Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 06, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Civeo Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 107,381,452 | ||
Entity Public Float | $2,670,477,182 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1590584 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Service and other | $908,061 | $1,016,769 | $1,069,439 |
Product | 34,830 | 24,335 | 39,436 |
942,891 | 1,041,104 | 1,108,875 | |
Costs and expenses: | |||
Service and other costs | 513,087 | 530,575 | 517,746 |
Product costs | 31,834 | 19,040 | 34,612 |
Selling, general and administrative expenses | 70,345 | 69,590 | 64,206 |
Spin-off and formation costs | 4,350 | ||
Depreciation and amortization expense | 174,970 | 167,213 | 139,047 |
Impairment expense | 290,508 | ||
Other operating expense (income) | 688 | -4,770 | 335 |
1,085,782 | 781,648 | 755,946 | |
Operating income (loss) | -142,891 | 259,456 | 352,929 |
Interest expense to affiliates | -6,980 | -18,933 | -20,456 |
Interest expense to third-parties, net of capitalized interest | -14,396 | -6,029 | -7,415 |
Loss on extinguishment of debt | -3,455 | -1,207 | |
Interest income | 3,915 | 2,332 | 1,712 |
Other income | 7,524 | 3,749 | 3,438 |
Income (loss) before income taxes | -156,283 | 239,368 | 330,208 |
Income tax provision | -31,379 | -56,056 | -84,266 |
Net income (loss) | -187,622 | 183,312 | 245,942 |
Less: Net income (loss) attributable to noncontrolling interest | 1,381 | 1,436 | 1,221 |
Net income (loss) attributable to Civeo Corporation. | ($189,043) | $181,876 | $244,721 |
Per Share Data (see Note 5) | |||
Basic net income (loss) per share attributable to Civeo Corporation common stockholders (in Dollars per share) | ($1.77) | $1.70 | $2.29 |
Diluted net income (loss) per share attributable to Civeo Corporation common stockholders. (in Dollars per share) | ($1.77) | $1.70 | $2.29 |
Weighted average number of common shares outstanding: | |||
Basic (in Shares) | 106,306 | 106,293 | 106,293 |
Diluted (in Shares) | 106,306 | 106,460 | 106,460 |
Dividends per common share (in Dollars per share) | $0.26 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | ($187,622) | $183,312 | $245,942 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment, net of tax of $771, zero and zero, respectively | -138,692 | -167,712 | 16,919 |
Total other comprehensive income (loss), net of tax | -138,692 | -167,712 | 16,919 |
Comprehensive income (loss) | -326,354 | 15,600 | 262,861 |
Comprehensive (income) loss attributable to noncontrolling interest | -1,201 | -1,345 | -1,238 |
Comprehensive income (loss) attributable to Civeo Corporation. | ($327,555) | $14,255 | $261,623 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $263,314 | $224,128 |
Accounts receivable, net | 160,253 | 177,845 |
Inventories | 13,228 | 29,815 |
Prepaid expenses and other current assets | 27,161 | 7,956 |
Total current assets | 463,956 | 439,744 |
Property, plant and equipment, net | 1,248,430 | 1,325,867 |
Goodwill, net | 45,260 | 261,056 |
Other intangible assets, net | 50,882 | 75,675 |
Other noncurrent assets | 20,633 | 20,895 |
Total assets | 1,829,161 | 2,123,237 |
Current liabilities: | ||
Accounts payable | 36,277 | 45,376 |
Accrued liabilities | 22,512 | 26,874 |
Income taxes | 61 | 2,761 |
Current portion of long-term debt | 19,375 | 0 |
Deferred revenue | 18,539 | 19,571 |
Other current liabilities | 21,677 | 2,470 |
Total current liabilities | 118,441 | 97,052 |
Long-term debt to affiliates | 335,171 | |
Long-term debt, less current maturities | 755,625 | 335,171 |
Deferred income taxes | 55,500 | 79,739 |
Other noncurrent liabilities | 39,486 | 18,530 |
Total liabilities | 969,052 | 530,492 |
Stockholders’ Equity / Net investment: | ||
Common stock ($0.01 par value, 550,000,000 shares authorized, 106,721,483 shares and zero shares both issued and outstanding, respectively) | 1,067 | |
Additional paid-in capital | 1,300,042 | |
Accumulated deficit | -244,617 | |
Oil States International, Inc. net investment | 1,651,013 | |
Accumulated other comprehensive loss | -198,491 | -59,979 |
Total Civeo Corporation stockholders’ equity / Oil States International, Inc. net investment | 858,001 | 1,591,034 |
Noncontrolling interest | 2,108 | 1,711 |
Total stockholders’ equity / net investment | 860,109 | 1,592,745 |
Total liabilities and stockholders’ equity / net investment | $1,829,161 | $2,123,237 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 |
Common stock, par value (in Dollars per share) | $0.01 |
Common stock, shares authorized | 550,000,000 |
Common stock, shares issued | 106,721,483 |
Common stock, shares outstanding | 0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity/Net Investment (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Oil States Net Investment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2011 | $1,031,375 | $90,814 | $907 | $1,123,096 | |||
Net income (loss) | 244,721 | 1,221 | 245,942 | ||||
Currency translation adjustment | 16,919 | 17 | 16,919 | ||||
Dividends paid | -897 | -897 | |||||
Net transfers from Oil States International, Inc. | 26,568 | 26,568 | |||||
Balance at Dec. 31, 2012 | 0 | 0 | 0 | 1,302,664 | 107,733 | 1,248 | 1,411,645 |
Net income (loss) | 181,876 | 1,436 | 183,312 | ||||
Currency translation adjustment | -167,712 | -91 | -167,712 | ||||
Dividends paid | -882 | -882 | |||||
Net transfers from Oil States International, Inc. | 166,473 | 166,473 | |||||
Balance at Dec. 31, 2013 | 0 | 0 | 0 | 1,651,013 | -59,979 | 1,711 | 1,592,745 |
Net income (loss) | -230,724 | 41,681 | 1,381 | -187,622 | |||
Currency translation adjustment | -138,512 | -180 | -138,692 | ||||
Dividends paid | -13,897 | -13,893 | -804 | -28,594 | |||
Net transfers from Oil States International, Inc. | 369,219 | 369,219 | |||||
Distribution to Oil States International, Inc. | -750,000 | -750,000 | |||||
Reclassification of Oil States International, Inc. Net Investment to Additional Paid-in Capital | 1,311,913 | -1,311,913 | |||||
Issuance of common stock at the Spin-Off | 1,066 | -1,066 | |||||
Stock-based compensation | 1 | 3,220 | 3,221 | ||||
Other. | -128 | -128 | |||||
Balance at Dec. 31, 2014 | $1,067 | $1,300,042 | ($244,617) | ($198,491) | $2,108 | $860,109 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity/Net Investment (Shares) | 12 Months Ended |
Dec. 31, 2014 | |
Common Stock | |
Issuance of common stock at the Spin-Off | 106,538,000 |
Stock-based compensation. | 183,000 |
Balance, December 31, 2014 | 106,721,483 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | ($187,622) | $183,312 | $245,942 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 174,970 | 167,213 | 139,047 |
Impairment charges | 290,508 | ||
Loss on extinguishment of debt | 3,455 | 1,207 | |
Deferred income tax provision | 4,333 | 11,607 | 13,812 |
Non-cash compensation charge | 6,283 | 4,894 | 3,258 |
Gains on disposals of assets | -5,877 | -2,395 | -3,315 |
Provision for loss on receivables, net of recoveries | -1,276 | 2,099 | 129 |
Fair value adjustment of contingent consideration | -3,448 | 1,260 | |
Other, net | 1,096 | 506 | -500 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 4,840 | 12,554 | -12,096 |
Inventories | 15,174 | -11,885 | 10,963 |
Accounts payable and accrued liabilities | -167 | -28,257 | 27,188 |
Taxes payable | -16,738 | -24,921 | 28,316 |
Other current assets and liabilities, net | 2,114 | 24,892 | -21,341 |
Net cash flows provided by operating activities | 291,053 | 337,378 | 432,663 |
Cash flows from investing activities: | |||
Capital expenditures, including capitalized interest | -251,158 | -291,694 | -314,047 |
Proceeds from disposition of property, plant and equipment | 12,086 | 7,488 | 8,346 |
Net cash flows used in investing activities | -239,072 | -284,206 | -305,701 |
Cash flows from financing activities: | |||
Revolving credit borrowings and (repayments), net | -47,901 | 3,814 | |
Term loan borrowings | 775,000 | ||
Debt issuance costs | -9,235 | -3,442 | |
Debt and capital lease repayments | -4,075 | ||
Term loan repayments | -82,762 | -10,047 | |
Dividends paid | -27,790 | ||
Distributions to Oil States | -750,000 | ||
Contributions from Oil States | 28,257 | 160,998 | 15,267 |
Net cash flows provided by financing activities | 16,232 | 30,335 | 1,517 |
Effect of exchange rate changes on cash | -29,027 | -20,775 | 843 |
Net change in cash and cash equivalents | 39,186 | 62,732 | 129,322 |
Cash and cash equivalents, beginning of period | 224,128 | 161,396 | 32,074 |
Cash and cash equivalents, end of period | $263,314 | $224,128 | $161,396 |
Note_1_Description_of_Business
Note 1 - Description of Business, 2014 Events and Basis of Presentation | 12 Months Ended | ||
Dec. 31, 2014 | |||
Disclosure Text Block [Abstract] | |||
Business Description and Basis of Presentation [Text Block] | 1 | DESCRIPTION OF BUSINESS, 2014 EVENTS AND BASIS OF PRESENTATION | |
Description of the Business | |||
We are one of North America’s and Australia’s largest integrated providers of accommodations services for people working in remote locations. Our scalable modular facilities provide long-term and temporary work force accommodations where traditional infrastructure is insufficient, inaccessible or not cost effective. Once facilities are deployed in the field, we also provide catering and food services, housekeeping, laundry, facility management, water and wastewater treatment, power generation, communications and redeployment logistics. Our accommodations support workforces in the Canadian oil sands and in a variety of oil and natural gas drilling, mining and related natural resource applications as well as disaster relief efforts, primarily in Canada, Australia and the United States. We operate in three principal reportable business segments – Canadian, Australian and U.S. | |||
Spin-off | |||
On May 5, 2014, the Oil States International, Inc. (Oil States) board of directors approved the separation of its Accommodations Segment (Accommodations) into a standalone, publicly traded company, Civeo Corporation (Civeo). In accordance with the Separation and Distribution Agreement, the two companies were separated by Oil States distributing to its stockholders all 106,538,044 shares of common stock of Civeo it held after the market closed on May 30, 2014 (the Spin-Off). Each Oil States stockholder received two shares of Civeo common stock for every one share of Oil States stock held at the close of business on the record date of May 21, 2014. In conjunction with the separation, Oil States received a private letter ruling from the Internal Revenue Service to the effect that, based on certain facts, assumptions, representations and undertakings set forth in the ruling, for U.S. federal income tax purposes, the distribution of Civeo common stock was not taxable to Oil States or U.S. holders of Oil States common stock. Following the separation, Oil States retained no ownership interest in Civeo, and each company now has separate public ownership, boards of directors and management. A registration statement on Form 10, as amended through the time of its effectiveness, describing the separation was filed by Civeo with the U.S. Securities and Exchange Commission (SEC) and was declared effective on May 8, 2014. On June 2, 2014, Civeo stock began trading the “regular-way” on the New York Stock Exchange under the “CVEO” stock symbol. Pursuant to the Separation and Distribution Agreement with Oil States, on May 28, 2014, we made a special cash distribution to Oil States of $750 million. | |||
In connection with the Spin-Off, on May 28, 2014, we entered into a $650.0 million, 5-year revolving credit facility and a 5-year U.S. term loan facility totaling $775.0 million. For further discussion, see Note 10 – Debt. | |||
As a result of the Spin-Off, we incurred certain costs during the year ended December 31, 2014. We recognized a loss on the termination of debt of approximately $3.5 million, in the second quarter 2014, related to unamortized debt issuance costs, which is included in Loss on extinguishment of debt on the accompanying consolidated statements of operations. We recorded transition and formation costs associated with the Spin-Off of approximately $4.3 million for the year ended December 31, 2014, which are included in Spin-off and formation costs on the accompanying consolidated statements of operations. In the second quarter 2014, we recognized a $9.0 million impairment of an intangible asset in Australia, which is included in Impairment expense on the accompanying consolidated statements of operations. Due to the Spin-Off, and the resulting rebranding of our Australian operations from The MAC to Civeo, it was determined that the fair value of an intangible asset associated with The MAC brand had been reduced to nil. | |||
Fourth Quarter 2014 Events | |||
The acceleration in November of the decline in global crude oil prices and forecasts for a potentially protracted period of lower prices have resulted in major oil companies reducing their 2015 capital budgets from 2014 levels. This has had the effect of reducing the near-term allocation of capital to development or expansion projects in the oil sands, which is a major driver of demand for our services in Canada. Likewise in Australia, persistently low metallurgical coal prices continue to negatively impact demand for accommodations in our primary markets. In addition to these operational factors, we expect to be negatively impacted by the continuing weakness in the Canadian and Australian dollars. | |||
Based on our current forecasts for 2015, we expect that we will be required to reduce our outstanding indebtedness in order to comply with the maximum leverage ratio covenant as required under our Credit Facility, particularly in the third and fourth quarters of 2015. Please see Note 10 – Debt for further discussion. This expectation, coupled with our expectations of lower earnings and cash flows in 2015, has caused our expectations surrounding indefinite reinvestment of undistributed earnings of our foreign subsidiaries to change. As a result, we recognized incremental income tax expense of $26.1 million in the fourth quarter 2014. Please see Note 13 – Income Taxes for further discussion. | |||
In late 2014, as a result of the factors noted above, management assessed the carrying value of our long-lived assets, which evaluation included amortizable intangible assets, to determine if they continued to be recoverable based on estimated future cash flows. As a result of the assessment, we recorded impairment losses of $76.2 million during 2014, of which $59.0 million related to our U.S. segment and $17.2 million related to our Canadian segment. Of the $59.0 million impairment related to our U.S. segment, $55.8 million reduced the value of our fixed assets and $3.2 million reduced the value of our amortizable intangible assets. Please see Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets and Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets for further discussion. | |||
In addition, the factors noted above were considered during management’s annual goodwill impairment test, which is conducted as of November 30 each year. As a result of the test, we recorded goodwill impairment losses of $202.7 million during 2014, of which $16.6 million related to our U.S. segment and $186.1 million related to our Australian segment. We continue to have goodwill related to our Canadian segment, which totaled $45.3 million at December 31, 2014. Please see Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets for further discussion. | |||
Redomiciling to Canada | |||
On September 29, 2014, we announced our intention to redomicile the Company to Canada. We expect to execute a “self-directed redomiciling” of the Company as permitted under the U.S. Internal Revenue Code. U.S. federal income tax laws permit a company to change its domicile to a foreign jurisdiction without corporate-level U.S. federal income taxes provided that such company has “substantial business activity” in the relevant jurisdiction. “Substantial business activity” is defined as foreign operations consisting of over 25% of the company’s total (i) revenues, (ii) assets, (iii) employees and (iv) employee compensation. With approximately 50% or more of our operations in Canada based on these metrics, we believe we will qualify for a self-directed redomiciling. We expect to complete the migration in the second or third quarter of 2015. There is no assurance that we will be able to complete the migration in a timely manner or at all, and if completed, we may not achieve the expected benefits. | |||
Basis of Presentation | |||
Prior to the Spin-Off, our financial position, results of operations and cash flows consisted of the Oil States’ Accommodations business and an allocable portion of its corporate costs, which represented a combined reporting entity. The combined financial statements for periods prior to the Spin-Off have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of Oil States. The combined financial statements reflect our historical financial position, results of operations and cash flows as we were historically managed, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The combined financial statements include certain assets and liabilities that have historically been held at the Oil States corporate level, but are specifically identifiable or otherwise attributable to us. Certain reclassifications have been made to the December 31, 2013 consolidated balance sheet to conform to current year presentation. | |||
All financial information presented after the Spin-Off represents the consolidated results of operations, financial position and cash flows of Civeo. Accordingly: | |||
● | Our consolidated statements of operations, comprehensive income, cash flows and changes in stockholders’ equity / net investment for the year ended December 31, 2014 consist of (i) the combined results of the Oil States’ Accommodations business for the five months ended May 30, 2014 and (ii) the consolidated results of Civeo for the seven months ended December 31, 2014. Our consolidated statements of operations, comprehensive income, cash flows and changes in stockholders’ equity / net investment for the years ended December 31, 2013 and 2012 consist entirely of the combined results of the Oil States’ Accommodations business. | ||
● | Our consolidated balance sheet at December 31, 2014 consists of the consolidated balances of Civeo, while at December 31, 2013, it consists entirely of the combined balances of the Oil States’ Accommodations business. | ||
The assets and liabilities in our consolidated financial statements have been reflected on a historical basis, as immediately prior to the Spin-Off all of the assets and liabilities presented were wholly owned by Oil States and were transferred within the Oil States consolidated group. All intercompany transactions and accounts have been eliminated. All affiliate transactions between Civeo and Oil States have been included in these consolidated financial statements. | |||
Unless otherwise stated or the context otherwise indicates, all references in these consolidated financial statements to “Civeo,” “the Company,” “us,” “our” or “we” for the time period prior to the separation mean the Accommodations business of Oil States. For time periods after the separation, these terms refer to the legal entity Civeo Corporation and its consolidated subsidiaries. | |||
The consolidated financial statements for periods prior to the Spin-Off included expense allocations for: (1) certain corporate functions historically provided by Oil States, including, but not limited to finance, legal, risk management, tax, treasury, information technology, human resources, and certain other shared services; (2) certain employee benefits and incentives; and (3) equity-based compensation. These expenses were allocated to us on the basis of direct usage when identifiable, with the remainder allocated based on estimated time spent by Oil States personnel, a pro-rata basis of headcount or other relevant measures of Oil States and its subsidiaries. We consider the basis on which the expenses were allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. The allocations may not, however, reflect the expense we would have incurred as an independent, publicly traded company for the periods presented. Actual costs that may have been incurred if we had been a stand-alone company would depend on a number of factors, including the chosen organizational structure, which functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. Following the Spin-Off, we are performing these functions using our own resources or purchased services. For an interim period, however, some of these functions continued to be provided by Oil States under a Transition Services Agreement, which extended for a period of up to nine months from the date of the Spin-Off, depending on the service being provided. See Note 18 – Related Party Transactions. | |||
Oil States used a centralized approach to the cash management and financing of its U.S. operations. Prior to February 2014, cash from our U.S. operations was transferred to Oil States daily and Oil States funded our U.S. operating and investing activities as needed. Accordingly, the cash and cash equivalents held by Oil States at the corporate level were not allocated to us for any of the periods presented prior to February 2014. We reflected the transfer of cash to and from Oil States as a component of “Net Investment of Oil States International, Inc.” on our consolidated balance sheet. We have not included interest expense for intercompany cash advances from Oil States, since historically Oil States has not allocated interest expense related to intercompany advances to any of its businesses. Beginning in February 2014, we established Civeo cash accounts and funded a portion of our U.S. operating and investing activities. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Cash | ||
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||
Allowances for Doubtful Accounts | ||
We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for doubtful accounts. We consider the following factors when determining if collection of revenue is reasonably assured: customer credit-worthiness, past transaction history with the customer, current economic industry trends, customer solvency and changes in customer payment terms. If we have no previous experience with the customer, we typically obtain reports from various credit organizations to ensure that the customer has a history of paying its creditors. We may also request financial information, including combined financial statements or other documents, to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, we would require a prepayment or other arrangement to support revenue recognition and recording of a trade receivable. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. | ||
Inventories | ||
Inventories consist of work in process, raw materials and supplies and materials for the construction and operation of remote accommodation facilities. Inventories also include food, raw materials, labor, subcontractor charges, manufacturing overhead and catering and other supplies needed for operation of our facilities. Inventories are carried at the lower of cost or market. The cost of inventories is determined on an average cost or specific-identification method. | ||
Property, Plant, and Equipment | ||
Property, plant, and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under capital lease, using the straight-line method, after allowing for salvage value where applicable, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. | ||
We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an asset retirement obligation (ARO) when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Please see Asset Retirement Obligations, below, for further discussion. | ||
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the combined statements of income. | ||
Interest Capitalization | ||
Interest costs for the construction of certain long-term assets are capitalized and amortized over the related assets’ estimated useful lives. For the years ended December 31, 2014, 2013, and 2012, $2.3 million, $0.8 million and $3.5 million were capitalized, respectively. | ||
Goodwill and Other Intangible Assets | ||
Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. | ||
We do not amortize goodwill. We evaluate goodwill for impairment, at the reporting unit level, annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. A reporting unit is the operating segment, or a business one level below that operating segment (the “component” level) if discrete financial information is prepared and regularly reviewed by management at the component level. Each segment of our business represents a separate reporting unit, and all three of our reporting units have or had goodwill. We recognize an impairment loss for any amount by which the carrying amount of a reporting unit’s goodwill exceeds the reporting unit’s implied fair value (IFV) of goodwill. We conduct our annual impairment test as of November 30 of each year. Our assessment consists of a two-step impairment test. In the first step, we compare each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired, and a second step is performed to determine the amount of impairment, if any. | ||
We are given the option to test for impairment of our goodwill by first performing a qualitative assessment to determine whether it is more likely than not (that is, likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed two-step impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill is assessed separately and different relevant events and circumstances are evaluated for each unit. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. | ||
In 2014 and 2013, we chose to bypass the qualitative assessment and perform the two-step impairment test. In performing the two-step impairment test, we compare each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. Because none of our reporting units has a publically quoted market price, we must determine the value that willing buyers and sellers would place on the reporting unit through a routine sale process (a Level 3 fair value measurement). In our analysis, we target an IFV that represents the value that would be placed on the reporting unit by market participants, and value the reporting unit based on historical and projected results throughout a cycle, not the value of the reporting unit based on trough or peak earnings. The IFV of the reporting unit is estimated using a combination of (i) an analysis of trading multiples of comparable companies (Market Approach) and (ii) discounted projected cash flows (Income Approach). We also use acquisition multiples analyses in certain circumstances. The relative weighting of each approach varies by reporting unit, based on management’s judgment. | ||
Market Approach - This valuation approach utilizes publicly traded comparable companies’ enterprise values, as compared to their recent and forecasted earnings before interest, taxes and depreciation (EBITDA) information. We used an average EBITDA multiple ranging from approximately 6.5x to approximately 9.5x depending on the reporting unit. We use EBITDA because it is a widely used key indicator of the cash generating capacity of companies in our industry. | ||
Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five years. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. These assumptions vary by each reporting unit depending on market conditions. In addition, a terminal value is estimated, using a Gordon Growth methodology with a long-term growth rate of 3%. We discount our projected cash flows using a long-term weighted average cost of capital based on our estimate of investment returns that would be required by a market participant. The weighted average cost of capital used in our analysis ranged from 9% to 11%, depending on the reporting unit. | ||
The IFV of our reporting units is affected by future oil, coal and natural gas prices, anticipated spending by our customers, and the cost of capital. Our estimate of IFV requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future, and are therefore uncertain. We selected these valuation approaches because we believe the combination of these approaches and our best judgment regarding underlying assumptions and estimates provides us with the best estimate of fair value for each of our reporting units. We believe these valuation approaches are proven valuation techniques and methodologies for our industry and widely accepted by investors. The IFV of each reporting unit would change if our assumptions under these valuation approaches, or relative weighting of the valuation approaches, were materially modified. | ||
In 2014, in performing step one of the goodwill impairment test, the carrying amounts of our U.S. and Australia reporting units exceeded the respective reporting unit’s IFV. Accordingly, we proceeded to the second step for those reporting units. This second step compared the IFV of each reporting unit’s goodwill with the carrying amount of such goodwill. We performed a hypothetical allocation of the fair value of the reporting units determined in step one to all of the assets and liabilities of the unit, including any unrecognized intangible assets. After making these hypothetical allocations, we determined zero residual value remained that could be allocated to goodwill within our U.S. and Australian reporting units, respectively. As a result, we recorded impairment charges totaling $16.6 million and $186.1 million to goodwill for our U.S. and Australian reporting units, respectively. In 2013 and 2012, our goodwill impairment tests indicated that the fair value of each of our reporting units was greater than its carrying amount. | ||
Other Intangible Assets. We amortize the cost of other intangible assets over their estimated useful lives unless such lives are deemed indefinite. For intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. | ||
In addition, we evaluate amortizable intangible assets for impairment when an event occurs or circumstances change to suggest the carrying amount may not be recoverable. If the carrying amount is not recoverable, the intangible assets are written down to fair value based on either discounted cash flows or appraised values. During 2014, management assessed the carrying value of our long-lived assets, which evaluation included amortizable intangible assets, to determine if they continued to be recoverable based on estimated future cash flows. As a result of the assessment, we recorded a $59.0 million impairment related to our U.S. segment, of which $55.8 million reduced the value of our fixed assets and $3.2 million was recorded on our amortizable intangible assets. | ||
We are required to evaluate our indefinite-lived intangible assets for impairment annually and when an event occurs or circumstances change to suggest the carrying amount may not be recoverable. In performing the impairment test, we compare the fair value of the indefinite-lived intangible asset with its carrying amount. The measurement of the impairment is calculated based on the excess of the carrying value over its fair value. In 2014, we recognized a $9.0 million impairment of an indefinite-lived intangible asset in Australia, which is included in Impairment expense on the accompanying consolidated statements of operations. Due to the Spin-Off, and the resulting rebranding of our Australian operations from The MAC to Civeo, it was determined that the fair value of an intangible asset associated with The MAC brand had been reduced to nil. During 2013 and 2012, no provision for impairment of other intangible assets was required. | ||
Impairment of Long-Lived Assets | ||
The recoverability of the carrying values of long-lived assets, including amortizable intangible assets, is assessed whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. The fair value of the asset group is based on prices of similar assets, if available, or discounted cash flows. | ||
In late 2014, as a result of the decline in global crude oil prices and forecasts for a potentially protracted period of lower prices, management assessed the carrying value of all of our long-lived asset groups to determine if they continued to be recoverable based on estimated future cash flows. In performing this analysis, the first step was to review asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For each asset group, we compared its carrying value to estimates of undiscounted future cash flows. We used a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. The estimates were consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, above. | ||
Based on the assessment, the carrying values of certain of our asset groups were determined to not be recoverable, and we proceeded to the second step. In this step, we compared the fair value of the respective asset group to its carrying value. The fair value of the asset groups were based on prices of similar assets, as applicable, or discounted cash flows. Our estimate of the fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future, and are therefore uncertain. We recorded impairment losses of $76.2 million during 2014 as a result, of which $59.0 million related to our U.S. segment and $17.2 million related to our Canadian segment. Of the $59.0 million impairment related to our U.S. segment, $55.8 million reduced the value of our fixed assets and $3.2 million was recorded on our amortizable intangible assets. | ||
Foreign Currency and Other Comprehensive Income | ||
Gains and losses resulting from consolidated balance sheet translation of foreign operations where a foreign currency is the functional currency are included as a separate component of accumulated other comprehensive income within the net investment account representing substantially all of the balances within accumulated other comprehensive income. Remeasurements of intercompany loans denominated in a different currency than the functional currency of the entity that are of a long-term investment nature are recognized as other comprehensive income within the net investment account. Gains and losses resulting from consolidated balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany loans that are of a long-term investment nature, are included in the consolidated statements of operations as incurred. | ||
Foreign Exchange Risk | ||
A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not entered into any foreign currency forward contracts. | ||
Revenue and Cost Recognition | ||
We derive the majority of our revenue from lodging and related ancillary services. In each of our operating segments, revenue is recognized in the period in which services are provided pursuant to the terms of contractual relationships with our customers. In some contracts, rates may vary over the contract term. In these cases, revenue may be deferred and recognized on a straight-line basis over the contract term. Revenue from the sale of products, not accounted for utilizing the percentage-of-completion method, is recognized when delivery to and acceptance by the customer has occurred, when title and all significant risks of ownership have passed to the customer, collectability is reasonably assured and pricing is fixed and determinable. Our product sales terms do not include significant post-delivery obligations. | ||
For significant projects, revenues are recognized under the percentage-of-completion method, measured by the percentage of costs incurred to date compared to estimated total costs for each contract (cost-to-cost method). Billings on such contracts in excess of costs incurred and estimated profits are classified as deferred revenue. Costs incurred and estimated profits in excess of billings on percentage-of-completion contracts are recognized as unbilled receivables. Management believes this method is the most appropriate measure of progress on large contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Factors that may affect future project costs and margins include weather, production efficiencies, availability and costs of labor, materials and subcomponents. These factors can significantly impact the accuracy of our estimates and materially impact our future reported earnings. | ||
Revenues exclude taxes assessed based on revenues such as sales or value added taxes. | ||
Cost of services includes labor, food, utility costs, cleaning supplies, and other costs of operating our accommodations facilities. Cost of goods sold includes all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. Selling, general, and administrative costs are charged to expense as incurred. | ||
Income Taxes | ||
Our operations are subject to U.S. federal, state and local, and foreign income taxes. In the U.S., prior to the Spin-Off, our operations were included in Oil States’ income tax returns. In preparing our consolidated financial statements, we determined our tax provision on a separate return, stand-alone basis. Pursuant to the Tax Sharing Agreement with Oil States, with respect to any periods (or portions thereof) ending prior to the Spin-Off, we are obligated to reimburse Oil States an amount equal to the amount of U.S. federal, state or local income tax we would have paid had we had filed a separate consolidated U.S. federal, state or local income tax return, subject to certain adjustments. We do not consider these amounts to be material. | ||
Prior to the Spin-Off, because portions of our operations were included in Oil States’ tax returns, payments to certain tax authorities were historically made by Oil States, and not by us. With the exception of certain dedicated foreign entities, we did not maintain taxes payable to/from Oil States and we were deemed to settle the annual current tax balances immediately with the legal tax-paying entities in the respective jurisdictions. These settlements are reflected as changes in the Oil States International, Inc. net investment account. | ||
We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. | ||
Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. In assessing the need for a valuation allowance, we look to the future reversal of existing taxable temporary differences, taxable income in carryback years, the feasibility of tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax laws, changes to statutory tax rates and changes to future taxable income estimates. | ||
We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. | ||
Receivables and Concentration of Credit Risk | ||
Based on the nature of our customer base, we do not believe that we have any significant concentrations of credit risk other than our concentration in the Canadian oil sands and Australian mining industries. We evaluate the credit-worthiness of our significant, new and existing customers’ financial condition and, generally, we do not require collateral from our customers. Imperial Oil accounted for more than 10% of our revenues in the years ended December 31, 2014, 2013 and 2012. BHP Billiton Mitsubishi Alliance accounted for more than 10% of our revenues in the year ended December 31, 2013. | ||
Asset Retirement Obligations | ||
We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an ARO when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated ARO changes, an adjustment is recorded to both the ARO and the capitalized asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling the ARO. We utilize current retirement costs to estimate the expected cash outflows for retirement obligations. We estimate the ultimate productive life of the properties and a risk-adjusted discount rate in order to determine the current present value of the obligation. | ||
We relieve ARO liabilities when the related obligations are settled. We have AROs that we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until several years in the future and will be funded from general company resources at the time of removal. Please see Note 12 – Asset Retirement Obligations for further discussion. | ||
Stock-Based Compensation | ||
We, and, prior to the Spin-Off, Oil States, sponsor an equity participation plan in which certain of our employees participate. Current accounting standards regarding share-based payments require companies to measure the cost of employee services received in exchange for an award of equity instruments (typically stock options) based on the grant-date fair value of the award. The fair value is estimated using option-pricing models. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. | ||
We, and, prior to the Spin-Off, Oil States, also grant phantom shares under the Canadian Long-Term Incentive Plan, which provides for the granting of units of phantom shares to key Canadian employees. We also grant phantom shares under the 2014 Equity Participation Plan, which provides for the granting of units of phantom shares to key U.S. employees. All of the awards vest in equal annual installments and are accounted for as a liability based on the fair value of our stock price. Participants granted units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a share of our common stock on the vesting date. | ||
Guarantees | ||
Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Credit Facility. See Note 10 - Debt. | ||
Some of our products are sold with a warranty, generally 12 months. Parts and labor are covered under the terms of the warranty agreement. Warranty provisions are estimated based upon historical experience by product, configuration and geographic region. Our total liability related to warranties was $0.1 million and $0.2 million at December 31, 2014 and 2013, respectively. | ||
During the ordinary course of business, we also provide standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by us or our subsidiaries. As of December 31, 2014, the maximum potential amount of future payments that we could be required to make under these guarantee agreements (letters of credit) was approximately $7.3 million. We have not recorded any liability in connection with these guarantee arrangements. We do not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of a few such estimates include potential future adjustments as a result of contingent consideration arrangements pursuant to business combinations and other contractual agreements, revenue and income recognized on the percentage-of-completion method, estimates of the amount and timing of costs to be incurred for asset retirement obligations, any valuation allowance recorded on net deferred tax assets, goodwill, warranty and allowance for doubtful accounts. Actual results could materially differ from those estimates. | ||
Accounting for Contingencies | ||
We have contingent liabilities and future claims for which we have made estimates of the amount of the eventual cost to liquidate these liabilities or claims. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and we have made an assessment of our exposure and recorded a provision in our accounts to cover an expected loss. Other claims or liabilities have been estimated based on their fair value or our experience in these matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, our future reported financial results will be impacted by the difference between our estimates and the actual amounts paid to settle a liability. Examples of areas where we have made important estimates of future liabilities include future consideration due sellers as a result of the terms of a business combination, litigation, taxes, interest, insurance claims, warranty claims and contract claims and obligations. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 12 Months Ended | |
Dec. 31, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 | RECENT ACCOUNTING PRONOUNCEMENTS |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. | ||
In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2016 (early adoption is not permitted). The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. |
Note_4_Fair_Value_Measurements
Note 4 - Fair Value Measurements | 12 Months Ended | |
Dec. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Disclosures [Text Block] | 4 | FAIR VALUE MEASUREMENTS |
Our financial instruments consist of cash and cash equivalents, receivables, payables and debt instruments. We believe that the carrying values of these instruments, other than our long-term debt to affiliates, on the accompanying consolidated balance sheets approximate their fair values. | ||
As of December 31, 2014, we believe the carrying value of our floating-rate debt outstanding under our $775 million term loan approximates its fair value because the term includes short-term interest rates and excludes penalties for prepayment. We estimated the fair value of our floating-rate term loan using significant other observable inputs, representative of a Level 2 fair value measurement, including terms and credit spreads for this loan. | ||
During 2014, goodwill with a carrying amount of $202.7 million in the U.S. and Australia was written down to its IFV of zero, resulting in an impairment charge of $202.7 million. Our estimate of IFV requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as future oil, coal and natural gas prices, anticipated spending by our customers, and the cost of capital industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future, and are therefore uncertain. Please see Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets for further discussion of the significant judgments and assumptions used in calculating the IFV. | ||
Also during 2014, certain long-lived assets were written down to their fair value, resulting in an impairment charge of $78.8 million. Our estimate of their fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as future oil, coal and natural gas prices, anticipated spending by our customers, and the cost of capital industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future, and are therefore uncertain. Please see Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets for further discussion of the significant judgments and assumptions used in calculating their fair value. | ||
Finally, during 2014, certain indefinite-lived intangible assets were written down to their fair value, resulting in an impairment charge of $9.0 million. Our estimate of their fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as future oil, coal and natural gas prices, anticipated spending by our customers, and the cost of capital industry and/or local market conditions that might directly impact the value in the future, and are therefore uncertain. Please see Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets for further discussion. |
Note_5_Details_of_Selected_Bal
Note 5 - Details of Selected Balance Sheet Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Supplemental Balance Sheet Disclosures [Text Block] | 5 | DETAILS OF SELECTED BALANCE SHEET ACCOUNTS | |||||||||||
Additional information regarding selected balance sheet accounts at December 31, 2014 and 2013 is presented below (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Accounts receivable, net: | |||||||||||||
Trade | $ | 124,198 | $ | 128,781 | |||||||||
Unbilled revenue | 38,487 | 47,004 | |||||||||||
Other | 1,611 | 5,716 | |||||||||||
Total accounts receivable | 164,296 | 181,501 | |||||||||||
Allowance for doubtful accounts | (4,043 | ) | (3,656 | ) | |||||||||
Total accounts receivable, net | $ | 160,253 | $ | 177,845 | |||||||||
2014 | 2013 | ||||||||||||
Inventories: | |||||||||||||
Finished goods and purchased products | $ | 2,814 | $ | 3,574 | |||||||||
Work in process | 4,790 | 14,328 | |||||||||||
Raw materials | 5,624 | 11,913 | |||||||||||
Total inventories | $ | 13,228 | $ | 29,815 | |||||||||
Estimated | 2014 | 2013 | |||||||||||
Useful Life | |||||||||||||
(in years) | |||||||||||||
Property, plant and equipment, net: | |||||||||||||
Land | $ | 55,365 | $ | 49,384 | |||||||||
Accommodations assets | 15-Mar | 1,687,033 | 1,535,407 | ||||||||||
Buildings and leasehold improvements | 20-Mar | 40,256 | 45,538 | ||||||||||
Machinery and equipment | 15-Apr | 12,117 | 12,259 | ||||||||||
Office furniture and equipment | 7-Mar | 32,181 | 28,755 | ||||||||||
Vehicles | 5-Mar | 19,128 | 20,197 | ||||||||||
Construction in progress | 70,603 | 129,587 | |||||||||||
Total property, plant and equipment | 1,916,683 | 1,821,127 | |||||||||||
Accumulated depreciation | (668,253 | ) | (495,260 | ) | |||||||||
Total property, plant and equipment, net | $ | 1,248,430 | $ | 1,325,867 | |||||||||
During 2014, management assessed the carrying value of all of our long-lived asset groups to determine if they continued to be recoverable based on estimated future cash flows. Based on the assessment, the carrying values of certain of our asset groups were determined to not be recoverable. We recorded impairment losses of $76.2 million during 2014 as a result, of which $59.0 million related to our U.S. segment and $17.2 million related to our Canadian segment. Of the $59.0 million impairment related to our U.S. segment, $55.8 million reduced the value of our fixed assets and $3.2 million reduced the value of our amortizable intangible assets. Please see Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets and Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets for further discussion of the significant judgments and assumptions used in calculating their fair value. | |||||||||||||
Additionally, in the second quarter 2014, we recognized an impairment totaling $2.6 million on assets in the custody of a non-paying client in Mexico and for which the return or reimbursement is uncertain. | |||||||||||||
2014 | 2013 | ||||||||||||
Accrued liabilities: | |||||||||||||
Accrued compensation | $ | 15,273 | $ | 21,988 | |||||||||
Accrued taxes, other than income taxes | 1,567 | 1,940 | |||||||||||
Accrued interest | 60 | 1,560 | |||||||||||
Other | 5,612 | 1,386 | |||||||||||
Total accrued liabilities | $ | 22,512 | $ | 26,874 | |||||||||
Note_6_Earnings_Per_Share
Note 6 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | 6 | EARNINGS PER SHARE | |||||||||||
On May 30, 2014, 106,538,044 shares of our common stock were distributed to Oil States stockholders in connection with the Spin-Off. For comparative purposes, and to provide a more meaningful calculation of weighted-average shares outstanding, we have assumed these shares to be outstanding as of the beginning of each period prior to the separation presented in the calculation of weighted-average shares. In addition, we have assumed the dilutive securities outstanding at May 30, 2014 were also outstanding for each of the periods prior to the Spin-Off presented. | |||||||||||||
The calculation of earnings per share attributable to the Company is presented below for the periods indicated (in thousands, except per share amounts): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic Earnings per Share | |||||||||||||
Net income (loss) attributable to Civeo | $ | (189,043 | ) | $ | 181,876 | $ | 244,721 | ||||||
Less: undistributed net income (loss) to participating securities | 921 | (743 | ) | (1,000 | ) | ||||||||
Net income (loss) attributable to Civeo’s common stockholders - basic | $ | (188,122 | ) | $ | 181,133 | $ | 243,721 | ||||||
Weighted average common shares outstanding - basic | 106,306 | 106,293 | 106,293 | ||||||||||
Basic earnings (loss) per share | $ | (1.77 | ) | $ | 1.7 | $ | 2.29 | ||||||
Diluted Earnings per Share | |||||||||||||
Net income (loss) attributable to Civeo’s common stockholders – basic | $ | (188,122 | ) | $ | 181,133 | $ | 243,721 | ||||||
Less: undistributed net income (loss) to participating securities | -- | 1 | 2 | ||||||||||
Net income (loss) attributable to Civeo’s common stockholders - diluted | $ | (188,122 | ) | $ | 181,134 | $ | 243,723 | ||||||
Weighted average common shares outstanding - basic | 106,306 | 106,293 | 106,293 | ||||||||||
Effect of dilutive securities (1) | -- | 167 | 167 | ||||||||||
Weighted average common shares outstanding - diluted | 106,306 | 106,460 | 106,460 | ||||||||||
Diluted earnings (loss) per share | $ | (1.77 | ) | $ | 1.7 | $ | 2.29 | ||||||
-1 | When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the year ended December 31, 2014. | ||||||||||||
Note_7_Supplemental_Cash_Flow_
Note 7 - Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | 7 | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||
Cash paid during the years ended December 31, 2014, 2013 and 2012 for interest and income taxes was as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest (net of amounts capitalized) | $ | 14,444 | $ | 43,610 | $ | 23,239 | |||||||
Income taxes, net of refunds | 43,237 | 65,875 | 42,138 | ||||||||||
In accordance with the Separation and Distribution Agreement, our affiliate debt with Oil States, which totaled approximately $336.8 million as of May 30, 2014, including accrued interest, was settled through a non-cash capital contribution. For further discussion, please see Note 18 – Related Party Transactions. |
Note_8_Mountain_West_Contingen
Note 8 - Mountain West Contingent Consideration | 12 Months Ended | |
Dec. 31, 2014 | ||
Loss Contingency [Abstract] | ||
Contingencies Disclosure [Text Block] | 8 | MOUNTAIN WEST CONTINGENT CONSIDERATION |
On December 20, 2010, we acquired all of the operating assets of Mountain West Oilfield Service and Supplies, Inc. and Ufford Leasing LLC (Mountain West) for total consideration of $47.1 million including estimated contingent consideration of $4.0 million. Headquartered in Vernal, Utah, with operations in the Rockies and the Bakken Shale region, Mountain West provides remote site workforce accommodations to the oil and gas industry. Mountain West has been included in the U.S. segment since the acquisition date. In December 2010, we recorded a $4.0 million liability representing the estimated fair value of the contingent consideration expected to be payable to the sellers of Mountain West on the third anniversary of the acquisition date. The contingent consideration was based on achieving a level of earnings as defined in the acquisition agreement. Defined earnings were to be adjusted prospectively for the amount of capital expenditures made in the former Mountain West business. We periodically reviewed the estimated liability for contingent consideration based on historical and forecasted earnings and capital spending based on the three-year earnout period. During the first quarter of 2013, the liability for the estimated contingent consideration recorded in connection with this transaction was adjusted to its estimated fair value of zero considering deteriorating market conditions for accommodations in the U.S. The earnout provision of the Mountain West acquisition expired in 2013 without any payment. |
Note_9_Goodwill_and_Other_Inta
Note 9 - Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 9 | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||
Changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||
Canadian | Australian | U.S. | Total | ||||||||||||||
Balance as of December 31, 2012 | $ | 51,594 | $ | 226,906 | $ | 16,632 | $ | 295,132 | |||||||||
Foreign currency translation | (2,109 | ) | (31,967 | ) | -- | (34,076 | ) | ||||||||||
Balance as of December 31, 2013 | 49,485 | 194,939 | 16,632 | 261,056 | |||||||||||||
Foreign currency translation | (4,225 | ) | (8,842 | ) | -- | (13,067 | ) | ||||||||||
Goodwill impairment | -- | (186,097 | ) | (16,632 | ) | (202,729 | ) | ||||||||||
Balance as of December 31, 2014 | $ | 45,260 | $ | -- | $ | -- | $ | 45,260 | |||||||||
During 2014, in performing step one of the goodwill impairment test, the carrying amount of our U.S. and Australia reporting units exceeded the respective reporting unit’s IFV. Accordingly, we proceeded to the second step for those reporting units and recorded impairment charges totaling $16.6 million and $186.1 million to our U.S. and Australia reporting units, respectively. Please see Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets for further discussion. | |||||||||||||||||
The following table presents the total amount of other intangible assets and the related accumulated amortization for major intangible asset classes as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
AS OF DECEMBER 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Gross Carrying Amount | Accumulated | Gross Carrying Amount | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Amortizable Intangible Assets | |||||||||||||||||
Customer relationships | $ | 47,611 | $ | (21,740 | ) | $ | 50,980 | $ | (14,875 | ) | |||||||
Contracts / agreements | 40,120 | (16,048 | ) | 43,836 | (13,151 | ) | |||||||||||
Noncompete agreements | 809 | (680 | ) | 817 | (539 | ) | |||||||||||
Total amortizable intangible assets | $ | 88,540 | $ | (38,468 | ) | $ | 95,633 | $ | (28,565 | ) | |||||||
Indefinite-Lived Intangible Assets Not Subject to Amortization | |||||||||||||||||
Brand names | $ | -- | $ | -- | $ | 8,570 | $ | -- | |||||||||
Water rights | 777 | -- | -- | $ | -- | ||||||||||||
Licenses | 33 | -- | 37 | -- | |||||||||||||
Total indefinite-lived intangible assets | 810 | -- | 8,607 | -- | |||||||||||||
Total intangible assets | $ | 89,350 | $ | (38,468 | ) | $ | 104,240 | $ | (28,565 | ) | |||||||
During 2014, as further discussed in Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets and Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets, during 2014, management assessed the carrying value of our long-lived assets, which evaluation included amortizable intangible assets, to determine if they continued to be recoverable based on estimated future cash flows. As a result of the assessment, we recorded impairment losses on our amortizable intangible assets related to our U.S. segment of $3.2 million, which reduced the value of our amortizable intangible assets. | |||||||||||||||||
Also during 2014, as further discussed in Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets, we recognized a $9.0 million impairment of an indefinite lived intangible asset in Australia. | |||||||||||||||||
The weighted average remaining amortization period for all intangible assets, other than goodwill and indefinite- lived intangibles, was 6.1 years as of December 31, 2014 and 6.3 years as of December 31, 2013. Total amortization expense is expected to be $8.5 million in 2015, $8.3 million in 2016 and $8.2 million in each of 2017, 2018 and 2019. Amortization expense was $9.6 million, $10.2 million and $10.9 million in the years ended December 31, 2014, 2013 and 2012, respectively. |
Note_10_Debt
Note 10 - Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | 10 | DEBT | |||||||
As of December 31, 2014 and 2013, long-term debt consisted of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
U.S. term loan, which matures on May 28, 2019, of $775.0 million; 1.25% of aggregate principal repayable per quarter beginning September 30, 2015; weighted average interest rate of 2.4% for the seven month period ended December 31, 2014 | $ | 775,000 | $ | -- | |||||
U.S. revolving credit facility, which matures on May 28, 2019, with available commitments up to $450.0 million; no borrowings outstanding during the twelve month period ended December 31, 2014 | -- | -- | |||||||
Canadian revolving credit facility, which matures on May 28, 2019, with available commitments up to $100.0 million; no borrowings outstanding during the twelve month period ended December 31, 2014 | -- | -- | |||||||
Australian revolving credit facility, which matures May 28, 2019, with available commitments up to $100.0 million; no borrowings outstanding during the twelve month period ended December 31, 2014 | -- | -- | |||||||
Affiliate debt with Oil States | -- | 335,171 | |||||||
Total debt | 775,000 | 335,171 | |||||||
Less: Current portion of long-term debt | 19,375 | -- | |||||||
Long-term debt, less current maturities | $ | 755,625 | $ | 335,171 | |||||
Scheduled maturities of long-term debt as of December 31, 2014 are as follows (in thousands): | |||||||||
2015 | $ | 19,375 | |||||||
2016 | 38,750 | ||||||||
2017 | 38,750 | ||||||||
2018 | 38,750 | ||||||||
2019 | 639,375 | ||||||||
$ | 775,000 | ||||||||
Credit Facility | |||||||||
Civeo was a party to an Oil States credit facility agreement together with Oil States that had separate Canadian borrowing limits that served as debt financing for the Canadian operations of Civeo (Oil States Credit Facility). As of December 31, 2013, we had no outstanding balance under the Canadian portion of the credit facility and $0.9 million of outstanding letters of credit. Additionally, Civeo had a separate Australian credit facility (The MAC Group Credit Facility) that was used exclusively to support our Australian operations. As of December 31, 2013, we had no outstanding balance under the Australian credit facility. On May 28, 2014, the Oil States Credit Facility and The MAC Group Credit Facility were terminated. We recognized a loss on the termination during the second quarter 2014 of approximately $3.5 million related to unamortized debt issuance costs, which is included in Loss on extinguishment of debt on the accompanying consolidated statements of operations. | |||||||||
On May 28, 2014, we entered into (i) a $650.0 million, 5-year revolving credit facility which is allocated as follows: (A) a $450.0 million senior secured revolving credit facility in favor of Civeo, as borrower (the U.S. facility), (B) a $100.0 million senior secured revolving credit facility in favor of certain of our Canadian subsidiaries, as borrowers (the Canadian facility), and (C) a $100.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower (the Australian facility), and (ii) a $775.0 million, 5-year term loan facility in favor of Civeo (collectively, the Credit Facility). U.S. Dollar amounts outstanding under the Credit Facility bear interest at a variable rate equal to LIBOR plus a margin of 1.75% to 2.75%, or a base rate plus 0.75% to 1.75%, in each case based on a ratio of our total leverage to EBITDA (as defined in the Credit Facility). Canadian Dollar amounts outstanding under the Credit Facility bear interest at a variable rate equal to CDOR (as defined in the Credit Facility) plus a margin of 1.75% to 2.75%, or a base rate plus a margin of 0.75% to 1.75%, in each case based on a ratio of our total leverage to EBITDA (as defined in the Credit Facility). Australian Dollar amounts outstanding under the Credit Facility bear interest at a variable rate equal to BBSY (as defined in the Credit Facility) plus a margin of 1.75% to 2.75%, based on a ratio of our total leverage to EBITDA (as defined in the Credit Facility). We paid certain customary fees with respect to the Credit Facility. We have 15 lenders in our Credit Facility with commitments ranging from $20 million to $195 million. As of December 31, 2014, we had outstanding letters of credit of $0.7 million under the U.S facility and $5.1 million under the Canadian facility. | |||||||||
The Credit Facility contains customary affirmative and negative covenants that, among other things, limit or restrict (i) subsidiary indebtedness, liens and fundamental changes, (ii) asset sales, (iii) margin stock, (iv) specified acquisitions, (v) restrictive agreements, (vi) transactions with affiliates and (vii) investments and other restricted payments, including dividends and other distributions. Specifically, we must maintain an interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.0 to 1.0 and our maximum leverage ratio, defined as the ratio of total debt to consolidated EBITDA, of no greater than 3.5 to 1.0. As of December 31, 2014, our borrowing capacity under our revolving credit facility was reduced by approximately $222.2 million due to the negative covenants. Each of the factors considered in the calculations of these ratios are defined in the Credit Facility. EBITDA and consolidated interest, as defined, exclude goodwill impairments, debt discount amortization and other non-cash charges. We are in compliance with these covenants as of December 31, 2014. Based on our current forecasts for 2015, we expect that we will be required to reduce our outstanding indebtedness in order to comply with our maximum leverage ratio covenant as required under our Credit Facility, particularly in the third and fourth quarters of 2015. | |||||||||
Borrowings under the Credit Facility are secured by a pledge of substantially all of our assets and the assets of our subsidiaries. Obligations under the Credit Facility are guaranteed by our significant subsidiaries. | |||||||||
In addition to the Credit Facility, we have an A$30 million line of credit facility, which matures December 10, 2015. There were no borrowings or letters of credit outstanding, but we had bank guarantees of $1.4 million under this facility outstanding as of December 31, 2014. | |||||||||
Affiliate debt | |||||||||
On May 27, 2014, in conjunction with the Spin-Off, our affiliate debt with Oil States was settled through a non-cash capital contribution. See Note 18 – Related Party Transactions for further discussion. |
Note_11_Retirement_Plans
Note 11 - Retirement Plans | 12 Months Ended | |
Dec. 31, 2014 | ||
Compensation and Retirement Disclosure [Abstract] | ||
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11 | RETIREMENT PLANS |
We sponsor defined contribution plans. Participation in these plans is available to substantially all employees. We recognized expense of $16.3 million, $18.6 million and $17.0 million, respectively, related to matching contributions under our various defined contribution plans during the years ended December 31, 2014, 2013 and 2012, respectively. | ||
Canadian Retirement Savings Plan | ||
We offer a defined contribution retirement plan to our Canadian employees. In Canada, we contribute, on a matched basis, an amount up to 5% of each Canadian based, salaried employee’s earnings (base salary plus annual incentive compensation) to the legislated maximum for a Deferred Profit Sharing Plan (DPSP – Maximum for 2014 - $12,465). DPSP is a form of defined contribution retirement savings plan governed by Canadian Federal Tax legislation which provides for deferral of tax on deposit and investment return until removed from the plan to support retirement income. Employer contributions vest upon the completion of two years of service. Employee contributions are required in order to be eligible for the DPSP employer matching. Maximum employer matching (5% noted above) is attained with (6%) employee contribution which would go into a Group Registered Retirement Savings Plan (GRRSP). The two plans work in tandem. Contributions to the “Retirement Savings Plan” for Canadian employees are subject to the annual maximum total registered savings limit of $24,270 in 2014 as set out in the Canadian Tax Act. | ||
Australian Retirement Savings Plan | ||
Our Australian affiliate contributes to various defined contribution plans for its employees in accordance with legislation governing the calculation of the Superannuation Guarantee Surcharge (SGC). SGC is contributed by the employer at a rate of 9.5% of the base salary of an employee, capped at the legislated maximum contribution base which is indexed annually. | ||
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Our Australian affiliate makes no investment decisions on behalf of the employee and has no obligations other than to remit the defined contributions to the plan selected by each individual employee. | ||
Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. | ||
U.S. Retirement Savings Plan | ||
We offer a defined contribution 401(k) retirement plan to substantially all of our U.S. employees. Participants may contribute from 1% to 75% of their base and cash incentive compensation (subject to Internal Revenue Service limitations), and we make matching contributions under this plan on the first 6% of the participant’s compensation (100% match of the first 4% employee contribution and 50% match on the next 2% contribution). Our matching contributions vest at a rate of 20% per year for each of the employee’s first five years of service and then are immediately vested thereafter. |
Note_12_Asset_Retirement_Oblig
Note 12 - Asset Retirement Obligations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||
Asset Retirement Obligation Disclosure [Text Block] | 12 | ASSET RETIREMENT OBLIGATIONS | |||||||||||
AROs at December 31, 2014 and 2013 were (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Asset retirement obligations | $ | 21,610 | $ | 6,095 | |||||||||
Less: Asset retirement obligations due within one year* | -- | -- | |||||||||||
Long-term asset retirement obligations | $ | 21,610 | $ | 6,095 | |||||||||
* | Classified as a current liability on the consolidated balance sheets, under the caption “Other accruals.” | ||||||||||||
Total expense related to the ARO was $0.3 million in 2014, 2013 and 2012. | |||||||||||||
During the years ended December 31, 2014, 2013 and 2012, our ARO changed as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance as of January 1 | $ | 6,095 | $ | 5,518 | $ | 4,615 | |||||||
Accretion of discount | 336 | 350 | 305 | ||||||||||
New obligations | 797 | 566 | -- | ||||||||||
Change in estimates of existing obligations | 14,838 | 34 | 491 | ||||||||||
Foreign currency translation | (456 | ) | (373 | ) | 107 | ||||||||
Balance as of December 31 | $ | 21,610 | $ | 6,095 | $ | 5,518 | |||||||
During 2014, our estimates of existing obligations increased by $14.8 million. The change in estimate was the result of acceleration of the timing of estimated expenditures, due to new information received during 2014 and higher expected expenditures for remediation, as a result of current estimates of costs expected to be incurred. |
Note_13_Income_Taxes
Note 13 - Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | 13 | INCOME TAXES | |||||||||||||||||||||||
Pre-tax income (loss) for the years ended December 31, 2014, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Domestic operations | $ | (97,563 | ) | $ | (2,054 | ) | $ | 29,894 | |||||||||||||||||
Foreign operations | (58,720 | ) | 241,422 | 300,314 | |||||||||||||||||||||
Total | $ | (156,283 | ) | $ | 239,368 | $ | 330,208 | ||||||||||||||||||
The components of the income tax provision for the years ended December 31, 2014, 2013 and 2013 consisted of the following (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | -- | $ | (7,525 | ) | $ | 8,495 | ||||||||||||||||||
State | -- | 11 | 698 | ||||||||||||||||||||||
Foreign | 27,046 | 51,962 | 61,261 | ||||||||||||||||||||||
Total | $ | 27,046 | $ | 44,448 | $ | 70,454 | |||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | $ | (6,332 | ) | $ | 6,787 | $ | 4,262 | ||||||||||||||||||
State | (1,062 | ) | -- | -- | |||||||||||||||||||||
Foreign | 11,727 | 4,820 | 9,550 | ||||||||||||||||||||||
Total | $ | 4,333 | $ | 11,607 | $ | 13,812 | |||||||||||||||||||
Total Provision | $ | 31,379 | $ | 56,055 | $ | 84,266 | |||||||||||||||||||
The provision for taxes differs from an amount computed at U.S. statutory rates as follows for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Federal tax expense (benefit) at statutory rates | $ | (54,699 | ) | 35 | % | $ | 83,778 | 35 | % | $ | 115,571 | 35 | % | ||||||||||||
Effect of foreign income tax, net | (10,599 | ) | 6.8 | % | (27,051 | ) | (11.3% | ) | (31,200 | ) | (9.4% | ) | |||||||||||||
Goodwill impairment | 19,798 | (12.7% | ) | -- | -- | -- | -- | ||||||||||||||||||
Valuation allowance | 51,369 | (32.9% | ) | -- | -- | -- | -- | ||||||||||||||||||
Tax on future remitted earnings | 26,077 | (16.7% | ) | -- | -- | -- | -- | ||||||||||||||||||
Other nondeductible expenses | -- | -- | (482 | ) | (0.2% | ) | (492 | ) | (0.2% | ) | |||||||||||||||
State tax expense, net of federal benefits | (1,062 | ) | 0.7 | 11 | 0 | % | 698 | 0.2 | % | ||||||||||||||||
Domestic manufacturing deduction | -- | ---- | (92 | ) | 0 | % | (80 | ) | 0 | % | |||||||||||||||
Uncertain tax positions adjustments, net | 29 | 0 | % | 17 | 0 | % | 17 | 0 | % | ||||||||||||||||
Other, net | 466 | (0.3% | ) | (125 | ) | (0.1% | ) | (248 | ) | (0.1% | ) | ||||||||||||||
Net income tax provision | $ | 31,379 | (20.1% | ) | $ | 56,056 | 23.4 | % | $ | 84,266 | 25.5 | % | |||||||||||||
The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,347 | $ | 572 | |||||||||||||||||||||
Allowance for inventory reserves | 12 | 15 | |||||||||||||||||||||||
Employee benefits | 2,074 | 667 | |||||||||||||||||||||||
Deductible goodwill and other intangibles | 45,858 | 6,977 | |||||||||||||||||||||||
Other reserves | 4,329 | 3,384 | |||||||||||||||||||||||
Depreciation | -- | 683 | |||||||||||||||||||||||
Deferred revenue $1,152 | 4,491 | 5,251 | |||||||||||||||||||||||
Net operating loss $1,152 | 5,540 | --- | |||||||||||||||||||||||
Other | 2,466 | 834 | |||||||||||||||||||||||
Deferred tax asset | 66,117 | 18,383 | |||||||||||||||||||||||
Valuation allowance | (49,523 | ) | --- | ||||||||||||||||||||||
Deferred tax asset | $ | 16,594 | $ | 18,383 | |||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation | $ | (60,558 | ) | $ | (78,518 | ) | |||||||||||||||||||
Intangibles | -- | (6,032 | ) | ||||||||||||||||||||||
Accrued liabilities | -- | (3,161 | ) | ||||||||||||||||||||||
Investment | (26,044 | ) | -- | ||||||||||||||||||||||
Other | -- | (2,650 | ) | ||||||||||||||||||||||
Deferred tax liability | (86,602 | ) | (90,361 | ) | |||||||||||||||||||||
Net deferred tax liability | $ | (70,008 | ) | $ | (71,978 | ) | |||||||||||||||||||
Reclassifications of our deferred tax balance based on net current items and net non-current items as of December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Current deferred tax asset | $ | 4,620 | $ | 306 | |||||||||||||||||||||
Current deferred tax liability | (21,452 | ) | -- | ||||||||||||||||||||||
Long-term deferred tax asset | 2,324 | -- | |||||||||||||||||||||||
Long-term deferred tax liability | (55,500 | ) | (72,284 | ) | |||||||||||||||||||||
Net deferred tax liability | $ | (70,008 | ) | $ | (71,978 | ) | |||||||||||||||||||
At December 31, 2014, we had approximately $12 million of regular federal tax net operating loss (NOL) carryforwards. The federal NOL carryforwards will expire beginning in 2034. We believe we will produce sufficient future taxable income to utilize existing tax attributes, including the federal NOL carryforwards; therefore, a valuation allowance has not been recorded as of December 31, 2014 for the amount of tax benefits represented by federal NOL carryforwards not otherwise realized by reversing temporary differences. | |||||||||||||||||||||||||
Appropriate U.S. and foreign income taxes have been provided for earnings of foreign subsidiary companies that are expected to be remitted in the near future. During the fourth quarter of 2014, we reevaluated our intent to indefinitely reinvest earnings of foreign subsidiary companies. Due to our expectations of utilizing our existing and future cash balances to reduce our aggregate debt balances during 2015, we have recognized a deferred tax liability of $25.3 million related to a portion of our undistributed foreign earnings. The cumulative amount of undistributed earnings of foreign subsidiaries that we intend to continue to indefinitely reinvest, and upon which foreign taxes have been accrued or paid but no deferred U.S. income taxes have been provided is $855.3 million at December 31, 2014, the majority of which has been generated in Canada. Upon distribution of these earnings in the form of dividends or otherwise, we may be subject to U.S. income taxes (subject to adjustment for foreign tax credits) and foreign withholding taxes. It is not practical, however, to estimate the amount of taxes that may be payable on the eventual remittance of these earnings after consideration of available foreign tax credits. | |||||||||||||||||||||||||
We file tax returns in the jurisdictions in which they are required. All of these returns are subject to examination or audit and possible adjustment as a result of assessments by taxing authorities. We believe that we have recorded sufficient tax liabilities and do not expect the resolution of any examination or audit of our tax returns to have a material adverse effect on our operating results, financial condition or liquidity. | |||||||||||||||||||||||||
Our Canadian federal tax returns subsequent to 2008 are subject to audit by the Canada Revenue Agency. Our Australian subsidiary’s federal tax returns subsequent to 2007 are subject to audit by the Australian Taxation Office. | |||||||||||||||||||||||||
Realization of our deferred tax assets is dependent upon, among other things, our ability to generate taxable income of the appropriate character in the future. At December 31, 2014, valuation allowances totaling $49.5 million related to deferred tax assets related to capital losses that are not expected to be realized. | |||||||||||||||||||||||||
The total amount of unrecognized tax benefits as of December 31, 2014 and 2013 was $0.7 million. The unrecognized tax benefits, if recognized, would affect the effective tax rate. We accrue interest and penalties related to unrecognized tax benefits as a component of our provision for income taxes. As of December 31, 2014 and 2013, we had accrued $0.3 million and $0.3 million, respectively, of interest expense and penalties. | |||||||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Balance as of January 1 | $ | 679 | $ | 679 | $ | 679 | |||||||||||||||||||
Additions for tax positions of prior years | -- | -- | -- | ||||||||||||||||||||||
Reductions for tax positions of prior years | -- | -- | -- | ||||||||||||||||||||||
Lapse of the applicable statute of limitations | -- | -- | -- | ||||||||||||||||||||||
Balance as of December 31 | $ | 679 | $ | 679 | $ | 679 | |||||||||||||||||||
It is reasonably possible that the amount of unrecognized tax benefits will change during the next twelve months due to the closing of the statute of limitations and that change, if it were to occur, could have a favorable or unfavorable impact on our results of operation. |
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 14 | COMMITMENTS AND CONTINGENCIES | |||
We lease a portion of our equipment, office space, computer equipment, automobiles and trucks under leases which expire at various dates. | |||||
Minimum future operating lease obligations in effect at December 31, 2014, were as follows (in thousands): | |||||
2015 | $ | 6,452 | |||
2016 | 5,524 | ||||
2017 | 4,886 | ||||
2018 | 3,989 | ||||
2019 | 3,501 | ||||
Thereafter | 15,474 | ||||
$ | 39,826 | ||||
Rental expense under operating leases was $8.4 million, $7.1 million and $5.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including warranty and product liability claims as a result of our products or operations. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. | |||||
In conjunction with, and effective as of, the Spin-Off, we entered into an Indemnification and Release Agreement with Oil States. This agreement governs the treatment between Oil States and us of all aspects relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation arising in connection with the Spin-Off. Generally, the agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of Oil States’ business with Oil States. The agreement also establishes procedures for handling claims subject to indemnification and related matters. Pursuant to the Indemnification and Release Agreement, we and Oil States will generally release the other party from all claims arising prior to the Spin-Off other than claims arising under the transaction agreements, including the indemnification provisions described above. We evaluated the impact of the indemnifications given and the Civeo indemnifications received as of the Spin-Off date and concluded those fair values were immaterial. |
Note_15_Accumulated_Other_Comp
Note 15 - Accumulated Other Comprehensive Loss | 12 Months Ended | |
Dec. 31, 2014 | ||
Disclosure Text Block [Abstract] | ||
Comprehensive Income (Loss) Note [Text Block] | 15 | ACCUMULATED OTHER COMPREHENSIVE LOSS |
Our accumulated other comprehensive loss increased $138.5 million from a $60.0 million accumulated loss at December 31, 2013 to a $198.5 million accumulated loss at December 31, 2014, as a result of foreign currency exchange rate differences. Changes in the other comprehensive loss during 2014 were primarily driven by the Australian dollar and Canadian dollar decreasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$1.1 billion and A$0.8 billion, respectively, at December 31, 2014. |
Note_16_Stock_Based_Compensati
Note 16 - Stock Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16 | STOCK BASED COMPENSATION | ||||||||||||||||||||||
Prior to the Spin-Off, certain employees of Civeo participated in Oil States’ Equity Participation Plan (the Oil States Plan). The expense associated with these employees is reflected in the accompanying consolidated income statements. Effective May 30, 2014, our employees and non-employee directors began participating in the 2014 Equity Participation Plan of Civeo Corporation (the Civeo Plan). The Civeo Plan authorizes the Board of Directors to grant options, awards of restricted stock, performance awards, dividend equivalents, awards of deferred stock, and stock payments to our employees and non-employee directors. No more than 4.0 million shares of Civeo common stock may be awarded under the Civeo Plan. | ||||||||||||||||||||||||
In connection with the Spin-Off, stock based compensation awards granted under the Oil States Plan and held by Civeo grantees as of May 30, 2014 were replaced with substitute Civeo awards. Stock options were replaced with options to purchase Civeo common stock. Unvested restricted stock awards were replaced with substitute Civeo restricted stock awards. Unvested deferred stock awards were replaced with substitute Civeo deferred stock awards. Additionally, phantom shares granted under the Canadian Long-Term Incentive Plan were converted to units that entitle the recipient to a lump sum cash payment equal to the fair market value of a share of Civeo’s common stock on the respective vesting date. These replacements were intended to preserve the intrinsic value of the awards as of May 30, 2014. The substitution of these awards did not cause us to recognize incremental compensation expense as an equitable adjustment was required to be made as a result of the Spin-Off. | ||||||||||||||||||||||||
Stock-based compensation expense recognized in the years ended December 31, 2014, 2013 and 2012 totaled $8.9 million, $6.4 million and $3.3 million, respectively. Stock-based compensation expense is reflected in SG&A expense in our consolidated statements of operations. | ||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant using a Black-Scholes option pricing model that uses the assumptions noted in the following table. The risk-free interest rate is based on the U.S. Treasury yield curve in effect for the expected term of the option at the time of grant. The dividend yield on Oil States’ common stock was assumed to be zero since they did not pay dividends and had no plans to do so prior to the Spin-Off. The expected market price volatility of Oil States’ common stock was based on an estimate made by them that considers the historical and implied volatility of its common stock as well as a peer group of companies over a time period equal to the expected term of the option. The expected life of the options awarded in 2014, 2013 and 2012 was based on a formula considering the vesting period, term of the options awarded and past experience. Information for periods prior to the Spin-Off is based on stock option awards for Oil States’ common stock. | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(prior to Spin-Off) | ||||||||||||||||||||||||
Risk-free weighted interest rate | 1.27 | % | 0.6 | % | 0.6 | % | ||||||||||||||||||
Expected life (in years) | 4.1 | 4.1 | 4.1 | |||||||||||||||||||||
Expected volatility | 38 | % | 44 | % | 57 | % | ||||||||||||||||||
A total of 120,799 Oil States stock options were converted to 554,738 Civeo stock options at May 30, 2014, in connection with the Spin-Off. As such, no grant, exercise or cancellation activity occurred on Civeo stock option awards prior to May 30, 2014. The following table presents the changes in stock options outstanding and related information for our employees from the date of the Spin-Off through December 31, 2014: | ||||||||||||||||||||||||
Options | Weighted Average Exercise Price Per Share | Weighted Average Contractual Life (Years) | Intrinsic Value (Thousands) | |||||||||||||||||||||
Outstanding Options at May 30, 2014 | 554,738 | $ | 11.14 | |||||||||||||||||||||
Granted | -- | -- | ||||||||||||||||||||||
Exercised | (12,628 | ) | 11.95 | |||||||||||||||||||||
Forfeited / Expired | (9,184 | ) | 16.43 | |||||||||||||||||||||
Outstanding Options at December 31, 2014Total amortizable intangible assets | 532,926 | $ | 11.03 | 3.4 | $ | 66,130 | ||||||||||||||||||
Exercisable Options at December 31, 2014 | 384,892 | $ | 8.24 | 1.8 | $ | 66,130 | ||||||||||||||||||
The total intrinsic value of options exercised by our employees during 2014 for periods prior to the Spin-Off, 2013 and 2012 was $5.0 million, $8.2 million and $6.2 million, respectively. The total intrinsic value of options exercised by our employees during 2014 for periods subsequent to the Spin-Off was $0.2 million. Oil States received all cash from option exercises during 2014 for periods prior to the Spin-Off, 2013 and 2012. The tax benefits realized by Oil States for the tax deduction from stock options exercised during 2014 for periods prior to the Spin-Off, 2013 and 2012 totaled $0.2 million, $0.6 million and $0.2 million, respectively. The tax benefits realized for the tax deduction from stock options exercised during 2014 for periods subsequent to the Spin-Off totaled zero. | ||||||||||||||||||||||||
At December 31, 2014, unrecognized compensation cost related to stock options was $0.5 million, which is expected to be recognized over a weighted average period of 2.1 years. | ||||||||||||||||||||||||
The following table summarizes information for outstanding stock options of our employees at December 31, 2014: | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Range of Exercise Prices | Number Outstanding as of December 31, 2014 | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Number Exercisable as of December 31, 2014 | Weighted Average Exercise Price | |||||||||||||||||||
$3.63 | 137,771 | 0.14 | $ | 3.63 | 137,771 | $ | 3.63 | |||||||||||||||||
$8.21 | 174,508 | 1.13 | $ | 8.21 | 174,508 | $ | 8.21 | |||||||||||||||||
$16.43 | 98,382 | 6.13 | $ | 16.43 | 45,060 | $ | 16.43 | |||||||||||||||||
$17.48 | 51,087 | 8.14 | $ | 17.48 | 11,480 | $ | 17.48 | |||||||||||||||||
$18.43 | 34,441 | 7.13 | $ | 18.43 | 16,073 | $ | 18.43 | |||||||||||||||||
$21.87 | 36,737 | 9.13 | $ | 21.87 | -- | $ | -- | |||||||||||||||||
$3.63 | - | $21.87 | 532,926 | 3.41 | $ | 11.03 | 384,892 | $ | 8.24 | |||||||||||||||
Restricted Stock Awards/ Deferred Stock Awards | ||||||||||||||||||||||||
A total of 94,936 unvested Oil States restricted stock and deferred stock awards were converted to 435,999 unvested Civeo restricted stock awards at May 30, 2014, in connection with the Spin-Off. As such, no grant, exercise or cancellation activity occurred on Civeo restricted stock awards prior to May 30, 2014. Included in this total were 20,000 Oil States performance based restricted stock awards, which vested in an amount that depended on Oil States’ achievement of specified performance objectives. In conjunction with the Spin-Off transaction, the awards were cancelled and the holder was granted 91,848 unvested Civeo restricted stock awards, of which half vest in February 2015 and the other half vest in February 2016. | ||||||||||||||||||||||||
The following table presents the changes in restricted stock and deferred stock awards outstanding and related information for our employees from the date of the Spin-Off through December 31, 2014: | ||||||||||||||||||||||||
Number of Awards | Weighted Average Grant Date Fair Value Per Share | |||||||||||||||||||||||
Nonvested shares at May 30, 2014 | 435,999 | $ | 18.87 | |||||||||||||||||||||
Granted | 188,005 | 21.14 | ||||||||||||||||||||||
Vested | (19,358 | ) | 13.87 | |||||||||||||||||||||
Forfeited | (27,764 | ) | 18.75 | |||||||||||||||||||||
Nonvested shares at December 31, 2014Total amortizable intangible assets | 576,882 | $ | 19.78 | |||||||||||||||||||||
The weighted average grant date fair value per share for restricted stock and deferred stock awards granted in 2014 for periods prior to the Spin-Off, 2013 and 2012 was $100.43, $80.25 and $81.35, respectively. The weighted average grant date fair value per share for restricted stock and deferred stock awards granted in 2014 subsequent to the Spin-Off was $21.14. The total fair value of restricted stock and deferred stock awards vested during 2014 for periods prior to the Spin-Off, 2013 and 2012 was $2.7 million, $1.0 million and $0.8 million, respectively. The total fair value of restricted stock and deferred stock awards vested during 2014 for periods subsequent to the Spin-Off was $0.4 million. At December 31, 2014, unrecognized compensation cost related to restricted stock and deferred stock awards was $7.4 million, which is expected to be recognized over a weighted average period of 2.8 years. | ||||||||||||||||||||||||
Phantom ShareAwards | ||||||||||||||||||||||||
At May 30, 2014, in connection with the Spin-Off, a total of 123,183 awards outstanding under the Canadian Long-Term Incentive Plan were converted to 565,706 units that entitle the recipient to a lump sum cash payment equal to the fair market value of a share of Civeo’s common stock on the respective vesting date. These awards are accounted for as a liability that is remeasured at each reporting date until paid. On May 30, 2014, we granted 4,337 phantom stock awards, all of which vest in three equal annual installments beginning on May 30, 2015. | ||||||||||||||||||||||||
At December 31, 2014, the balance of the liability for the phantom stock awards was $0.7 million. At December 31, 2014, unrecognized compensation cost related to phantom shares was $1.1 million, as remeasured at December 31, 2014, which is expected to be recognized over a weighted average period of 1.8 years. |
Note_17_Segment_and_Related_In
Note 17 - Segment and Related Information | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | 17 | SEGMENT AND RELATED INFORMATION | |||||||||||||||||||||||||||
In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, we have identified the following reportable segments: Canadian, Australian and U.S., which represent our strategic focus on work force accommodations. | |||||||||||||||||||||||||||||
Financial information by business segment for each of the three years ended December 31, 2014, 2013 and 2012 is summarized in the following table (in thousands): | |||||||||||||||||||||||||||||
Total | Less: Intersegment Revenues | Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Capital expenditures | Total assets | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Canada | $ | 661,721 | $ | (305 | ) | $ | 661,416 | $ | 91,893 | $ | 106,580 | $ | 218,620 | $ | 1,024,990 | ||||||||||||||
Australia | 213,279 | -- | 213,279 | 62,924 | (155,851 | ) | 24,907 | 669,789 | |||||||||||||||||||||
United States | 123,328 | (55,132 | ) | 68,196 | 20,281 | (86,959 | ) | 10,901 | 135,681 | ||||||||||||||||||||
Corporate, stand-alone adjustments and eliminations | (55,437 | ) | 55,437 | -- | (128 | ) | (6,661 | ) | (3,270 | ) | (1,299 | ) | |||||||||||||||||
Total | $ | 942,891 | $ | -- | $ | 942,891 | $ | 174,970 | $ | (142,891 | ) | $ | 251,158 | $ | 1,829,161 | ||||||||||||||
2013 | |||||||||||||||||||||||||||||
Canada | $ | 714,136 | $ | (3,598 | ) | $ | 710,538 | $ | 85,180 | $ | 190,470 | $ | 155,556 | $ | 993,729 | ||||||||||||||
Australia | 255,457 | -- | 255,457 | 64,691 | 75,197 | 75,935 | 894,227 | ||||||||||||||||||||||
United States | 91,311 | (16,202 | ) | 75,109 | 17,488 | (3,320 | ) | 61,989 | 234,049 | ||||||||||||||||||||
Corporate, stand-alone adjustments and eliminations | (19,800 | ) | 19,800 | -- | (146 | ) | (2,891 | ) | (1,786 | ) | 1,232 | ||||||||||||||||||
Total | $ | 1,041,104 | $ | -- | $ | 1,041,104 | $ | 167,213 | $ | 259,456 | $ | 291,694 | $ | 2,123,237 | |||||||||||||||
2012 | |||||||||||||||||||||||||||||
Canada | $ | 733,894 | $ | (16,734 | ) | $ | 717,160 | $ | 71,203 | $ | 226,403 | $ | 106,835 | $ | 954,295 | ||||||||||||||
Australia | 276,249 | (35 | ) | 276,214 | 55,443 | 99,213 | 145,766 | 992,665 | |||||||||||||||||||||
United States | 115,611 | (110 | ) | 115,501 | 12,402 | 31,358 | 63,184 | 178,229 | |||||||||||||||||||||
Corporate, stand-alone adjustments and eliminations | (16,879 | ) | 16,879 | -- | (1 | ) | (4,045 | ) | (1,738 | ) | 7,736 | ||||||||||||||||||
Total | $ | 1,108,875 | $ | -- | $ | 1,108,875 | $ | 139,047 | $ | 352,929 | $ | 314,047 | $ | 2,132,925 | |||||||||||||||
Financial information by geographic segment for each of the three years ended December 31, 2014, 2013 and 2012, is summarized below (in thousands). Revenues in the U.S. include export sales. Revenues are attributable to countries based on the location of the entity selling the products or performing the services. Long-lived assets are attributable to countries based on the physical location of the entity and its operating assets and do not include intercompany balances. | |||||||||||||||||||||||||||||
Canada | Australia | U.S. and Other | Total | ||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 661,416 | $ | 213,279 | $ | 68,196 | $ | 942,891 | |||||||||||||||||||||
Long-lived assets | 746,983 | 519,777 | 96,120 | 1,362,880 | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 710,538 | $ | 255,457 | $ | 75,109 | $ | 1,041,104 | |||||||||||||||||||||
Long-lived assets | 664,466 | 810,645 | 198,594 | 1,673,705 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 717,160 | $ | 276,214 | $ | 115,501 | $ | 1,108,875 | |||||||||||||||||||||
Long-lived assets | 634,616 | 932,155 | 158,729 | 1,725,500 | |||||||||||||||||||||||||
Imperial Oil accounted for more than 10% of our revenues in the years ended December 31, 2014, 2013 and 2012. BHP Billiton Mitsubishi Alliance accounted for more than 10% of our revenues in the year ended December 31, 2013. |
Note_18_Related_Party_Transact
Note 18 - Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related Party Transactions Disclosure [Text Block] | 18 | RELATED PARTY TRANSACTIONS | |||||||||||
Our related parties included Oil States until May 30, 2014, the effective date of the Spin-Off. | |||||||||||||
On May 27, 2014, in connection with the Spin-off, we entered into several agreements with Oil States that govern the Spin-Off and the relationship of the parties following the Spin-Off. Because the terms of these agreements were entered into in the context of a related party transaction, the terms may not be comparable to terms that would be obtained in a transaction between unaffiliated parties. | |||||||||||||
The Separation and Distribution Agreement between us and Oil States contains the key provisions relating to the separation of our business from Oil States and the distribution of our common stock to Oil States stockholders. The Separation and Distribution Agreement identifies the assets that were transferred or sold, liabilities that were assumed or sold and contracts that were assigned to us by Oil States or by us to Oil States in the Spin-Off and describes how these transfers, sales, assumptions and assignments occurred. Pursuant to the Separation and Distribution Agreement, on May 28, 2014, we made a cash distribution to Oil States of $750 million. | |||||||||||||
The Indemnification and Release Agreement governs the treatment of all aspects relating to indemnification, insurance, litigation responsibility and management, and litigation document sharing and cooperation. Generally, the Indemnification and Release Agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and financial responsibility for the obligations and liabilities of Oil States’ business with Oil States. The Indemnification and Release Agreement also establishes procedures for handling claims subject to indemnification and related matters. Pursuant to the Indemnification and Release Agreement, we and Oil States will generally release the other party from all claims arising prior to the Spin-Off other than claims arising under the transaction agreements, including the indemnification provisions described above. See Note 14 – Commitments and Contingencies. | |||||||||||||
The Tax Sharing Agreement governs the respective rights, responsibilities and obligations of Oil States and us with respect to taxes and tax benefits, the filing of tax returns, the control of audits, restrictions on us to preserve the tax-free status of the Spin-Off and other tax matters. | |||||||||||||
The Employee Matters Agreement provides that each company has responsibility for its own employees and compensation plans. The agreement also contains provisions regarding stock-based compensation. See Note 16 – Stock Based Compensation. | |||||||||||||
The Transition Services Agreement sets forth the terms on which Oil States will provide to us, and we will provide to Oil States, on a temporary basis, certain services or functions that the companies historically have shared. Transition services provided to us by Oil States may include administrative, payroll, legal, human resources, data processing, financial audit support, financial transaction support, and other support services, information technology systems and various other corporate services. Transition services provided to Oil States by us may include information technology systems, financial audit support, tax support and other corporate services. The agreement provides for the provision of specified transition services, generally for a period of up to nine months from the date of the Spin-Off, with a possible extension of 1 month (an aggregate of 10 months) at a predetermined fee based on estimated cost to Oil States. The Transition Services Agreement expired under the terms of the agreement on February 28, 2015. We incurred costs under the Transition Services Agreement totaling $1.3 million during the year ended December 31, 2014. | |||||||||||||
Parent Company Services Provided and Corporate Allocations | |||||||||||||
Prior to the Spin-Off, Oil States provided services to and funded certain expenditures of Civeo. The most significant of these services and expenditures were: (1) funding expenditures to settle domestic accounts payable; (2) funding and processing of domestic payroll; (3) share-based compensation; and (4) certain transaction-related expenditures. The consolidated financial statements of Civeo reflect these expenditures. During the years ended December 31, 2014, 2013 and 2012, $41.7 million, $130.2 million and $88.9 million, respectively, of expenditures for services received from Oil States or funding for expenditures provided by Oil States were included in the consolidated financial statements. | |||||||||||||
Prior to the Spin-Off, the consolidated statements of operations also include general corporate expense allocations, which include costs incurred by Oil States for certain corporate functions such as executive management, finance, information technology, tax, internal audit, risk management, legal, human resources and treasury. During the years ended December 31, 2014, 2013 and 2012, we were allocated $2.8 million, $6.1 million and $5.0 million, respectively, in respect of these corporate expenses which are included within selling, general and administrative expenses in the accompanying consolidated statements of operations. | |||||||||||||
Oil States Net Investment | |||||||||||||
Net transfers to Oil States are included within Oil States net investment on the consolidated balance sheets. The components of the change in Oil States net investment for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash transfers and general financing activities | $ | (13,255 | ) | $ | 29,098 | $ | (75,457 | ) | |||||
Services received or funding for expenditures | 41,725 | 130,159 | 88,877 | ||||||||||
Corporate allocations, including income tax provision (1) | 3,950 | 7,216 | 13,148 | ||||||||||
Net increase in Oil States net investment | $ | 32,420 | $ | 166,473 | $ | 26,568 | |||||||
-1 | Corporate allocations includes the general corporate expense allocations of $2.8 million, $6.1 million and $5.0 million for the years ended December 31, 2014, 2013 and 2012, respectively, the impact of the income tax provision, the allocation of corporate insurance premiums, and the attribution of certain assets and liabilities that have historically been held at the Oil States corporate level, but which are specifically identifiable or otherwise allocable to us. The attributed assets and liabilities are included in Civeo’s consolidated balance sheets. | ||||||||||||
Supplemental Cash Flow Information | |||||||||||||
In accordance with the Separation and Distribution Agreement, our affiliate debt with Oil States, which totaled approximately $336.8 million as of May 30, 2014, including accrued interest, was settled through a non-cash capital contribution. |
Note_19_Valuation_Allowances
Note 19 - Valuation Allowances | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 19 | VALUATION ALLOWANCES | |||||||||||||||||||
Activity in the valuation accounts was as follows (in thousands): | |||||||||||||||||||||
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions (Net of Recoveries) | Translation and Other, Net | Balance at End of Period | |||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 3,656 | $ | 503 | $ | (51 | ) | $ | (65 | ) | $ | 4,043 | |||||||||
Valuation allowance for deferred tax assets | -- | 49,523 | -- | -- | 49,523 | ||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 1,118 | $ | 2,628 | $ | (7 | ) | $ | (83 | ) | $ | 3,656 | |||||||||
Year Ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 1,604 | $ | 174 | $ | (665 | ) | $ | 5 | $ | 1,118 | ||||||||||
Note_20_Quarterly_Financial_In
Note 20 - Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | 20 | QUARTERLY FINANCIAL INFORMATION(UNAUDITED) | |||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter(2) | Quarter(3) | Quarter(4) | Quarter(5) | ||||||||||||||
2014 | |||||||||||||||||
Revenues | $ | 252,799 | $ | 227,133 | $ | 243,265 | $ | 219,694 | |||||||||
Gross profit(1) | 109,289 | 93,828 | 106,164 | 88,689 | |||||||||||||
Net income (loss) attributable to Civeo | 36,239 | 13,949 | 32,403 | (271,634 | ) | ||||||||||||
Basic earnings (loss) per share | 0.34 | 0.13 | 0.3 | (2.54 | ) | ||||||||||||
Diluted earnings (loss) per share | 0.34 | 0.13 | 0.3 | (2.54 | ) | ||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 294,538 | $ | 242,990 | $ | 245,099 | $ | 258,477 | |||||||||
Gross profit(1) | 144,090 | 110,396 | 112,973 | 124,030 | |||||||||||||
Net income attributable to Civeo | 63,812 | 32,970 | 39,641 | 45,453 | |||||||||||||
Basic earnings per share | 0.6 | 0.31 | 0.37 | 0.43 | |||||||||||||
Diluted earnings per share | 0.6 | 0.31 | 0.37 | 0.43 | |||||||||||||
-1 | Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations. | ||||||||||||||||
-2 | In the first quarter of 2013, we recognized a gain of $4.0 million ($2.6 million after-tax, or $0.02 per diluted share) from a decrease to a liability associated with contingent acquisition consideration in our U.S. segment. | ||||||||||||||||
-3 | In the second quarter of 2014, we recognized the following items: | ||||||||||||||||
● | A charge of $9.0 million impairment ($6.3 million after-tax, or $0.06 per diluted share), related to the impairment of an intangible asset in Australia. Due to the Spin-Off, and the resulting rebranding of the Company’s Australian operations from The Mac to Civeo Australia, it was determined that the fair value of an intangible asset associated with The Mac brand was zero. The charge, which is related to our Australia segment, is included in Impairment expense on the accompanying consolidated statements of operations. | ||||||||||||||||
● | An impairment of certain fixed assets which were not in our custody, and for which return was determined to be uncertain. The $2.6 million impairment ($1.7 million after-tax, or $0.02 per diluted share), which is related to our U.S. segment, is included in Impairment expense on the consolidated statements of operations. | ||||||||||||||||
● | Severance costs associated with the termination of an executive. The $4.1 million expense ($3.1 million after-tax, or $0.03 per diluted share), which is related to our Canadian segment, is included in Selling, general and administrative expenses on the consolidated statements of operations. | ||||||||||||||||
● | $3.5 million, or $0.02 per diluted share after-tax, of losses incurred on extinguishment of debt. | ||||||||||||||||
● | Transition costs incurred associated with becoming a stand-alone company. The $1.9 million in costs ($1.2 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations. | ||||||||||||||||
In the second quarter of 2013, we recognized $1.2 million, or $0.01 per diluted share after-tax, of losses incurred on extinguishment of debt. | |||||||||||||||||
-4 | In the third quarter of 2014, we recognized $1.0 million in transition costs associated with becoming a stand-alone company ($0.7 million after-tax, or $0.01 per diluted share). The costs, which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations. | ||||||||||||||||
-5 | In the fourth quarter of 2014, we recognized the following items: | ||||||||||||||||
● | Goodwill impairment losses of $202.7 million ($201.2 million after-tax, or $1.89 per diluted share) during 2014, of which $16.6 million related to our U.S. segment and $186.1 million related to our Australian segment. | ||||||||||||||||
● | Fixed asset and intangible asset impairment losses of $76.2 million ($51.2 million after-tax, or $0.48 per diluted share) during 2014, of which $59.0 million related to our U.S. segment and $17.2 million related to our Canadian segment. | ||||||||||||||||
● | A $34.9 million tax expense ($0.33 per diluted share) from the establishment of a deferred tax liability related to a portion of our undistributed foreign earnings which we no longer intend to indefinitely reinvest and a valuation allowance related to deferred tax assets related to capital losses not expected to be realized. | ||||||||||||||||
● | Costs associated with our planned migration to Canada of $2.6 million ($1.7 million after-tax), or $0.02 per diluted share after-tax, included in Selling, general and administrative expenses on the consolidated statements of operations. | ||||||||||||||||
● | Transition costs incurred associated with becoming a stand-alone company. The $0.9 million in costs ($0.6 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-off and formation costs on the consolidated statements of operations. | ||||||||||||||||
Amounts are calculated independently for each of the quarters presented. Therefore, the sum of the quarterly amounts may not equal the total calculated for the year. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | ||
Prior to the Spin-Off, our financial position, results of operations and cash flows consisted of the Oil States’ Accommodations business and an allocable portion of its corporate costs, which represented a combined reporting entity. The combined financial statements for periods prior to the Spin-Off have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of Oil States. The combined financial statements reflect our historical financial position, results of operations and cash flows as we were historically managed, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The combined financial statements include certain assets and liabilities that have historically been held at the Oil States corporate level, but are specifically identifiable or otherwise attributable to us. Certain reclassifications have been made to the December 31, 2013 consolidated balance sheet to conform to current year presentation. | |||
All financial information presented after the Spin-Off represents the consolidated results of operations, financial position and cash flows of Civeo. Accordingly: | |||
● | Our consolidated statements of operations, comprehensive income, cash flows and changes in stockholders’ equity / net investment for the year ended December 31, 2014 consist of (i) the combined results of the Oil States’ Accommodations business for the five months ended May 30, 2014 and (ii) the consolidated results of Civeo for the seven months ended December 31, 2014. Our consolidated statements of operations, comprehensive income, cash flows and changes in stockholders’ equity / net investment for the years ended December 31, 2013 and 2012 consist entirely of the combined results of the Oil States’ Accommodations business. | ||
● | Our consolidated balance sheet at December 31, 2014 consists of the consolidated balances of Civeo, while at December 31, 2013, it consists entirely of the combined balances of the Oil States’ Accommodations business. | ||
The assets and liabilities in our consolidated financial statements have been reflected on a historical basis, as immediately prior to the Spin-Off all of the assets and liabilities presented were wholly owned by Oil States and were transferred within the Oil States consolidated group. All intercompany transactions and accounts have been eliminated. All affiliate transactions between Civeo and Oil States have been included in these consolidated financial statements. | |||
Unless otherwise stated or the context otherwise indicates, all references in these consolidated financial statements to “Civeo,” “the Company,” “us,” “our” or “we” for the time period prior to the separation mean the Accommodations business of Oil States. For time periods after the separation, these terms refer to the legal entity Civeo Corporation and its consolidated subsidiaries. | |||
The consolidated financial statements for periods prior to the Spin-Off included expense allocations for: (1) certain corporate functions historically provided by Oil States, including, but not limited to finance, legal, risk management, tax, treasury, information technology, human resources, and certain other shared services; (2) certain employee benefits and incentives; and (3) equity-based compensation. These expenses were allocated to us on the basis of direct usage when identifiable, with the remainder allocated based on estimated time spent by Oil States personnel, a pro-rata basis of headcount or other relevant measures of Oil States and its subsidiaries. We consider the basis on which the expenses were allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. The allocations may not, however, reflect the expense we would have incurred as an independent, publicly traded company for the periods presented. Actual costs that may have been incurred if we had been a stand-alone company would depend on a number of factors, including the chosen organizational structure, which functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. Following the Spin-Off, we are performing these functions using our own resources or purchased services. For an interim period, however, some of these functions continued to be provided by Oil States under a Transition Services Agreement, which extended for a period of up to nine months from the date of the Spin-Off, depending on the service being provided. See Note 18 – Related Party Transactions. | |||
Oil States used a centralized approach to the cash management and financing of its U.S. operations. Prior to February 2014, cash from our U.S. operations was transferred to Oil States daily and Oil States funded our U.S. operating and investing activities as needed. Accordingly, the cash and cash equivalents held by Oil States at the corporate level were not allocated to us for any of the periods presented prior to February 2014. We reflected the transfer of cash to and from Oil States as a component of “Net Investment of Oil States International, Inc.” on our consolidated balance sheet. We have not included interest expense for intercompany cash advances from Oil States, since historically Oil States has not allocated interest expense related to intercompany advances to any of its businesses. Beginning in February 2014, we established Civeo cash accounts and funded a portion of our U.S. operating and investing activities. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash | ||
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Allowances for Doubtful Accounts | ||
We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for doubtful accounts. We consider the following factors when determining if collection of revenue is reasonably assured: customer credit-worthiness, past transaction history with the customer, current economic industry trends, customer solvency and changes in customer payment terms. If we have no previous experience with the customer, we typically obtain reports from various credit organizations to ensure that the customer has a history of paying its creditors. We may also request financial information, including combined financial statements or other documents, to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, we would require a prepayment or other arrangement to support revenue recognition and recording of a trade receivable. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. | |||
Inventory, Policy [Policy Text Block] | Inventories | ||
Inventories consist of work in process, raw materials and supplies and materials for the construction and operation of remote accommodation facilities. Inventories also include food, raw materials, labor, subcontractor charges, manufacturing overhead and catering and other supplies needed for operation of our facilities. Inventories are carried at the lower of cost or market. The cost of inventories is determined on an average cost or specific-identification method. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment | ||
Property, plant, and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under capital lease, using the straight-line method, after allowing for salvage value where applicable, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. | |||
We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an asset retirement obligation (ARO) when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Please see Asset Retirement Obligations, below, for further discussion. | |||
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the combined statements of income. | |||
Interest Capitalization, Policy [Policy Text Block] | Interest Capitalization | ||
Interest costs for the construction of certain long-term assets are capitalized and amortized over the related assets’ estimated useful lives. For the years ended December 31, 2014, 2013, and 2012, $2.3 million, $0.8 million and $3.5 million were capitalized, respectively. | |||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Other Intangible Assets | ||
Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. | |||
We do not amortize goodwill. We evaluate goodwill for impairment, at the reporting unit level, annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. A reporting unit is the operating segment, or a business one level below that operating segment (the “component” level) if discrete financial information is prepared and regularly reviewed by management at the component level. Each segment of our business represents a separate reporting unit, and all three of our reporting units have or had goodwill. We recognize an impairment loss for any amount by which the carrying amount of a reporting unit’s goodwill exceeds the reporting unit’s implied fair value (IFV) of goodwill. We conduct our annual impairment test as of November 30 of each year. Our assessment consists of a two-step impairment test. In the first step, we compare each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired, and a second step is performed to determine the amount of impairment, if any. | |||
We are given the option to test for impairment of our goodwill by first performing a qualitative assessment to determine whether it is more likely than not (that is, likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed two-step impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill is assessed separately and different relevant events and circumstances are evaluated for each unit. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. | |||
In 2014 and 2013, we chose to bypass the qualitative assessment and perform the two-step impairment test. In performing the two-step impairment test, we compare each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. Because none of our reporting units has a publically quoted market price, we must determine the value that willing buyers and sellers would place on the reporting unit through a routine sale process (a Level 3 fair value measurement). In our analysis, we target an IFV that represents the value that would be placed on the reporting unit by market participants, and value the reporting unit based on historical and projected results throughout a cycle, not the value of the reporting unit based on trough or peak earnings. The IFV of the reporting unit is estimated using a combination of (i) an analysis of trading multiples of comparable companies (Market Approach) and (ii) discounted projected cash flows (Income Approach). We also use acquisition multiples analyses in certain circumstances. The relative weighting of each approach varies by reporting unit, based on management’s judgment. | |||
Market Approach - This valuation approach utilizes publicly traded comparable companies’ enterprise values, as compared to their recent and forecasted earnings before interest, taxes and depreciation (EBITDA) information. We used an average EBITDA multiple ranging from approximately 6.5x to approximately 9.5x depending on the reporting unit. We use EBITDA because it is a widely used key indicator of the cash generating capacity of companies in our industry. | |||
Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five years. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. These assumptions vary by each reporting unit depending on market conditions. In addition, a terminal value is estimated, using a Gordon Growth methodology with a long-term growth rate of 3%. We discount our projected cash flows using a long-term weighted average cost of capital based on our estimate of investment returns that would be required by a market participant. The weighted average cost of capital used in our analysis ranged from 9% to 11%, depending on the reporting unit. | |||
The IFV of our reporting units is affected by future oil, coal and natural gas prices, anticipated spending by our customers, and the cost of capital. Our estimate of IFV requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future, and are therefore uncertain. We selected these valuation approaches because we believe the combination of these approaches and our best judgment regarding underlying assumptions and estimates provides us with the best estimate of fair value for each of our reporting units. We believe these valuation approaches are proven valuation techniques and methodologies for our industry and widely accepted by investors. The IFV of each reporting unit would change if our assumptions under these valuation approaches, or relative weighting of the valuation approaches, were materially modified. | |||
In 2014, in performing step one of the goodwill impairment test, the carrying amounts of our U.S. and Australia reporting units exceeded the respective reporting unit’s IFV. Accordingly, we proceeded to the second step for those reporting units. This second step compared the IFV of each reporting unit’s goodwill with the carrying amount of such goodwill. We performed a hypothetical allocation of the fair value of the reporting units determined in step one to all of the assets and liabilities of the unit, including any unrecognized intangible assets. After making these hypothetical allocations, we determined zero residual value remained that could be allocated to goodwill within our U.S. and Australian reporting units, respectively. As a result, we recorded impairment charges totaling $16.6 million and $186.1 million to goodwill for our U.S. and Australian reporting units, respectively. In 2013 and 2012, our goodwill impairment tests indicated that the fair value of each of our reporting units was greater than its carrying amount. | |||
Other Intangible Assets. We amortize the cost of other intangible assets over their estimated useful lives unless such lives are deemed indefinite. For intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. | |||
In addition, we evaluate amortizable intangible assets for impairment when an event occurs or circumstances change to suggest the carrying amount may not be recoverable. If the carrying amount is not recoverable, the intangible assets are written down to fair value based on either discounted cash flows or appraised values. During 2014, management assessed the carrying value of our long-lived assets, which evaluation included amortizable intangible assets, to determine if they continued to be recoverable based on estimated future cash flows. As a result of the assessment, we recorded a $59.0 million impairment related to our U.S. segment, of which $55.8 million reduced the value of our fixed assets and $3.2 million was recorded on our amortizable intangible assets. | |||
We are required to evaluate our indefinite-lived intangible assets for impairment annually and when an event occurs or circumstances change to suggest the carrying amount may not be recoverable. In performing the impairment test, we compare the fair value of the indefinite-lived intangible asset with its carrying amount. The measurement of the impairment is calculated based on the excess of the carrying value over its fair value. In 2014, we recognized a $9.0 million impairment of an indefinite-lived intangible asset in Australia, which is included in Impairment expense on the accompanying consolidated statements of operations. Due to the Spin-Off, and the resulting rebranding of our Australian operations from The MAC to Civeo, it was determined that the fair value of an intangible asset associated with The MAC brand had been reduced to nil. During 2013 and 2012, no provision for impairment of other intangible assets was required. | |||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets | ||
The recoverability of the carrying values of long-lived assets, including amortizable intangible assets, is assessed whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. The fair value of the asset group is based on prices of similar assets, if available, or discounted cash flows. | |||
In late 2014, as a result of the decline in global crude oil prices and forecasts for a potentially protracted period of lower prices, management assessed the carrying value of all of our long-lived asset groups to determine if they continued to be recoverable based on estimated future cash flows. In performing this analysis, the first step was to review asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For each asset group, we compared its carrying value to estimates of undiscounted future cash flows. We used a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. The estimates were consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, above. | |||
Based on the assessment, the carrying values of certain of our asset groups were determined to not be recoverable, and we proceeded to the second step. In this step, we compared the fair value of the respective asset group to its carrying value. The fair value of the asset groups were based on prices of similar assets, as applicable, or discounted cash flows. Our estimate of the fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future, and are therefore uncertain. We recorded impairment losses of $76.2 million during 2014 as a result, of which $59.0 million related to our U.S. segment and $17.2 million related to our Canadian segment. Of the $59.0 million impairment related to our U.S. segment, $55.8 million reduced the value of our fixed assets and $3.2 million was recorded on our amortizable intangible assets. | |||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency and Other Comprehensive Income | ||
Gains and losses resulting from consolidated balance sheet translation of foreign operations where a foreign currency is the functional currency are included as a separate component of accumulated other comprehensive income within the net investment account representing substantially all of the balances within accumulated other comprehensive income. Remeasurements of intercompany loans denominated in a different currency than the functional currency of the entity that are of a long-term investment nature are recognized as other comprehensive income within the net investment account. Gains and losses resulting from consolidated balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany loans that are of a long-term investment nature, are included in the consolidated statements of operations as incurred. | |||
Foreign Exchange Risk, Policy [Policy Text Block] | Foreign Exchange Risk | ||
A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not entered into any foreign currency forward contracts. | |||
Revenue Recognition, Policy [Policy Text Block] | Revenue and Cost Recognition | ||
We derive the majority of our revenue from lodging and related ancillary services. In each of our operating segments, revenue is recognized in the period in which services are provided pursuant to the terms of contractual relationships with our customers. In some contracts, rates may vary over the contract term. In these cases, revenue may be deferred and recognized on a straight-line basis over the contract term. Revenue from the sale of products, not accounted for utilizing the percentage-of-completion method, is recognized when delivery to and acceptance by the customer has occurred, when title and all significant risks of ownership have passed to the customer, collectability is reasonably assured and pricing is fixed and determinable. Our product sales terms do not include significant post-delivery obligations. | |||
For significant projects, revenues are recognized under the percentage-of-completion method, measured by the percentage of costs incurred to date compared to estimated total costs for each contract (cost-to-cost method). Billings on such contracts in excess of costs incurred and estimated profits are classified as deferred revenue. Costs incurred and estimated profits in excess of billings on percentage-of-completion contracts are recognized as unbilled receivables. Management believes this method is the most appropriate measure of progress on large contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Factors that may affect future project costs and margins include weather, production efficiencies, availability and costs of labor, materials and subcomponents. These factors can significantly impact the accuracy of our estimates and materially impact our future reported earnings. | |||
Revenues exclude taxes assessed based on revenues such as sales or value added taxes. | |||
Cost of services includes labor, food, utility costs, cleaning supplies, and other costs of operating our accommodations facilities. Cost of goods sold includes all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. Selling, general, and administrative costs are charged to expense as incurred. | |||
Income Tax, Policy [Policy Text Block] | Income Taxes | ||
Our operations are subject to U.S. federal, state and local, and foreign income taxes. In the U.S., prior to the Spin-Off, our operations were included in Oil States’ income tax returns. In preparing our consolidated financial statements, we determined our tax provision on a separate return, stand-alone basis. Pursuant to the Tax Sharing Agreement with Oil States, with respect to any periods (or portions thereof) ending prior to the Spin-Off, we are obligated to reimburse Oil States an amount equal to the amount of U.S. federal, state or local income tax we would have paid had we had filed a separate consolidated U.S. federal, state or local income tax return, subject to certain adjustments. We do not consider these amounts to be material. | |||
Prior to the Spin-Off, because portions of our operations were included in Oil States’ tax returns, payments to certain tax authorities were historically made by Oil States, and not by us. With the exception of certain dedicated foreign entities, we did not maintain taxes payable to/from Oil States and we were deemed to settle the annual current tax balances immediately with the legal tax-paying entities in the respective jurisdictions. These settlements are reflected as changes in the Oil States International, Inc. net investment account. | |||
We determine the provision for income taxes using the asset and liability approach. Under this approach, deferred income taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. | |||
Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. In assessing the need for a valuation allowance, we look to the future reversal of existing taxable temporary differences, taxable income in carryback years, the feasibility of tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax laws, changes to statutory tax rates and changes to future taxable income estimates. | |||
We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. | |||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Receivables and Concentration of Credit Risk | ||
Based on the nature of our customer base, we do not believe that we have any significant concentrations of credit risk other than our concentration in the Canadian oil sands and Australian mining industries. We evaluate the credit-worthiness of our significant, new and existing customers’ financial condition and, generally, we do not require collateral from our customers. Imperial Oil accounted for more than 10% of our revenues in the years ended December 31, 2014, 2013 and 2012. BHP Billiton Mitsubishi Alliance accounted for more than 10% of our revenues in the year ended December 31, 2013. | |||
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations | ||
We record the fair value of a liability, which reflects the estimated present value of the amount of asset removal and site reclamation costs related to the retirement of our assets, for an ARO when it is incurred (typically when the asset is installed). When the liability is initially recorded, we capitalize the associated asset retirement cost by increasing the carrying amount of the related property, plant and equipment. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated ARO changes, an adjustment is recorded to both the ARO and the capitalized asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling the ARO. We utilize current retirement costs to estimate the expected cash outflows for retirement obligations. We estimate the ultimate productive life of the properties and a risk-adjusted discount rate in order to determine the current present value of the obligation. | |||
We relieve ARO liabilities when the related obligations are settled. We have AROs that we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until several years in the future and will be funded from general company resources at the time of removal. Please see Note 12 – Asset Retirement Obligations for further discussion. | |||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation | ||
We, and, prior to the Spin-Off, Oil States, sponsor an equity participation plan in which certain of our employees participate. Current accounting standards regarding share-based payments require companies to measure the cost of employee services received in exchange for an award of equity instruments (typically stock options) based on the grant-date fair value of the award. The fair value is estimated using option-pricing models. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. | |||
We, and, prior to the Spin-Off, Oil States, also grant phantom shares under the Canadian Long-Term Incentive Plan, which provides for the granting of units of phantom shares to key Canadian employees. We also grant phantom shares under the 2014 Equity Participation Plan, which provides for the granting of units of phantom shares to key U.S. employees. All of the awards vest in equal annual installments and are accounted for as a liability based on the fair value of our stock price. Participants granted units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a share of our common stock on the vesting date. | |||
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Guarantees | ||
Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Credit Facility. See Note 10 - Debt. | |||
Some of our products are sold with a warranty, generally 12 months. Parts and labor are covered under the terms of the warranty agreement. Warranty provisions are estimated based upon historical experience by product, configuration and geographic region. Our total liability related to warranties was $0.1 million and $0.2 million at December 31, 2014 and 2013, respectively. | |||
During the ordinary course of business, we also provide standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by us or our subsidiaries. As of December 31, 2014, the maximum potential amount of future payments that we could be required to make under these guarantee agreements (letters of credit) was approximately $7.3 million. We have not recorded any liability in connection with these guarantee arrangements. We do not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. | |||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of a few such estimates include potential future adjustments as a result of contingent consideration arrangements pursuant to business combinations and other contractual agreements, revenue and income recognized on the percentage-of-completion method, estimates of the amount and timing of costs to be incurred for asset retirement obligations, any valuation allowance recorded on net deferred tax assets, goodwill, warranty and allowance for doubtful accounts. Actual results could materially differ from those estimates. | |||
Commitments and Contingencies, Policy [Policy Text Block] | Accounting for Contingencies | ||
We have contingent liabilities and future claims for which we have made estimates of the amount of the eventual cost to liquidate these liabilities or claims. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and we have made an assessment of our exposure and recorded a provision in our accounts to cover an expected loss. Other claims or liabilities have been estimated based on their fair value or our experience in these matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, our future reported financial results will be impacted by the difference between our estimates and the actual amounts paid to settle a liability. Examples of areas where we have made important estimates of future liabilities include future consideration due sellers as a result of the terms of a business combination, litigation, taxes, interest, insurance claims, warranty claims and contract claims and obligations. |
Note_5_Details_of_Selected_Bal1
Note 5 - Details of Selected Balance Sheet Accounts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2014 | 2013 | |||||||||||
Accounts receivable, net: | |||||||||||||
Trade | $ | 124,198 | $ | 128,781 | |||||||||
Unbilled revenue | 38,487 | 47,004 | |||||||||||
Other | 1,611 | 5,716 | |||||||||||
Total accounts receivable | 164,296 | 181,501 | |||||||||||
Allowance for doubtful accounts | (4,043 | ) | (3,656 | ) | |||||||||
Total accounts receivable, net | $ | 160,253 | $ | 177,845 | |||||||||
Schedule of Inventory, Current [Table Text Block] | 2014 | 2013 | |||||||||||
Inventories: | |||||||||||||
Finished goods and purchased products | $ | 2,814 | $ | 3,574 | |||||||||
Work in process | 4,790 | 14,328 | |||||||||||
Raw materials | 5,624 | 11,913 | |||||||||||
Total inventories | $ | 13,228 | $ | 29,815 | |||||||||
Property, Plant and Equipment [Table Text Block] | Estimated | 2014 | 2013 | ||||||||||
Useful Life | |||||||||||||
(in years) | |||||||||||||
Property, plant and equipment, net: | |||||||||||||
Land | $ | 55,365 | $ | 49,384 | |||||||||
Accommodations assets | 15-Mar | 1,687,033 | 1,535,407 | ||||||||||
Buildings and leasehold improvements | 20-Mar | 40,256 | 45,538 | ||||||||||
Machinery and equipment | 15-Apr | 12,117 | 12,259 | ||||||||||
Office furniture and equipment | 7-Mar | 32,181 | 28,755 | ||||||||||
Vehicles | 5-Mar | 19,128 | 20,197 | ||||||||||
Construction in progress | 70,603 | 129,587 | |||||||||||
Total property, plant and equipment | 1,916,683 | 1,821,127 | |||||||||||
Accumulated depreciation | (668,253 | ) | (495,260 | ) | |||||||||
Total property, plant and equipment, net | $ | 1,248,430 | $ | 1,325,867 | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | 2014 | 2013 | |||||||||||
Accrued liabilities: | |||||||||||||
Accrued compensation | $ | 15,273 | $ | 21,988 | |||||||||
Accrued taxes, other than income taxes | 1,567 | 1,940 | |||||||||||
Accrued interest | 60 | 1,560 | |||||||||||
Other | 5,612 | 1,386 | |||||||||||
Total accrued liabilities | $ | 22,512 | $ | 26,874 |
Note_6_Earnings_Per_Share_Tabl
Note 6 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Basic Earnings per Share | |||||||||||||
Net income (loss) attributable to Civeo | $ | (189,043 | ) | $ | 181,876 | $ | 244,721 | ||||||
Less: undistributed net income (loss) to participating securities | 921 | (743 | ) | (1,000 | ) | ||||||||
Net income (loss) attributable to Civeo’s common stockholders - basic | $ | (188,122 | ) | $ | 181,133 | $ | 243,721 | ||||||
Weighted average common shares outstanding - basic | 106,306 | 106,293 | 106,293 | ||||||||||
Basic earnings (loss) per share | $ | (1.77 | ) | $ | 1.7 | $ | 2.29 | ||||||
Diluted Earnings per Share | |||||||||||||
Net income (loss) attributable to Civeo’s common stockholders – basic | $ | (188,122 | ) | $ | 181,133 | $ | 243,721 | ||||||
Less: undistributed net income (loss) to participating securities | -- | 1 | 2 | ||||||||||
Net income (loss) attributable to Civeo’s common stockholders - diluted | $ | (188,122 | ) | $ | 181,134 | $ | 243,723 | ||||||
Weighted average common shares outstanding - basic | 106,306 | 106,293 | 106,293 | ||||||||||
Effect of dilutive securities (1) | -- | 167 | 167 | ||||||||||
Weighted average common shares outstanding - diluted | 106,306 | 106,460 | 106,460 | ||||||||||
Diluted earnings (loss) per share | $ | (1.77 | ) | $ | 1.7 | $ | 2.29 |
Note_7_Supplemental_Cash_Flow_1
Note 7 - Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Interest (net of amounts capitalized) | $ | 14,444 | $ | 43,610 | $ | 23,239 | |||||||
Income taxes, net of refunds | 43,237 | 65,875 | 42,138 |
Note_9_Goodwill_and_Other_Inta1
Note 9 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | Canadian | Australian | U.S. | Total | |||||||||||||
Balance as of December 31, 2012 | $ | 51,594 | $ | 226,906 | $ | 16,632 | $ | 295,132 | |||||||||
Foreign currency translation | (2,109 | ) | (31,967 | ) | -- | (34,076 | ) | ||||||||||
Balance as of December 31, 2013 | 49,485 | 194,939 | 16,632 | 261,056 | |||||||||||||
Foreign currency translation | (4,225 | ) | (8,842 | ) | -- | (13,067 | ) | ||||||||||
Goodwill impairment | -- | (186,097 | ) | (16,632 | ) | (202,729 | ) | ||||||||||
Balance as of December 31, 2014 | $ | 45,260 | $ | -- | $ | -- | $ | 45,260 | |||||||||
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | AS OF DECEMBER 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Gross Carrying Amount | Accumulated | Gross Carrying Amount | Accumulated | ||||||||||||||
Amortization | Amortization | ||||||||||||||||
Amortizable Intangible Assets | |||||||||||||||||
Customer relationships | $ | 47,611 | $ | (21,740 | ) | $ | 50,980 | $ | (14,875 | ) | |||||||
Contracts / agreements | 40,120 | (16,048 | ) | 43,836 | (13,151 | ) | |||||||||||
Noncompete agreements | 809 | (680 | ) | 817 | (539 | ) | |||||||||||
Total amortizable intangible assets | $ | 88,540 | $ | (38,468 | ) | $ | 95,633 | $ | (28,565 | ) | |||||||
Indefinite-Lived Intangible Assets Not Subject to Amortization | |||||||||||||||||
Brand names | $ | -- | $ | -- | $ | 8,570 | $ | -- | |||||||||
Water rights | 777 | -- | -- | $ | -- | ||||||||||||
Licenses | 33 | -- | 37 | -- | |||||||||||||
Total indefinite-lived intangible assets | 810 | -- | 8,607 | -- | |||||||||||||
Total intangible assets | $ | 89,350 | $ | (38,468 | ) | $ | 104,240 | $ | (28,565 | ) |
Note_10_Debt_Tables
Note 10 - Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 2014 | 2013 | |||||||
U.S. term loan, which matures on May 28, 2019, of $775.0 million; 1.25% of aggregate principal repayable per quarter beginning September 30, 2015; weighted average interest rate of 2.4% for the seven month period ended December 31, 2014 | $ | 775,000 | $ | -- | |||||
U.S. revolving credit facility, which matures on May 28, 2019, with available commitments up to $450.0 million; no borrowings outstanding during the twelve month period ended December 31, 2014 | -- | -- | |||||||
Canadian revolving credit facility, which matures on May 28, 2019, with available commitments up to $100.0 million; no borrowings outstanding during the twelve month period ended December 31, 2014 | -- | -- | |||||||
Australian revolving credit facility, which matures May 28, 2019, with available commitments up to $100.0 million; no borrowings outstanding during the twelve month period ended December 31, 2014 | -- | -- | |||||||
Affiliate debt with Oil States | -- | 335,171 | |||||||
Total debt | 775,000 | 335,171 | |||||||
Less: Current portion of long-term debt | 19,375 | -- | |||||||
Long-term debt, less current maturities | $ | 755,625 | $ | 335,171 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 2015 | $ | 19,375 | ||||||
2016 | 38,750 | ||||||||
2017 | 38,750 | ||||||||
2018 | 38,750 | ||||||||
2019 | 639,375 | ||||||||
$ | 775,000 |
Note_12_Asset_Retirement_Oblig1
Note 12 - Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||
Schedule of Asset Retirement Obligations [Table Text Block] | 2014 | 2013 | |||||||||||
Asset retirement obligations | $ | 21,610 | $ | 6,095 | |||||||||
Less: Asset retirement obligations due within one year* | -- | -- | |||||||||||
Long-term asset retirement obligations | $ | 21,610 | $ | 6,095 | |||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Balance as of January 1 | $ | 6,095 | $ | 5,518 | $ | 4,615 | |||||||
Accretion of discount | 336 | 350 | 305 | ||||||||||
New obligations | 797 | 566 | -- | ||||||||||
Change in estimates of existing obligations | 14,838 | 34 | 491 | ||||||||||
Foreign currency translation | (456 | ) | (373 | ) | 107 | ||||||||
Balance as of December 31 | $ | 21,610 | $ | 6,095 | $ | 5,518 |
Note_13_Income_Taxes_Tables
Note 13 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Domestic operations | $ | (97,563 | ) | $ | (2,054 | ) | $ | 29,894 | |||||||||||||||||
Foreign operations | (58,720 | ) | 241,422 | 300,314 | |||||||||||||||||||||
Total | $ | (156,283 | ) | $ | 239,368 | $ | 330,208 | ||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | -- | $ | (7,525 | ) | $ | 8,495 | ||||||||||||||||||
State | -- | 11 | 698 | ||||||||||||||||||||||
Foreign | 27,046 | 51,962 | 61,261 | ||||||||||||||||||||||
Total | $ | 27,046 | $ | 44,448 | $ | 70,454 | |||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | $ | (6,332 | ) | $ | 6,787 | $ | 4,262 | ||||||||||||||||||
State | (1,062 | ) | -- | -- | |||||||||||||||||||||
Foreign | 11,727 | 4,820 | 9,550 | ||||||||||||||||||||||
Total | $ | 4,333 | $ | 11,607 | $ | 13,812 | |||||||||||||||||||
Total Provision | $ | 31,379 | $ | 56,055 | $ | 84,266 | |||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Federal tax expense (benefit) at statutory rates | $ | (54,699 | ) | 35 | % | $ | 83,778 | 35 | % | $ | 115,571 | 35 | % | ||||||||||||
Effect of foreign income tax, net | (10,599 | ) | 6.8 | % | (27,051 | ) | (11.3% | ) | (31,200 | ) | (9.4% | ) | |||||||||||||
Goodwill impairment | 19,798 | (12.7% | ) | -- | -- | -- | -- | ||||||||||||||||||
Valuation allowance | 51,369 | (32.9% | ) | -- | -- | -- | -- | ||||||||||||||||||
Tax on future remitted earnings | 26,077 | (16.7% | ) | -- | -- | -- | -- | ||||||||||||||||||
Other nondeductible expenses | -- | -- | (482 | ) | (0.2% | ) | (492 | ) | (0.2% | ) | |||||||||||||||
State tax expense, net of federal benefits | (1,062 | ) | 0.7 | 11 | 0 | % | 698 | 0.2 | % | ||||||||||||||||
Domestic manufacturing deduction | -- | ---- | (92 | ) | 0 | % | (80 | ) | 0 | % | |||||||||||||||
Uncertain tax positions adjustments, net | 29 | 0 | % | 17 | 0 | % | 17 | 0 | % | ||||||||||||||||
Other, net | 466 | (0.3% | ) | (125 | ) | (0.1% | ) | (248 | ) | (0.1% | ) | ||||||||||||||
Net income tax provision | $ | 31,379 | (20.1% | ) | $ | 56,056 | 23.4 | % | $ | 84,266 | 25.5 | % | |||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,347 | $ | 572 | |||||||||||||||||||||
Allowance for inventory reserves | 12 | 15 | |||||||||||||||||||||||
Employee benefits | 2,074 | 667 | |||||||||||||||||||||||
Deductible goodwill and other intangibles | 45,858 | 6,977 | |||||||||||||||||||||||
Other reserves | 4,329 | 3,384 | |||||||||||||||||||||||
Depreciation | -- | 683 | |||||||||||||||||||||||
Deferred revenue $1,152 | 4,491 | 5,251 | |||||||||||||||||||||||
Net operating loss $1,152 | 5,540 | --- | |||||||||||||||||||||||
Other | 2,466 | 834 | |||||||||||||||||||||||
Deferred tax asset | 66,117 | 18,383 | |||||||||||||||||||||||
Valuation allowance | (49,523 | ) | --- | ||||||||||||||||||||||
Deferred tax asset | $ | 16,594 | $ | 18,383 | |||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation | $ | (60,558 | ) | $ | (78,518 | ) | |||||||||||||||||||
Intangibles | -- | (6,032 | ) | ||||||||||||||||||||||
Accrued liabilities | -- | (3,161 | ) | ||||||||||||||||||||||
Investment | (26,044 | ) | -- | ||||||||||||||||||||||
Other | -- | (2,650 | ) | ||||||||||||||||||||||
Deferred tax liability | (86,602 | ) | (90,361 | ) | |||||||||||||||||||||
Net deferred tax liability | $ | (70,008 | ) | $ | (71,978 | ) | |||||||||||||||||||
Schedule of Deferred Tax Reclassifications [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||
Current deferred tax asset | $ | 4,620 | $ | 306 | |||||||||||||||||||||
Current deferred tax liability | (21,452 | ) | -- | ||||||||||||||||||||||
Long-term deferred tax asset | 2,324 | -- | |||||||||||||||||||||||
Long-term deferred tax liability | (55,500 | ) | (72,284 | ) | |||||||||||||||||||||
Net deferred tax liability | $ | (70,008 | ) | $ | (71,978 | ) | |||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Balance as of January 1 | $ | 679 | $ | 679 | $ | 679 | |||||||||||||||||||
Additions for tax positions of prior years | -- | -- | -- | ||||||||||||||||||||||
Reductions for tax positions of prior years | -- | -- | -- | ||||||||||||||||||||||
Lapse of the applicable statute of limitations | -- | -- | -- | ||||||||||||||||||||||
Balance as of December 31 | $ | 679 | $ | 679 | $ | 679 |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2015 | $ | 6,452 | ||
2016 | 5,524 | ||||
2017 | 4,886 | ||||
2018 | 3,989 | ||||
2019 | 3,501 | ||||
Thereafter | 15,474 | ||||
$ | 39,826 |
Note_16_Stock_Based_Compensati1
Note 16 - Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 | 2013 | 2012 | |||||||||||||||||||||
(prior to Spin-Off) | ||||||||||||||||||||||||
Risk-free weighted interest rate | 1.27 | % | 0.6 | % | 0.6 | % | ||||||||||||||||||
Expected life (in years) | 4.1 | 4.1 | 4.1 | |||||||||||||||||||||
Expected volatility | 38 | % | 44 | % | 57 | % | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options | Weighted Average Exercise Price Per Share | Weighted Average Contractual Life (Years) | Intrinsic Value (Thousands) | ||||||||||||||||||||
Outstanding Options at May 30, 2014 | 554,738 | $ | 11.14 | |||||||||||||||||||||
Granted | -- | -- | ||||||||||||||||||||||
Exercised | (12,628 | ) | 11.95 | |||||||||||||||||||||
Forfeited / Expired | (9,184 | ) | 16.43 | |||||||||||||||||||||
Outstanding Options at December 31, 2014Total amortizable intangible assets | 532,926 | $ | 11.03 | 3.4 | $ | 66,130 | ||||||||||||||||||
Exercisable Options at December 31, 2014 | 384,892 | $ | 8.24 | 1.8 | $ | 66,130 | ||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Range of Exercise Prices | Number Outstanding as of December 31, 2014 | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Number Exercisable as of December 31, 2014 | Weighted Average Exercise Price | |||||||||||||||||||
$3.63 | 137,771 | 0.14 | $ | 3.63 | 137,771 | $ | 3.63 | |||||||||||||||||
$8.21 | 174,508 | 1.13 | $ | 8.21 | 174,508 | $ | 8.21 | |||||||||||||||||
$16.43 | 98,382 | 6.13 | $ | 16.43 | 45,060 | $ | 16.43 | |||||||||||||||||
$17.48 | 51,087 | 8.14 | $ | 17.48 | 11,480 | $ | 17.48 | |||||||||||||||||
$18.43 | 34,441 | 7.13 | $ | 18.43 | 16,073 | $ | 18.43 | |||||||||||||||||
$21.87 | 36,737 | 9.13 | $ | 21.87 | -- | $ | -- | |||||||||||||||||
$3.63 | - | $21.87 | 532,926 | 3.41 | $ | 11.03 | 384,892 | $ | 8.24 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Awards | Weighted Average Grant Date Fair Value Per Share | ||||||||||||||||||||||
Nonvested shares at May 30, 2014 | 435,999 | $ | 18.87 | |||||||||||||||||||||
Granted | 188,005 | 21.14 | ||||||||||||||||||||||
Vested | (19,358 | ) | 13.87 | |||||||||||||||||||||
Forfeited | (27,764 | ) | 18.75 | |||||||||||||||||||||
Nonvested shares at December 31, 2014Total amortizable intangible assets | 576,882 | $ | 19.78 |
Note_17_Segment_and_Related_In1
Note 17 - Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total | Less: Intersegment Revenues | Revenues from unaffiliated customers | Depreciation and amortization | Operating income (loss) | Capital expenditures | Total assets | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Canada | $ | 661,721 | $ | (305 | ) | $ | 661,416 | $ | 91,893 | $ | 106,580 | $ | 218,620 | $ | 1,024,990 | ||||||||||||||
Australia | 213,279 | -- | 213,279 | 62,924 | (155,851 | ) | 24,907 | 669,789 | |||||||||||||||||||||
United States | 123,328 | (55,132 | ) | 68,196 | 20,281 | (86,959 | ) | 10,901 | 135,681 | ||||||||||||||||||||
Corporate, stand-alone adjustments and eliminations | (55,437 | ) | 55,437 | -- | (128 | ) | (6,661 | ) | (3,270 | ) | (1,299 | ) | |||||||||||||||||
Total | $ | 942,891 | $ | -- | $ | 942,891 | $ | 174,970 | $ | (142,891 | ) | $ | 251,158 | $ | 1,829,161 | ||||||||||||||
2013 | |||||||||||||||||||||||||||||
Canada | $ | 714,136 | $ | (3,598 | ) | $ | 710,538 | $ | 85,180 | $ | 190,470 | $ | 155,556 | $ | 993,729 | ||||||||||||||
Australia | 255,457 | -- | 255,457 | 64,691 | 75,197 | 75,935 | 894,227 | ||||||||||||||||||||||
United States | 91,311 | (16,202 | ) | 75,109 | 17,488 | (3,320 | ) | 61,989 | 234,049 | ||||||||||||||||||||
Corporate, stand-alone adjustments and eliminations | (19,800 | ) | 19,800 | -- | (146 | ) | (2,891 | ) | (1,786 | ) | 1,232 | ||||||||||||||||||
Total | $ | 1,041,104 | $ | -- | $ | 1,041,104 | $ | 167,213 | $ | 259,456 | $ | 291,694 | $ | 2,123,237 | |||||||||||||||
2012 | |||||||||||||||||||||||||||||
Canada | $ | 733,894 | $ | (16,734 | ) | $ | 717,160 | $ | 71,203 | $ | 226,403 | $ | 106,835 | $ | 954,295 | ||||||||||||||
Australia | 276,249 | (35 | ) | 276,214 | 55,443 | 99,213 | 145,766 | 992,665 | |||||||||||||||||||||
United States | 115,611 | (110 | ) | 115,501 | 12,402 | 31,358 | 63,184 | 178,229 | |||||||||||||||||||||
Corporate, stand-alone adjustments and eliminations | (16,879 | ) | 16,879 | -- | (1 | ) | (4,045 | ) | (1,738 | ) | 7,736 | ||||||||||||||||||
Total | $ | 1,108,875 | $ | -- | $ | 1,108,875 | $ | 139,047 | $ | 352,929 | $ | 314,047 | $ | 2,132,925 | |||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Canada | Australia | U.S. and Other | Total | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 661,416 | $ | 213,279 | $ | 68,196 | $ | 942,891 | |||||||||||||||||||||
Long-lived assets | 746,983 | 519,777 | 96,120 | 1,362,880 | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 710,538 | $ | 255,457 | $ | 75,109 | $ | 1,041,104 | |||||||||||||||||||||
Long-lived assets | 664,466 | 810,645 | 198,594 | 1,673,705 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
Revenues from unaffiliated customers | $ | 717,160 | $ | 276,214 | $ | 115,501 | $ | 1,108,875 | |||||||||||||||||||||
Long-lived assets | 634,616 | 932,155 | 158,729 | 1,725,500 |
Note_18_Related_Party_Transact1
Note 18 - Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Condensed Cash Flow Statement [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Cash transfers and general financing activities | $ | (13,255 | ) | $ | 29,098 | $ | (75,457 | ) | |||||
Services received or funding for expenditures | 41,725 | 130,159 | 88,877 | ||||||||||
Corporate allocations, including income tax provision (1) | 3,950 | 7,216 | 13,148 | ||||||||||
Net increase in Oil States net investment | $ | 32,420 | $ | 166,473 | $ | 26,568 |
Note_19_Valuation_Allowances_T
Note 19 - Valuation Allowances (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Summary of Valuation Allowance [Table Text Block] | Balance at Beginning of Period | Charged to Costs and Expenses | Deductions (Net of Recoveries) | Translation and Other, Net | Balance at End of Period | ||||||||||||||||
Year Ended December 31, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 3,656 | $ | 503 | $ | (51 | ) | $ | (65 | ) | $ | 4,043 | |||||||||
Valuation allowance for deferred tax assets | -- | 49,523 | -- | -- | 49,523 | ||||||||||||||||
Year Ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 1,118 | $ | 2,628 | $ | (7 | ) | $ | (83 | ) | $ | 3,656 | |||||||||
Year Ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts receivable | $ | 1,604 | $ | 174 | $ | (665 | ) | $ | 5 | $ | 1,118 |
Note_20_Quarterly_Financial_In1
Note 20 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | First | Second | Third | Fourth | |||||||||||||
Quarter(2) | Quarter(3) | Quarter(4) | Quarter(5) | ||||||||||||||
2014 | |||||||||||||||||
Revenues | $ | 252,799 | $ | 227,133 | $ | 243,265 | $ | 219,694 | |||||||||
Gross profit(1) | 109,289 | 93,828 | 106,164 | 88,689 | |||||||||||||
Net income (loss) attributable to Civeo | 36,239 | 13,949 | 32,403 | (271,634 | ) | ||||||||||||
Basic earnings (loss) per share | 0.34 | 0.13 | 0.3 | (2.54 | ) | ||||||||||||
Diluted earnings (loss) per share | 0.34 | 0.13 | 0.3 | (2.54 | ) | ||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 294,538 | $ | 242,990 | $ | 245,099 | $ | 258,477 | |||||||||
Gross profit(1) | 144,090 | 110,396 | 112,973 | 124,030 | |||||||||||||
Net income attributable to Civeo | 63,812 | 32,970 | 39,641 | 45,453 | |||||||||||||
Basic earnings per share | 0.6 | 0.31 | 0.37 | 0.43 | |||||||||||||
Diluted earnings per share | 0.6 | 0.31 | 0.37 | 0.43 |
Note_1_Description_of_Business1
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Nov. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 21-May-14 | 28-May-14 | 5-May-14 | |
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Number of Reportable Segments | 3 | |||||||||
Number of Companies Separated in Spin-Off | 2 | |||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 106,538,000 | |||||||||
Payments of Distributions to Affiliates | $750,000,000 | |||||||||
Debt Instrument, Face Amount | 775,000,000 | 775,000,000 | ||||||||
Gains (Losses) on Extinguishment of Debt | -3,500,000 | 1,200,000 | -3,455,000 | -1,207,000 | ||||||
Costs Incurred, Development Costs | 4,350,000 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 76,200,000 | 76,200,000 | ||||||||
Income Tax Expense (Benefit) | 26,100,000 | 31,379,000 | 56,056,000 | 84,266,000 | ||||||
Goodwill, Impairment Loss | 202,700,000 | 202,700,000 | ||||||||
Goodwill | 45,260,000 | 45,260,000 | 261,056,000 | |||||||
Substantial Business Activity, Threshold | 25.00% | |||||||||
Approximate Percentage of Operations in Canada | 50.00% | |||||||||
Common Stock - Civeo [Member] | Spinoff [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | |||||||||
Common Stock - Oil States [Member] | Spinoff [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1 | |||||||||
Reduced the Value of Fixed Assets [Member] | U.S. Segment [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 55,800,000 | |||||||||
Reduced the Value of Amortizable Intangible Assets [Member] | U.S. Segment [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 3,200,000 | |||||||||
Australian Segment [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 9,000,000 | 9,000,000 | ||||||||
Goodwill, Impairment Loss | 186,100,000 | 186,100,000 | 186,100,000 | |||||||
U.S. Segment [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 59,000,000 | 59,000,000 | ||||||||
Goodwill, Impairment Loss | 16,600,000 | 16,600,000 | 16,600,000 | |||||||
Canadian Segment [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 17,200,000 | 17,200,000 | ||||||||
Goodwill | 45,300,000 | |||||||||
Allocated to Civeo [Member] | U.S. Term Loan [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 5 years | |||||||||
Debt Instrument, Face Amount | 775,000,000 | |||||||||
Allocated to Civeo [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 450,000,000 | |||||||||
U.S. Term Loan [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 5 years | |||||||||
Spinoff [Member] | Cash [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Payments of Distributions to Affiliates | 750,000,000 | |||||||||
Spinoff [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 106,538,044 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Note 1 - Description of Business, 2014 Events and Basis of Presentation (Details) [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $450,000,000 | $450,000,000 | $650,000,000 | |||||||
Debt Instrument, Term | 5 years |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Interest Costs Capitalized | $2.30 | $0.80 | $3.50 | |||
Number of Reportable Segments | 3 | |||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | |||||
Goodwill, Impairment Loss | 202.7 | 202.7 | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 76.2 | 76.2 | ||||
Product Warranty Accrual | 0.1 | 0.1 | 0.2 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 7.3 | 7.3 | ||||
Reduced the Value of Fixed Assets [Member] | U.S. Segment [Member] | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 55.8 | |||||
Reduced the Value of Amortizable Intangible Assets [Member] | U.S. Segment [Member] | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | 3.2 | |||||
U.S. Segment [Member] | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Goodwill, Impairment Loss | 16.6 | 16.6 | 16.6 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 59 | 59 | ||||
Australian Segment [Member] | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Goodwill, Impairment Loss | 186.1 | 186.1 | 186.1 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 9 | 9 | ||||
Canadian Segment [Member] | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | $17.20 | $17.20 | ||||
Sales Revenue, Net [Member] | Imperial Oil [Member] | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 10.00% | |||||
Sales Revenue, Net [Member] | Billiton Mitsubishi Alliance [Member] | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 10.00% | |||||
Minimum [Member] | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 6.5 | |||||
Fair Value Inputs, Discount Rate | 9.00% | |||||
Maximum [Member] | ||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 9.5 | |||||
Fair Value Inputs, Discount Rate | 11.00% |
Note_4_Fair_Value_Measurements1
Note 4 - Fair Value Measurements (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 4 - Fair Value Measurements (Details) [Line Items] | |||||
Long-term Debt, Fair Value | $775,000,000 | $775,000,000 | |||
Goodwill, Gross | 45,260,000 | 45,260,000 | 261,056,000 | 295,132,000 | |
Goodwill, Impairment Loss | 202,700,000 | 202,700,000 | |||
Other Asset Impairment Charges | 78,800,000 | ||||
Impairment of Intangible Assets (Excluding Goodwill) | 76,200,000 | 76,200,000 | |||
U.S. and Australian Segments [Member] | |||||
Note 4 - Fair Value Measurements (Details) [Line Items] | |||||
Goodwill, Gross | 202,700,000 | 202,700,000 | |||
Goodwill, Fair Value Disclosure | 0 | 0 | |||
Goodwill, Impairment Loss | $202,700,000 |
Note_5_Details_of_Selected_Bal2
Note 5 - Details of Selected Balance Sheet Accounts (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | |
Note 5 - Details of Selected Balance Sheet Accounts (Details) [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) | $76,200,000 | $76,200,000 | |
Asset Impairment Charges | 290,508,000 | ||
Non-paying Client [Member] | MEXICO | |||
Note 5 - Details of Selected Balance Sheet Accounts (Details) [Line Items] | |||
Asset Impairment Charges | 2,600,000 | ||
U.S. Segment [Member] | Fixed Assets [Member] | |||
Note 5 - Details of Selected Balance Sheet Accounts (Details) [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 55,800,000 | ||
U.S. Segment [Member] | Finite-Lived Intangible Assets [Member] | |||
Note 5 - Details of Selected Balance Sheet Accounts (Details) [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) | 3,200,000 | ||
U.S. Segment [Member] | |||
Note 5 - Details of Selected Balance Sheet Accounts (Details) [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) | 59,000,000 | 59,000,000 | |
Canadian Segment [Member] | |||
Note 5 - Details of Selected Balance Sheet Accounts (Details) [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) | $17,200,000 | $17,200,000 |
Note_5_Details_of_Selected_Bal3
Note 5 - Details of Selected Balance Sheet Accounts (Details) - Accounts Receivable (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net: | ||
Accounts Receivable | $164,296 | $181,501 |
Allowance for doubtful accounts | -4,043 | -3,656 |
Total accounts receivable, net | 160,253 | 177,845 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts Receivable | 124,198 | 128,781 |
Unbilled Revenue [Member] | ||
Accounts receivable, net: | ||
Accounts Receivable | 38,487 | 47,004 |
Other Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts Receivable | $1,611 | $5,716 |
Note_5_Details_of_Selected_Bal4
Note 5 - Details of Selected Balance Sheet Accounts (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Finished goods and purchased products | $2,814 | $3,574 |
Work in process | 4,790 | 14,328 |
Raw materials | 5,624 | 11,913 |
Total inventories | $13,228 | $29,815 |
Note_5_Details_of_Selected_Bal5
Note 5 - Details of Selected Balance Sheet Accounts (Details) - Property, Plant and Equipment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 1,916,683 | $1,821,127 |
Accumulated depreciation | -668,253 | -495,260 |
Total property, plant and equipment, net | 1,248,430 | 1,325,867 |
Land [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 55,365 | 49,384 |
Accommodations Assets [Member] | Minimum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 3 years | |
Accommodations Assets [Member] | Maximum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 15 years | |
Accommodations Assets [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 1,687,033 | 1,535,407 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 3 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 20 years | |
Building and Building Improvements [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 40,256 | 45,538 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 4 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 15 years | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 12,117 | 12,259 |
Office Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 7 years | |
Office Equipment [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 32,181 | 28,755 |
Vehicles [Member] | Minimum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 3 years | |
Vehicles [Member] | Maximum [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, estimated useful life | 5 years | |
Vehicles [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 19,128 | 20,197 |
Construction in Progress [Member] | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 70,603 | $129,587 |
Note_5_Details_of_Selected_Bal6
Note 5 - Details of Selected Balance Sheet Accounts (Details) - Accrued Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Accrued compensation | $15,273 | $21,988 |
Accrued taxes, other than income taxes | 1,567 | 1,940 |
Accrued interest | 60 | 1,560 |
Other | 5,612 | 1,386 |
Total accrued liabilities | $22,512 | $26,874 |
Note_6_Earnings_Per_Share_Deta
Note 6 - Earnings Per Share (Details) | Dec. 31, 2014 | 30-May-14 |
Note 6 - Earnings Per Share (Details) [Line Items] | ||
Common Stock, Shares, Issued | 106,721,483 | |
Common Stock - Civeo [Member] | Spinoff [Member] | ||
Note 6 - Earnings Per Share (Details) [Line Items] | ||
Common Stock, Shares, Issued | 106,538,044 |
Note_6_Earnings_Per_Share_Deta1
Note 6 - Earnings Per Share (Details) - Calculation of Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Basic Earnings per Share | ||||||||||||||||||||||
Net income (loss) attributable to Civeo | ($271,634) | [1] | $32,403 | [2] | $13,949 | [3] | $36,239 | [4] | $45,453 | [1] | $39,641 | [2] | $32,970 | [3] | $63,812 | [4] | ($189,043) | $181,876 | $244,721 | |||
Less: undistributed net income (loss) to participating securities | 921 | -743 | -1,000 | |||||||||||||||||||
Net income (loss) attributable to Civeo’s common stockholders - basic | -188,122 | 181,133 | 243,721 | |||||||||||||||||||
Weighted average common shares outstanding - basic (in Shares) | 106,306 | 106,293 | 106,293 | |||||||||||||||||||
Basic earnings (loss) per share (in Dollars per share) | ($2.54) | [1] | $0.30 | [2] | $0.13 | [3] | $0.34 | [4] | $0.43 | [1] | $0.37 | [2] | $0.31 | [3] | $0.60 | [4] | ($1.77) | $1.70 | $2.29 | |||
Diluted Earnings per Share | ||||||||||||||||||||||
Net income (loss) attributable to Civeo’s common stockholders – basic | -188,122 | 181,133 | 243,721 | |||||||||||||||||||
Less: undistributed net income (loss) to participating securities | 1 | 2 | ||||||||||||||||||||
Net income (loss) attributable to Civeo’s common stockholders - diluted | ($188,122) | $181,134 | $243,723 | |||||||||||||||||||
Weighted average common shares outstanding - basic (in Shares) | 106,306 | 106,293 | 106,293 | |||||||||||||||||||
Effect of dilutive securities (1) (in Shares) | [5] | 167 | [5] | 167 | [5] | |||||||||||||||||
Weighted average common shares outstanding - diluted (in Shares) | 106,306 | 106,460 | 106,460 | |||||||||||||||||||
Diluted earnings (loss) per share (in Dollars per share) | ($2.54) | [1] | $0.30 | [2] | $0.13 | [3] | $0.34 | [4] | $0.43 | [1] | $0.37 | [2] | $0.31 | [3] | $0.60 | [4] | ($1.77) | $1.70 | $2.29 | |||
[1] | In the fourth quarter of 2014, we recognized the following items: Goodwill impairment losses of $202.7 million ($201.2 million after-tax, or $1.89 per diluted share) during 2014, of which $16.6 million related to our U.S. segment and $186.1 million related to our Australian segment. Fixed asset and intangible asset impairment losses of $76.2 million ($51.2 million after-tax, or $0.48 per diluted share) during 2014, of which $59.0 million related to our U.S. segment and $17.2 million related to our Canadian segment. A $34.9 million tax expense ($0.33 per diluted share) from the establishment of a deferred tax liability related to a portion of our undistributed foreign earnings which we no longer intend to indefinitely reinvest and a valuation allowance related to deferred tax assets related to capital losses not expected to be realized. Costs associated with our planned migration to Canada of $2.6 million ($1.7 million after-tax), or $0.02 per diluted share after-tax, included in Selling, general and administrative expenses on the consolidated statements of operations. Transition costs incurred associated with becoming a stand-alone company. The $0.9 million in costs ($0.6 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-off and formation costs on the consolidated statements of operations. | |||||||||||||||||||||
[2] | In the third quarter of 2014, we recognized $1.0 million in transition costs associated with becoming a stand-alone company ($0.7 million after-tax, or $0.01 per diluted share). The costs, which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations. | |||||||||||||||||||||
[3] | In the second quarter of 2014, we recognized the following items:A charge of $9.0 million impairment ($6.3 million after-tax, or $0.06 per diluted share), related to the impairment of an intangible asset in Australia. Due to the Spin-Off, and the resulting rebranding of the Company's Australian operations from The Mac to Civeo Australia, it was determined that the fair value of an intangible asset associated with The Mac brand was zero. The charge, which is related to our Australia segment, is included in Impairment expense on the accompanying consolidated statements of operations.An impairment of certain fixed assets which were not in our custody, and for which return was determined to be uncertain. The $2.6 million impairment ($1.7 million after-tax, or $0.02 per diluted share), which is related to our U.S. segment, is included in Impairment expense on the consolidated statements of operations. Severance costs associated with the termination of an executive. The $4.1 million expense ($3.1 million after-tax, or $0.03 per diluted share), which is related to our Canadian segment, is included in Selling, general and administrative expenses on the consolidated statements of operations. $3.5 million, or $0.02 per diluted share after-tax, of losses incurred on extinguishment of debt. Transition costs incurred associated with becoming a stand-alone company. The $1.9 million in costs ($1.2 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations.In the second quarter of 2013, we recognized $1.2 million, or $0.01 per diluted share after-tax, of losses incurred on extinguishment of debt. | |||||||||||||||||||||
[4] | In the first quarter of 2013, we recognized a gain of $4.0 million ($2.6 million after-tax, or $0.02 per diluted share) from a decrease to a liability associated with contingent acquisition consideration in our U.S. segment. | |||||||||||||||||||||
[5] | When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per shareamounts. Accordingly, we have utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the year ended December 31,2014. |
Note_7_Supplemental_Cash_Flow_2
Note 7 - Supplemental Cash Flow Information (Details) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | 30-May-14 |
Supplemental Cash Flow Elements [Abstract] | |
Repayments of Debt, Non-cash Capital Contribution | $336.80 |
Note_7_Supplemental_Cash_Flow_3
Note 7 - Supplemental Cash Flow Information (Details) - Cash Paid for Interest and Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Paid for Interest and Income Taxes [Abstract] | |||
Interest (net of amounts capitalized) | $14,444 | $43,610 | $23,239 |
Income taxes, net of refunds | $43,237 | $65,875 | $42,138 |
Note_8_Mountain_West_Contingen1
Note 8 - Mountain West Contingent Consideration (Details) (USD $) | 0 Months Ended | |||
Dec. 20, 2010 | Mar. 31, 2013 | Dec. 31, 2010 | Dec. 20, 2010 | |
Loss Contingency [Abstract] | ||||
Business Combination, Consideration Transferred | $47,100,000 | |||
Business Combination, Contingent Consideration, Liability | $0 | $4,000,000 | $4,000,000 |
Note_9_Goodwill_and_Other_Inta2
Note 9 - Goodwill and Other Intangible Assets (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Note 9 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||
Goodwill, Impairment Loss | $202.70 | $202.70 | ||||
Amortization of Intangible Assets | 9.6 | 10.2 | 10.9 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 76.2 | 76.2 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 36 days | 6 years 109 days | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 8.5 | 8.5 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 8.3 | 8.3 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8.2 | 8.2 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 8.2 | 8.2 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 8.2 | 8.2 | ||||
U.S. Segment [Member] | ||||||
Note 9 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||
Goodwill, Impairment Loss | 16.6 | 16.6 | 16.6 | |||
Amortization of Intangible Assets | 3.2 | |||||
Impairment of Intangible Assets (Excluding Goodwill) | 59 | 59 | ||||
Australian Segment [Member] | ||||||
Note 9 - Goodwill and Other Intangible Assets (Details) [Line Items] | ||||||
Goodwill, Impairment Loss | 186.1 | 186.1 | 186.1 | |||
Impairment of Intangible Assets (Excluding Goodwill) | $9 | $9 |
Note_9_Goodwill_and_Other_Inta3
Note 9 - Goodwill and Other Intangible Assets (Details) - Goodwill Carrying Amount (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Balance | $45,260 | $261,056 | $295,132 |
Foreign currency translation | -13,067 | -34,076 | |
Goodwill impairment | -202,729 | ||
Canadian Segment [Member] | |||
Goodwill [Line Items] | |||
Balance | 45,260 | 49,485 | 51,594 |
Foreign currency translation | -4,225 | -2,109 | |
Australian Segment [Member] | |||
Goodwill [Line Items] | |||
Balance | 194,939 | 226,906 | |
Foreign currency translation | -8,842 | -31,967 | |
Goodwill impairment | -186,097 | ||
U.S. Segment [Member] | |||
Goodwill [Line Items] | |||
Balance | 16,632 | 16,632 | |
Goodwill impairment | ($16,632) |
Note_9_Goodwill_and_Other_Inta4
Note 9 - Goodwill and Other Intangible Assets (Details) - Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortizable Intangible Assets | ||
Finite-lived intangible assets | $88,540 | $95,633 |
Finite-lived intangible assets | -38,468 | -28,565 |
Indefinite-Lived Intangible Assets Not Subject to Amortization | ||
Total indefinite-lived intangible assets | 810 | 8,607 |
Brand Names [Member] | ||
Indefinite-Lived Intangible Assets Not Subject to Amortization | ||
Indefinite-lived intangible assets | 8,570 | |
Water Rights [Member] | ||
Indefinite-Lived Intangible Assets Not Subject to Amortization | ||
Indefinite-lived intangible assets | 777 | |
Licenses and Other [Member] | ||
Indefinite-Lived Intangible Assets Not Subject to Amortization | ||
Indefinite-lived intangible assets | 33 | 37 |
Customer Relationships [Member] | ||
Amortizable Intangible Assets | ||
Finite-lived intangible assets | 47,611 | 50,980 |
Finite-lived intangible assets | -21,740 | -14,875 |
Customer Contracts [Member] | ||
Amortizable Intangible Assets | ||
Finite-lived intangible assets | 40,120 | 43,836 |
Finite-lived intangible assets | -16,048 | -13,151 |
Noncompete Agreements [Member] | ||
Amortizable Intangible Assets | ||
Finite-lived intangible assets | 809 | 817 |
Finite-lived intangible assets | ($680) | ($539) |
Note_10_Debt_Details
Note 10 - Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | 28-May-14 | |
Note 10 - Debt (Details) [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | ($3,500,000) | $1,200,000 | ($3,455,000) | ($1,207,000) | ||
Debt Instrument, Face Amount | 775,000,000 | |||||
Number of Lenders | 15 | |||||
Interest Coverage Ratio | 3 | |||||
Leverage Ratio | 3.5 | |||||
United States of America, Dollars | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
United States of America, Dollars | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||
United States of America, Dollars | Line of Credit [Member] | Base Rate [Member] | Minimum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||
United States of America, Dollars | Line of Credit [Member] | Base Rate [Member] | Maximum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
Canada, Dollars | Line of Credit [Member] | Base Rate [Member] | Minimum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||
Canada, Dollars | Line of Credit [Member] | Base Rate [Member] | Maximum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
Canada, Dollars | Line of Credit [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Minimum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
Canada, Dollars | Line of Credit [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Maximum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||
Australia, Dollars | Line of Credit [Member] | Bank Bill Swap Bid Rate (BBSY) [Member] | Minimum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
Australia, Dollars | Line of Credit [Member] | Bank Bill Swap Bid Rate (BBSY) [Member] | Maximum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||
U.S. Term Loan [Member] | Allocated to Civeo [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Term | 5 years | |||||
Debt Instrument, Face Amount | 775,000,000 | |||||
U.S. Term Loan [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Debt Instrument, Term | 5 years | |||||
Allocated to Civeo [Member] | Revolving Credit Facility [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 450,000,000 | |||||
Allocated to Canadian Subsidiaries [Member] | Revolving Credit Facility [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||
Allocated to Australian Subsidiaries [Member] | Revolving Credit Facility [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||
Australian Credit Facility [Member] | Line of Credit [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Letters of Credit Outstanding, Amount | 1,400,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | |||||
Canadian Credit Facility [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Long-term Line of Credit | 0 | 0 | ||||
Letters of Credit Outstanding, Amount | 5,100,000 | 900,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||
Australian Credit Facility [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Long-term Line of Credit | 0 | 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||
Revolving Credit Facility [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Long-term Line of Credit | 0 | 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 450,000,000 | 650,000,000 | ||||
Debt Instrument, Term | 5 years | |||||
Line of Credit Facility, Borrowing Capacity Reduced | 222,200,000 | |||||
Line of Credit [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Letters of Credit Outstanding, Amount | 700,000 | |||||
Minimum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | 20,000,000 | |||||
Maximum [Member] | ||||||
Note 10 - Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $195,000,000 |
Note_10_Debt_Details_Longterm_
Note 10 - Debt (Details) - Long-term Debt (USD $) | Dec. 31, 2014 | 30-May-14 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
U.S. term loan, which matures on May 28, 2019, of $775.0 million; 1.25% of aggregate principal repayable per quarter beginning September 30, 2015; weighted average interest rate of 2.4% for the seven month period ended December 31, 2014 | $775,000 | $0 | |
Long-term debt | 775,000 | 335,171 | |
Less: Current portion of long-term debt | 19,375 | 0 | |
Long-term debt, less current maturities | 755,625 | 335,171 | |
Oil States [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 336,800 | 335,171 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, borrowings outstanding | 0 | 0 | |
Canadian Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, borrowings outstanding | 0 | 0 | |
Australian Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, borrowings outstanding | $0 | $0 |
Note_10_Debt_Details_Longterm_1
Note 10 - Debt (Details) - Long-term Debt (Parentheticals) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | 28-May-14 |
Debt Instrument [Line Items] | ||
Term loan, matures | 28-May-19 | |
Term loan, face amount | $775 | |
Term loan, interest rate | 1.25% | |
Term loan, weighted-average interest rate | 2.40% | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 28-May-19 | |
Available commitments | 450 | 650 |
Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 28-May-19 | |
Available commitments | 100 | |
Australian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 28-May-19 | |
Available commitments | $100 |
Note_10_Debt_Details_Longterm_2
Note 10 - Debt (Details) - Long-term Debt Maturities (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Long-term Debt Maturities [Abstract] | |
2015 | $19,375 |
2016 | 38,750 |
2017 | 38,750 |
2018 | 38,750 |
2019 | 639,375 |
$775,000 |
Note_11_Retirement_Plans_Detai
Note 11 - Retirement Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Retirement Plans (Details) [Line Items] | |||
Defined Contribution Plan, Cost Recognized (in Dollars) | $16,300,000 | $18,600,000 | $17,000,000 |
100% for first 4% Contributed [Member] | U.S. Segment [Member] | |||
Note 11 - Retirement Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
50% for the next 2% Contributed [Member] | U.S. Segment [Member] | |||
Note 11 - Retirement Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Canadian Segment [Member] | Deferred Profit Sharing Plan [Member] | |||
Note 11 - Retirement Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount (in Dollars) | 12,465 | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 2 years | ||
Canadian Segment [Member] | Group Registered Retirement Savings Plan [Member] | |||
Note 11 - Retirement Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount (in Dollars) | $24,270 | ||
Australian Segment [Member] | |||
Note 11 - Retirement Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 9.50% | ||
U.S. Segment [Member] | Minimum [Member] | |||
Note 11 - Retirement Plans (Details) [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | ||
U.S. Segment [Member] | Maximum [Member] | |||
Note 11 - Retirement Plans (Details) [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||
U.S. Segment [Member] | |||
Note 11 - Retirement Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% |
Note_12_Asset_Retirement_Oblig2
Note 12 - Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset Retirement Obligation, Accretion Expense | $336 | $350 | $305 |
Asset Retirement Obligation, Revision of Estimate | $14,838 | $34 | $491 |
Note_12_Asset_Retirement_Oblig3
Note 12 - Asset Retirement Obligations (Details) - Asset Retirement Obligations (ARO) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Asset Retirement Obligations (ARO) [Abstract] | ||||
Asset retirement obligations | $21,610 | $6,095 | $5,518 | $4,615 |
Long-term asset retirement obligations | $21,610 | $6,095 |
Note_12_Asset_Retirement_Oblig4
Note 12 - Asset Retirement Obligations (Details) - Change in Asset Retirement Obligations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Asset Retirement Obligations [Abstract] | |||
Balance | $6,095 | $5,518 | $4,615 |
Accretion of discount | 336 | 350 | 305 |
New obligations | 797 | 566 | |
Change in estimates of existing obligations | 14,838 | 34 | 491 |
Foreign currency translation | -456 | -373 | 107 |
Balance | $21,610 | $6,095 | $5,518 |
Note_13_Income_Taxes_Details
Note 13 - Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 13 - Income Taxes (Details) [Line Items] | ||||
Operating Loss Carryforwards | $12,000,000 | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 25,300,000 | |||
Undistributed Earnings of Foreign Subsidiaries | 855,300,000 | |||
Deferred Tax Assets, Valuation Allowance | 49,523,000 | |||
Unrecognized Tax Benefits | 679,000 | 679,000 | 679,000 | 679,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 300,000 | 300,000 | ||
Capital Losses Not Expected To Be Realized [Member] | ||||
Note 13 - Income Taxes (Details) [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $49,500,000 |
Note_13_Income_Taxes_Details_C
Note 13 - Income Taxes (Details) - Consolidated Pre-tax Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Pre-tax Income (Loss) [Abstract] | |||
Domestic operations | ($97,563) | ($2,054) | $29,894 |
Foreign operations | -58,720 | 241,422 | 300,314 |
Total | ($156,283) | $239,368 | $330,208 |
Note_13_Income_Taxes_Details_C1
Note 13 - Income Taxes (Details) - Components of Income Tax Provision (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | ||||
Federal | ($7,525) | $8,495 | ||
State | 11 | 698 | ||
Foreign | 27,046 | 51,962 | 61,261 | |
Total | 27,046 | 44,448 | 70,454 | |
Deferred: | ||||
Federal | -6,332 | 6,787 | 4,262 | |
State | -1,062 | |||
Foreign | 11,727 | 4,820 | 9,550 | |
Total | 4,333 | 11,607 | 13,812 | |
Total Provision | $26,100 | $31,379 | $56,056 | $84,266 |
Note_13_Income_Taxes_Details_I
Note 13 - Income Taxes (Details) - Income Tax Rate Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Rate Reconciliation [Abstract] | ||||
Federal tax expense (benefit) at statutory rates | ($54,699) | $83,778 | $115,571 | |
Federal tax expense (benefit) at statutory rates | 35.00% | 35.00% | 35.00% | |
Effect of foreign income tax, net | -10,599 | -27,051 | -31,200 | |
Effect of foreign income tax, net | 6.80% | -11.30% | -9.40% | |
Goodwill impairment | 19,798 | |||
Goodwill impairment | -12.70% | |||
Valuation allowance | 51,369 | |||
Valuation allowance | -32.90% | |||
Tax on future remitted earnings | 26,077 | |||
Tax on future remitted earnings | -16.70% | |||
Other nondeductible expenses | -482 | -492 | ||
Other nondeductible expenses | -0.20% | -0.20% | ||
State tax expense, net of federal benefits | -1,062 | 11 | 698 | |
State tax expense, net of federal benefits | 0.70% | 0.00% | 0.20% | |
Domestic manufacturing deduction | -92 | -80 | ||
Domestic manufacturing deduction | 0.00% | 0.00% | ||
Uncertain tax positions adjustments, net | 29 | 17 | 17 | |
Uncertain tax positions adjustments, net | 0.00% | 0.00% | 0.00% | |
Other, net | 466 | -125 | -248 | |
Other, net | -0.30% | -0.10% | -0.10% | |
Net income tax provision | $26,100 | $31,379 | $56,056 | $84,266 |
Net income tax provision | -20.10% | 23.40% | 25.50% |
Note_13_Income_Taxes_Details_D
Note 13 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for doubtful accounts | $1,347 | $572 |
Allowance for inventory reserves | 12 | 15 |
Employee benefits | 2,074 | 667 |
Deductible goodwill and other intangibles | 45,858 | 6,977 |
Other reserves | 4,329 | 3,384 |
Depreciation | 683 | |
Deferred revenue $1,152 | 4,491 | 5,251 |
Net operating loss $1,152 | 5,540 | |
Other | 2,466 | 834 |
Deferred tax asset | 66,117 | 18,383 |
Valuation allowance | -49,523 | |
Deferred tax asset | 16,594 | 18,383 |
Deferred tax liabilities: | ||
Depreciation | -60,558 | -78,518 |
Intangibles | -6,032 | |
Accrued liabilities | -3,161 | |
Investment | -26,044 | |
Other | -2,650 | |
Deferred tax liability | -86,602 | -90,361 |
Net deferred tax liability | ($70,008) | ($71,978) |
Note_13_Income_Taxes_Details_D1
Note 13 - Income Taxes (Details) - Deferred Tax Reclassifications (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Reclassifications [Abstract] | ||
Current deferred tax asset | $4,620 | $306 |
Current deferred tax liability | -21,452 | |
Long-term deferred tax asset | 2,324 | |
Long-term deferred tax liability | -55,500 | -72,284 |
Net deferred tax liability | ($70,008) | ($71,978) |
Note_13_Income_Taxes_Details_U
Note 13 - Income Taxes (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits [Abstract] | |||
Balance | $679 | $679 | $679 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Lapse of the applicable statute of limitations | 0 | 0 | 0 |
Balance | $679 | $679 | $679 |
Note_14_Commitments_and_Contin2
Note 14 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $8.40 | $7.10 | $5.30 |
Note_14_Commitments_and_Contin3
Note 14 - Commitments and Contingencies (Details) - Minimum Future Operating Lease Obligations (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Minimum Future Operating Lease Obligations [Abstract] | |
2015 | $6,452 |
2016 | 5,524 |
2017 | 4,886 |
2018 | 3,989 |
2019 | 3,501 |
Thereafter | 15,474 |
$39,826 |
Note_15_Accumulated_Other_Comp1
Note 15 - Accumulated Other Comprehensive Loss (Details) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | AUD | CAD | |
Disclosure Text Block [Abstract] | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ($138,692,000) | ($167,712,000) | $16,919,000 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -198,491,000 | -59,979,000 | |||
Translation Adjustment Functional to Reporting Currency, Net of Tax | 800,000,000 | 1,100,000,000 |
Note_16_Stock_Based_Compensati2
Note 16 - Stock Based Compensation (Details) (USD $) | 0 Months Ended | 12 Months Ended | 9 Months Ended | ||
30-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 4,000,000 | ||||
Allocated Share-based Compensation Expense | $8,900,000 | $6,400,000 | $3,300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 12,628,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 554,738 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 5,000,000 | 8,200,000 | 6,200,000 | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 200,000 | 600,000 | 200,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 500,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 188,005 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in Shares) | 27,764 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $21.14 | ||||
Restricted Stock and Deferred Stock Awards [Member] | Subsequent to Spin-Off [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $21.14 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 400,000 | ||||
Restricted Stock and Deferred Stock Awards [Member] | Converted Oil States' Restricted Stock [Memeber] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 435,999 | ||||
Restricted Stock and Deferred Stock Awards [Member] | Cancelled Oil States' Performance-based Restricted Stock [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 91,848 | ||||
Restricted Stock and Deferred Stock Awards [Member] | Oil States [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in Shares) | 94,936 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 20,000 | ||||
Restricted Stock and Deferred Stock Awards [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in Shares) | 20,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $100.43 | $80.25 | $81.35 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 2,700,000 | 1,000,000 | 800,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 7,400,000 | ||||
Phantom Share Units (PSUs) [Member] | Canadian Long-Term Incentive Plan [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in Shares) | 123,183 | ||||
Phantom Share Units (PSUs) [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 4,337 | 565,706 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 1,100,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement Other Than Options Liability Balance | 700,000 | ||||
Subsequent to Spin-Off [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 200,000 | ||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $0 | ||||
Oil States [Member] | |||||
Note 16 - Stock Based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 120,799 |
Note_16_Stock_Based_Compensati3
Note 16 - Stock Based Compensation (Details) - Valuation Assumptions of Stock Options | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Valuation Assumptions of Stock Options [Abstract] | |||
Risk-free weighted interest rate | 1.27% | 0.60% | 0.60% |
Expected life (in years) | 4 years 36 days | 4 years 36 days | 4 years 36 days |
Expected volatility | 38.00% | 44.00% | 57.00% |
Note_16_Stock_Based_Compensati4
Note 16 - Stock Based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | 30-May-14 |
Stock Option Activity [Abstract] | ||
Options | 532,926 | 554,738 |
Weighted average exercise price per share | $11,030 | $11,140 |
Weighted average contractual life | 3 years 146 days | |
Intrinsic value | $66,130 | |
Exercised | -12,628 | |
Exercised | $11,950 | |
Forfeited / Expired | -9,184 | |
Forfeited / Expired | $16,430 | |
Exercisable Options at December 31, 2014 | 384,892 | |
Exercisable Options at December 31, 2014 | $8,240 | |
Exercisable Options at December 31, 2014 | 1 year 292 days | |
Exercisable Options at December 31, 2014 | $66,130 |
Note_16_Stock_Based_Compensati5
Note 16 - Stock Based Compensation (Details) - Stock Options Outstanding (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Exercise Price Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Upper exercise price range | $3.63 |
Options outstanding (in Shares) | 137,771 |
Weighted average remaining contractual life, options outstanding | 51 days |
Weighted average exercise price, options outstanding | $3.63 |
Weighted average remaining contractual life, options exercisable (in Shares) | 137,771 |
Weighted average exercise price, options exercisable | $3.63 |
Exercise Price Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Upper exercise price range | $8.21 |
Options outstanding (in Shares) | 174,508 |
Weighted average remaining contractual life, options outstanding | 1 year 47 days |
Weighted average exercise price, options outstanding | $8.21 |
Weighted average remaining contractual life, options exercisable (in Shares) | 174,508 |
Weighted average exercise price, options exercisable | $8.21 |
Exercise Price Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Upper exercise price range | $16.43 |
Options outstanding (in Shares) | 98,382 |
Weighted average remaining contractual life, options outstanding | 6 years 47 days |
Weighted average exercise price, options outstanding | $16.43 |
Weighted average remaining contractual life, options exercisable (in Shares) | 45,060 |
Weighted average exercise price, options exercisable | $16.43 |
Exercise Price Range 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Upper exercise price range | $17.48 |
Options outstanding (in Shares) | 51,087 |
Weighted average remaining contractual life, options outstanding | 8 years 51 days |
Weighted average exercise price, options outstanding | $17.48 |
Weighted average remaining contractual life, options exercisable (in Shares) | 11,480 |
Weighted average exercise price, options exercisable | $17.48 |
Exercise Price Range 5 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Upper exercise price range | $18.43 |
Options outstanding (in Shares) | 34,441 |
Weighted average remaining contractual life, options outstanding | 7 years 47 days |
Weighted average exercise price, options outstanding | $18.43 |
Weighted average remaining contractual life, options exercisable (in Shares) | 16,073 |
Weighted average exercise price, options exercisable | $18.43 |
Exercise Price Range 6 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Upper exercise price range | $21.87 |
Options outstanding (in Shares) | 36,737 |
Weighted average remaining contractual life, options outstanding | 9 years 47 days |
Weighted average exercise price, options outstanding | $21.87 |
Exercise Price Range 7 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Upper exercise price range | $3.63 |
Lower exercise price range | $21.87 |
Options outstanding (in Shares) | 532,926 |
Weighted average remaining contractual life, options outstanding | 3 years 149 days |
Weighted average exercise price, options outstanding | $11.03 |
Weighted average remaining contractual life, options exercisable (in Shares) | 384,892 |
Weighted average exercise price, options exercisable | $8.24 |
Note_16_Stock_Based_Compensati6
Note 16 - Stock Based Compensation (Details) - Restricted Stock Awards and Related Information (USD $) | 12 Months Ended | |
Dec. 31, 2014 | 30-May-14 | |
Restricted Stock Awards and Related Information [Abstract] | ||
Number of awards | 576,882 | 435,999 |
Weighted average grant date fair value per share | $19.78 | $18.87 |
Granted | 188,005 | |
Granted | $21.14 | |
Vested | -19,358 | |
Vested | $13.87 | |
Forfeited | -27,764 | |
Forfeited | $18.75 |
Note_17_Segment_and_Related_In2
Note 17 - Segment and Related Information (Details) (Sales Revenue, Net [Member], Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Imperial Oil [Member] | |||
Note 17 - Segment and Related Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
BHP [Member] | |||
Note 17 - Segment and Related Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Note_17_Segment_and_Related_In3
Note 17 - Segment and Related Information (Details) - Financial Information by Business Segment (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
2014 | |||||||||||||||||||
Total Revenue | $219,694 | [1] | $243,265 | [2] | $227,133 | [3] | $252,799 | [4] | $258,477 | [1] | $245,099 | [2] | $242,990 | [3] | $294,538 | [4] | $942,891 | $1,041,104 | $1,108,875 |
Depreciation and amortization | 174,970 | 167,213 | 139,047 | ||||||||||||||||
Operating income (loss) | -142,891 | 259,456 | 352,929 | ||||||||||||||||
Capital expenditures | 251,158 | 291,694 | 314,047 | ||||||||||||||||
Total assets | 1,829,161 | 2,123,237 | 1,829,161 | 2,123,237 | 2,132,925 | ||||||||||||||
Canadian Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | 661,721 | 714,136 | 733,894 | ||||||||||||||||
Canadian Segment [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | -305 | -3,598 | -16,734 | ||||||||||||||||
Canadian Segment [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | 661,416 | 710,538 | 717,160 | ||||||||||||||||
Depreciation and amortization | 91,893 | 85,180 | 71,203 | ||||||||||||||||
Operating income (loss) | 106,580 | 190,470 | 226,403 | ||||||||||||||||
Capital expenditures | 218,620 | 155,556 | 106,835 | ||||||||||||||||
Total assets | 1,024,990 | 993,729 | 1,024,990 | 993,729 | 954,295 | ||||||||||||||
Australian Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | 213,279 | 255,457 | 276,249 | ||||||||||||||||
Australian Segment [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | -35 | ||||||||||||||||||
Australian Segment [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | 213,279 | 255,457 | 276,214 | ||||||||||||||||
Depreciation and amortization | 62,924 | 64,691 | 55,443 | ||||||||||||||||
Operating income (loss) | -155,851 | 75,197 | 99,213 | ||||||||||||||||
Capital expenditures | 24,907 | 75,935 | 145,766 | ||||||||||||||||
Total assets | 669,789 | 894,227 | 669,789 | 894,227 | 992,665 | ||||||||||||||
U.S. Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | 123,328 | 91,311 | 115,611 | ||||||||||||||||
U.S. Segment [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | -55,132 | -16,202 | -110 | ||||||||||||||||
U.S. Segment [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | 68,196 | 75,109 | 115,501 | ||||||||||||||||
Depreciation and amortization | 20,281 | 17,488 | 12,402 | ||||||||||||||||
Operating income (loss) | -86,959 | -3,320 | 31,358 | ||||||||||||||||
Capital expenditures | 10,901 | 61,989 | 63,184 | ||||||||||||||||
Total assets | 135,681 | 234,049 | 135,681 | 234,049 | 178,229 | ||||||||||||||
Corporate and Other [Member] | Operating Segments [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | -55,437 | -19,800 | -16,879 | ||||||||||||||||
Corporate and Other [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | 55,437 | 19,800 | 16,879 | ||||||||||||||||
Corporate and Other [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Depreciation and amortization | -128 | -146 | -1 | ||||||||||||||||
Operating income (loss) | -6,661 | -2,891 | -4,045 | ||||||||||||||||
Capital expenditures | -3,270 | -1,786 | -1,738 | ||||||||||||||||
Total assets | -1,299 | 1,232 | -1,299 | 1,232 | 7,736 | ||||||||||||||
Operating Segments [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Total Revenue | $942,891 | $1,041,104 | $1,108,875 | ||||||||||||||||
[1] | In the fourth quarter of 2014, we recognized the following items: Goodwill impairment losses of $202.7 million ($201.2 million after-tax, or $1.89 per diluted share) during 2014, of which $16.6 million related to our U.S. segment and $186.1 million related to our Australian segment. Fixed asset and intangible asset impairment losses of $76.2 million ($51.2 million after-tax, or $0.48 per diluted share) during 2014, of which $59.0 million related to our U.S. segment and $17.2 million related to our Canadian segment. A $34.9 million tax expense ($0.33 per diluted share) from the establishment of a deferred tax liability related to a portion of our undistributed foreign earnings which we no longer intend to indefinitely reinvest and a valuation allowance related to deferred tax assets related to capital losses not expected to be realized. Costs associated with our planned migration to Canada of $2.6 million ($1.7 million after-tax), or $0.02 per diluted share after-tax, included in Selling, general and administrative expenses on the consolidated statements of operations. Transition costs incurred associated with becoming a stand-alone company. The $0.9 million in costs ($0.6 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-off and formation costs on the consolidated statements of operations. | ||||||||||||||||||
[2] | In the third quarter of 2014, we recognized $1.0 million in transition costs associated with becoming a stand-alone company ($0.7 million after-tax, or $0.01 per diluted share). The costs, which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations. | ||||||||||||||||||
[3] | In the second quarter of 2014, we recognized the following items:A charge of $9.0 million impairment ($6.3 million after-tax, or $0.06 per diluted share), related to the impairment of an intangible asset in Australia. Due to the Spin-Off, and the resulting rebranding of the Company's Australian operations from The Mac to Civeo Australia, it was determined that the fair value of an intangible asset associated with The Mac brand was zero. The charge, which is related to our Australia segment, is included in Impairment expense on the accompanying consolidated statements of operations.An impairment of certain fixed assets which were not in our custody, and for which return was determined to be uncertain. The $2.6 million impairment ($1.7 million after-tax, or $0.02 per diluted share), which is related to our U.S. segment, is included in Impairment expense on the consolidated statements of operations. Severance costs associated with the termination of an executive. The $4.1 million expense ($3.1 million after-tax, or $0.03 per diluted share), which is related to our Canadian segment, is included in Selling, general and administrative expenses on the consolidated statements of operations. $3.5 million, or $0.02 per diluted share after-tax, of losses incurred on extinguishment of debt. Transition costs incurred associated with becoming a stand-alone company. The $1.9 million in costs ($1.2 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations.In the second quarter of 2013, we recognized $1.2 million, or $0.01 per diluted share after-tax, of losses incurred on extinguishment of debt. | ||||||||||||||||||
[4] | In the first quarter of 2013, we recognized a gain of $4.0 million ($2.6 million after-tax, or $0.02 per diluted share) from a decrease to a liability associated with contingent acquisition consideration in our U.S. segment. |
Note_17_Segment_and_Related_In4
Note 17 - Segment and Related Information (Details) - Financial Information By Geographic Segment (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
2014 | |||||||||||||||||||
Revenues from unaffiliated customers | $219,694 | [1] | $243,265 | [2] | $227,133 | [3] | $252,799 | [4] | $258,477 | [1] | $245,099 | [2] | $242,990 | [3] | $294,538 | [4] | $942,891 | $1,041,104 | $1,108,875 |
Long-lived assets | 1,362,880 | 1,673,705 | 1,362,880 | 1,673,705 | 1,725,500 | ||||||||||||||
Canadian Segment [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Revenues from unaffiliated customers | 661,416 | 710,538 | 717,160 | ||||||||||||||||
Long-lived assets | 746,983 | 664,466 | 746,983 | 664,466 | 634,616 | ||||||||||||||
Australian Segment [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Revenues from unaffiliated customers | 213,279 | 255,457 | 276,214 | ||||||||||||||||
Long-lived assets | 519,777 | 810,645 | 519,777 | 810,645 | 932,155 | ||||||||||||||
U.S. Segment [Member] | |||||||||||||||||||
2014 | |||||||||||||||||||
Revenues from unaffiliated customers | 68,196 | 75,109 | 115,501 | ||||||||||||||||
Long-lived assets | $96,120 | $198,594 | $96,120 | $198,594 | $158,729 | ||||||||||||||
[1] | In the fourth quarter of 2014, we recognized the following items: Goodwill impairment losses of $202.7 million ($201.2 million after-tax, or $1.89 per diluted share) during 2014, of which $16.6 million related to our U.S. segment and $186.1 million related to our Australian segment. Fixed asset and intangible asset impairment losses of $76.2 million ($51.2 million after-tax, or $0.48 per diluted share) during 2014, of which $59.0 million related to our U.S. segment and $17.2 million related to our Canadian segment. A $34.9 million tax expense ($0.33 per diluted share) from the establishment of a deferred tax liability related to a portion of our undistributed foreign earnings which we no longer intend to indefinitely reinvest and a valuation allowance related to deferred tax assets related to capital losses not expected to be realized. Costs associated with our planned migration to Canada of $2.6 million ($1.7 million after-tax), or $0.02 per diluted share after-tax, included in Selling, general and administrative expenses on the consolidated statements of operations. Transition costs incurred associated with becoming a stand-alone company. The $0.9 million in costs ($0.6 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-off and formation costs on the consolidated statements of operations. | ||||||||||||||||||
[2] | In the third quarter of 2014, we recognized $1.0 million in transition costs associated with becoming a stand-alone company ($0.7 million after-tax, or $0.01 per diluted share). The costs, which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations. | ||||||||||||||||||
[3] | In the second quarter of 2014, we recognized the following items:A charge of $9.0 million impairment ($6.3 million after-tax, or $0.06 per diluted share), related to the impairment of an intangible asset in Australia. Due to the Spin-Off, and the resulting rebranding of the Company's Australian operations from The Mac to Civeo Australia, it was determined that the fair value of an intangible asset associated with The Mac brand was zero. The charge, which is related to our Australia segment, is included in Impairment expense on the accompanying consolidated statements of operations.An impairment of certain fixed assets which were not in our custody, and for which return was determined to be uncertain. The $2.6 million impairment ($1.7 million after-tax, or $0.02 per diluted share), which is related to our U.S. segment, is included in Impairment expense on the consolidated statements of operations. Severance costs associated with the termination of an executive. The $4.1 million expense ($3.1 million after-tax, or $0.03 per diluted share), which is related to our Canadian segment, is included in Selling, general and administrative expenses on the consolidated statements of operations. $3.5 million, or $0.02 per diluted share after-tax, of losses incurred on extinguishment of debt. Transition costs incurred associated with becoming a stand-alone company. The $1.9 million in costs ($1.2 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations.In the second quarter of 2013, we recognized $1.2 million, or $0.01 per diluted share after-tax, of losses incurred on extinguishment of debt. | ||||||||||||||||||
[4] | In the first quarter of 2013, we recognized a gain of $4.0 million ($2.6 million after-tax, or $0.02 per diluted share) from a decrease to a liability associated with contingent acquisition consideration in our U.S. segment. |
Note_18_Related_Party_Transact2
Note 18 - Related Party Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 28-May-14 | 30-May-14 | |
Note 18 - Related Party Transactions (Details) [Line Items] | |||||
Payments of Distributions to Affiliates | $750,000,000 | ||||
Due to Related Parties | 775,000,000 | 335,171,000 | |||
Selling, General and Administrative Expenses [Member] | Oil States [Member] | |||||
Note 18 - Related Party Transactions (Details) [Line Items] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 2,800,000 | 6,100,000 | |||
Selling, General and Administrative Expenses [Member] | Services and Funding [Member] | |||||
Note 18 - Related Party Transactions (Details) [Line Items] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 5,000,000 | ||||
Oil States [Member] | Transition Services Agreement [Member] | |||||
Note 18 - Related Party Transactions (Details) [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,300,000 | ||||
Oil States [Member] | Services and Funding [Member] | |||||
Note 18 - Related Party Transactions (Details) [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 41,700,000 | 130,200,000 | 88,900,000 | ||
Oil States [Member] | General Corporate Expense [Member] | |||||
Note 18 - Related Party Transactions (Details) [Line Items] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 2,800,000 | 6,100,000 | 5,000,000 | ||
Oil States [Member] | |||||
Note 18 - Related Party Transactions (Details) [Line Items] | |||||
Payments of Distributions to Affiliates | 750,000,000 | ||||
Due to Related Parties | $0 | $335,171,000 | $336,800,000 |
Note_18_Related_Party_Transact3
Note 18 - Related Party Transactions (Details) - Oil States' Net Investment (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net increase in Oil States net investment | $369,219 | $166,473 | $26,568 | |||
Oil States [Member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Cash transfers and general financing activities | -13,255 | 29,098 | -75,457 | |||
Services received or funding for expenditures | 41,725 | 130,159 | 88,877 | |||
Corporate allocations, including income tax provision (1) | 3,950 | [1] | 7,216 | [1] | 13,148 | [1] |
Net increase in Oil States net investment | $32,420 | $166,473 | $26,568 | |||
[1] | Corporate allocations includes the general corporate expense allocations of $2.8 million, $6.1 million and $5.0 million for the years ended December 31, 2014, 2013 and 2012, respectively, the impact of the income tax provision, the allocation of corporate insurance premiums, and the attribution of certain assets and liabilities that have historically been held at the Oil States corporate level, but which are specifically identifiable or otherwise allocable to us. The attributed assets and liabilities are included in Civeo's consolidated balance sheets. |
Note_19_Valuation_Allowances_D
Note 19 - Valuation Allowances (Details) - Activity in Valuation Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Accounts, Beginning Balance | $3,656 | $1,118 | $1,604 |
Valuation Accounts, Charged to Costs and Expenses | 503 | 2,628 | 174 |
Valuation Accounts, Deductions (Net of Recoveries) | -51 | -7 | -665 |
Valuation Accounts, Translation and Other, Net | -65 | -83 | 5 |
Valuation Accounts, Ending Balance | 4,043 | 3,656 | 1,118 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Accounts, Charged to Costs and Expenses | 49,523 | ||
Valuation Accounts, Ending Balance | $49,523 |
Note_20_Quarterly_Financial_In2
Note 20 - Quarterly Financial Information (Unaudited) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Nov. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | |
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Gain Loss Due To Decrease Increase To Liability With Contingent Acquisition Consideration | $4,000,000 | |||||||
Gain (Loss) Due To Decrease Increase To Liability With Contingent Acquisition Consideration After Tax | 2,600,000 | |||||||
Gain Loss Per Diluted Share Due To Decrease Increase To Liability With Contingent Acquisition Consideration (in Dollars per share) | $0.02 | |||||||
Impairment of Intangible Assets (Excluding Goodwill) | 76,200,000 | 76,200,000 | ||||||
Impairment of Intangible Assets (Excluding Goodwill), After-Tax | 51,200,000 | |||||||
Impairment Effect on Earnings Per Share, after Tax (in Dollars per share) | $0.48 | |||||||
Gains (Losses) on Extinguishment of Debt | -3,500,000 | 1,200,000 | -3,455,000 | -1,207,000 | ||||
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax (in Dollars per share) | $0.02 | $0.01 | ||||||
Goodwill, Impairment Loss | 202,700,000 | 202,700,000 | ||||||
Goodwill, Impairment Loss, Net of Tax | 201,200,000 | |||||||
Goodwill, Impairment Loss, Per Diluted Share, Net of Tax (in Dollars per share) | $1.89 | |||||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 25,300,000 | 25,300,000 | ||||||
Deferred Tax Liabilities Undistributed Foreign Earnings Per Diluted Share (in Dollars per share) | $0.33 | $0.33 | ||||||
Impairment Expense [Member] | Australian Segment [Member] | Indefinite-lived Intangible Assets [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Impairment Effect on Earnings Per Share, after Tax (in Dollars per share) | $0.06 | |||||||
Impairment Expense [Member] | Australian Segment [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 9,000,000 | |||||||
Impairment of Intangible Assets (Excluding Goodwill), After-Tax | 6,300,000 | |||||||
Impairment Expense [Member] | U.S. Segment [Member] | Fixed Assets [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Impairment Effect on Earnings Per Share, after Tax (in Dollars per share) | $0.02 | |||||||
Impairment Expense [Member] | U.S. Segment [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 2,600,000 | |||||||
Impairment of Long-Lived Assets to be Disposed of, Net of Tax | 1,700,000 | |||||||
Selling, General and Administrative Expenses [Member] | Canadian Segment [Member] | Executive Officer [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Severance Costs | 4,100,000 | |||||||
Severance Cost, Net of Tax | 3,100,000 | |||||||
Severance Costs, Per Diluted Share, Net of Tax (in Dollars per share) | $0.03 | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Migration Costs | 2,600,000 | |||||||
Migration Costs, Net of Tax | 1,700,000 | |||||||
Migration Costs, Per Diluted Share, Net of Tax (in Dollars per share) | $0.02 | |||||||
Spin-off and Formation Costs [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Transition Costs, Related to Spin-Off | 900,000 | 1,900,000 | 1,000,000 | |||||
Transition Costs Related To Spin-Off,Net of Tax | 600,000 | 1,200,000 | 700,000 | |||||
Transition Costs Related To Spin-Off, Per Diluted Share, Net of Tax (in Dollars per share) | $0.01 | $0.01 | $0.01 | |||||
The Mac Brand [Member] | Australian Segment [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 0 | |||||||
Australian Segment [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 9,000,000 | 9,000,000 | ||||||
Goodwill, Impairment Loss | 186,100,000 | 186,100,000 | 186,100,000 | |||||
U.S. Segment [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 59,000,000 | 59,000,000 | ||||||
Goodwill, Impairment Loss | 16,600,000 | 16,600,000 | 16,600,000 | |||||
Canadian Segment [Member] | ||||||||
Note 20 - Quarterly Financial Information (Unaudited) (Details) [Line Items] | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $17,200,000 | $17,200,000 |
Note_20_Quarterly_Financial_In3
Note 20 - Quarterly Financial Information (Unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
2014 | |||||||||||||||||||
Revenues | $219,694 | [1] | $243,265 | [2] | $227,133 | [3] | $252,799 | [4] | $258,477 | [1] | $245,099 | [2] | $242,990 | [3] | $294,538 | [4] | $942,891 | $1,041,104 | $1,108,875 |
Gross profit(1) | 88,689 | [1],[5] | 106,164 | [2],[5] | 93,828 | [3],[5] | 109,289 | [4],[5] | 124,030 | [1],[5] | 112,973 | [2],[5] | 110,396 | [3],[5] | 144,090 | [4],[5] | |||
Net income (loss) attributable to Civeo | ($271,634) | [1] | $32,403 | [2] | $13,949 | [3] | $36,239 | [4] | $45,453 | [1] | $39,641 | [2] | $32,970 | [3] | $63,812 | [4] | ($189,043) | $181,876 | $244,721 |
Basic earnings (loss) per share (in Dollars per share) | ($2.54) | [1] | $0.30 | [2] | $0.13 | [3] | $0.34 | [4] | $0.43 | [1] | $0.37 | [2] | $0.31 | [3] | $0.60 | [4] | ($1.77) | $1.70 | $2.29 |
Diluted earnings (loss) per share (in Dollars per share) | ($2.54) | [1] | $0.30 | [2] | $0.13 | [3] | $0.34 | [4] | $0.43 | [1] | $0.37 | [2] | $0.31 | [3] | $0.60 | [4] | ($1.77) | $1.70 | $2.29 |
[1] | In the fourth quarter of 2014, we recognized the following items: Goodwill impairment losses of $202.7 million ($201.2 million after-tax, or $1.89 per diluted share) during 2014, of which $16.6 million related to our U.S. segment and $186.1 million related to our Australian segment. Fixed asset and intangible asset impairment losses of $76.2 million ($51.2 million after-tax, or $0.48 per diluted share) during 2014, of which $59.0 million related to our U.S. segment and $17.2 million related to our Canadian segment. A $34.9 million tax expense ($0.33 per diluted share) from the establishment of a deferred tax liability related to a portion of our undistributed foreign earnings which we no longer intend to indefinitely reinvest and a valuation allowance related to deferred tax assets related to capital losses not expected to be realized. Costs associated with our planned migration to Canada of $2.6 million ($1.7 million after-tax), or $0.02 per diluted share after-tax, included in Selling, general and administrative expenses on the consolidated statements of operations. Transition costs incurred associated with becoming a stand-alone company. The $0.9 million in costs ($0.6 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-off and formation costs on the consolidated statements of operations. | ||||||||||||||||||
[2] | In the third quarter of 2014, we recognized $1.0 million in transition costs associated with becoming a stand-alone company ($0.7 million after-tax, or $0.01 per diluted share). The costs, which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations. | ||||||||||||||||||
[3] | In the second quarter of 2014, we recognized the following items:A charge of $9.0 million impairment ($6.3 million after-tax, or $0.06 per diluted share), related to the impairment of an intangible asset in Australia. Due to the Spin-Off, and the resulting rebranding of the Company's Australian operations from The Mac to Civeo Australia, it was determined that the fair value of an intangible asset associated with The Mac brand was zero. The charge, which is related to our Australia segment, is included in Impairment expense on the accompanying consolidated statements of operations.An impairment of certain fixed assets which were not in our custody, and for which return was determined to be uncertain. The $2.6 million impairment ($1.7 million after-tax, or $0.02 per diluted share), which is related to our U.S. segment, is included in Impairment expense on the consolidated statements of operations. Severance costs associated with the termination of an executive. The $4.1 million expense ($3.1 million after-tax, or $0.03 per diluted share), which is related to our Canadian segment, is included in Selling, general and administrative expenses on the consolidated statements of operations. $3.5 million, or $0.02 per diluted share after-tax, of losses incurred on extinguishment of debt. Transition costs incurred associated with becoming a stand-alone company. The $1.9 million in costs ($1.2 million after-tax, or $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-Off and formation costs on the consolidated statements of operations.In the second quarter of 2013, we recognized $1.2 million, or $0.01 per diluted share after-tax, of losses incurred on extinguishment of debt. | ||||||||||||||||||
[4] | In the first quarter of 2013, we recognized a gain of $4.0 million ($2.6 million after-tax, or $0.02 per diluted share) from a decrease to a liability associated with contingent acquisition consideration in our U.S. segment. | ||||||||||||||||||
[5] | Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations. |