deployed under this agreement. For accounting purposes, the inclusion of a repurchase option that allowed us to repurchase the equipment at a fixed price during certain periods of the agreement caused the transaction to be accounted for as a financing transaction, as opposed to a sale-leaseback, resulting in the funded amount being recorded as a financing obligation. Accordingly, the compressor services equipment is included in property, plant, and equipment and corresponding financing obligations are included in amounts payable to affiliates and long-term affiliate payable in our consolidated balance sheet as of December 31, 2019. In December 2020, TETRA sold these compressors and assigned the corresponding leases to Spartan Energy Partners LP (“Spartan”). In January 2021, TETRA sold the General Partner, IDRs and a majority of its common units in the Partnership to Spartan; see Note 18 - “Subsequent Events”. As of December 31, 2020, the financing obligation owed to Spartan was $14.7 million and is included in accrued liabilities and other and other long-term liabilities in our consolidated balance sheet as of December 31, 2020. Imputed interest expense recognized for the year ended December 31, 2020 was $3.4 million. The following table summarizes future financing obligation payments owed to Spartan by year as of December 31, 2020: Year Financing Obligation Payments (In Thousands) 2021 $ 3,015 2022 3,015 2023 3,015 2024 2,312 2025 — Total financing obligation payments $ 11,357 |
Sale of Assets
Sale of Assets | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Assets | SALE OF ASSETS In April 2020, we entered into a purchase and sale agreement for the sale of our Midland manufacturing facility. The Midland facility was used to design, fabricate and assemble new standard and customized compressor packages for our new unit sales business. On July 2, 2020, we completed the previously announced sale of our Midland manufacturing facility for a total sale price of $17.0 million. The sale of the Midland facility resulted in a gain of $0.3 million during the year ended December 31, 2020. Additionally, during the year ended December 31, 2020, we sold the remaining inventory and equipment related to the fabrication of new compressors for a gain of $0.5 million. These gains are reflected in income (loss) from discontinued operations, net of taxes in our statement of operations. Additionally, during the year ended December 31, 2020, we recorded an impairment of $3.1 million to reduce the Midland facility to its approximate fair market value based on a market approach and expected net proceeds. We also recorded an impairment of $2.3 million to reduce the carrying value of the new unit sales inventory to its approximate fair market value based on a market approach during the year ended December 31, 2020. These impairment charges are reflected in income (loss) from discontinued operations, net of taxes in our statement of operations. During the year ended December 31, 2020, we completed the sale of 58 low-horsepower units to one of our customers for $2.6 million and recorded an impairment of $3.7 million to reduce these assets to their approximate fair market value based on a market approach and expected net proceeds. The impairment charges are reflected in impairment and other charges in our statement of operations. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONSAs discussed in Note 8 - “Sale of Assets”, we completed the previously announced sale of our Midland manufacturing facility on July 2, 2020. The Midland facility was used to design, fabricate and assemble new standard and customized compressor packages for our new unit sales business. In connection with the Midland manufacturing facility sale, we entered into an agreement with the buyer to continue to operate a portion of the facility, which allowed us to close out the remaining backlog for the new unit sale business and to continue to operate our aftermarket services business at that location for an interim period. Following completion of the last unit in October 2020, we are no longer fabricating new compressor packages for sales to third parties or for our own service fleet. The operations associated with the new unit sales business was previously reported in equipment sales revenues and are now reflected as discontinued operations in our financial statements for all periods presented. Used equipment sales revenue continues to be included in equipment sales revenue. A summary of financial information related to our discontinued operations for the new unit sales business is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Income (Loss) from Discontinued Operations (in thousands) Year Ended December 31, 2020 2019 2018 Revenue $ 36,815 $ 136,488 $ 124,643 Cost of revenues 38,503 122,315 112,894 Depreciation, amortization, and accretion 526 1,034 1,017 Impairments of long-lived assets 5,474 — — General and administrative expense 3,904 6,471 5,344 Other (income) expense, net (773) (25) (1) Total pretax income (loss) from discontinued operations (10,819) 6,693 5,389 Income tax provision 67 406 250 Total income (loss) from discontinued operations $ (10,886) $ 6,287 $ 5,139 Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) December 31, 2020 December 31, 2019 Carrying amounts of major classes of assets included as part of discontinued operations Trade receivables — 3,925 Inventories 32 19,521 Other Current Assets 7 111 Current assets of discontinued operations $ 39 $ 23,557 Property, plant, and equipment — 38,029 Other assets — — Long-term assets of discontinued operations — 38,029 Total assets of discontinued operations $ 39 $ 61,586 Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ — $ 26,496 Accrued liabilities 345 10,478 Current liabilities of discontinued operations $ 345 $ 36,974 Long-term liabilities of discontinued operations — — Total liabilities of discontinued operations $ 345 $ 36,974 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES From time to time, we are involved in litigation relating to claims arising out of our operations in the normal course of business. While the outcome of these lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse effect on our financial condition, results of operations, or cash flows. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | EQUITY-BASED COMPENSATION 2011 Long Term Incentive Plan We have granted phantom unit and performance phantom unit awards to certain employees, officers, and directors of our General Partner pursuant to the CSI Compressco LP Second Amended and Restated 2011 Long Term Incentive Plan. Awards of phantom units generally vest over a three year period. Awards of performance phantom units cliff vest at the end of a performance period and are settled based on achievement of related performance measures over the performance period. Each of the phantom unit and performance phantom unit awards includes distribution equivalent rights that enable the recipient to receive additional units equal in value to the accumulated cash distributions made on the units subject to the award from the date of grant. Accumulated distributions associated with each underlying unit are payable upon settlement of the related phantom unit award (and are forfeited if the related award is forfeited). Phantom units are notional units that entitle the grantee to receive a common unit upon the vesting of the award. During the year ended December 31, 2020, we granted to certain officers and employees an aggregate of 1,329,830 phantom unit and performance phantom unit awards, having an average market value (equal to the closing price of the common units on the dates of grant) of $2.08 per unit, or an aggregate market value of $2.8 million. During the year ended December 31, 2019, we granted to certain officers and employees 1,001,071 phantom unit and performance phantom unit awards, having an average market value (equal to the closing price of the common units on the dates of grant) of $2.71 per unit, or an aggregate market value of $2.7 million. During the year ended December 31, 2018, we granted to certain officers and employees 330,395 phantom unit and performance unit awards, having an average market value (equal to the closing price of the common units on the dates of grant) of $7.33 per unit, or an aggregate market value of $2.4 million. The fair value of awards vesting during 2020 , 2019, and 2018 was approximately $1.1 million, $1.2 million, and $1.5 million, respectively. The fair value of awards is amortized straight-line over the vesting period. Adjustments to the amortized expense related to performance phantom units may be recognized prior to vesting depending on the expected achievement of the performance target. The following is a summary of unit activity for the year ended December 31, 2020: Units Weighted Average (In Thousands) Nonvested units outstanding at December 31, 2019 817 $ 3.59 Units granted (1) 1,329 2.08 Cancelled/forfeited (290) 3.33 Exercised/released (302) 3.76 Nonvested units outstanding at December 31, 2020 (2) 1,554 $ 2.31 (1) This number excludes 206,037 performance-based phantom units, which represents the maximum number of common units that would be issued if the maximum level of performance under the awards is achieved. (2) This number excludes an additional 128,705 performance-based phantom units, which, when combined with the 206,037 granted, (net of 2020 forfeitures), represents the maximum number of common units that would be issued if the maximum level of performance under the awards is achieved. The number of units actually issued under the awards may range from zero to 669,484 . Total estimated unrecognized equity-based compensation expense from unvested units as of December 31, 2020 , was approximately $2.2 million and is expected to be recognized over a weighted average period of approximately 1.9 years. The amount recognized in 2020, 2019, and 2018 was approximately $1.4 million, $1.1 million, and $0.6 million, respectively, and is included in selling, general, and administrative expense in our consolidated statements of operations. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Disclosures | FAIR VALUE MEASUREMENTSFair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that may differ from the transaction price or market price of the asset or liability. Under U.S. GAAP, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entity’s own judgments about the assumptions market participants would utilize in pricing the asset or liability. Financial Instruments Series A Preferred Units All remaining outstanding Preferred Units were redeemed for cash on August 8, 2019. Prior to that, the Preferred Units were valued using a lattice modeling technique that, among a number of lattice structures, included significant unobservable items (a level 3 fair value measurement). These unobservable items included (i) the volatility of the trading price of our common units compared to a volatility analysis of equity prices of comparable peer companies, (ii) a yield analysis that utilized market information related to the debt yields of comparable peer companies, and (iii) a future conversion price analysis. Increases (or decreases) in the fair value of our Preferred Units increased (decreased) the associated liability and resulted in adjustments to earnings for the associated valuation losses (gains). Derivative Contracts We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. We enter into 30-day foreign currency forward derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries. As of December 31, 2020 and 2019, we had the following foreign currency derivative contracts outstanding relating to a portion of our foreign operations: December 31, 2020 US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward sale Mexican peso $ 6,002 $ 19.11 1/4/2021 December 31, 2019 US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward sale Mexican peso $ 8,656 $ 19.06 1/17/2020 Under a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries, we may enter into similar derivative contracts from time to time. Although contracts pursuant to this program will serve as economic hedges of the cash flow of our currency exchange risk exposure, they will not be formally designated as hedge contracts or qualify for hedge accounting treatment. Accordingly, any change in the fair value of these derivative instruments during a period will be included in the determination of earnings for that period. The fair values of our foreign currency derivative contracts are based on quoted market values (a Level 2 fair value measurement). None of the foreign currency derivative contracts contains credit risk related contingent features that would require us to post assets or collateral for contracts that are classified as liabilities. During the year ended December 31, 2020, 2019, and 2018, we recognized approximately $(0.2) million, $0.8 million, and $0.05 million of net (gains) and losses, respectively, associated with our foreign currency derivative program, and such amount is included in other (income) expense, net in the accompanying consolidated statement of operations. Fair Value of Debt The fair value of our debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of our fixed rate long-term debt is estimated based on recent trades for these notes. The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands): December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In Thousands) 7.25% Senior Notes $ 80,722 $ 67,274 $ 295,930 $ 266,041 7.50% First Lien Notes 400,000 369,680 350,000 344,750 10.000%/10.750% Second Lien Notes 157,162 114,728 — — $ 637,884 $ 551,682 $ 645,930 $ 610,791 Impairments During the years ended December 31, 2020 and 2019, we recorded impairments of $15.4 million and $3.2 million, respectively, on certain long-lived assets where the carrying values exceeded their respective fair values. During the year ended December 31, 2019, we recorded impairments primarily related to $2.3 million on certain units of our GasJack (R) fleet, reflecting our decision to dispose of these units upon management's determination that refurbishing this equipment was not economic given limited current and forecasted demand for such equipment, as well as a $0.8 million impairment for a compressor package damaged by fire. During the year ended December 31, 2018, we recorded no impairments of long-lived assets. The fair values used in the 2020 impairment calculations were estimated based on discounted estimated future cash flows, including projected future cash flows and/or estimated replacement costs, or a fair value in-exchange assumption, which are based on significant unobservable inputs (Level 3) in accordance with the fair value hierarchy. A summary of these nonrecurring fair value measurements during the year ended December 31, 2020, using the fair value hierarchy, is as follows: Fair Value Measurements Using Year Ended December 31, Fair Value Quoted Prices in Active Markets for Identical Assets Significant Significant Year-to-Date (In Thousands) 2020 $ 21,214 $ — $ — $ 21,214 15,367 Other |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES As a partnership, we are generally not subject to income taxes at the entity level because our income is included in the tax returns of our partners. We are treated as a partnership for federal tax purposes with each partner being separately taxed on its share of our taxable income. However, a portion of our business is conducted through taxable U.S. corporate subsidiaries. Accordingly, a U.S. federal and state income tax provision has been reflected in the accompanying statements of operations. We have a tax sharing agreement with TETRA with respect to the Texas franchise tax liability. The resulting state tax expense is included in the provision for income taxes. Certain of our operations are located outside of the U.S. and we, through our foreign subsidiaries, are responsible for income taxes in these countries. The income tax provision (benefit) attributable to our operations for the years ended December 31, 2020, 2019, and 2018 consists of the following: Year Ended December 31, 2020 2019 2018 (In Thousands) Current Federal $ — $ — $ — State 663 1,049 855 Foreign 2,186 1,769 1,688 2,849 2,818 2,543 Deferred Federal — — 72 State 15 (11) (4) Foreign 280 140 (246) 295 129 (178) Total tax provision $ 3,144 $ 2,947 $ 2,365 A reconciliation of the provision for income taxes computed by applying the federal statutory rate to income (loss) before income taxes and the reported income taxes is as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Income (loss) tax provision computed at statutory federal income tax rates $ (12,560) $ (5,106) $ (8,348) Partnership (earnings) losses 12,560 5,106 8,348 Corporate subsidiary earnings (loss) subject to federal tax (1,800) (998) (387) Valuation allowances 2,133 1,300 (645) Income tax expense attributable to foreign earnings 1,934 1,047 1,992 State income taxes (net of federal benefit) 764 1,504 1,328 Other 113 94 77 Total tax provision $ 3,144 $ 2,947 $ 2,365 Income (loss) before income tax provision includes the following components: Year Ended December 31, 2020 2019 2018 (In Thousands) United States $ (67,992) $ (33,241) $ (42,692) International 8,182 8,928 2,940 Total $ (59,810) $ (24,313) $ (39,752) We file U.S. federal, state, and foreign income tax returns on behalf of all of our consolidated subsidiaries. With few exceptions, we are not subject to U.S. federal, state, local, or non-U.S. income tax examinations by tax authorities for years prior to 2013. We file tax returns in the U.S. and in various state, local and non-U.S. jurisdictions. The following table summarizes the earliest tax years that remain subject to examination by taxing authorities in any major jurisdiction in which we operate: Jurisdiction Earliest Open Tax Period United States – Federal 2014 United States – State and Local 2014 Non-U.S. jurisdictions 2013 We use the liability method for reporting income taxes, under which current and deferred tax assets and liabilities are recorded in accordance with enacted tax laws and rates. Under this method, at the end of each period, the amounts of deferred tax assets and liabilities are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. We establish a valuation allowance to reduce the deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. While we consider taxable income in prior carryback years, future reversals of existing taxable temporary differences, future taxable income, and tax planning strategies in assessing the need for the valuation allowance, there can be no guarantee that we will be able to realize all of our deferred tax assets. Significant components of our deferred tax assets and liabilities are as follows: December 31, 2020 December 31, 2019 Deferred Tax Assets (In Thousands) Amortization for book in excess of tax expense 19,939 22,396 Accruals 3,542 3,318 Net operating losses 22,816 18,164 Other 3,302 2,729 Total deferred tax assets 49,599 46,607 Valuation allowance (41,830) (37,649) Net deferred tax assets $ 7,769 $ 8,958 December 31, 2020 December 31, 2019 Deferred Tax Liabilities (In Thousands) Accruals $ 1,938 $ 2,350 Depreciation for tax in excess of book expense 3,734 4,677 Right-of-use Asset 3,330 2,892 All other 235 226 Total deferred tax liability 9,237 10,145 Net deferred tax liability $ 1,468 $ 1,187 At December 31, 2020, we have federal, state, and foreign net operating loss carryforwards/carrybacks equal to approximately $19.8 million, $1.6 million, and $1.4 million, respectively. In those foreign jurisdictions and states in which net operating losses are subject to an expiration period, our loss carryforwards, if not utilized, will expire from 2021 to 2039. Utilization of the net operating loss and credit carryforwards may be subject to a significant annual limitation due to ownership changes that have occurred previously or could occur in the future provided by Section 382 of the Internal Revenue Code of 1986, as amended. The valuation allowance increased $4.2 million during the year ended December 31, 2020 primarily due to the increase in deferred tax assets as a result of losses generated by our U.S. corporate subsidiaries. The valuation allowance during the year ended December 31, 2019 remained constant. The valuation allowance decreased $1.7 million during the year ended December 31, 2018 primarily due to the reduction of the deferred tax assets as a result of income generated by our U.S. corporate subsidiaries. We believe that it is more likely than not we will not realize all the tax benefits of the deferred tax assets within the allowable carryforward period. Therefore, an appropriate valuation allowance has been provided. ASC 740, “Income Taxes” provides guidance on measurement and recognition in accounting for income tax uncertainties and provides related guidance on derecognition, classification, disclosure, interest, and penalties. As of December 31, 2020 and 2019, the Partnership had no material unrecognized tax benefits (as defined in ASC 740-10). We do not expect to incur interest charges or penalties related to our tax positions, but if such charges or penalties are incurred, our policy is to account for interest charges as interest expense and penalties as tax expense in the consolidated statements of operations. |
Earnings Per Common and Subordi
Earnings Per Common and Subordinated Unit | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common and Subordinated Unit | EARNINGS PER COMMON UNIT The computations of earnings per common unit are based on the weighted average number of common units outstanding during the applicable full-year period. Basic earnings per common unit is determined by dividing net income (loss) allocated to the common units after deducting the amount allocated to our General Partner (including distributions to our General Partner on its incentive distribution rights) by the weighted average number of outstanding common units during the period. When computing earnings per common unit under the two-class method in periods when distributions are greater than earnings, the amount of the distributions is deducted from net income (loss) and the excess of distributions over earnings is allocated between the General Partner and common units based on how our partnership agreement allocates net losses. When earnings are greater than distributions, we determine cash distributions based on available cash and determine the actual incentive distributions allocable to our General Partner based on actual distributions. When computing earnings per common unit, the amount of the assumed incentive distribution rights, if any, is deducted from net income and allocated to our General Partner for the period to which the calculation relates. The remaining amount of net income, after deducting the assumed incentive distribution rights, is allocated between the General Partner and common units based on how our partnership agreement allocates net earnings. The following is the number of the weighted average basic and diluted common units outstanding: Year Ended December 31, 2020 2019 2018 Weighted average basic and diluted common units outstanding 47,301,804 47,006,543 41,552,804 Diluted earnings per unit are computed using the treasury stock method which considers the potential future issuance of limited partner common units. Unvested phantom units are not included in basic earnings per common unit, as they are not considered to be participating securities, but are included in the calculation of diluted earnings per common unit. As of December 31, 2020 there were no units excluded from the dilution calculation. As of December 31, 2019 and 2018 approximately 131,576, and 29,276 incremental units, respectively, were excluded from the calculation of diluted units because the impact was anti-dilutive. Following the issuance of the Preferred Units, diluted earnings per common unit was computed using the “if converted” method, whereby the amount of net income (loss) and the number of common units issuable are each adjusted as if the Preferred Units had been converted as of the date of issuance or as of the beginning of the period. The number of common units that may be issued upon future conversion of the Preferred Units was excluded from the calculation of diluted common units as the impact would be antidilutive due to the net loss recorded during the years ended December 31, 2019, and 2018. All remaining outstanding Preferred Units were redeemed for cash on August 8, 2019. |
Segments Segments
Segments Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segments | SEGMENTS ASC 280, “Segment Reporting”, defines the characteristics of an operating segment as (i) being engaged in business activity from which it may earn revenues and incur expenses, (ii) being reviewed by the company’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated and to assess its performance, and (iii) having discrete financial information. Although management of our General Partner reviews our products and services to analyze the nature of our revenue, other financial information, such as certain costs and expenses, and net income are not captured or analyzed by these items. Therefore, discrete financial information is not available by product line and our CODM does not make resource allocation decisions or assess the performance of the business based on these items, but rather in the aggregate. Based on this, our General Partner believes that we operate in one business segment. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Geographic Information | GEOGRAPHIC INFORMATION Our headquarters are in the United States of America and we also have operations in Latin America, Canada, and to a lesser extent, in other countries located in Europe and the Asia-Pacific region. We attribute revenue to the countries based on the location of customers. Long-lived assets consist primarily of compressor packages and are attributed to the countries based on the physical location of the compressor packages at a given year-end. Information by geographic area is as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Revenues from external customers: U.S. $ 268,605 $ 300,908 $ 276,342 Latin America 26,872 30,724 27,889 Canada 3,442 4,430 4,365 Other 2,668 4,031 5,424 Total $ 301,587 $ 340,093 $ 314,020 Identifiable assets: U.S. $ 654,055 $ 760,589 $ 773,476 Latin America 51,424 55,498 47,891 Canada 4,487 4,732 4,156 Other — 1,427 1,221 Total identifiable assets $ 709,966 $ 822,246 $ 826,744 |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION [Abstract] | |
Supplemental Guarantor Financial Information | SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION The $80.7 million, $400.0 million and $157.2 million in aggregate principal amounts outstanding of the Senior Notes, the First Lien Notes, and the Second Lien Notes, respectively, as of December 31, 2020 are fully and unconditionally guaranteed, subject to certain customary release provisions, on a joint and several senior unsecured and secured basis, by the following U.S. restricted subsidiaries which are each a 100% owned subsidiary (each a “Guarantor Subsidiary” and collectively the “Guarantor Subsidiaries”): CSI Compressco Field Services International LLC CSI Compressco Holdings LLC CSI Compressco International LLC CSI Compressco Leasing LLC CSI Compressco Operating LLC CSI Compressco Sub, Inc. CSI Compression Holdings, LLC Rotary Compressor Systems, Inc. As a result of these guarantees, we are presenting the following condensed consolidating financial information pursuant to Rule 3-10 of Regulation S-X. These schedules are presented using the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for our share in the subsidiaries’ cumulative results of operations, capital contributions and distributions and other changes in equity. Elimination entries relate primarily to the elimination of investments in subsidiaries and associated intercompany balances and transactions. The Other Subsidiaries column includes financial information for those subsidiaries that do not guarantee the Senior Notes, the First Lien Notes or the Second Lien Notes. In addition to the financial information of the Partnership, financial information of the Issuers includes CSI Compressco Finance Inc., which had no assets or operations for any of the periods presented. Condensed Consolidating Balance Sheet December 31, 2020 (In Thousands) Issuers Guarantor Other Eliminations Consolidated ASSETS Current assets $ — $ 66,507 $ 30,318 $ — $ 96,825 Property, plant, and equipment, net — 526,179 25,222 — 551,401 Investments in subsidiaries 162,634 31,460 — (194,094) — Operating lease right-of-use assets — 32,382 255 — 32,637 Intangible and other assets, net — 26,415 2,688 — 29,103 Intercompany receivables 464,594 — — (464,594) — Total non-current assets 627,228 616,436 28,165 (658,688) 613,141 Total assets $ 627,228 $ 682,943 $ 58,483 $ (658,688) $ 709,966 LIABILITIES AND PARTNERS’ CAPITAL Other current liabilities $ 13,930 $ 37,418 $ 4,488 $ — $ 55,836 Amounts payable to affiliates — 2,685 549 3,234 Current liabilities associated with discontinued operations — 345 — — 345 Long-term debt 638,631 — — 638,631 Operating lease liabilities — 23,894 165 — 24,059 Long-term affiliate payable and other liabilities — 444,231 20,363 (464,594) — Other long-term liabilities — 11,736 1,458 — 13,194 Total liabilities 652,561 520,309 27,023 (464,594) 735,299 Total partners’ capital (25,333) 162,634 31,460 (194,094) (25,333) Total liabilities and partners’ capital $ 627,228 $ 682,943 $ 58,483 $ (658,688) $ 709,966 Condensed Consolidating Balance Sheet December 31, 2019 (In Thousands) Issuers Guarantor Other Eliminations Consolidated ASSETS Current assets associated with continuing operations $ — $ 73,803 $ 29,933 $ — $ 103,736 Current assets associated with discontinued operations — 23,557 — — 23,557 Property, plant, and equipment, net — 573,749 30,589 — 604,338 Investments in subsidiaries 180,033 27,287 — (207,320) — Operating lease right-of-use assets — 20,577 429 21,006 Intangible and other assets, net — 28,334 3,246 — 31,580 Intercompany receivables 519,182 — — (519,182) — Long-term assets associated with discontinued operations — 38,029 — — 38,029 Total non-current assets 699,215 687,976 34,264 (726,502) 694,953 Total assets $ 699,215 $ 785,336 $ 64,197 $ (726,502) $ 822,246 LIABILITIES AND PARTNERS’ CAPITAL Other current liabilities $ 14,607 $ 43,621 $ 4,721 $ — $ 62,949 Amounts payable to affiliates — 5,096 2,608 — 7,704 Current liabilities associated with discontinued operations — 36,974 — — 36,974 Long-term debt 635,617 2,621 — — 638,238 Operating lease liabilities — 13,509 313 — 13,822 Intercompany payables — 490,807 28,375 (519,182) — Long-term affiliate payable and other liabilities — 12,675 893 — 13,568 Total liabilities 650,224 605,303 36,910 (519,182) 773,255 Total partners’ capital 48,991 180,033 27,287 (207,320) 48,991 Total liabilities and partners’ capital $ 699,215 $ 785,336 $ 64,197 $ (726,502) $ 822,246 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) December 31, 2020 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Revenues $ — $ 275,772 $ 30,318 $ (4,503) $ 301,587 Cost of revenues (excluding depreciation and amortization expense) — 163,000 15,736 (4,503) 174,233 Depreciation and amortization — 72,551 7,456 — 80,007 Impairment and other charges — 15,367 — — 15,367 Insurance recoveries — (517) — — (517) Selling, general, and administrative expense 1,389 31,344 1,562 — 34,295 Interest expense, net 51,956 2,512 — — 54,468 Other expense, net 4,836 (897) (395) — 3,544 Equity in net (income) loss of subsidiaries 15,659 (3,993) — (11,666) — Income (loss) before taxes and discontinued operations (73,840) (3,595) 5,959 11,666 (59,810) Provision for income taxes — 1,178 1,966 — 3,144 Income (loss) from continuing operations (73,840) (4,773) 3,993 11,666 (62,954) Loss from discontinued operations, net of taxes — (10,886) — — (10,886) Net income (loss) (73,840) (15,659) 3,993 11,666 (73,840) Other comprehensive income (loss) 180 180 — (180) 180 Comprehensive income (loss) $ (73,660) $ (15,479) $ 3,993 $ 11,486 $ (73,660) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) December 31, 2019 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Revenues $ — $ 314,576 $ 35,153 $ (9,636) $ 340,093 Cost of revenues (excluding depreciation and amortization expense) — 180,890 23,930 (9,636) 195,184 Depreciation and amortization — 71,489 4,140 — 75,629 Impairments and other charges — 3,160 — — 3,160 Insurance recoveries — (555) — — (555) Selling, general, and administrative expense 1,062 33,403 2,164 — 36,629 Interest expense, net 51,550 1,825 — — 53,375 Series A Preferred FV Adjustment 1,470 — — — 1,470 Other expense, net 1,468 452 (2,406) — (486) Equity in net (income) loss of subsidiaries (34,577) (5,844) — 40,421 — Income (loss) before taxes and discontinued operations (20,973) 29,756 7,325 (40,421) (24,313) Provision for income taxes — 1,466 1,481 — 2,947 Income (loss) from continuing operations (20,973) 28,290 5,844 (40,421) (27,260) Income from discontinued operations, net of taxes — 6,287 — — 6,287 Net income (loss) (20,973) 34,577 5,844 (40,421) (20,973) Other comprehensive income (loss) 513 513 — (513) 513 Comprehensive income (loss) $ (20,460) $ 35,090 $ 5,844 $ (40,934) $ (20,460) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) December 31, 2018 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Revenues $ — $ 292,203 $ 32,594 $ (10,777) $ 314,020 Cost of revenues (excluding depreciation and amortization expense) — 184,401 21,879 (10,777) 195,503 Depreciation and amortization — 65,986 3,497 — 69,483 Impairments and other charges — 681 — — 681 Selling, general, and administrative expense 639 31,466 2,151 — 34,256 Interest expense, net 49,512 3,073 — — 52,585 Series A Preferred FV Adjustment (838) — — — (838) Other expense, net — 3,990 (1,888) — 2,102 Equity in net (income) loss of subsidiaries (12,335) (5,781) — 18,116 — Income (loss) before taxes and discontinued operations (36,978) 8,387 6,955 (18,116) (39,752) Provision for income taxes — 1,191 1,174 — 2,365 Income (loss) from continuing operations (36,978) 7,196 5,781 (18,116) (42,117) Income from discontinued operations, net of taxes — 5,139 — — 5,139 Net income (loss) (36,978) 12,335 5,781 (18,116) (36,978) Other comprehensive income (loss) (3,597) (3,597) — 3,597 (3,597) Comprehensive income (loss) $ (40,575) $ 8,738 $ 5,781 $ (14,519) $ (40,575) Condensed Consolidating Statement of Cash Flows December 31, 2020 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Net cash provided by operating activities $ — $ 19,084 $ 1,678 $ — $ 20,762 Investing activities: Purchases of property, plant, and equipment, net — (13,011) (1,687) — (14,698) Proceeds from sale of property, plant, and equipment, net — 19,364 — — 19,364 Insurance recoveries associated with damaged equipment — 517 — — 517 Net cash used in investing activities — 6,870 (1,687) — 5,183 Financing activities: Proceeds from long-term debt — 411,134 — — 411,134 Payments of long-term debt — (413,110) — — (413,110) Distributions (1,918) — — — (1,918) Payments to affiliate (2,764) — — — (2,764) Intercompany contribution (distribution) 9,709 (9,709) — — — Other financing activities (5,027) — — — (5,027) Net cash used in financing activities — (11,685) — — (11,685) Effect of exchange rate changes on cash — — (53) — (53) Increase (decrease) in cash and cash equivalents — 14,269 (62) — 14,207 Cash and cash equivalents at beginning of period — 66 2,304 — 2,370 Cash and cash equivalents at end of period $ — $ 14,335 $ 2,242 $ — $ 16,577 Condensed Consolidating Statement of Cash Flows December 31, 2019 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Net cash provided by operating activities $ — $ 62,842 $ 4,854 $ — $ 67,696 Investing activities: Purchases of property, plant, and equipment, net — (71,534) (4,264) — (75,798) Proceeds from sale of property, plant, and equipment, net — 11,025 — — 11,025 Insurance recoveries associated with damaged equipment — 555 — — 555 Net cash used in investing activities — (59,954) (4,264) — (64,218) Financing activities: Proceeds from long-term debt — 45,000 — — 45,000 Payments of long-term debt — (41,567) — — (41,567) Cash redemptions of Preferred Units (31,913) — — — (31,913) Distributions (1,907) — — — (1,907) Intercompany contribution (distribution) 35,185 (35,185) — — — Advances from affiliate — 14,782 — — 14,782 Financing costs and other (1,365) — — — (1,365) Net cash provided by financing activities — (16,970) — — (16,970) Effect of exchange rate changes on cash — — 4 — 4 Increase (decrease) in cash and cash equivalents — (14,082) 594 — (13,488) Cash and cash equivalents at beginning of period — 14,148 1,710 — 15,858 Cash and cash equivalents at end of period $ — $ 66 $ 2,304 $ — $ 2,370 Condensed Consolidating Statement of Cash Flows December 31, 2018 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Net cash provided by operating activities $ — $ 26,753 $ 3,368 $ — $ 30,121 Investing activities: Purchases of property, plant, and equipment, net — (99,020) (4,981) — (104,001) Proceeds from sale of property, plant, and equipment, net — 512 — — 512 Advances and other investing activities (1) — (1) Net cash used in investing activities — (98,509) (4,981) — (103,490) Financing activities: Proceeds from long-term debt 343,800 36,200 — — 380,000 Payments of long-term debt — (258,000) — — (258,000) Distributions (31,294) — — — (31,294) Intercompany contribution (distribution) (303,507) 303,507 — — — Financing costs and other (8,999) — — — (8,999) Net cash used in financing activities — 81,707 — — 81,707 Effect of exchange rate changes on cash — — (81) — (81) Increase (decrease) in cash and cash equivalents — 9,951 (1,694) — 8,257 Cash and cash equivalents at beginning of period — 4,197 3,404 — 7,601 Cash and cash equivalents at end of period $ — $ 14,148 $ 1,710 $ — $ 15,858 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS The Partnership has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the transactions described below. On January 19, 2021, the board of directors of our General Partner declared a cash distribution attributable to the quarter ended December 31, 2020 of $0.01 per common unit. This distribution equates to a distribution of $0.04 per outstanding common unit on an annualized basis. This distribution was paid on February 12, 2021 , to the holders of common units of record as of the close of business January 29, 2021. On January 29, 2021, Spartan acquired from TETRA the Partnership’s General Partner, IDRs and 10.95 million common units in the Partnership (the “GP Sale”). The Partnership did not issue any common units or incur any debt as a result of the transaction. TETRA will continue to own 5.2 million common units of the Partnership. TETRA will also continue to provide back office support to the Partnership under a Transition Services Agreement for a period of time until the Partnership has completed a full separation from TETRA’s back-office support functions. Upon the closing of the GP Sale, the Omnibus Agreement terminated in accordance with its terms. Additionally, on January 29, 2021, the Partnership amended the Credit Agreement to temporarily increase the size of the reserve to $10.0 million and also requires that Spartan backstop all of our outstanding letters of credit. These temporary restrictions will expire on April 30, 2021 if there has not been a “Change of Control” under the Partnership’s secured senior notes indentures. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Lessee, Leases [Policy Text Block] | Leases As a lessee, unless the lease meets the criteria of short-term and is excluded per our policy election described below, we initially recognize a lease liability and related right-of-use asset on the commencement date. The right-of-use asset represents our right to use an underlying asset and the lease liability represents our obligation to make lease payments to the lessor over the lease term. All of our long-term leases are operating leases and are included in operating lease right-of-use assets, accrued liabilities and other, and operating lease liabilities in our consolidated balance sheet as of December 31, 2020 and 2019. We determine whether a contract is or contains a lease at inception of the contract. Where we are a lessee in a contract that includes an option to extend or terminate the lease, we include the extension period or exclude the period covered by the termination option in our lease term in determining the right-of-use asset and lease liability, if it is reasonably certain that we would exercise the option. As an accounting policy election, we do not include short-term leases on our balance sheet. Short-term leases include leases with a term of 12 months or less, inclusive of renewal options we are reasonably certain to exercise. The lease payments for short-term leases are included as operating lease costs on a straight-line basis over the lease term in cost of revenues or selling, general, and administrative expense based on the use of the underlying asset. We recognize lease costs for variable lease payments not included in the determination of a lease liability in the period in which an obligation is incurred. As allowed by U.S. GAAP, we do not separate nonlease components from the associated lease component for our compression services contracts and instead account for those components as a single component based on the accounting treatment of the predominant component. In our evaluation of whether Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842 “Leases” or ASC 606 “Revenue from Contracts with Customers” is applicable to the combined component based on the predominant component, we determined the services nonlease component is predominant, resulting in the ongoing recognition of our compression services contracts following ASC 606. Our operating leases are recognized at the present value of lease payments over the lease term. When the implicit discount rate is not readily determinable, we use our incremental borrowing rate to calculate the discount rate used to determine the present value of lease payments. Consistent with other long-lived assets or asset groups that are held and used, we test for impairment of our right-of-use assets when impairment indicators are present. | |
Consolidation policy | Our consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. | |
Use of estimates policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. | |
Reclassifications policy | Reclassifications Certain previously reported financial information has been reclassified to conform to the current year’s presentation. For a discussion of the reclassification of the financial presentation of our new unit sales business as discontinued operations, see Note 9 - “Discontinued Operations.” Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. | |
Cash equivalents policy | Cash Equivalents We consider all highly liquid cash investments with maturities of three months or less when purchased to be cash equivalents. | |
Financial instruments policy | Financial Instruments Financial instruments that subject us to concentrations of credit risk consist principally of trade accounts receivable, which are primarily due from companies of varying size engaged in oil and gas activities in the United States, Canada, Mexico, and Argentina. Our policy is to review the financial condition of customers before extending credit and periodically update customer credit information. Payment terms are on a short-term basis. The risk of loss from the inability to collect trade receivables is heightened during prolonged periods of low oil and natural gas commodity prices. We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. Our risk management activities include the use of foreign currency forward purchase and sale derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected international operations. We have no balance outstanding under our variable rate revolving credit facility as of December 31, 2020 and face market risk exposure related to changes in applicable interest rates when balances are outstanding. Significant Customers During the years ended December 31, 2020, 2019 and 2018 , one individual customer accounted for 10% or more of our revenues. As of December 31, 2020 and 2019, no receivables from individual customers represented 10% or more of our consolidated trade accounts receivable net of allowance for doubtful accounts. | |
Foreign currencies policy | Foreign Currencies We have designated the Canadian dollar as the functional currency for our operations in Canada. We are exposed to fluctuations between the U.S. dollar and certain foreign currencies, including the Canadian dollar, the Mexican peso, and the Argentine peso, as a result of our international operations. Foreign currency exchange gains are included in other (income) expense, net, and totaled $0.5 million, $2.6 million, and $1.4 million during the years ended December 31, 2020, 2019, and 2018, respectively. | |
Allowances for doubtful accounts policy | Allowance for Doubtful Accounts The allowance for doubtful accounts is determined on a specific identification basis when we believe that the collection of specific amounts owed to us is not probable. Changes in the allowance are as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) At beginning of period $ 990 $ 637 $ 822 Activity in the period: Provision for doubtful accounts 1,185 691 412 Account (chargeoffs) recoveries, net (842) (338) (597) At end of period $ 1,333 $ 990 $ 637 | |
Inventories policy | Inventories Inventories consist primarily of compressor package parts and supplies and work in process and are stated at the lower of cost or net realizable value. For parts and supplies, cost is determined using the weighted average cost | |
Property, plant, and equipment policy | Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Expenditures that increase the useful lives of assets are capitalized. The cost of repairs and maintenance is charged to cost of revenues as incurred. Compressors include compressor packages currently placed in service and available for service. Depreciation is computed using the straight-line method based on the following estimated useful lives: Buildings 15 – 30 years Compressors 12 – 20 years Other equipment 2 – 8 years Vehicles 3 – 5 years Information systems 7 years Leasehold improvements are depreciated over the shorter of the remaining term of the associated building lease or their useful lives. Depreciation expense for the years ended December 31, 2020, 2019, and 2018 was $76.6 million, $72.3 million, and $66.5 million, respectively. Construction in progress as of December 31, 2020 and 2019 consisted primarily of new compressor packages under fabrication and capital expenditures that sustain the capacity of our existing fleet. | |
Intangible assets other than goodwill policy | Intangible Assets Trademarks/trade names, customer relationships, and other intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 2 to 15 years. Amortization expense related to intangible assets was $3.0 million for each of the years ended December 31, 2020, 2019, and 2018, and is included in depreciation and amortization. The estimated future annual amortization expense of trademarks/trade names, customer relationships, and other intangible assets is $2.9 million each year for 2021 to 2025. | |
Impairment of long-lived assets policy | Impairments and Other Charges Impairments of long-lived assets, including identified intangible assets, are determined periodically, when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, an impairment is recognized for the excess of the carrying value over its fair value. Fair value of intangible assets is generally determined using the discounted present value of future cash flows using discount rates commensurate with the risks inherent with the specific assets. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. During 2020, the COVID-19 pandemic and decline in oil and gas prices had a significant impact on our customers and industry, resulting in a decrease in demand in certain of our service lines. We started to see our customers decrease their capital budgets and adjust their operations accordingly, which led to a decline in orders for new compression equipment to be fabricated and sold to third parties. We concluded that these events were indicators of impairment for all our asset groups. We recorded impairments and other charges of approximately $15.4 million associated with non-core used compressor equipment, certain classes of our compression fleet that we re under utilized due to market preferences , and field inventory for compression and related services. Fair value used to determine impairments was estimated based on a market approach. During 2019, we recorded impairments of $2.3 million on certain units of our GasJack (R) fleet, reflecting our decision to dispose of these units upon management’s determination that refurbishing this equipment was not economic given limited current and forecasted demand for such equipment. There were 441 GasJack (R) units impaired, representing 20,286 of total horsepower. A recoverability analysis was performed on the remaining low-horsepower fleet and we concluded that the remaining fleet was recoverable from estimated future cash flows. In addition, a certain compressor package was written off due to being destroyed by fire, resulting in an additional charge of $0.8 million. During 2018, we recorded no impairments of long-lived assets. | |
Revenue recognition policy | Revenue Recognition Performance Obligations. Revenue is recognized when performance obligations under the terms of a contract with our customer are satisfied. Revenue is generally recognized when we transfer control of our products or services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or providing services to our customers. We receive cash equal to the invoice price for most product sales and services and payment terms typically range from 30 to 60 days from the date we invoice our customer. With the exception of the initial terms of our compression services contracts of our medium- and high-horsepower compressor packages, our customer contracts are generally for terms of one year or less. Since the period between when we deliver products or services and when the customer pays for products or services is not to exceed one year, we have elected not to calculate or disclose a financing component for our customer contracts. Depending on the terms of the arrangement, we may also defer the recognition of revenue for a portion of the consideration received because we have to satisfy a future performance obligation. For example, consideration received from customers during the fabrication of new compressor packages is typically deferred until control of the compressor package is transferred to our customer. For revenue associated with mobilization of service equipment as part of a service contract arrangement, such revenue, if significant, is deferred and amortized over the estimated service period. Compression and related services. For compression services revenues recognized over time, our customer contracts typically provide agreed upon monthly service rates and we recognize service revenue based upon the number of days that services have been performed. The majority of our compression services are provided pursuant to contract terms ranging from one month to twenty-four months. Monthly agreements are generally cancellable with 30 days written notice by the customer. Sales taxes, value added taxes, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. We recognize the cost for freight and shipping costs when control over our products (i.e. delivery) has transferred to the customer as part of cost of product sales. Use of Estimates. Our revenues do not include material amounts of variable consideration, as our revenues typically do not require significant estimates or judgments. The transaction price on a majority of our arrangements are fixed and product returns are immaterial. Additionally, our arrangements typically do not include multiple performance obligations that require estimates of the stand-alone purchase price for each performance obligation. Revenue on certain aftermarket service arrangements that include time as a component of the transaction price is not recognized until the performance obligation is complete. Contract Assets and Liabilities. We consider contract assets to be trade accounts receivable when we have an unconditional right to consideration and only the passage of time is required before payment is due. In certain instances, particularly those requiring customer specific documentation prior to invoicing, our invoicing of the customer is delayed until certain documentation requirements are met. In those cases, we recognize a contract asset rather than a billed trade accounts receivable until we are able to invoice the customer. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. We classify contract liabilities as unearned income in our consolidated balance sheets. Such unearned income typically results from advance payments received on orders for new compressor equipment prior to the time such equipment is completed and transferred to the customer in accordance with the customer contract. New equipment sales orders generally take less than twelve months to build and deliver. | |
Income tax policy | Income Taxes Our operations are not subject to U.S. federal income tax other than the operations that are conducted through taxable subsidiaries. We incur state and local income taxes in certain areas of the U.S. in which we conduct business. We incur income taxes and are subject to withholding requirements related to certain of our operations in Latin America, Canada, and other foreign countries in which we operate. Furthermore, we also incur Texas Margin Tax, which, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, is classified as an income tax for reporting purposes. A portion of the carrying value of certain deferred tax assets is subject to a valuation allowance. See Note 13 - “Income Taxes” for further discussion. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Tax Reform Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for | |
Accumulated other comprehensive income policy | Accumulated Other Comprehensive Income (Loss) Certain of our international operations maintain their accounting records in the local currencies that are their functional currencies. For these operations, the functional currency financial statements are converted to U.S. dollar equivalents, with the effect of the foreign currency translation adjustment reflected as a component of accumulated other comprehensive income (loss). Accumulated other comprehensive income (loss) is included in partners’ capital in the accompanying audited consolidated balance sheets and consists of the cumulative currency translation adjustments associated with such international operations. Activity within our accumulated other comprehensive income (loss) is not subject to reclassifications to net income. | |
Allocation of net income policy | Allocation of Net Income Our net income (loss) is allocated to partners’ capital accounts in accordance with the provisions of the Partnership Agreement. | |
Fair value measurements policy | Fair Value Measurements We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements were utilized in the determination of the carrying value of our Series A Preferred Units (a Level 3 fair value measurement). We also utilize fair value measurements on a recurring basis in the accounting for our foreign currency forward purchase and sale derivative contracts. For these fair value measurements, we utilize the quoted value (a Level 2 fair value measurement). Refer to Note 12 - “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis, such as in the allocation of purchase consideration for acquisition transactions to the assets and liabilities acquired, including intangible assets (a Level 3 fair value measurement) and for the impairment of long-lived assets (a Level 3 fair value measurement). Distributions On January 20, 2020, April 20, 2020, July 20, 2020 and October 19, 2020, our General Partner declared a cash distribution attributable to the respective quarter end of $0.01 per common unit. These distributions each equate to a distribution of $0.04 per outstanding common unit on an annualized basis. These distributions were paid on February 14, 2020, May 15, 2020, August 14, 2020 and November 13, 2020, respectively, to the holders of common units of record as of the close of business on February 1, 2020, May 1, 2020, August 1, 2020 and November 1, 2020, respectively. Series A Preferred Units The fair value of the Series A Preferred Units were classified as a long-term liability on our consolidated balance sheets in accordance with ASC 480 “Distinguishing Liabilities and Equity” with changes in the fair value resulting in credits or charges to earnings in the accompanying consolidated statements of operations. Unless otherwise redeemed for cash, a ratable portion of the Preferred Units were converted into common units on the eighth day of each month over a period of thirty months that began in March 2017. In January 2019, we began redeeming Preferred Units for cash, resulting in 2,660,569 Preferred Units being redeemed during the year ended December 31, 2019 for | |
Recently issued accounting pronouncements policy | New Accounting Pronouncements Standards adopted In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. On January 1, 2020, we adopted ASU 2018-15. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairments will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 is effective for us the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for us the first quarter of fiscal 2021. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments were effective for all entities as of March 12, 2020 through December 31, 2022. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. As of December 31, 2020, we have not modified our credit agreements to remove references to LIBOR. We are currently evaluating the impact of the provisions of ASU 2020-04 on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Share-based Payment Arrangement [Policy Text Block] | Equity-Based Compensation We have an equity incentive compensation plan which provides for the granting of phantom units and performance phantom units to the executive officers, key employees, non-executive officers, and directors of our general partner. Total equity-based compensation expense for the years ended December 31, 2020, 2019, and 2018, was $1.4 million, $1.1 million, and $0.6 million, respectively. For further discussion of equity-based compensation, see Note 11 - “Equity-Based Compensation.” |
Property, Plant, and Equipment Table | Buildings 15 – 30 years Compressors 12 – 20 years Other equipment 2 – 8 years Vehicles 3 – 5 years Information systems 7 years |
Accumulated Other Comprehensive Income Table | Accumulated Other Comprehensive Income (Loss) Certain of our international operations maintain their accounting records in the local currencies that are their functional currencies. For these operations, the functional currency financial statements are converted to U.S. dollar equivalents, with the effect of the foreign currency translation adjustment reflected as a component of accumulated other comprehensive income (loss). Accumulated other comprehensive income (loss) is included in partners’ capital in the accompanying audited consolidated balance sheets and consists of the cumulative currency translation adjustments associated with such international operations. Activity within our accumulated other comprehensive income (loss) is not subject to reclassifications to net income. |
Schedule of Accrued Liabilities | Accrued liabilities are detailed as follows: December 31, 2020 2019 (In Thousands) Accrued interest $ 13,644 $ 14,666 Operating lease liabilities, current portion 8,099 6,706 Accrued taxes 5,282 9,428 Compensation and employee benefits 2,822 5,746 Accrued capital expenditures 1,379 2,647 Other accrued liabilities 4,575 2,132 Total accrued liabilities and other $ 35,801 $ 41,325 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | 2021 2022 2023 2024 2025 Total (In Thousands) Compression service contracts remaining performance obligations $ 34,071 $ 6,689 $ 983 $ 42 $ 14 $ 41,799 | |
Deferred Revenue Disclosure [Text Block] | December 31, 2020 December 31, 2019 (In Thousands) Unearned income, beginning of period $ 283 $ 2,731 Additional unearned income 13,166 2,079 Revenue recognized (13,180) (4,527) Unearned income, end of period $ 269 $ 283 | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2020 2019 2018 (In Thousands) Compression and related services U.S. $ 197,757 $ 224,248 $ 198,384 International 30,331 34,022 31,919 228,088 258,270 230,303 Aftermarket services U.S. 58,641 72,597 67,319 International 1,649 3,693 3,591 60,290 76,290 70,910 Equipment sales U.S. 12,207 4,063 10,639 International 1,002 1,470 2,168 13,209 5,533 12,807 Total Revenue U.S. 268,605 300,908 276,342 International 32,982 39,185 37,678 $ 301,587 $ 340,093 $ 314,020 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Components of inventories, net of reserve as of December 31, 2020 and December 31, 2019 are as follows: December 31, 2020 December 31, 2019 (In Thousands) Parts and supplies $ 28,483 $ 32,383 Work in progress 2,705 4,133 Total inventories $ 31,188 $ 36,516 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | Operating lease supplemental cash flow information: Year Ended December 31, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 10,100 $ 5,447 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 19,114 $ 16,598 Additional operating lease information: December 31, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 4.73 years 4.51 years Weighted average discount rate: Operating leases 9.02 % 8.73 % |
Assets And Liabilities, Lessee | Supplemental balance sheet information: December 31, 2020 December 31, 2019 (In Thousands) Operating leases: Operating right-of-use asset $ 32,637 $ 21,006 Accrued liabilities and other $ 8,099 $ 6,706 Operating lease liabilities 24,059 13,822 Total operating lease liabilities $ 32,158 $ 20,528 |
Lease Maturity | Future minimum lease payments by year and in the aggregate, under non-cancelable operating leases with terms in excess of one year consist of the following at December 31, 2020: Operating Leases (In Thousands) 2021 $ 10,337 2022 8,684 2023 7,068 2024 4,812 2025 4,237 Thereafter 4,583 Total lease payments 39,721 Less imputed interest (7,563) Total lease liabilities $ 32,158 |
Long-Term Debt and Other Borr_2
Long-Term Debt and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt Table | Long-term debt consists of the following: December 31, 2020 December 31, 2019 Scheduled Maturity (In Thousands) Credit Agreement (1) June 29, 2023 $ — $ 2,622 7.25% Senior Notes due 2022 (2) August 15, 2022 80,001 291,444 7.50% First Lien Notes due 2025 (3) April 1, 2025 399,654 344,172 10.000%/10.750% Second Lien Notes due 2026 (4) April 1, 2026 158,976 — Total long-term debt $ 638,631 $ 638,238 (1) Net of unamortized deferred financing costs of $0.9 million as of December 31, 2019. (2) Net of unamortized discount of $0.3 million and $1.7 million as of December 31, 2020 and 2019, respectively and unamortized deferred financing costs of $0.4 million and $2.8 million as of December 31, 2020 and 2019, respectively. (3) Net of unamortized deferred financing costs of $5.2 million and $5.8 million as of December 31, 2020 and 2019, respectively, and unamortized discount of $0.2 million and deferred restructuring gain of $5.0 million as of December 31, 2020, respectively. (4) Net of unamortized discount of $0.7 million, unamortized deferred financing costs of $1.2 million, and deferred restructuring gain of $3.7 million as of December 31, 2020. |
Schedule of Maturities of Long-term Debt | Scheduled maturities for the next five years and thereafter are as follows: December 31, 2020 (In Thousands) 2021 $ — 2022 80,722 2023 — 2024 — 2025 400,000 Thereafter 157,162 Total maturities $ 637,884 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Income (Loss) from Discontinued Operations (in thousands) Year Ended December 31, 2020 2019 2018 Revenue $ 36,815 $ 136,488 $ 124,643 Cost of revenues 38,503 122,315 112,894 Depreciation, amortization, and accretion 526 1,034 1,017 Impairments of long-lived assets 5,474 — — General and administrative expense 3,904 6,471 5,344 Other (income) expense, net (773) (25) (1) Total pretax income (loss) from discontinued operations (10,819) 6,693 5,389 Income tax provision 67 406 250 Total income (loss) from discontinued operations $ (10,886) $ 6,287 $ 5,139 Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) December 31, 2020 December 31, 2019 Carrying amounts of major classes of assets included as part of discontinued operations Trade receivables — 3,925 Inventories 32 19,521 Other Current Assets 7 111 Current assets of discontinued operations $ 39 $ 23,557 Property, plant, and equipment — 38,029 Other assets — — Long-term assets of discontinued operations — 38,029 Total assets of discontinued operations $ 39 $ 61,586 Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ — $ 26,496 Accrued liabilities 345 10,478 Current liabilities of discontinued operations $ 345 $ 36,974 Long-term liabilities of discontinued operations — — Total liabilities of discontinued operations $ 345 $ 36,974 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Nonvested Units Outstanding Table | The following is a summary of unit activity for the year ended December 31, 2020: Units Weighted Average (In Thousands) Nonvested units outstanding at December 31, 2019 817 $ 3.59 Units granted (1) 1,329 2.08 Cancelled/forfeited (290) 3.33 Exercised/released (302) 3.76 Nonvested units outstanding at December 31, 2020 (2) 1,554 $ 2.31 (1) This number excludes 206,037 performance-based phantom units, which represents the maximum number of common units that would be issued if the maximum level of performance under the awards is achieved. (2) This number excludes an additional 128,705 performance-based phantom units, which, when combined with the 206,037 granted, (net of 2020 forfeitures), represents the maximum number of common units that would be issued if the maximum level of performance under the awards is achieved. The number of units actually issued under the awards may range from zero to 669,484 . |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions Table | As of December 31, 2020 and 2019, we had the following foreign currency derivative contracts outstanding relating to a portion of our foreign operations: December 31, 2020 US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward sale Mexican peso $ 6,002 $ 19.11 1/4/2021 December 31, 2019 US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward sale Mexican peso $ 8,656 $ 19.06 1/17/2020 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value of our debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of our fixed rate long-term debt is estimated based on recent trades for these notes. The carrying and fair value of our debt, excluding unamortized debt issuance costs, are as follows (in thousands): December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In Thousands) 7.25% Senior Notes $ 80,722 $ 67,274 $ 295,930 $ 266,041 7.50% First Lien Notes 400,000 369,680 350,000 344,750 10.000%/10.750% Second Lien Notes 157,162 114,728 — — $ 637,884 $ 551,682 $ 645,930 $ 610,791 |
Fair Value Measurements, Nonrecurring | A summary of these nonrecurring fair value measurements during the year ended December 31, 2020, using the fair value hierarchy, is as follows: Fair Value Measurements Using Year Ended December 31, Fair Value Quoted Prices in Active Markets for Identical Assets Significant Significant Year-to-Date (In Thousands) 2020 $ 21,214 $ — $ — $ 21,214 15,367 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision Table | Year Ended December 31, 2020 2019 2018 (In Thousands) Current Federal $ — $ — $ — State 663 1,049 855 Foreign 2,186 1,769 1,688 2,849 2,818 2,543 Deferred Federal — — 72 State 15 (11) (4) Foreign 280 140 (246) 295 129 (178) Total tax provision $ 3,144 $ 2,947 $ 2,365 |
Effective Income Tax Rate Reconciliation Table | Year Ended December 31, 2020 2019 2018 (In Thousands) Income (loss) tax provision computed at statutory federal income tax rates $ (12,560) $ (5,106) $ (8,348) Partnership (earnings) losses 12,560 5,106 8,348 Corporate subsidiary earnings (loss) subject to federal tax (1,800) (998) (387) Valuation allowances 2,133 1,300 (645) Income tax expense attributable to foreign earnings 1,934 1,047 1,992 State income taxes (net of federal benefit) 764 1,504 1,328 Other 113 94 77 Total tax provision $ 3,144 $ 2,947 $ 2,365 |
Domestic and Foreign Income Before Income Tax Table | Year Ended December 31, 2020 2019 2018 (In Thousands) United States $ (67,992) $ (33,241) $ (42,692) International 8,182 8,928 2,940 Total $ (59,810) $ (24,313) $ (39,752) |
Deferred Tax Assets and Liabilities Table | December 31, 2020 December 31, 2019 Deferred Tax Assets (In Thousands) Amortization for book in excess of tax expense 19,939 22,396 Accruals 3,542 3,318 Net operating losses 22,816 18,164 Other 3,302 2,729 Total deferred tax assets 49,599 46,607 Valuation allowance (41,830) (37,649) Net deferred tax assets $ 7,769 $ 8,958 December 31, 2020 December 31, 2019 Deferred Tax Liabilities (In Thousands) Accruals $ 1,938 $ 2,350 Depreciation for tax in excess of book expense 3,734 4,677 Right-of-use Asset 3,330 2,892 All other 235 226 Total deferred tax liability 9,237 10,145 Net deferred tax liability $ 1,468 $ 1,187 |
Earnings Per Common and Subor_2
Earnings Per Common and Subordinated Unit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Units Table | Year Ended December 31, 2020 2019 2018 Weighted average basic and diluted common units outstanding 47,301,804 47,006,543 41,552,804 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Revenues and Long-Lived Assets by Geographic Area Table | Year Ended December 31, 2020 2019 2018 (In Thousands) Revenues from external customers: U.S. $ 268,605 $ 300,908 $ 276,342 Latin America 26,872 30,724 27,889 Canada 3,442 4,430 4,365 Other 2,668 4,031 5,424 Total $ 301,587 $ 340,093 $ 314,020 Identifiable assets: U.S. $ 654,055 $ 760,589 $ 773,476 Latin America 51,424 55,498 47,891 Canada 4,487 4,732 4,156 Other — 1,427 1,221 Total identifiable assets $ 709,966 $ 822,246 $ 826,744 |
Supplemental Guarantor Financ_2
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION [Abstract] | |
Supplemental Guarantor Financial Information Tables | Condensed Consolidating Balance Sheet December 31, 2020 (In Thousands) Issuers Guarantor Other Eliminations Consolidated ASSETS Current assets $ — $ 66,507 $ 30,318 $ — $ 96,825 Property, plant, and equipment, net — 526,179 25,222 — 551,401 Investments in subsidiaries 162,634 31,460 — (194,094) — Operating lease right-of-use assets — 32,382 255 — 32,637 Intangible and other assets, net — 26,415 2,688 — 29,103 Intercompany receivables 464,594 — — (464,594) — Total non-current assets 627,228 616,436 28,165 (658,688) 613,141 Total assets $ 627,228 $ 682,943 $ 58,483 $ (658,688) $ 709,966 LIABILITIES AND PARTNERS’ CAPITAL Other current liabilities $ 13,930 $ 37,418 $ 4,488 $ — $ 55,836 Amounts payable to affiliates — 2,685 549 3,234 Current liabilities associated with discontinued operations — 345 — — 345 Long-term debt 638,631 — — 638,631 Operating lease liabilities — 23,894 165 — 24,059 Long-term affiliate payable and other liabilities — 444,231 20,363 (464,594) — Other long-term liabilities — 11,736 1,458 — 13,194 Total liabilities 652,561 520,309 27,023 (464,594) 735,299 Total partners’ capital (25,333) 162,634 31,460 (194,094) (25,333) Total liabilities and partners’ capital $ 627,228 $ 682,943 $ 58,483 $ (658,688) $ 709,966 Condensed Consolidating Balance Sheet December 31, 2019 (In Thousands) Issuers Guarantor Other Eliminations Consolidated ASSETS Current assets associated with continuing operations $ — $ 73,803 $ 29,933 $ — $ 103,736 Current assets associated with discontinued operations — 23,557 — — 23,557 Property, plant, and equipment, net — 573,749 30,589 — 604,338 Investments in subsidiaries 180,033 27,287 — (207,320) — Operating lease right-of-use assets — 20,577 429 21,006 Intangible and other assets, net — 28,334 3,246 — 31,580 Intercompany receivables 519,182 — — (519,182) — Long-term assets associated with discontinued operations — 38,029 — — 38,029 Total non-current assets 699,215 687,976 34,264 (726,502) 694,953 Total assets $ 699,215 $ 785,336 $ 64,197 $ (726,502) $ 822,246 LIABILITIES AND PARTNERS’ CAPITAL Other current liabilities $ 14,607 $ 43,621 $ 4,721 $ — $ 62,949 Amounts payable to affiliates — 5,096 2,608 — 7,704 Current liabilities associated with discontinued operations — 36,974 — — 36,974 Long-term debt 635,617 2,621 — — 638,238 Operating lease liabilities — 13,509 313 — 13,822 Intercompany payables — 490,807 28,375 (519,182) — Long-term affiliate payable and other liabilities — 12,675 893 — 13,568 Total liabilities 650,224 605,303 36,910 (519,182) 773,255 Total partners’ capital 48,991 180,033 27,287 (207,320) 48,991 Total liabilities and partners’ capital $ 699,215 $ 785,336 $ 64,197 $ (726,502) $ 822,246 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) December 31, 2020 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Revenues $ — $ 275,772 $ 30,318 $ (4,503) $ 301,587 Cost of revenues (excluding depreciation and amortization expense) — 163,000 15,736 (4,503) 174,233 Depreciation and amortization — 72,551 7,456 — 80,007 Impairment and other charges — 15,367 — — 15,367 Insurance recoveries — (517) — — (517) Selling, general, and administrative expense 1,389 31,344 1,562 — 34,295 Interest expense, net 51,956 2,512 — — 54,468 Other expense, net 4,836 (897) (395) — 3,544 Equity in net (income) loss of subsidiaries 15,659 (3,993) — (11,666) — Income (loss) before taxes and discontinued operations (73,840) (3,595) 5,959 11,666 (59,810) Provision for income taxes — 1,178 1,966 — 3,144 Income (loss) from continuing operations (73,840) (4,773) 3,993 11,666 (62,954) Loss from discontinued operations, net of taxes — (10,886) — — (10,886) Net income (loss) (73,840) (15,659) 3,993 11,666 (73,840) Other comprehensive income (loss) 180 180 — (180) 180 Comprehensive income (loss) $ (73,660) $ (15,479) $ 3,993 $ 11,486 $ (73,660) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) December 31, 2019 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Revenues $ — $ 314,576 $ 35,153 $ (9,636) $ 340,093 Cost of revenues (excluding depreciation and amortization expense) — 180,890 23,930 (9,636) 195,184 Depreciation and amortization — 71,489 4,140 — 75,629 Impairments and other charges — 3,160 — — 3,160 Insurance recoveries — (555) — — (555) Selling, general, and administrative expense 1,062 33,403 2,164 — 36,629 Interest expense, net 51,550 1,825 — — 53,375 Series A Preferred FV Adjustment 1,470 — — — 1,470 Other expense, net 1,468 452 (2,406) — (486) Equity in net (income) loss of subsidiaries (34,577) (5,844) — 40,421 — Income (loss) before taxes and discontinued operations (20,973) 29,756 7,325 (40,421) (24,313) Provision for income taxes — 1,466 1,481 — 2,947 Income (loss) from continuing operations (20,973) 28,290 5,844 (40,421) (27,260) Income from discontinued operations, net of taxes — 6,287 — — 6,287 Net income (loss) (20,973) 34,577 5,844 (40,421) (20,973) Other comprehensive income (loss) 513 513 — (513) 513 Comprehensive income (loss) $ (20,460) $ 35,090 $ 5,844 $ (40,934) $ (20,460) Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) December 31, 2018 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Revenues $ — $ 292,203 $ 32,594 $ (10,777) $ 314,020 Cost of revenues (excluding depreciation and amortization expense) — 184,401 21,879 (10,777) 195,503 Depreciation and amortization — 65,986 3,497 — 69,483 Impairments and other charges — 681 — — 681 Selling, general, and administrative expense 639 31,466 2,151 — 34,256 Interest expense, net 49,512 3,073 — — 52,585 Series A Preferred FV Adjustment (838) — — — (838) Other expense, net — 3,990 (1,888) — 2,102 Equity in net (income) loss of subsidiaries (12,335) (5,781) — 18,116 — Income (loss) before taxes and discontinued operations (36,978) 8,387 6,955 (18,116) (39,752) Provision for income taxes — 1,191 1,174 — 2,365 Income (loss) from continuing operations (36,978) 7,196 5,781 (18,116) (42,117) Income from discontinued operations, net of taxes — 5,139 — — 5,139 Net income (loss) (36,978) 12,335 5,781 (18,116) (36,978) Other comprehensive income (loss) (3,597) (3,597) — 3,597 (3,597) Comprehensive income (loss) $ (40,575) $ 8,738 $ 5,781 $ (14,519) $ (40,575) Condensed Consolidating Statement of Cash Flows December 31, 2020 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Net cash provided by operating activities $ — $ 19,084 $ 1,678 $ — $ 20,762 Investing activities: Purchases of property, plant, and equipment, net — (13,011) (1,687) — (14,698) Proceeds from sale of property, plant, and equipment, net — 19,364 — — 19,364 Insurance recoveries associated with damaged equipment — 517 — — 517 Net cash used in investing activities — 6,870 (1,687) — 5,183 Financing activities: Proceeds from long-term debt — 411,134 — — 411,134 Payments of long-term debt — (413,110) — — (413,110) Distributions (1,918) — — — (1,918) Payments to affiliate (2,764) — — — (2,764) Intercompany contribution (distribution) 9,709 (9,709) — — — Other financing activities (5,027) — — — (5,027) Net cash used in financing activities — (11,685) — — (11,685) Effect of exchange rate changes on cash — — (53) — (53) Increase (decrease) in cash and cash equivalents — 14,269 (62) — 14,207 Cash and cash equivalents at beginning of period — 66 2,304 — 2,370 Cash and cash equivalents at end of period $ — $ 14,335 $ 2,242 $ — $ 16,577 Condensed Consolidating Statement of Cash Flows December 31, 2019 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Net cash provided by operating activities $ — $ 62,842 $ 4,854 $ — $ 67,696 Investing activities: Purchases of property, plant, and equipment, net — (71,534) (4,264) — (75,798) Proceeds from sale of property, plant, and equipment, net — 11,025 — — 11,025 Insurance recoveries associated with damaged equipment — 555 — — 555 Net cash used in investing activities — (59,954) (4,264) — (64,218) Financing activities: Proceeds from long-term debt — 45,000 — — 45,000 Payments of long-term debt — (41,567) — — (41,567) Cash redemptions of Preferred Units (31,913) — — — (31,913) Distributions (1,907) — — — (1,907) Intercompany contribution (distribution) 35,185 (35,185) — — — Advances from affiliate — 14,782 — — 14,782 Financing costs and other (1,365) — — — (1,365) Net cash provided by financing activities — (16,970) — — (16,970) Effect of exchange rate changes on cash — — 4 — 4 Increase (decrease) in cash and cash equivalents — (14,082) 594 — (13,488) Cash and cash equivalents at beginning of period — 14,148 1,710 — 15,858 Cash and cash equivalents at end of period $ — $ 66 $ 2,304 $ — $ 2,370 Condensed Consolidating Statement of Cash Flows December 31, 2018 (In Thousands) Issuers Guarantor Other Eliminations Consolidated Net cash provided by operating activities $ — $ 26,753 $ 3,368 $ — $ 30,121 Investing activities: Purchases of property, plant, and equipment, net — (99,020) (4,981) — (104,001) Proceeds from sale of property, plant, and equipment, net — 512 — — 512 Advances and other investing activities (1) — (1) Net cash used in investing activities — (98,509) (4,981) — (103,490) Financing activities: Proceeds from long-term debt 343,800 36,200 — — 380,000 Payments of long-term debt — (258,000) — — (258,000) Distributions (31,294) — — — (31,294) Intercompany contribution (distribution) (303,507) 303,507 — — — Financing costs and other (8,999) — — — (8,999) Net cash used in financing activities — 81,707 — — 81,707 Effect of exchange rate changes on cash — — (81) — (81) Increase (decrease) in cash and cash equivalents — 9,951 (1,694) — 8,257 Cash and cash equivalents at beginning of period — 4,197 3,404 — 7,601 Cash and cash equivalents at end of period $ — $ 14,148 $ 1,710 $ — $ 15,858 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency exchange gains (losses) | $ 500 | $ 2,600 | $ 1,400 |
Property, plant and equipment [Line Items] | |||
Depreciation expense | 76,600 | 72,300 | 66,500 |
Impairment of long-lived assets | 15,367 | 3,160 | 681 |
Amortization expense of intangible assets | 3,000 | 3,000 | 3,000 |
Future amortization expense, 2021 | 2,900 | ||
Future amortization expense, 2022 | 2,900 | ||
Future amortization expense, 2023 | 2,900 | ||
Future amortization expense, 2024 | 2,900 | ||
Future amortization expense, 2025 | 2,900 | ||
Allowances for doubtful accounts [Roll Forward] | |||
Allowance for doubtful accounts, beginning of period | 990 | 637 | 822 |
Activity in the period | |||
Provision for doubtful accounts | 691 | 412 | |
Account (charge offs) recoveries | (842) | (338) | (597) |
Allowance for doubtful accounts, end of period | $ 1,333 | $ 990 | $ 637 |
Information Systems [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Minimum [Member] | |||
Property, plant and equipment [Line Items] | |||
Intangible assets other than goodwill, useful lives | 2 years | ||
Minimum [Member] | Compressors [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, plant and equipment, useful life | 12 years | ||
Minimum [Member] | Other Equipment [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years | ||
Minimum [Member] | Automobiles and Trucks [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Minimum [Member] | Building [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, plant and equipment, useful life | 15 years | ||
Maximum [Member] | |||
Property, plant and equipment [Line Items] | |||
Intangible assets other than goodwill, useful lives | 15 years | ||
Maximum [Member] | Compressors [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Maximum [Member] | Other Equipment [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, plant and equipment, useful life | 8 years | ||
Maximum [Member] | Automobiles and Trucks [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Maximum [Member] | Building [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, plant and equipment, useful life | 30 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Balance, beginning of period | $ (14,573) | |||
Foreign currency translation adjustment, net | 180 | $ 513 | $ (3,597) | |
Balance, end of period | (14,393) | (14,573) | ||
Accumulated Other Comprehensive Income (Parentheticals) | ||||
Foreign currency translation adjustment, taxes | 0 | 0 | 0 | $ 0 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity compensation expense | 1,389 | 1,064 | 639 | |
Impairment of long-lived assets | 15,367 | 3,160 | 681 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets | $ 15,367 | 3,160 | $ 681 | |
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets other than goodwill, useful lives | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets other than goodwill, useful lives | 15 years | |||
GasJack Fleet | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of long-lived assets | 2,300 | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets | 2,300 | |||
Compressor Package | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of long-lived assets | 800 | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets | $ 800 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Equity-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Equity compensation expense | $ 1,389 | $ 1,064 | $ 639 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 32,637 | $ 21,006 |
Operating lease liabilities, current portion | 8,099 | 6,706 |
Operating lease liabilities | $ 24,059 | $ 13,822 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Amount of declared distribution | $ 0.01 | |
AnnualizedDistributionMadeToMemberOrLimitedPartnerDistributionsDeclaredPerUnit | $ 0.04 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Series A Preferred Units (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Accounting Policies [Abstract] | |
Partners' Capital Account, Units, Redeemed | shares | 2,660,569 |
Preferred Stock Redemption Discount | $ 31.9 |
Preferred Stock Redemption Premium | $ 1.5 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies Impairments and Other Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Impairment charges | $ 20,841 | $ 3,160 | $ 681 |
Impairment of long-lived assets | $ 15,367 | $ 3,160 | $ 681 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies Financial Instruments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Line of Credit [Member] | Parent Company [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, fair value of amount outstanding | $ 0 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Accrued Interest | $ 13,644 | $ 14,666 |
Operating lease liabilities, current portion | 8,099 | 6,706 |
Accrued taxes | 5,282 | 9,428 |
Compensation and employee benefits | 2,822 | 5,746 |
Accrued capital expenditures | 1,379 | 2,647 |
Other accrued liabilities | 4,575 | 2,132 |
Total accrued liabilities and other | $ 35,801 | $ 41,325 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 301,587 | $ 340,093 | $ 314,020 |
Revenues | 301,587 | 340,093 | 314,020 |
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 268,605 | 300,908 | 276,342 |
Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 32,982 | 39,185 | 37,678 |
Compression and related services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 228,088 | 258,270 | 230,303 |
Compression and related services | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 197,757 | 224,248 | 198,384 |
Compression and related services | Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 30,331 | 34,022 | 31,919 |
Aftermarket services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 60,290 | 76,290 | 70,910 |
Revenues | 60,290 | 76,290 | 70,910 |
Aftermarket services | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 58,641 | 72,597 | 67,319 |
Aftermarket services | Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,649 | 3,693 | 3,591 |
Equipment sales | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 13,209 | 5,533 | 12,807 |
Revenues | 13,209 | 5,533 | 12,807 |
Equipment sales | UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 12,207 | 4,063 | 10,639 |
Equipment sales | Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,002 | $ 1,470 | $ 2,168 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Performance (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 41,799 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 34,071 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 6,689 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 983 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 42 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 14 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Asset, before Allowance for Credit Loss | $ 6,800 | $ 9,600 | $ 5,900 |
Deferred Revenue | 269 | 283 | $ 2,731 |
Deferred Revenue, Additions | 13,166 | 2,079 | |
Deferred Revenue, Revenue Recognized | $ (13,180) | $ (4,527) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Other Inventory, Supplies, Gross | $ 28,483 | $ 32,383 |
Inventory, Work in Process, Gross | 2,705 | 4,133 |
Inventory, Net | $ 31,188 | $ 36,516 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Contract with Customer, Asset, before Allowance for Credit Loss | $ 6,800 | $ 9,600 | $ 5,900 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 8 months 23 days | 4 years 6 months 3 days | |
Operating Lease, Right-of-Use Asset | $ 32,637 | $ 21,006 | |
Operating Lease, Payments | 10,100 | 5,447 | |
Sale Leaseback Transaction, Net Book Value | 9,800 | ||
Operating Lease, Cost | 13,500 | ||
Short-term Lease, Cost | 3,200 | 2,800 | |
Operating Lease, Expense | 8,200 | ||
Rental expense for operating leases | $ 5,600 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 19,114 | 16,598 | |
Operating lease liabilities, current portion | $ 8,099 | $ 6,706 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent | |
Operating lease liabilities | $ 24,059 | $ 13,822 | |
Operating Lease, Liability | $ 32,158 | $ 20,528 | |
Operating Lease, Weighted Average Discount Rate, Percent | 9.02% | 8.73% | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Year 1 (operating leases) | $ 10,337 | ||
Year 2 (operating leases) | 8,684 | ||
Year 3 (operating leases) | 7,068 | ||
Year 4 (operating leases) | 4,812 | ||
Year 5 (operating leases) | 4,237 | ||
Thereafter (operating leases) | 4,583 | ||
Lessee, Operating Lease, Liability, Payments, Due | 39,721 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ (7,563) | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Remaining Lease Term | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Remaining Lease Term | 10 years |
Long-Term Debt and Other Borr_3
Long-Term Debt and Other Borrowings - Long Term Debt Table (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 637,884 | |
Long-term debt, net | $ 638,238 | 638,631 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance expense | 900 | 600 |
Senior Notes 7.25% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 291,444 | 80,001 |
Unamortized debt issuance expense | 2,800 | 400 |
Debt instrument, unamortized discount | 1,700 | 300 |
Compressco Partners First Lien Notes 7.50% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 344,172 | 399,654 |
Unamortized debt issuance expense | 5,800 | 5,200 |
Debt instrument, unamortized discount | 200 | |
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | $ 158,976 |
Unamortized debt issuance expense | 1,200 | |
Debt instrument, unamortized discount | 700 | |
Gains (losses) on restructuring of debt | $ 3,700 |
Long-Term Debt and Other Borr_4
Long-Term Debt and Other Borrowings - Schedule of Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 0 |
2022 | 80,722 |
2023 | 0 |
2024 | 0 |
2025 | 400,000 |
Thereafter | 157,162 |
Total maturities | $ 637,884 |
Long-Term Debt and Other Borr_5
Long-Term Debt and Other Borrowings (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Jun. 12, 2020 | Jun. 11, 2020 | Dec. 31, 2019 | Jun. 29, 2018 | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 637,884,000 | ||||
Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding, amount | 3,500,000 | ||||
Unamortized debt issuance expense | 600,000 | $ 900,000 | |||
Senior Notes 7.25% [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance expense | $ 400,000 | 2,800,000 | |||
Senior Note interest rate | 7.25% | ||||
Long-term debt | $ 80,001,000 | 291,444,000 | |||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance expense | 1,200,000 | ||||
Long-term debt | 158,976,000 | 0 | |||
Compressco Partners First Lien Notes 7.50% [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance expense | 5,200,000 | 5,800,000 | |||
Long-term debt | 399,654,000 | 344,172,000 | |||
CSI Compressco [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | 14,200,000 | ||||
Parent Company [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, fair value of amount outstanding | 0 | ||||
CSI Compressco [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 2,622,000 | |||
Second Lien Notes Indenture [Member] | CSI Compressco [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Rate 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note interest rate | 7.25% | ||||
Second Lien Notes Indenture [Member] | CSI Compressco [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Rate 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note interest rate | 2.75% | ||||
Second Lien Notes Indenture [Member] | CSI Compressco [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Rate 3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note interest rate | 3.50% | ||||
First Supplemental Indenture for the Old Notes | CSI Compressco [Member] | Senior Notes 7.25% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Amount Outstanding | $ 215,800,000 | ||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 4,800,000 | ||||
First Supplemental Indenture for the Old Notes | CSI Compressco [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 155,500,000 | ||||
First Supplemental Indenture for the Old Notes | CSI Compressco [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note interest rate | 10.00% | ||||
First Supplemental Indenture for the Old Notes | CSI Compressco [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note interest rate | 10.75% | ||||
First Supplemental Indenture for the Old Notes | CSI Compressco [Member] | Compressco Partners First Lien Notes 7.50% [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note interest rate | 7.50% | ||||
Long-term Debt, Gross | $ 50,000,000 | $ 50,000,000 | |||
Line of Credit [Member] | CSI Compressco [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 35,000,000 | ||||
Line of Credit [Member] | Second Amendment to Loan and Security Agreement [Member] | CSI Compressco [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, reserve amount | $ 5,000,000 | ||||
Line of Credit [Member] | CCLP Bank Credit Facilities [Member] | Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, accordion feature, increase limit | $ 25,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||
Reimbursement of related party expense | $ 32,600 | |||
Long-term affiliate payable | 0 | $ 12,324 | ||
Advances from affiliates | 0 | 14,782 | $ 0 | |
Finance Lease, Liability, to be Paid, Year One | 3,015 | |||
Finance Lease, Liability, Payments, Due Year Two | 3,015 | |||
Finance Lease, Liability, Payments, Due Year Three | 3,015 | |||
Finance Lease, Liability, Payments, Due Year Four | 2,312 | |||
Finance Lease, Liability, Payments, Due Year Five | 0 | |||
Finance Lease, Liability, Payments, Due after Year Five | $ 11,357 | |||
TETRA [Member] | ||||
Related Party Transaction [Line Items] | ||||
General Partner percentage interest | 1.40% | |||
TETRA's ownership interest | 35.00% | |||
Public ownership interest | 65.00% | |||
TETRA [Member] | ||||
Related Party Transaction [Line Items] | ||||
Advances from affiliates | $ 14,800 | |||
Finance Lease, Liability | $ 14,700 | |||
Finance Lease, Interest Expense | 3,400 | |||
TETRA [Member] | ||||
Related Party Transaction [Line Items] | ||||
Distributions | (700) | $ (700) | $ (12,100) | |
Maximum [Member] | TETRA [Member] | ||||
Related Party Transaction [Line Items] | ||||
Long-term affiliate payable | $ 15,000 |
Sale of Assets (Details)
Sale of Assets (Details) - USD ($) $ in Thousands | Jul. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charges | $ 20,841 | $ 3,160 | $ 681 | |
58 Low-Horsepower Units | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale price of assets | 2,600 | |||
Impairment charges | 3,700 | |||
Midland Manufacturing Facility | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale price of assets | $ 17,000 | |||
Gain (loss) on sale of assets | 300 | |||
Impairment charges | 3,100 | |||
New Units Sales Business Inventory and Equipment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (loss) on sale of assets | 500 | |||
Impairment charges | $ 2,300 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenue | $ 36,815 | $ 136,488 | $ 124,643 |
Cost of revenues | 38,503 | 122,315 | 112,894 |
Depreciation, amortization, and accretion | 526 | 1,034 | 1,017 |
Impairments of long-lived assets | 5,474 | 0 | 0 |
General and administrative expense | 3,904 | 6,471 | 5,344 |
Other (income) expense, net | (773) | (25) | (1) |
Total pretax income (loss) from discontinued operations | (10,819) | 6,693 | 5,389 |
Income tax provision | 67 | 406 | 250 |
Total income (loss) from discontinued operations | $ (10,886) | $ 6,287 | $ 5,139 |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | ||
Trade receivables | $ 0 | $ 3,925 |
Inventories | 32 | 19,521 |
Other Current Assets | 7 | 111 |
Current assets of discontinued operations | 39 | 23,557 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | ||
Property, plant, and equipment | 0 | 38,029 |
Other assets | 0 | 0 |
Long-term assets of discontinued operations | 0 | 38,029 |
Total assets of discontinued operations | 39 | 61,586 |
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract] | ||
Trade payables | 0 | 26,496 |
Accrued liabilities | 345 | 10,478 |
Current liabilities of discontinued operations | 345 | 36,974 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract] | ||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 0 |
Total liabilities of discontinued operations | $ 345 | $ 36,974 |
Commitments and Contingencies D
Commitments and Contingencies Details (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Insurance recoveries | $ 517 | $ 555 | $ 0 |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested unit activity (table) | |||
Nonvested units outstanding | 817,000 | ||
Nonvested units outstanding, weighted average grant date fair value per unit | $ 2.31 | $ 3.59 | |
Units granted, weighted average grant date fair value per unit | $ 2.08 | $ 2.71 | $ 7.33 |
Nonvested units outstanding | 1,554,000 | 817,000 | |
Unit-based Compensation Arrangement by Unit-based Payment Award, Equity Instruments Other than Options, Grants in Period, average market value | $ 2.08 | ||
Units granted, aggregate fair market value | $ 2,800 | $ 2,700 | $ 2,400 |
Units granted | 1,329,000 | ||
Units vested, aggregate fair market value | $ 1,100 | 1,200 | 1,500 |
Maximum number of performance-based units that may be earned under awards granted | 206,037 | ||
Performance units granted | 128,705 | ||
Maximum net number of performance-based units that may be earned under awards granted | 206,037 | ||
Minimum number of performance-based units that may be earned under awards granted | 0 | ||
Maximum number of performance-based units actually issued under awards granted | 669,484 | ||
Equity compensation expense | $ 1,389 | $ 1,064 | $ 639 |
Estimated unrecognized equity-based compensation expense | $ 2,200 | ||
Weighted average period of recognition | 1 year 10 months 24 days | ||
Units granted | 1,329,830 | 1,001,071 | 330,395 |
Phantom Share Units (PSUs) [Member] | |||
Nonvested unit activity (table) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (290,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 3.33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (302,000) | ||
Units cancelled, weighted average grant date fair value per unit | $ 3.76 |
Fair Value Measurements Fair _3
Fair Value Measurements Fair Value Measurements (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Net gain associated with foreign currency derivative program | $ (200) | $ 800 | $ 50 |
Impairment charges | 20,841 | 3,160 | 681 |
Impairment of long-lived assets | 15,367 | 3,160 | 681 |
Impairment of long-lived assets | $ 15,367 | 3,160 | $ 681 |
GasJack Fleet | |||
Derivatives, Fair Value [Line Items] | |||
Impairment of long-lived assets | 2,300 | ||
Impairment of long-lived assets | 2,300 | ||
Compressor Package | |||
Derivatives, Fair Value [Line Items] | |||
Impairment of long-lived assets | 800 | ||
Impairment of long-lived assets | 800 | ||
Senior Notes 7.25% [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Senior Note interest rate | 7.25% | ||
Forward Sale Contract, Mexican Pesos [Member] | |||
Derivative [Line Items] | |||
U.S. Dollar notional amount | $ 6,002 | $ 8,656 | |
Traded exchange rate | 19.11 | 19.06 |
Fair Value Measurements Fair _4
Fair Value Measurements Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Carrying Value | $ 637,884 | $ 645,930 |
Fair Value | 551,682 | 610,791 |
7.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Value | 80,722 | 295,930 |
Fair Value | 67,274 | 266,041 |
7.50% Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Carrying Value | 400,000 | 350,000 |
Fair Value | 369,680 | 344,750 |
10.00%/10.75% Second Lien Notes | ||
Debt Instrument [Line Items] | ||
Carrying Value | 157,162 | 0 |
Fair Value | $ 114,728 | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Year-to-Date Impairment Losses | $ 20,841 | $ 3,160 | $ 681 |
Fair Value, Nonrecurring | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 0 | ||
Fair Value, Nonrecurring | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 0 | ||
Fair Value, Nonrecurring | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | $ 21,214 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 19,800 | ||
Current | |||
Federal | 0 | $ 0 | $ 0 |
State | 663 | 1,049 | 855 |
Foreign | 2,186 | 1,769 | 1,688 |
Total current | 2,849 | 2,818 | 2,543 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | 0 | 0 | 72 |
State | 15 | (11) | (4) |
Foreign | 280 | 140 | (246) |
Total deferred | 295 | 129 | (178) |
Total tax provision (benefit) | 3,144 | 2,947 | 2,365 |
Effective income tax rate reconciliation (table) | |||
Income tax provision (benefit) computed at statutory federal income tax rates | (12,560) | (5,106) | (8,348) |
Partnership earnings | 12,560 | 5,106 | 8,348 |
Corporate subsidiary earnings (loss) subject to federal tax | (1,800) | (998) | (387) |
Valuation allowances | 2,133 | 1,300 | (645) |
Income tax expense attributable to foreign earnings | 1,934 | 1,047 | 1,992 |
State income taxes (net of federal benefit) | 764 | 1,504 | 1,328 |
Other | 113 | 94 | 77 |
Total tax provision (benefit) | 3,144 | 2,947 | 2,365 |
Income before income tax (table) | |||
Domestic | (67,992) | (33,241) | (42,692) |
International | 8,182 | 8,928 | 2,940 |
Total | (59,810) | (24,313) | (39,752) |
Deferred tax assets | |||
Excess tax over book basis in long-lived assets | 19,939 | 22,396 | |
Accruals | 3,542 | 3,318 | |
Net operating losses | 22,816 | 18,164 | |
Other | 3,302 | 2,729 | |
Total deferred tax assets | 49,599 | 46,607 | |
Valuation allowance | (41,830) | (37,649) | |
Net deferred tax assets | 7,769 | 8,958 | |
Deferred tax liabilities | |||
Accruals | 1,938 | 2,350 | |
Deferred Tax Liabilities, Property, Plant and Equipment | 3,734 | 4,677 | |
Deferred Tax Liabilities, Leasing Arrangements | 3,330 | 2,892 | |
All other | 235 | 226 | |
Total deferred tax liability | 9,237 | 10,145 | |
Net deferred tax lilability | 1,468 | $ 1,187 | |
Operating Loss Carryforwards | 1,600 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 1,400 | ||
Increase (decrease) in valuation allowance | $ 4,200 | $ (1,700) |
Earnings Per Common and Subor_3
Earnings Per Common and Subordinated Unit (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Weighted Average Units [Line Items] | |||
Antidilutive units excluded from calculation of diluted units outstanding | 131,576 | 29,276 | |
Common Units [Member] | |||
Reconciliation of Weighted Average Units [Line Items] | |||
Weighted Average Limited Partnership Units Outstanding, Diluted | 47,301,804 | 47,006,543 | 41,552,804 |
Segments Segments (Details)
Segments Segments (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 1 |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Geographic information [Line Items] | |||
Revenues | $ 301,587 | $ 340,093 | $ 314,020 |
Identifiable assets | 709,966 | 822,246 | 826,744 |
U.S. [Member] | |||
Geographic information [Line Items] | |||
Revenues | 268,605 | 300,908 | 276,342 |
Identifiable assets | 654,055 | 760,589 | 773,476 |
Latin America [Member] | |||
Geographic information [Line Items] | |||
Revenues | 26,872 | 30,724 | 27,889 |
Identifiable assets | 51,424 | 55,498 | 47,891 |
Canada [Member] | |||
Geographic information [Line Items] | |||
Revenues | 3,442 | 4,430 | 4,365 |
Identifiable assets | 4,487 | 4,732 | 4,156 |
Other [Member] | |||
Geographic information [Line Items] | |||
Revenues | 2,668 | 4,031 | 5,424 |
Identifiable assets | $ 0 | $ 1,427 | $ 1,221 |
Supplemental Guarantor Financ_3
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Current assets | $ 96,825 | $ 127,293 | ||
Current assets | 103,736 | |||
Current assets associated with discontinued operations | 39 | 23,557 | ||
Property, plant, and equipment, net | 551,401 | 604,338 | ||
Investments in affiliates | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 32,637 | 21,006 | ||
Intangible and other assets, net | 29,103 | 31,580 | ||
Intercompany receivables | 0 | |||
Long-term assets associated with discontinued operations | 0 | 38,029 | ||
Total non-current assets | 613,141 | 694,953 | ||
Total assets | 709,966 | 822,246 | ||
Liabilities and Partners' Capital | ||||
Current liabilities | 55,836 | 62,949 | ||
Amounts payable to affiliate | 3,234 | 7,704 | ||
Current liabilities associated with discontinued operations | 345 | 36,974 | ||
Long-term debt | 638,631 | 638,238 | ||
Operating lease liabilities | 24,059 | 13,822 | ||
Intercompany payables | 0 | |||
Other long-term liabilities | 0 | 13,568 | ||
Other long-term liabilities | 13,194 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 0 | ||
Total liabilities | 735,299 | 773,255 | ||
Accumulated other comprehensive income | (14,393) | (14,573) | ||
Total partners' capital | (25,333) | 48,991 | $ 67,403 | $ 95,027 |
Total liabilities and partners' capital | 709,966 | 822,246 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Current assets | 0 | |||
Current assets | 0 | |||
Current assets associated with discontinued operations | 0 | |||
Property, plant, and equipment, net | 0 | 0 | ||
Investments in affiliates | 162,634 | 180,033 | ||
Operating Lease, Right-of-Use Asset | 0 | 0 | ||
Intangible and other assets, net | 0 | 0 | ||
Intercompany receivables | 519,182 | |||
Long-term assets associated with discontinued operations | 464,594 | 0 | ||
Total non-current assets | 627,228 | 699,215 | ||
Total assets | 627,228 | 699,215 | ||
Liabilities and Partners' Capital | ||||
Current liabilities | 13,930 | 14,607 | ||
Amounts payable to affiliate | 0 | 0 | ||
Current liabilities associated with discontinued operations | 0 | 0 | ||
Long-term debt | 638,631 | 635,617 | ||
Operating lease liabilities | 0 | 0 | ||
Intercompany payables | 0 | |||
Other long-term liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | |||
Total liabilities | 652,561 | 650,224 | ||
Total partners' capital | (25,333) | 48,991 | ||
Total liabilities and partners' capital | 627,228 | 699,215 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Current assets | 66,507 | |||
Current assets | 73,803 | |||
Current assets associated with discontinued operations | 23,557 | |||
Property, plant, and equipment, net | 526,179 | 573,749 | ||
Investments in affiliates | 31,460 | 27,287 | ||
Operating Lease, Right-of-Use Asset | 32,382 | 20,577 | ||
Intangible and other assets, net | 26,415 | 28,334 | ||
Intercompany receivables | 0 | |||
Long-term assets associated with discontinued operations | 0 | 38,029 | ||
Total non-current assets | 616,436 | 687,976 | ||
Total assets | 682,943 | 785,336 | ||
Liabilities and Partners' Capital | ||||
Current liabilities | 37,418 | 43,621 | ||
Amounts payable to affiliate | 2,685 | 5,096 | ||
Current liabilities associated with discontinued operations | 345 | 36,974 | ||
Long-term debt | 0 | 2,621 | ||
Operating lease liabilities | 23,894 | 13,509 | ||
Intercompany payables | 490,807 | |||
Other long-term liabilities | 444,231 | 12,675 | ||
Other long-term liabilities | 11,736 | |||
Total liabilities | 520,309 | 605,303 | ||
Total partners' capital | 162,634 | 180,033 | ||
Total liabilities and partners' capital | 682,943 | 785,336 | ||
Other Subsidiaries [Member] | ||||
ASSETS | ||||
Current assets | 30,318 | |||
Current assets | 29,933 | |||
Current assets associated with discontinued operations | 0 | |||
Property, plant, and equipment, net | 25,222 | 30,589 | ||
Investments in affiliates | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 255 | 429 | ||
Intangible and other assets, net | 2,688 | 3,246 | ||
Intercompany receivables | 0 | |||
Long-term assets associated with discontinued operations | 0 | 0 | ||
Total non-current assets | 28,165 | 34,264 | ||
Total assets | 58,483 | 64,197 | ||
Liabilities and Partners' Capital | ||||
Current liabilities | 4,488 | 4,721 | ||
Amounts payable to affiliate | 549 | 2,608 | ||
Current liabilities associated with discontinued operations | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Operating lease liabilities | 165 | 313 | ||
Intercompany payables | 28,375 | |||
Other long-term liabilities | 20,363 | 893 | ||
Other long-term liabilities | 1,458 | |||
Total liabilities | 27,023 | 36,910 | ||
Total partners' capital | 31,460 | 27,287 | ||
Total liabilities and partners' capital | 58,483 | 64,197 | ||
Consolidation, Eliminations [Member] | ||||
ASSETS | ||||
Current assets | 0 | |||
Current assets | 0 | |||
Current assets associated with discontinued operations | 0 | |||
Property, plant, and equipment, net | 0 | 0 | ||
Investments in affiliates | (194,094) | (207,320) | ||
Operating Lease, Right-of-Use Asset | 0 | |||
Intangible and other assets, net | 0 | 0 | ||
Intercompany receivables | (519,182) | |||
Long-term assets associated with discontinued operations | (464,594) | 0 | ||
Total non-current assets | (658,688) | (726,502) | ||
Total assets | (658,688) | (726,502) | ||
Liabilities and Partners' Capital | ||||
Current liabilities | 0 | 0 | ||
Amounts payable to affiliate | 0 | |||
Current liabilities associated with discontinued operations | 0 | 0 | ||
Long-term debt | 0 | |||
Operating lease liabilities | 0 | 0 | ||
Intercompany payables | (519,182) | |||
Other long-term liabilities | (464,594) | 0 | ||
Other long-term liabilities | 0 | |||
Total liabilities | (464,594) | (519,182) | ||
Total partners' capital | (194,094) | (207,320) | ||
Total liabilities and partners' capital | (658,688) | $ (726,502) | ||
Senior Notes 7.25% [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Carrying value of Senior Notes | $ 80,700 | |||
Senior Note interest rate | 7.25% | |||
Compressco Partners First Lien Notes 7.50% [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Carrying value of Senior Notes | $ 400,000 | |||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Carrying value of Senior Notes | $ 157,200 |
Supplemental Guarantor Financ_4
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information - Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||
Revenues | $ 301,587 | $ 340,093 | $ 314,020 |
Cost of revenues (excluding depreciation and amortization expense) | 174,233 | 195,184 | 195,503 |
Depreciation and amortization | 80,007 | 75,629 | 69,483 |
Impairment of long-lived assets | 15,367 | 3,160 | 681 |
Insurance Recoveries | (517) | (555) | 0 |
Selling, general, and administrative expense | 34,295 | 36,629 | 34,256 |
Interest expense, net | 54,468 | 53,375 | 52,585 |
Liabilities, Fair Value Adjustment | 0 | 1,470 | (838) |
Other expense, net | 3,544 | (486) | 2,102 |
Equity in net income of subsidiaries | 0 | 0 | 0 |
Income before income tax provision (benefit) | (59,810) | (24,313) | (39,752) |
Provision (benefit) for income taxes | 3,144 | 2,947 | 2,365 |
Loss from continuing operations | (62,954) | (27,260) | (42,117) |
Income (loss) from discontinued operations, net of taxes | (10,886) | 6,287 | 5,139 |
Net income | (73,840) | (20,973) | (36,978) |
Other comprehensive income | 180 | 513 | (3,597) |
Comprehensive income | (73,660) | (20,460) | (40,575) |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues | 0 | 0 | 0 |
Cost of revenues (excluding depreciation and amortization expense) | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Impairment of long-lived assets | 0 | 0 | 0 |
Insurance Recoveries | 0 | 0 | |
Selling, general, and administrative expense | 1,389 | 1,062 | 639 |
Interest expense, net | 51,956 | 51,550 | 49,512 |
Liabilities, Fair Value Adjustment | 1,470 | (838) | |
Other expense, net | 4,836 | 1,468 | 0 |
Equity in net income of subsidiaries | 15,659 | (34,577) | (12,335) |
Income before income tax provision (benefit) | (73,840) | (20,973) | (36,978) |
Provision (benefit) for income taxes | 0 | 0 | 0 |
Loss from continuing operations | (73,840) | (20,973) | (36,978) |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | (73,840) | (20,973) | (36,978) |
Other comprehensive income | 180 | 513 | (3,597) |
Comprehensive income | (73,660) | (20,460) | (40,575) |
Guarantor Subsidiaries [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues | 275,772 | 314,576 | 292,203 |
Cost of revenues (excluding depreciation and amortization expense) | 163,000 | 180,890 | 184,401 |
Depreciation and amortization | 72,551 | 71,489 | 65,986 |
Impairment of long-lived assets | 15,367 | 3,160 | 681 |
Insurance Recoveries | (517) | (555) | |
Selling, general, and administrative expense | 31,344 | 33,403 | 31,466 |
Interest expense, net | 2,512 | 1,825 | 3,073 |
Liabilities, Fair Value Adjustment | 0 | 0 | |
Other expense, net | (897) | 452 | 3,990 |
Equity in net income of subsidiaries | (3,993) | (5,844) | (5,781) |
Income before income tax provision (benefit) | (3,595) | 29,756 | 8,387 |
Provision (benefit) for income taxes | 1,178 | 1,466 | 1,191 |
Loss from continuing operations | (4,773) | 28,290 | 7,196 |
Income (loss) from discontinued operations, net of taxes | (10,886) | 6,287 | 5,139 |
Net income | (15,659) | 34,577 | 12,335 |
Other comprehensive income | 180 | 513 | (3,597) |
Comprehensive income | (15,479) | 35,090 | 8,738 |
Other Subsidiaries [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues | 30,318 | 35,153 | 32,594 |
Cost of revenues (excluding depreciation and amortization expense) | 15,736 | 23,930 | 21,879 |
Depreciation and amortization | 7,456 | 4,140 | 3,497 |
Impairment of long-lived assets | 0 | 0 | 0 |
Insurance Recoveries | 0 | 0 | |
Selling, general, and administrative expense | 1,562 | 2,164 | 2,151 |
Interest expense, net | 0 | 0 | 0 |
Liabilities, Fair Value Adjustment | 0 | 0 | |
Other expense, net | (395) | (2,406) | (1,888) |
Equity in net income of subsidiaries | 0 | 0 | 0 |
Income before income tax provision (benefit) | 5,959 | 7,325 | 6,955 |
Provision (benefit) for income taxes | 1,966 | 1,481 | 1,174 |
Loss from continuing operations | 3,993 | 5,844 | 5,781 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | 3,993 | 5,844 | 5,781 |
Other comprehensive income | 0 | 0 | 0 |
Comprehensive income | 3,993 | 5,844 | 5,781 |
Consolidation, Eliminations [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues | (4,503) | (9,636) | (10,777) |
Cost of revenues (excluding depreciation and amortization expense) | (4,503) | (9,636) | (10,777) |
Depreciation and amortization | 0 | 0 | 0 |
Impairment of long-lived assets | 0 | 0 | 0 |
Insurance Recoveries | 0 | 0 | |
Selling, general, and administrative expense | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 |
Liabilities, Fair Value Adjustment | 0 | 0 | |
Other expense, net | 0 | 0 | 0 |
Equity in net income of subsidiaries | (11,666) | 40,421 | 18,116 |
Income before income tax provision (benefit) | 11,666 | (40,421) | (18,116) |
Provision (benefit) for income taxes | 0 | 0 | 0 |
Loss from continuing operations | 11,666 | (40,421) | (18,116) |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | 11,666 | (40,421) | (18,116) |
Other comprehensive income | (180) | (513) | 3,597 |
Comprehensive income | $ 11,486 | $ (40,934) | $ (14,519) |
Supplemental Guarantor Financ_5
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information - Cash Flow Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds from Contributed Capital | $ (8,999) | |||
Distributionstononcontrollingholders | $ (1,918) | $ (1,907) | (31,294) | |
Net cash provided by operating activities | 20,762 | 67,696 | 30,121 | |
Investing activities: | ||||
Purchases of property, plant, and equipment, net | (14,698) | (75,798) | (104,001) | |
Advances and other investing activities | 0 | 0 | (1) | |
Proceeds from sale of property, plant, and equipment, net | 19,364 | 11,025 | 512 | |
Insurance recoveries associated with damaged equipment | 517 | 555 | 0 | |
Net cash used in investing activities | 5,183 | (64,218) | (103,490) | |
Financing activities: | ||||
Proceeds from long-term debt, net | 411,134 | 45,000 | 380,000 | |
Payments of long-term debt | (413,110) | (41,567) | (258,000) | |
Cash redemptions of Preferred Units | (31,913) | |||
Payment of financing costs | (1,365) | |||
Payments to affiliates | (2,764) | 0 | 0 | |
Intercompany contribution (distribution) | 0 | 0 | 0 | |
Advances from affiliates | 0 | 14,782 | 0 | |
Other financing activities | (5,027) | |||
Net cash (used in) provided by financing activities | (11,685) | (16,970) | 81,707 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 14,207 | (13,488) | 8,257 | |
Effect of exchange rate changes on cash | (53) | 4 | (81) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 14,207 | (13,488) | 8,257 | |
Cash and cash equivalents at beginning of period | 2,370 | 15,858 | 7,601 | |
Cash and cash equivalents at end of period | 16,577 | 2,370 | 15,858 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 16,577 | 2,370 | 15,858 | $ 7,601 |
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds from Contributed Capital | 8,999 | |||
Distributionstononcontrollingholders | (1,918) | (1,907) | (31,294) | |
Net cash provided by operating activities | 0 | 0 | 0 | |
Investing activities: | ||||
Purchases of property, plant, and equipment, net | 0 | 0 | 0 | |
Advances and other investing activities | ||||
Proceeds from sale of property, plant, and equipment, net | 0 | 0 | 0 | |
Insurance recoveries associated with damaged equipment | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 | |
Financing activities: | ||||
Proceeds from long-term debt, net | 0 | 0 | 343,800 | |
Payments of long-term debt | 0 | 0 | 0 | |
Cash redemptions of Preferred Units | (31,913) | |||
Payment of financing costs | (1,365) | |||
Payments to affiliates | (2,764) | |||
Intercompany contribution (distribution) | 9,709 | 35,185 | (303,507) | |
Advances from affiliates | 0 | |||
Other financing activities | (5,027) | |||
Net cash (used in) provided by financing activities | 0 | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | |
Cash and cash equivalents at end of period | 0 | 0 | 0 | |
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds from Contributed Capital | 0 | |||
Distributionstononcontrollingholders | 0 | 0 | 0 | |
Net cash provided by operating activities | 19,084 | 62,842 | 26,753 | |
Investing activities: | ||||
Purchases of property, plant, and equipment, net | (13,011) | (71,534) | (99,020) | |
Advances and other investing activities | (1) | |||
Proceeds from sale of property, plant, and equipment, net | 19,364 | 11,025 | 512 | |
Insurance recoveries associated with damaged equipment | 517 | 555 | ||
Net cash used in investing activities | 6,870 | (59,954) | (98,509) | |
Financing activities: | ||||
Proceeds from long-term debt, net | 411,134 | 45,000 | 36,200 | |
Payments of long-term debt | (413,110) | (41,567) | (258,000) | |
Cash redemptions of Preferred Units | 0 | |||
Payment of financing costs | 0 | |||
Payments to affiliates | 0 | |||
Intercompany contribution (distribution) | (9,709) | (35,185) | 303,507 | |
Advances from affiliates | 14,782 | |||
Other financing activities | 0 | |||
Net cash (used in) provided by financing activities | (11,685) | (16,970) | 81,707 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 14,269 | (14,082) | 9,951 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of period | 66 | 14,148 | 4,197 | |
Cash and cash equivalents at end of period | 14,335 | 66 | 14,148 | |
Other Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds from Contributed Capital | 0 | |||
Distributionstononcontrollingholders | 0 | 0 | 0 | |
Net cash provided by operating activities | 1,678 | 4,854 | 3,368 | |
Investing activities: | ||||
Purchases of property, plant, and equipment, net | (1,687) | (4,264) | (4,981) | |
Advances and other investing activities | 0 | |||
Proceeds from sale of property, plant, and equipment, net | 0 | 0 | 0 | |
Insurance recoveries associated with damaged equipment | 0 | 0 | ||
Net cash used in investing activities | (1,687) | (4,264) | (4,981) | |
Financing activities: | ||||
Proceeds from long-term debt, net | 0 | 0 | 0 | |
Payments of long-term debt | 0 | 0 | 0 | |
Cash redemptions of Preferred Units | 0 | |||
Payment of financing costs | 0 | |||
Payments to affiliates | 0 | |||
Intercompany contribution (distribution) | 0 | 0 | 0 | |
Advances from affiliates | 0 | |||
Other financing activities | 0 | |||
Net cash (used in) provided by financing activities | 0 | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) | (62) | 594 | (1,694) | |
Effect of exchange rate changes on cash | (53) | 4 | (81) | |
Cash and cash equivalents at beginning of period | 2,304 | 1,710 | 3,404 | |
Cash and cash equivalents at end of period | 2,242 | 2,304 | 1,710 | |
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds from Contributed Capital | 0 | |||
Distributionstononcontrollingholders | 0 | 0 | 0 | |
Net cash provided by operating activities | 0 | 0 | 0 | |
Investing activities: | ||||
Purchases of property, plant, and equipment, net | 0 | 0 | 0 | |
Advances and other investing activities | ||||
Proceeds from sale of property, plant, and equipment, net | 0 | 0 | 0 | |
Insurance recoveries associated with damaged equipment | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 | |
Financing activities: | ||||
Proceeds from long-term debt, net | 0 | 0 | 0 | |
Payments of long-term debt | 0 | 0 | 0 | |
Cash redemptions of Preferred Units | 0 | |||
Payment of financing costs | 0 | |||
Payments to affiliates | 0 | |||
Intercompany contribution (distribution) | 0 | 0 | 0 | |
Advances from affiliates | 0 | |||
Other financing activities | 0 | |||
Net cash (used in) provided by financing activities | 0 | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | |
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Jan. 19, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Jan. 29, 2021 |
Subsequent Event [Line Items] | ||||
Amount of declared distribution | $ 0.01 | |||
Amount of declared distribution on an annualized basis | $ 0.04 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Amount of declared distribution | $ 0.01 | |||
Amount of declared distribution on an annualized basis | $ 0.04 | |||
Common unit issued (in shares) | 5,200 | |||
Subsequent Event [Member] | Credit Agreement [Member] | CSI Compressco [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 10 | |||
Subsequent Event [Member] | Spartan Energy Partners LP [Member] | ||||
Subsequent Event [Line Items] | ||||
Units of partnership interest, amount (in shares) | 10,950 |