Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 19, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
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) | 132,313,751 | ||
Entity Public Float | $ 273,686,965 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Service and other | $ 371,462 | $ 378,585 | $ 489,788 |
Product | 10,814 | 18,645 | 28,175 |
Total revenues | 382,276 | 397,230 | 517,963 |
Costs and expenses: | |||
Service and other costs | 244,978 | 238,037 | 300,888 |
Product costs | 12,280 | 21,613 | 26,725 |
Selling, general and administrative expenses | 63,431 | 55,297 | 68,441 |
Depreciation and amortization expense | 126,443 | 131,302 | 152,990 |
Impairment expense | 31,604 | 46,129 | 122,926 |
Other operating expense (income) | 1,511 | 612 | (9,004) |
Total costs and expenses | 480,247 | 492,990 | 662,966 |
Operating loss | (97,971) | (95,760) | (145,003) |
Interest expense to third-parties, net of capitalized interest | (21,439) | (22,667) | (22,585) |
Loss on extinguishment of debt | (842) | (302) | (1,474) |
Interest income | 200 | 152 | 2,033 |
Other income | 1,308 | 2,645 | 3,276 |
Loss before income taxes | (118,744) | (115,932) | (163,753) |
Income tax benefit | 13,490 | 20,105 | 33,089 |
Net loss | (105,254) | (95,827) | (130,664) |
Less: Net income attributable to noncontrolling interest | 459 | 561 | 1,095 |
Net loss attributable to Civeo Corporation | $ (105,713) | $ (96,388) | $ (131,759) |
Per Share Data (see Note 6) | |||
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.82) | $ (0.90) | $ (1.24) |
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.82) | $ (0.90) | $ (1.24) |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 128,365 | 107,024 | 106,604 |
Diluted (in shares) | 128,365 | 107,024 | 106,604 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss | $ (105,254) | $ (95,827) | $ (130,664) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment, net of tax of zero, zero and $1.9 million, respectively | 35,038 | 3,389 | (168,363) |
Total other comprehensive income (loss), net of tax | 35,038 | 3,389 | (168,363) |
Comprehensive loss | (70,216) | (92,438) | (299,027) |
Comprehensive income attributable to noncontrolling interest | (780) | (571) | (550) |
Comprehensive loss attributable to Civeo Corporation | $ (70,996) | $ (93,009) | $ (299,577) |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 1,900 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 32,647 | $ 1,785 |
Accounts receivable, net | 66,823 | 56,302 |
Inventories | 7,246 | 3,112 |
Prepaid expenses | 14,481 | 15,431 |
Other current assets | 1,553 | 1,519 |
Assets held for sale | 9,462 | 4,419 |
Total current assets | 132,212 | 82,568 |
Property, plant and equipment, net | 693,833 | 789,710 |
Other intangible assets, net | 22,753 | 28,039 |
Other noncurrent assets | 5,114 | 10,129 |
Total assets | 853,912 | 910,446 |
Current liabilities: | ||
Accounts payable | 27,812 | 20,675 |
Accrued liabilities | 22,208 | 14,822 |
Income taxes | 1,728 | 111 |
Current portion of long-term debt | 16,596 | 15,471 |
Deferred revenue | 5,442 | 6,792 |
Other current liabilities | 1,843 | 2,572 |
Total current liabilities | 75,629 | 60,443 |
Long-term debt, less current maturities | 277,990 | 337,800 |
Deferred income taxes | 9,194 | |
Other noncurrent liabilities | 23,926 | 27,019 |
Total liabilities | 377,545 | 434,456 |
Commitments and contingencies (Note 14) | ||
Shareholders’ Equity: | ||
Common shares (no par value; 550,000,000 shares authorized, 132,427,885 shares and 108,171,329 shares issued, respectively, and 132,262,434 shares and 108,103,048 shares outstanding, respectively) | 0 | 0 |
Additional paid-in capital | 1,383,934 | 1,311,226 |
Accumulated deficit | (579,113) | (472,764) |
Common shares held in treasury at cost, 165,451 and 68,281 shares, respectively | (358) | (65) |
Accumulated other comprehensive loss | (328,213) | (362,930) |
Total Civeo Corporation shareholders’ equity | 476,250 | 475,467 |
Noncontrolling interest | 117 | 523 |
Total shareholders’ equity | 476,367 | 475,990 |
Total liabilities and shareholders’ equity | $ 853,912 | $ 910,446 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 550,000,000 | 550,000,000 |
Common stock, shares issued (in shares) | 132,427,885 | 108,171,329 |
Common stock, shares outstanding (in shares) | 132,262,434 | 108,103,048 |
Treasury shares (in shares) | 165,451 | 68,281 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2014 | $ 1,067 | $ 1,300,042 | $ (244,617) | $ (198,491) | $ 2,108 | $ 860,109 | |
Net income (loss) | (131,759) | 1,095 | (130,664) | ||||
Currency translation adjustment | (167,818) | (545) | (168,363) | ||||
Dividends paid | (2,133) | (2,133) | |||||
Reclassification in connection with our redomicile transaction | (1,075) | 929 | $ 146 | ||||
Share-based compensation | $ 8 | 5,102 | (146) | 4,964 | |||
Other | (143) | (143) | |||||
Balance at Dec. 31, 2015 | 1,305,930 | (376,376) | (366,309) | 525 | 563,770 | ||
Net income (loss) | (96,388) | 561 | (95,827) | ||||
Currency translation adjustment | 3,379 | 10 | 3,389 | ||||
Dividends paid | (573) | (573) | |||||
Share-based compensation | 5,296 | (65) | 5,231 | ||||
Other | |||||||
Balance at Dec. 31, 2016 | 1,311,226 | (472,764) | (65) | (362,930) | 523 | 475,990 | |
Net income (loss) | (105,713) | 459 | (105,254) | ||||
Currency translation adjustment | 34,717 | 321 | 35,038 | ||||
Dividends paid | (1,186) | (1,186) | |||||
Share-based compensation | 7,338 | (293) | 7,045 | ||||
Issuance of common shares | 64,734 | 64,734 | |||||
Balance at Dec. 31, 2017 | 1,383,934 | (579,113) | $ (358) | $ (328,213) | $ 117 | 476,367 | |
Cumulative effect of implementation of ASU 2016-09 | $ 636 | $ (636) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Shares) - shares | Common Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 106,721,000 | |
Share-based compensation (in shares) | 750,000 | |
Balance (in shares) at Dec. 31, 2015 | 107,471,000 | |
Share-based compensation (in shares) | 632,000 | |
Balance (in shares) at Dec. 31, 2016 | 108,103,000 | 108,171,329 |
Share-based compensation (in shares) | 1,159,000 | |
Issuance of common shares (in shares) | 23,000,000 | |
Balance (in shares) at Dec. 31, 2017 | 132,262,000 | 132,427,885 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (105,254) | $ (95,827) | $ (130,664) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 126,443 | 131,302 | 152,990 |
Impairment charges | 31,604 | 46,129 | 122,926 |
Inventory write-down | 525 | 850 | 1,015 |
Loss on extinguishment of debt | 842 | 302 | 1,474 |
Deferred income tax benefit | (8,976) | (13,208) | (34,175) |
Non-cash compensation charge | 7,338 | 5,296 | 4,614 |
(Gain) loss on disposals of assets | (825) | 29 | (1,826) |
Provision (benefit) for loss on receivables, net of recoveries | 51 | (54) | 1,205 |
Other, net | 3,871 | 868 | 1,424 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,896) | 6,680 | 80,347 |
Inventories | (4,463) | 1,773 | 5,406 |
Accounts payable and accrued liabilities | 12,674 | (4,398) | (12,739) |
Taxes payable | 3,210 | (10,239) | 6,204 |
Other current assets and liabilities, net | (3,318) | (7,334) | (11,924) |
Net cash flows provided by operating activities | 56,826 | 62,169 | 186,277 |
Cash flows from investing activities: | |||
Capital expenditures, including capitalized interest | (11,194) | (19,779) | (62,451) |
Proceeds from disposition of property, plant and equipment | 1,908 | 5,775 | 12,683 |
Other, net | 548 | 1,315 | |
Net cash flows used in investing activities | (8,738) | (12,689) | (49,768) |
Cash flows from financing activities: | |||
Proceeds from issuance of common shares, net | 64,734 | 500 | |
Revolving credit borrowings | 44,525 | 310,539 | 299,427 |
Revolving credit repayments | (84,462) | (325,738) | (240,284) |
Term loan borrowings | 325,000 | ||
Term loan repayments | (40,781) | (41,023) | (729,425) |
Debt issuance costs | (1,795) | (2,062) | (4,833) |
Other, net | (293) | (65) | (146) |
Net cash flows used in financing activities | (18,072) | (58,349) | (349,761) |
Effect of exchange rate changes on cash | 846 | 2,817 | (42,225) |
Net change in cash and cash equivalents | 30,862 | (6,052) | (255,477) |
Cash and cash equivalents, beginning of period | 1,785 | 7,837 | 263,314 |
Cash and cash equivalents, end of period | $ 32,647 | $ 1,785 | $ 7,837 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. DESC R IPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business We are one modations and related infrastructure is insufficient, inaccessible or not three Noralta Acquisition On November 26, 2017, to acquire Noralta Lodge Ltd. (Noralta). Under the terms of the agreement, we would acquire 100% • C$210 US$167 $0.797 February 16, 2018) • 32.8 • Non-voting convertible preferred equity issued to Noralta's equity holders with a 2.0% 29.3 This acquisition (the Noralta Acquisition), which we expect to close in the second 2018, 11 5,700 7,900 Completion of the Noralta Acquisition is subject to various closing conditions, including among others (i) receipt of Canadian regulatory approvals and other regulatory and third ohibiting or restricting the consummation of the acquisition; and (iii) the receipt of approval by our shareholders of our issuance of the common shares and preferred shares. We have received notice from the Competition Bureau that it does not may not May 31, 2018. 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” refer to Civeo Corporation and its consolidated subsidiaries. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 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 may not generally 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 a n 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, 2017, 2016 2015, zero $1.6 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 not In performing this analysis, the first 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 second 3 Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2017, 2016 2015 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 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 November 30 September 30, 2015. A reporting unit is the operating segment, or a business one Each segment of our business represents a separate reporting unit, and all three Our assessment consist ed of a two first second second W e are given the option to test for impairment of our goodwill by first not 50 not two not” first two In performing the two each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. Because none 3 not Market Approach - This valuation approach utilizes publicly traded comparable companies’ enterprise values, as compared to their recent and forecasted earnings before interest, taxes and depreciation (EBITDA) information. We have historically used an average EBITDA multiple ranging from approximately 6.5x 9.5x Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five 3%. 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 Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 Other Intangible Asset s. not 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 Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 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, 2017, 2016, 2015, 1.5 0.6 $9.0 Foreign Exchange Risk A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not 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 our obligations are satisfied pursuant to the terms of our contractual relationships with our customers. This occurs when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. In some contracts, rates may may not delivery to and acceptance by the customer, 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 For significant projects, revenues are recognized applying the cost based input methods, measured by the actual costs incurred relative to the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue and gross profit to recognize . 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 these contracts are recognized as unbilled receivables. Management believes this input method is the most appropriate measure of progress to the satisfaction of a performance obligation 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 . Factors that may 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 50% On December 22, 2017, 2017 (U.S. Tax Reform) was signed into law making significant changes to the U.S. Internal Revenue Code. Changes include, but are not 35% 21% December 31, 2017, one December 31, 2017. 13 Receivables and Concentration of Credit Risk Based on the nature of our customer base, we do not not December 31, 2017 2016, 10% December 31, 2015, 10% 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 Note 12 S hare -Based Compensation We 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 restricted share awards) based on the grant-date fair value of the award. The fair value is calculated based on our share price on the grant-date. 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 also grant phantom shares. 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. We also grant performance awards. These awards are earned in amounts between 0% 200% Guarantees Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Amended Credit Agreement. See Note 10 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, 2017, $2.4 not not 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 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 claims, long-lived asset impairments 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 litigation, taxes, interest, insurance claims, warranty claims and contract claims and obligations. R ecent 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 or other guidance updates, which are not not In June 2016, 2016 13, 2016 13 not 2016 13 December 15, 2019 In March 2016, 2016 09, “Improvements to Employee Share-Based Payment Accounting” (ASU 2016 09 2016 09 December 15, 2016 January 1, 2017. no $0.6 December 31, 2017. December 31, 2016, 68,000 $0.1 2016 09, $0.1 December 31, 2016 2015. In February 2016 , the FASB issued ASU 2016 02, 842 840 2016 02 12 The guidance is effective for financial statements issued for reporting periods beginning after December 15, 2018 In May 2014, 2014 09 606, 606 ASC 606 December 15, 2017. first 2018. 606 2017, not |
Note 3 - Impairment Charges
Note 3 - Impairment Charges | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 3. IMPAIRMENT CHARGES 2017 The following summarizes pre-tax impairment charges recorded during 201 7, Canada Australia U.S. Total Quarter ended September 30, 2017 Long-lived assets $ 4,360 $ -- $ -- $ 4,360 Quarter ended December 31, 2017 Long-lived assets 27,244 -- -- 27,244 Total $ 31,604 $ -- $ -- $ 31,604 Quarter ended December 31, 2017. During the fourth 2017, may fourth 2017. two not two zero $27.2 Quarter ended September 30, 201 7 . third 2017, not zero $3.2 We also recorded an impairment expense of $1.2 2016 The following summarizes pre-tax impairment charges recorded during 2016, Canada Australia U.S. Total Quarter ended March 31, 2016 Long-lived assets $ -- $ -- $ 8,400 $ 8,400 Quarter ended September 30, 2016 Long-lived assets 37,729 -- -- 37,729 Total $ 37,729 $ -- $ 8,400 $ 46,129 Quarter ended March 31, 2016. During the first 2016, $8.4 $3.8 not Quarter ended September 30, 2016. During the third 2016, may third 2016, not $26.6 $5.6 As a result of the analysis described above, we recorded an impairment expense of $37.7 2015 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. During the first 2015, $8.7 $2.7 $1.1 fourth 2015, Quarter ended June 30, 2015. During the second 2015, $9.5 $0.1 not Quarter ended September 30, 2015. third 2015, Due to the sustained reduction of our share price throughout 2015, September 30, 2015, 1 third 2015, 2 third 2015, September 30, 2015. September 30, 2015, zero $43.2 third 2015. Furthermore, due to the goodwill impairment in our Canadian segment, we determined all asset groups within this segment had experienced a triggering event indicating that the carrying values might not estimated fair values of those asset groups to their respective carrying values. Accordingly, we recorded an impairment loss of $11.1 $12.6 A lso due to the sustained reduction of our share price throughout 2015, not three not $20.5 $20.5 $18.0 $2.5 $9.5 $24.0 $10.3 Finally, during the third 2015, fourth 2014. not December 31, 2014 third 2015. $11.9 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016, 2 During 2017, 2016 2015, 3 third 2017 2016, third 2 During 2015, also wrote down our goodwill to its implied fair value (IFV). Our estimate of IFV required us to use significant unobservable inputs, representative of Level 3 2 |
Note 5 - Details of Selected Ba
Note 5 - Details of Selected Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 December 31, 2017 December 31, 201 6 Accounts receivable, net: Trade $ 46,692 $ 39,442 Unbilled revenue 20,555 16,063 Other 914 1,435 Total accounts receivable 68,161 56,940 Allowance for doubtful accounts (1,338 ) (638 ) Total accounts receivable, net $ 66,823 $ 56,302 December 31, 2017 December 31, 201 6 Inventories: Finished goods and purchased products $ 2,211 $ 1,700 Work in process 4,096 3 Raw materials 939 1,409 Total inventories $ 7,246 $ 3,112 During the fourth 2017 third 2016, $0.5 $0.9 Estimated Useful Life (in years) December 31, 2017 December 31, 201 6 Property, plant and equipment, net: Land $ 40,567 $ 41,122 Accommodations assets 3 - 15 1,658,867 1,554,986 Buildings and leasehold improvements 5 - 20 24,181 28,104 Machinery and equipment 4 - 15 8,848 9,667 Office furniture and equipment 3 - 7 53,688 29,948 Vehicles 3 - 5 13,869 14,725 Construction in progress 2,770 23,016 Total property, plant and equipment 1,802,790 1,701,568 Accumulated depreciation (1,108,957 ) (911,858 ) Total property, plant and equipment, net $ 693,833 $ 789,710 December 31, 2017 December 31, 201 6 Accrued liabilities: Accrued compensation $ 20,424 $ 13,189 Accrued taxes, other than income taxes 1,224 917 Accrued interest 15 194 Other 545 522 Total accrued liabilities $ 22,208 $ 14,822 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. EARNINGS PER SHARE The calculation of earnings per share attributable to the Company is presented below for the periods indicated (in thousands, except per share amounts): 201 7 201 6 201 5 Basic Loss per Share Net loss attributable to Civeo $ (105,713 ) $ (96,388 ) $ (131,759 ) Less: undistributed net income to participating securities -- -- -- Net loss attributable to Civeo’s common shareholders - basic $ (105,713 ) $ (96,388 ) $ (131,759 ) Weighted average common shares outstanding - basic 128,365 107,024 106,604 Basic loss per share $ (0.82 ) $ (0.90 ) $ (1.24 ) Diluted Loss per Share Net loss attributable to Civeo’s common shareholders – basic $ (105,713 ) $ (96,388 ) $ (131,759 ) Less: undistributed net income to participating securities -- -- -- Net loss attributable to Civeo’s common shareholders - diluted $ (105,713 ) $ (96,388 ) $ (131,759 ) Weighted average common shares outstanding - basic 128,365 107,024 106,604 Effect of dilutive securities (1 ) -- -- -- Weighted average common shares outstanding - diluted 128,365 107,024 106,604 Diluted loss per share $ (0.82 ) $ (0.90 ) $ (1.24 ) ( 1 When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the year s ended December 31, 2017, 2016 2015. December 31, 2017, 2016 2015, 2.1 1.3 1.3 |
Note 7 - Assets Held for Sale
Note 7 - Assets Held for Sale | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. ASSETS HELD FOR SALE During the fourth 2017, Accordingly, the facility met the criteria of held for sale. Its estimated fair value less the cost to sell exceeded its carrying value. We recorded an expense of $0.5 $0.5 $0.7 $0.7 December 31, 2017, 2016 2015, In addition, certain undeveloped land positions in the British Columbia LNG market in our Canadian segment previously met the criteria of held for sale. These assets were recorded at the estimated fair value less costs to sell of approximately $ 4.4 The following table summarizes the carrying amount as of December 31, 2017 modular construction and manufacturing plant and undeveloped land positions we classified as held for sale (in thousands): December 31, December 31, 2017 2016 Assets held for sale: Property, plant and equipment, net $ 9,418 $ 4,419 Inventories 44 -- Total assets held for sale $ 9,462 $ 4,419 |
Note 8 - Supplemental Cash Flow
Note 8 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 8. SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the years ended December 31, 2017, 2016 2015 201 7 201 6 201 5 Interest (net of amounts capitalized) $ 17,362 $ 18,927 $ 21,385 Income taxes paid, net of refunds (7,755 ) 3,404 (5,169 ) |
Note 9 - Other Intangible Asset
Note 9 - Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. OTHER INTANGIBLE ASSETS 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, 2017 2016 AS OF DECEMBER 31, 201 7 201 6 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets Customer relationships $ 45,209 $ (33,997 ) $ 42,614 $ (28,804 ) Contracts / agreements 38,362 (26,853 ) 35,499 (21,300 ) Noncompete agreements 675 (675 ) 749 (749 ) Total amortizable intangible assets $ 84,246 $ (61,525 ) $ 78,862 $ (50,853 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Licenses 32 -- 30 -- Total indefinite-lived intangible assets 32 -- 30 -- Total intangible assets $ 84,278 $ (61,525 ) $ 78,892 $ (50,853 ) Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 The weighted average remaining amortization period for all intangible assets, other than indefinite-lived intangibles, was 3.1 December 31, 2017 4.1 December 31, 2016. $7.5 2018 2020, $0.2 2021 $0.1 2022. $7.3 $7.2 $7.6 December 31, 2017, 2016 2015, |
Note 10 - Debt
Note 10 - Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. DEBT As of December 31, 201 7 2016, December 31, 2017 December 31, 2016 U.S . term loan, which matures on May 28, 2019; weighted average interest rate of 4.5% for the twelve-month period ended December 31, 2017 $ -- $ 24,375 Canadian term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter; weighted average interest rate of 4.5% for the twelve-month period ended December 31, 2017 297,623 293,763 U.S. revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 6.5% for the twelve-month period ended December 31, 2017 -- -- Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.3% for the twelve-month period ended December 31, 2017 -- 23,089 Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.3% for the twelve-month period ended December 31, 2017 -- 9,533 Australian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.1% for the twelve-month period ended December 310, 2017 -- 6,507 297,623 357,267 Less: Unamortized debt issuance costs 3,037 3,996 Total debt 294,586 353,271 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 16,596 15,471 Long-term debt, less current maturities $ 277,990 $ 337,800 Scheduled maturities of long-term debt as of December 31, 201 7 2018 16,767 2019 280,856 $ 297,623 Amended Credit Agreement As of December 31, 2016, (i) a $350.0 May 28, 2019, $50.0 $100.0 $100.0 $100.0 one $350.0 May 28, 2019 On February 17, 2017, third third ● p rovided for the reduction by $75 $275 1 $40.0 2 $90.0 3 $60.0 4 $85.0 one ● e stablished one 2.25% 5.50%, 0.51% 1.13% 0.51% 1.24% ● a djusted the maximum leverage ratio financial covenant for the relevant periods, as follows: Period Ended Maximum Leverage Ratio December 31, 2017 5.85 : 1.00 March 31, 2018 5.85 : 1.00 June 30, 2018 5.85 : 1.00 September 30, 2018 5.85 : 1.00 December 31, 2018 5.50 : 1.00 March 31, 2019 & thereafter 5.25 : 1.00 ; and ● provided for o ther technical changes and amendments to the Amended Credit Agreement. U.S. dollar amounts outstanding under the facilities provided by the Amended Credit Agreement bear interest at a variable rate equal to LIBOR plus a margin of 2.25% 5.50%, 1.25% 4.50%, 2.25% 5.50%, 1.25% 4.50%, Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 2.25% 5.50%, The Amended Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) subsidiary indebtedness, liens and fundamental changes; (ii) asset sales; (iii) acquisitions of margin stock; (iv) specified acquisitions; (v) certain restrictive agreements; (vi) transactions with affiliates; and (vii) investments and other restricted payments, including dividends and other distributions. In addition, we must maintain an interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.0 1.0 no 5.85 1.0 December 31, 2017). December 31, 2017. As of December 31, 2017, 15 $0.7 $121.7 December 31, 2017, $0.8 $0.6 $0.4 Borrowings under the Amended Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries. Obligations under the Amended Credit Agreement are guaranteed by our significant subsidiaries. In addition to the Amended Credit Agreement, we have an A$2.0 March 31, 2018. A$0.8 December 31, 2017. |
Note 11 - Retirement Plans
Note 11 - Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. RETIREMENT PLANS We sponsor defined contribution plans. Participation in these plans is available to substantially all employees. We recognized expense of $4.8 $6.4 $9.6 December 31, 2017, 2016 2015, no 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% 2017 $13,115 two 5% 6% two $26,010 2017 Australian Retirement Savings Plan Our Australian subsidiary 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% Our Australian subsidiary makes no no U.S. Retirement Savings Plan We offer a defined contribution 401 may 1% 75% first 6% ’s compensation ( 100% first 4% 50% 2% 20% first five |
Note 12 - Asset Retirement Obli
Note 12 - Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 12. ASSET RETIREMENT OBLIGATIONS AROs at December 31, 2017 2016 201 7 201 6 Asset retirement obligations $ 17,185 $ 17,584 Less: Asset retirement obligations due within one year* 1,799 2,374 Long-term asset retirement obligations $ 15,386 $ 15,210 * Classified as a current liability on the co nsolidated balance sheets, under the caption “ Other current liabilities .” Related to remediation work planned for 2018. Total expense related to the ARO was $1.4 $1.4 $1.3 2017, 2016 2015, During the years ended December 31, 2017, 2016 2015, 201 7 201 6 201 5 Balance as of January 1 $ 17,584 $ 17,299 $ 21,610 Accretion of discount 1,353 1,351 1,292 New obligations 86 -- 81 Change in estimates of existing obligations (1,901 ) (1,182 ) (2,366 ) Settlement of obligations (816 ) (376 ) (132 ) Foreign currency translation 879 492 (3,186 ) Balance as of December 31 $ 17,185 $ 17,584 $ 17,299 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXES The Company ’s operations are conducted through 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. Income tax benefit . December 31, 2017, 2016 2015 2017 2016 2015 Canada operations $ (87,143 ) $ (87,234 ) $ (73,691 ) Foreign operations (31,601 ) (28,698 ) (90,062 ) Total $ (118,744 ) $ (115,932 ) $ (163,753 ) The components of the income tax benefit for the years ended December 31, 2017, 2016 2015 2017 2016 2015 Current: Canada $ (5,986 ) $ (8,646 ) $ (820 ) Foreign 1,472 1,749 1,906 Total $ (4,514 ) $ (6,897 ) $ 1,086 Deferred: Canada $ (9,194 ) $ (12,169 ) $ (2,707 ) Foreign 218 (1,039 ) (31,468 ) Total $ (8,976 ) $ (13,208 ) $ (34,175 ) Total Benefit $ (13,490 ) $ (20,105 ) $ (33,089 ) The income tax benefit differs from an amount computed at Canadian statutory rates as follows for the years ended December 31, 2017, 2016 2015 2017 2016 2015 Federal tax benefit at statutory rates $ (32,061 ) 27.0 % $ (31,302 ) 27.0 % $ (44,213 ) 27.0 % Effect of foreign income tax, net (3,399 ) 2.9 % (6,593 ) 5.7 % (15,088 ) 9.2 % Enacted tax rate change – U.S. Tax Reform 9,047 (7.6 %) -- -- -- -- Valuation allowance – U.S. Tax Reform (9,047 ) 7.6 % -- -- -- -- Valuation allowance – Other 19,130 (16.1 %) 15,051 (13.0 %) 11,189 (6.8 %) Tax effects of restructuring -- -- 3,038 (2.6 %) 17,600 (10.8 %) Deemed income from foreign subsidiaries 334 (0.3 %) 1,108 (1.0 %) 4,190 (2.6 %) Enacted tax rate change - Canada 598 (0.5 %) 712 (0.6 %) 3,332 (2.0 %) Goodwill impairment -- -- -- -- 11,533 (7.0 %) Tax on future unremitted earnings -- -- -- -- (25,306 ) 15.4 % Other, net 1,908 (1.6 %) (2,119 ) 1.8 % 3,674 (2.2 %) Net income tax benefit $ (13,490 ) 11.4 % $ (20,105 ) 17.3 % $ (33,089 ) 20.2 % U . S . Tax Reform . On December 22, 2017, not 35% 21% December 31, 2017, one December 31, 2017. In 2015, December 31, 2017, no The tax legislation also includes two 2018: 1 2 The GILTI provisions require us to include, in our U.S. income tax provision, foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary ’s tangible assets. We do not no December 31, 2017. The BEAT provisions eliminate the deduction of certain base-erosion payments made to related foreign companies, and impose a minimum tax if greater than the regular tax. As of December 31, 2017, Beginning in 2018, 162 may $1 ancial Officer, or who is among the three 2018 On December 22, 2017, No. 118 118 not tail to complete the accounting for certain income tax effects of the U.S. Tax Reform. We have calculated an estimate of the impacts of U.S. Tax Reform to our U.S. deferred taxes and recorded these amounts in our total deferred taxes as of December 31, 2017, $9 $9 zero December 31, 2017. may may may 2017 Deferred Tax Liabilities and Assets. The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2017 2016 2017 2016 Deferred tax assets: Net operating loss $ 70,920 $ 49,810 Employee benefits 5,560 6,952 Deductible goodwill and other intangibles 50,758 45,262 Other reserves 6,854 4,773 Unearned revenue 1,424 1,776 Other 188 1,588 Deferred tax assets 135,704 110,161 Valuation allowance (90,663 ) (76,157 ) Deferred tax assets, net $ 45,041 $ 34,004 Deferred tax liabilities: Depreciation $ (44,141 ) $ (42,701 ) Investment (900 ) (497 ) Deferred tax liabilities (45,041 ) (43,198 ) Net deferred tax liability $ -- $ (9,194 ) NOL Carryforwards. The following table summarizes net operating loss (NOL) carryforwards at December 31, 2017 Amount Expiration Period Net operating loss carryforwards: Canada $ 121,115 Begins to expire in 2035 Australia 85,840 Does not expire U.S. – Federal 32,671 Begins to expire in 2036 U.S. – State 5,606 Begins to expire in 2020 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, 2017 2016 Foreign Tax Credits Federal / State NOLs Net Deferred Tax Assets Other Total Balance as of December 31, 201 5 $ (58,906 ) $ (1,526 ) $ (54,128 ) $ (527 ) $ (115,087 ) Change in income tax provision -- (13,580 ) (1,085 ) (386 ) (15,051 ) Write-off of U.S. foreign tax credits 58,906 -- -- -- 58,906 Other change -- (4,008 ) (1,174 ) (72 ) (5,254 ) Foreign currency translation -- 1 344 (16 ) 329 Balance as of December 31, 201 6 -- (19,113 ) (56,043 ) (1,001 ) (76,157 ) Change in income tax provision – U.S. Tax Reform -- 4,574 4,473 -- 9,047 Change in income tax provision - Other -- (17,622 ) (1,508 ) -- (19,130 ) Other change -- 1,277 (1,290 ) 255 242 Foreign currency translation -- (515 ) (4,150 ) -- (4,665 ) Balance as of December 31, 2017 $ -- $ (31,399 ) $ (58,518 ) $ (746 ) $ (90,663 ) Following the repatriation of all U.S. cumulative foreign earnings in 2015, $58.9 2016 In 2017, $9 35% 21% At the end of 2017, $5.9 Indefinite Reinvestment of Earnings. At December 31, 2016 2017, no 2015, 2015. 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 Our Canadian federal tax returns subsequent to 2010 ’s federal income tax returns subsequent to 2013 2014 The total amount of unrecognized tax benefits as of December 31, 2017, 2016 2015 zero $0.7 December 31, 2017, 2016 2015, zero $0.3 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2017 2016 2015 Balance as of January 1 $ -- $ 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 -- (679 ) -- Balance as of December 31 $ -- $ -- $ 679 During 2016, of $0.7 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENCIES We lease a portion of our equipment, office space, computer equipment, automobiles and trucks under leases which expire at various dates. Minimum future operating lease obligations in effect at December 31, 2017, 201 8 $ 3,850 201 9 3,441 20 20 3,209 202 1 2,006 202 2 1,501 Thereafter 7,110 Total $ 21,117 Rental expense under operating leases was $5.6 $6.0 $7.6 December 31, 2017, 2016 2015, 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 may not not . On January 26, 2018, Philip Suhr v. Civeo Corporation et al 14 20 1934 14a 9 may no |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss decreased $34.7 $362.9 December 31, 2016 $328.2 December 31, 2017, 2017 C$0.1 A$0.4 December 31, 2017. |
Note 16 - Share Based Compensat
Note 16 - Share Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16. S HARE BASED COMPENSATION O ur employees and non-employee directors participate in the Amended and Restated 2014 No 14.0 may S hare-based compensation expense recognized in the years ended December 31, 2017, 2016 2015 $15.4 $9.9 $5.6 0.6 0.3 December 31, 2017, 2016 2015, Options to Purchase Common Shares No 2017, 2016 2015. December 31, 2017, 2016 2015: Options Weighted Average Exercise Price Per Share Weighted Average Contractual Life (Years) Intrinsic Value (Thousands) 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, 201 5 390,334 $ 13.58 3.5 $ -- Granted -- -- Exercised -- -- Forfeited / Expired (224,448 ) 10.33 Outstanding Options at December 31, 201 6 165,886 $ 17.98 4.6 $ -- Granted -- -- Exercised -- -- Forfeited / Expired (20,085 ) 18.10 Outstanding Options at December 31, 201 7 145,801 $ 17.97 4.5 $ -- Exercisable Options at December 31, 201 6 145,804 $ 17.67 4.4 $ -- Exercisable Options at December 31, 201 7 139,491 $ 17.79 4.2 $ -- The total intrinsic value of options exercised by our employees during 2017, 2016 2015 zero , zero $100,000, 2017, 2016 2015 zero $100,000, At December 31, 201 7, $100,000, 1 The following table summariz es information for outstanding options of our employees at December 31, 2017: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding as of December 31, 201 7 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable as of December 31, 201 7 Weighted Average Exercise Price $16.43 63,142 3.13 $ 16.43 63,142 $ 16.43 $17.48 29,849 5.14 $ 17.48 29,849 $ 17.48 $18.43 27,553 4.13 $ 18.43 27,553 $ 18.43 $21.87 25,257 6.14 $ 21.87 18,947 $ 21.87 $16.43 - $21.87 145,801 4.25 $ 17.97 139,491 $ 17.79 Restricted S hare Awards / Deferred S hare Awards The following table presents the changes in restricted share and deferred share awards outstanding and related information for our employees during the years ended December 31, 2017, 2016 2015: Nu mber of Awards Weighted Average Grant Date Fair Value Per Share 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, 201 5 1,313,564 $ 7.29 Granted 584,283 1.64 Vested (526,628 ) 8.15 Forfeited (72,847 ) 7.04 Nonvested shares at December 31, 201 6 1,298,372 $ 4.41 Granted 1,655,067 3.14 Vested (733,147 ) 4.19 Forfeited (49,968 ) 3.43 Nonvested shares at December 31, 201 7 2,170,324 $ 3.54 The weighted average grant date fair value per share for restricted s hare and deferred share awards granted during 2017, 2016 2015 $3.14, $1.64 $3.61, 2017, 2016 2015 $2.0 $0.6 $0.9 December 31, 2017, $4.5 1.7 Phantom Share Awards Each phantom s hare award is equal in value to one The following table presents the changes in phantom share awards outstanding and related information for our employees during the years ended December 31, 201 7, 2016 2015: Nu mber of Awards Nonvested shares at December 31, 2014 432,881 Granted 1,920,451 Vested (202,284 ) Forfeited (352,848 ) Nonvested shares at December 31, 201 5 1,798,200 Granted 6,831,957 Vested (608,230 ) Forfeited (1,751,963 ) Nonvested shares at December 31, 201 6 6,269,964 Granted 750,525 Vested (2,207,589 ) Forfeited (263,161 ) Nonvested shares at December 31, 201 7 4,549,739 At December 31, 2017, $5.3 For the years ended December 31, 2017, 2016 2015, $7.1 $0.5 $0.8 December 31, 2017, $7.1 December 31, 2017, 1.3 December 31, 2017, 2016 2015 $3.27, $0.91 $3.68, P erformance Share Awards On February 21, 2017, 762,497 three February 21, 2020. 0% 200% 15 $5.20 February 21, 2017. On February 23, 2016, 2,400,606 three February 23, 2019. These awards will be earned in amounts between 0% 200% 12 May 12, 2016. $3.18 May 12, 2016. The fair value of each performance award was estimated using a Monte Carlo simulation 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 performance share at the time of grant. The dividend yield on our common shares was assumed to be zero not 2017 2016 Risk-free weighted interest rate 1.50 % 0.92 % Expected volatility 90.0 % 90.0 % Initial TSR 0.04 % 93.7 % The followi ng table presents the changes in performance awards outstanding and related information for our employees during the year ended December 31, 2017 2016: Number of Awards Weighted Average Grant Date Fair Value Per Share Nonvested shares at December 31, 2015 -- $ -- Granted 2,400,606 3.18 Vested -- -- Forfeited (448,922 ) 3.18 Nonvested shares at December 31, 2016 1,951,684 $ 3.18 Granted 762,497 5.20 Vested -- -- Forfeited (38,699 ) 3.64 Nonvested shares at December 31, 2017 2,675,482 $ 3.75 During the year s ended December 31 2017 2016, $3.0 $1.9 December 31, 2017, $5.0 1.7 |
Note 17 - Segment and Related I
Note 17 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. SEGMENT AND RELATED INFORMATION In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, we have identified the following reportable segments: Canada, Australia and U.S., which represent our strategic focus on workforce accommodations. Financial information by business segment for each of the three years ended December 31, 2017, 2016 2015 Total Revenues Less: Intersegment Revenues Revenues from unaffiliated customers Depreciation and amortization Operating loss Capital expenditures Total assets 201 7 Canada $ 245,595 $ -- $ 245,595 $ 69,983 $ (63,211 ) $ 3,893 $ 550,378 Australia 111,221 -- 111,221 45,699 (11,528 ) 2,772 353,840 United States 25,460 -- 25,460 4,653 (14,426 ) 1,912 33,128 Corporate, s tand-alone adjustments and eliminations -- -- -- 6,108 (8,806 ) 2,617 (83,434 ) Total $ 382,276 $ -- $ 382,276 $ 126,443 $ (97,971 ) $ 11,194 $ 853,912 201 6 Canada $ 278,464 $ -- $ 278,464 $ 80,837 $ (59,351 ) $ 3,773 $ 548,786 Australia 106,815 -- 106,815 45,883 (6,853 ) 5,682 376,008 United States 11,951 -- 11,951 5,433 (24,616 ) 6 29,799 Corporate, s tand-alone adjustments and eliminations -- -- -- (851 ) (4,940 ) 10,318 (44,147 ) Total $ 397,230 $ -- $ 397,230 $ 131,302 $ (95,760 ) $ 19,779 $ 910,446 201 5 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, s tand-alone adjustments and eliminations (2,396 ) 2,396 -- 496 (6,888 ) 6,675 (9,728 ) Total $ 517,963 $ -- $ 517,963 $ 152,990 $ (145,003 ) $ 62,451 $ 1,066,529 Financial information by geographic segment for each of the three December 31, 2017, 2016 2015, not Canada Australia U.S. and Other Total 201 7 Revenues from unaffiliated customers $ 245,595 $ 111,221 $ 25,460 $ 382,276 Long-lived assets 353,710 331,511 32,280 717,501 201 6 Revenues from unaffiliated customers $ 278,464 $ 106,815 $ 11,951 $ 397,230 Long-lived assets 431,477 348,293 46,995 826,765 201 5 Revenues from unaffiliated customers $ 344,249 $ 135,964 $ 37,750 $ 517,963 Long-lived assets 532,419 390,623 56,935 979,977 |
Note 18 - Valuation Accounts
Note 18 - Valuation Accounts | 12 Months Ended |
Dec. 31, 2017 | |
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, 201 7 : Allowance for doubtful accounts receivable $ 638 $ 48 $ (23 ) $ 675 $ 1,338 Valuation allowance for deferred tax assets 76,157 10,083 (242 ) 4,665 90,663 Year Ended December 31, 201 6 : Allowance for doubtful accounts receivable $ 1,121 $ (110 ) $ (377 ) $ 4 $ 638 Valuation allowance for deferred tax assets 115,087 15,051 (53,652 ) (329 ) 76,157 Year Ended December 31, 201 5 : 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 |
Note 19 - Quarterly Financial I
Note 19 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table summarizes quarterly financial information for 2017 2016 First Quarter (2) Second Quarter (3) Third Quarter (4) Fourth Quarter (5) 201 7 Revenues $ 91,429 $ 92,010 $ 97,489 $ 101,348 Gross profit (1) 29,757 32,526 31,962 30,773 Net income (loss) attributable to Civeo (20,987 ) (14,816 ) (22,331 ) (47,579 ) Basic earnings (loss) per share (0.17 ) (0.11 ) (0.17 ) (0.36 ) Diluted earnings (loss) per share (0.17 ) (0.11 ) (0.17 ) (0.36 ) 201 6 Revenues $ 95,036 $ 107,035 $ 104,238 $ 90,921 Gross profit (1) 29,093 42,449 36,274 29,764 Net income attributable to Civeo (26,822 ) (11,486 ) (42,131 ) (15,949 ) Basic earnings per share (0.25 ) (0.11 ) (0.39 ) (0.15 ) Diluted earnings per share (0.25 ) (0.11 ) (0.39 ) (0.15 ) ( 1 Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations . ( 2 In the first 2017, no In the first 201 6, ● Costs associated with our migration to Canada of $1.0 $0.7 $0.01 accompanying consolidated statements of operations . ● A charge of $8.4 $8.4 $0.05 not . ( 3 In the second 2017, no In the second 201 6, ● Costs associated with our migration to Canada of $ 0.2 $0.2 $0.00 . ( 4 In the third 201 7, ● A charge of $4.4 $3.2 $0.02 not In the third 2016, ● A charge of $37.7 $27.5 $0.26 not ( 5 In the fourth 201 7, ● Costs associated with our pending acquisition of Noralta of $2.3 $2.2 $0.02 . ● A charge of $27.2 $19.9 $0.15 not In the fourth 2016, no Amounts are calculated independently for each of the quarters presented. Therefore, the sum of the quarterly amounts may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 |
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 may not generally 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 a n 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, 2017, 2016 2015, zero $1.6 |
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 not In performing this analysis, the first 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 second 3 Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2017, 2016 2015 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. We do not 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 November 30 September 30, 2015. A reporting unit is the operating segment, or a business one Each segment of our business represents a separate reporting unit, and all three Our assessment consist ed of a two first second second W e are given the option to test for impairment of our goodwill by first not 50 not two not” first two In performing the two each reporting unit’s carrying amount, including goodwill, to the IFV of the reporting unit. Because none 3 not Market Approach - This valuation approach utilizes publicly traded comparable companies’ enterprise values, as compared to their recent and forecasted earnings before interest, taxes and depreciation (EBITDA) information. We have historically used an average EBITDA multiple ranging from approximately 6.5x 9.5x Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five 3%. 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 Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 Other Intangible Asset s. not 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 Please see Note 3 – Impairment Charges for a discussion of impairment charges we recognized in 2015 |
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, 2017, 2016, 2015, 1.5 0.6 $9.0 |
Foreign Exchange Risk, Policy [Policy Text Block] | Foreign Exchange Risk A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not |
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 our obligations are satisfied pursuant to the terms of our contractual relationships with our customers. This occurs when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. In some contracts, rates may may not delivery to and acceptance by the customer, 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 For significant projects, revenues are recognized applying the cost based input methods, measured by the actual costs incurred relative to the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue and gross profit to recognize . 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 these contracts are recognized as unbilled receivables. Management believes this input method is the most appropriate measure of progress to the satisfaction of a performance obligation 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 . Factors that may 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 50% On December 22, 2017, 2017 (U.S. Tax Reform) was signed into law making significant changes to the U.S. Internal Revenue Code. Changes include, but are not 35% 21% December 31, 2017, one December 31, 2017. 13 |
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 not December 31, 2017 2016, 10% December 31, 2015, 10% |
Asset Retirement Obligation [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 Note 12 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | S hare -Based Compensation We 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 restricted share awards) based on the grant-date fair value of the award. The fair value is calculated based on our share price on the grant-date. 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 also grant phantom shares. 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. We also grant performance awards. These awards are earned in amounts between 0% 200% |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Guarantees Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Amended Credit Agreement. See Note 10 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, 2017, $2.4 not not |
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 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 claims, long-lived asset impairments 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 litigation, taxes, interest, insurance claims, warranty claims and contract claims and obligations. |
New Accounting Pronouncements, Policy [Policy Text Block] | R ecent 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 or other guidance updates, which are not not In June 2016, 2016 13, 2016 13 not 2016 13 December 15, 2019 In March 2016, 2016 09, “Improvements to Employee Share-Based Payment Accounting” (ASU 2016 09 2016 09 December 15, 2016 January 1, 2017. no $0.6 December 31, 2017. December 31, 2016, 68,000 $0.1 2016 09, $0.1 December 31, 2016 2015. In February 2016 , the FASB issued ASU 2016 02, 842 840 2016 02 12 The guidance is effective for financial statements issued for reporting periods beginning after December 15, 2018 In May 2014, 2014 09 606, 606 ASC 606 December 15, 2017. first 2018. 606 2017, not |
Note 3 - Impairment Charges (Ta
Note 3 - Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Asset Impairment Charges [Table Text Block] | Canada Australia U.S. Total Quarter ended September 30, 2017 Long-lived assets $ 4,360 $ -- $ -- $ 4,360 Quarter ended December 31, 2017 Long-lived assets 27,244 -- -- 27,244 Total $ 31,604 $ -- $ -- $ 31,604 Canada Australia U.S. Total Quarter ended March 31, 2016 Long-lived assets $ -- $ -- $ 8,400 $ 8,400 Quarter ended September 30, 2016 Long-lived assets 37,729 -- -- 37,729 Total $ 37,729 $ -- $ 8,400 $ 46,129 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 |
Note 5 - Details of Selected 31
Note 5 - Details of Selected Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2017 December 31, 201 6 Accounts receivable, net: Trade $ 46,692 $ 39,442 Unbilled revenue 20,555 16,063 Other 914 1,435 Total accounts receivable 68,161 56,940 Allowance for doubtful accounts (1,338 ) (638 ) Total accounts receivable, net $ 66,823 $ 56,302 |
Schedule of Inventory, Current [Table Text Block] | December 31, 2017 December 31, 201 6 Inventories: Finished goods and purchased products $ 2,211 $ 1,700 Work in process 4,096 3 Raw materials 939 1,409 Total inventories $ 7,246 $ 3,112 |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Life (in years) December 31, 2017 December 31, 201 6 Property, plant and equipment, net: Land $ 40,567 $ 41,122 Accommodations assets 3 - 15 1,658,867 1,554,986 Buildings and leasehold improvements 5 - 20 24,181 28,104 Machinery and equipment 4 - 15 8,848 9,667 Office furniture and equipment 3 - 7 53,688 29,948 Vehicles 3 - 5 13,869 14,725 Construction in progress 2,770 23,016 Total property, plant and equipment 1,802,790 1,701,568 Accumulated depreciation (1,108,957 ) (911,858 ) Total property, plant and equipment, net $ 693,833 $ 789,710 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2017 December 31, 201 6 Accrued liabilities: Accrued compensation $ 20,424 $ 13,189 Accrued taxes, other than income taxes 1,224 917 Accrued interest 15 194 Other 545 522 Total accrued liabilities $ 22,208 $ 14,822 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 201 7 201 6 201 5 Basic Loss per Share Net loss attributable to Civeo $ (105,713 ) $ (96,388 ) $ (131,759 ) Less: undistributed net income to participating securities -- -- -- Net loss attributable to Civeo’s common shareholders - basic $ (105,713 ) $ (96,388 ) $ (131,759 ) Weighted average common shares outstanding - basic 128,365 107,024 106,604 Basic loss per share $ (0.82 ) $ (0.90 ) $ (1.24 ) Diluted Loss per Share Net loss attributable to Civeo’s common shareholders – basic $ (105,713 ) $ (96,388 ) $ (131,759 ) Less: undistributed net income to participating securities -- -- -- Net loss attributable to Civeo’s common shareholders - diluted $ (105,713 ) $ (96,388 ) $ (131,759 ) Weighted average common shares outstanding - basic 128,365 107,024 106,604 Effect of dilutive securities (1 ) -- -- -- Weighted average common shares outstanding - diluted 128,365 107,024 106,604 Diluted loss per share $ (0.82 ) $ (0.90 ) $ (1.24 ) |
Note 7 - Assets Held for Sale (
Note 7 - Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 31, December 31, 2017 2016 Assets held for sale: Property, plant and equipment, net $ 9,418 $ 4,419 Inventories 44 -- Total assets held for sale $ 9,462 $ 4,419 |
Note 8 - Supplemental Cash Fl34
Note 8 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 201 7 201 6 201 5 Interest (net of amounts capitalized) $ 17,362 $ 18,927 $ 21,385 Income taxes paid, net of refunds (7,755 ) 3,404 (5,169 ) |
Note 9 - Other Intangible Ass35
Note 9 - Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | AS OF DECEMBER 31, 201 7 201 6 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets Customer relationships $ 45,209 $ (33,997 ) $ 42,614 $ (28,804 ) Contracts / agreements 38,362 (26,853 ) 35,499 (21,300 ) Noncompete agreements 675 (675 ) 749 (749 ) Total amortizable intangible assets $ 84,246 $ (61,525 ) $ 78,862 $ (50,853 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Licenses 32 -- 30 -- Total indefinite-lived intangible assets 32 -- 30 -- Total intangible assets $ 84,278 $ (61,525 ) $ 78,892 $ (50,853 ) |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2017 December 31, 2016 U.S . term loan, which matures on May 28, 2019; weighted average interest rate of 4.5% for the twelve-month period ended December 31, 2017 $ -- $ 24,375 Canadian term loan, which matures on May 28, 2019; 1.25% of aggregate principal repayable per quarter; weighted average interest rate of 4.5% for the twelve-month period ended December 31, 2017 297,623 293,763 U.S. revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 6.5% for the twelve-month period ended December 31, 2017 -- -- Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.3% for the twelve-month period ended December 31, 2017 -- 23,089 Canadian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.3% for the twelve-month period ended December 31, 2017 -- 9,533 Australian revolving credit facility, which matures on May 28, 2019, weighted average interest rate of 5.1% for the twelve-month period ended December 310, 2017 -- 6,507 297,623 357,267 Less: Unamortized debt issuance costs 3,037 3,996 Total debt 294,586 353,271 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 16,596 15,471 Long-term debt, less current maturities $ 277,990 $ 337,800 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2018 16,767 2019 280,856 $ 297,623 |
Schedule Of Changes In Maximum Leverage Ratio [Table Text Block] | Period Ended Maximum Leverage Ratio December 31, 2017 5.85 : 1.00 March 31, 2018 5.85 : 1.00 June 30, 2018 5.85 : 1.00 September 30, 2018 5.85 : 1.00 December 31, 2018 5.50 : 1.00 March 31, 2019 & thereafter 5.25 : 1.00 |
Note 12 - Asset Retirement Ob37
Note 12 - Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | 201 7 201 6 Asset retirement obligations $ 17,185 $ 17,584 Less: Asset retirement obligations due within one year* 1,799 2,374 Long-term asset retirement obligations $ 15,386 $ 15,210 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | 201 7 201 6 201 5 Balance as of January 1 $ 17,584 $ 17,299 $ 21,610 Accretion of discount 1,353 1,351 1,292 New obligations 86 -- 81 Change in estimates of existing obligations (1,901 ) (1,182 ) (2,366 ) Settlement of obligations (816 ) (376 ) (132 ) Foreign currency translation 879 492 (3,186 ) Balance as of December 31 $ 17,185 $ 17,584 $ 17,299 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2017 2016 2015 Canada operations $ (87,143 ) $ (87,234 ) $ (73,691 ) Foreign operations (31,601 ) (28,698 ) (90,062 ) Total $ (118,744 ) $ (115,932 ) $ (163,753 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 2015 Current: Canada $ (5,986 ) $ (8,646 ) $ (820 ) Foreign 1,472 1,749 1,906 Total $ (4,514 ) $ (6,897 ) $ 1,086 Deferred: Canada $ (9,194 ) $ (12,169 ) $ (2,707 ) Foreign 218 (1,039 ) (31,468 ) Total $ (8,976 ) $ (13,208 ) $ (34,175 ) Total Benefit $ (13,490 ) $ (20,105 ) $ (33,089 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 2015 Federal tax benefit at statutory rates $ (32,061 ) 27.0 % $ (31,302 ) 27.0 % $ (44,213 ) 27.0 % Effect of foreign income tax, net (3,399 ) 2.9 % (6,593 ) 5.7 % (15,088 ) 9.2 % Enacted tax rate change – U.S. Tax Reform 9,047 (7.6 %) -- -- -- -- Valuation allowance – U.S. Tax Reform (9,047 ) 7.6 % -- -- -- -- Valuation allowance – Other 19,130 (16.1 %) 15,051 (13.0 %) 11,189 (6.8 %) Tax effects of restructuring -- -- 3,038 (2.6 %) 17,600 (10.8 %) Deemed income from foreign subsidiaries 334 (0.3 %) 1,108 (1.0 %) 4,190 (2.6 %) Enacted tax rate change - Canada 598 (0.5 %) 712 (0.6 %) 3,332 (2.0 %) Goodwill impairment -- -- -- -- 11,533 (7.0 %) Tax on future unremitted earnings -- -- -- -- (25,306 ) 15.4 % Other, net 1,908 (1.6 %) (2,119 ) 1.8 % 3,674 (2.2 %) Net income tax benefit $ (13,490 ) 11.4 % $ (20,105 ) 17.3 % $ (33,089 ) 20.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 Deferred tax assets: Net operating loss $ 70,920 $ 49,810 Employee benefits 5,560 6,952 Deductible goodwill and other intangibles 50,758 45,262 Other reserves 6,854 4,773 Unearned revenue 1,424 1,776 Other 188 1,588 Deferred tax assets 135,704 110,161 Valuation allowance (90,663 ) (76,157 ) Deferred tax assets, net $ 45,041 $ 34,004 Deferred tax liabilities: Depreciation $ (44,141 ) $ (42,701 ) Investment (900 ) (497 ) Deferred tax liabilities (45,041 ) (43,198 ) Net deferred tax liability $ -- $ (9,194 ) |
Summary Of Operating Loss and Tax Credit Carry forwards [Table Text Block] | Amount Expiration Period Net operating loss carryforwards: Canada $ 121,115 Begins to expire in 2035 Australia 85,840 Does not expire U.S. – Federal 32,671 Begins to expire in 2036 U.S. – State 5,606 Begins to expire in 2020 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2017 2016 2015 Balance as of January 1 $ -- $ 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 -- (679 ) -- Balance as of December 31 $ -- $ -- $ 679 |
Valuation Allowance of Deferred Tax Assets [Member] | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Foreign Tax Credits Federal / State NOLs Net Deferred Tax Assets Other Total Balance as of December 31, 201 5 $ (58,906 ) $ (1,526 ) $ (54,128 ) $ (527 ) $ (115,087 ) Change in income tax provision -- (13,580 ) (1,085 ) (386 ) (15,051 ) Write-off of U.S. foreign tax credits 58,906 -- -- -- 58,906 Other change -- (4,008 ) (1,174 ) (72 ) (5,254 ) Foreign currency translation -- 1 344 (16 ) 329 Balance as of December 31, 201 6 -- (19,113 ) (56,043 ) (1,001 ) (76,157 ) Change in income tax provision – U.S. Tax Reform -- 4,574 4,473 -- 9,047 Change in income tax provision - Other -- (17,622 ) (1,508 ) -- (19,130 ) Other change -- 1,277 (1,290 ) 255 242 Foreign currency translation -- (515 ) (4,150 ) -- (4,665 ) Balance as of December 31, 2017 $ -- $ (31,399 ) $ (58,518 ) $ (746 ) $ (90,663 ) |
Note 14 - Commitments and Con39
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 201 8 $ 3,850 201 9 3,441 20 20 3,209 202 1 2,006 202 2 1,501 Thereafter 7,110 Total $ 21,117 |
Note 16 - Share Based Compens40
Note 16 - Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
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 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, 201 5 390,334 $ 13.58 3.5 $ -- Granted -- -- Exercised -- -- Forfeited / Expired (224,448 ) 10.33 Outstanding Options at December 31, 201 6 165,886 $ 17.98 4.6 $ -- Granted -- -- Exercised -- -- Forfeited / Expired (20,085 ) 18.10 Outstanding Options at December 31, 201 7 145,801 $ 17.97 4.5 $ -- Exercisable Options at December 31, 201 6 145,804 $ 17.67 4.4 $ -- Exercisable Options at December 31, 201 7 139,491 $ 17.79 4.2 $ -- |
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, 201 7 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable as of December 31, 201 7 Weighted Average Exercise Price $16.43 63,142 3.13 $ 16.43 63,142 $ 16.43 $17.48 29,849 5.14 $ 17.48 29,849 $ 17.48 $18.43 27,553 4.13 $ 18.43 27,553 $ 18.43 $21.87 25,257 6.14 $ 21.87 18,947 $ 21.87 $16.43 - $21.87 145,801 4.25 $ 17.97 139,491 $ 17.79 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Nu mber of Awards Weighted Average Grant Date Fair Value Per Share 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, 201 5 1,313,564 $ 7.29 Granted 584,283 1.64 Vested (526,628 ) 8.15 Forfeited (72,847 ) 7.04 Nonvested shares at December 31, 201 6 1,298,372 $ 4.41 Granted 1,655,067 3.14 Vested (733,147 ) 4.19 Forfeited (49,968 ) 3.43 Nonvested shares at December 31, 201 7 2,170,324 $ 3.54 |
Schedule of Share-based Payment Award, Performance Share Awards, Valuation Assumptions [Table Text Block] | 2017 2016 Risk-free weighted interest rate 1.50 % 0.92 % Expected volatility 90.0 % 90.0 % Initial TSR 0.04 % 93.7 % |
Performance Shares [Member] | Civeo Plan [Member] | |
Notes Tables | |
Share-based Compensation, Performance Shares Award Nonvested Activity [Table Text Block] | Number of Awards Weighted Average Grant Date Fair Value Per Share Nonvested shares at December 31, 2015 -- $ -- Granted 2,400,606 3.18 Vested -- -- Forfeited (448,922 ) 3.18 Nonvested shares at December 31, 2016 1,951,684 $ 3.18 Granted 762,497 5.20 Vested -- -- Forfeited (38,699 ) 3.64 Nonvested shares at December 31, 2017 2,675,482 $ 3.75 |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Nu mber of Awards Nonvested shares at December 31, 2014 432,881 Granted 1,920,451 Vested (202,284 ) Forfeited (352,848 ) Nonvested shares at December 31, 201 5 1,798,200 Granted 6,831,957 Vested (608,230 ) Forfeited (1,751,963 ) Nonvested shares at December 31, 201 6 6,269,964 Granted 750,525 Vested (2,207,589 ) Forfeited (263,161 ) Nonvested shares at December 31, 201 7 4,549,739 |
Note 17 - Segment and Related41
Note 17 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 loss Capital expenditures Total assets 201 7 Canada $ 245,595 $ -- $ 245,595 $ 69,983 $ (63,211 ) $ 3,893 $ 550,378 Australia 111,221 -- 111,221 45,699 (11,528 ) 2,772 353,840 United States 25,460 -- 25,460 4,653 (14,426 ) 1,912 33,128 Corporate, s tand-alone adjustments and eliminations -- -- -- 6,108 (8,806 ) 2,617 (83,434 ) Total $ 382,276 $ -- $ 382,276 $ 126,443 $ (97,971 ) $ 11,194 $ 853,912 201 6 Canada $ 278,464 $ -- $ 278,464 $ 80,837 $ (59,351 ) $ 3,773 $ 548,786 Australia 106,815 -- 106,815 45,883 (6,853 ) 5,682 376,008 United States 11,951 -- 11,951 5,433 (24,616 ) 6 29,799 Corporate, s tand-alone adjustments and eliminations -- -- -- (851 ) (4,940 ) 10,318 (44,147 ) Total $ 397,230 $ -- $ 397,230 $ 131,302 $ (95,760 ) $ 19,779 $ 910,446 201 5 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, s tand-alone adjustments and eliminations (2,396 ) 2,396 -- 496 (6,888 ) 6,675 (9,728 ) Total $ 517,963 $ -- $ 517,963 $ 152,990 $ (145,003 ) $ 62,451 $ 1,066,529 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Canada Australia U.S. and Other Total 201 7 Revenues from unaffiliated customers $ 245,595 $ 111,221 $ 25,460 $ 382,276 Long-lived assets 353,710 331,511 32,280 717,501 201 6 Revenues from unaffiliated customers $ 278,464 $ 106,815 $ 11,951 $ 397,230 Long-lived assets 431,477 348,293 46,995 826,765 201 5 Revenues from unaffiliated customers $ 344,249 $ 135,964 $ 37,750 $ 517,963 Long-lived assets 532,419 390,623 56,935 979,977 |
Note 18 - Valuation Accounts (T
Note 18 - Valuation Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 201 7 : Allowance for doubtful accounts receivable $ 638 $ 48 $ (23 ) $ 675 $ 1,338 Valuation allowance for deferred tax assets 76,157 10,083 (242 ) 4,665 90,663 Year Ended December 31, 201 6 : Allowance for doubtful accounts receivable $ 1,121 $ (110 ) $ (377 ) $ 4 $ 638 Valuation allowance for deferred tax assets 115,087 15,051 (53,652 ) (329 ) 76,157 Year Ended December 31, 201 5 : 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 |
Note 19 - Quarterly Financial43
Note 19 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Quarter (2) Second Quarter (3) Third Quarter (4) Fourth Quarter (5) 201 7 Revenues $ 91,429 $ 92,010 $ 97,489 $ 101,348 Gross profit (1) 29,757 32,526 31,962 30,773 Net income (loss) attributable to Civeo (20,987 ) (14,816 ) (22,331 ) (47,579 ) Basic earnings (loss) per share (0.17 ) (0.11 ) (0.17 ) (0.36 ) Diluted earnings (loss) per share (0.17 ) (0.11 ) (0.17 ) (0.36 ) 201 6 Revenues $ 95,036 $ 107,035 $ 104,238 $ 90,921 Gross profit (1) 29,093 42,449 36,274 29,764 Net income attributable to Civeo (26,822 ) (11,486 ) (42,131 ) (15,949 ) Basic earnings per share (0.25 ) (0.11 ) (0.39 ) (0.15 ) Diluted earnings per share (0.25 ) (0.11 ) (0.39 ) (0.15 ) |
Note 1 - Description of Busin44
Note 1 - Description of Business and Basis of Presentation (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Number of Reportable Segments | 3 |
Note 2 - Summary of Significa45
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Dec. 22, 2017 | Feb. 21, 2017 | Feb. 23, 2016 | Dec. 13, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Interest Costs Capitalized | $ 0 | $ 0 | $ 1,600 | |||||
Number of Reporting Units | 3 | |||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | |||||||
Foreign Currency Transaction Gain (Loss), Realized | $ (1,500) | $ (600) | $ 9,000 | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 27.00% | 27.00% | 27.00% | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,400 | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | ||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 68,000 | |||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 100 | |||||||
Reclassification of Tax Withholdings from Operating Activities to Financing Activities [Member] | Years Ended December 31, 2016 and 2015 [Member] | ||||||||
Prior Period Reclassification Adjustment | 100 | |||||||
Retained Earnings [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (636) | |||||||
Scenario, Forecast [Member] | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||||
Minimum [Member] | ||||||||
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 6.5 | |||||||
Minimum [Member] | Civeo Plan [Member] | Performance Shares [Member] | ||||||||
Target Performance Share Award, Percentage | 0.00% | 0.00% | 0.00% | |||||
Maximum [Member] | ||||||||
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 9.5 | |||||||
Maximum [Member] | Civeo Plan [Member] | Performance Shares [Member] | ||||||||
Target Performance Share Award, Percentage | 200.00% | 200.00% | 200.00% |
Note 3 - Impairment Charges (De
Note 3 - Impairment Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment, Net | $ 693,833 | $ 693,833 | $ 789,710 | |||||||
Impairment of Long-Lived Assets Held-for-use | 27,244 | $ 4,360 | $ 37,729 | $ 8,400 | $ 65,061 | $ 9,473 | $ 2,738 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 9,462 | 9,462 | 4,419 | |||||||
Inventory Write-down | 525 | 850 | $ 1,015 | |||||||
Goodwill, Impairment Loss | 43,194 | |||||||||
Asset Impairment Charges | 31,604 | 46,129 | 122,926 | |||||||
Impairment of Intangible Assets, Finite-lived | 2,460 | |||||||||
Johnstown Facility [Member] | ||||||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 8,700 | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 2,700 | |||||||||
Inventory Write-down | 1,100 | |||||||||
Canadian Segment [Member] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 27,244 | 4,360 | 37,729 | 23,041 | ||||||
Goodwill | 0 | |||||||||
Goodwill, Impairment Loss | 43,194 | |||||||||
Asset Impairment Charges | 31,604 | 37,729 | 66,235 | |||||||
Impairment of Intangible Assets, Finite-lived | ||||||||||
Canadian Segment [Member] | Asset Impairment Fourth Quarter of 2014 [Member] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 11,900 | |||||||||
US Segment and Other [Member] | ||||||||||
Property, Plant and Equipment, Net | 3,800 | |||||||||
Impairment of Long-Lived Assets Held-for-use | 8,400 | 18,040 | 2,738 | |||||||
Goodwill, Impairment Loss | ||||||||||
Asset Impairment Charges | 8,400 | 23,238 | ||||||||
Impairment of Intangible Assets, Finite-lived | 2,460 | |||||||||
Australian Segment [Member] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 23,980 | 9,473 | ||||||||
Property, Plant, and Equipment, Fair Value Disclosure | 10,300 | |||||||||
Asset Impairment Charges | $ 33,453 | |||||||||
Impairment of Intangible Assets, Finite-lived | ||||||||||
US Segment [Member] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 18,000 | |||||||||
Property, Plant, and Equipment, Fair Value Disclosure | 9,500 | |||||||||
Asset Impairment Charges | 20,500 | |||||||||
Impairment of Intangible Assets, Finite-lived | 2,500 | |||||||||
Two Lodges in Southern Alberta [Member] | Canadian Segment [Member] | ||||||||||
Property, Plant and Equipment, Net | 0 | $ 0 | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 27,200 | |||||||||
Open Camp Assets [Member] | Canadian Segment [Member] | ||||||||||
Property, Plant and Equipment, Net | 0 | |||||||||
Impairment of Long-Lived Assets Held-for-use | 3,200 | |||||||||
Undeveloped Land Positions [Member] | Canadian Segment [Member] | ||||||||||
Property, Plant and Equipment, Net | 5,600 | |||||||||
Impairment of Long-Lived Assets Held-for-use | $ 1,200 | |||||||||
Mobile Camp Assets [Member] | Canadian Segment [Member] | ||||||||||
Property, Plant and Equipment, Net | $ 26,600 | |||||||||
Impaired Fixed Assets [Member] | Australian Segment [Member] | ||||||||||
Property, Plant and Equipment, Net | 100 | |||||||||
Impairment of Long-Lived Assets Held-for-use | $ 9,500 | |||||||||
Impaired Long-lived Asset with Impairment Not Due to an Error Correction [Member] | Canadian Segment [Member] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 11,100 | |||||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 12,600 |
Note 3 - Impairment Charges - S
Note 3 - Impairment Charges - Summary of Pre-tax Impairment Charges Included in Impairment Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impairment of Long-Lived Assets Held-for-use | $ 27,244 | $ 4,360 | $ 37,729 | $ 8,400 | $ 65,061 | $ 9,473 | $ 2,738 | |||
Total | $ 31,604 | $ 46,129 | $ 122,926 | |||||||
Goodwill | 43,194 | |||||||||
Intangible assets | 2,460 | |||||||||
Canadian Segment [Member] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 27,244 | 4,360 | 37,729 | 23,041 | ||||||
Total | 31,604 | 37,729 | 66,235 | |||||||
Goodwill | 43,194 | |||||||||
Intangible assets | ||||||||||
Australian Segment [Member] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 23,980 | 9,473 | ||||||||
Total | 33,453 | |||||||||
Intangible assets | ||||||||||
US Segment and Other [Member] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 8,400 | 18,040 | $ 2,738 | |||||||
Total | $ 8,400 | $ 23,238 | ||||||||
Goodwill | ||||||||||
Intangible assets | $ 2,460 |
Note 5 - Details of Selected 48
Note 5 - Details of Selected Balance Sheet Accounts (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory Write-down | $ 525 | $ 850 | $ 1,015 | ||
Cost of Sales [Member] | Canadian Segment [Member] | |||||
Inventory Write-down | $ 500 | $ 900 |
Note 5 - Details of Selected 49
Note 5 - Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, net: | ||
Accounts receivable | $ 68,161 | $ 56,940 |
Allowance for doubtful accounts | (1,338) | (638) |
Total accounts receivable, net | 66,823 | 56,302 |
Trade Accounts Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 46,692 | 39,442 |
Unbilled Revenue [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | 20,555 | 16,063 |
Other Receivable [Member] | ||
Accounts receivable, net: | ||
Accounts receivable | $ 914 | $ 1,435 |
Note 5 - Details of Selected 50
Note 5 - Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories: | ||
Finished goods and purchased products | $ 2,211 | $ 1,700 |
Work in process | 4,096 | 3 |
Raw materials | 939 | 1,409 |
Total inventories | $ 7,246 | $ 3,112 |
Note 5 - Details of Selected 51
Note 5 - Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, plant and equipment, gross | $ 1,802,790 | $ 1,701,568 |
Accumulated depreciation | (1,108,957) | (911,858) |
Total property, plant and equipment, net | 693,833 | 789,710 |
Land [Member] | ||
Property, plant and equipment, gross | 40,567 | 41,122 |
Accommodations Assets [Member] | ||
Property, plant and equipment, gross | $ 1,658,867 | 1,554,986 |
Accommodations Assets [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Accommodations Assets [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 15 years | |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | $ 24,181 | 28,104 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 20 years | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 8,848 | 9,667 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 4 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 15 years | |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 53,688 | 29,948 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 7 years | |
Vehicles [Member] | ||
Property, plant and equipment, gross | $ 13,869 | 14,725 |
Vehicles [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Vehicles [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 2,770 | $ 23,016 |
Note 5 - Details of Selected 52
Note 5 - Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued liabilities: | ||
Accrued compensation | $ 20,424 | $ 13,189 |
Accrued taxes, other than income taxes | 1,224 | 917 |
Accrued interest | 15 | 194 |
Other | 545 | 522 |
Total accrued liabilities | $ 22,208 | $ 14,822 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.1 | 1.3 | 1.3 |
Note 6 - Earnings Per Share - C
Note 6 - Earnings Per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2017 | [1] | Sep. 30, 2017 | [2] | Jun. 30, 2017 | [3] | Mar. 31, 2017 | [4] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Net loss attributable to Civeo | $ (47,579) | $ (22,331) | $ (14,816) | $ (20,987) | $ (15,949) | $ (42,131) | $ (11,486) | $ (26,822) | $ (105,713) | $ (96,388) | $ (131,759) | |||||||||
Less: undistributed net income to participating securities | ||||||||||||||||||||
Net loss attributable to Civeo’s common shareholders - basic | $ (105,713) | $ (96,388) | $ (131,759) | |||||||||||||||||
Weighted average common shares outstanding - basic (in shares) | 128,365 | 107,024 | 106,604 | |||||||||||||||||
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.36) | $ (0.17) | $ (0.11) | $ (0.17) | $ (0.15) | $ (0.39) | $ (0.11) | $ (0.25) | $ (0.82) | $ (0.90) | $ (1.24) | |||||||||
Net loss attributable to Civeo’s common shareholders – basic | $ (105,713) | $ (96,388) | $ (131,759) | |||||||||||||||||
Less: undistributed net income to participating securities | ||||||||||||||||||||
Net loss attributable to Civeo’s common shareholders - diluted | $ (105,713) | $ (96,388) | $ (131,759) | |||||||||||||||||
Effect of dilutive securities (in shares) | [5] | |||||||||||||||||||
Weighted average common shares outstanding - diluted (in shares) | 128,365 | 107,024 | 106,604 | |||||||||||||||||
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.36) | $ (0.17) | $ (0.11) | $ (0.17) | $ (0.15) | $ (0.39) | $ (0.11) | $ (0.25) | $ (0.82) | $ (0.90) | $ (1.24) | |||||||||
[1] | In the fourth quarter of 2017, we recognized the following items: Costs associated with our pending acquisition of Noralta of $2.3 million ($2.2 million after-tax, or $0.02 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. A charge of $27.2 million ($19.9 million after-tax, or $0.15 per diluted share), related to certain lodge assets in the southern oil sands which carrying values we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. | |||||||||||||||||||
[2] | In the third quarter of 2017, we recognized the following items: A charge of $4.4 million ($3.2 million after-tax, or $0.02 per diluted share), related to leasehold improvements and undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. In the third quarter of 2016, we recognized the following items: A charge of $37.7 million ($27.5 million after-tax, or $0.26 per diluted share), related to mobile camp assets and certain undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. | |||||||||||||||||||
[3] | In the second quarter of 2017, there were no significant items recognized. In the second quarter of 2016, we recognized the following items: Costs associated with our migration to Canada of $0.2 million ($0.2 million after-tax, or $0.00 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. | |||||||||||||||||||
[4] | In the first quarter of 2017, there were no significant items recognized. In the first quarter of 2016, we recognized the following items: Costs associated with our migration to Canada of $1.0 million ($0.7 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. A charge of $8.4 million ($8.4 million after-tax, or $0.05 per diluted share), related to the impairment of certain fixed assets which carrying value we determined not to be recoverable. The charge, which is related to our U.S. segment, is included in Impairment expense on the accompanying consolidated statements of operations. | |||||||||||||||||||
[5] | When an entity has a net loss from continuing operations, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized the basic shares outstanding amount to calculate both basic and diluted loss per share for the years ended December 31, 2017, 2016 and 2015. In the years ended December 31, 2017, 2016 and 2015, we excluded from the calculation 2.1 million, 1.3 million and 1.3 million share based awards, respectively, since the effect would have been anti-dilutive. |
Note 7 - Assets Held for Sale55
Note 7 - Assets Held for Sale (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disposal Group, Including Discontinued Operation, Assets, Current | $ 9,462 | $ 9,462 | $ 4,419 | |
Modular Construction and Manufacturing Plant Near Edmonton, Alberta, Canada [Member] | Canadian Segment [Member] | ||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 500 | |||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 500 | $ 700 | $ 700 | |
Undeveloped Land Positions in the British Columbia Segment [Member] | Canadian Segment [Member] | ||||
Disposal Group, Including Discontinued Operation, Assets, Current | $ 4,400 | $ 4,400 |
Note 7 - Assets Held for Sale -
Note 7 - Assets Held for Sale - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets held for sale: | ||
Property, plant and equipment, net | $ 9,418 | $ 4,419 |
Inventories | 44 | |
Total assets held for sale | $ 9,462 | $ 4,419 |
Note 8 - Supplemental Cash Fl57
Note 8 - Supplemental Cash Flow Information - Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest (net of amounts capitalized) | $ 17,362 | $ 18,927 | $ 21,385 |
Income taxes paid, net of refunds | $ (7,755) | $ 3,404 | $ (5,169) |
Note 9 - Other Intangible Ass58
Note 9 - Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 36 days | 4 years 36 days | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 7.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0.2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0.1 | ||
Amortization of Intangible Assets | 7.3 | $ 7.2 | $ 7.6 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $ 7.5 |
Note 9 - Other Intangible Ass59
Note 9 - Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amortizable Intangible Assets, Gross Carrying Amount | $ 84,246 | $ 78,862 |
Amortizable Intangible Assets, Accumulated Amortization | (61,525) | (50,853) |
Indefinite-Lived Intangible Assets Not Subject to Amortization | 32 | 30 |
Total Intangible Assets, Gross Carrying Amount | 84,278 | 78,892 |
Licenses and Other [Member] | ||
Indefinite-Lived Intangible Assets Not Subject to Amortization | 32 | 30 |
Customer Relationships [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 45,209 | 42,614 |
Amortizable Intangible Assets, Accumulated Amortization | (33,997) | (28,804) |
Customer Contracts [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 38,362 | 35,499 |
Amortizable Intangible Assets, Accumulated Amortization | (26,853) | (21,300) |
Noncompete Agreements [Member] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 675 | 749 |
Amortizable Intangible Assets, Accumulated Amortization | $ (675) | $ (749) |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) AUD in Millions, $ in Millions | Feb. 17, 2017USD ($) | Dec. 31, 2017USD ($) | Feb. 16, 2017 | Dec. 31, 2017AUD | Dec. 31, 2016USD ($) |
Interest Coverage Ratio | 3 | ||||
Leverage Ratio | 5.85 | ||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | United States of America, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | United States of America, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||||
Line of Credit [Member] | Base Rate [Member] | Minimum [Member] | United States of America, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Line of Credit [Member] | Base Rate [Member] | Minimum [Member] | Canada, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Line of Credit [Member] | Base Rate [Member] | Maximum [Member] | United States of America, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||
Line of Credit [Member] | Base Rate [Member] | Maximum [Member] | Canada, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||
Line of Credit [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Minimum [Member] | Canada, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Line of Credit [Member] | Canadian Dealer Offered Rate (CDOR) [Member] | Maximum [Member] | Canada, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||||
Line of Credit [Member] | Bank Bill Swap Bid Rate (BBSY) [Member] | Minimum [Member] | Australia, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Line of Credit [Member] | Bank Bill Swap Bid Rate (BBSY) [Member] | Maximum [Member] | Australia, Dollars | |||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||||
Amended Credit Facility [Member] | |||||
Number of Lenders | 15 | 15 | |||
Amended Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.51% | 0.51% | |||
Lender Commitments, Within Credit Agreement | $ 0.7 | ||||
Amended Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.24% | 1.13% | |||
Lender Commitments, Within Credit Agreement | 121.7 | ||||
Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Amended Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||||
Amended Credit Facility [Member] | US Term Loan [Member] | |||||
Debt Instrument, Face Amount | $ 350 | ||||
Revolving Credit Facility [Member] | Amended Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275 | 350 | |||
Line of Credit Facility, Maximum Borrowing Capacity, Increase (Decrease) | (75) | ||||
Revolving Credit Facility, U.S. Subsidiaries [Member] | Amended Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 40 | 50 | |||
Letters of Credit Outstanding, Amount | 0.8 | ||||
Revolving Credit Facility, Canadian Subsidiaries [Member] | Amended Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 90 | 100 | |||
Letters of Credit Outstanding, Amount | 0.4 | ||||
Revolving Credit Facility, The Company [Member] | Amended Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 60 | 100 | |||
Revolving Credit Facility, Australian Subsidiaries [Member] | Amended Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 85 | $ 100 | |||
Letters of Credit Outstanding, Amount | 0.6 | ||||
Bank Guarantee Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | AUD | AUD 2 | ||||
Bank Guarantee Outstanding | $ 0.8 |
Note 10 - Debt - Long-term Debt
Note 10 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total debt, including unamortized debt issuance costs | $ 297,623 | $ 357,267 |
Less: Unamortized debt issuance costs | 3,037 | 3,996 |
Total debt | 294,586 | 353,271 |
Less: Current portion of long-term debt, including unamortized debt issuance costs, net | 16,596 | 15,471 |
Long-term debt, less current maturities | 277,990 | 337,800 |
US Term Loan [Member] | ||
Term loan | 24,375 | |
Canadian Term Loan [Member] | ||
Term loan | 297,623 | 293,763 |
US Revolving Credit Facility [Member] | ||
Revolving credit facility | ||
Canadian Credit Facility 1 [Member] | ||
Revolving credit facility | 23,089 | |
Canadian Credit Facility 2 [Member] | ||
Revolving credit facility | 9,533 | |
Australian Credit Facility [Member] | ||
Revolving credit facility | $ 6,507 |
Note 10 - Debt - Long-term De62
Note 10 - Debt - Long-term Debt (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2017 | |
US Term Loan [Member] | |
Term loan, matures | May 28, 2019 |
Term loan, weighted-average interest rate | 4.50% |
Canadian Term Loan [Member] | |
Term loan, matures | May 28, 2019 |
Term loan, weighted-average interest rate | 4.50% |
Term loan, interest rate | 1.25% |
US Revolving Credit Facility [Member] | |
Term loan, matures | May 28, 2019 |
Line of credit facility, interest rate | 6.50% |
Canadian Credit Facility 1 [Member] | |
Term loan, matures | May 28, 2019 |
Line of credit facility, interest rate | 5.30% |
Canadian Credit Facility 2 [Member] | |
Term loan, matures | May 28, 2019 |
Line of credit facility, interest rate | 5.30% |
Australian Credit Facility [Member] | |
Term loan, matures | May 28, 2019 |
Line of credit facility, interest rate | 5.10% |
Note 10 - Debt - Long-term De63
Note 10 - Debt - Long-term Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 16,767 | |
2,019 | 280,856 | |
Debt, gross | $ 297,623 | $ 357,267 |
Note 10 - Debt - Changes to Max
Note 10 - Debt - Changes to Maximum Leverage Ratio (Details) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Maximum Leverage Ratio | 5.85 | |||||
Scenario, Forecast [Member] | ||||||
Maximum Leverage Ratio | 5.25 | 5.5 | 5.85 | 5.85 | 5.85 |
Note 11 - Retirement Plans (Det
Note 11 - Retirement Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Cost | $ 4,800,000 | $ 6,400,000 | $ 9,600,000 |
Deferred Profit Sharing Plan [Member] | CANADA | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 13,115 | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 2 years | ||
Group Registered Retirement Savings Plan [Member] | CANADA | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 26,010 | ||
Retirement Saving Plan [Member] | AUSTRALIA | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 9.50% | ||
401 (k) Retirement Plan [Member] | UNITED STATES | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
401 (k) Retirement Plan [Member] | UNITED STATES | 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% | ||
401 (k) Retirement Plan [Member] | UNITED STATES | 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% | ||
401 (k) Retirement Plan [Member] | UNITED STATES | Minimum [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | ||
401 (k) Retirement Plan [Member] | UNITED STATES | Maximum [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% |
Note 12 - Asset Retirement Ob66
Note 12 - Asset Retirement Obligations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation, Accretion Expense | $ 1,353 | $ 1,351 | $ 1,292 |
Note 12 - Asset Retirement Ob67
Note 12 - Asset Retirement Obligations - Asset Retirement Obligations (ARO) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Asset retirement obligations | $ 17,185 | $ 17,584 | $ 17,299 | $ 21,610 | |
Less: Asset retirement obligations due within one year* | [1] | 1,799 | 2,374 | ||
Long-term asset retirement obligations | $ 15,386 | $ 15,210 | |||
[1] | Classified as a current liability on the consolidated balance sheets, under the caption "Other current liabilities." Related to remediation work planned for 2018. |
Note 12 - Asset Retirement Ob68
Note 12 - Asset Retirement Obligations - Change in Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning | $ 17,584 | $ 17,299 | $ 21,610 |
Accretion of discount | 1,353 | 1,351 | 1,292 |
New obligations | 86 | 81 | |
Change in estimates of existing obligations | (1,901) | (1,182) | (2,366) |
Settlement of obligations | (816) | (376) | (132) |
Foreign currency translation | 879 | 492 | (3,186) |
Balance, ending | $ 17,185 | $ 17,584 | $ 17,299 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 27.00% | 27.00% | 27.00% | ||
Increase (Decrease) in Deferred Income Taxes | $ (9,000) | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (9,000) | |||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 0 | |||||
Undistributed Earnings of Foreign Subsidiaries | 0 | $ 0 | ||||
Unrecognized Tax Benefits | 0 | 0 | $ 679 | $ 679 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | 0 | 300 | |||
Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||
Foreign Tax Authority [Member] | ||||||
Valuation Allowance Deferred Tax Asset Tax Effects of Restructuring | $ 58,900 | |||||
Internal Revenue Service (IRS) [Member] | Foreign Tax Authority [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||
Internal Revenue Service (IRS) [Member] | Foreign Tax Authority [Member] | Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||
Canada Revenue Agency [Member] | Foreign Tax Authority [Member] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 5,900 | |||||
Australian Taxation Office [Member] | Foreign Tax Authority [Member] | ||||||
Liability for Uncertainty in Income Taxes, Current | $ 700 |
Note 13 - Income Taxes - Consol
Note 13 - Income Taxes - Consolidated Pre-tax Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Canada operations | $ (87,143) | $ (87,234) | $ (73,691) |
Foreign operations | (31,601) | (28,698) | (90,062) |
Loss before income taxes | $ (118,744) | $ (115,932) | $ (163,753) |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Canada | $ (5,986) | $ (8,646) | $ (820) |
Foreign | 1,472 | 1,749 | 1,906 |
Total | (4,514) | (6,897) | 1,086 |
Deferred: | |||
Canada | (9,194) | (12,169) | (2,707) |
Foreign | 218 | (1,039) | (31,468) |
Total | (8,976) | (13,208) | (34,175) |
Total Benefit | $ (13,490) | $ (20,105) | $ (33,089) |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Federal tax benefit at statutory rates, amount | $ (32,061) | $ (31,302) | $ (44,213) | |
Federal tax benefit at statutory rates | 35.00% | 27.00% | 27.00% | 27.00% |
Effect of foreign income tax, net, amount | $ (3,399) | $ (6,593) | $ (15,088) | |
Effect of foreign income tax, net | 2.90% | 5.70% | 9.20% | |
Tax effects of restructuring, amount | $ 3,038 | $ 17,600 | ||
Tax effects of restructuring | (2.60%) | (10.80%) | ||
Deemed income from foreign subsidiaries, amount | $ 334 | $ 1,108 | $ 4,190 | |
Deemed income from foreign subsidiaries | (0.30%) | (1.00%) | (2.60%) | |
Goodwill impairment, amount | $ 11,533 | |||
Goodwill impairment | (7.00%) | |||
Tax on future unremitted earnings, amount | $ (25,306) | |||
Tax on future unremitted earnings | 15.40% | |||
Other, net, amount | $ 1,908 | $ (2,119) | $ 3,674 | |
Other, net | (1.60%) | 1.80% | (2.20%) | |
Net income tax benefit, amount | $ (13,490) | $ (20,105) | $ (33,089) | |
Net income tax benefit | 11.40% | 17.30% | 20.20% | |
Deferred Tax Assets Impacted by U.S. Tax Reform [Member] | ||||
Valuation allowance, amount | $ (9,047) | |||
Valuation allowance | 7.60% | |||
Other Deferred Tax Assets [Member] | ||||
Valuation allowance, amount | $ 19,130 | $ 15,051 | $ 11,189 | |
Valuation allowance | (16.10%) | (13.00%) | (6.80%) | |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Federal tax benefit at statutory rates | 35.00% | |||
Enacted tax rate change, amount | $ 9,047 | |||
Enacted tax rate change | (7.60%) | |||
Domestic Tax Authority [Member] | ||||
Enacted tax rate change, amount | $ 598 | $ 712 | $ 3,332 | |
Enacted tax rate change | (0.50%) | (0.60%) | (2.00%) |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | |||
Net operating loss | $ 70,920 | $ 49,810 | |
Employee benefits | 5,560 | 6,952 | |
Deductible goodwill and other intangibles | 50,758 | 45,262 | |
Other reserves | 6,854 | 4,773 | |
Unearned revenue | 1,424 | 1,776 | |
Other | 188 | 1,588 | |
Deferred tax assets | 135,704 | 110,161 | |
Valuation allowance | (90,663) | (76,157) | $ (115,087) |
Deferred tax assets, net | 45,041 | 34,004 | |
Deferred tax liabilities: | |||
Depreciation | (44,141) | (42,701) | |
Investment | (900) | (497) | |
Deferred tax liabilities | (45,041) | (43,198) | |
Net deferred tax liability | $ (9,194) |
Note 13 - Income Taxes - NOL an
Note 13 - Income Taxes - NOL and Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |
Net operating loss carryforwards: | |
Net operating loss carryforwards | $ 121,115 |
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | |
Net operating loss carryforwards: | |
Net operating loss carryforwards | 85,840 |
Domestic Tax Authority [Member] | |
Net operating loss carryforwards: | |
Net operating loss carryforwards | 32,671 |
State and Local Jurisdiction [Member] | |
Net operating loss carryforwards: | |
Net operating loss carryforwards | $ 5,606 |
Note 13 - Income Taxes - Change
Note 13 - Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ (76,157) | $ (115,087) |
Change in income tax provision | (15,051) | |
Write-off of U.S. foreign tax credits | 58,906 | |
Other change | 242 | (5,254) |
Foreign currency translation | (4,665) | 329 |
Change in income tax provision – U.S. Tax Reform | 9,047 | |
Change in income tax provision - Other | (19,130) | |
Balance | (90,663) | (76,157) |
Foreign Tax Credits [Member] | ||
Balance | (58,906) | |
Change in income tax provision | ||
Write-off of U.S. foreign tax credits | 58,906 | |
Other change | ||
Foreign currency translation | ||
Change in income tax provision – U.S. Tax Reform | ||
Change in income tax provision - Other | ||
Balance | ||
Federal and State NOLs [Member] | ||
Balance | (19,113) | (1,526) |
Change in income tax provision | (13,580) | |
Write-off of U.S. foreign tax credits | ||
Other change | 1,277 | (4,008) |
Foreign currency translation | (515) | 1 |
Change in income tax provision – U.S. Tax Reform | 4,574 | |
Change in income tax provision - Other | (17,622) | |
Balance | (31,399) | (19,113) |
Deferred Tax Assets [Member] | ||
Balance | (56,043) | (54,128) |
Change in income tax provision | (1,085) | |
Write-off of U.S. foreign tax credits | ||
Other change | (1,290) | (1,174) |
Foreign currency translation | (4,150) | 344 |
Change in income tax provision – U.S. Tax Reform | 4,473 | |
Change in income tax provision - Other | (1,508) | |
Balance | (58,518) | (56,043) |
Other [Member] | ||
Balance | (1,001) | (527) |
Change in income tax provision | (386) | |
Write-off of U.S. foreign tax credits | ||
Other change | 255 | (72) |
Foreign currency translation | (16) | |
Change in income tax provision – U.S. Tax Reform | ||
Change in income tax provision - Other | ||
Balance | $ (746) | $ (1,001) |
Note 13 - Income Taxes - Unreco
Note 13 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 0 | $ 679 | $ 679 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Reductions for settlements | 0 | 0 | 0 |
Lapse of the applicable statute of limitations | (679) | 0 | |
Balance | $ 0 | $ 0 | $ 679 |
Note 14 - Commitments and Con77
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense | $ 5.6 | $ 6 | $ 7.6 |
Note 14 - Commitments and Con78
Note 14 - Commitments and Contingencies - Minimum Future Operating Lease Obligations (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 3,850 |
2,019 | 3,441 |
2,020 | 3,209 |
2,021 | 2,006 |
2,022 | 1,501 |
Thereafter | 7,110 |
Total | $ 21,117 |
Note 15 - Accumulated Other C79
Note 15 - Accumulated Other Comprehensive Loss (Details Textual) $ in Thousands, CAD in Billions, AUD in Billions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CAD | Dec. 31, 2017AUD | Dec. 31, 2016USD ($) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | $ 34,700 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (328,213) | $ (362,930) | ||
Translation Adjustment Functional to Reporting Currency, Net of Tax | CAD 0.1 | AUD 0.4 |
Note 16 - Share Based Compens80
Note 16 - Share Based Compensation (Details Textual) | Feb. 21, 2017$ / sharesshares | May 12, 2016$ / shares | Feb. 23, 2016shares | Dec. 13, 2017 | Dec. 31, 2017USD ($)$ / sharesshares | Feb. 21, 2017 | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 14,000,000 | |||||||
Allocated Share-based Compensation Expense | $ 15,400,000 | $ 9,900,000 | $ 5,600,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0 | $ 600,000 | $ 300,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 0 | $ 100,000 | |||||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 0 | $ 0 | $ 100,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 100,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||||||
Restricted Stock and Deferred Stock Awards [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 255 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.14 | $ 1.64 | $ 3.61 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,000,000 | $ 600,000 | $ 900,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 4,500,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 1,655,067 | 584,283 | 1,208,642 | |||||
Phantom Share Units (PSUs) [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,100,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 109 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.27 | $ 0.91 | $ 3.68 | |||||
Share-based Compensation Arrangement Other Than Options Liability Balance | $ 5,300,000 | |||||||
Phantom Share Cash Payments | $ 7,100,000 | $ 500,000 | $ 800,000 | |||||
Phantom Share Units (PSUs) [Member] | Civeo Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 750,525 | 6,831,957 | 1,920,451 | |||||
Performance Shares [Member] | ||||||||
Allocated Share-based Compensation Expense | $ 3,000,000 | $ 1,900,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,000,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 255 days | |||||||
Performance Shares [Member] | Civeo Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 5.20 | $ 3.18 | $ 5.20 | $ 3.18 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 762,497 | 2,400,606 | 762,497 | 2,400,606 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||||||
Peer Group, Number of Companies | 15 | 12 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||
Performance Shares [Member] | Civeo Plan [Member] | Minimum [Member] | ||||||||
Target Performance Share Award, Percentage | 0.00% | 0.00% | 0.00% | |||||
Performance Shares [Member] | Civeo Plan [Member] | Maximum [Member] | ||||||||
Target Performance Share Award, Percentage | 200.00% | 200.00% | 200.00% |
Note 16 - Share Based Compens81
Note 16 - Share Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding, Options (in shares) | 165,886 | 390,334 | 532,926 | ||
Outstanding, weighted average exercise price per share (in dollars per share) | $ 17.98 | $ 13.58 | $ 11.03 | ||
Outstanding, weighted average contractual life (Year) | 4 years 182 days | 4 years 219 days | 3 years 182 days | 3 years 146 days | |
Outstanding, Intrinsic value | $ 66,130 | ||||
Granted (in shares) | 0 | 0 | 0 | ||
Exercised, Options (in shares) | (137,771) | ||||
Exercised, weighted average exercise price per share (in dollars per share) | $ 3.63 | ||||
Forfeited / Expired, Options (in shares) | (20,085) | (224,448) | (4,821) | ||
Forfeited / Expired, weighted average exercise price per share (in dollars per share) | $ 18.10 | $ 10.33 | $ 16.43 | ||
Exercised, Options (in shares) | 137,771 | ||||
Outstanding, Options (in shares) | 145,801 | 165,886 | 165,886 | 390,334 | 532,926 |
Outstanding Options, weighted average exercise price per share (in dollars per share) | $ 17.97 | $ 17.98 | $ 17.98 | $ 13.58 | $ 11.03 |
Exercisable Options, Options (in shares) | 139,491 | 145,804 | 145,804 | ||
Exercisable, weighted average exercise price per share (in dollars per share) | $ 17.79 | $ 17.67 | $ 17.67 | ||
Exercisable, weighted average contractual life (Year) | 4 years 73 days | 4 years 146 days |
Note 16 - Share Based Compens82
Note 16 - Share Based Compensation - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Range of Exercise Prices (in dollars per share) | $ 17.97 |
Options Outstanding, Number Outstanding (in shares) | shares | 145,801 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 4 years 91 days |
Options Exercisable, Number Exercisable (in shares) | shares | 139,491 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 17.79 |
Lower Range of Exercise Prices (in dollars per share) | 16.43 |
Upper Range of Exercise Prices (in dollars per share) | 21.87 |
Exercise Price Range 1 [Member] | |
Range of Exercise Prices (in dollars per share) | $ 16.43 |
Options Outstanding, Number Outstanding (in shares) | shares | 63,142 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 3 years 47 days |
Options Exercisable, Number Exercisable (in shares) | shares | 63,142 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 16.43 |
Exercise Price Range 2 [Member] | |
Range of Exercise Prices (in dollars per share) | $ 17.48 |
Options Outstanding, Number Outstanding (in shares) | shares | 29,849 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 5 years 51 days |
Options Exercisable, Number Exercisable (in shares) | shares | 29,849 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 17.48 |
Exercise Price Range 3 [Member] | |
Range of Exercise Prices (in dollars per share) | $ 18.43 |
Options Outstanding, Number Outstanding (in shares) | shares | 27,553 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 4 years 47 days |
Options Exercisable, Number Exercisable (in shares) | shares | 27,553 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 18.43 |
Exercise Price Range 4 [Member] | |
Range of Exercise Prices (in dollars per share) | $ 21.87 |
Options Outstanding, Number Outstanding (in shares) | shares | 25,257 |
Options Outstanding, Weighted Average Remaining Contractual Life (Year) | 6 years 51 days |
Options Exercisable, Number Exercisable (in shares) | shares | 18,947 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 21.87 |
Note 16 - Share Based Compens83
Note 16 - Share Based Compensation - Restricted Stock Awards and Deferred Stock Awards (Details) - Restricted Stock and Deferred Stock Awards [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Nonvested, Number of awards (in shares) | 1,298,372 | 1,313,564 | 576,882 |
Nonvested, Weighted avererage grant date fair value per share (in dollars per share) | $ 4.41 | $ 7.29 | $ 19.78 |
Granted, Number of awards (in shares) | 1,655,067 | 584,283 | 1,208,642 |
Granted, Weighted avererage grant date fair value per share (in dollars per share) | $ 3.14 | $ 1.64 | $ 3.61 |
Vested, Number of awards (in shares) | (733,147) | (526,628) | (248,215) |
Vested, Weighted avererage grant date fair value per share (in dollars per share) | $ 4.19 | $ 8.15 | $ 18.17 |
Forfeited, Number of awards (in shares) | (49,968) | (72,847) | (223,745) |
Forfeited, Weighted avererage grant date fair value per share (in dollars per share) | $ 3.43 | $ 7.04 | $ 7.54 |
Nonvested, Number of awards (in shares) | 2,170,324 | 1,298,372 | 1,313,564 |
Nonvested shares, Weighted avererage grant date fair value per share (in dollars per share) | $ 3.54 | $ 4.41 | $ 7.29 |
Note 16 - Share Based Compens84
Note 16 - Share Based Compensation - Phantom Share Awards Activity (Details) - Phantom Share Units (PSUs) [Member] - Civeo Plan [Member] - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Nonvested, Number of awards (in shares) | 6,269,964 | 1,798,200 | 432,881 |
Granted, Number of awards (in shares) | 750,525 | 6,831,957 | 1,920,451 |
Vested, Number of awards (in shares) | (2,207,589) | (608,230) | (202,284) |
Forfeited, Number of awards (in shares) | (263,161) | (1,751,963) | (352,848) |
Nonvested, Number of awards (in shares) | 4,549,739 | 6,269,964 | 1,798,200 |
Note 16 - Share Based Compens85
Note 16 - Share Based Compensation - Valuation Assumptions of Performance Share Awards (Details) - Performance Shares [Member] - Civeo Plan [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Expected volatility | 90.00% | 90.00% |
Initial TSR | 0.04% | 93.70% |
Weighted Average [Member] | ||
Risk-free weighted interest rate | 1.50% | 0.92% |
Note 16 - Share Based Compens86
Note 16 - Share Based Compensation - Performance Share Awards Activity (Details) - Performance Shares [Member] - Civeo Plan [Member] - $ / shares | Feb. 21, 2017 | May 12, 2016 | Feb. 23, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Nonvested, Number of awards (in shares) | 1,951,684 | ||||
Nonvested, Weighted avererage grant date fair value per share (in dollars per share) | $ 3.18 | ||||
Granted, Number of awards (in shares) | 762,497 | 2,400,606 | 762,497 | 2,400,606 | |
Granted, Weighted avererage grant date fair value per share (in dollars per share) | $ 5.20 | $ 3.18 | $ 5.20 | $ 3.18 | |
Vested, Number of Awards (in shares) | |||||
Forfeited, Number of awards (in shares) | (38,699) | (448,922) | |||
Forfeited, Weighted avererage grant date fair value per share (in dollars per share) | $ 3.64 | $ 3.18 | |||
Nonvested, Number of awards (in shares) | 2,675,482 | 1,951,684 | |||
Nonvested shares, Weighted avererage grant date fair value per share (in dollars per share) | $ 3.75 | $ 3.18 |
Note 17 - Segment and Related87
Note 17 - Segment and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | [2] | Jun. 30, 2017 | [3] | Mar. 31, 2017 | [4] | Dec. 31, 2016 | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Total Revenues | $ 101,348 | [1] | $ 97,489 | $ 92,010 | $ 91,429 | $ 90,921 | [1] | $ 104,238 | $ 107,035 | $ 95,036 | $ 382,276 | $ 397,230 | $ 517,963 | ||||||
Depreciation and amortization | 126,443 | 131,302 | 152,990 | ||||||||||||||||
Operating income (loss) | (97,971) | (95,760) | (145,003) | ||||||||||||||||
Capital expenditures | 11,194 | 19,779 | 62,451 | ||||||||||||||||
Total assets | 853,912 | 910,446 | 853,912 | 910,446 | 1,066,529 | ||||||||||||||
Operating Segments [Member] | |||||||||||||||||||
Total Revenues | 382,276 | 397,230 | |||||||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||||
Total Revenues | |||||||||||||||||||
Canadian Segment [Member] | |||||||||||||||||||
Total Revenues | 245,595 | 278,464 | 344,249 | ||||||||||||||||
Depreciation and amortization | 69,983 | 80,837 | 89,269 | ||||||||||||||||
Operating income (loss) | (63,211) | (59,351) | (73,215) | ||||||||||||||||
Capital expenditures | 3,893 | 3,773 | 41,446 | ||||||||||||||||
Total assets | 550,378 | 548,786 | 550,378 | 548,786 | 579,816 | ||||||||||||||
Canadian Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Total Revenues | 245,595 | 278,464 | 344,249 | ||||||||||||||||
Canadian Segment [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||
Total Revenues | |||||||||||||||||||
Australian Segment [Member] | |||||||||||||||||||
Total Revenues | 111,221 | 106,815 | 135,964 | ||||||||||||||||
Depreciation and amortization | 45,699 | 45,883 | 51,392 | ||||||||||||||||
Operating income (loss) | (11,528) | (6,853) | (24,817) | ||||||||||||||||
Capital expenditures | 2,772 | 5,682 | 12,160 | ||||||||||||||||
Total assets | 353,840 | 376,008 | 353,840 | 376,008 | 424,731 | ||||||||||||||
Australian Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Total Revenues | 111,221 | 106,815 | 135,964 | ||||||||||||||||
Australian Segment [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||
Total Revenues | |||||||||||||||||||
US Segment [Member] | |||||||||||||||||||
Total Revenues | 25,460 | 11,951 | 37,750 | ||||||||||||||||
Depreciation and amortization | 4,653 | 5,433 | 11,833 | ||||||||||||||||
Operating income (loss) | (14,426) | (24,616) | (40,083) | ||||||||||||||||
Capital expenditures | 1,912 | 6 | 2,170 | ||||||||||||||||
Total assets | 33,128 | 29,799 | 33,128 | 29,799 | 71,710 | ||||||||||||||
US Segment [Member] | Operating Segments [Member] | |||||||||||||||||||
Total Revenues | 25,460 | 11,951 | 40,146 | ||||||||||||||||
US Segment [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||
Total Revenues | (2,396) | ||||||||||||||||||
Corporate and Other [Member] | |||||||||||||||||||
Depreciation and amortization | 6,108 | (851) | 496 | ||||||||||||||||
Operating income (loss) | (8,806) | (4,940) | (6,888) | ||||||||||||||||
Capital expenditures | 2,617 | 10,318 | 6,675 | ||||||||||||||||
Total assets | $ (83,434) | $ (44,147) | (83,434) | (44,147) | (9,728) | ||||||||||||||
Corporate and Other [Member] | Operating Segments [Member] | |||||||||||||||||||
Total Revenues | (2,396) | ||||||||||||||||||
Corporate and Other [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||
Total Revenues | $ 2,396 | ||||||||||||||||||
[1] | In the fourth quarter of 2017, we recognized the following items: Costs associated with our pending acquisition of Noralta of $2.3 million ($2.2 million after-tax, or $0.02 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. A charge of $27.2 million ($19.9 million after-tax, or $0.15 per diluted share), related to certain lodge assets in the southern oil sands which carrying values we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. | ||||||||||||||||||
[2] | In the third quarter of 2017, we recognized the following items: A charge of $4.4 million ($3.2 million after-tax, or $0.02 per diluted share), related to leasehold improvements and undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. In the third quarter of 2016, we recognized the following items: A charge of $37.7 million ($27.5 million after-tax, or $0.26 per diluted share), related to mobile camp assets and certain undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. | ||||||||||||||||||
[3] | In the second quarter of 2017, there were no significant items recognized. In the second quarter of 2016, we recognized the following items: Costs associated with our migration to Canada of $0.2 million ($0.2 million after-tax, or $0.00 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. | ||||||||||||||||||
[4] | In the first quarter of 2017, there were no significant items recognized. In the first quarter of 2016, we recognized the following items: Costs associated with our migration to Canada of $1.0 million ($0.7 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. A charge of $8.4 million ($8.4 million after-tax, or $0.05 per diluted share), related to the impairment of certain fixed assets which carrying value we determined not to be recoverable. The charge, which is related to our U.S. segment, is included in Impairment expense on the accompanying consolidated statements of operations. |
Note 17 - Segment and Related88
Note 17 - Segment and Related Information - Financial Information By Geographic Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | [2] | Jun. 30, 2017 | [3] | Mar. 31, 2017 | [4] | Dec. 31, 2016 | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Revenues from unaffiliated customers | $ 101,348 | [1] | $ 97,489 | $ 92,010 | $ 91,429 | $ 90,921 | [1] | $ 104,238 | $ 107,035 | $ 95,036 | $ 382,276 | $ 397,230 | $ 517,963 | ||||||
Long-lived assets | 717,501 | 826,765 | 717,501 | 826,765 | 979,977 | ||||||||||||||
Canadian Segment [Member] | |||||||||||||||||||
Revenues from unaffiliated customers | 245,595 | 278,464 | 344,249 | ||||||||||||||||
Long-lived assets | 353,710 | 431,477 | 353,710 | 431,477 | 532,419 | ||||||||||||||
Australian Segment [Member] | |||||||||||||||||||
Revenues from unaffiliated customers | 111,221 | 106,815 | 135,964 | ||||||||||||||||
Long-lived assets | 331,511 | 348,293 | 331,511 | 348,293 | 390,623 | ||||||||||||||
US Segment and Other [Member] | |||||||||||||||||||
Revenues from unaffiliated customers | 25,460 | 11,951 | 37,750 | ||||||||||||||||
Long-lived assets | $ 32,280 | $ 46,995 | $ 32,280 | $ 46,995 | $ 56,935 | ||||||||||||||
[1] | In the fourth quarter of 2017, we recognized the following items: Costs associated with our pending acquisition of Noralta of $2.3 million ($2.2 million after-tax, or $0.02 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. A charge of $27.2 million ($19.9 million after-tax, or $0.15 per diluted share), related to certain lodge assets in the southern oil sands which carrying values we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. | ||||||||||||||||||
[2] | In the third quarter of 2017, we recognized the following items: A charge of $4.4 million ($3.2 million after-tax, or $0.02 per diluted share), related to leasehold improvements and undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. In the third quarter of 2016, we recognized the following items: A charge of $37.7 million ($27.5 million after-tax, or $0.26 per diluted share), related to mobile camp assets and certain undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. | ||||||||||||||||||
[3] | In the second quarter of 2017, there were no significant items recognized. In the second quarter of 2016, we recognized the following items: Costs associated with our migration to Canada of $0.2 million ($0.2 million after-tax, or $0.00 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. | ||||||||||||||||||
[4] | In the first quarter of 2017, there were no significant items recognized. In the first quarter of 2016, we recognized the following items: Costs associated with our migration to Canada of $1.0 million ($0.7 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. A charge of $8.4 million ($8.4 million after-tax, or $0.05 per diluted share), related to the impairment of certain fixed assets which carrying value we determined not to be recoverable. The charge, which is related to our U.S. segment, is included in Impairment expense on the accompanying consolidated statements of operations. |
Note 18 - Valuation Accounts -
Note 18 - Valuation Accounts - Activity in Valuation Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Balance at beginning of period | $ 638 | $ 1,121 | $ 4,043 |
Charged to costs and expenses | 48 | (110) | 1,004 |
Deductions | (23) | (377) | (3,844) |
Translation and other, net | 675 | 4 | (82) |
Balance at end of period | 1,338 | 638 | 1,121 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Balance at beginning of period | 76,157 | 115,087 | 49,523 |
Charged to costs and expenses | 10,083 | 15,051 | 70,095 |
Deductions | (242) | (53,652) | |
Translation and other, net | 4,665 | (329) | (4,531) |
Balance at end of period | $ 90,663 | $ 76,157 | $ 115,087 |
Note 19 - Quarterly Financial90
Note 19 - Quarterly Financial Information (Unaudited) (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Impairment of Long-Lived Assets Held-for-use | $ 27,244 | $ 4,360 | $ 37,729 | $ 8,400 | $ 65,061 | $ 9,473 | $ 2,738 | |
US Segment [Member] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 18,000 | |||||||
Canadian Segment [Member] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 27,244 | 4,360 | 37,729 | $ 23,041 | ||||
Selling, General and Administrative Expenses [Member] | ||||||||
Migration Costs | $ 200 | 1,000 | ||||||
Migration Costs, Net of Tax | $ 200 | $ 700 | ||||||
Migration Costs, Per Diluted Share, Net of Tax | $ 0 | $ 0.01 | ||||||
Selling, General and Administrative Expenses [Member] | Noralta Acquisition [Member] | ||||||||
Business Combination, Acquisition Related Costs | 2,300 | |||||||
Business Combination, Acquisition Related Costs, Net of Tax | $ 2,200 | |||||||
Business Combination, Acquisitions Related Costs, Per Diluted Share, Net of Tax | $ 0.02 | |||||||
Impairment Expense [Member] | US Segment [Member] | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 8,400 | |||||||
Impairment of Long-lived Assets Held for Use, Net of Tax | $ 8,400 | |||||||
Impairment Effect on Earnings Per Share, after Tax | $ 0.05 | |||||||
Impairment Expense [Member] | Canadian Segment [Member] | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 27,200 | 4,400 | 37,700 | |||||
Impairment of Long-lived Assets Held for Use, Net of Tax | $ 19,900 | $ 3,200 | $ 27,500 | |||||
Impairment Effect on Earnings Per Share, after Tax | $ 0.15 | $ 0.02 | ||||||
Impairment Expense [Member] | Canadian Segment [Member] | Fixed Assets [Member] | ||||||||
Impairment Effect on Earnings Per Share, after Tax | $ 0.26 |
Note 19 - Quarterly Financial91
Note 19 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2017 | [1] | Sep. 30, 2017 | [2] | Jun. 30, 2017 | [3] | Mar. 31, 2017 | [4] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Total Revenues | $ 101,348 | $ 97,489 | $ 92,010 | $ 91,429 | $ 90,921 | $ 104,238 | $ 107,035 | $ 95,036 | $ 382,276 | $ 397,230 | $ 517,963 | |||||||||
Gross profit | [5] | 30,773 | 31,962 | 32,526 | 29,757 | 29,764 | 36,274 | 42,449 | 29,093 | |||||||||||
Net income (loss) attributable to Civeo | $ (47,579) | $ (22,331) | $ (14,816) | $ (20,987) | $ (15,949) | $ (42,131) | $ (11,486) | $ (26,822) | $ (105,713) | $ (96,388) | $ (131,759) | |||||||||
Basic earnings (loss) per share (in dollars per share) | $ (0.36) | $ (0.17) | $ (0.11) | $ (0.17) | $ (0.15) | $ (0.39) | $ (0.11) | $ (0.25) | $ (0.82) | $ (0.90) | $ (1.24) | |||||||||
Diluted earnings (loss) per share (in dollars per share) | $ (0.36) | $ (0.17) | $ (0.11) | $ (0.17) | $ (0.15) | $ (0.39) | $ (0.11) | $ (0.25) | $ (0.82) | $ (0.90) | $ (1.24) | |||||||||
[1] | In the fourth quarter of 2017, we recognized the following items: Costs associated with our pending acquisition of Noralta of $2.3 million ($2.2 million after-tax, or $0.02 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. A charge of $27.2 million ($19.9 million after-tax, or $0.15 per diluted share), related to certain lodge assets in the southern oil sands which carrying values we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. | |||||||||||||||||||
[2] | In the third quarter of 2017, we recognized the following items: A charge of $4.4 million ($3.2 million after-tax, or $0.02 per diluted share), related to leasehold improvements and undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. In the third quarter of 2016, we recognized the following items: A charge of $37.7 million ($27.5 million after-tax, or $0.26 per diluted share), related to mobile camp assets and certain undeveloped land positions in the British Columbia LNG market which carrying value we determined not to be recoverable. The charge, which is related to our Canadian segment, is included in Impairment expense on the accompanying consolidated statements of operations. | |||||||||||||||||||
[3] | In the second quarter of 2017, there were no significant items recognized. In the second quarter of 2016, we recognized the following items: Costs associated with our migration to Canada of $0.2 million ($0.2 million after-tax, or $0.00 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. | |||||||||||||||||||
[4] | In the first quarter of 2017, there were no significant items recognized. In the first quarter of 2016, we recognized the following items: Costs associated with our migration to Canada of $1.0 million ($0.7 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. A charge of $8.4 million ($8.4 million after-tax, or $0.05 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 U.S. segment, is included in Impairment expense on the accompanying consolidated statements of operations. | |||||||||||||||||||
[5] | Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations. |