Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Entity Registrant Name | Civeo Corp | ||
Entity Central Index Key | 1,590,584 | ||
Trading Symbol | cveo | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 107,899,238 | ||
Entity Public Float | $ 326,471,266 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Service and other | $ 489,788,000 | $ 908,061,000 | $ 1,016,769,000 |
Product | 28,175,000 | 34,830,000 | 24,335,000 |
Total revenues | 517,963,000 | 942,891,000 | 1,041,104,000 |
Costs and expenses: | |||
Service and other costs | 300,888,000 | 513,087,000 | 530,575,000 |
Product costs | 26,725,000 | 31,834,000 | 19,040,000 |
Selling, general and administrative expenses | 68,441,000 | 70,345,000 | 69,590,000 |
Spin-off and formation costs | 4,350,000 | ||
Depreciation and amortization expense | 152,990,000 | 174,970,000 | 167,213,000 |
Impairment expense | 122,926,000 | 290,508,000 | |
Other operating expense (income) | (9,004,000) | 688,000 | (4,770,000) |
Total costs and expenses | 662,966,000 | 1,085,782,000 | 781,648,000 |
Operating income (loss) | (145,003,000) | (142,891,000) | 259,456,000 |
Interest expense to affiliates | (6,980,000) | (18,933,000) | |
Interest expense to third-parties, net of capitalized interest | (22,585,000) | (14,396,000) | (6,029,000) |
Loss on extinguishment of debt | (1,474,000) | (3,455,000) | (1,207,000) |
Interest income | 2,033,000 | 3,915,000 | 2,332,000 |
Other income | 3,276,000 | 7,524,000 | 3,749,000 |
Income (loss) before income taxes | (163,753,000) | (156,283,000) | 239,368,000 |
Income tax benefit (provision) | 33,089,000 | (31,379,000) | (56,055,000) |
Net income (loss) | (130,664,000) | (187,662,000) | 183,312,000 |
Less: Net income attributable to noncontrolling interest | 1,095,000 | 1,381,000 | 1,436,000 |
Net income (loss) attributable to Civeo Corporation | $ (131,759,000) | $ (189,043,000) | $ 181,876,000 |
Per Share Data (see Note 6) | |||
Basic net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (1.24) | $ (1.77) | $ 1.70 |
Diluted net income (loss) per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (1.24) | $ (1.77) | $ 1.70 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 106,604 | 106,306 | 106,293 |
Diluted (in shares) | 106,604 | 106,306 | 106,460 |
Dividends per common share (in dollars per share) | $ 0.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ (130,664) | $ (187,662) | $ 183,312 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment, net of tax of $1.9 million, $771 and zero, respectively | (168,363) | (138,692) | (167,712) |
Total other comprehensive income (loss), net of tax | (168,363) | (138,692) | (167,712) |
Comprehensive income (loss) | (299,027) | (326,354) | 15,600 |
Comprehensive (income) loss attributable to noncontrolling interest | (550) | (1,201) | (1,345) |
Comprehensive income (loss) attributable to Civeo Corporation | $ (299,577) | $ (327,555) | $ 14,255 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign currency translation adjustment, taxes | $ 1,900,000 | $ 771,000 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
CANADA | Common Shares, No Par Value [Member] | ||
Shareholders’ Equity: | ||
Common shares (no par value; 550,000,000 shares authorized, 107,470,861 shares issued and outstanding at December 31, 2015) | ||
Common Stock, $0.01 Par Value [Member] | ||
Shareholders’ Equity: | ||
Common shares (no par value; 550,000,000 shares authorized, 107,470,861 shares issued and outstanding at December 31, 2015) | $ 1,067,000 | |
Cash and cash equivalents | $ 7,837,000 | 263,314,000 |
Accounts receivable, net | 61,467,000 | 160,253,000 |
Inventories | 5,631,000 | 13,228,000 |
Prepaid expenses | 11,712,000 | 20,670,000 |
Other current assets | 4,589,000 | 6,491,000 |
Total current assets | 91,236,000 | 463,956,000 |
Property, plant and equipment, net | 931,914,000 | 1,248,430,000 |
Goodwill, net | 45,260,000 | |
Other intangible assets, net | 35,309,000 | 50,882,000 |
Other noncurrent assets | 12,753,000 | 20,633,000 |
Total assets | 1,071,212,000 | 1,829,161,000 |
Accounts payable | 24,609,000 | 36,277,000 |
Accrued liabilities | 14,834,000 | 22,512,000 |
Income taxes | 1,104,000 | 61,000 |
Current portion of long-term debt | 17,698,000 | 19,375,000 |
Deferred revenue | 7,747,000 | 18,539,000 |
Other current liabilities | 493,000 | 21,677,000 |
Total current liabilities | 66,485,000 | 118,441,000 |
Long-term debt, less current maturities | 383,862,000 | 755,625,000 |
Deferred income taxes | 25,391,000 | 55,500,000 |
Other noncurrent liabilities | 31,704,000 | 39,486,000 |
Total liabilities | $ 507,442,000 | $ 969,052,000 |
Commitments and contingencies (Note 13) | ||
Additional paid-in capital | $ 1,305,930,000 | $ 1,300,042,000 |
Accumulated deficit | (376,376,000) | (244,617,000) |
Accumulated other comprehensive loss | (366,309,000) | (198,491,000) |
Total Civeo Corporation shareholders’ equity | 563,245,000 | 858,001,000 |
Noncontrolling interest | 525,000 | 2,108,000 |
Total shareholders’ equity | 563,770,000 | 860,109,000 |
Total liabilities and shareholders’ equity | $ 1,071,212,000 | $ 1,829,161,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common Shares, No Par Value [Member] | ||
Common, par value (in dollars per share) | $ 0 | |
Common, authorized (in shares) | 550,000,000 | |
Common, issued (in shares) | 107,470,861 | |
Common, outstanding (in shares) | 107,470,861 | |
Common Stock, $0.01 Par Value [Member] | ||
Common, par value (in dollars per share) | $ 0.01 | |
Common, authorized (in shares) | 550,000,000 | |
Common, issued (in shares) | 106,721,483 | |
Common, outstanding (in shares) | 106,721,483 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity/Net Investment - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Oil States Net Investment [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2012 | $ 1,302,664 | $ 107,733 | $ 1,248 | $ 1,411,645 | ||||
Net income (loss) | 181,876 | 1,436 | 183,312 | |||||
Foreign currency translation adjustment, net of tax of $1.9 million, $771 and zero, respectively | (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 | 1,651,013 | (59,979) | 1,711 | 1,592,745 | ||||
Net income (loss) | $ (230,724) | 41,681 | 1,381 | (187,662) | ||||
Foreign currency translation adjustment, net of tax of $1.9 million, $771 and zero, respectively | (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 | ||||||
Balance at Dec. 31, 2014 | $ 1,067 | 1,300,042 | (244,617) | (198,491) | 2,108 | 860,109 | ||
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) | ||||||
Net income (loss) | (131,759) | 1,095 | (130,664) | |||||
Foreign currency translation adjustment, net of tax of $1.9 million, $771 and zero, respectively | (167,818) | (545) | (168,363) | |||||
Dividends paid | (2,133) | (2,133) | ||||||
Balance at Dec. 31, 2015 | 1,305,930 | $ (376,376) | $ (366,309) | $ 525 | 563,770 | |||
Stock-based compensation | $ 8 | 5,102 | $ (146) | 4,964 | ||||
Other | (143) | $ (143) | ||||||
Redomicile Transaction | $ (1,075) | $ 929 | $ 146 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity/Net Investment (Shares) | Common Stock [Member]shares |
Balance (in shares) at Dec. 31, 2013 | 0 |
Issuance of common stock at the Spin-Off (in shares) | 106,538,000 |
Stock-based compensation. (in shares) | 183,000 |
Balance (in shares) at Dec. 31, 2014 | 106,721,000 |
Stock-based compensation. (in shares) | 750,000 |
Balance (in shares) at Dec. 31, 2015 | 107,471,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (130,664,000) | $ (187,662,000) | $ 183,312,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 152,990,000 | 174,970,000 | 167,213,000 |
Asset Impairment Charges | 122,926,000 | $ 290,508,000 | |
Inventory Write-down | 1,015,000 | ||
Loss on extinguishment of debt | 1,474,000 | $ 3,455,000 | 1,207,000 |
Deferred income tax provision (benefit) | (34,175,000) | 4,333,000 | 11,607,000 |
Non-cash compensation charge | 4,614,000 | 6,283,000 | 4,894,000 |
Gains on disposals of assets | (1,826,000) | (5,877,000) | (2,395,000) |
Provision (benefit) for loss on receivables, net of recoveries | 1,205,000 | (1,276,000) | 2,099,000 |
Fair value adjustment of contingent consideration | (3,448,000) | ||
Other, net | 1,424,000 | 1,096,000 | 506,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 80,347,000 | 4,840,000 | 12,554,000 |
Inventories | 5,406,000 | 15,174,000 | (11,885,000) |
Accounts payable and accrued liabilities | (12,885,000) | (167,000) | (28,257,000) |
Taxes payable | 6,204,000 | (16,738,000) | (24,921,000) |
Other current assets and liabilities, net | (11,924,000) | 2,114,000 | 24,892,000 |
Net cash flows provided by operating activities | 186,131,000 | 291,053,000 | 337,378,000 |
Cash flows from investing activities: | |||
Capital expenditures, including capitalized interest | (62,451,000) | (251,158,000) | (291,694,000) |
Proceeds from disposition of property, plant and equipment | 12,683,000 | 12,086,000 | 7,488,000 |
Net cash flows used in investing activities | (49,768,000) | (239,072,000) | (284,206,000) |
Cash flows from financing activities: | |||
Proceeds from issuance of common shares | 500,000 | ||
Revolving credit borrowings | 299,427,000 | 3,093,000 | |
Revolving credit repayments | (240,284,000) | (50,994,000) | |
Term loan borrowings | 325,000,000 | 775,000,000 | |
Term loan repayments | (729,425,000) | (82,762,000) | |
Debt issuance costs | (4,833,000) | (9,235,000) | |
Dividends paid | (27,790,000) | ||
Distributions to Oil States | (750,000,000) | ||
Contributions from Oil States | 28,257,000 | 160,998,000 | |
Net cash flows provided by (used in) financing activities | (349,615,000) | 16,232,000 | 30,335,000 |
Effect of exchange rate changes on cash | (42,225,000) | (29,027,000) | (20,775,000) |
Net change in cash and cash equivalents | (255,477,000) | 39,186,000 | 62,732,000 |
Cash and cash equivalents, beginning of period | 263,314,000 | 224,128,000 | 161,396,000 |
Cash and cash equivalents, end of period | $ 7,837,000 | $ 263,314,000 | $ 224,128,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business We are one of the largest integrated providers of longer-term and temporary remote site accommodations, logistics and facility management services to the natural resource industry. Our scalable modular facilities provide long-term and temporary workforce accommodations where traditional accommodations and related 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. On May 5, 2014, the board of directors of the Oil States International, Inc. (Oil States) approved the separation of its Accommodations Segment (Accommodations) into a standalone, publicly traded Delaware corporation (Civeo US). 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 US it held after the market closed on May 30, 2014 (the Spin-Off). Each Oil States stockholder received two shares of Civeo US 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 Spin-Off, 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, Oil States’ distribution of Civeo US common stock was not taxable to Oil States or U.S. holders of Oil States common stock. Following the Spin-Off, Oil States retained no ownership interest in Civeo US, and each company now has separate public ownership, boards of directors and management. On June 2, 2014, Civeo US stock began trading the “regular-way” on the New York Stock Exchange (NYSE) 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. On July 17, 2015, we changed our place of incorporation, pursuant to which Civeo Corporation, a British Columbia, Canada limited company formerly named Civeo Canadian Holdings ULC (Civeo Canada), became the publicly traded parent company of the Civeo group of companies (the Redomicile Transaction). The Redomicile Transaction was effected pursuant to a previously announced Agreement and Plan of Merger, dated as of April 6, 2015, between Civeo US, Civeo US Merger Co, a Delaware corporation and wholly owned subsidiary of Civeo Canada (US Merger Co), and Civeo Canada. At the effective time of the merger, (i) US Merger Co was merged with Civeo US, with Civeo US surviving the merger as a wholly owned subsidiary of Civeo Canada, and (ii) each issued share of Civeo US common stock, other than those shares of Civeo US common stock held by Civeo US in treasury, was effectively transferred to Civeo Canada and converted into one common share, no par value, of Civeo Canada. An aggregate of approximately 107.5 million Civeo Canada common shares were issued at the effective time as merger consideration. The Civeo Canada common shares are listed on the NYSE under the symbol “CVEO”, the same symbol under which the Civeo US common stock traded prior to the effective time. The Redomicile Transaction qualified as 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 qualified for a self-directed redomiciling. 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 (collectively, the Credit Facility) for an aggregate borrowing capacity of $1.4 billion. On July 17, 2015, the First Amendment to the Credit Facility became effective. On February 18, 2016, the Second Amendment to the Credit Facility (together with all amendments, the Amended Credit Facility) became effective. The Amended Credit Facility, among other things, (i) allows us to borrow under new Canadian tranches of the Credit Facility, (ii) substantially reduced both the existing U.S. term loan and the U.S. revolver and (iii) increased the maximum leverage ratio allowed under the Credit Facility. For further information, please see Note 9 – Debt for further discussion. We incurred costs related to the Redomicile Transaction totaling $7.0 million and $2.6 million for the years ended December 31, 2015 and 2014, respectively. In addition, we incurred costs related to the Amended Credit Facility totaling $5.5 million. $4.8 million has been capitalized as debt issuance costs and the remaining $0.7 million is included in interest expense. As a result of the amendment, we also recognized a loss during the third quarter 2015 of approximately $1.5 million related to unamortized debt issuance costs, which is included in Loss on extinguishment of debt on the accompanying consolidated statements of operations. As a result of the Spin-Off, we incurred certain costs d uring 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. Basis of Presentation 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 Spin-Off mean the Accommodations business of Oil States. For time periods after the Spin-Off, but prior to July 17, 2015, these terms refer to Civeo US and its consolidated subsidiaries. For time periods after July 17, 2015, these terms refer to Civeo Canada and its consolidated subsidiaries. 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. 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 (loss), cash flows and changes in shareholders’ equity / net investment for the year ended December 31, 2015 consist entirely of the consolidated results of Civeo. ● Our consolidated statements of operations, comprehensive income (loss), cash flows and changes in shareholders’ 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 (loss), cash flows and changes in shareholders’ equity / net investment for the year ended December 31, 2013 consist entirely of the combined results of the Oil States’ Accommodations business. ● Our consolidated balance sheets at December 31, 2015 and December 31, 2014 consist entirely of the consolidated balances of Civeo. 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. 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 perform these functions using our own resources or purchase services. Until February 28, 2015, however, some of these functions were provided by Oil States under a transition services agreement. See Note 17 – 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, 2015 | |
Notes to Financial Statements | |
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 consolidated statements of operations. 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, 2015, 2014, and 2013, $1.6 million, $2.3 million and $0.8 million were capitalized, respectively. 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 performing this analysis, the first step is 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 compare its carrying value to estimates of undiscounted future cash flows. 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. The estimates are consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, below. Based on the assessment, if the carrying values of certain of our asset groups are determined to not be recoverable, we proceed to the second step. In this step, we compare the fair value of the respective asset group to its carrying value. The fair value of the asset groups are 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. Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 and 2014 related to our long-lived assets. 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. We conduct our annual impairment test as of November 30 of each year. Our goodwill balance was fully impaired at September 30, 2015. 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 previously 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. 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 potentially 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 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 Income Approach 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. Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 and 2014 related to our goodwill. Our goodwill balance was fully impaired at September 30, 2015. 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. 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. Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 and 2014 related to our 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 shareholders’ equity 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 shareholders’ equity. 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. For the years ended December 31, 2015, 2014, and 2013, we recognized approximately $9.0 million, $0.2 million and $(1.3) million in foreign currency gains (losses), respectively. For eign 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. Changes in job performance, job conditions, estimated profitability, and final contract settlements may result in revisions to projected costs and revenue and are recognized in the period in which the revisions 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 Canadian federal and provincial income taxes, as well as foreign income taxes. 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. 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. 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. For the year ended December 31, 2015, each of Imperial Oil, Fort Hills Energy LP and BM Alliance Coal Operations Pty Ltd accounted for more than 10% of our revenues. For the year ended December 31, 2014, Imperial Oil accounted for more than 10% of our revenues. For the year ended December 31, 2013, each of Imperial Oil and BHP Billiton Mitsubishi Alliance accounted for more than 10% of our revenues. 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 11 – Asset Retirement Obligations for further discussion. Share-Based Compensation We, and, prior to the Spin-Off, Oil States, sponsor an equity participation plan in which certain of our employees participate. We measure the cost of employee services received in exchange for an award of equity instruments (typically option awards) 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 share price. Participants granted units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a common share on the vesting date. Guarantees Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Credit Facility. See Note 9 - 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 $0.1 million at December 31, 2015 and 2014, 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, 2015, the maximum potential amount of future payments that we could be required to make under these guarantee agreements (letters of credit) was approximately $6.0 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 U.S. GAAP 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, 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. 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 November 2015, the FASB issued Accounting Standards Update (ASU) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015-17). This new standard requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this guidance. Effective with our annual report for the period ending December 31, 2015, we have adopted the provisions of ASU 2015-17 prospectively to classify all deferred tax assets and liabilities as noncurrent. For further discussion, please see Note 12 – Income Taxes. In April 2015, the FASB issued ASU 2015-03 "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" (ASU 2015-03). ASU 2015-03 simplifies the presentation of debt issuance costs by requiring that such costs be presented as a deduction from the corresponding debt liability. The guidance is effective for financial statements issued for reporting periods beginning after December 15, 2015 and interim periods within the reporting periods and requires retrospective presentation. Early adoption is permitted. We plan to adopt the standard in the first quarter of 2016. As of December 31, 2015, we had debt issuance costs totaling $9.4 million, which are included in Prepaid expenses and other current assets ($2.6 million) and Other non-current assets ($6.8 million) on the accompanying consolidated balance sheets. A portion of these costs relate to revolving lines of credit, and will accordingly continue to be included in Prepaid expenses and other current assets or Other non-current assets. In May 2014, the FASB issued ASU 2014-09 establishing Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers" (ASC 606). ASC 606 establishes a comprehensive new revenue recognition model designed to depict the transfer of goods or services to a customer in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for those goods or services and requires significantly enhanced revenue disclosures. The standard is effective for annual reporting periods beginning after December 15, 2017. Accordingly, we plan to adopt this standard in the first quarter of 2018. ASC 606 allows either full retrospective or modified retrospective transition, and early adoption is not permitted. We continue to evaluate both the impact of this new standard on our financial statements and the transition method we will utilize for adoption. |
Note 3 - Impairment Charges
Note 3 - Impairment Charges | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 3. IMPAIRMENT CHARGES 2015 Impairment Charges The following summarizes pre-tax impairment charges recorded during 2015 which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. and Other Total Quarter ended March 31, 2015 Long-lived assets $ -- $ -- $ 2,738 $ 2,738 Quarter ended June 30, 2015 Long-lived assets -- 9,473 -- 9,473 Quarter ended September 30, 2015 Goodwill 43,194 -- -- 43,194 Long-lived assets 23,041 23,980 18,040 65,061 Intangible assets -- -- 2,460 2,460 Total $ 66,235 $ 33,453 $ 23,238 $ 122,926 Quarter ended March 31, 2015. Quarter ended June 30, 2015. Quarter ended September 30, 2015 . Due to the sustained reduction of our share price throughout 2015, our market capitalization implied an enterprise value which is significantly less than the sum of the estimated fair values of our reporting units. As a result of our market capitalization at September 30, 2015, coupled with (1) the continued depression of worldwide oil prices, including the substantial declines experienced in the third quarter of 2015, and (2) continued weakness in the Canadian dollar in the third quarter 2015, we determined that an indicator of a goodwill impairment was present as of September 30, 2015. Accordingly, as a result of current macroeconomic conditions, we performed an interim goodwill impairment test as of September 30, 2015, and we reduced the value of our goodwill in our Canadian reporting unit to zero. This resulted in an impairment charge in the third quarter 2015 which totaled $43.2 million. Furthermore, as a result of the goodwill impairment in our Canadian segment, we determined all asset groups within this segment had experienced a trigger that indicated that the carrying values might not be recoverable. Accordingly, we compared the carrying value of each asset group to estimates of undiscounted cash flows. Based on the assessment, carrying values of certain assets groups were determined to be unrecoverable, and we proceeded to compare the fair value of those assets groups to their respective carrying values. As a result, we recorded an impairment loss of $11.1 million related to long-lived assets in our Canadian segment. Additionally, also as a result of the sustained reduction of our share price throughout 2015, we reviewed the long-lived assets in our U.S. and Australia reportable segments to determine if an indicator of impairment had occurred that would indicate that the carrying values of the asset groups in these segments might not be recoverable. We determined that certain asset groups within the segments had experienced an indicator of impairment, and thus compared the carrying value of the respective asset group to estimates of undiscounted future cash flows. Based on the assessment, the carrying values of three of our assets groups were determined to not be recoverable, and we proceeded to compare the fair value of the asset groups to their carrying value. As a result, we recorded an impairment loss of $20.5 million related to our U.S. segment. Of the $20.5 million impairment, $18.0 million reduced the value of our fixed assets and $2.5 million reduced the value of our amortizable intangible assets. In addition, we recorded an impairment loss of $24.0 million related to our Australian segment that reduced the value of our fixed assets. Finally, during the third quarter of 2015, we identified assets in our Canadian segment that should have been impaired in the fourth quarter of 2014. We determined that the error was not material to our financial statements for the year ended December 31, 2014 and therefore corrected the error in the third quarter of 2015. This resulted in an additional impairment expense of $11.9 million. 2014 Impairment Charges The following summarizes pre-tax impairment charges recorded during 2014 which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. and Other Total Quarter ended June 30, 2014 Long-lived assets $ -- $ -- $ 2,621 $ 2,621 Intangible assets -- 8,989 -- 8,989 Quarter ended December 31, 2014 Goodwill -- 186,097 16,632 202,729 Long-lived assets 17,197 -- 55,776 72,973 Intangible assets -- -- 3,196 3,196 Total $ 17,197 $ 195,086 $ 78,225 $ 290,508 Quarter ended June 30, 2014. We recognized a $9.0 million impairment of an indefinite-lived intangible asset in Australia. 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 zero. 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. Quarter ended December 31, 2014. During the fourth quarter of 2014, we recorded impairment expense related to goodwill, long-lived assets and intangible assets. In performing step one of our annual goodwill impairment test as of November 30, 2014, 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. Also during the fourth quarter 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. 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 was recorded on our amortizable intangible assets. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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 on the accompanying consolidated balance sheets approximate their fair values. As of December 31, 2015 and 2014, we believe the carrying value of our floating-rate debt outstanding under our term loans 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 2015 and 2014, we wrote down our goodwill to its IFV. We also wrote down certain long-lived assets and indefinite lived intangible assets to their fair value. Our estimate of IFV required 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. Our estimate of fair value required 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, the cost of capital, and 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 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. |
Note 5 - Details of Selected Ba
Note 5 - Details of Selected Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 5. DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at December 31, 2015 and 2014 is presented below (in thousands): 2015 2014 Accounts receivable, net: Trade $ 44,650 $ 124,198 Unbilled revenue 16,649 38,487 Other 1,289 1,611 Total accounts receivable 62,588 164,296 Allowance for doubtful accounts (1,121 ) (4,043 ) Total accounts receivable, net $ 61,467 $ 160,253 2015 2014 Inventories: Finished goods and purchased products $ 1,854 $ 2,814 Work in process 1,260 4,790 Raw materials 2,517 5,624 Total inventories $ 5,631 $ 13,228 Estimated Useful Life (in years) 2015 2014 Property, plant and equipment, net: Land $ 47,825 $ 55,365 Accommodations assets 3-15 1,482,842 1,687,033 Buildings and leasehold improvements 3-20 29,099 40,256 Machinery and equipment 4-15 9,183 12,117 Office furniture and equipment 3-7 29,172 32,181 Vehicles 3-5 15,412 19,128 Construction in progress 52,558 70,603 Total property, plant and equipment 1,666,091 1,916,683 Accumulated depreciation (734,177 ) (668,253 ) Total property, plant and equipment, net $ 931,914 $ 1,248,430 2015 2014 Accrued liabilities: Accrued compensation $ 11,726 $ 15,273 Accrued taxes, other than income taxes 963 1,567 Accrued interest 12 60 Other 2,133 5,612 Total accrued liabilities $ 14,834 $ 22,512 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. EARNINGS PER SHARE On May 30, 2014, 106,538,044 of our common shares 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): 2015 2014 2013 Basic Earnings per Share Net income (loss) attributable to Civeo $ (131,759 ) $ (189,043 ) $ 181,876 Less: undistributed net income (loss) to participating securities -- 921 (743 ) Net income (loss) attributable to Civeo’s common shareholders - basic $ (131,759 ) $ (188,122 ) $ 181,133 Weighted average common shares outstanding - basic 106,604 106,306 106,293 Basic earnings (loss) per share $ (1.24 ) $ (1.77 ) $ 1.70 Diluted Earnings per Share Net income (loss) attributable to Civeo’s common shareholders – basic $ (131,759 ) $ (188,122 ) $ 181,133 Less: undistributed net income (loss) to participating securities -- -- 1 Net income (loss) attributable to Civeo’s common shareholders - diluted $ (131,759 ) $ (188,122 ) $ 181,134 Weighted average common shares outstanding - basic 106,604 106,306 106,293 Effect of dilutive securities (1 ) -- -- 167 Weighted average common shares outstanding - diluted 106,604 106,306 106,460 Diluted earnings (loss) per share $ (1.24 ) $ (1.77 ) $ 1.70 (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 years ended December 31, 2015 and 2014. |
Note 7 - Supplemental Cash Flow
Note 7 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 7. SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the years ended December 31, 2015, 2014 and 2013 for interest and income taxes was as follows (in thousands): 2015 2014 2013 Interest (net of amounts capitalized) $ 21,385 $ 14,444 $ 43,610 Income taxes paid, net of refunds (5,169 ) 43,237 65,875 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 17 – Related Party Transactions. |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows (in thousands): Canadian Australian U.S. Total 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 Foreign currency translation (2,066 ) -- -- (2,066 ) Goodwill impairment (43,194 ) -- -- (43,194 ) Balance as of December 31, 2015 $ -- $ -- $ -- $ -- Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 and 2014 related to our goodwill. 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, 2015 and 2014 (in thousands): AS OF DECEMBER 31, 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets Customer relationships $ 43,668 $ (26,278 ) $ 47,611 $ (21,740 ) Contracts / agreements 35,769 (17,885 ) 40,120 (16,048 ) Noncompete agreements 795 (790 ) 809 (680 ) Total amortizable intangible assets $ 80,232 $ (44,953 ) $ 88,540 $ (38,468 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Water rights $ -- $ -- $ 777 $ -- Licenses 30 -- 33 -- Total indefinite-lived intangible assets 30 -- 810 -- Total intangible assets $ 80,262 $ (44,953 ) $ 89,350 $ (38,468 ) Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 and 2014 related to our intangible assets. The weighted average remaining amortization period for all intangible assets, other than indefinite-lived intangibles, was 5.1 years as of December 31, 2015 and 6.1 years as of December 31, 2014. Total amortization expense is expected to be $7.1 million in 2016, $7.0 million in each of 2017, 2018, 2019 and 2020. Amortization expense was $7.6 million, $9.6 million and $10.2 million in the years ended December 31, 2015, 2014 and 2013, respectively. |
Note 9 - Debt
Note 9 - Debt | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. DEBT As of December 31, 2015 and 2014, long-term debt consisted of the following (in thousands): 2015 2014 U.S. term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter beginning December 31, 2015; weighted average interest rate of 2.7% for the twelve month period ended December 31, 2015 $ 49,375 $ 775,000 Canadian term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter beginning December 31, 2015; weighted average interest rate of 3.5% for the twelve month period ended December 31, 2015 300,165 -- U.S. revolving credit facility, which matures on May 28, 2019, with available commitments up to $50.0 million; no borrowings outstanding as of December 31, 2015 -- -- Canadian revolving credit facility, which matures on May 28, 2019, with available commitments up to $125.0 million; weighted average interest rate of 3.7% for the twelve month period ended December 31, 2015 52,020 -- Canadian revolving credit facility, which matures on May 28, 2019, with available commitments up to $100.0 million; no borrowings outstanding as of December 31, 2015 -- -- Australian revolving credit facility, which matures on May 28, 2019, with available commitments up to $100.0 million; no borrowings outstanding as of December 31, 2015 -- -- Total debt 401,560 775,000 Less: Current portion of long-term debt 17,698 19,375 Long-term debt, less current maturities $ 383,862 $ 755,625 Scheduled maturities of long-term debt as of December 31, 2015 are as follows (in thousands): 2016 $ 17,698 2017 17,698 2018 17,698 2019 348,466 $ 401,560 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). Additionally, Civeo had a separate Australian credit facility (The MAC Group Credit Facility) that was used exclusively to support our Australian operations. 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), which was subsequently amended in connection with the Redomicile Transaction. On July 17, 2015, our Credit Facility was amended (First Amendment) to, among other things: ● Permit us to redomicile to Canada, make associated corporate restructurings and make certain changes to the collateral and guarantees, covenants, events of default and related definitions to reflect the Redomicile Transaction and the new credit facilities referred to below; ● Allow for the incurrence of new credit facilities under the Credit Facility, including (i) a new revolving credit facility in a maximum principal amount of US$125 million available to be borrowed by Civeo Canada after the effectiveness of the First Amendment (July 17, 2015) and (ii) a new term loan facility in the amount of US$325 million to be borrowed by Civeo Canada on the date of the effectiveness of the First Amendment; ● Provide for the partial prepayment of the existing U.S. term loan under the Credit Facility in the aggregate principal amount of US$725 million and the reduction of the aggregate U.S. revolving credit facility to a maximum principal amount of US$50 million; ● Increase the interest rate margin by 0.25% within existing levels of total leverage and add two additional levels to the total leverage-based grid such that the interest rates for the loans range from LIBOR +2.0% to LIBOR +4.0% and increase the undrawn commitment fee to range from 0.45% to 0.90% based on total leverage; ● Make certain changes to the maximum leverage ratio financial covenant; ● Make certain changes to the application of prepayments and amortization schedules to reflect the new term loan facility and the prepayment of the U.S. term loans; and ● Make other technical changes and amendments to the Credit Facility. As a result of the amendment, we recognized a loss during the third quarter 2015 of approximately $1.5 million related to unamortized debt issuance costs, which is included in Loss on extinguishment of debt on the accompanying consolidated statements of operations. On February 18, 2016, the Second Amendment to the Credit Facility became effective, which allowed us the following: ● Join Civeo Management LLC, an indirect wholly owned subsidiary of the Company, as a co-borrower under the US$50 million U.S. revolving credit facility under the Amended Credit Facility; ● Provide for the partial prepayment of the U.S. term loan under the Amended Credit Facility in the aggregate principal amount of US$25 million and the reduction by US$25 million of the aggregate revolving loan commitments under the Canadian revolving credit facility under the Amended Credit Facility, which was incurred in connection with the First Amendment to the Credit Facility, to a maximum principal amount of US$100 million; ● Increase the interest rate margin by 0.25% when the leverage ratio is less than 1.50x (by deleting the lowest level in the leverage-based grid) and adding two additional levels to the total leverage-based grid such that the interest rates for the loans range from LIBOR +2.25% to LIBOR +5.00%, and increase the undrawn commitment fee from a range of 0.45% to 0.90% to a range of 0.51% to 1.13% based on total leverage; ● Make certain changes to the maximum leverage ratio financial covenant, as follows: Period Ended Maximum Leverage Ratio December 31, 2015 4.00 : 1.00 March 31, 2016 4.25 : 1.00 June 30, 2016 5.25 : 1.00 September 30, 2016 5.50 : 1.00 December 31, 2016 5.50 : 1.00 March 31, 2017 5.25 : 1.00 June 30, 2017 5.25 : 1.00 September 30, 2017 5.00 : 1.00 December 31, 2017 5.00 : 1.00 March 31, 2018 4.75 : 1.00 June 30, 2018 3.75 : 1.00 September 30, 2018 & thereafter 3.50 : 1.00 ● Add a provision for a mandatory prepayment of the revolving credit facilities under the Amended Credit Facility in the event the Company and its subsidiaries hold an aggregate amount of cash exceeding US$40 million for a period of more than three consecutive business days, such mandatory prepayment to be made within two business days in an amount equal to the lesser of (a) an amount sufficient to reduce the aggregate amount of cash and permitted investments on hand at the Company and its subsidiaries to less than US$40 million or (b) an amount sufficient to repay all of the outstanding commitments under the revolving credit facilities under the Amended Credit Facility; and ● Make other technical changes and amendments to the Credit Facility. U.S. dollar amounts outstanding under the Amended Credit Facility bear interest at a variable rate equal to LIBOR plus a margin of 2.25% to 5.00%, or a base rate plus 1.25% to 4.00%, in each case based on a ratio of our total leverage to EBITDA (as defined in the Amended Credit Facility). Canadian dollar amounts outstanding under the Amended Credit Facility bear interest at a variable rate equal to CDOR plus a margin of 2.25% to 5.00%, or a base rate plus a margin of 1.25% to 4.00%, in each case based on a ratio of our consolidated total leverage to EBITDA (as defined in the Amended Credit Facility). Australian dollar amounts outstanding under the Amended Credit Facility bear interest at a variable rate equal to BBSY plus a margin of 2.25% to 5.00%, based on a ratio of our consolidated total leverage to EBITDA (as defined in the Amended Credit Facility). The Amended 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 (as defined in the Amended Credit Facility) 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 4.0 to 1.0 (as of December 31, 2015). As noted above, the permitted level of the maximum leverage ratio changes over time. Each of the factors considered in the calculations of these ratios are defined in the Amended Credit Facility. EBITDA and consolidated interest, as defined, exclude goodwill and asset impairments, debt discount amortization and other non-cash charges. We were in compliance with these covenants as of December 31, 2015. As of December 31, 2015 we have 15 lenders in our Amended Credit Facility with commitments ranging from $1.6 million to $143.2 million. As of December 31, 2015, we had outstanding letters of credit of $0.7 million under the U.S facility and $4.4 million under the Canadian facility. Borrowings under the Amended Credit Facility are secured by a pledge of substantially all of our assets and the assets of our subsidiaries. Obligations under the Amended Credit Facility are guaranteed by our significant subsidiaries. In addition to the Amended Credit Facility, we have an A$5 million bank guarantee facility, which matures March 31, 2016. There were no borrowings or letters of credit outstanding, but we had bank guarantees of A$1.3 million under this facility outstanding as of December 31, 2015. |
Note 10 - Retirement Plans
Note 10 - Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. RETIREMENT PLANS We sponsor defined contribution plans. Participation in these plans is available to substantially all employees. We recognized expense of $9.6 million, $16.3 million and $18.6 million, respectively, related to matching contributions under our various defined contribution plans during the years ended December 31, 2015, 2014 and 2013, 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 2015 - $12,685). 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 $24,930 in 2015 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 11 - Asset Retirement Obli
Note 11 - Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 11. ASSET RETIREMENT OBLIGATIONS AROs at December 31, 2015 and 2014 were (in thousands): 2015 2014 Asset retirement obligations $ 17,299 $ 21,610 Less: Asset retirement obligations due within one year* -- -- Long-term asset retirement obligations $ 17,299 $ 21,610 * Classified as a current liability on the consolidated balance sheets, under the caption “Other accruals.” Total expense related to the ARO was $1.3 million, $0.3 million and $0.3 million in 2015, 2014 and 2013, respectively. During the years ended December 31, 2015, 2014 and 2013, our ARO changed as follows (in thousands): 2015 2014 2013 Balance as of January 1 $ 21,610 $ 6,095 $ 5,518 Accretion of discount 1,292 336 350 New obligations 81 797 566 Change in estimates of existing obligations (2,366 ) 14,838 34 Settlement of obligations (132 ) -- -- Foreign currency translation (3,186 ) (456 ) (373 ) Balance as of December 31 $ 17,299 $ 21,610 $ 6,095 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 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The Company’s operations are conducted through its various subsidiaries in a number of countries throughout the world. The Company has provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned. For the year ended December 31, 2015, Civeo Canada is the public parent registered under the laws of British Columbia, Canada. For the years ended December 31, 2014, and December 31, 2013, Civeo US, a Delaware corporation, was the public parent registered in the United States. Income tax provision (benefit). Pre-tax income (loss) for the years ended December 31, 2015, 2014 and 2013 consisted of the following (in thousands): 2015 2014 2013 Canada operations $ (73,691 ) $ 119,509 $ 205,408 Foreign operations (90,062 ) (275,792 ) 33,960 Total $ (163,753 ) $ (156,283 ) $ 239,368 The components of the income tax provision (benefit) for the years ended December 31, 2015, 2014 and 2013 consisted of the following (in thousands): 2015 2014 2013 Current: Canada $ (820 ) $ 27,046 $ 44,611 Foreign 1,906 -- (163 ) Total $ 1,086 $ 27,046 $ 44,448 Deferred: Canada $ (2,707 ) $ 23 $ 1,117 Foreign (31,468 ) 4,310 10,490 Total $ (34,175 ) $ 4,333 $ 11,607 Total Provision (Benefit) $ (33,089 ) $ 31,379 $ 56,055 The income tax provision (benefit) differs from an amount computed at Canadian statutory rates for the year ended December 31, 2015 and at U.S. statutory rates for the years ended December 31, 2014 and 2013 (in thousands) was as follows: 2015 2014 2013 Federal tax provision (benefit) at statutory rates $ (44,213 ) 27.0 % $ (54,699 ) 35.0 % $ 83,778 35.0 % Effect of foreign income tax, net (15,088 ) 9.2 % (10,599 ) 6.8 % (27,051 ) (11.3 )% Goodwill impairment 11,533 (7.0 )% 19,798 (12.7 )% -- -- Valuation allowance 11,189 (6.8 )% 51,369 (32.9 )% -- -- Tax on future unremitted earnings (25,306 ) 15.4 % 26,077 (16.7 )% -- -- Tax effects of restructuring 17,600 (10.8 )% -- -- -- -- Deemed income from foreign subsidiaries 4,190 (2.6 )% -- -- -- -- Enacted tax rate change 3,332 (2.0 )% -- -- -- -- Other, net 3,674 (2.2 )% (567 ) 0.4 % (671 ) (0.3 )% Net income tax provision (benefit) $ (33,089 ) 20.2 % $ 31,379 (20.1 )% $ 56,056 23.4 % Deferred Tax Liabilities and Assets. The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Deferred tax assets: Net operating loss $ 12,528 $ 5,540 Foreign tax credits 58,906 -- Allowance for doubtful accounts -- 1,347 Employee benefits 5,326 2,074 Deductible goodwill and other intangibles 43,857 45,858 Other reserves 6,342 4,329 Unearned revenue 2,894 4,491 Other 1,893 2,478 Deferred tax assets 131,746 66,117 Valuation allowance (115,087 ) (49,523 ) Deferred tax assets, net $ 16,659 $ 16,594 Deferred tax liabilities: Depreciation $ (41,312 ) $ (60,558 ) Investment (738 ) (26,044 ) Deferred tax liabilities (42,050 ) (86,602 ) Net deferred tax liability $ (25,391 ) $ (70,008 ) We have adopted the provisions of ASU 2015-17 prospectively to classify all deferred tax assets and liabilities as noncurrent. Our deferred tax balance based on net non-current items as of December 31, 2015 and net current items and net non-current items as of December 31, 2014, as well as our deferred tax balance had we adopted ASU 2015-17 retroactively as of December 31, 2014, are as follows (in thousands): 2015 2014 (as reported) 2014 (under ASU 2015-17) Current deferred tax asset $ -- $ 4,620 $ -- Current deferred tax liability -- (21,452 ) -- Long-term deferred tax asset -- 2,324 -- Long-term deferred tax liability (25,391 ) (55,500 ) (70,008 ) Net deferred tax liability $ (25,391 ) $ (70,008 ) $ (70,008 ) NOL and Tax Credit Carryforwards. The following table summarizes net operating loss (NOL) and tax credit carryforwards at December 31, 2015 (in thousands): Amount Expiration Period Net operating loss carryforwards: Canada $ 18,853 Begins to expire in 2035 Australia 20,275 Does not expire U.S. – Federal -- U.S. – State 37,530 Begins to expire in 2022 Foreign tax credit carryforwards: U.S. 58,906 Begins to expire in 2025 Change in Valuation Allowance. 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. Changes in our valuation allowance for the years ended December 31, 2015 and 2014 are as follows (in thousands): Foreign Tax Credits Deferred Tax Assets Other Total Balance as of December 31, 2014 $ -- $ (49,523 ) $ -- $ (49,523 ) Change in income tax provision -- (9,834 ) (1,355 ) (11,189 ) Tax effects of restructuring (58,906 ) -- (58,906 ) Other change -- (309 ) (545 ) (854 ) Foreign currency translation -- 5,367 18 5,385 Balance as of December 31, 2015 $ (58,906 ) $ (54,299 ) $ (1,882 ) $ (115,087 ) As a result of the internal restructuring, a full valuation allowance was placed against excess foreign tax credits totaling $58.9 million. Indefinite Reinvestment of Earnings. At December 31, 2015, due to the internal restructuring in connection with the Redomicile Transaction, we have no undistributed earnings of foreign subsidiaries subject to income tax in Canada. Unrecognized Tax Benefits. 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 2010 are subject to audit by the Australian Taxation Office. Our US subsidiary’s federal tax returns from 2014 are subject to audit by the US Internal Revenue Service. The total amount of unrecognized tax benefits as of December 31, 2015 and 2014 was $0.7 million and $0.7 million, respectively. 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, 2015 and 2014, 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): 2015 2014 2013 Balance as of January 1 $ 679 $ 679 $ 679 Additions for tax positions of prior years -- -- -- Reductions for tax positions of prior years -- -- -- Reductions for settlements -- -- -- Lapse of the applicable statute of limitations -- -- -- Balance as of December 31 $ 679 $ 679 $ 679 During the third quarter of 2015, management determined that, based upon ongoing communications with the Australian taxing authority and status of the current examination, an uncertain tax liability of approximately $8.1 million related to tax positions taken on previously filed Australian returns should be recorded. In the fourth quarter of 2015, the examination was concluded in our favor. As a result, in the fourth quarter, we have reversed the uncertain tax liability. 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 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. 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, 2015, were as follows (in thousands): 2016 $ 4,581 2017 4,227 2018 3,409 2019 2,947 2020 2,717 Thereafter 9,581 $ 27,462 Rental expense under operating leases was $7.6 million, $8.4 million and $7.1 million for the years ended December 31, 2015, 2014 and 2013, 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 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss increased $167.8 million from $198.5 million at December 31, 2014 to $366.3 million at December 31, 2015, as a result of foreign currency exchange rate changes. Changes in the other comprehensive loss during 2015 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$0.2 billion and A$0.5 billion, respectively, at December 31, 2015. |
Note 15 - Stock Based Compensat
Note 15 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 15. SHARE 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 statements of operations . 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 shares, performance awards, dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. No more than 4.0 million Civeo common shares 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 shares. Unvested restricted stock awards were replaced with substitute Civeo restricted share awards. Unvested deferred stock awards were replaced with substitute Civeo deferred share 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 Civeo common share 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. Upon effectiveness of the Redomicile Transaction, Civeo Canada assumed the Civeo US employee equity plans and related award agreements, including all options and awards issued or granted under such plans, as well as certain Civeo US benefit plans and agreements. In connection with the assumption of these plans, each plan was amended or deemed amended to provide that, as of the effectiveness of the Redomicile Transaction, the plans would include provisions, as applicable, reflecting the Redomicile Transaction and its effects, including changes made to reflect the fact that Civeo Canada common shares will be issued to satisfy awards issued or granted under such plan. Additionally, the 2014 Equity Participation Plan of Civeo Corporation was further amended to comply with applicable Canadian law, including with respect to grants to Canadian employees. Share-based compensation expense recognized in the years ended December 31, 2015, 2014 and 2013 totaled $5.6 million, $8.9 million and $6.4 million, respectively. Share-based compensation expense is reflected in Selling, general and administrative (SG&A) expense in our consolidated statements of operations. Options to Purchase Common Shares 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 and 2013 was based on a formula considering the vesting period, term of the options awarded and past experience. No options were awarded in 2015. Information for periods prior to the Spin-Off is based on stock option awards for Oil States’ common stock. 2014 (prior to Spin-Off) 2013 Risk-free weighted interest rate 1.27 % 0.6 % Expected life (in years) 4.1 4.1 Expected volatility 38 % 44 % 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 during the year ended December 31, 2015 and 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, 2014 532,926 $ 11.03 3.4 $ 66,130 Granted -- -- Exercised (137,771 ) 3.63 Forfeited / Expired (4,821 ) 16.43 Outstanding Options at December 31, 2015 390,334 $ 13.58 3.5 $ -- Exercisable Options at December 31, 2015 327,201 $ 12.43 2.8 $ -- The total intrinsic value of options exercised by our employees during 2015 and 2014 for periods subsequent to the Spin-Off was less than $100,000 and was $0.2 million, respectively. The total intrinsic value of options exercised by our employees during 2014 for periods prior to the Spin-Off and 2013 was $5.0 million and $8.2 million, respectively. Oil States received all cash from option exercises during 2014 for periods prior to the Spin-Off and 2013. The tax benefits realized for the tax deduction from options exercised during 2015 and 2014 for periods subsequent to the Spin-Off totaled less than $100,000 and zero, respectively. The tax benefits realized by Oil States for the tax deduction from stock options exercised during 2014 for periods prior to the Spin-Off and 2013 totaled $0.2 million and $0.6 million, respectively. At December 31, 2015, unrecognized compensation cost related to options was $ 0.2 million, which is expected to be recognized over a weighted average period of 1.7 years . The following table summarizes information for outstanding options of our employees at December 31, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding as of December 31, 2015 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable as of December 31, 2015 Weighted Average Exercise Price $ 8.21 174,508 0.13 $ 8.21 174,508 $ 8.21 $ 16.43 93,561 5.13 $ 16.43 93,561 $ 16.43 $ 17.48 51,087 7.14 $ 17.48 24,682 $ 17.48 $ 18.43 34,441 6.13 $ 18.43 25,257 $ 18.43 $ 21.87 36,737 8.13 $ 21.87 9,193 $ 21.87 $ 8.21 - 21.87 390,334 3.53 $ 13.58 327,201 $ 12.43 Restricted Share Awards / Deferred Share 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 share awards, of which half vested in February 2015 and the other half vested in February 2016. The following table presents the changes in restricted share and deferred share awards outstanding and related information for our employees during the year ended December 31, 2015 and 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, 2014 576,882 $ 19.78 Granted 1,208,642 3.61 Vested (248,215 ) 18.17 Forfeited (223,745 ) 7.54 Nonvested shares at December 31, 2015Total amortizable intangible assets 1,313,564 $ 7.29 The weighted average grant date fair value per share for restricted share and deferred share awards granted during 2015 and during 2014 subsequent to the Spin-Off was $3.61 and $21.14, respectively. 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 and 2013 was $100.43 and $80.25, respectively. The total fair value of restricted share and deferred share awards vested during 2015 and 2014 for periods subsequent to the Spin-Off was $0.9 million and $0.4 million, respectively. The total fair value of restricted stock and deferred stock awards vested during 2014 for periods prior to the Spin-Off and 2013 was $2.7 million and $1.0 million, respectively. At December 31, 2015, unrecognized compensation cost related to restricted share and deferred share awards was $7.1 million, which is expected to be recognized over a weighted average period of 2.4 years. Phantom Share Awards Each phantom share award is equal in value to one common share. Upon vesting, each recipient will receive a lump sum cash payment equal to the fair market value of a common share on the respective vesting date. These awards are accounted for as a liability that is remeasured at each reporting date until paid. On February 11, 2015, we granted 517,145 awards under the Civeo Plan, which vest in four equal annual installments beginning on February 11, 2016. We also granted 1,169,193 awards under the Canadian Long-Term Incentive Plan, which vest in three equal annual installments beginning on February 11, 2016. During the second quarter 2015, we granted an additional 192,876 awards under the Canadian Long-Term Incentive Plan. 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. 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, 2015, the balance of the liability for the phantom share awards was $0.7 million. For the years ended December 31, 2015, 2014 and 2013, we made phantom share cash payments of $0.8 million, $3.9 million and $1.4 million, respectively. At December 31, 2015, unrecognized compensation cost related to phantom shares was $1.8 million, as remeasured at December 31, 2015, which is expected to be recognized over a weighted average period of 2.5 years. |
Note 16 - Segment and Related I
Note 16 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. 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, 2015, 2014 and 2013 is summarized in the following table (in thousands): Total Revenues Less: Intersegment Revenues Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Capital expenditures Total assets 2015 Canada $ 344,249 $ -- $ 344,249 $ 89,269 $ (73,215 ) $ 41,446 $ 579,816 Australia 135,964 -- 135,964 51,392 (24,817 ) 12,160 424,731 United States 40,146 (2,396 ) 37,750 11,833 (40,083 ) 2,170 71,710 Corporate, stand-alone adjustments and eliminations (2,396 ) 2,396 -- 496 (6,888 ) 6,675 (5,045 ) Total $ 517,963 $ -- $ 517,963 $ 152,990 $ (145,003 ) $ 62,451 $ 1,071,212 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 Financial information by geographic segment for each of the three years ended December 31, 2015, 2014 and 2013, 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 2015 Revenues from unaffiliated customers $ 344,249 $ 135,964 $ 37,750 $ 517,963 Long-lived assets 532,419 390,623 56,935 979,977 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 |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. 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 13 – 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 share-based compensation. See Note 15 – Share Based Compensation. The Transition Services Agreement sets forth the terms on which Oil States provided to us, and we provided 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 included 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 included information technology systems, financial audit support, tax support and other corporate services. The agreement provided 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 $0.3 million and $1.3 million during the years ended December 31, 2015 and 2014, respectively. 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 and 2013, $41.7 million and $130.2 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 and 2013, we were allocated $2.8 million and $6.1 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 and 2013 are as follows (in thousands): 2014 2013 Cash transfers and general financing activities $ (13,255 ) $ 29,098 Services received or funding for expenditures 41,725 130,159 Corporate allocations, including income tax provision (1) 3,950 7,216 Net increase in Oil States net investment $ 32,420 $ 166,473 (1) Corporate allocations includes the general corporate expense allocations of $2.8 million and $6.1 million for the years ended December 31, 2014 and 2013, 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 18 - Valuation Accounts
Note 18 - Valuation Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 18. VALUATION ACCOUNTS 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, 2015: Allowance for doubtful accounts receivable $ 4,043 $ 1,004 $ (3,844 ) $ (82 ) $ 1,121 Valuation allowance for deferred tax assets 49,523 70,095 -- (4,531 ) 115,087 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 |
Note 19 - Quarterly Financial I
Note 19 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table summarizes quarterly financial information for 2015 and 2014 (in thousands, except per share amounts): First Quarter (2) Second Quarter (3) Third Quarter (4) Fourth Quarter (5) 2015 Revenues $ 170,987 $ 143,147 $ 106,544 $ 97,285 Gross profit (1) 68,076 53,723 36,793 31,758 Net income (loss) attributable to Civeo (16 ) (13,461 ) (107,685 ) (10,597 ) Basic earnings (loss) per share 0.00 (0.13 ) (1.01 ) (0.10 ) Diluted earnings (loss) per share 0.00 (0.13 ) (1.01 ) (0.10 ) 2014 Revenues $ 252,799 $ 227,133 $ 243,265 $ 219,694 Gross profit (1) 109,289 93,828 106,164 88,689 Net income attributable to Civeo 36,239 13,949 32,403 (271,634 ) Basic earnings per share 0.34 0.13 0.30 (2.54 ) Diluted earnings per share 0.34 0.13 0.30 (2.54 ) (1) Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations . (2) In the first quarter of 2015, we recognized the following items: ● Costs associated with our planned migration to Canada of $1.1 million ($0.8 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the consolidated statements of operations . ● A loss of $3.8 million ($2.4 million after-tax, or $0.02 per diluted share) of which $1.1 million is included in cost of sales and services and $2.7 million is included in impairment expense. This charge relates to the decision to close a manufacturing facility in the United States. As a result, the related assets were written down to their estimated sales proceeds, less costs to sell. (3) In the second quarter of 2015, we recognized the following items: ● A charge of $9.5 million ($6.6 million after-tax, or $0.06 per diluted share), related to the impairment of certain fixed assets which carrying value we determined not to be recoverable. The charge, which is related to our Australia segment, is included in Impairment expense on the accompanying consolidated statements of operations . ● Costs associated with our migration to Canada of $2.4 million ($1.6 million after-tax, or $0.02 per diluted share), included in Selling, general and administrative expenses on the consolidated statements of operations . In the second quarter of 2014, we recognized the following items: ● A charge of $9.0 million ($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 the extinguishment of debt. ● Transition costs 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. (4) In the third quarter of 2015, we recognized the following items: ● Goodwill impairment losses of $43.2 million ($43.2 million after-tax, or $0.40 per diluted share), which are related to our Canadian segment, and are included in Impairment expense on the consolidated statements of operations . ● Fixed asset and intangible asset impairment losses of $67.5 million ($46.9 million after-tax, or $0.44 per diluted share), of which $20.5 million related to our U.S. segment, $24.0 million related to our Australian segment and $23.0 million related to our Canadian segment, and is included in Impairment expense on the consolidated statements of operations . The Canadian segment included $11.9 million related to assets that should have been impaired in the fourth quarter of 2014. We determined that the error was not material to our financial statements for the year ended December 31, 2014 and therefore corrected the error in the third quarter of 2015. ● Costs associated with our migration to Canada of $1.5 million ($1.0 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the consolidated statements of operations . ● $1.5 million, or $0.01 per diluted share, of losses incurred on extinguishment of debt. 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 2015, we recognized the following items: ● Costs associated with our migration to Canada of $1.9 million ($1.2 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the consolidated statements of operations . ● A foreign currency gain of $3.6 million that should have been recorded in the third quarter of 2015. We determined that the error was not material to our financial statements for the period ended September 30, 2015 and therefore corrected the error in the fourth quarter of 2015. 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), 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), 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 migration to Canada of $2.6 million ($1.7 million after-tax, or $0.02 per diluted share), 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. |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20. SUBSEQUENT EVENTS On February 18, 2016, we amended our Amended Credit Facility. Please see Note 9 – Debt for further information. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
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 consolidated statements of operations. |
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, 2015, 2014, and 2013, $1.6 million, $2.3 million and $0.8 million were capitalized, respectively. |
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 performing this analysis, the first step is 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 compare its carrying value to estimates of undiscounted future cash flows. 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. The estimates are consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, below. Based on the assessment, if the carrying values of certain of our asset groups are determined to not be recoverable, we proceed to the second step. In this step, we compare the fair value of the respective asset group to its carrying value. The fair value of the asset groups are 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. Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 and 2014 related to our long-lived assets. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill. 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. We conduct our annual impairment test as of November 30 of each year. Our goodwill balance was fully impaired at September 30, 2015. 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 previously 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. 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 potentially 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 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 Income Approach 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. Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 and 2014 related to our goodwill. Our goodwill balance was fully impaired at September 30, 2015. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Asset s. 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. Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 and 2014 related to our 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 shareholders’ equity 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 shareholders’ equity. 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. For the years ended December 31, 2015, 2014, and 2013, we recognized approximately $9.0 million, $0.2 million and $(1.3) million in foreign currency gains (losses), respectively. |
Foreign Exchange Risk, Policy [Policy Text Block] | For eign 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. Changes in job performance, job conditions, estimated profitability, and final contract settlements may result in revisions to projected costs and revenue and are recognized in the period in which the revisions 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 Canadian federal and provincial income taxes, as well as foreign income taxes. 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. 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. |
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. For the year ended December 31, 2015, each of Imperial Oil, Fort Hills Energy LP and BM Alliance Coal Operations Pty Ltd accounted for more than 10% of our revenues. For the year ended December 31, 2014, Imperial Oil accounted for more than 10% of our revenues. For the year ended December 31, 2013, each of Imperial Oil and BHP Billiton Mitsubishi Alliance accounted for more than 10% of our revenues. |
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 11 – Asset Retirement Obligations for further discussion. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation We, and, prior to the Spin-Off, Oil States, sponsor an equity participation plan in which certain of our employees participate. We measure the cost of employee services received in exchange for an award of equity instruments (typically option awards) 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 share price. Participants granted units of phantom shares are entitled to a lump sum cash payment equal to the fair market value of a common share 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 9 - 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 $0.1 million at December 31, 2015 and 2014, 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, 2015, the maximum potential amount of future payments that we could be required to make under these guarantee agreements (letters of credit) was approximately $6.0 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 U.S. GAAP 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, 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 November 2015, the FASB issued Accounting Standards Update (ASU) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU 2015-17). This new standard requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this guidance. Effective with our annual report for the period ending December 31, 2015, we have adopted the provisions of ASU 2015-17 prospectively to classify all deferred tax assets and liabilities as noncurrent. For further discussion, please see Note 12 – Income Taxes. In April 2015, the FASB issued ASU 2015-03 "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" (ASU 2015-03). ASU 2015-03 simplifies the presentation of debt issuance costs by requiring that such costs be presented as a deduction from the corresponding debt liability. The guidance is effective for financial statements issued for reporting periods beginning after December 15, 2015 and interim periods within the reporting periods and requires retrospective presentation. Early adoption is permitted. We plan to adopt the standard in the first quarter of 2016. As of December 31, 2015, we had debt issuance costs totaling $9.4 million, which are included in Prepaid expenses and other current assets ($2.6 million) and Other non-current assets ($6.8 million) on the accompanying consolidated balance sheets. A portion of these costs relate to revolving lines of credit, and will accordingly continue to be included in Prepaid expenses and other current assets or Other non-current assets. In May 2014, the FASB issued ASU 2014-09 establishing Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers" (ASC 606). ASC 606 establishes a comprehensive new revenue recognition model designed to depict the transfer of goods or services to a customer in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for those goods or services and requires significantly enhanced revenue disclosures. The standard is effective for annual reporting periods beginning after December 15, 2017. Accordingly, we plan to adopt this standard in the first quarter of 2018. ASC 606 allows either full retrospective or modified retrospective transition, and early adoption is not permitted. We continue to evaluate both the impact of this new standard on our financial statements and the transition method we will utilize for adoption. |
Note 3 - Impairment Charges (Ta
Note 3 - Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Asset Impairment Charges [Table Text Block] | Canada Australia U.S. and Other Total Quarter ended March 31, 2015 Long-lived assets $ -- $ -- $ 2,738 $ 2,738 Quarter ended June 30, 2015 Long-lived assets -- 9,473 -- 9,473 Quarter ended September 30, 2015 Goodwill 43,194 -- -- 43,194 Long-lived assets 23,041 23,980 18,040 65,061 Intangible assets -- -- 2,460 2,460 Total $ 66,235 $ 33,453 $ 23,238 $ 122,926 Canada Australia U.S. and Other Total Quarter ended June 30, 2014 Long-lived assets $ -- $ -- $ 2,621 $ 2,621 Intangible assets -- 8,989 -- 8,989 Quarter ended December 31, 2014 Goodwill -- 186,097 16,632 202,729 Long-lived assets 17,197 -- 55,776 72,973 Intangible assets -- -- 3,196 3,196 Total $ 17,197 $ 195,086 $ 78,225 $ 290,508 |
Note 5 - Details of Selected 32
Note 5 - Details of Selected Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2015 2014 Accounts receivable, net: Trade $ 44,650 $ 124,198 Unbilled revenue 16,649 38,487 Other 1,289 1,611 Total accounts receivable 62,588 164,296 Allowance for doubtful accounts (1,121 ) (4,043 ) Total accounts receivable, net $ 61,467 $ 160,253 |
Schedule of Inventory, Current [Table Text Block] | 2015 2014 Inventories: Finished goods and purchased products $ 1,854 $ 2,814 Work in process 1,260 4,790 Raw materials 2,517 5,624 Total inventories $ 5,631 $ 13,228 |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Life (in years) 2015 2014 Property, plant and equipment, net: Land $ 47,825 $ 55,365 Accommodations assets 3-15 1,482,842 1,687,033 Buildings and leasehold improvements 3-20 29,099 40,256 Machinery and equipment 4-15 9,183 12,117 Office furniture and equipment 3-7 29,172 32,181 Vehicles 3-5 15,412 19,128 Construction in progress 52,558 70,603 Total property, plant and equipment 1,666,091 1,916,683 Accumulated depreciation (734,177 ) (668,253 ) Total property, plant and equipment, net $ 931,914 $ 1,248,430 |
Schedule of Accrued Liabilities [Table Text Block] | 2015 2014 Accrued liabilities: Accrued compensation $ 11,726 $ 15,273 Accrued taxes, other than income taxes 963 1,567 Accrued interest 12 60 Other 2,133 5,612 Total accrued liabilities $ 14,834 $ 22,512 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 Basic Earnings per Share Net income (loss) attributable to Civeo $ (131,759 ) $ (189,043 ) $ 181,876 Less: undistributed net income (loss) to participating securities -- 921 (743 ) Net income (loss) attributable to Civeo’s common shareholders - basic $ (131,759 ) $ (188,122 ) $ 181,133 Weighted average common shares outstanding - basic 106,604 106,306 106,293 Basic earnings (loss) per share $ (1.24 ) $ (1.77 ) $ 1.70 Diluted Earnings per Share Net income (loss) attributable to Civeo’s common shareholders – basic $ (131,759 ) $ (188,122 ) $ 181,133 Less: undistributed net income (loss) to participating securities -- -- 1 Net income (loss) attributable to Civeo’s common shareholders - diluted $ (131,759 ) $ (188,122 ) $ 181,134 Weighted average common shares outstanding - basic 106,604 106,306 106,293 Effect of dilutive securities (1 ) -- -- 167 Weighted average common shares outstanding - diluted 106,604 106,306 106,460 Diluted earnings (loss) per share $ (1.24 ) $ (1.77 ) $ 1.70 |
Note 7 - Supplemental Cash Fl34
Note 7 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2015 2014 2013 Interest (net of amounts capitalized) $ 21,385 $ 14,444 $ 43,610 Income taxes paid, net of refunds (5,169 ) 43,237 65,875 |
Note 8 - Goodwill and Other I35
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Canadian Australian U.S. Total 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 Foreign currency translation (2,066 ) -- -- (2,066 ) Goodwill impairment (43,194 ) -- -- (43,194 ) Balance as of December 31, 2015 $ -- $ -- $ -- $ -- |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | AS OF DECEMBER 31, 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets Customer relationships $ 43,668 $ (26,278 ) $ 47,611 $ (21,740 ) Contracts / agreements 35,769 (17,885 ) 40,120 (16,048 ) Noncompete agreements 795 (790 ) 809 (680 ) Total amortizable intangible assets $ 80,232 $ (44,953 ) $ 88,540 $ (38,468 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Water rights $ -- $ -- $ 777 $ -- Licenses 30 -- 33 -- Total indefinite-lived intangible assets 30 -- 810 -- Total intangible assets $ 80,262 $ (44,953 ) $ 89,350 $ (38,468 ) |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2015 2014 U.S. term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter beginning December 31, 2015; weighted average interest rate of 2.7% for the twelve month period ended December 31, 2015 $ 49,375 $ 775,000 Canadian term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter beginning December 31, 2015; weighted average interest rate of 3.5% for the twelve month period ended December 31, 2015 300,165 -- U.S. revolving credit facility, which matures on May 28, 2019, with available commitments up to $50.0 million; no borrowings outstanding as of December 31, 2015 -- -- Canadian revolving credit facility, which matures on May 28, 2019, with available commitments up to $125.0 million; weighted average interest rate of 3.7% for the twelve month period ended December 31, 2015 52,020 -- Canadian revolving credit facility, which matures on May 28, 2019, with available commitments up to $100.0 million; no borrowings outstanding as of December 31, 2015 -- -- Australian revolving credit facility, which matures on May 28, 2019, with available commitments up to $100.0 million; no borrowings outstanding as of December 31, 2015 -- -- Total debt 401,560 775,000 Less: Current portion of long-term debt 17,698 19,375 Long-term debt, less current maturities $ 383,862 $ 755,625 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2016 $ 17,698 2017 17,698 2018 17,698 2019 348,466 $ 401,560 |
Schedule Of Changes In Maximum Leverage Ratio [Table Text Block] | Period Ended Maximum Leverage Ratio December 31, 2015 4.00 : 1.00 March 31, 2016 4.25 : 1.00 June 30, 2016 5.25 : 1.00 September 30, 2016 5.50 : 1.00 December 31, 2016 5.50 : 1.00 March 31, 2017 5.25 : 1.00 June 30, 2017 5.25 : 1.00 September 30, 2017 5.00 : 1.00 December 31, 2017 5.00 : 1.00 March 31, 2018 4.75 : 1.00 June 30, 2018 3.75 : 1.00 September 30, 2018 & thereafter 3.50 : 1.00 |
Note 11 - Asset Retirement Ob37
Note 11 - Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | 2015 2014 Asset retirement obligations $ 17,299 $ 21,610 Less: Asset retirement obligations due within one year* -- -- Long-term asset retirement obligations $ 17,299 $ 21,610 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | 2015 2014 2013 Balance as of January 1 $ 21,610 $ 6,095 $ 5,518 Accretion of discount 1,292 336 350 New obligations 81 797 566 Change in estimates of existing obligations (2,366 ) 14,838 34 Settlement of obligations (132 ) -- -- Foreign currency translation (3,186 ) (456 ) (373 ) Balance as of December 31 $ 17,299 $ 21,610 $ 6,095 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2015 2014 2013 Canada operations $ (73,691 ) $ 119,509 $ 205,408 Foreign operations (90,062 ) (275,792 ) 33,960 Total $ (163,753 ) $ (156,283 ) $ 239,368 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current: Canada $ (820 ) $ 27,046 $ 44,611 Foreign 1,906 -- (163 ) Total $ 1,086 $ 27,046 $ 44,448 Deferred: Canada $ (2,707 ) $ 23 $ 1,117 Foreign (31,468 ) 4,310 10,490 Total $ (34,175 ) $ 4,333 $ 11,607 Total Provision (Benefit) $ (33,089 ) $ 31,379 $ 56,055 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Federal tax provision (benefit) at statutory rates $ (44,213 ) 27.0 % $ (54,699 ) 35.0 % $ 83,778 35.0 % Effect of foreign income tax, net (15,088 ) 9.2 % (10,599 ) 6.8 % (27,051 ) (11.3 )% Goodwill impairment 11,533 (7.0 )% 19,798 (12.7 )% -- -- Valuation allowance 11,189 (6.8 )% 51,369 (32.9 )% -- -- Tax on future unremitted earnings (25,306 ) 15.4 % 26,077 (16.7 )% -- -- Tax effects of restructuring 17,600 (10.8 )% -- -- -- -- Deemed income from foreign subsidiaries 4,190 (2.6 )% -- -- -- -- Enacted tax rate change 3,332 (2.0 )% -- -- -- -- Other, net 3,674 (2.2 )% (567 ) 0.4 % (671 ) (0.3 )% Net income tax provision (benefit) $ (33,089 ) 20.2 % $ 31,379 (20.1 )% $ 56,056 23.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred tax assets: Net operating loss $ 12,528 $ 5,540 Foreign tax credits 58,906 -- Allowance for doubtful accounts -- 1,347 Employee benefits 5,326 2,074 Deductible goodwill and other intangibles 43,857 45,858 Other reserves 6,342 4,329 Unearned revenue 2,894 4,491 Other 1,893 2,478 Deferred tax assets 131,746 66,117 Valuation allowance (115,087 ) (49,523 ) Deferred tax assets, net $ 16,659 $ 16,594 Deferred tax liabilities: Depreciation $ (41,312 ) $ (60,558 ) Investment (738 ) (26,044 ) Deferred tax liabilities (42,050 ) (86,602 ) Net deferred tax liability $ (25,391 ) $ (70,008 ) |
Schedule of Deferred Tax Reclassifications [Table Text Block] | 2015 2014 (as reported) 2014 (under ASU 2015-17) Current deferred tax asset $ -- $ 4,620 $ -- Current deferred tax liability -- (21,452 ) -- Long-term deferred tax asset -- 2,324 -- Long-term deferred tax liability (25,391 ) (55,500 ) (70,008 ) Net deferred tax liability $ (25,391 ) $ (70,008 ) $ (70,008 ) |
Summary Of Operating Loss and Tax Credit Carry forwards [Table Text Block] | Amount Expiration Period Net operating loss carryforwards: Canada $ 18,853 Begins to expire in 2035 Australia 20,275 Does not expire U.S. – Federal -- U.S. – State 37,530 Begins to expire in 2022 Foreign tax credit carryforwards: U.S. 58,906 Begins to expire in 2025 |
Summary of Valuation Allowance [Table Text Block] | Foreign Tax Credits Deferred Tax Assets Other Total Balance as of December 31, 2014 $ -- $ (49,523 ) $ -- $ (49,523 ) Change in income tax provision -- (9,834 ) (1,355 ) (11,189 ) Tax effects of restructuring (58,906 ) -- (58,906 ) Other change -- (309 ) (545 ) (854 ) Foreign currency translation -- 5,367 18 5,385 Balance as of December 31, 2015 $ (58,906 ) $ (54,299 ) $ (1,882 ) $ (115,087 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2015 2014 2013 Balance as of January 1 $ 679 $ 679 $ 679 Additions for tax positions of prior years -- -- -- Reductions for tax positions of prior years -- -- -- Reductions for settlements -- -- -- Lapse of the applicable statute of limitations -- -- -- Balance as of December 31 $ 679 $ 679 $ 679 |
Note 13 - Commitments and Con39
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2016 $ 4,581 2017 4,227 2018 3,409 2019 2,947 2020 2,717 Thereafter 9,581 $ 27,462 |
Note 15 - Stock Based Compens40
Note 15 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 (prior to Spin-Off) 2013 Risk-free weighted interest rate 1.27 % 0.6 % Expected life (in years) 4.1 4.1 Expected volatility 38 % 44 % |
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, 2014 532,926 $ 11.03 3.4 $ 66,130 Granted -- -- Exercised (137,771 ) 3.63 Forfeited / Expired (4,821 ) 16.43 Outstanding Options at December 31, 2015 390,334 $ 13.58 3.5 $ -- Exercisable Options at December 31, 2015 327,201 $ 12.43 2.8 $ -- |
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, 2015 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable as of December 31, 2015 Weighted Average Exercise Price $ 8.21 174,508 0.13 $ 8.21 174,508 $ 8.21 $ 16.43 93,561 5.13 $ 16.43 93,561 $ 16.43 $ 17.48 51,087 7.14 $ 17.48 24,682 $ 17.48 $ 18.43 34,441 6.13 $ 18.43 25,257 $ 18.43 $ 21.87 36,737 8.13 $ 21.87 9,193 $ 21.87 $ 8.21 - 21.87 390,334 3.53 $ 13.58 327,201 $ 12.43 |
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, 2014 576,882 $ 19.78 Granted 1,208,642 3.61 Vested (248,215 ) 18.17 Forfeited (223,745 ) 7.54 Nonvested shares at December 31, 2015Total amortizable intangible assets 1,313,564 $ 7.29 |
Note 16 - Segment and Related41
Note 16 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Total Revenues Less: Intersegment Revenues Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Capital expenditures Total assets 2015 Canada $ 344,249 $ -- $ 344,249 $ 89,269 $ (73,215 ) $ 41,446 $ 579,816 Australia 135,964 -- 135,964 51,392 (24,817 ) 12,160 424,731 United States 40,146 (2,396 ) 37,750 11,833 (40,083 ) 2,170 71,710 Corporate, stand-alone adjustments and eliminations (2,396 ) 2,396 -- 496 (6,888 ) 6,675 (5,045 ) Total $ 517,963 $ -- $ 517,963 $ 152,990 $ (145,003 ) $ 62,451 $ 1,071,212 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 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Canada Australia U.S. and Other Total 2015 Revenues from unaffiliated customers $ 344,249 $ 135,964 $ 37,750 $ 517,963 Long-lived assets 532,419 390,623 56,935 979,977 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 |
Note 17 - Related Party Trans42
Note 17 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Condensed Cash Flow Statement [Table Text Block] | 2014 2013 Cash transfers and general financing activities $ (13,255 ) $ 29,098 Services received or funding for expenditures 41,725 130,159 Corporate allocations, including income tax provision (1) 3,950 7,216 Net increase in Oil States net investment $ 32,420 $ 166,473 |
Note 18 - Valuation Accounts (T
Note 18 - Valuation Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Summary Of Valuation And Qualifying Accounts [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, 2015: Allowance for doubtful accounts receivable $ 4,043 $ 1,004 $ (3,844 ) $ (82 ) $ 1,121 Valuation allowance for deferred tax assets 49,523 70,095 -- (4,531 ) 115,087 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 |
Note 19 - Quarterly Financial44
Note 19 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Quarterly Financial Information [Table Text Block] | First Quarter (2) Second Quarter (3) Third Quarter (4) Fourth Quarter (5) 2015 Revenues $ 170,987 $ 143,147 $ 106,544 $ 97,285 Gross profit (1) 68,076 53,723 36,793 31,758 Net income (loss) attributable to Civeo (16 ) (13,461 ) (107,685 ) (10,597 ) Basic earnings (loss) per share 0.00 (0.13 ) (1.01 ) (0.10 ) Diluted earnings (loss) per share 0.00 (0.13 ) (1.01 ) (0.10 ) 2014 Revenues $ 252,799 $ 227,133 $ 243,265 $ 219,694 Gross profit (1) 109,289 93,828 106,164 88,689 Net income attributable to Civeo 36,239 13,949 32,403 (271,634 ) Basic earnings per share 0.34 0.13 0.30 (2.54 ) Diluted earnings per share 0.34 0.13 0.30 (2.54 ) |
Note 1 - Description of Busin45
Note 1 - Description of Business and Basis of Presentation (Details Textual) | Jul. 17, 2015shares | May. 28, 2014USD ($) | May. 21, 2014 | May. 30, 2014shares | Sep. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 05, 2014 |
Intangible Asset Associated with the MAC Brand [Member] | Australian Segment [Member] | ||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 0 | |||||||||
Australian Segment [Member] | ||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 8,989,000 | |||||||||
Spinoff [Member] | Common Stock, Civeo [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | |||||||||
Spinoff [Member] | Common Stock, Oil States [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1 | |||||||||
Spinoff [Member] | Cash [Member] | ||||||||||
Payments of Distributions to Affiliates | $ 750,000,000 | |||||||||
Spinoff [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 106,538,044 | |||||||||
Civeo Canada [Member] | ||||||||||
Common Stock Conversion Ratio | 1 | |||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | shares | 107,500,000 | |||||||||
Revolving Credit Facility [Member] | Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 650,000,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 650,000,000 | |||||||||
Debt Instrument, Term | 5 years | |||||||||
Credit Facility [Member] | US Term Loan [Member] | ||||||||||
Debt Instrument, Face Amount | $ 775,000,000 | |||||||||
Credit Facility [Member] | ||||||||||
Debt Instrument, Face Amount | $ 1,400,000,000 | |||||||||
Amended Credit Facility [Member] | ||||||||||
Credit Facility Costs Incurred | $ 5,500,000 | |||||||||
Deferred Finance Costs, Net | 4,800,000 | |||||||||
Interest Expense | $ 700,000 | |||||||||
US Term Loan [Member] | ||||||||||
Debt Instrument, Term | 5 years | |||||||||
Number of Reportable Segments | 3 | |||||||||
Number of Companies Separated in Spin-off | 2 | |||||||||
Payments of Distributions to Affiliates | $ 750,000,000 | |||||||||
Substantial Business Activity Threshold | 25.00% | |||||||||
Approximate Percentage of Operations in Canada | 50.00% | |||||||||
Redomicile Transaction, Costs Incurred | $ 7,000,000 | 2,600,000 | ||||||||
Deferred Finance Costs, Net | 9,400,000 | |||||||||
Interest Expense | 22,585,000 | 14,396,000 | $ 6,029,000 | |||||||
Gains (Losses) on Extinguishment of Debt | $ (1,500,000) | (3,500,000) | $ (1,474,000) | (3,455,000) | $ (1,207,000) | |||||
Costs Incurred, Development Costs | $ 4,350,000 | |||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 8,989,000 |
Note 2 - Summary of Significa46
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Imperial Oil [Member] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Fort Hills Energy LP [Member] | |||
Concentration Risk, Percentage | 10.00% | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Billiton Mitsubishi Alliance [Member] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | |
Minimum [Member] | |||
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 6.5 | ||
Maximum [Member] | |||
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 9.5 | ||
Foreign Bank Deposits [Member] | |||
Foreign Currency Transaction Gain (Loss), Realized | $ 9,000,000 | $ 200,000 | $ 1,300,000 |
Prepaid Expenses and Other Current Assets [Member] | |||
Deferred Finance Costs, Net | 2,600,000 | ||
Other Noncurrent Assets [Member] | |||
Deferred Finance Costs, Net | 6,800,000 | ||
Guarantor Obligations, Current Carrying Value | 0 | ||
Interest Costs Capitalized | $ 1,600,000 | 2,300,000 | $ 800,000 |
Number of Reportable Segments | 3 | ||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | ||
Product Warranty Accrual | $ 100,000 | $ 100,000 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 6,000,000 | ||
Deferred Finance Costs, Net | $ 9,400,000 |
Note 3 - Impairment Charges (De
Note 3 - Impairment Charges (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Johnstown Facility [Member] | |||||||||
Disposal Group, Including Discontinued Operation, Assets, Current | $ 8,700,000 | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 2,700,000 | ||||||||
Inventory Write-down | 1,100,000 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 8,900,000 | ||||||||
Australian Segment [Member] | Intangible Asset Associated with the MAC Brand [Member] | |||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 0 | ||||||||
Australian Segment [Member] | |||||||||
Impairment of Long-Lived Assets Held-for-use | $ 23,980,000 | $ 9,473,000 | |||||||
Goodwill, Impairment Loss | $ 186,097,000 | ||||||||
Asset Impairment Charges | $ 33,453,000 | $ 195,086,000 | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 8,989,000 | ||||||||
Canadian Segment [Member] | Impaired Long-lived Asset with Impairment Not Due to an Error Correction [Member] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 11,100,000 | ||||||||
Canadian Segment [Member] | Asset Impairment Fourth Quarter of 2014 [Member] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 11,900,000 | ||||||||
Canadian Segment [Member] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 23,041,000 | 17,197,000 | |||||||
Goodwill | 0 | ||||||||
Goodwill, Impairment Loss | 43,194,000 | ||||||||
Asset Impairment Charges | 66,235,000 | $ 17,197,000 | |||||||
US Segment [Member] | Assets Excluding Goodwill [Member] | |||||||||
Asset Impairment Charges | 59,000,000 | ||||||||
US Segment [Member] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 18,000,000 | 55,800,000 | |||||||
Goodwill, Impairment Loss | 16,600,000 | ||||||||
Asset Impairment Charges | 20,500,000 | ||||||||
Impairment of Intangible Assets, Finite-lived | 2,500,000 | 3,200,000 | |||||||
Assets Excluding Goodwill [Member] | |||||||||
Asset Impairment Charges | 76,200,000 | ||||||||
MEXICO | |||||||||
Asset Impairment Charges | 2,600,000 | ||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 2,738,000 | ||||||||
Inventory Write-down | 1,015,000 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 12,683,000 | $ 12,086,000 | $ 7,488,000 | ||||||
Impairment of Long-Lived Assets Held-for-use | 65,061,000 | $ 9,473,000 | 72,973,000 | 2,621,000 | |||||
Goodwill | 45,260,000 | 45,260,000 | |||||||
Goodwill, Impairment Loss | 43,194,000 | 202,729,000 | |||||||
Asset Impairment Charges | $ 122,926,000 | $ 290,508,000 | |||||||
Impairment of Intangible Assets, Finite-lived | $ 2,460,000 | $ 3,196,000 | |||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 8,989,000 |
Note 3 - Summary of Pre-tax Imp
Note 3 - Summary of Pre-tax Impairment Charges Included in Impairment Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
US Segment and Other [Member] | ||||||
Long-lived assets | $ 2,738 | |||||
Long-lived assets | $ 18,040 | $ 55,776 | $ 2,621 | |||
Goodwill | 16,632 | |||||
Intangible assets | 2,460 | 3,196 | ||||
Total | $ 23,238 | $ 78,225 | ||||
Australian Segment [Member] | ||||||
Long-lived assets | 23,980 | |||||
Goodwill | 186,097 | |||||
Total | 33,453 | 195,086 | ||||
Intangible assets | 8,989 | |||||
Canadian Segment [Member] | ||||||
Long-lived assets | 23,041 | 17,197 | ||||
Goodwill | 43,194 | |||||
Total | 66,235 | 17,197 | ||||
Long-lived assets | $ 2,738 | |||||
Long-lived assets | 65,061 | 72,973 | 2,621 | |||
Goodwill | 43,194 | 202,729 | ||||
Intangible assets | $ 2,460 | $ 3,196 | ||||
Total | $ 122,926 | $ 290,508 | ||||
Intangible assets | $ 8,989 |
Note 5 - Accounts Receivable (D
Note 5 - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts Receivable, Gross, Current | $ 44,650 | $ 124,198 |
Unbilled Revenue [Member] | ||
Accounts receivable, net: | ||
Accounts Receivable, Gross, Current | 16,649 | 38,487 |
Other Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts Receivable, Gross, Current | 1,289 | 1,611 |
Accounts Receivable, Gross, Current | 62,588 | 164,296 |
Allowance for doubtful accounts | (1,121) | (4,043) |
Total accounts receivable, net | $ 61,467 | $ 160,253 |
Note 5 - Inventories (Details)
Note 5 - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories: | ||
Finished goods and purchased products | $ 1,854 | $ 2,814 |
Work in process | 1,260 | 4,790 |
Raw materials | 2,517 | 5,624 |
Total inventories | $ 5,631 | $ 13,228 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Accommodations Assets [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life | 3 years |
Accommodations Assets [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life | 15 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life | 3 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life | 20 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life | 4 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life | 15 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life | 7 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life | 5 years |
Note 5 - Accrued Liabilities (D
Note 5 - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued liabilities: | ||
Accrued compensation | $ 11,726 | $ 15,273 |
Accrued taxes, other than income taxes | 963 | 1,567 |
Accrued interest | 12 | 60 |
Other | 2,133 | 5,612 |
Total accrued liabilities | $ 14,834 | $ 22,512 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) | May. 30, 2014shares |
Spinoff [Member] | Common Stock, Civeo [Member] | |
Common Stock, Shares, Issued | 106,538,044 |
Note 6 - Calculation of Earning
Note 6 - Calculation of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Basic Earnings per Share | ||||
Net income (loss) attributable to Civeo | $ (131,759) | $ (189,043) | $ 181,876 | |
Less: undistributed net income (loss) to participating securities | 921 | (743) | ||
Net income (loss) attributable to Civeo’s common shareholders - basic | $ (131,759) | $ (188,122) | $ 181,133 | |
Weighted average common shares outstanding - basic (in shares) | 106,604 | 106,306 | 106,293 | |
Basic earnings (loss) per share (in dollars per share) | $ (1.24) | $ (1.77) | $ 1.70 | |
Diluted Earnings per Share | ||||
Net income (loss) attributable to Civeo’s common shareholders – basic | $ (131,759) | $ (188,122) | $ 181,133 | |
Less: undistributed net income (loss) to participating securities | 1 | |||
Net income (loss) attributable to Civeo’s common shareholders - diluted | $ (131,759) | $ (188,122) | $ 181,134 | |
Weighted average common shares outstanding - basic (in shares) | 106,604 | 106,306 | 106,293 | |
Effect of dilutive securities (1) (in shares) | [1] | 167 | ||
Weighted average common shares outstanding - diluted (in shares) | 106,604 | 106,306 | 106,460 | |
Diluted earnings (loss) per share (in dollars per share) | $ (1.24) | $ (1.77) | $ 1.70 | |
[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 years ended December 31, 2015 and 2014. |
Note 7 - Supplemental Cash Fl55
Note 7 - Supplemental Cash Flow Information (Details Textual) $ in Millions | 1 Months Ended |
May. 30, 2014USD ($) | |
Repayments Of Debt Non Cash Capital Contribution | $ 336.8 |
Note 7 - Cash Paid for Interest
Note 7 - Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest (net of amounts capitalized) | $ 21,385 | $ 14,444 | $ 43,610 |
Income taxes paid, net of refunds | $ (5,169) | $ 43,237 | $ 65,875 |
Note 8 - Goodwill and Other I57
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $ 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 7 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 36 days | 6 years 36 days | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 7.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7 | ||
Amortization of Intangible Assets | $ 7.6 | $ 9.6 | $ 10.2 |
Note 8 - Goodwill Carrying Amou
Note 8 - Goodwill Carrying Amount (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Canadian Segment [Member] | ||
Balance | $ 45,260,000 | $ 49,485,000 |
Foreign currency translation | (2,066,000) | (4,225,000) |
Goodwill impairment | (43,194,000) | 0 |
Balance | 0 | 45,260,000 |
Australian Segment [Member] | ||
Balance | 0 | 194,939,000 |
Foreign currency translation | 0 | (8,842,000) |
Goodwill impairment | 0 | (186,097,000) |
Balance | 0 | 0 |
US Segment [Member] | ||
Balance | 0 | 16,632,000 |
Foreign currency translation | 0 | 0 |
Goodwill impairment | 0 | (16,632,000) |
Balance | 0 | 0 |
Balance | 45,260,000 | 261,056,000 |
Foreign currency translation | (2,066,000) | (13,067,000) |
Goodwill impairment | (43,194,000) | (202,729,000) |
Balance | $ 0 | $ 45,260,000 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Customer Relationships [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | $ 43,668 | $ 47,611 |
Amortizable Intangible Assets, Accumulated Amortization | (26,278) | (21,740) |
Total intangible assets, accumulated amortization | (26,278) | (21,740) |
Customer Contracts [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 35,769 | 40,120 |
Amortizable Intangible Assets, Accumulated Amortization | (17,885) | (16,048) |
Total intangible assets, accumulated amortization | (17,885) | (16,048) |
Noncompete Agreements [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 795 | 809 |
Amortizable Intangible Assets, Accumulated Amortization | (790) | (680) |
Total intangible assets, accumulated amortization | (790) | (680) |
Water Rights [Member] | ||
Indefinite-Lived Intangible Assets Not Subject to Amortization | 777 | |
Licenses and Other [Member] | ||
Indefinite-Lived Intangible Assets Not Subject to Amortization | 30 | 33 |
Amortizable Intangible Assets, Gross Carrying Amount | 80,232 | 88,540 |
Amortizable Intangible Assets, Accumulated Amortization | (44,953) | (38,468) |
Indefinite-Lived Intangible Assets Not Subject to Amortization | 30 | 810 |
Total Intangible Assets, Gross Carrying Amount | 80,262 | 89,350 |
Total intangible assets, accumulated amortization | $ (44,953) | $ (38,468) |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) AUD in Millions | Feb. 18, 2016USD ($) | Dec. 31, 2015AUD | Jul. 17, 2015USD ($) | May. 28, 2014USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) |
Bank Guarantee Facility [Member] | ||||||||||
Long-term Line of Credit | $ 0 | |||||||||
Letters of Credit Outstanding, Amount | 0 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | AUD | AUD 5 | |||||||||
Bank Guarantee Outstanding | AUD | AUD 1.3 | |||||||||
US Revolving Credit Facility [Member] | Second Amended Credit Facility [Member] | Subsequent Event [Member] | US Term Loan [Member] | ||||||||||
Repayment of Principal Provided | $ 25,000,000 | |||||||||
US Revolving Credit Facility [Member] | Second Amended Credit Facility [Member] | Subsequent Event [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||||||||
US Revolving Credit Facility [Member] | Amended Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||||||||
Canadian Credit Facility [Member] | Second Amended Credit Facility [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||||
Leverage Ratio | 1.5 | |||||||||
Canadian Credit Facility [Member] | Second Amended Credit Facility [Member] | Subsequent Event [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |||||||||
Canadian Credit Facility [Member] | Second Amended Credit Facility [Member] | Subsequent Event [Member] | ||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ (25,000,000) | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||||
Canadian Credit Facility [Member] | ||||||||||
Letters of Credit Outstanding, Amount | 4,400,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 650,000,000 | |||||||||
Debt Instrument, Term | 5 years | |||||||||
U.S. Facility [Member] | ||||||||||
Letters of Credit Outstanding, Amount | 700,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 450,000,000 | |||||||||
Australian Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||||||||
New Canadian Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | |||||||||
Second Amended Credit Facility [Member] | Subsequent Event [Member] | US Term Loan [Member] | ||||||||||
Repayment of Principal Provided | $ 25,000,000 | |||||||||
Second Amended Credit Facility [Member] | Subsequent Event [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |||||||||
Second Amended Credit Facility [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||||
Leverage Ratio | 1.5 | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.13% | |||||||||
Second Amended Credit Facility [Member] | Subsequent Event [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||
Second Amended Credit Facility [Member] | Subsequent Event [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.51% | |||||||||
Second Amended Credit Facility [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | |||||||||
Maximum Holding Cash Amount for Three Business Days | $ 40,000,000 | |||||||||
Allocated to Civeo [Member] | US Term Loan [Member] | ||||||||||
Debt Instrument, Face Amount | $ 775,000,000 | |||||||||
Amended Credit Facility [Member] | US Term Loan [Member] | ||||||||||
Repayment of Principal Provided | 725,000,000 | |||||||||
Amended Credit Facility [Member] | Canadian Credit Facility [Member] | ||||||||||
Debt Instrument, Face Amount | $ 325,000,000 | |||||||||
Amended Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||||||
Amended Credit Facility [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.90% | |||||||||
Amended Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||
Amended Credit Facility [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.45% | |||||||||
Amended Credit Facility [Member] | ||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | United States of America, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Maximum [Member] | Base Rate [Member] | United States of America, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Maximum [Member] | Base Rate [Member] | Canada, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Maximum [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Canada, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Maximum [Member] | Bank Bill Swap Bid Rate (BBSY) [Member] | Canada, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | United States of America, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Minimum [Member] | Base Rate [Member] | United States of America, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Minimum [Member] | Base Rate [Member] | Canada, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Minimum [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Canada, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||
Subsequent Event [Member] | Line of Credit [Member] | Minimum [Member] | Bank Bill Swap Bid Rate (BBSY) [Member] | Canada, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||
Subsequent Event [Member] | ||||||||||
Interest Coverage Ratio | 3 | |||||||||
US Term Loan [Member] | ||||||||||
Debt Instrument, Term | 5 years | |||||||||
Line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | United States of America, Dollars | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||
Maximum [Member] | ||||||||||
Lender Commitments, Within Credit Agreement | 143,200,000 | |||||||||
Minimum [Member] | ||||||||||
Lender Commitments, Within Credit Agreement | $ 1,600,000 | |||||||||
Leverage Ratio | 4 | |||||||||
Gains (Losses) on Extinguishment of Debt | $ (1,500,000) | $ (3,500,000) | $ (1,474,000) | $ (3,455,000) | $ (1,207,000) | |||||
Number of Lenders | 15 | 15 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
US Term Loan [Member] | ||
Term loan | $ 49,375,000 | $ 775,000,000 |
Canadian Term Loan [Member] | ||
Term loan | 300,165,000 | |
US Revolving Credit Facility [Member] | ||
Long-term Line of Credit | 0 | |
Canadian Credit Facility 1 [Member] | ||
Long-term Line of Credit | 52,020,000 | |
Canadian Credit Facility 2 [Member] | ||
Long-term Line of Credit | 0 | |
Australian Credit Facility [Member] | ||
Long-term Line of Credit | 0 | |
Total debt | 401,560,000 | 775,000,000 |
Less: Current portion of long-term debt | 17,698,000 | 19,375,000 |
Long-term debt, less current maturities | $ 383,862,000 | $ 755,625,000 |
Note 9 - Long-term Debt (Deta62
Note 9 - Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
US Term Loan [Member] | ||
Term loan, matures | May 28, 2019 | May 28, 2019 |
Term loan, interest rate | 1.25% | 1.25% |
Term loan, weighted-average interest rate | 2.70% | |
Canadian Term Loan [Member] | ||
Term loan, matures | May 28, 2019 | |
Term loan, interest rate | 1.25% | |
Term loan, weighted-average interest rate | 3.50% | |
US Revolving Credit Facility [Member] | ||
Maturity date | May 28, 2019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |
Canadian Credit Facility 1 [Member] | ||
Maturity date | May 28, 2019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 125 | |
Line of credit facility, interest rate | 3.70% | |
Canadian Credit Facility 2 [Member] | ||
Maturity date | May 28, 2019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |
Australian Credit Facility [Member] | ||
Maturity date | May 28, 2019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 |
Note 9 - Long-term Debt Maturit
Note 9 - Long-term Debt Maturities (Details) $ in Thousands | Dec. 31, 2015USD ($) |
2,016 | $ 17,698 |
2,017 | 17,698 |
2,018 | 17,698 |
2,019 | 348,466 |
Total Debt | $ 401,560 |
Note 9 - Changes to Maximum Lev
Note 9 - Changes to Maximum Leverage Ratio (Details) | Feb. 18, 2016 |
As of December 31, 2015 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 4 |
March 31, 2016 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 4.25 |
June 30, 2016 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 5.25 |
September 30, 2016 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 5.5 |
December 31, 2016 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 5.5 |
March 31, 2017 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 5.25 |
June 30, 2017 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 5.25 |
September 30, 2017 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 5 |
December 31, 2017 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 5 |
March 31, 2018 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 4.75 |
June 30, 2018 [Member] | Subsequent Event [Member] | |
Leverage Ratio | 3.75 |
September 30, 2018 & Thereafter [Member] | Subsequent Event [Member] | |
Leverage Ratio | 3.5 |
Note 10 - Retirement Plans (Det
Note 10 - Retirement Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Profit Sharing Plan [Member] | Canadian Segment [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 12,685 | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 2 years | ||
Group Registered Retirement Savings Plan [Member] | Canadian Segment [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 24,930 | ||
Australian Segment [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 9.50% | ||
US Segment [Member] | Minimum [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | ||
US Segment [Member] | Maximum [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||
US Segment [Member] | A 100% for First 4% Contributed [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
US Segment [Member] | A 50% for the Next 2% Contributed [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
US Segment [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan, Cost Recognized | $ 9,600,000 | $ 16,300,000 | $ 18,600,000 |
Note 11 - Asset Retirement Ob66
Note 11 - Asset Retirement Obligations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation, Accretion Expense | $ 1,292 | $ 336 | $ 350 |
Asset Retirement Obligation, Revision of Estimate | $ (2,366) | $ 14,838 | $ 34 |
Note 11 - Asset Retirement Ob67
Note 11 - Asset Retirement Obligations (ARO) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Asset retirement obligations | $ 17,299,000 | $ 21,610,000 | |
Less: Asset retirement obligations due within one year* | [1] | 0 | 0 |
Long-term asset retirement obligations | $ 17,299,000 | $ 21,610,000 | |
[1] | Classified as a current liability on the consolidated balance sheets, under the caption "Other accruals." |
Note 11 - Change in Asset Retir
Note 11 - Change in Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance, beginning | $ 21,610 | $ 6,095 | $ 5,518 |
Asset Retirement Obligation, Accretion Expense | 1,292 | 336 | 350 |
New obligations | 81 | 797 | 566 |
Asset Retirement Obligation, Revision of Estimate | (2,366) | 14,838 | 34 |
Settlement of obligations | (132) | ||
Foreign currency translation | (3,186) | (456) | (373) |
Balance, ending | $ 17,299 | $ 21,610 | $ 6,095 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | |||||
Liability for Uncertain Tax Positions, Current | $ 8,100,000 | ||||
Foreign Tax Authority [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Tax Effects of Restructuring, Amount | $ 58,900,000 | ||||
Deferred Tax Liabilities, Undistributed Foreign Earnings, Reversal | 25,300,000 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Tax Effects of Restructuring, Amount | 58,906,000 | ||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 25,300,000 | ||||
Unrecognized Tax Benefits | 679,000 | 679,000 | $ 679,000 | $ 679,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 300,000 | $ 300,000 |
Note 12 - Consolidated Pre-tax
Note 12 - Consolidated Pre-tax Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Canada operations | $ (73,691) | $ 119,509 | $ 205,408 |
Foreign operations | (90,062) | (275,792) | 33,960 |
Total | $ (163,753) | $ (156,283) | $ 239,368 |
Note 12 - Components of Income
Note 12 - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Canada | $ (820) | $ 27,046 | $ 44,611 |
Foreign | 1,906 | (163) | |
Total | 1,086 | 27,046 | 44,448 |
Deferred: | |||
Canada | (2,707) | 23 | 1,117 |
Foreign | (31,468) | 4,310 | 10,490 |
Total | (34,175) | 4,333 | 11,607 |
Total Provision (Benefit) | $ (33,089) | $ 31,379 | $ 56,055 |
Note 12 - Income Tax Rate Recon
Note 12 - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal tax provision (benefit) at statutory rates | $ (44,213) | $ (54,699) | $ 83,778 |
Federal tax provision (benefit) at statutory rates | 27.00% | 35.00% | 35.00% |
Effect of foreign income tax, net | $ (15,088) | $ (10,599) | $ (27,051) |
Effect of foreign income tax, net | 9.20% | 6.80% | (11.30%) |
Goodwill impairment | $ 11,533 | $ 19,798 | |
Goodwill impairment | (7.00%) | (12.70%) | |
Valuation allowance | $ 11,189 | $ 51,369 | |
Valuation allowance | (6.80%) | (32.90%) | |
Tax on future unremitted earnings | $ (25,306) | $ 26,077 | |
Tax on future unremitted earnings | 15.40% | (16.70%) | |
Tax effects of restructuring | $ 17,600 | ||
Tax effects of restructuring | (10.80%) | ||
Deemed income from foreign subsidiaries | $ 4,190 | ||
Deemed income from foreign subsidiaries | (2.60%) | ||
Enacted tax rate change | $ 3,332 | ||
Enacted tax rate change | (2.00%) | ||
Other, net | $ 3,674 | $ (567) | $ (671) |
Other, net | (2.20%) | 0.40% | (0.30%) |
Net income tax provision (benefit) | $ (33,089) | $ 31,379 | $ 56,055 |
Net income tax provision (benefit) | 20.20% | (20.10%) | 23.40% |
Note 12 - Deferred Tax Assets a
Note 12 - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Net operating loss | $ 12,528 | $ 5,540 |
Foreign tax credits | 58,906 | |
Allowance for doubtful accounts | 1,347 | |
Employee benefits | 5,326 | 2,074 |
Deductible goodwill and other intangibles | 43,857 | 45,858 |
Other reserves | 6,342 | 4,329 |
Unearned revenue | 2,894 | 4,491 |
Other | 1,893 | 2,478 |
Deferred tax assets | 131,746 | 66,117 |
Valuation allowance | (115,087) | (49,523) |
Deferred tax assets, net | 16,659 | 16,594 |
Depreciation | (41,312) | (60,558) |
Investment | (738) | (26,044) |
Deferred tax liabilities | (42,050) | (86,602) |
Net deferred tax liability | $ (25,391) | $ (70,008) |
Note 12 - Deferred Tax Reclassi
Note 12 - Deferred Tax Reclassifications (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Scenario, Previously Reported [Member] | ||
Current deferred tax asset | $ 4,620 | |
Current deferred tax liability | (21,452) | |
Long-term deferred tax asset | 2,324 | |
Long-term deferred tax liability | (55,500) | |
Net deferred tax liability | (70,008) | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Restatement Adjustment [Member] | ||
Long-term deferred tax liability | (70,008) | |
Net deferred tax liability | (70,008) | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Long-term deferred tax liability | $ (25,391) | |
Net deferred tax liability | (25,391) | |
Long-term deferred tax liability | (25,391) | (55,500) |
Net deferred tax liability | $ (25,391) | $ (70,008) |
Note 12 - NOL and Tax Credit Ca
Note 12 - NOL and Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |
Canada | $ 18,853 |
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | |
Canada | 20,275 |
State and Local Jurisdiction [Member] | |
Canada | 37,530 |
Domestic Tax Authority [Member] | |
U.S. | $ 58,906 |
Note 12 - Changes in Valuation
Note 12 - Changes in Valuation Allowance (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Foreign Tax Credits [Member] | Deferred Tax Assets, Income Tax Provision [Member] | |
Change in income tax provision | |
Foreign Tax Credits [Member] | Deferred Tax Assets, Other [Member] | |
Change in income tax provision | |
Foreign Tax Credits [Member] | Deferred Tax Assets, Foreign Currency Translation [Member] | |
Change in income tax provision | |
Foreign Tax Credits [Member] | |
Balance | |
Tax effects of restructuring | $ (58,906) |
Balance | 58,906 |
Valuation Allowance of Deferred Tax Assets [Member] | Deferred Tax Assets, Income Tax Provision [Member] | |
Change in income tax provision | $ (9,834) |
Valuation Allowance of Deferred Tax Assets [Member] | Deferred Tax Assets, Other [Member] | |
Change in income tax provision | |
Valuation Allowance of Deferred Tax Assets [Member] | Deferred Tax Assets, Foreign Currency Translation [Member] | |
Change in income tax provision | |
Valuation Allowance of Deferred Tax Assets [Member] | |
Balance | |
Tax effects of restructuring | |
Balance | $ 54,299 |
Valuation Allowance, Other Tax Carryforward [Member] | Deferred Tax Assets, Income Tax Provision [Member] | |
Change in income tax provision | $ (1,355) |
Valuation Allowance, Other Tax Carryforward [Member] | Deferred Tax Assets, Other [Member] | |
Change in income tax provision | |
Valuation Allowance, Other Tax Carryforward [Member] | Deferred Tax Assets, Foreign Currency Translation [Member] | |
Change in income tax provision | |
Valuation Allowance, Other Tax Carryforward [Member] | |
Balance | |
Tax effects of restructuring | |
Balance | $ 1,882 |
Deferred Tax Assets, Income Tax Provision [Member] | |
Change in income tax provision | (11,189) |
Deferred Tax Assets, Other [Member] | |
Change in income tax provision | (854) |
Deferred Tax Assets, Foreign Currency Translation [Member] | |
Change in income tax provision | 5,385 |
Balance | 49,523 |
Tax effects of restructuring | (58,906) |
Balance | $ 115,087 |
Note 12 - Unrecognized Tax Bene
Note 12 - Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance as of January 1 | $ 679,000 | $ 679,000 | $ 679,000 |
Additions for tax positions of prior years | |||
Reductions for tax positions of prior years | 0 | $ 0 | $ 0 |
Reductions for settlements | |||
Lapse of the applicable statute of limitations | 0 | $ 0 | $ 0 |
Balance as of December 31 | $ 679,000 | $ 679,000 | $ 679,000 |
Note 13 - Commitments and Con78
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leases, Rent Expense | $ 7.6 | $ 8.4 | $ 7.1 |
Note 13 - Minimum Future Operat
Note 13 - Minimum Future Operating Lease Obligations (Details) $ in Thousands | Dec. 31, 2015USD ($) |
2,016 | $ 4,581 |
2,017 | 4,227 |
2,018 | 3,409 |
2,019 | 2,947 |
2,020 | 2,717 |
Thereafter | 9,581 |
Total Lease Obligations | $ 27,462 |
Note 14 - Accumulated Other C80
Note 14 - Accumulated Other Comprehensive Loss (Details Textual) $ in Thousands, CAD in Billions, AUD in Billions | Dec. 31, 2015CAD | Dec. 31, 2015AUD | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 167,800 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (366,309) | $ (198,491) | ||
Translation Adjustment Functional to Reporting Currency, Net of Tax | CAD 0.2 | AUD 0.5 |
Note 15 - Stock Based Compens81
Note 15 - Stock Based Compensation (Details Textual) - USD ($) | Feb. 11, 2015 | May. 30, 2014 | May. 29, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted Stock and Deferred Stock Awards [Member] | Oil States [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 94,936 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | ||||||||
Restricted Stock and Deferred Stock Awards [Member] | Subsequent to Spin-Off [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 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 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 435,999 | ||||||||
Restricted Stock and Deferred Stock Awards [Member] | Cancelled Oil States Performance-Based Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 91,848 | ||||||||
Restricted Stock and Deferred Stock Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 20,000 | 27,764 | 223,745 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 188,005 | 1,208,642 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.14 | $ 3.61 | $ 100.43 | $ 80.25 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 900,000 | $ 2,700,000 | $ 1,000,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 7,100,000 | ||||||||
Phantom Share Units (PSUs) [Member] | Civeo Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 517,145 | ||||||||
Phantom Share Units (PSUs) [Member] | Canadian Long-Term Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 123,183 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,169,193 | 192,876 | |||||||
Phantom Share Units (PSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,337 | 565,706 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,800,000 | ||||||||
Share-based Compensation Arrangement Other Than Options Liability Balance | 700,000 | ||||||||
Phantom Share Cash Payments | $ 3,900,000 | $ 800,000 | $ 3,900,000 | 1,400,000 | |||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | 0 | ||||||||
Oil States [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 120,799 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||
Subsequent to Spin-Off [Member] | |||||||||
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 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 554,738 | 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 12,628 | 137,771 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | ||||||||
Allocated Share-based Compensation Expense | $ 5,600,000 | 8,900,000 | 6,400,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 100,000 | 5,000,000 | 8,200,000 | ||||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 100,000 | $ 200,000 | $ 600,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 200,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 255 days |
Note 15 - Valuation Assumptions
Note 15 - Valuation Assumptions of Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Risk-free weighted interest rate | 1.27% | 0.60% |
Expected life (in years) | 4 years 36 days | 4 years 36 days |
Expected volatility | 38.00% | 44.00% |
Note 15 - Stock Option Activity
Note 15 - Stock Option Activity (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Outstanding Options (in shares) | 554,738 | 532,926 |
Outstanding Options (in dollars per share) | $ 11.14 | $ 11.03 |
Exercised (in shares) | (12,628) | (137,771) |
Exercised (in dollars per share) | $ 11.95 | $ 3.63 |
Forfeited / Expired (in shares) | (9,184) | (4,821) |
Forfeited / Expired (in dollars per share) | $ 16.43 | $ 16.43 |
Outstanding Options (in shares) | 532,926 | 390,334 |
Outstanding Options (in dollars per share) | $ 11.03 | $ 13.58 |
Outstanding Options at December 31, 2014 | 3 years 146 days | 3 years 182 days |
Outstanding Options at December 31, 2014 | $ 66,130 | |
Outstanding Options at December 31, 2015 | 3 years 146 days | 3 years 182 days |
Exercisable Options at December 31, 2015 (in shares) | 327,201 | |
Exercisable Options at December 31, 2015 (in dollars per share) | $ 12.43 | |
Exercisable Options at December 31, 2015 | 2 years 292 days | |
Exercisable Options at December 31, 2015 |
Note 15 - Stock Options Outstan
Note 15 - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Exercise Price Range 1 [Member] | |
Range of Exercise Prices (in dollars per share) | $ 8.21 |
Options Outstanding Number Outstanding (in shares) | shares | 174,508 |
Options Outstanding Weighted Average Remaining Contractual Life | 47 days |
Options Exercisable Number Exercisable (in shares) | shares | 174,508 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 8.21 |
Exercise Price Range 2 [Member] | |
Range of Exercise Prices (in dollars per share) | $ 16.43 |
Options Outstanding Number Outstanding (in shares) | shares | 93,561 |
Options Outstanding Weighted Average Remaining Contractual Life | 5 years 47 days |
Options Exercisable Number Exercisable (in shares) | shares | 93,561 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 16.43 |
Exercise Price Range 3 [Member] | |
Range of Exercise Prices (in dollars per share) | $ 17.48 |
Options Outstanding Number Outstanding (in shares) | shares | 51,087 |
Options Outstanding Weighted Average Remaining Contractual Life | 7 years 51 days |
Options Exercisable Number Exercisable (in shares) | shares | 24,682 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 17.48 |
Exercise Price Range 4 [Member] | |
Range of Exercise Prices (in dollars per share) | $ 18.43 |
Options Outstanding Number Outstanding (in shares) | shares | 34,441 |
Options Outstanding Weighted Average Remaining Contractual Life | 6 years 47 days |
Options Exercisable Number Exercisable (in shares) | shares | 25,257 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 18.43 |
Exercise Price Range 5 [Member] | |
Range of Exercise Prices (in dollars per share) | $ 21.87 |
Options Outstanding Number Outstanding (in shares) | shares | 36,737 |
Options Outstanding Weighted Average Remaining Contractual Life | 8 years 47 days |
Options Exercisable Number Exercisable (in shares) | shares | 9,193 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 21.87 |
Range of Exercise Prices (in dollars per share) | $ 13.58 |
Options Outstanding Number Outstanding (in shares) | shares | 390,334 |
Options Outstanding Weighted Average Remaining Contractual Life | 3 years 193 days |
Options Exercisable Number Exercisable (in shares) | shares | 327,201 |
Options Exercisable Weighted Average Exercise Price (in dollars per share) | $ 12.43 |
Range of Exercise Prices (in dollars per share) | 8.21 |
Range of Exercise Prices (in dollars per share) | $ 21.87 |
Note 15 - Restricted Stock Awar
Note 15 - Restricted Stock Awards and Deferred Stock Awards (Details) - Restricted Stock and Deferred Stock Awards [Member] - $ / shares | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Nonvested shares at May 30, 2014 (in shares) | 435,999 | 576,882 | |
Nonvested shares at May 30, 2014 (in dollars per share) | $ 18.87 | $ 19.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 188,005 | 1,208,642 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.14 | $ 3.61 | $ 100.43 |
Vested (in shares) | (19,358) | (248,215) | |
Vested (in dollars per share) | $ 13.87 | $ 18.17 | |
Forfeited (in shares) | (27,764) | (223,745) | |
Forfeited (in dollars per share) | $ 18.75 | $ 7.54 | |
Nonvested shares at December 31, 2014 (in shares) | 576,882 | 1,313,564 | 576,882 |
Nonvested shares at December 31, 2014 (in dollars per share) | $ 19.78 | $ 7.29 | $ 19.78 |
Note 16 - Financial Information
Note 16 - Financial Information by Business Segment (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Canadian Segment [Member] | Operating Segments [Member] | |||
Total Revenues | $ 344,249,000 | $ 661,721,000 | $ 714,136,000 |
Canadian Segment [Member] | Intersegment Eliminations [Member] | |||
Total Revenues | (305,000) | (3,598,000) | |
Canadian Segment [Member] | |||
Total Revenues | 344,249,000 | 661,416,000 | 710,538,000 |
Depreciation and amortization | 89,269,000 | 91,893,000 | 85,180,000 |
Operating income (loss) | (73,215,000) | 106,580,000 | 190,470,000 |
Capital expenditures | 41,446,000 | 218,620,000 | 155,556,000 |
Total assets | 579,816,000 | 1,024,990,000 | 993,729,000 |
Australian Segment [Member] | Operating Segments [Member] | |||
Total Revenues | 135,964,000 | 213,279,000 | 255,457,000 |
Australian Segment [Member] | |||
Total Revenues | 135,964,000 | 213,279,000 | 255,457,000 |
Depreciation and amortization | 51,392,000 | 62,924,000 | 64,691,000 |
Operating income (loss) | (24,817,000) | (155,851,000) | 75,197,000 |
Capital expenditures | 12,160,000 | 24,907,000 | 75,935,000 |
Total assets | 424,731,000 | 669,789,000 | 894,227,000 |
US Segment [Member] | Operating Segments [Member] | |||
Total Revenues | 40,146,000 | 123,328,000 | 91,311,000 |
US Segment [Member] | Intersegment Eliminations [Member] | |||
Total Revenues | (2,396,000) | (55,132,000) | (16,202,000) |
US Segment [Member] | |||
Total Revenues | 37,750,000 | 68,196,000 | 75,109,000 |
Depreciation and amortization | 11,833,000 | 20,281,000 | 17,488,000 |
Operating income (loss) | (40,083,000) | (86,959,000) | (3,320,000) |
Capital expenditures | 2,170,000 | 10,901,000 | 61,989,000 |
Total assets | 71,710,000 | 135,681,000 | 234,049,000 |
Corporate and Other [Member] | Operating Segments [Member] | |||
Total Revenues | (2,396,000) | (55,437,000) | (19,800,000) |
Corporate and Other [Member] | Intersegment Eliminations [Member] | |||
Total Revenues | 2,396,000 | 55,437,000 | 19,800,000 |
Corporate and Other [Member] | |||
Operating income (loss) | (6,888,000) | (6,661,000) | (2,891,000) |
Total assets | (5,045,000) | (1,299,000) | 1,232,000 |
Depreciation and amortization | 496,000 | (128) | (146) |
Capital expenditures | 6,675,000 | (3,270) | (1,786) |
Operating Segments [Member] | |||
Total Revenues | 517,963,000 | 942,891,000 | 1,041,104,000 |
Total Revenues | 517,963,000 | 942,891,000 | 1,041,104,000 |
Depreciation and amortization | 152,990,000 | 174,970,000 | 167,213,000 |
Operating income (loss) | (145,003,000) | (142,891,000) | 259,456,000 |
Capital expenditures | 62,451,000 | 251,158,000 | 291,694,000 |
Total assets | $ 1,071,212,000 | $ 1,829,161,000 | $ 2,123,237,000 |
Note 16 - Financial Informati87
Note 16 - Financial Information By Geographic Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Canadian Segment [Member] | |||||||
Revenues from unaffiliated customers | $ 344,249,000 | $ 661,416,000 | $ 710,538,000 | ||||
Long-lived assets | $ 532,419,000 | $ 746,983,000 | 532,419,000 | 746,983,000 | 664,466,000 | ||
Australian Segment [Member] | |||||||
Revenues from unaffiliated customers | 135,964,000 | 213,279,000 | 255,457,000 | ||||
Long-lived assets | 390,623,000 | 519,777,000 | 390,623,000 | 519,777,000 | 810,645,000 | ||
US Segment and Other [Member] | |||||||
Revenues from unaffiliated customers | 37,750,000 | 68,196,000 | 75,109,000 | ||||
Long-lived assets | 56,935,000 | 96,120,000 | 56,935,000 | 96,120,000 | 198,594,000 | ||
Revenues from unaffiliated customers | 97,285,000 | [1] | 219,694,000 | [1] | 517,963,000 | 942,891,000 | 1,041,104,000 |
Long-lived assets | $ 979,977,000 | $ 1,362,880,000 | $ 979,977,000 | $ 1,362,880,000 | $ 1,673,705,000 | ||
[1] | In the fourth quarter of 2015, we recognized the following items: Costs associated with our migration to Canada of $1.9 million ($0.0 million after-tax, or $0.00 per diluted share), included in Selling, general and administrative expenses on the consolidated statements of operations. A foreign currency gain of $3.6 million that should have been recorded in the third quarter of 2015. We determined that the error was not material to our financial statements for the period ended September 30, 2015 and therefore corrected the error in the fourth quarter of 2015. 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), 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), 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 migration to Canada of $2.6 million ($1.7 million after-tax, or $0.02 per diluted share), 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 $0.01 per diluted share), which are primarily corporate in nature, are included in Spin-off and formation costs on the consolidated statements of operations. |
Note 17 - Related Party Trans88
Note 17 - Related Party Transactions (Details Textual) - USD ($) | May. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 30, 2014 |
Oil States [Member] | Transition Services Agreement [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 300,000 | $ 1,300,000 | |||
Oil States [Member] | Services and Funding [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 41,700,000 | $ 130,200,000 | |||
Oil States [Member] | General Corporate Expense [Member] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 2,800,000 | 6,100,000 | |||
Oil States [Member] | Selling, General and Administrative Expenses [Member] | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 2,800,000 | $ 6,100,000 | |||
Oil States [Member] | |||||
Payments of Distributions to Affiliates | $ 750,000,000 | ||||
Due to Related Parties | $ 336,800,000 | ||||
Payments of Distributions to Affiliates | 750,000,000 | ||||
Due to Related Parties | $ 401,560,000 | $ 775,000,000 |
Note 17 - Oil States' Net Inves
Note 17 - Oil States' Net Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Oil States [Member] | |||
Cash transfers and general financing activities | $ (13,255) | $ 29,098 | |
Services received or funding for expenditures | 41,725 | 130,159 | |
Corporate allocations, including income tax provision (1) | [1] | 3,950 | 7,216 |
Net increase in Oil States net investment | 32,420 | 166,473 | |
Net increase in Oil States net investment | $ 369,219 | $ 166,473 | |
[1] | Corporate allocations includes the general corporate expense allocations of $2.8 million and $6.1 million for the years ended December 31, 2014 and 2013, respectively, the impact of the income tax provision, the allocation of corporate insurance premiums, and the attribution of certain assets and liabilities that have historically been held at the Oil States corporate level, but which are specifically identifiable or otherwise allocable to us. The attributed assets and liabilities are included in Civeo's consolidated balance sheets. |
Note 18 - Activity in Valuation
Note 18 - Activity in Valuation Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Balance at Beginning of Period | $ 4,043 | $ 3,656 | $ 1,118 |
Charged to Costs and Expenses | 1,004 | 503 | 2,628 |
Deductions | (3,844) | (51) | (7) |
Translation and Other, Net | (82) | (65) | (83) |
Balance at End of Period | 1,121 | 4,043 | $ 3,656 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Balance at Beginning of Period | 49,523 | ||
Charged to Costs and Expenses | 70,095 | 49,523 | |
Translation and Other, Net | (4,531) | ||
Balance at End of Period | $ 115,087 | $ 49,523 |
Note 19 - Quarterly Financial91
Note 19 - Quarterly Financial Information (Unaudited) (Details Textual) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 03, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selling, General and Administrative Expenses [Member] | Canadian Segment [Member] | Executive Officer [Member] | |||||||||||
Severance Costs | $ 4,100,000 | ||||||||||
Severance Cost, Net of Tax | $ 3,100,000 | ||||||||||
Severance Costs, Per Diluted Share, Net of Tax | $ 0.03 | ||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||
Migration Costs | $ 1,900,000 | $ 1,500,000 | $ 2,400,000 | $ 1,100,000 | $ 2,600,000 | ||||||
Migration Costs, Net of Tax | $ 1,200,000 | $ 1,000,000 | $ 1,600,000 | $ 800,000 | $ 1,700,000 | ||||||
Migration Costs, Per Diluted Share, Net of Tax | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.01 | $ 0.02 | ||||||
Cost of Sales [Member] | Johnstown Facility [Member] | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ (1,100,000) | ||||||||||
Impairment Expense [Member] | Johnstown Facility [Member] | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | (2,700,000) | ||||||||||
Impairment Expense [Member] | Australian Segment [Member] | Fixed Assets [Member] | |||||||||||
Impairment Effect on Earnings Per Share, after Tax | $ 0.06 | ||||||||||
Impairment Expense [Member] | Australian Segment [Member] | Indefinite-lived Intangible Assets [Member] | |||||||||||
Impairment Effect on Earnings Per Share, after Tax | $ 0.06 | ||||||||||
Impairment Expense [Member] | Australian Segment [Member] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 9,500,000 | ||||||||||
Impairment of Long-lived Assets Held for Use, Net of Tax | 6,600,000 | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 9,000,000 | ||||||||||
Impairment of Intangible Assets, Excluding Goodwill, After Tax | $ 6,300,000 | ||||||||||
Impairment Expense [Member] | US Segment [Member] | Fixed Assets [Member] | |||||||||||
Impairment Effect on Earnings Per Share, after Tax | $ 0.02 | ||||||||||
Impairment Expense [Member] | US Segment [Member] | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 2,600,000 | ||||||||||
Impairment of Long-lived Assets Held for Use, Net of Tax | 1,700,000 | ||||||||||
Impairment Expense [Member] | Canadian Segment [Member] | |||||||||||
Goodwill, Impairment Loss | $ 43,200,000 | ||||||||||
Goodwill, Impairment Loss, Net of Tax | $ 43,200,000 | ||||||||||
Goodwill Impairment Loss, Per Diluted Share, Net of Tax | $ 0.40 | ||||||||||
Spin-off and Formation Costs [Member] | |||||||||||
Transition Costs Related to SpinOff | $ 900,000 | $ 1,000,000 | 1,900,000 | ||||||||
Transition Costs Related to Spin-off, Net of Tax | $ 600,000 | $ 700,000 | $ 1,200,000 | ||||||||
Transition Costs Related to Spin-off, Per Diluted Share, Net of Tax | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Johnstown Facility [Member] | |||||||||||
Gain (Loss) on Disposition of Assets | $ (3,800,000) | ||||||||||
Gain (Loss) on Disposition of Assets, Net of Tax | $ 2,400,000 | ||||||||||
Gain (Loss) on Disposition of Assets, Per Diluted Share, Net of Tax | $ 0.02 | ||||||||||
Impairment of Long-Lived Assets to be Disposed of | 2,700,000 | ||||||||||
Australian Segment [Member] | The Mac Brand [Member] | |||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 0 | ||||||||||
Australian Segment [Member] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 23,980,000 | 9,473,000 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 24,000,000 | ||||||||||
Goodwill, Impairment Loss | $ 186,097,000 | ||||||||||
US Segment [Member] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | 18,000,000 | 55,800,000 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 20,500,000 | 59,000,000 | |||||||||
Goodwill, Impairment Loss | 16,600,000 | ||||||||||
Canadian Segment [Member] | Assets Should Have Been Impaired in Prior Period [Member] | |||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 11,900,000 | ||||||||||
Canadian Segment [Member] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | 23,041,000 | 17,197,000 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 23,000,000 | 17,200,000 | |||||||||
Goodwill, Impairment Loss | 43,194,000 | ||||||||||
Gain (Loss) on Disposition of Assets | $ 1,826,000 | $ 5,877,000 | $ 2,395,000 | ||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 2,738,000 | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 65,061,000 | $ 9,473,000 | $ 72,973,000 | 2,621,000 | |||||||
Impairment Effect on Earnings Per Share, after Tax | $ 0.44 | $ 0.48 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 67,500,000 | $ 76,200,000 | |||||||||
Impairment of Intangible Assets, Excluding Goodwill, After Tax | 46,900,000 | 51,200,000 | |||||||||
Gains (Losses) on Extinguishment of Debt | $ (1,500,000) | $ (3,500,000) | $ (1,474,000) | $ (3,455,000) | $ (1,207,000) | ||||||
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax | $ 0.01 | $ 0.02 | |||||||||
Goodwill, Impairment Loss | $ 43,194,000 | 202,729,000 | |||||||||
Goodwill, Impairment Loss, Net of Tax | $ 201,200,000 | ||||||||||
Goodwill Impairment Loss, Per Diluted Share, Net of Tax | $ 1.89 | ||||||||||
Foreign Currency Transaction Gain, before Tax | $ 3,600,000 | ||||||||||
Tax Expense from the Establishment of a Deferred Tax Liability | $ 34,900,000 | ||||||||||
Tax Expense from the Establishment of a Deferred Tax Liability, Per Diluted Share | $ 0.33 |
Note 19 - Quarterly Financial92
Note 19 - Quarterly Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [4] | Dec. 31, 2014 | [1] | Sep. 30, 2014 | [2] | Jun. 30, 2014 | [3] | Mar. 31, 2014 | [4] | ||
Revenues from unaffiliated customers | $ 97,285 | $ 106,544 | $ 143,147 | $ 170,987 | $ 219,694 | $ 243,265 | $ 227,133 | $ 252,799 | |||||||||
Gross profit(1) | [5] | 31,758 | 36,793 | 53,723 | 68,076 | 88,689 | 106,164 | 93,828 | 109,289 | ||||||||
Net income (loss) attributable to Civeo | $ (10,597) | $ (107,685) | $ (13,461) | $ (16) | $ (271,634) | $ 32,403 | $ 13,949 | $ 36,239 | |||||||||
Basic earnings (loss) per share (in dollars per share) | $ (0.10) | $ (1.01) | $ (0.13) | $ 0 | $ (2.54) | $ 0.30 | $ 0.13 | $ 0.34 | |||||||||
Diluted earnings (loss) per share (in dollars per share) | $ (0.10) | $ (1.01) | $ (0.13) | $ 0 | $ (2.54) | $ 0.30 | $ 0.13 | $ 0.34 | |||||||||
[1] | In the fourth quarter of 2015, we recognized the following items: Costs associated with our migration to Canada of $1.9 million ($0.0 million after-tax, or $0.00 per diluted share), included in Selling, general and administrative expenses on the consolidated statements of operations. A foreign currency gain of $3.6 million that should have been recorded in the third quarter of 2015. We determined that the error was not material to our financial statements for the period ended September 30, 2015 and therefore corrected the error in the fourth quarter of 2015. 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), 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), 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 migration to Canada of $2.6 million ($1.7 million after-tax, or $0.02 per diluted share), 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 2015, we recognized the following items: Goodwill impairment losses of $43.2 million ($43.2 million after-tax, or $0.40 per diluted share), which are related to our Canadian segment, and are included in Impairment expense on the consolidated statements of operations. Fixed asset and intangible asset impairment losses of $67.5 million ($46.9 million after-tax, or $0.44 per diluted share), of which $20.5 million related to our U.S. segment, $24.0 million related to our Australian segment and $23.0 million related to our Canadian segment, and is included in Impairment expense on the consolidated statements of operations. Costs associated with our migration to Canada of $1.5 million ($1.0 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the consolidated statements of operations. $1.5 million, or $0.01 per diluted share, of losses incurred on extinguishment of debt. 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 2015, we recognized the following items: A charge of $9.5 million ($6.6 million after-tax, or $0.06 per diluted share), related to the impairment of certain fixed assets which carrying value we determined not to be recoverable. The charge, which is related to our Australia segment, is included in Impairment expense on the accompanying consolidated statements of operations. Costs associated with our migration to Canada of $2.4 million ($1.6 million after-tax, or $0.02 per diluted share), included in Selling, general and administrative expenses on the consolidated statements of operations. In the second quarter of 2014, we recognized the following items: A charge of $9.0 million ($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 the extinguishment of debt. Transition costs 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. | ||||||||||||||||
[4] | In the first quarter of 2015, we recognized the following items: Costs associated with our planned migration to Canada of $1.1 million ($0.8 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the consolidated statements of operations. A loss of $3.8 million ($2.4 million after-tax, or $0.02 per diluted share) of which $1.1 million is included in cost of sales and services and $2.7 million is included in impairment expense. This charge relates to the decision to close a manufacturing facility in the United States. As a result, the related assets were written down to their estimated sales proceeds, less costs to sell. | ||||||||||||||||
[5] | Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations. |