Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Civeo Corp | ||
Entity Central Index Key | 0001590584 | ||
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) | 169,661,527 | ||
Entity Public Float | $ 226,746,265 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Small Business Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Revenues | $ 527,555 | $ 466,692 | $ 382,276 |
Costs and expenses: | |||
Selling, general and administrative expenses | 59,586 | 67,036 | 63,431 |
Depreciation and amortization expense | 123,768 | 125,846 | 126,443 |
Impairment expense | 26,148 | 28,661 | 31,604 |
Other operating expense | 290 | 790 | 1,511 |
Total costs and expenses | 576,606 | 554,747 | 480,247 |
Operating loss | (49,051) | (88,055) | (97,971) |
Interest expense | (27,383) | (26,258) | (21,439) |
Loss on extinguishment of debt | 0 | (748) | (842) |
Interest income | 78 | 226 | 200 |
Other income | 7,281 | 1,623 | 1,308 |
Loss before income taxes | (69,075) | (113,212) | (118,744) |
Income tax benefit | 10,741 | 31,365 | 13,490 |
Net loss | (58,334) | (81,847) | (105,254) |
Less: Net income attributable to noncontrolling interest | 157 | 396 | 459 |
Net loss attributable to Civeo Corporation | (58,491) | (82,243) | (105,713) |
Less: Dividends attributable to Class A preferred shares | 1,849 | 49,589 | 0 |
Net loss attributable to Civeo common shareholders | $ (60,340) | $ (131,832) | $ (105,713) |
Per Share Data (see Note 8) | |||
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.36) | $ (0.84) | $ (0.82) |
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.36) | $ (0.84) | $ (0.82) |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 167,047 | 157,231 | 128,365 |
Diluted (in shares) | 167,047 | 157,231 | 128,365 |
Service and Other | |||
Revenues: | |||
Revenues | $ 492,700 | $ 428,829 | $ 363,731 |
Costs and expenses: | |||
Service, other and product costs | 338,923 | 296,097 | 232,117 |
Rental | |||
Revenues: | |||
Revenues | 27,993 | 20,079 | 7,731 |
Costs and expenses: | |||
Service, other and product costs | 22,510 | 21,472 | 12,861 |
Product | |||
Revenues: | |||
Revenues | 6,862 | 17,784 | 10,814 |
Costs and expenses: | |||
Service, other and product costs | $ 5,381 | $ 14,845 | $ 12,280 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (58,334) | $ (81,847) | $ (105,254) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment, net of taxes zero | 8,076 | (43,036) | 35,038 |
Total other comprehensive income (loss), net of tax | 8,076 | (43,036) | 35,038 |
Comprehensive loss | (50,258) | (124,883) | (70,216) |
Less: Comprehensive income attributable to noncontrolling interest | 157 | 396 | 780 |
Comprehensive loss attributable to Civeo Corporation | $ (50,415) | $ (125,279) | $ (70,996) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 3,331 | $ 12,372 |
Accounts receivable, net | 99,493 | 70,223 |
Inventories | 5,877 | 4,313 |
Prepaid expenses | 7,247 | 7,036 |
Other current assets | 7,904 | 3,556 |
Assets held for sale | 7,589 | 10,297 |
Total current assets | 131,441 | 107,797 |
Property, plant and equipment, net | 590,309 | 658,905 |
Goodwill | 110,173 | 114,207 |
Other intangible assets, net | 111,837 | 119,409 |
Operating lease right-of-use assets | 24,876 | 0 |
Other noncurrent assets | 1,276 | 1,359 |
Total assets | 969,912 | 1,001,677 |
Current liabilities: | ||
Accounts payable | 36,971 | 28,334 |
Accrued liabilities | 21,755 | 15,956 |
Income taxes | 328 | 310 |
Current portion of long-term debt | 35,080 | 33,329 |
Deferred revenue | 7,165 | 3,035 |
Other current liabilities | 8,741 | 5,719 |
Total current liabilities | 110,040 | 86,683 |
Long-term debt, less current maturities | 321,792 | 342,908 |
Deferred income taxes | 9,452 | 18,442 |
Operating lease liabilities | 21,231 | 0 |
Other noncurrent liabilities | 16,592 | 18,220 |
Total liabilities | 479,107 | 466,253 |
Commitments and contingencies (Note 17) | ||
Shareholders’ Equity: | ||
Preferred shares (Class A Series 1, no par value; 50,000,000 shares authorized, 9,042 shares issued and outstanding, respectively; aggregate liquidation preference of $93,627,392 and $98,243,690 as of December 31, 2019 and 2018) | 58,129 | 56,280 |
Common shares (no par value; 550,000,000 shares authorized, 171,656,039 shares and 166,392,479 shares issued, respectively, and 169,556,403 shares and 165,932,334 shares outstanding, respectively) | 0 | 0 |
Additional paid-in capital | 1,572,249 | 1,562,133 |
Accumulated deficit | (771,590) | (710,551) |
Common shares held in treasury at cost, 2,099,636 and 460,145 shares, respectively | (5,472) | (1,189) |
Accumulated other comprehensive loss | (363,173) | (371,249) |
Total Civeo Corporation shareholders’ equity | 490,143 | 535,424 |
Noncontrolling interest | 662 | 0 |
Total shareholders’ equity | 490,805 | 535,424 |
Total liabilities and shareholders’ equity | $ 969,912 | $ 1,001,677 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 9,042 | 9,042 |
Preferred stock, shares outstanding (in shares) | 9,042 | 9,042 |
Preferred stock, liquidation preference, value | $ 93,627,392 | $ 98,243,690 |
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) | 171,656,039 | 166,392,479 |
Common stock, shares outstanding (in shares) | 169,556,403 | 165,932,334 |
Treasury shares (in shares) | 2,099,636 | 460,145 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Deficit | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Balance at Dec. 31, 2016 | $ 475,990 | $ 0 | $ 0 | $ 1,311,226 | $ (472,764) | $ (65) | $ (362,930) | $ 523 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (105,254) | (105,713) | 459 | |||||
Currency translation adjustment | 35,038 | 34,717 | 321 | |||||
Dividends paid | (1,186) | (1,186) | ||||||
Cumulative effect of implementation of ASU 2016-09 | 636 | (636) | ||||||
Issuance of shares for acquisitions | 64,734 | 64,734 | ||||||
Share-based compensation | 7,045 | 7,338 | (293) | |||||
Balance at Dec. 31, 2017 | 476,367 | 0 | 0 | 1,383,934 | (579,113) | (358) | (328,213) | 117 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (81,847) | (82,243) | 396 | |||||
Currency translation adjustment | (43,036) | (43,036) | ||||||
Dividends paid | (513) | (513) | ||||||
Issuance of shares for acquisitions | 173,854 | 6,972 | 166,882 | |||||
Dividends attributable to Class A preferred shares | (49,589) | 49,308 | 281 | (49,589) | ||||
Share-based compensation | 10,205 | 11,036 | (831) | |||||
Balance at Dec. 31, 2018 | 535,424 | 56,280 | 0 | 1,562,133 | (710,551) | (1,189) | (371,249) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of implementation of ASU 2014-09 | (699) | (699) | ||||||
Net income (loss) | (58,334) | (58,491) | 157 | |||||
Currency translation adjustment | 8,076 | 8,076 | ||||||
Dividends paid | (182) | (182) | ||||||
Dividends attributable to Class A preferred shares | (1,849) | 1,849 | (1,849) | |||||
Acquisition of noncontrolling interest | 687 | 687 | ||||||
Share-based compensation | 5,833 | 10,116 | (4,283) | |||||
Balance at Dec. 31, 2019 | $ 490,805 | $ 58,129 | $ 0 | $ 1,572,249 | $ (771,590) | $ (5,472) | $ (363,173) | $ 662 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Shares) - shares | Total | Preferred Shares | Common Shares |
Balance (in shares) at Dec. 31, 2016 | 0 | 108,103,000 | |
Increase (Decrease) in Stockholders' Equity (in share) [Roll Forward] | |||
Share-based compensation (in shares) | 0 | 1,159,000 | |
Issuance of common shares | 0 | 23,000,000 | |
Balance (in shares) at Dec. 31, 2017 | 0 | 132,262,000 | |
Increase (Decrease) in Stockholders' Equity (in share) [Roll Forward] | |||
Share-based compensation (in shares) | 0 | 1,696,000 | |
Issuance of common shares | 9,042,000 | 31,974,000 | |
Balance (in shares) at Dec. 31, 2018 | 166,392,479 | 9,042,000 | 165,932,000 |
Increase (Decrease) in Stockholders' Equity (in share) [Roll Forward] | |||
Share-based compensation (in shares) | 0 | 3,624,000 | |
Balance (in shares) at Dec. 31, 2019 | 171,656,039 | 9,042,000 | 169,556,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net loss | $ (58,334) | $ (81,847) | $ (105,254) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 123,768 | 125,846 | 126,443 |
Impairment charges | 26,148 | 28,661 | 31,604 |
Inventory write-down | 0 | 0 | 525 |
Loss on extinguishment of debt | 0 | 748 | 842 |
Deferred income tax benefit | (11,713) | (31,403) | (8,976) |
Non-cash compensation charge | 10,116 | 11,036 | 7,338 |
Gain on disposals of assets | (3,882) | (1,606) | (825) |
Provision (benefit) for loss on receivables, net of recoveries | (30) | (276) | 51 |
Other, net | 2,659 | 4,879 | 3,871 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (20,547) | 13,326 | (6,896) |
Inventories | (87) | 3,376 | (4,463) |
Accounts payable and accrued liabilities | 8,473 | (17,716) | 12,674 |
Taxes payable | (75) | 5,310 | 3,210 |
Other current assets and liabilities, net | (2,015) | (5,943) | (3,318) |
Net cash flows provided by operating activities | 74,481 | 54,391 | 56,826 |
Cash flows from investing activities: | |||
Capital expenditures | (29,812) | (17,108) | (11,194) |
Payments related to acquisitions, net of cash acquired | (16,434) | (171,337) | 0 |
Proceeds from disposition of property, plant and equipment | 5,906 | 5,844 | 1,908 |
Other, net | 1,762 | 654 | 548 |
Net cash flows used in investing activities | (38,578) | (181,947) | (8,738) |
Cash flows from financing activities: | |||
Proceeds from issuance of common shares, net | 0 | 0 | 64,734 |
Revolving credit borrowings | 381,615 | 358,312 | 44,525 |
Revolving credit repayments | (385,071) | (217,339) | (84,462) |
Term loan repayments | (34,942) | (26,609) | (40,781) |
Debt issuance costs | (1,950) | (4,009) | (1,795) |
Other, net | (4,283) | (832) | (293) |
Net cash flows provided by (used in) financing activities | (44,631) | 109,523 | (18,072) |
Effect of exchange rate changes on cash | (313) | (2,242) | 846 |
Net change in cash and cash equivalents | (9,041) | (20,275) | 30,862 |
Cash and cash equivalents, beginning of period | 12,372 | 32,647 | 1,785 |
Cash and cash equivalents, end of period | 3,331 | 12,372 | 32,647 |
Non-cash investing and financing items | |||
Preferred dividends paid-in-kind | 1,849 | 1,459 | 0 |
Common Shares | |||
Non-cash investing and financing items | |||
Value of shares issued as consideration for acquisitions | 0 | 119,797 | 0 |
Preferred Shares | |||
Non-cash investing and financing items | |||
Value of shares issued as consideration for acquisitions | $ 0 | $ 54,821 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business We are a hospitality company servicing the natural resources industry in Canada, Australia and the U.S. We provide a full suite of hospitality services for our guests, including lodging, food service, housekeeping and maintenance at accommodation facilities that we or our customers own. In many cases, we provide services that support the day-to-day operations of accommodation facilities, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and logistics. We also offer development activities for workforce accommodation facilities, including site selection, permitting, engineering and design, manufacturing management and site construction, along with providing hospitality services once the facility is constructed. We primarily operate in some of the world’s most active oil, metallurgical (met) coal and iron ore producing regions, and our customers include major and independent oil companies, mining companies, engineering companies and oilfield and mining service companies. We operate in three principal reporting business segments – Canada, Australia and the U.S. Basis of Presentation Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to “Civeo,” “us,” “our” or “we” refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to “dollars” or “$” are to U.S. dollars. Certain reclassifications have been made to the prior years' consolidated financial statements to conform to the current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Allowances for Doubtful Accounts We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for doubtful accounts. We consider the following factors when determining if collection of revenue is reasonably assured: customer credit-worthiness, past transaction history with the customer, current economic industry trends, customer solvency and changes in customer payment terms. If we have no previous experience with the customer, we typically obtain reports from various credit organizations to ensure that the customer has a history of paying its creditors. We may also request financial information, including combined financial statements or other documents, to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, we 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 an average cost or specific-identification method. Property, Plant, and Equipment Property, plant, and equipment are stated at cost or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under capital lease, using the straight-line method, after allowing for salvage value where applicable, over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. During the fourth quarter of 2019, we extended the remaining useful life of certain long-lived accommodations assets in our Canada segment. 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 each of the years ended December 31, 2019 , 2018 and 2017 , capitalized interest totaled zero . Business Combinations We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination by assessing whether or not we have acquired inputs and processes that have the ability to create outputs. If determined to be a business combination, we account for a business acquisition under the acquisition method of accounting. The accounting rules governing business combinations require the acquiring entity in a business combination to recognize the fair value of all assets acquired and liabilities assumed and establish the acquisition date as the fair value measurement point. Accordingly, we recognize assets acquired and liabilities assumed in a business combination based on the fair value estimates as of the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration paid over the fair value of the identified net assets, including intangible assets, acquired. The fair value measurement of the identified net assets requires the significant use of estimates and is based on information that was available to management at the time the purchase price allocation was prepared. We utilize recognized valuation techniques, including the cost approach, the market approach and the income approach, to value the net assets acquired. The impact of changes to the estimated fair values of assets acquired and liabilities assumed is recorded in the reporting period in which the adjustment is identified. Final valuations of assets and liabilities are obtained and recorded within one year from the date of the acquisition. Impairment of Long-Lived Assets The recoverability of the carrying values of long-lived assets, including amortizable intangible assets, is assessed whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. In performing this analysis, the first step is to review asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For each asset group, we compare its carrying value to estimates of undiscounted future cash flows. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. The estimates are consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, below. Based on the assessment, if the carrying values of certain of our asset groups are determined to not be recoverable, we proceed to the second step. In this step, we compare the fair value of the respective asset group to its carrying value. The fair value of the asset groups are based on prices of similar assets, if available, or discounted cash flows. Our estimate of the fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future. Please see Note 4 – Impairment Charges for a discussion of impairment charges we recognized in 2019 , 2018 and 2017 related to our long-lived assets. Goodwill and Other Intangible Assets Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. We do not amortize goodwill. We evaluate goodwill for impairment, at the reporting unit level, annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. A reporting unit is the operating segment, or a business one level below that operating segment (the “component” level) if discrete financial information is prepared and regularly reviewed by management at the component level. Each segment of our business represents a separate reporting unit. In the fourth quarter of 2019 , we adopted Accounting Standard Update (ASU) 2017-04, "Intangibles-Goodwill and Other (Topic 350)" to simplify the test for goodwill impairment. Under the revised guidance, an entity recognizes an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. In connection with our 2018 acquisition of Noralta Lodge Ltd. (Noralta), referred to herein as the Noralta Acquisition, we recognized $123.6 million of goodwill in our Canadian reporting unit. In connection with our acquisition of 2019 Action Industrial Catering (Action), referred to herein as the Action Acquisition, we recognized $7.9 million of goodwill in our Australian reporting unit. For further discussion, please see Note 7 - Acquisitions and Note 11 - Goodwill and Other Intangible Assets. We conduct our annual impairment test as of November 30 of each year. We compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is impaired. We are given the option to test for impairment of our goodwill by first performing a qualitative assessment to determine whether it is more likely than not (that is, likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill is assessed separately and different relevant events and circumstances are evaluated for each unit. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. When performing our annual assessment on November 30, 2019, due to a reduction in our share price in the fourth quarter of 2019, we chose to bypass the qualitative assessment and proceed directly to the impairment test for goodwill in our Canadian and Australian reporting units. In performing the goodwill impairment test, we compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Because none of our reporting units has a publicly quoted market price, we must determine the value that willing buyers and sellers would place on the reporting unit through a routine sale process (a Level 3 fair value measurement). In our analysis, we target a fair value that represents the value that would be placed on the reporting unit by market participants, and value the reporting unit based on historical and projected results throughout a cycle, not the value of the reporting unit based on trough or peak earnings. The fair value of the reporting unit is estimated using a combination of (i) an analysis of trading multiples of comparable companies (Market Approach) and (ii) discounted projected cash flows (Income Approach). The relative weighting of each approach reflects current industry and market conditions. 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 use EBITDA because it is a widely used key indicator of the cash generating capacity of companies in our industry. Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five years with a terminal value assumption. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. These assumptions can vary by each reporting unit depending on market conditions. In addition, a terminal value is estimated, using a Gordon Growth methodology with a long-term growth rate of 2% . We discount our projected cash flows using a long-term weighted average cost of capital based on our estimate of investment returns that would be required by a market participant. The fair value 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 fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future. We selected these valuation approaches because we believe the combination of these approaches and our best judgment regarding underlying assumptions and estimates provides us with the best estimate of fair value for each of our reporting units. We believe these valuation approaches are proven valuation techniques and methodologies for our industry and widely accepted by investors. The fair value of each reporting unit would change if our assumptions under these valuation approaches, or relative weighting of the valuation approaches, were materially modified. Please see Note 4 – Impairment Charges for a discussion of impairment charges we recognized in 2019 related to our goodwill. Other Intangible Assets. We amortize the cost of other intangible assets using the straight-line method over their estimated useful lives unless such lives are deemed indefinite. For intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. We are required to evaluate our indefinite-lived intangible assets for impairment annually and when an event occurs or circumstances change to suggest the carrying amount may not be recoverable. In performing the impairment test, we compare the fair value of the indefinite-lived intangible asset with its carrying amount. The measurement of the impairment is calculated based on the excess of the carrying value over its fair value. 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, 2019 , 2018 , and 2017 , we recognized approximately $0.3 million , $0.8 million and $1.5 million in foreign currency losses, respectively. Foreign Currency Exchange Rate Risk A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not entered into any foreign currency forward contracts. Revenue and Cost Recognition We generally recognize accommodation, mobile facility rental, food service and other services revenues over time as our customers simultaneously receive and consume benefits as we serve our customers because of continuous transfer of control to the customer. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We transfer control and recognize a sale based on a periodic (usually daily) room rate each night a customer stays in our rooms or when the services are rendered. In some contracts, rates may vary over the contract term. In these cases, revenue may be deferred and recognized on a straight-line basis over the contract term. A limited portion of our revenue is recognized at a point in time when control transfers to the customer related to small modular construction and manufacturing contracts, minor food service arrangements and optional purchases our customers make for incidental services offered at our accommodation and mobile facilities. For significant construction projects, manufacturing revenues are recognized over time with progress towards completion measured using the cost based input method as the basis to recognize revenue and an estimated profit. 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 larger modular construction and manufacturing contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and final contract settlements may result in revisions to projected costs and revenue and are recognized in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. Factors that may affect future project costs and margins include weather, production efficiencies, availability and costs of labor, materials and subcomponents. These factors can significantly impact the accuracy of our estimates and materially impact our future reported earnings. Because of control transferring over time, the majority of our revenue is recognized based on the extent of progress towards completion of the performance obligation. At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise to transfer our customers a good or service (or bundle of goods or services) that is distinct. Our customers typically contract for hospitality services under take-or-pay contracts with terms that most often range from several months to three years. Our contract terms generally provide for a rental rate for a reserved room and an occupied room rate that compensates us for services provided. We typically contract our facilities to our customers on a fee per day basis where the goods and services promised include lodging and meals. To identify the performance obligations, we consider all of the goods and services promised in the context of the contract and the pattern of transfer to our customers. 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 and historical losses. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Please see Note 16 – Income Taxes for further information. Receivables and Concentration of Credit Risk Based on the nature of our customer base, we do not believe that we have any significant concentrations of credit risk other than our concentration in the Canadian oil sands and Australian mining industries. We evaluate the credit-worthiness of our significant, new and existing customers’ financial condition and, generally, we do not require collateral from our customers. For the year ended December 31, 2019 , each of Imperial Oil and Fort Hills Energy LP accounted for more than 10% of our revenues. For the year ended December 31, 2018 , each of Imperial Oil, Fort Hills Energy LP and Suncor Energy Inc. accounted for more than 10% of our revenues. For the year ended December 31, 2017 , each of Imperial Oil and Fort Hills Energy LP accounted for more than 10% of our revenues. Asset Retirement Obligations We have AROs that we are required to perform under law or contract once an asset is permanently taken out of service. We record the fair value of the 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. Most of these obligations are not expected to be paid until many years in the future and will be funded from general company resources at the time of removal. Please see Note 15 – Asset Retirement Obligations for further discussion. Share-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 and deferred 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 share awards. These awards are earned in amounts between 0% and 200% of the participant’s target performance share award, based on the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group of other companies. The fair value is estimated using option-pricing models. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Guarantees Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Credit Agreement. See Note 12 – Debt. 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, 2019 , the maximum potential amount of future payments that we could be required to make under these guarantee agreements (letters of credit) was approximately $2.5 million . We have not recorded any liability in connection with these guarantee arrangements. We do not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of a few such estimates include revenue and income recognized on the cost-based input method, estimates of the amount and timing of costs to be incurred for AROs, any valuation allowance recorded on net deferred tax assets, warranty claims, long-lived asset and goodwill 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, contract claims and obligations. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards or other guidance updates, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. In January 2017, the FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the fair value of the specified reporting units in their entirety. This eliminates the second step of the current impairment model that requires companies to first estimate the fair value of all assets in a reporting unit and measure impairments based on those fair values and a residual measurement approach. It also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective prospectively for public business entities for annual reporting periods beginning after December 15, 2019, and early adoption is permitted. We adopted ASU 2017-04 in the fourth quarter of 2019. Based on the results of the impairment test, we recognized an impairment expense of $19.9 million related to our Canadian reporting unit. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (ASU 2016-13). This new standard changes how companies will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 is effective for financial statements issued for reporting periods beginning after December 15, 2019 and interim periods within the reporting periods. We will adopt ASU 2016-13 as of January 1, 2020. The adoption of this new standard will not have a material impact on our consolidated financial statements. We adopted ASU 2016-02, “Leases” (Topic 842) effective January 1, 2019 using the optional transition method, which allowed us upon adoption to recognize a cumulative-effect adjustment to the opening balance of accumulated deficit for the application of the standard to our existing leases. We recognized a cumulative effect adjustment of $0.7 million (net of $0.2 million of taxes) to increase accumulated deficit in the consolidated balance sheet as of December 31, 2019 . ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset for certain leases. We elected the package of practical expedients, which among other things, allowed us to carry forward the historical lease identification and classification. In addition, we elected the short-term lease recognition exemption for all leases that qualify. Accordingly, we did not recognize right-of-use assets or lease liabilities for leases with terms shorter than 12 months. Our evaluation process included reviewing all forms of leases, performing a completeness assessment over the lease population and analyzing the available practical expedients in order to determine the best implementation strategy. We determined that certain of our accommodation contracts with customers contain both a lease and non-lease or service component and in those instances concluded the service component was the predominant component. As a result, we elected the practical expedient under ASU 2018-11, which allows us to combine the lease and non-lease components of revenues as Service and other revenues for presentation purposes in accordance with Accounting Standards Codification (ASC) Topic 606, “Revenue from Contracts with Customers” (ASC 606). We also identified certain arrangements with customers whereby we are a lessor for the rental of mobile camp assets primarily in our U.S. segment. For arrangements where we are the lessor, the adoption of the new lease standard did not have a material impact on our financial statements as all of our leases are operating leases, which will result in straight-line recognition of rental rev |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following table disaggregates our revenue by our three reporting segments: Canada, Australia and the U.S., and major categories for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Canada Accommodation revenues $ 281,577 $ 266,899 $ 228,062 Mobile facility rental revenues 9,575 9,316 3,935 Food service and other services revenues 33,485 15,601 11,891 Manufacturing revenues 1,014 4,196 1,707 Total Canada revenues 325,651 296,012 245,595 Australia Accommodation revenues $ 126,047 $ 117,896 $ 111,221 Food service and other services revenues 30,046 1,342 — Total Australia revenues 156,093 119,238 111,221 United States Accommodation revenues $ 12,462 $ 18,288 $ 9,832 Mobile facility rental revenues 28,119 20,389 8,764 Manufacturing revenues 5,085 12,595 6,693 Food service and other services revenues 145 170 171 Total United States revenues 45,811 51,442 25,460 Total revenues $ 527,555 $ 466,692 $ 382,276 Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days. We do not have significant financing components or significant payment terms. As of December 31, 2019 , for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue (in thousands): For the years ending December 31, 2020 2021 2022 Thereafter Total Revenue expected to be recognized as of December 31, 2019 $ 140,846 $ 52,962 $ 22,706 $ 8,413 $ 224,927 |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges | IMPAIRMENT CHARGES 2019 Impairment Charges The following summarizes pre-tax impairment charges recorded during 2019 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended June 30, 2019 Long-lived assets $ — $ 5,546 $ — $ 5,546 Quarter ended December 31, 2019 Long-lived assets 702 — — 702 Goodwill 19,900 — — 19,900 Total $ 20,602 $ 5,546 $ — $ 26,148 Quarter ended December 31, 2019 . In performing our annual goodwill impairment test as of November 30, 2019, we compared the fair value of our reporting units to their respective carrying values. The carrying amount of our Canada reporting unit exceeded the reporting unit's fair value. Based on the results of the impairment test, we recognized an impairment expense of $19.9 million related to our Canadian reporting unit. During the fourth quarter of 2019, we recorded an impairment expense of $0.7 million related to corporate office space in Canada. The facility is held for sale and recorded at the estimated fair value (less costs to sell) and was reduced due to a recent appraisal report. Quarter ended June 30, 2019 . During the second quarter of 2019, we identified indicators that certain long-lived assets in Australia may be impaired due to market developments, including the non-renewal of certain land development approval agreements. We assessed the carrying values of the related assets to determine if they continued to be recoverable based on estimated future cash flows. Based on the assessment, the carrying values were determined to not be fully recoverable, and we proceeded to compare the estimated fair value of the assets to their respective carrying values. Accordingly, the assets were written down to their estimated fair values of $0.5 million . As a result of the analysis described above, we recorded an impairment expense of $4.5 million . Additionally, during the second quarter of 2019, we identified a liability related to an ARO at one of our villages in Australia that should have been recorded in 2011. We determined that the error was not material to our previously issued financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018, and therefore, corrected the error in the second quarter of 2019. Specifically, we recorded the following amounts in our second quarter 2019 unaudited consolidated statement of operations related to prior periods: (1) additional accretion expense related to the ARO of $0.9 million , (2) additional depreciation and amortization expense of $0.5 million related to amortization of the related asset retirement cost and (3) additional impairment expense related to the impairment of the asset retirement cost of $1.0 million offset by recognition of an ARO liability totaling $2.3 million as of June 30, 2019. 2018 Impairment Charges The following summarizes pre-tax impairment charges recorded during 2018 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended March 31, 2018 Long-lived assets $ 28,661 $ — $ — $ 28,661 Total $ 28,661 $ — $ — $ 28,661 Quarter ended March 31, 2018 . During the first quarter of 2018, we identified an indicator that certain long-lived assets used in the Canadian oil sands may be impaired due to market developments, including expected customer commitments, occurring in the first quarter of 2018. For purposes of our impairment assessment, we separated two lodges that were previously treated as a single asset group due to the lodges no longer being used together to generate joint cash flows. We assessed the carrying value of the asset group to determine if it continued to be recoverable based on estimated future cash flows. Based on the assessment, the carrying value was determined to not be fully recoverable, and we proceeded to compare the estimated fair value of the asset group to its respective carrying value. Accordingly, the value of one of the lodges was written down to its estimated fair value of zero . As a result of the analysis described above, we recorded an impairment expense of $28.7 million . 2017 Impairment Charges The following summarizes pre-tax impairment charges recorded during 2017 , which are included in Impairment expense in our consolidated statements of operations (in thousands): 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 quarter of 2017 , we identified an indicator that certain asset groups used in the southern Canadian oil sands may be impaired due to market developments, including project delays, occurring in the fourth quarter of 2017 . We assessed the carrying value of each of the asset groups in the southern portion of the region to determine if they continued to be recoverable based on their estimated future cash flows. Based on the assessment, the carrying values of two of our lodges were determined to not be fully recoverable, and we proceeded to compare the estimated fair value of those assets groups to their respective carrying values. Accordingly, the value of the two lodges was written down to their estimated fair values of zero . As a result of the analysis described above, we recorded an impairment expense of $27.2 million . Quarter ended September 30, 2017 . During the third quarter of 2017 , we made the decision to vacate a mobile camp facility in Canada and relocated the assets to a newly awarded contract for a Canadian mobile camp. We assessed the carrying value of the remaining assets to determine if they continued to be recoverable based on their estimated future cash flows. Based on the assessment, the carrying values of certain leasehold improvements were determined to not be fully recoverable, and we proceeded to compare the estimated fair value of those assets to their respective carrying values. Accordingly, the value of the remaining leasehold improvements were written down to their estimated fair value of zero . As a result of the analysis described above, we recorded an impairment expense of $3.2 million associated with our leased properties in Canada. We also recorded an impairment expense of $1.2 million related to undeveloped land positions in Canada, the fair market value of which was negatively impacted by the cancellation during 2017 of an LNG project in British Columbia. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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, 2019 and 2018 , we believe the carrying value of our floating-rate debt outstanding under our term loans and revolving credit facilities approximates fair value because the terms include short-term interest rates and exclude penalties for prepayment. We estimated the fair value of our floating-rate term loan and revolving credit facilities using significant other observable inputs, representative of a Level 2 fair value measurement, including terms and credit spreads for these loans. During 2019 , 2018 and 2017 , we wrote down certain long-lived assets to fair value. During the fourth quarter of 2019 , we also recorded a goodwill impairment charge related to one of our reporting units. Our estimates of fair value required us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances that might directly impact each of the relevant asset groups’ operations in the future and are therefore uncertain. These assumptions with respect to future circumstances included future oil, met coal and natural gas prices, anticipated spending by our customers, the cost of capital, and industry and/or local market conditions. During the fourth quarter of 2019 and the third quarter of 2017, our estimates of fair value of corporate office space in Canada and certain undeveloped land positions in British Columbia were based on appraisals from third parties. Please see Note 2 – Summary of Significant Accounting Policies – Impairment of Long-Lived Assets and Note 2 – Summary of Significant Accounting Policies – Goodwill and Other Intangible Assets for further discussion of the significant judgments and assumptions used in calculating their fair value. During 2019 and 2018 , we acquired certain assets and businesses and recorded them at fair value. Determining the fair value of assets acquired and liabilities assumed requires the exercise of significant judgment, including the amount and timing of expected future cash flows, long-term growth rates and discount rates. The cash flows employed in the valuation are based on our best estimates of future sales, earnings and cash flows after considering factors such as general market conditions, expected future customer orders, contracts with suppliers, labor costs, changes in working capital, long term business plans and recent operating performance. Please see Note 7 – Acquisitions for further information. |
Details of Selected Balance She
Details of Selected Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Selected Balance Sheet Accounts | DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at December 31, 2019 and 2018 is presented below (in thousands): December 31, 2019 December 31, 2018 Accounts receivable, net: Trade $ 76,370 $ 48,875 Unbilled revenue 23,041 21,169 Other 335 555 Total accounts receivable 99,746 70,599 Allowance for doubtful accounts (253 ) (376 ) Total accounts receivable, net $ 99,493 $ 70,223 December 31, 2019 December 31, 2018 Inventories: Finished goods and purchased products $ 3,982 $ 2,461 Work in process 813 945 Raw materials 1,082 907 Total inventories $ 5,877 $ 4,313 During the fourth quarter of 2017 , we recorded a $0.5 million write-down of inventory at our modular construction and manufacturing plant in Canada, which is included in Service and other costs in our accompanying consolidated statements of operations. Estimated December 31, 2019 December 31, 2018 Property, plant and equipment, net: Land $ 43,147 $ 46,805 Accommodations assets 3-15 1,696,425 1,650,758 Buildings and leasehold improvements 7-20 26,108 25,168 Machinery and equipment 4-15 12,060 10,693 Office furniture and equipment 3-7 58,005 54,459 Vehicles 3-5 14,604 14,589 Construction in progress 4,286 7,119 Total property, plant and equipment 1,854,635 1,809,591 Accumulated depreciation (1,264,326 ) (1,150,686 ) Total property, plant and equipment, net $ 590,309 $ 658,905 December 31, 2019 December 31, 2018 Accrued liabilities: Accrued compensation $ 17,169 $ 13,545 Accrued taxes, other than income taxes 3,152 2,177 Other 1,434 234 Total accrued liabilities $ 21,755 $ 15,956 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Action On July 1, 2019, we acquired Action Industrial Catering (Action), a provider of catering and managed services to the mining industry in Western Australia. We funded the purchase price of $16.9 million in cash through a combination of cash on hand and borrowings under our revolving credit facility. The acquisition expands our business into the growing integrated services opportunities in the Western Australian mining market. Action's operations are reported as part of our Australia reporting business segment beginning on July 1, 2019, the date of acquisition. This acquisition is accounted for in accordance with the acquisition method of accounting for business combinations, which requires us to record the assets acquired and the liabilities assumed at their fair values at July 1, 2019. Our estimates of the fair value for such assets and liabilities require significant assumptions and judgment. Based on the final purchase price allocation, intangible assets acquired totaled $8.4 million and consisted primarily of customer contracts and a trade name. In addition, we recognized goodwill of $7.9 million . Noralta Description of Transaction . On April 2, 2018, we acquired the equity of Noralta. As a result of the Noralta Acquisition, we expanded our existing accommodations business in the Canadian oil sands market. The total consideration, which is subject to adjustment in accordance with the terms of the definitive agreement, included (i) C$207.7 million (or approximately US$161.2 million ) in cash, subject to customary post-closing adjustments for working capital, indebtedness and transactions expenses, (ii) 32.8 million of our common shares, of which 13.5 million shares are held in escrow and will be released based on certain conditions related to Noralta customer contracts remaining in place, and (iii) 9,679 Class A Series 1 Preferred Shares (the Preferred Shares) with an initial liquidation preference of $96.8 million and initially convertible into 29.3 million of our common shares. We funded the cash consideration with cash on hand and borrowings under our revolving credit facility. During the first quarter of 2019, $2.1 million in cash was released to us from escrow to cover certain agreed upon indemnification claims. During the fourth quarter of 2018, $10.4 million in cash, 2.2 million common shares and 637 Preferred Shares were released to us, and $1.2 million in cash, 0.2 million common shares and 55 Preferred Shares were released to the sellers, from escrow to cover purchase price adjustments related to employee compensation cost increases. During the third quarter of 2018, $3.6 million in cash was released to us from escrow to cover purchase price adjustments related to a working capital shortfall at closing. The Noralta Acquisition was accounted for in accordance with the acquisition method of accounting for business combinations, and accordingly, the results of operations of Noralta were reported in our financial statements as part of our Canada reporting business segment beginning on April 2, 2018, the date of acquisition. During the year ended December 31, 2018 , we recorded approximately $85.8 million of revenue and $31.5 million of gross margin in the accompanying consolidated statements of operations related to the Noralta Acquisition. Calculation of Purchase Consideration . The total purchase consideration received by the Noralta shareholders was based on the cash consideration and fair value of our common shares and Preferred Shares issued on April 2, 2018. The purchase consideration below reflects the fair value of common shares issued, which is based on the closing price on March 29, 2018 (the last business day prior to April 2, 2018) of our common shares of $3.77 per share and the estimated fair value of Preferred Shares issued, which are valued at 61% of the initial liquidation preference of the Preferred Shares of $96.8 million . A portion of the consideration paid, $11.6 million cash, 2.4 million common shares and 692 Preferred Shares, was initially held in escrow to support certain obligations of the sellers to compensate us for certain increased employee compensation costs expected to be incurred as a result of the union certification of certain classes of Noralta employees. As of April 2, 2018, we expected the escrowed amounts to be released to us within 12 months, and therefore, a receivable of $11.6 million related to the cash expected to be released was established. Additionally, no fair value has been allocated to such common shares or Preferred Shares portion of the consideration. As the $10.4 million of cash released to us during the fourth quarter of 2018 was less than the cash expected to be released as of April 2, 2018, we recognized a loss equal to the difference, adjusted for exchange rate changes, totaling $0.8 million . The loss is included in Other income in the accompanying consolidated statement of operations. The purchase consideration and estimated fair value of Noralta’s net assets acquired as of April 2, 2018 is presented as follows: (In thousands, except per share data) Common shares issued 32,791 Common share price as of March 29, 2018 $ 3.77 Common share consideration $ 123,622 Cash consideration (1) 157,539 Preferred Share consideration 59,042 Total purchase consideration $ 340,203 Less: Common shares held in escrow (8,825 ) Less: Cash held in escrow (11,607 ) Less: Preferred Shares held in escrow (4,221 ) Total purchase consideration $ 315,550 (1) Net of $3.6 million in cash released to us to cover purchase price adjustments related to a working capital shortfall at closing. Purchase Price Allocation. The application of purchase accounting under ASC 805 requires that the total purchase price be allocated to the fair value of assets acquired and liabilities assumed based on their fair values at April 2, 2018, with amounts exceeding the fair values being recorded as goodwill. The allocation process requires an analysis of acquired fixed assets, contracts, and contingencies to identify and record the fair value of all assets acquired and liabilities assumed. Our allocation of the purchase price, which we finalized in the first quarter of 2019, to specific assets and liabilities is based, in part, upon outside appraisals using customary valuation procedures and techniques. The following table summarizes the fair values of the assets acquired and liabilities assumed at April 2, 2018 (in thousands): Cash and cash equivalents $ 24 Accounts receivable (1) 21,456 Inventories 839 Other current assets 4,266 Property, plant and equipment 129,424 Goodwill 123,569 Intangible assets 110,736 Total assets acquired 390,314 Accounts payable and accrued liabilities 15,023 Income taxes payable 1,038 Other current liabilities 2,027 Deferred income taxes 51,543 Other noncurrent liabilities 5,133 Total liabilities assumed 74,764 Net assets acquired $ 315,550 (1) The aggregate fair value of the acquired accounts receivable approximated the aggregate gross contractual amount. Goodwill has been recorded based on the amount by which the purchase price exceeded the fair value of the net assets acquired. The goodwill is primarily attributable to synergies expected to arise from the Noralta Acquisition. The goodwill is not expected to be deductible for tax purposes. The fair value of the assets acquired and liabilities assumed were determined using income, market and cost valuation methodologies. The fair value measurements were estimated using significant inputs that are not observable in the market and thus represent a Level 3 measurement. Fair values of property, plant and equipment, excluding land, were determined using the cost approach. The cost approach estimates value by determining the current cost of replacing an asset with another of equivalent economic utility. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset, less an allowance for loss in value due to depreciation. Fair values of land were determined using the market approach. The market approach is a valuation technique that uses prices and other relevant information generated by market transactions involving identical or comparable assets. The income approach was used to value the intangible assets, consisting primarily of customer contracts, trade name and favorable/unfavorable lease contracts. The income approach indicates value for an asset or liability based on present value of cash flows projected to be generated over the remaining economic life of the asset or liability being measured. Projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money. The purchase price allocation to the identifiable intangible assets and liabilities is as follows (in thousands): Fair Value at Amortizable Intangible Assets Trade name $ 1,474 Contracts 106,766 Favorable lease contract 2,496 Total amortizable intangible assets $ 110,736 Amortizable Intangible Liabilities Unfavorable lease contracts $ 2,456 Total amortizable intangible liabilities $ 2,456 Net intangible assets $ 108,280 The contracts acquired consist of accommodations contracts with two major investment grade oil sands producers which are subject to amortization over an estimated useful life of 20 years at the time of acquisition. The trade name was assigned to Noralta’s name recognition with an estimated useful life of 9 months at the time of acquisition. The favorable/unfavorable intangible contracts are related to leases that will be amortized over the remaining lease terms, which range from 3.8 years to 9.3 years at the time of acquisition. The unfavorable contracts are included in Other noncurrent liabilities in the accompanying consolidated balance sheet. Supplemental Pro Forma Financial Information (Unaudited). The following unaudited pro forma supplemental financial information presents the consolidated results of operations of the Company and Noralta as if the Noralta Acquisition had occurred on January 1, 2017. We have adjusted historical financial information to give effect to pro forma items that are directly attributable to the Noralta Acquisition and are expected to have a continuing impact on the consolidated results. These items include adjustments to record the incremental amortization and depreciation expense related to the increase in fair values of the acquired assets, interest expense related to borrowings under the Credit Agreement to fund the Noralta Acquisition and to reclassify certain items to conform to our financial reporting presentation. However, pro forma results do not include any anticipated cost savings or other effects of the planned integration of Noralta. The unaudited pro forma results do not purport to be indicative of the results of operations had the transaction occurred on the date indicated or of future results for the combined entities (in thousands, except per share data): Years Ended December 31, (Unaudited) Pro forma Pro forma 2018 2017 Revenues $ 501,275 $ 506,040 Net loss attributable to Civeo Corporation common shareholders (129,900 ) (91,420 ) Basic net loss per share attributable to Civeo Corporation common shareholders $ (0.83 ) $ (0.57 ) Diluted net loss per share attributable to Civeo Corporation common shareholders $ (0.83 ) $ (0.57 ) Included in the pro forma results above are certain adjustments due to the following: (i) increases in depreciation and amortization expense due to acquired intangibles and the increased recorded value of property, plant and equipment, (ii) increases in interest expense due to additional credit facility borrowings to fund the Noralta Acquisition, and (iii) decreases due to the exclusion of transaction costs. Transaction Costs. During the year ended December 31, 2018 , we recognized $9.1 million of costs in connection with the Noralta Acquisition that are included in Service and other costs ( $1.0 million ), Selling, general and administrative expenses ( $7.2 million ) and Other income ( $0.9 million ). During the year ended December 31, 2017 , we recognized $2.3 million of costs in connection with the Noralta Acquisition that are included in Selling, general and administrative expenses. Acadian Acres On February 28, 2018, we acquired the assets of Lakeland, L.L.C. (Lakeland), located near Lake Charles, Louisiana, for total consideration of $28.0 million , composed of $23.5 million in cash and $4.5 million of our common shares. The asset purchase agreement also includes potential future earn-out payments through December 2020 of up to 1.2 million Civeo common shares, based upon satisfaction of certain future revenue targets. The acquisition included a 400 room lodge, 40 acres of land and related assets. We funded the cash consideration with cash on hand. Lakeland’s operations are reported as Acadian Acres in our U.S. reporting business segment. Intangible assets acquired in the Acadian Acres acquisition totaled $8.2 million and consisted of a customer contract. The customer contract intangible is being amortized over the remaining contract term, which was 16 months at the time of acquisition. This acquisition was accounted for as an asset acquisition based on the principles described in ASC 805, which provides a screen to determine when a set of transferred assets is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similarly identifiable assets, the set of transferred assets is not a business. Accordingly, we allocated the excess consideration over the fair value of the assets acquired to the acquired assets, pro rata, on the basis of relative fair values to increase the related assets acquired. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE We calculate basic and diluted earnings per share by applying the two-class method because we have participating securities in the form of Preferred Shares. Participating securities are allocated a proportional share of net income determined by dividing total weighted average participating securities by the sum of total weighted average common shares and participating securities. We also apply the treasury stock method with respect to certain share based awards in the calculation of diluted earnings per share, if dilutive. The calculation of earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts): 2019 2018 2017 Numerator: Net loss attributable to Civeo common shareholders $ (60,340 ) $ (131,832 ) $ (105,713 ) Less: income allocated to participating securities — — — Basic net income loss attributable to Civeo Corporation common shareholders $ (60,340 ) $ (131,832 ) $ (105,713 ) Add: undistributed income attributable to participating securities — — — Less: undistributed income reallocated to participating securities — — — Diluted net loss attributable to Civeo Corporation common shareholders $ (60,340 ) $ (131,832 ) $ (105,713 ) Denominator: Weighted average shares outstanding - basic 167,047 157,231 128,365 Dilutive shares - share based awards — — — Weighted average shares outstanding - diluted 167,047 157,231 128,365 Basic net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.36 ) $ (0.84 ) $ (0.82 ) Diluted net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.36 ) $ (0.84 ) $ (0.82 ) (1) Computations may reflect rounding adjustments. 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. For the years ended December 31, 2019 , 2018 and 2017 , we excluded from the computation of diluted loss per share 6.4 million , 9.6 million and 7.3 million share based awards, respectively, since the effect would have been anti-dilutive. Additionally, for the years ended December 31, 2019 and 2018 , we excluded from the calculation the impact of converting the Preferred Shares into 28.4 million and 29.8 million common shares, respectively, since the effect would have been anti-dilutive. |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | ASSETS HELD FOR SALE During the fourth quarter of 2017, we made the decision to dispose of our modular construction and manufacturing plant near Edmonton, Alberta, Canada due to changing geographic and market needs. Accordingly, the facility met the criteria of held for sale. Its estimated fair value (less the cost to sell) of $4.8 million exceeded its carrying value. Additionally, we have discontinued depreciation of the facility. The facility is part of our Canada segment. Certain undeveloped land positions in the British Columbia LNG market in our Canada segment previously met the criteria of held for sale. During the first quarter of 2019, we received $4.0 million in proceeds from the sale of four different land positions. The remaining assets are recorded at the estimated fair value (less costs to sell) of approximately $1.7 million . In addition, as a result of the Noralta Acquisition, Noralta’s corporate offices located on two adjacent property titles in Nisku, Alberta, Canada were closed. During the fourth quarter of 2018, we sold one property. The remaining property is recorded at the estimated fair value (less costs to sell) of approximately $1.1 million . The following table summarizes the carrying amount as of December 31, 2019 and 2018 of the assets classified as held for sale (in thousands): December 31, 2019 December 31, 2018 Assets held for sale: Property, plant and equipment, net $ 7,589 $ 10,297 Total assets held for sale $ 7,589 $ 10,297 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the years ended December 31, 2019 , 2018 and 2017 for interest and income taxes was as follows (in thousands): 2019 2018 2017 Interest (net of amounts capitalized) $ 23,882 $ 23,098 $ 17,362 Net income taxes paid (refunds received) 1,045 (5,271 ) (7,755 ) |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill from December 31, 2018 to December 31, 2019 are as follows (in thousands): Canada Australia U.S. Total Balance as of December 31, 2017 $ — $ — $ — $ — Noralta Acquisition (1) 120,893 — — 120,893 Foreign currency translation (6,686 ) — — (6,686 ) Balance as of December 31, 2018 114,207 — — 114,207 Action acquisition (1) — 7,923 — 7,923 Measurement period adjustments for Noralta Acquisition (2) 2,676 — — 2,676 Foreign currency translation 5,255 12 — 5,267 Goodwill impairment (3) (19,900 ) — — (19,900 ) Balance as of December 31, 2019 $ 102,238 $ 7,935 $ — $ 110,173 (1) Please see Note 7 – Acquisitions for further information. (2) The measurement period adjustment related to the Noralta Acquisition was a result of the first quarter 2019 finalization of our purchase price allocation and valuation related to intangible assets acquired. (3) Please see Note 4 – Impairment Charges for further information. 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, 2019 and 2018 (in thousands): December 31, December 31, 2019 2018 Gross Accumulated Gross Accumulated Amortizable Intangible Assets Customer relationships $ 41,693 $ (38,104 ) $ 41,809 $ (34,754 ) Trade name 3,450 (1,529 ) 1,393 (1,388 ) Contracts / agreements 155,063 (48,765 ) 147,090 (36,930 ) Favorable lease contract — — 2,358 (198 ) Total amortizable intangible assets $ 200,206 $ (88,398 ) $ 192,650 $ (73,270 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Licenses 29 — 29 — Total indefinite-lived intangible assets 29 — 29 — Total intangible assets $ 200,235 $ (88,398 ) $ 192,679 $ (73,270 ) The weighted average remaining amortization period for all intangible assets, other than indefinite-lived intangibles, was 16.8 years as of December 31, 2019 and 16.6 years as of December 31, 2018 . Amortization expense was $14.8 million , $17.6 million and $7.3 million in the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , the estimated remaining amortization of our amortizable intangible assets was as follows (in thousands): Year Ending December 31, 2020 $ 12,671 2021 6,098 2022 6,098 2023 5,943 2024 5,943 Thereafter 75,055 Total $ 111,808 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT As of December 31, 2019 and 2018 , long-term debt consisted of the following (in thousands): December 31, 2019 December 31, 2018 Canadian term loan, which matures on November 30, 2021 (except for non-extending lenders - see below); 3.125% of aggregate principal repayable per quarter; weighted average interest rate of 5.8% for the twelve-month period ended December 31, 2019 224,963 247,910 U.S. revolving credit facility, which matures on November 30, 2021 (except for non-extending lenders - see below), weighted average interest rate of 7.6% for the twelve-month period ended December 31, 2019 — — Canadian revolving credit facility, which matures on November 30, 2021 (except for non-extending lenders - see below), weighted average interest rate of 6.7% for the twelve-month period ended December 31, 2019 134,117 114,348 Australian revolving credit facility, which matures on November 30, 2021 (except for non-extending lenders - see below), weighted average interest rate of 5.3% for the twelve-month period ended December 31, 2019 — 16,918 359,080 379,176 Less: Unamortized debt issuance costs 2,208 2,939 Total debt 356,872 376,237 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 35,080 33,329 Long-term debt, less current maturities $ 321,792 $ 342,908 Scheduled maturities of long-term debt as of December 31, 2019 are as follows (in thousands): Year Ending 2020 35,427 2021 323,653 $ 359,080 Credit Agreement As of December 31, 2018 , our credit agreement, as then amended, provided for: (i) a $239.5 million revolving credit facility scheduled to mature on November 30, 2020, allocated as follows: (A) a $20.0 million senior secured revolving credit facility in favor of certain of our U.S. subsidiaries, as borrowers; (B) a $159.5 million senior secured revolving credit facility in favor of Civeo and certain of our Canadian subsidiaries, as borrowers; and (C) a $60.0 million senior secured revolving credit facility in favor of one of our Australian subsidiaries, as borrower; and (ii) a $285.4 million term loan facility scheduled to mature on November 30, 2020 in favor of Civeo. On September 30, 2019, we amended our credit agreement (as so amended, from time to time, the Credit Agreement), which, among other things: • increased the aggregate revolving loan commitments by $24.0 million under the Credit Agreement, to a maximum principal amount of $183.5 million under the Canadian revolving credit facility until November 30, 2020, which will be reduced thereafter to reflect the termination of the commitments of the non-extending lenders described below; • extended the maturity date of the commitments and loans of certain lenders to November 30, 2021. Two lenders did not extend the maturity date of their commitments and loans. At the date of the amendment, one non-extending lender has outstanding Canadian term loans of $6.9 million , a Canadian revolving commitment of $15.7 million and an Australian revolving commitment of $10.4 million that matures on November 30, 2020. The other non-extending lender has a U.S. revolving commitment of $7.4 million and a Canadian revolving commitment of $22.5 million that matures on November 30, 2020; and • adjusted the maximum leverage ratio financial covenant as follows: If a qualified offering of indebtedness with gross proceeds in excess of $150.0 million has been consummated, a maximum leverage ratio of 4.00 to 1.00 and, if such qualified offering has not been consummated, a maximum leverage ratio not to exceed the ratios set forth in the following table: Period Ended Maximum Leverage Ratio December 31, 2019 4.00 : 1:00 March 31, 2020, June 30, 2020 & September 30, 2020 3:75 : 1:00 December 31, 2020 & thereafter 3.50 : 1:00 As of December 31, 2019, one non-extending lender had outstanding Canadian term loans of $6.8 million and an outstanding Canadian revolver loan of $11.5 million that matures on November 30, 2020. The other non-extending lender had an outstanding Canadian revolver loan of $16.4 million that matures on November 30, 2020. Maturities in 2020 are not classified as current as of December 31, 2019, since we are able and have the intent to extend the stated maturities by borrowing amounts equal to the 2020 maturities under the revolving credit facility, with a maturity date after one year. U.S. dollar amounts outstanding under the facilities provided by the Credit Agreement bear interest at a variable rate equal to LIBOR plus a margin of 2.25% to 4.00% , or a base rate plus 1.25% to 3.00% , in each case based on a ratio of our total debt to consolidated EBITDA (as defined in the Credit Agreement). Canadian dollar amounts outstanding bear interest at a variable rate equal to a B/A Discount Rate based on the Canadian Dollar Offered Rate plus a margin of 2.25% to 4.00% , or a Canadian Prime rate plus a margin of 1.25% to 3.00% , in each case based on a ratio of our total debt to consolidated EBITDA. Australian dollar amounts outstanding under the Credit Agreement bear interest at a variable rate equal to the Bank Bill Swap Bid Rate plus a margin of 2.25% to 4.00% , based on a ratio of our total debt to consolidated EBITDA. The future transitions from LIBOR and CDOR as interest rate benchmarks is addressed in the Credit Agreement and at such time the transition from LIBOR or CDOR takes place, we will endeavor with the administrative agent to establish an alternate rate of interest to LIBOR or CDOR that gives due consideration to (1) the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time for the replacement of LIBOR and (2) any evolving or then existing convention for similar Canadian Dollar denominated syndicated credit facilities for the replacement of CDOR. The Credit Agreement contains customary affirmative and negative covenants that, among other things, limit or restrict: (i) 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 to 1.0 and our maximum leverage ratio, defined as the ratio of total debt to consolidated EBITDA, of no greater than 4.0 to 1.0 (as of December 31, 2019 ). As noted above, the permitted maximum leverage ratio changes over time. Following a qualified offering of indebtedness with gross proceeds in excess of $150 million , we will be required to maintain a maximum senior secured ratio less than 2.50 to 1.0. Each of the factors considered in the calculations of these ratios are defined in the Credit Agreement. EBITDA and consolidated interest, as defined, exclude goodwill and asset impairments, debt discount amortization, amortization of intangibles and other non-cash charges. We were in compliance with our covenants as of December 31, 2019 . Borrowings under the Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our subsidiaries. The obligations under the Credit Agreement are guaranteed by our significant subsidiaries. As of December 31, 2019 , we had ten lenders that were parties to the Credit Agreement, with total commitments (including both revolving commitments and term commitments) ranging from $24.9 million to $85.4 million . As of December 31, 2019 , we had outstanding letters of credit of $0.3 million under the U.S facility, $0.5 million under the Australian facility and $1.2 million under the Canadian facility. In addition to the Credit Agreement, we have an A $2.0 million bank guarantee facility, which matures March 31, 2020 . There were bank guarantees of A $0.7 million under this facility outstanding as of December 31, 2019 . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | ASES We have operating leases covering certain land locations and various office facilities and equipment in our three reporting business segments. Our leases have remaining lease terms of one year to eight years , some of which include options to extend the leases for up to 10 years , and some of which include options to terminate the leases within 90 days . The components of lease expense were $6.8 million , $6.8 million and $5.6 million under operating leases for the years ended December 31, 2019 , 2018 and 2017 , respectively. Included in the measurement of lease liabilities, we paid $6.6 million in cash related to operating leases during the year ended December 31, 2019 . Right-of-use assets obtained in exchange for new lease obligations related to operating leases during the year ended December 31, 2019 were $5.3 million . Supplemental balance sheet information related to leases were as follows (in thousands): December 31, 2019 Operating leases Operating lease right-of-use assets $ 24,876 Other current liabilities $ 5,543 Operating lease liabilities 21,231 Total operating lease liabilities $ 26,774 Weighted average remaining lease term Operating leases 6.2 years Weighted average discount rate Operating leases 5.9 % Maturities of operating lease liabilities at December 31, 2019 , were as follows (in thousands): For the years ending December 31, 2020 $ 6,979 2021 5,074 2022 4,501 2023 3,882 2024 3,405 Thereafter 8,141 Total lease payments 31,982 Less imputed interest 5,208 Total $ 26,774 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans | RETIREMENT PLANS We sponsor defined contribution plans. Participation in these plans is available to substantially all employees. We recognized expense of $5.3 million , $4.9 million and $4.8 million related to matching contributions under our various defined contribution plans during the years ended December 31, 2019 , 2018 and 2017 , respectively. A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will generally have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Canadian Retirement Savings Plan We offer a defined contribution retirement plan to our Canadian employees. In Canada, we contribute, on a matched basis, an amount up to 5% of each Canadian based, salaried employee’s earnings (base salary plus annual incentive compensation) to the legislated maximum for a Deferred Profit Sharing Plan (DPSP). The maximum for 2019 was C $13,615 . DPSP is a form of defined contribution retirement savings plan governed by Canadian federal tax legislation which provides for the deferral of tax on deposits and investment returns until removed from the plan to support retirement income. Employer contributions vest upon the completion of two years of service. Employee contributions are required in order to be eligible for the DPSP employer matching. Maximum employer matching ( 5% noted above) is attained with 6% employee contribution which would go into a Group Registered Retirement Savings Plan (GRRSP). The two plans work in tandem. Contributions to the “Retirement Savings Plan” for Canadian employees are subject to the annual maximum total registered savings limit of C $26,500 in 2019 as set out in the Canadian Tax Act. 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% of the base salary of an employee, capped at the legislated maximum contribution base which is indexed annually. Our Australian subsidiary makes no investment decisions on behalf of the employee and has no obligations other than to remit the defined contributions to the plan selected by each individual employee. U.S. Retirement Savings Plan We offer a defined contribution 401(k) retirement plan to substantially all of our U.S. employees. Participants may contribute from 1% to 75% of their base and cash incentive compensation (subject to Internal Revenue Service limitations), and we make matching contributions under this plan on the first 6% of the participant’s compensation ( 100% match of the first 4% employee contribution and 50% match on the next 2% contribution). Our matching contributions vest at a rate of 40% after two years of service and 20% per year for each of the employee’s next three years of service and are fully vested thereafter. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS AROs at December 31, 2019 and 2018 were (in thousands): 2019 2018 Asset retirement obligations $ 18,796 $ 18,381 Less: Asset retirement obligations due within one year* 3,197 4,443 Long-term asset retirement obligations $ 15,599 $ 13,938 * Classified as a current liability on the consolidated balance sheets, under the caption “Other current liabilities.” Related to remediation work planned for 2020. Total accretion expense related to AROs was $1.5 million , $1.7 million and $1.4 million during the years ended December 31, 2019 , 2018 and 2017 , respectively. During the years ended December 31, 2019 , 2018 and 2017 , our ARO changed as follows (in thousands): 2019 2018 2017 Balance as of January 1 $ 18,381 $ 17,185 $ 17,584 Accretion of discount 1,538 1,689 1,353 New obligations 497 6,629 86 Change in estimates of existing obligations (1,989 ) (4,336 ) (1,901 ) Settlement of obligations (462 ) (1,013 ) (816 ) Foreign currency translation 831 (1,773 ) 879 Balance as of December 31 $ 18,796 $ 18,381 $ 17,185 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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. Pre-tax loss for the years ended December 31, 2019 , 2018 and 2017 consisted of the following (in thousands): 2019 2018 2017 Canada operations $ (60,372 ) $ (100,874 ) $ (87,143 ) Foreign operations (8,703 ) (12,338 ) (31,601 ) Total $ (69,075 ) $ (113,212 ) $ (118,744 ) The components of the income tax expense (benefit) for the years ended December 31, 2019 , 2018 and 2017 consisted of the following (in thousands): 2019 2018 2017 Current: Canada $ 706 $ (1,151 ) $ (5,986 ) Foreign 266 1,189 1,472 Total $ 972 $ 38 $ (4,514 ) Deferred: Canada $ (9,399 ) $ (31,403 ) $ (9,194 ) Foreign (2,314 ) — 218 Total $ (11,713 ) $ (31,403 ) $ (8,976 ) Net income tax benefit $ (10,741 ) $ (31,365 ) $ (13,490 ) The net income tax benefit differs from an amount computed at Canadian statutory rates as follows for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Canadian federal tax benefit at statutory rates $ (10,361 ) 15.0 % $ (16,982 ) 15.0 % $ (17,812 ) 15.0 % Canadian provincial income tax (5,158 ) 7.5 % (12,105 ) 10.7 % (10,457 ) 8.8 % Effect of foreign income tax, net 55 (0.1 )% (1,756 ) 1.6 % (6,797 ) 5.7 % Valuation allowance – Other 2,257 (3.3 )% (622 ) 0.5 % 19,131 (16.1 )% Enacted tax rate change - Canada (2,452 ) 3.5 % — — % 598 (0.5 )% U.S tax reform rate change — — % — — % 9,047 (7.6 )% Valuation allowance - U.S. tax reform — — % — — % (9,047 ) 7.6 % Goodwill impairment 4,689 (6.8 )% — — % — — % Nondeductible compensation 1,203 (1.7 )% 181 (0.2 )% — — % Unrealized intercompany foreign currency translation gain (1,451 ) 2.1 % — — % — — % Other, net 477 (0.7 )% (81 ) 0.1 % 1,847 (1.5 )% Net income tax benefit $ (10,741 ) 15.5 % $ (31,365 ) 27.7 % $ (13,490 ) 11.4 % Canadian Rate Change. Effective July 1, 2019, the Province of Alberta introduced a four-year graduated decrease in the income tax rate from 12% to 8% resulting in a decrease of our net deferred tax liability of $2.5 million . Our rate reconciliation for the years ended December 31, 2018 and 2017 has been recast to reconcile to the federal Canadian tax rate of 15% with the Canadian provincial income taxes reported separately from the federal income taxes. US Tax Reform. The Tax Cuts and Jobs Act of 2017 (U.S. Tax Reform) was enacted in December 2017, resulting in a reduction to the corporate income tax rate from 35% to 21% . The impact of this reduction was a decrease of the U.S. net deferred tax asset of $9.0 million fully offset by a decrease in the U.S. valuation allowance of $9.0 million . Deferred Tax Liabilities and Assets. The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Deferred tax assets: Net operating loss $ 97,920 $ 92,600 Employee benefits 3,082 2,972 Deductible goodwill and other intangibles 26,030 20,142 Other reserves 6,150 6,903 Unearned revenue 441 868 Operating lease liabilities 6,499 — Other 3,242 2,000 Deferred tax assets 143,364 125,485 Valuation allowance (84,503 ) (82,833 ) Deferred tax assets, net $ 58,861 $ 42,652 Deferred tax liabilities: Depreciation and amortization $ (62,296 ) $ (61,094 ) Operating lease right-of-use assets (6,017 ) — Deferred tax liabilities (68,313 ) (61,094 ) Net deferred tax liability $ (9,452 ) $ (18,442 ) NOL Carryforwards. The following table summarizes net operating loss (NOL) carryforwards at December 31, 2019 (in thousands): Amount Expiration Period Net operating loss carryforwards: Canada – Federal and provincial $ 207,606 Begins to expire in 2035 Australia 109,355 Does not expire U.S. – Federal 36,030 Begins to expire in 2036 U.S. – Federal 14,416 Does not expire U.S. – State, tax effected 5,608 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, 2019 and 2018 are as follows (in thousands): Federal / Net Deferred Other Total Balance as of December 31, 2017 $ (31,399 ) $ (58,518 ) $ (746 ) $ (90,663 ) Change in income tax provision (1,464 ) 2,086 — 622 Other change (348 ) 1,495 (28 ) 1,119 Foreign currency translation 3,907 2,122 60 6,089 Balance as of December 31, 2018 (29,304 ) (52,815 ) (714 ) (82,833 ) Change in income tax provision (456 ) (1,946 ) 145 (2,257 ) Other change 1,095 (690 ) 94 499 Foreign currency translation 52 68 (32 ) 88 Balance as of December 31, 2019 $ (28,613 ) $ (55,383 ) $ (507 ) $ (84,503 ) During 2018, the addition of $51.5 million of deferred tax liabilities due to the Noralta Acquisition resulted in Canada no longer being considered a loss jurisdiction. Accordingly, a benefit of $4.9 million was recorded in the second quarter of 2018 to reverse the valuation allowance against the Canadian net deferred tax asset that was recorded in 2017. Indefinite Reinvestment of Earnings. At December 31, 2019 and 2018, we had no undistributed earnings of foreign subsidiaries subject to income tax in Canada. Unrecognized Tax Benefits. We file tax returns in the jurisdictions in which they are required. All of these returns are subject to examination or audit and possible adjustment as a result of assessments by taxing authorities. We believe that we have recorded sufficient tax liabilities and do not expect the resolution of any examination or audit of our tax returns to have a material adverse effect on our operating results, financial condition or liquidity. Our Canadian federal tax returns subsequent to 2012 are subject to audit by the Canada Revenue Agency. Our Australian subsidiary’s federal income tax returns subsequent to 2015 are open for review by the Australian Taxation Office. Our U.S. subsidiary’s federal tax returns subsequent to 2017 are subject to audit by the US Internal Revenue Service. The total amount of unrecognized tax benefits as of December 31, 2019 , 2018 and 2017 was zero . Unrecognized tax benefits, if recognized, would affect the effective tax rate. We accrue interest and penalties related to unrecognized tax benefits as a component of our provision for income taxes. As of December 31, 2019 , 2018 and 2017 , we had accrued zero of interest expense and penalties. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including warranty and product liability claims as a result of our products or operations. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss decreased $8.1 million from $371.2 million at December 31, 2018 to $363.2 million at December 31, 2019 , as a result of foreign currency exchange rate fluctuations. Changes in other comprehensive loss during 2019 were primarily driven by the Canadian dollar increasing in value compared to the U.S. dollar. Excluding intercompany balances, our Canadian dollar and Australian dollar functional currency net assets totaled approximately C$0.3 billion and A$0.4 billion , respectively, at December 31, 2019 . |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | SHARE BASED COMPENSATION Certain key employees and non-employee directors participate in the Amended and Restated 2014 Equity Participation Plan of Civeo Corporation (the Civeo Plan). The Civeo Plan authorizes our Board of Directors and the Compensation Committee of our Board of Directors to approve grants of options, awards of restricted shares, performance awards, phantom share awards and dividend equivalents, awards of deferred shares, and share payments to our employees and non-employee directors. No more than 18.7 million Civeo common shares may be issued under the Civeo Plan. Share-based compensation expense recognized in the years ended December 31, 2019 , 2018 and 2017 totaled $13.9 million , $16.4 million and $15.4 million , respectively. Share-based compensation expense is reflected in Selling, general and administrative (SG&A) expense in our consolidated statements of operations. The total income tax benefit recognized in the consolidated statements of operations for share based compensation arrangements was approximately $0.7 million , $1.2 million and zero for the years ended December 31, 2019 , 2018 and 2017 , respectively. Options to Purchase Common Shares No options were awarded in 2019 , 2018 or 2017 . The following table presents the changes in stock options outstanding and related information for our employees during the years ended December 31, 2019 , 2018 and 2017 : Options Weighted Weighted Intrinsic Outstanding Options at December 31, 2016 165,886 $ 17.98 4.6 $ — Forfeited / Expired (20,085 ) 18.10 Outstanding Options at December 31, 2017 145,801 $ 17.97 4.5 $ — Outstanding Options at December 31, 2018 145,801 $ 17.97 3.3 $ — Outstanding Options at December 31, 2019 145,801 $ 17.97 2.3 $ — Exercisable Options at December 31, 2017 139,491 $ 17.79 4.2 $ — Exercisable Options at December 31, 2018 145,801 $ 17.97 3.3 $ — Exercisable Options at December 31, 2019 145,801 $ 17.97 2.3 $ — As no options were exercised in the last three years , the total intrinsic value of options exercised by our employees during 2019 , 2018 and 2017 was zero . Additionally, the tax benefits realized for the tax deduction from options exercised during 2019 , 2018 and 2017 totaled zero . At December 31, 2019 , unrecognized compensation cost related to options was zero . The following table summarizes information for outstanding options of our employees at December 31, 2019 : Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Number Weighted $16.43 63,142 1.13 $ 16.43 63,142 $ 16.43 $17.48 29,849 3.14 $ 17.48 29,849 $ 17.48 $18.43 27,553 2.13 $ 18.43 27,553 $ 18.43 $21.87 25,257 4.14 $ 21.87 25,257 $ 21.87 16.43 -21.87 145,801 2.25 $ 17.97 145,801 $ 17.97 Restricted Share Awards/ Restricted Share Units/ Deferred Share Awards The following table presents the changes in restricted share awards, restricted share units and deferred share awards outstanding and related information for our employees and non-employee directors during the years ended December 31, 2019 , 2018 and 2017 : Number of Weighted Nonvested shares at December 31, 2016 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, 2017 2,170,324 $ 3.54 Granted 2,861,775 3.42 Vested (1,247,522 ) 3.92 Forfeited (101,839 ) 3.69 Nonvested shares at December 31, 2018 3,682,738 $ 3.31 Granted 1,725,018 2.29 Vested (1,628,577 ) 3.26 Forfeited (97,643 ) 3.23 Nonvested shares at December 31, 2019 3,681,536 $ 2.86 The weighted average grant date fair value per share for restricted share awards, restricted share units and deferred share awards granted during 2019 , 2018 and 2017 was $2.29 , $3.42 and $3.14 , respectively. The total fair value of restricted share awards, restricted share units and deferred share awards vested during 2019 , 2018 and 2017 was $4.0 million , $3.8 million and $2.0 million , respectively. At December 31, 2019 , unrecognized compensation cost related to restricted share awards, restricted share units and deferred share awards was $5.3 million , which is expected to be recognized over a weighted average period of 1.5 years . Phantom Share Awards Each phantom share award is equal in value to one common share. Upon vesting, each recipient will receive a lump sum cash payment equal to the fair market value of a common share on the respective vesting date. These awards are accounted for as a liability that is remeasured at each reporting date until paid. The following table presents the changes in phantom share awards outstanding and related information for our employees during the years ended December 31, 2019 , 2018 and 2017 : Number of Awards Nonvested shares at December 31, 2016 6,269,964 Granted 750,525 Vested (2,207,589 ) Forfeited (263,161 ) Nonvested shares at December 31, 2017 4,549,739 Granted — Vested (2,270,214 ) Forfeited (12,951 ) Nonvested shares at December 31, 2018 2,266,574 Granted 1,415,277 Vested (2,059,656 ) Forfeited (12,687 ) Nonvested shares at December 31, 2019 1,609,508 At December 31, 2019 , the balance of the liability for the phantom share awards was $0.8 million . For the years ended December 31, 2019 , 2018 and 2017 , we made phantom share cash payments of $5.3 million , $8.2 million and $7.1 million , respectively. At December 31, 2019 , unrecognized compensation cost related to phantom shares was $1.3 million , as remeasured at December 31, 2019 , which is expected to be recognized over a weighted average period of 2.1 years . The weighted average grant date fair value of phantom shares granted during the years ended December 31, 2019 , 2018 and 2017 was $2.53 , zero and $3.27 , respectively. Performance Share Awards We grant performance awards, which cliff vest in three years subject to attainment of applicable performance criteria. These awards are earned in amounts between 0% and 200% of the participant’s target performance share award, based on the payout percentage associated with Civeo’s relative total shareholder return (TSR) rank among a peer group of other companies. 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. The fair value of each performance share 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 since we do not currently pay dividends. The expected market price volatility of our common shares was based on an estimate that considers the historical and implied volatility of our common shares as well as a peer group of companies over a time period equal to the expected term of the option. The initial TSR performance was based on historical performance of our common shares and the peer group’s common shares. 2019 2018 2017 Risk-free weighted interest rate 2.5 % 2.4 % 1.5 % Expected volatility 68.0 % 79.0 % 90.0 % Initial TSR 0.7 % (0.4 )% 0.04 % The following table presents the changes in performance share awards outstanding and related information for our employees during the year ended December 31, 2019 , 2018 and 2017 : Number of Weighted 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 Granted 848,830 5.30 Vested — — Forfeited — — Nonvested shares at December 31, 2018 3,524,312 $ 4.12 Granted 1,184,599 3.73 Performance adjustment (1) 1,921,865 2.93 Vested (3,843,730 ) 2.93 Forfeited — — Nonvested shares at December 31, 2019 2,787,046 $ 4.61 (1) Related to 2016 performance share awards that vested in 2019, which were paid out at 200% based on Civeo's TSR rank. During the years ended December 31, 2019 , 2018 and 2017 , we recognized compensation expense associated with performance share awards totaling $4.3 million , $4.6 million and $3.0 million , respectively. At December 31, 2019 , unrecognized compensation cost related to performance share awards was $5.1 million , which is expected to be recognized over a weighted average period of 1.7 years . |
Preferred Shares
Preferred Shares | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Preferred Shares | PREFERRED SHARES As further discussed in Note 7 – Acquisitions, on April 2, 2018, we issued 9,679 Preferred Shares as part of the Noralta Acquisition. The Preferred Shares have an initial liquidation preference of $10,000 per share. Holders of the Preferred Shares are entitled to receive a 2% annual dividend on the liquidation preference paid quarterly in cash or, at our option, by increasing the Preferred Shares’ liquidation preference or any combination thereof. As of December 31, 2019, Preferred Shares outstanding were 9,042 . The decrease in Preferred Shares outstanding since the close of the Noralta Acquisition was due to the release of 637 Preferred Shares initially held in escrow to support certain obligations of the Noralta Acquisition. The Preferred Shares are convertible into our common shares at a conversion price of $3.30 per Preferred Share, subject to certain anti-dilution adjustments (the Conversion Price). We have the right to elect to convert the Preferred Shares into our common shares if the 15-day volume weighted average price of our common shares is equal to or exceeds the Conversion Price. Holders of the Preferred Shares will have the right to convert the Preferred Shares into our common shares at any time after 2 years from the date of issuance, and the Preferred Shares mandatorily convert after 5 years from the date of issuance. The Preferred Shares also convert automatically into our common shares upon a change of control of Civeo. We may, at any time and from time to time, redeem any or all of the Preferred Shares for cash at the liquidation preference, plus accrued and unpaid dividends. The Preferred Shares do not have voting rights, except as statutorily required. During the years ended December 31, 2019 and 2018 , we recognized preferred dividends on the Preferred Shares as follows (in thousands): 2019 2018 Deemed dividend on beneficial conversion feature at April 2, 2018 $ — $ 47,849 In-kind dividends 1,849 1,459 Deemed dividend on beneficial conversion feature related to in-kind dividend — 281 Total preferred dividends $ 1,849 $ 49,589 At the time the Preferred Shares were issued, we determined that a beneficial conversion feature existed as the fair value of the securities into which the Preferred Shares were convertible was greater than the effective conversion price on the issuance date. Accordingly, we recorded a beneficial conversion feature of $47.8 million . As the Preferred Shares do not have a stated redemption date, the discount is required to be recognized as a dividend over the minimum period from the date of issuance through the date of earliest conversion. Because the 15-day volume weighted average price of our common shares was greater than $3.30 on April 2, 2018, the earliest conversion date was determined to be April 2, 2018. Accordingly, we recorded a deemed dividend on April 2, 2018 totaling the discount of $47.8 million . The Board of Directors elected to pay the dividends for the quarterly period beginning June 30, 2018 and ending December 31, 2019 through an increase in the liquidation preference rather than in cash. The paid-in-kind dividend of $1.8 million and $1.5 million is included in Preferred dividends on the consolidated statement of operations for the years ended December 31, 2019 and 2018 , respectively. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Related Information | 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 reporting segments: Canada, Australia and U.S., which represent our strategic focus on hospitality services and workforce accommodations. Financial information by business segment for each of the three years ended December 31, 2019 , 2018 and 2017 is summarized in the following table (in thousands): Total Depreciation and amortization Operating (loss) income Capital expenditures Total assets 2019 Canada $ 325,651 $ 66,557 $ (32,313 ) $ 22,124 $ 850,361 Australia 156,093 39,116 517 3,456 278,268 United States 45,811 10,987 (11,214 ) 3,104 46,862 Corporate and eliminations — 7,108 (6,041 ) 1,128 (205,579 ) Total $ 527,555 $ 123,768 $ (49,051 ) $ 29,812 $ 969,912 2018 Canada $ 296,012 $ 66,980 $ (63,519 ) $ 6,025 $ 804,618 Australia 119,238 40,441 (1,950 ) 4,658 292,271 United States 51,442 10,626 (8,640 ) 5,388 60,282 Corporate and eliminations — 7,799 (13,946 ) 1,037 (155,494 ) Total $ 466,692 $ 125,846 $ (88,055 ) $ 17,108 $ 1,001,677 2017 Canada $ 245,595 $ 69,983 $ (63,211 ) $ 3,893 $ 550,378 Australia 111,221 45,699 (11,528 ) 2,772 353,840 United States 25,460 4,653 (14,426 ) 1,912 33,128 Corporate and eliminations — 6,108 (8,806 ) 2,617 (83,434 ) Total $ 382,276 $ 126,443 $ (97,971 ) $ 11,194 $ 853,912 Financial information by geographic segment for each of the three years ended December 31, 2019 , 2018 and 2017 , is summarized below (in thousands). Revenues in the U.S. include export sales. Revenues are attributable to countries based on the location of the entity selling the products or performing the services. Long-lived assets are attributable to countries based on the physical location of the entity and its operating assets and do not include intercompany balances. Canada Australia U.S. and Total 2019 Revenues from unaffiliated customers $ 325,651 $ 156,093 $ 45,811 $ 527,555 Long-lived assets 558,310 242,002 38,159 838,471 2018 Revenues from unaffiliated customers $ 296,012 $ 119,238 $ 51,442 $ 466,692 Long-lived assets 580,644 263,094 50,142 893,880 2017 Revenues from unaffiliated customers $ 245,595 $ 111,221 $ 25,460 $ 382,276 Long-lived assets 353,710 331,511 32,280 717,501 |
Valuation Accounts
Valuation Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation Accounts | VALUATION ACCOUNTS Activity in the valuation accounts was as follows (in thousands): Balance at Charged (Reduction) to Deductions Translation Balance Year Ended December 31, 2019: Allowance for doubtful accounts receivable $ 376 $ (5 ) $ (122 ) $ 4 $ 253 Valuation allowance for deferred tax assets 82,833 2,257 (499 ) (88 ) 84,503 Year Ended December 31, 2018: Allowance for doubtful accounts receivable $ 1,338 $ (787 ) $ (143 ) $ (32 ) $ 376 Valuation allowance for deferred tax assets 90,663 (622 ) (1,119 ) (6,089 ) 82,833 Year Ended December 31, 2017: 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 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table summarizes quarterly financial information for 2019 and 2018 (in thousands, except per share amounts): First (2) Second (3) Third (4) Fourth (5) 2019 Revenues $ 108,550 $ 122,153 $ 148,163 $ 148,689 Gross profit (1) 28,920 36,913 48,683 46,225 Net (loss) income attributable to Civeo (17,498 ) (15,310 ) 4,532 (32,064 ) Basic (loss) income per share (0.11 ) (0.09 ) 0.02 (0.19 ) Diluted (loss) income per share (0.11 ) (0.09 ) 0.02 (0.19 ) 2018 Revenues $ 101,504 $ 130,177 $ 120,491 $ 114,520 Gross profit (1) 23,803 40,722 38,264 31,489 Net loss attributable to Civeo (55,457 ) (48,321 ) (14,250 ) (13,804 ) Basic loss per share (0.42 ) (0.29 ) (0.09 ) (0.08 ) Diluted loss per share (0.42 ) (0.29 ) (0.09 ) (0.08 ) (1) Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations. (2) In the first quarter of 2019 , there were no significant items recognized. In the first quarter of 2018 , we recognized the following items: • A charge of $28.7 million ( $20.9 million after-tax, or $0.16 per diluted share), related to certain lodge assets in the Canadian 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. • Costs associated with the Noralta Acquisition of $1.0 million ( $1.0 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. (3) In the second quarter of 2019 , we recognized the following items: • A charge of $4.5 million ( $4.5 million after-tax, or $0.03 per diluted share), related to assets in our Australian segment. The charge is included in Impairment expense on the accompanying consolidated statements of operations. • We identified a liability related to an ARO at one of our villages in Australia that should have been recorded in 2011. We determined that the error was not material to our previously issued financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018, and therefore, corrected the error in the second quarter of 2019 . Specifically, we recorded: (1) additional accretion expense related to the ARO of $0.9 million , (2) additional depreciation and amortization expense of $0.5 million related to amortization of the related asset retirement cost and (3) additional impairment expense related to the impairment of the asset retirement cost of $1.0 million offset by recognition of an ARO liability totaling $2.3 million as of June 30, 2019. In the second quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $5.6 million ( $5.1 million after-tax, or $0.03 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. (4) In the third quarter of 2019 , we recognized the following items: • A gain on sale of assets related to the sale of a village in Australia and related $2.2 million release of an ARO liability assumed by the buyer. • Costs associated with the Action acquisition of $0.2 million ( $0.2 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the third quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $0.5 million ( $0.4 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. (5) In the fourth quarter of 2019 , we recognized the following items: • Goodwill impairment loss of $19.9 million ( $19.9 million after-tax, or $0.12 per diluted share) related to our Canada reporting unit. The charge is included in Impairment expense on the accompanying consolidated statements of operations. • A charge of $0.7 million ( $0.5 million after-tax, or $0.00 per diluted share), related to assets in our Canada segment. The charge is included in Impairment expense on the accompanying consolidated statements of operations. • Costs associated with the Action acquisition of $0.2 million ( $0.2 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the fourth quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $2.1 million ( $1.7 million after-tax, or $0.01 per diluted share), included in Service and other costs ( $0.6 million ), Selling, general and administrative expenses ( $0.6 million ) and Other income ( $0.9 million ) on the accompanying consolidated statements of operations. • Reversal of depreciation expense of $2.8 million that should not have been recorded in the first, second and third quarters of 2018. We determined that the overstatement of depreciation expense was not material to our financial statements for the periods ended September 30, June 30 or March 31, 2018 and therefore corrected the error in the fourth quarter of 2018. Amounts are calculated independently for each of the quarters presented. Therefore, the sum of the quarterly amounts may not equal the total calculated for the year. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash | Cash We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Allowances for Doubtful Accounts | Allowances for Doubtful Accounts We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. If a trade receivable is deemed to be uncollectible, such receivable is charged-off against the allowance for doubtful accounts. We consider the following factors when determining if collection of revenue is reasonably assured: customer credit-worthiness, past transaction history with the customer, current economic industry trends, customer solvency and changes in customer payment terms. If we have no previous experience with the customer, we typically obtain reports from various credit organizations to ensure that the customer has a history of paying its creditors. We may also request financial information, including combined financial statements or other documents, to ensure that the customer has the means of making payment. If these factors do not indicate collection is reasonably assured, we 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 Inventories consist of work in process, raw materials and supplies and materials for the construction and operation of remote accommodation facilities. Inventories also include food, raw materials, labor, subcontractor charges, manufacturing overhead and catering and other supplies needed for operation of our facilities. Inventories are carried at the lower of cost or market. The cost of inventories is determined on an average cost or specific-identification method. |
Property, Plant and Equipment | Property, Plant, and Equipment 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. During the fourth quarter of 2019, we extended the remaining useful life of certain long-lived accommodations assets in our Canada segment. 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 Capitalization Interest costs for the construction of certain long-term assets are capitalized and amortized over the related assets’ estimated useful lives. |
Business Combinations | Business Combinations We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination by assessing whether or not we have acquired inputs and processes that have the ability to create outputs. If determined to be a business combination, we account for a business acquisition under the acquisition method of accounting. The accounting rules governing business combinations require the acquiring entity in a business combination to recognize the fair value of all assets acquired and liabilities assumed and establish the acquisition date as the fair value measurement point. Accordingly, we recognize assets acquired and liabilities assumed in a business combination based on the fair value estimates as of the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration paid over the fair value of the identified net assets, including intangible assets, acquired. The fair value measurement of the identified net assets requires the significant use of estimates and is based on information that was available to management at the time the purchase price allocation was prepared. We utilize recognized valuation techniques, including the cost approach, the market approach and the income approach, to value the net assets acquired. The impact of changes to the estimated fair values of assets acquired and liabilities assumed is recorded in the reporting period in which the adjustment is identified. Final valuations of assets and liabilities are obtained and recorded within one year from the date of the acquisition. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The recoverability of the carrying values of long-lived assets, including amortizable intangible assets, is assessed whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated future cash flows. If this assessment indicates that the carrying values will not be recoverable, as determined based on undiscounted cash flows over the remaining useful lives, an impairment loss is recognized. The impairment loss equals the excess of the carrying value over the fair value of the asset group. In performing this analysis, the first step is to review asset groups at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. For each asset group, we compare its carrying value to estimates of undiscounted future cash flows. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. The estimates are consistent with those used for purposes of our goodwill impairment test, as further discussed in Goodwill and Other Intangible Assets, below. Based on the assessment, if the carrying values of certain of our asset groups are determined to not be recoverable, we proceed to the second step. In this step, we compare the fair value of the respective asset group to its carrying value. The fair value of the asset groups are based on prices of similar assets, if available, or discounted cash flows. Our estimate of the fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the asset groups’ operations in the future. |
Goodwill | Goodwill. Goodwill represents the excess of the purchase price paid for acquired businesses over the allocated fair value of the related net assets after impairments, if applicable. We do not amortize goodwill. We evaluate goodwill for impairment, at the reporting unit level, annually and when an event occurs or circumstances change to suggest that the carrying amount may not be recoverable. A reporting unit is the operating segment, or a business one level below that operating segment (the “component” level) if discrete financial information is prepared and regularly reviewed by management at the component level. Each segment of our business represents a separate reporting unit. In the fourth quarter of 2019 , we adopted Accounting Standard Update (ASU) 2017-04, "Intangibles-Goodwill and Other (Topic 350)" to simplify the test for goodwill impairment. Under the revised guidance, an entity recognizes an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. In connection with our 2018 acquisition of Noralta Lodge Ltd. (Noralta), referred to herein as the Noralta Acquisition, we recognized $123.6 million of goodwill in our Canadian reporting unit. In connection with our acquisition of 2019 Action Industrial Catering (Action), referred to herein as the Action Acquisition, we recognized $7.9 million of goodwill in our Australian reporting unit. For further discussion, please see Note 7 - Acquisitions and Note 11 - Goodwill and Other Intangible Assets. We conduct our annual impairment test as of November 30 of each year. We compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is impaired. We are given the option to test for impairment of our goodwill by first performing a qualitative assessment to determine whether it is more likely than not (that is, likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is determined that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the currently prescribed impairment test is unnecessary. In developing a qualitative assessment to meet the “more-likely-than-not” threshold, each reporting unit with goodwill is assessed separately and different relevant events and circumstances are evaluated for each unit. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. When performing our annual assessment on November 30, 2019, due to a reduction in our share price in the fourth quarter of 2019, we chose to bypass the qualitative assessment and proceed directly to the impairment test for goodwill in our Canadian and Australian reporting units. In performing the goodwill impairment test, we compare each reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Because none of our reporting units has a publicly quoted market price, we must determine the value that willing buyers and sellers would place on the reporting unit through a routine sale process (a Level 3 fair value measurement). In our analysis, we target a fair value that represents the value that would be placed on the reporting unit by market participants, and value the reporting unit based on historical and projected results throughout a cycle, not the value of the reporting unit based on trough or peak earnings. The fair value of the reporting unit is estimated using a combination of (i) an analysis of trading multiples of comparable companies (Market Approach) and (ii) discounted projected cash flows (Income Approach). The relative weighting of each approach reflects current industry and market conditions. 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 use EBITDA because it is a widely used key indicator of the cash generating capacity of companies in our industry. Income Approach - This valuation approach derives a present value of the reporting unit’s projected future annual cash flows over the next five years with a terminal value assumption. We use a variety of underlying assumptions to estimate these future cash flows, including assumptions relating to future economic market conditions, rates, occupancy levels, costs and expenses and capital expenditures. These assumptions can vary by each reporting unit depending on market conditions. In addition, a terminal value is estimated, using a Gordon Growth methodology with a long-term growth rate of 2% . We discount our projected cash flows using a long-term weighted average cost of capital based on our estimate of investment returns that would be required by a market participant. The fair value 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 fair value requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including numerous assumptions with respect to future circumstances, such as industry and/or local market conditions that might directly impact each of the reporting units’ operations in the future. We selected these valuation approaches because we believe the combination of these approaches and our best judgment regarding underlying assumptions and estimates provides us with the best estimate of fair value for each of our reporting units. We believe these valuation approaches are proven valuation techniques and methodologies for our industry and widely accepted by investors. The fair value of each reporting unit would change if our assumptions under these valuation approaches, or relative weighting of the valuation approaches, were materially modified. |
Other Intangible Assets | Other Intangible Assets. We amortize the cost of other intangible assets using the straight-line method over their estimated useful lives unless such lives are deemed indefinite. For intangible assets that we amortize, we review the useful life of the intangible asset and evaluate each reporting period whether events and circumstances warrant a revision to the remaining useful life. We evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life. We are required to evaluate our indefinite-lived intangible assets for impairment annually and when an event occurs or circumstances change to suggest the carrying amount may not be recoverable. In performing the impairment test, we compare the fair value of the indefinite-lived intangible asset with its carrying amount. The measurement of the impairment is calculated based on the excess of the carrying value over its fair value. |
Foreign Currency and Other Comprehensive Income | 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. |
Foreign Currency Exchange Rate Risk | Foreign Currency Exchange Rate Risk A significant portion of revenues, earnings and net investments in foreign affiliates are exposed to changes in foreign currency exchange rates. We seek to manage our foreign exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. We have not entered into any foreign currency forward contracts. |
Revenue and Cost Recognition | Revenue and Cost Recognition We generally recognize accommodation, mobile facility rental, food service and other services revenues over time as our customers simultaneously receive and consume benefits as we serve our customers because of continuous transfer of control to the customer. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We transfer control and recognize a sale based on a periodic (usually daily) room rate each night a customer stays in our rooms or when the services are rendered. In some contracts, rates may vary over the contract term. In these cases, revenue may be deferred and recognized on a straight-line basis over the contract term. A limited portion of our revenue is recognized at a point in time when control transfers to the customer related to small modular construction and manufacturing contracts, minor food service arrangements and optional purchases our customers make for incidental services offered at our accommodation and mobile facilities. For significant construction projects, manufacturing revenues are recognized over time with progress towards completion measured using the cost based input method as the basis to recognize revenue and an estimated profit. 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 larger modular construction and manufacturing contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and final contract settlements may result in revisions to projected costs and revenue and are recognized in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. Factors that may affect future project costs and margins include weather, production efficiencies, availability and costs of labor, materials and subcomponents. These factors can significantly impact the accuracy of our estimates and materially impact our future reported earnings. Because of control transferring over time, the majority of our revenue is recognized based on the extent of progress towards completion of the performance obligation. At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise to transfer our customers a good or service (or bundle of goods or services) that is distinct. Our customers typically contract for hospitality services under take-or-pay contracts with terms that most often range from several months to three years. Our contract terms generally provide for a rental rate for a reserved room and an occupied room rate that compensates us for services provided. We typically contract our facilities to our customers on a fee per day basis where the goods and services promised include lodging and meals. To identify the performance obligations, we consider all of the goods and services promised in the context of the contract and the pattern of transfer to our customers. 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 | 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 and historical losses. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Please see Note 16 – Income Taxes for further information. |
Receivables and Concentration of Credit Risk | Receivables and Concentration of Credit Risk Based on the nature of our customer base, we do not believe that we have any significant concentrations of credit risk other than our concentration in the Canadian oil sands and Australian mining industries. We evaluate the credit-worthiness of our significant, new and existing customers’ financial condition and, generally, we do not require collateral from our customers. For the year ended December 31, 2019 , each of Imperial Oil and Fort Hills Energy LP accounted for more than 10% of our revenues. For the year ended December 31, 2018 , each of Imperial Oil, Fort Hills Energy LP and Suncor Energy Inc. accounted for more than 10% of our revenues. For the year ended December 31, 2017 , each of Imperial Oil and Fort Hills Energy LP accounted for more than 10% of our revenues. |
Asset Retirement Obligations | Asset Retirement Obligations We have AROs that we are required to perform under law or contract once an asset is permanently taken out of service. We record the fair value of the 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. Most of these obligations are not expected to be paid until many years in the future and will be funded from general company resources at the time of removal. Please see Note 15 – Asset Retirement Obligations for further discussion. |
Share-based Compensation | Share-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 and deferred 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 share awards. These awards are earned in amounts between 0% and 200% of the participant’s target performance share award, based on the payout percentage associated with Civeo’s relative total shareholder return rank among a peer group of other companies. The fair value is estimated using option-pricing models. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. |
Guarantees | Guarantees Substantially all of our Canadian and U.S. subsidiaries are guarantors under our Credit Agreement. See Note 12 – Debt. 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, 2019 , the maximum potential amount of future payments that we could be required to make under these guarantee agreements (letters of credit) was approximately $2.5 million . We have not recorded any liability in connection with these guarantee arrangements. We do not believe, based on historical experience and information currently available, that it is likely that any amounts will be required to be paid under these guarantee arrangements. |
Use of Estimates | 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 cost-based input method, estimates of the amount and timing of costs to be incurred for AROs, any valuation allowance recorded on net deferred tax assets, warranty claims, long-lived asset and goodwill impairments and allowance for doubtful accounts. Actual results could materially differ from those estimates. |
Accounting for Contingencies | 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, contract claims and obligations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards or other guidance updates, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. In January 2017, the FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard simplifies the accounting for goodwill impairment by requiring a goodwill impairment to be measured using a single step impairment model, whereby the impairment equals the difference between the carrying amount and the fair value of the specified reporting units in their entirety. This eliminates the second step of the current impairment model that requires companies to first estimate the fair value of all assets in a reporting unit and measure impairments based on those fair values and a residual measurement approach. It also specifies that any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective prospectively for public business entities for annual reporting periods beginning after December 15, 2019, and early adoption is permitted. We adopted ASU 2017-04 in the fourth quarter of 2019. Based on the results of the impairment test, we recognized an impairment expense of $19.9 million related to our Canadian reporting unit. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (ASU 2016-13). This new standard changes how companies will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 is effective for financial statements issued for reporting periods beginning after December 15, 2019 and interim periods within the reporting periods. We will adopt ASU 2016-13 as of January 1, 2020. The adoption of this new standard will not have a material impact on our consolidated financial statements. We adopted ASU 2016-02, “Leases” (Topic 842) effective January 1, 2019 using the optional transition method, which allowed us upon adoption to recognize a cumulative-effect adjustment to the opening balance of accumulated deficit for the application of the standard to our existing leases. We recognized a cumulative effect adjustment of $0.7 million (net of $0.2 million of taxes) to increase accumulated deficit in the consolidated balance sheet as of December 31, 2019 . ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset for certain leases. We elected the package of practical expedients, which among other things, allowed us to carry forward the historical lease identification and classification. In addition, we elected the short-term lease recognition exemption for all leases that qualify. Accordingly, we did not recognize right-of-use assets or lease liabilities for leases with terms shorter than 12 months. Our evaluation process included reviewing all forms of leases, performing a completeness assessment over the lease population and analyzing the available practical expedients in order to determine the best implementation strategy. We determined that certain of our accommodation contracts with customers contain both a lease and non-lease or service component and in those instances concluded the service component was the predominant component. As a result, we elected the practical expedient under ASU 2018-11, which allows us to combine the lease and non-lease components of revenues as Service and other revenues for presentation purposes in accordance with Accounting Standards Codification (ASC) Topic 606, “Revenue from Contracts with Customers” (ASC 606). We also identified certain arrangements with customers whereby we are a lessor for the rental of mobile camp assets primarily in our U.S. segment. For arrangements where we are the lessor, the adoption of the new lease standard did not have a material impact on our financial statements as all of our leases are operating leases, which will result in straight-line recognition of rental revenue. Adoption of the new standard resulted in $21.3 million of operating lease right-of-use assets and $22.4 million of operating lease liabilities as of January 1, 2019. Please see Note 13 – Leases for further information. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our revenue by our three reporting segments: Canada, Australia and the U.S., and major categories for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Canada Accommodation revenues $ 281,577 $ 266,899 $ 228,062 Mobile facility rental revenues 9,575 9,316 3,935 Food service and other services revenues 33,485 15,601 11,891 Manufacturing revenues 1,014 4,196 1,707 Total Canada revenues 325,651 296,012 245,595 Australia Accommodation revenues $ 126,047 $ 117,896 $ 111,221 Food service and other services revenues 30,046 1,342 — Total Australia revenues 156,093 119,238 111,221 United States Accommodation revenues $ 12,462 $ 18,288 $ 9,832 Mobile facility rental revenues 28,119 20,389 8,764 Manufacturing revenues 5,085 12,595 6,693 Food service and other services revenues 145 170 171 Total United States revenues 45,811 51,442 25,460 Total revenues $ 527,555 $ 466,692 $ 382,276 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | As of December 31, 2019 , for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue (in thousands): For the years ending December 31, 2020 2021 2022 Thereafter Total Revenue expected to be recognized as of December 31, 2019 $ 140,846 $ 52,962 $ 22,706 $ 8,413 $ 224,927 |
Impairment Charges (Tables)
Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment Charges | The following summarizes pre-tax impairment charges recorded during 2018 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended March 31, 2018 Long-lived assets $ 28,661 $ — $ — $ 28,661 Total $ 28,661 $ — $ — $ 28,661 The following summarizes pre-tax impairment charges recorded during 2019 , which are included in Impairment expense in our consolidated statements of operations (in thousands): Canada Australia U.S. Total Quarter ended June 30, 2019 Long-lived assets $ — $ 5,546 $ — $ 5,546 Quarter ended December 31, 2019 Long-lived assets 702 — — 702 Goodwill 19,900 — — 19,900 Total $ 20,602 $ 5,546 $ — $ 26,148 The following summarizes pre-tax impairment charges recorded during 2017 , which are included in Impairment expense in our consolidated statements of operations (in thousands): 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 |
Details of Selected Balance S_2
Details of Selected Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Additional information regarding selected balance sheet accounts at December 31, 2019 and 2018 is presented below (in thousands): December 31, 2019 December 31, 2018 Accounts receivable, net: Trade $ 76,370 $ 48,875 Unbilled revenue 23,041 21,169 Other 335 555 Total accounts receivable 99,746 70,599 Allowance for doubtful accounts (253 ) (376 ) Total accounts receivable, net $ 99,493 $ 70,223 |
Schedule of Inventory, Current | December 31, 2019 December 31, 2018 Inventories: Finished goods and purchased products $ 3,982 $ 2,461 Work in process 813 945 Raw materials 1,082 907 Total inventories $ 5,877 $ 4,313 |
Property, Plant and Equipment | Estimated December 31, 2019 December 31, 2018 Property, plant and equipment, net: Land $ 43,147 $ 46,805 Accommodations assets 3-15 1,696,425 1,650,758 Buildings and leasehold improvements 7-20 26,108 25,168 Machinery and equipment 4-15 12,060 10,693 Office furniture and equipment 3-7 58,005 54,459 Vehicles 3-5 14,604 14,589 Construction in progress 4,286 7,119 Total property, plant and equipment 1,854,635 1,809,591 Accumulated depreciation (1,264,326 ) (1,150,686 ) Total property, plant and equipment, net $ 590,309 $ 658,905 |
Schedule of Accrued Liabilities | December 31, 2019 December 31, 2018 Accrued liabilities: Accrued compensation $ 17,169 $ 13,545 Accrued taxes, other than income taxes 3,152 2,177 Other 1,434 234 Total accrued liabilities $ 21,755 $ 15,956 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Purchase consideration for Noralta acquisition | The purchase consideration and estimated fair value of Noralta’s net assets acquired as of April 2, 2018 is presented as follows: (In thousands, except per share data) Common shares issued 32,791 Common share price as of March 29, 2018 $ 3.77 Common share consideration $ 123,622 Cash consideration (1) 157,539 Preferred Share consideration 59,042 Total purchase consideration $ 340,203 Less: Common shares held in escrow (8,825 ) Less: Cash held in escrow (11,607 ) Less: Preferred Shares held in escrow (4,221 ) Total purchase consideration $ 315,550 (1) Net of $3.6 million in cash released to us to cover purchase price adjustments related to a working capital shortfall at closing. |
Estimated fair values of assets acquired and liabilities assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at April 2, 2018 (in thousands): Cash and cash equivalents $ 24 Accounts receivable (1) 21,456 Inventories 839 Other current assets 4,266 Property, plant and equipment 129,424 Goodwill 123,569 Intangible assets 110,736 Total assets acquired 390,314 Accounts payable and accrued liabilities 15,023 Income taxes payable 1,038 Other current liabilities 2,027 Deferred income taxes 51,543 Other noncurrent liabilities 5,133 Total liabilities assumed 74,764 Net assets acquired $ 315,550 (1) The aggregate fair value of the acquired accounts receivable approximated the aggregate gross contractual amount. |
Purchase price allocation of identifiable intangible assets and liabilities | The purchase price allocation to the identifiable intangible assets and liabilities is as follows (in thousands): Fair Value at Amortizable Intangible Assets Trade name $ 1,474 Contracts 106,766 Favorable lease contract 2,496 Total amortizable intangible assets $ 110,736 Amortizable Intangible Liabilities Unfavorable lease contracts $ 2,456 Total amortizable intangible liabilities $ 2,456 Net intangible assets $ 108,280 |
Supplemental unaudited proforma financial information | The unaudited pro forma results do not purport to be indicative of the results of operations had the transaction occurred on the date indicated or of future results for the combined entities (in thousands, except per share data): Years Ended December 31, (Unaudited) Pro forma Pro forma 2018 2017 Revenues $ 501,275 $ 506,040 Net loss attributable to Civeo Corporation common shareholders (129,900 ) (91,420 ) Basic net loss per share attributable to Civeo Corporation common shareholders $ (0.83 ) $ (0.57 ) Diluted net loss per share attributable to Civeo Corporation common shareholders $ (0.83 ) $ (0.57 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts): 2019 2018 2017 Numerator: Net loss attributable to Civeo common shareholders $ (60,340 ) $ (131,832 ) $ (105,713 ) Less: income allocated to participating securities — — — Basic net income loss attributable to Civeo Corporation common shareholders $ (60,340 ) $ (131,832 ) $ (105,713 ) Add: undistributed income attributable to participating securities — — — Less: undistributed income reallocated to participating securities — — — Diluted net loss attributable to Civeo Corporation common shareholders $ (60,340 ) $ (131,832 ) $ (105,713 ) Denominator: Weighted average shares outstanding - basic 167,047 157,231 128,365 Dilutive shares - share based awards — — — Weighted average shares outstanding - diluted 167,047 157,231 128,365 Basic net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.36 ) $ (0.84 ) $ (0.82 ) Diluted net loss per share attributable to Civeo Corporation common shareholders (1) $ (0.36 ) $ (0.84 ) $ (0.82 ) (1) Computations may reflect rounding adjustments. |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the carrying amount as of December 31, 2019 and 2018 of the assets classified as held for sale (in thousands): December 31, 2019 December 31, 2018 Assets held for sale: Property, plant and equipment, net $ 7,589 $ 10,297 Total assets held for sale $ 7,589 $ 10,297 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Cash paid during the years ended December 31, 2019 , 2018 and 2017 for interest and income taxes was as follows (in thousands): 2019 2018 2017 Interest (net of amounts capitalized) $ 23,882 $ 23,098 $ 17,362 Net income taxes paid (refunds received) 1,045 (5,271 ) (7,755 ) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill | Changes in the carrying amount of goodwill from December 31, 2018 to December 31, 2019 are as follows (in thousands): Canada Australia U.S. Total Balance as of December 31, 2017 $ — $ — $ — $ — Noralta Acquisition (1) 120,893 — — 120,893 Foreign currency translation (6,686 ) — — (6,686 ) Balance as of December 31, 2018 114,207 — — 114,207 Action acquisition (1) — 7,923 — 7,923 Measurement period adjustments for Noralta Acquisition (2) 2,676 — — 2,676 Foreign currency translation 5,255 12 — 5,267 Goodwill impairment (3) (19,900 ) — — (19,900 ) Balance as of December 31, 2019 $ 102,238 $ 7,935 $ — $ 110,173 (1) Please see Note 7 – Acquisitions for further information. (2) The measurement period adjustment related to the Noralta Acquisition was a result of the first quarter 2019 finalization of our purchase price allocation and valuation related to intangible assets acquired. (3) Please see Note 4 – Impairment Charges for further information. |
Schedule of Amortization of 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, 2019 and 2018 (in thousands): December 31, December 31, 2019 2018 Gross Accumulated Gross Accumulated Amortizable Intangible Assets Customer relationships $ 41,693 $ (38,104 ) $ 41,809 $ (34,754 ) Trade name 3,450 (1,529 ) 1,393 (1,388 ) Contracts / agreements 155,063 (48,765 ) 147,090 (36,930 ) Favorable lease contract — — 2,358 (198 ) Total amortizable intangible assets $ 200,206 $ (88,398 ) $ 192,650 $ (73,270 ) Indefinite-Lived Intangible Assets Not Subject to Amortization Licenses 29 — 29 — Total indefinite-lived intangible assets 29 — 29 — Total intangible assets $ 200,235 $ (88,398 ) $ 192,679 $ (73,270 ) |
Schedule of Remaining Amortization of Finite-Lived Intangible Assets | As of December 31, 2019 , the estimated remaining amortization of our amortizable intangible assets was as follows (in thousands): Year Ending December 31, 2020 $ 12,671 2021 6,098 2022 6,098 2023 5,943 2024 5,943 Thereafter 75,055 Total $ 111,808 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of December 31, 2019 and 2018 , long-term debt consisted of the following (in thousands): December 31, 2019 December 31, 2018 Canadian term loan, which matures on November 30, 2021 (except for non-extending lenders - see below); 3.125% of aggregate principal repayable per quarter; weighted average interest rate of 5.8% for the twelve-month period ended December 31, 2019 224,963 247,910 U.S. revolving credit facility, which matures on November 30, 2021 (except for non-extending lenders - see below), weighted average interest rate of 7.6% for the twelve-month period ended December 31, 2019 — — Canadian revolving credit facility, which matures on November 30, 2021 (except for non-extending lenders - see below), weighted average interest rate of 6.7% for the twelve-month period ended December 31, 2019 134,117 114,348 Australian revolving credit facility, which matures on November 30, 2021 (except for non-extending lenders - see below), weighted average interest rate of 5.3% for the twelve-month period ended December 31, 2019 — 16,918 359,080 379,176 Less: Unamortized debt issuance costs 2,208 2,939 Total debt 356,872 376,237 Less: Current portion of long-term debt, including unamortized debt issuance costs, net 35,080 33,329 Long-term debt, less current maturities $ 321,792 $ 342,908 |
Schedule of Maturities of Long-term Debt | Scheduled maturities of long-term debt as of December 31, 2019 are as follows (in thousands): Year Ending 2020 35,427 2021 323,653 $ 359,080 |
Schedule Of Changes In Maximum Leverage Ratio | If a qualified offering of indebtedness with gross proceeds in excess of $150.0 million has been consummated, a maximum leverage ratio of 4.00 to 1.00 and, if such qualified offering has not been consummated, a maximum leverage ratio not to exceed the ratios set forth in the following table: Period Ended Maximum Leverage Ratio December 31, 2019 4.00 : 1:00 March 31, 2020, June 30, 2020 & September 30, 2020 3:75 : 1:00 December 31, 2020 & thereafter 3.50 : 1:00 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Supplemental balance sheet information | pplemental balance sheet information related to leases were as follows (in thousands): December 31, 2019 Operating leases Operating lease right-of-use assets $ 24,876 Other current liabilities $ 5,543 Operating lease liabilities 21,231 Total operating lease liabilities $ 26,774 Weighted average remaining lease term Operating leases 6.2 years Weighted average discount rate Operating leases 5.9 % |
Operating lease maturity schedule | turities of operating lease liabilities at December 31, 2019 , were as follows (in thousands): For the years ending December 31, 2020 $ 6,979 2021 5,074 2022 4,501 2023 3,882 2024 3,405 Thereafter 8,141 Total lease payments 31,982 Less imputed interest 5,208 Total $ 26,774 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | AROs at December 31, 2019 and 2018 were (in thousands): 2019 2018 Asset retirement obligations $ 18,796 $ 18,381 Less: Asset retirement obligations due within one year* 3,197 4,443 Long-term asset retirement obligations $ 15,599 $ 13,938 * Classified as a current liability on the consolidated balance sheets, under the caption “Other current liabilities.” Related to remediation work planned for 2020. |
Schedule of Change in Asset Retirement Obligation | During the years ended December 31, 2019 , 2018 and 2017 , our ARO changed as follows (in thousands): 2019 2018 2017 Balance as of January 1 $ 18,381 $ 17,185 $ 17,584 Accretion of discount 1,538 1,689 1,353 New obligations 497 6,629 86 Change in estimates of existing obligations (1,989 ) (4,336 ) (1,901 ) Settlement of obligations (462 ) (1,013 ) (816 ) Foreign currency translation 831 (1,773 ) 879 Balance as of December 31 $ 18,796 $ 18,381 $ 17,185 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income tax benefit. Pre-tax loss for the years ended December 31, 2019 , 2018 and 2017 consisted of the following (in thousands): 2019 2018 2017 Canada operations $ (60,372 ) $ (100,874 ) $ (87,143 ) Foreign operations (8,703 ) (12,338 ) (31,601 ) Total $ (69,075 ) $ (113,212 ) $ (118,744 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax expense (benefit) for the years ended December 31, 2019 , 2018 and 2017 consisted of the following (in thousands): 2019 2018 2017 Current: Canada $ 706 $ (1,151 ) $ (5,986 ) Foreign 266 1,189 1,472 Total $ 972 $ 38 $ (4,514 ) Deferred: Canada $ (9,399 ) $ (31,403 ) $ (9,194 ) Foreign (2,314 ) — 218 Total $ (11,713 ) $ (31,403 ) $ (8,976 ) Net income tax benefit $ (10,741 ) $ (31,365 ) $ (13,490 ) |
Schedule of Effective Income Tax Rate Reconciliation | The net income tax benefit differs from an amount computed at Canadian statutory rates as follows for the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Canadian federal tax benefit at statutory rates $ (10,361 ) 15.0 % $ (16,982 ) 15.0 % $ (17,812 ) 15.0 % Canadian provincial income tax (5,158 ) 7.5 % (12,105 ) 10.7 % (10,457 ) 8.8 % Effect of foreign income tax, net 55 (0.1 )% (1,756 ) 1.6 % (6,797 ) 5.7 % Valuation allowance – Other 2,257 (3.3 )% (622 ) 0.5 % 19,131 (16.1 )% Enacted tax rate change - Canada (2,452 ) 3.5 % — — % 598 (0.5 )% U.S tax reform rate change — — % — — % 9,047 (7.6 )% Valuation allowance - U.S. tax reform — — % — — % (9,047 ) 7.6 % Goodwill impairment 4,689 (6.8 )% — — % — — % Nondeductible compensation 1,203 (1.7 )% 181 (0.2 )% — — % Unrealized intercompany foreign currency translation gain (1,451 ) 2.1 % — — % — — % Other, net 477 (0.7 )% (81 ) 0.1 % 1,847 (1.5 )% Net income tax benefit $ (10,741 ) 15.5 % $ (31,365 ) 27.7 % $ (13,490 ) 11.4 % |
Schedule of Deferred Tax Assets and Liabilities | Deferred Tax Liabilities and Assets. The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Deferred tax assets: Net operating loss $ 97,920 $ 92,600 Employee benefits 3,082 2,972 Deductible goodwill and other intangibles 26,030 20,142 Other reserves 6,150 6,903 Unearned revenue 441 868 Operating lease liabilities 6,499 — Other 3,242 2,000 Deferred tax assets 143,364 125,485 Valuation allowance (84,503 ) (82,833 ) Deferred tax assets, net $ 58,861 $ 42,652 Deferred tax liabilities: Depreciation and amortization $ (62,296 ) $ (61,094 ) Operating lease right-of-use assets (6,017 ) — Deferred tax liabilities (68,313 ) (61,094 ) Net deferred tax liability $ (9,452 ) $ (18,442 ) |
Summary Of Operating Loss and Tax Credit Carry forwards | NOL Carryforwards. The following table summarizes net operating loss (NOL) carryforwards at December 31, 2019 (in thousands): Amount Expiration Period Net operating loss carryforwards: Canada – Federal and provincial $ 207,606 Begins to expire in 2035 Australia 109,355 Does not expire U.S. – Federal 36,030 Begins to expire in 2036 U.S. – Federal 14,416 Does not expire U.S. – State, tax effected 5,608 Begins to expire in 2020 |
Summary of Valuation Allowance | Changes in our valuation allowance for the years ended December 31, 2019 and 2018 are as follows (in thousands): Federal / Net Deferred Other Total Balance as of December 31, 2017 $ (31,399 ) $ (58,518 ) $ (746 ) $ (90,663 ) Change in income tax provision (1,464 ) 2,086 — 622 Other change (348 ) 1,495 (28 ) 1,119 Foreign currency translation 3,907 2,122 60 6,089 Balance as of December 31, 2018 (29,304 ) (52,815 ) (714 ) (82,833 ) Change in income tax provision (456 ) (1,946 ) 145 (2,257 ) Other change 1,095 (690 ) 94 499 Foreign currency translation 52 68 (32 ) 88 Balance as of December 31, 2019 $ (28,613 ) $ (55,383 ) $ (507 ) $ (84,503 ) |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity | No options were awarded in 2019 , 2018 or 2017 . The following table presents the changes in stock options outstanding and related information for our employees during the years ended December 31, 2019 , 2018 and 2017 : Options Weighted Weighted Intrinsic Outstanding Options at December 31, 2016 165,886 $ 17.98 4.6 $ — Forfeited / Expired (20,085 ) 18.10 Outstanding Options at December 31, 2017 145,801 $ 17.97 4.5 $ — Outstanding Options at December 31, 2018 145,801 $ 17.97 3.3 $ — Outstanding Options at December 31, 2019 145,801 $ 17.97 2.3 $ — Exercisable Options at December 31, 2017 139,491 $ 17.79 4.2 $ — Exercisable Options at December 31, 2018 145,801 $ 17.97 3.3 $ — Exercisable Options at December 31, 2019 145,801 $ 17.97 2.3 $ — |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information for outstanding options of our employees at December 31, 2019 : Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Number Weighted $16.43 63,142 1.13 $ 16.43 63,142 $ 16.43 $17.48 29,849 3.14 $ 17.48 29,849 $ 17.48 $18.43 27,553 2.13 $ 18.43 27,553 $ 18.43 $21.87 25,257 4.14 $ 21.87 25,257 $ 21.87 16.43 -21.87 145,801 2.25 $ 17.97 145,801 $ 17.97 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table presents the changes in restricted share awards, restricted share units and deferred share awards outstanding and related information for our employees and non-employee directors during the years ended December 31, 2019 , 2018 and 2017 : Number of Weighted Nonvested shares at December 31, 2016 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, 2017 2,170,324 $ 3.54 Granted 2,861,775 3.42 Vested (1,247,522 ) 3.92 Forfeited (101,839 ) 3.69 Nonvested shares at December 31, 2018 3,682,738 $ 3.31 Granted 1,725,018 2.29 Vested (1,628,577 ) 3.26 Forfeited (97,643 ) 3.23 Nonvested shares at December 31, 2019 3,681,536 $ 2.86 |
Schedule of Nonvested Share Activity | The following table presents the changes in phantom share awards outstanding and related information for our employees during the years ended December 31, 2019 , 2018 and 2017 : Number of Awards Nonvested shares at December 31, 2016 6,269,964 Granted 750,525 Vested (2,207,589 ) Forfeited (263,161 ) Nonvested shares at December 31, 2017 4,549,739 Granted — Vested (2,270,214 ) Forfeited (12,951 ) Nonvested shares at December 31, 2018 2,266,574 Granted 1,415,277 Vested (2,059,656 ) Forfeited (12,687 ) Nonvested shares at December 31, 2019 1,609,508 |
Schedule of Share-based Payment Award, Performance Share Awards, Valuation Assumptions | The initial TSR performance was based on historical performance of our common shares and the peer group’s common shares. 2019 2018 2017 Risk-free weighted interest rate 2.5 % 2.4 % 1.5 % Expected volatility 68.0 % 79.0 % 90.0 % Initial TSR 0.7 % (0.4 )% 0.04 % |
Share-based Compensation, Performance Shares Award Nonvested Activity | The following table presents the changes in performance share awards outstanding and related information for our employees during the year ended December 31, 2019 , 2018 and 2017 : Number of Weighted 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 Granted 848,830 5.30 Vested — — Forfeited — — Nonvested shares at December 31, 2018 3,524,312 $ 4.12 Granted 1,184,599 3.73 Performance adjustment (1) 1,921,865 2.93 Vested (3,843,730 ) 2.93 Forfeited — — Nonvested shares at December 31, 2019 2,787,046 $ 4.61 (1) Related to 2016 performance share awards that vested in 2019, which were paid out at 200% based on Civeo's TSR rank. |
Preferred Shares (Tables)
Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Preferred Dividends | During the years ended December 31, 2019 and 2018 , we recognized preferred dividends on the Preferred Shares as follows (in thousands): 2019 2018 Deemed dividend on beneficial conversion feature at April 2, 2018 $ — $ 47,849 In-kind dividends 1,849 1,459 Deemed dividend on beneficial conversion feature related to in-kind dividend — 281 Total preferred dividends $ 1,849 $ 49,589 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by business segment for each of the three years ended December 31, 2019 , 2018 and 2017 is summarized in the following table (in thousands): Total Depreciation and amortization Operating (loss) income Capital expenditures Total assets 2019 Canada $ 325,651 $ 66,557 $ (32,313 ) $ 22,124 $ 850,361 Australia 156,093 39,116 517 3,456 278,268 United States 45,811 10,987 (11,214 ) 3,104 46,862 Corporate and eliminations — 7,108 (6,041 ) 1,128 (205,579 ) Total $ 527,555 $ 123,768 $ (49,051 ) $ 29,812 $ 969,912 2018 Canada $ 296,012 $ 66,980 $ (63,519 ) $ 6,025 $ 804,618 Australia 119,238 40,441 (1,950 ) 4,658 292,271 United States 51,442 10,626 (8,640 ) 5,388 60,282 Corporate and eliminations — 7,799 (13,946 ) 1,037 (155,494 ) Total $ 466,692 $ 125,846 $ (88,055 ) $ 17,108 $ 1,001,677 2017 Canada $ 245,595 $ 69,983 $ (63,211 ) $ 3,893 $ 550,378 Australia 111,221 45,699 (11,528 ) 2,772 353,840 United States 25,460 4,653 (14,426 ) 1,912 33,128 Corporate and eliminations — 6,108 (8,806 ) 2,617 (83,434 ) Total $ 382,276 $ 126,443 $ (97,971 ) $ 11,194 $ 853,912 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Financial information by geographic segment for each of the three years ended December 31, 2019 , 2018 and 2017 , is summarized below (in thousands). Revenues in the U.S. include export sales. Revenues are attributable to countries based on the location of the entity selling the products or performing the services. Long-lived assets are attributable to countries based on the physical location of the entity and its operating assets and do not include intercompany balances. Canada Australia U.S. and Total 2019 Revenues from unaffiliated customers $ 325,651 $ 156,093 $ 45,811 $ 527,555 Long-lived assets 558,310 242,002 38,159 838,471 2018 Revenues from unaffiliated customers $ 296,012 $ 119,238 $ 51,442 $ 466,692 Long-lived assets 580,644 263,094 50,142 893,880 2017 Revenues from unaffiliated customers $ 245,595 $ 111,221 $ 25,460 $ 382,276 Long-lived assets 353,710 331,511 32,280 717,501 |
Valuation Accounts (Tables)
Valuation Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Activity in the valuation accounts was as follows (in thousands): Balance at Charged (Reduction) to Deductions Translation Balance Year Ended December 31, 2019: Allowance for doubtful accounts receivable $ 376 $ (5 ) $ (122 ) $ 4 $ 253 Valuation allowance for deferred tax assets 82,833 2,257 (499 ) (88 ) 84,503 Year Ended December 31, 2018: Allowance for doubtful accounts receivable $ 1,338 $ (787 ) $ (143 ) $ (32 ) $ 376 Valuation allowance for deferred tax assets 90,663 (622 ) (1,119 ) (6,089 ) 82,833 Year Ended December 31, 2017: 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 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following table summarizes quarterly financial information for 2019 and 2018 (in thousands, except per share amounts): First (2) Second (3) Third (4) Fourth (5) 2019 Revenues $ 108,550 $ 122,153 $ 148,163 $ 148,689 Gross profit (1) 28,920 36,913 48,683 46,225 Net (loss) income attributable to Civeo (17,498 ) (15,310 ) 4,532 (32,064 ) Basic (loss) income per share (0.11 ) (0.09 ) 0.02 (0.19 ) Diluted (loss) income per share (0.11 ) (0.09 ) 0.02 (0.19 ) 2018 Revenues $ 101,504 $ 130,177 $ 120,491 $ 114,520 Gross profit (1) 23,803 40,722 38,264 31,489 Net loss attributable to Civeo (55,457 ) (48,321 ) (14,250 ) (13,804 ) Basic loss per share (0.42 ) (0.29 ) (0.09 ) (0.08 ) Diluted loss per share (0.42 ) (0.29 ) (0.09 ) (0.08 ) (1) Represents "revenues" less "product costs" and "service and other costs" included in our consolidated statements of operations. (2) In the first quarter of 2019 , there were no significant items recognized. In the first quarter of 2018 , we recognized the following items: • A charge of $28.7 million ( $20.9 million after-tax, or $0.16 per diluted share), related to certain lodge assets in the Canadian 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. • Costs associated with the Noralta Acquisition of $1.0 million ( $1.0 million after-tax, or $0.01 per diluted share), included in Selling, general and administrative expenses on the accompanying consolidated statements of operations. (3) In the second quarter of 2019 , we recognized the following items: • A charge of $4.5 million ( $4.5 million after-tax, or $0.03 per diluted share), related to assets in our Australian segment. The charge is included in Impairment expense on the accompanying consolidated statements of operations. • We identified a liability related to an ARO at one of our villages in Australia that should have been recorded in 2011. We determined that the error was not material to our previously issued financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018, and therefore, corrected the error in the second quarter of 2019 . Specifically, we recorded: (1) additional accretion expense related to the ARO of $0.9 million , (2) additional depreciation and amortization expense of $0.5 million related to amortization of the related asset retirement cost and (3) additional impairment expense related to the impairment of the asset retirement cost of $1.0 million offset by recognition of an ARO liability totaling $2.3 million as of June 30, 2019. In the second quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $5.6 million ( $5.1 million after-tax, or $0.03 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. (4) In the third quarter of 2019 , we recognized the following items: • A gain on sale of assets related to the sale of a village in Australia and related $2.2 million release of an ARO liability assumed by the buyer. • Costs associated with the Action acquisition of $0.2 million ( $0.2 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the third quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $0.5 million ( $0.4 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. (5) In the fourth quarter of 2019 , we recognized the following items: • Goodwill impairment loss of $19.9 million ( $19.9 million after-tax, or $0.12 per diluted share) related to our Canada reporting unit. The charge is included in Impairment expense on the accompanying consolidated statements of operations. • A charge of $0.7 million ( $0.5 million after-tax, or $0.00 per diluted share), related to assets in our Canada segment. The charge is included in Impairment expense on the accompanying consolidated statements of operations. • Costs associated with the Action acquisition of $0.2 million ( $0.2 million after-tax, or $0.00 per diluted share), included primarily in Selling, general and administrative expenses on the accompanying consolidated statements of operations. In the fourth quarter of 2018 , we recognized the following items: • Costs associated with the Noralta Acquisition of $2.1 million ( $1.7 million after-tax, or $0.01 per diluted share), included in Service and other costs ( $0.6 million ), Selling, general and administrative expenses ( $0.6 million ) and Other income ( $0.9 million ) on the accompanying consolidated statements of operations. • Reversal of depreciation expense of $2.8 million that should not have been recorded in the first, second and third quarters of 2018. We determined that the overstatement of depreciation expense was not material to our financial statements for the periods ended September 30, June 30 or March 31, 2018 and therefore corrected the error in the fourth quarter of 2018. |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | Feb. 21, 2017 | Feb. 23, 2016 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2019 | Jan. 01, 2019 | Apr. 02, 2018 | Jan. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Interest costs capitalized | $ 0 | $ 0 | $ 0 | |||||||
Goodwill | $ 110,173,000 | 110,173,000 | 114,207,000 | 0 | ||||||
Foreign currency gains (losses) | (300,000) | (800,000) | $ (1,500,000) | |||||||
Maximum amount of future payments under guarantee arrangements | 2,500,000 | 2,500,000 | ||||||||
Goodwill, impairment loss | 19,900,000 | |||||||||
Cumulative effect of implementation | (699,000) | $ 394,000 | ||||||||
Operating lease right-of-use assets | 24,876,000 | 24,876,000 | $ 0 | |||||||
Operating lease liability | 26,774,000 | $ 26,774,000 | ||||||||
Sales Revenue, Net | Imperial Oil | Customer Concentration Risk | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | |||||||
Sales Revenue, Net | Fort Hills Energy LP | Customer Concentration Risk | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | |||||||
Sales Revenue, Net | Suncor Energy | Customer Concentration Risk | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Concentration risk percentage | 10.00% | |||||||||
Minimum | Civeo Plan | Performance Shares | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Percentage of participant target performance share award | 0.00% | 0.00% | 0.00% | |||||||
Maximum | Civeo Plan | Performance Shares | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Percentage of participant target performance share award | 200.00% | 200.00% | 200.00% | |||||||
Measurement Input, Long-term Revenue Growth Rate | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Measurement inputs used to calculate Goodwill impairment | 2.00% | |||||||||
Noralta | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Goodwill | $ 123,569,000 | |||||||||
Action | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Goodwill | $ 7,900,000 | |||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Operating lease right-of-use assets | $ 21,300,000 | |||||||||
Operating lease liability | $ 22,400,000 | |||||||||
Accumulated Deficit | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Cumulative effect of implementation | $ (699,000) | $ 394,000 | ||||||||
Accumulated Deficit | Accounting Standards Update 2016-02 [Member] | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Cumulative effect of implementation | (700,000) | $ (700,000) | ||||||||
Taxes to increase accumulated deficit | 200,000 | 200,000 | ||||||||
Canada | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Goodwill | 102,238,000 | $ 102,238,000 | $ 114,207,000 | $ 0 | ||||||
Goodwill, impairment loss | $ 19,900,000 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disaggregation of Revenue [Line Items] | |||||||||||
Number of reporting units | segment | 3 | ||||||||||
Revenues | $ 148,689 | $ 148,163 | $ 122,153 | $ 108,550 | $ 114,520 | $ 120,491 | $ 130,177 | $ 101,504 | $ 527,555 | $ 466,692 | $ 382,276 |
Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 325,651 | 296,012 | 245,595 | ||||||||
Australia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 156,093 | 119,238 | 111,221 | ||||||||
U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 45,811 | 51,442 | 25,460 | ||||||||
Accommodation revenues | Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 281,577 | 266,899 | 228,062 | ||||||||
Accommodation revenues | Australia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 126,047 | 117,896 | 111,221 | ||||||||
Accommodation revenues | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 12,462 | 18,288 | 9,832 | ||||||||
Mobile facility rental revenues | Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,575 | 9,316 | 3,935 | ||||||||
Mobile facility rental revenues | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 28,119 | 20,389 | 8,764 | ||||||||
Food service and other services revenues | Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 33,485 | 15,601 | 11,891 | ||||||||
Food service and other services revenues | Australia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 30,046 | 1,342 | 0 | ||||||||
Food service and other services revenues | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 145 | 170 | 171 | ||||||||
Manufacturing revenues | Canada | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,014 | 4,196 | 1,707 | ||||||||
Manufacturing revenues | U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 5,085 | $ 12,595 | $ 6,693 |
Revenue - Remaining Expected Pe
Revenue - Remaining Expected Performance Obligation (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue expected to be recognized | $ 224,927 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue expected to be recognized | $ 140,846 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue expected to be recognized | $ 52,962 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue expected to be recognized | $ 8,413 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized, period | 1 year |
Impairment Charges - Summary of
Impairment Charges - Summary of Pre-tax Impairment Charges Included in Impairment Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-lived assets held-for-use | $ 702 | $ 5,546 | $ 28,661 | $ 27,244 | $ 4,360 | |||
Goodwill, impairment loss | 19,900 | |||||||
Impairment expense | 28,661 | $ 26,148 | $ 28,661 | $ 31,604 | ||||
Canada | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-lived assets held-for-use | 702 | 0 | 28,661 | 27,244 | 4,360 | |||
Goodwill, impairment loss | 19,900 | |||||||
Impairment expense | 28,661 | 20,602 | 31,604 | |||||
Australia | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-lived assets held-for-use | 0 | 5,546 | 0 | 0 | 0 | |||
Goodwill, impairment loss | 0 | |||||||
Impairment expense | 0 | 5,546 | 0 | |||||
U.S. | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-lived assets held-for-use | 0 | $ 0 | 0 | $ 0 | $ 0 | |||
Goodwill, impairment loss | $ 0 | |||||||
Impairment expense | $ 0 | $ 0 | $ 0 |
Impairment Charges - Narrative
Impairment Charges - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Goodwill, impairment loss | $ 19,900,000 | |||||||
Property, plant and equipment, net | 590,309,000 | $ 590,309,000 | $ 658,905,000 | |||||
Impairment of long-lived assets held-for-use | 702,000 | $ 5,546,000 | $ 28,661,000 | $ 27,244,000 | $ 4,360,000 | |||
Asset retirement obligation, accretion expense | 1,538,000 | 1,689,000 | $ 1,353,000 | |||||
Asset retirement obligation, current | $ 497,000 | 6,629,000 | $ 86,000 | |||||
Canada | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Goodwill, impairment loss | 19,900,000 | |||||||
Impairment of long-lived assets held-for-use | 702,000 | 0 | 28,661,000 | 27,244,000 | 4,360,000 | |||
Australia | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Goodwill, impairment loss | 0 | |||||||
Impairment of long-lived assets held-for-use | 0 | 5,546,000 | 0 | 0 | 0 | |||
U.S. | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Goodwill, impairment loss | 0 | |||||||
Impairment of long-lived assets held-for-use | $ 0 | 0 | 0 | 0 | 0 | |||
Canadian Lodge In Southern Alberta | Canada | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Property, plant and equipment, net | 515,000 | $ 0 | $ 0 | |||||
Impairment of long-lived assets held-for-use | 4,500,000 | $ 27,200,000 | ||||||
Open Camp Assets | Canada | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Property, plant and equipment, net | 0 | |||||||
Impairment of long-lived assets held-for-use | 3,200,000 | |||||||
Undeveloped Land Positions | Canada | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of long-lived assets held-for-use | $ 1,200,000 | |||||||
Restatement Adjustment | Previously Unrecorded Liability For Asset Retirement Obligation | Australia Village | Australia | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Depreciation and amortization | 500,000 | |||||||
Impairment expense | 1,000,000 | |||||||
Asset retirement obligation, accretion expense | 900,000 | |||||||
Asset retirement obligation, current | $ 2,300,000 |
Details of Selected Balance S_3
Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory [Line Items] | ||||
Inventory write-down | $ 0 | $ 0 | $ 525 | |
Cost of Sales | Canada | ||||
Inventory [Line Items] | ||||
Inventory write-down | $ 500 |
Details of Selected Balance S_4
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, net: | ||
Accounts receivable | $ 99,746 | $ 70,599 |
Allowance for doubtful accounts | (253) | (376) |
Total accounts receivable, net | 99,493 | 70,223 |
Trade | ||
Accounts receivable, net: | ||
Accounts receivable | 76,370 | 48,875 |
Unbilled revenue | ||
Accounts receivable, net: | ||
Accounts receivable | 23,041 | 21,169 |
Other | ||
Accounts receivable, net: | ||
Accounts receivable | $ 335 | $ 555 |
Details of Selected Balance S_5
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory, Net [Abstract] | ||
Finished goods and purchased products | $ 3,982 | $ 2,461 |
Work in process | 813 | 945 |
Raw materials | 1,082 | 907 |
Total inventories | $ 5,877 | $ 4,313 |
Details of Selected Balance S_6
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,854,635 | $ 1,809,591 |
Accumulated depreciation | (1,264,326) | (1,150,686) |
Total property, plant and equipment, net | 590,309 | 658,905 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 43,147 | 46,805 |
Accommodations assets | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,696,425 | 1,650,758 |
Accommodations assets | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 3 years | |
Accommodations assets | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 15 years | |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 26,108 | 25,168 |
Buildings and leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 7 years | |
Buildings and leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 20 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 12,060 | 10,693 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 4 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 15 years | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 58,005 | 54,459 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 3 years | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 7 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 14,604 | 14,589 |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 3 years | |
Vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 5 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 4,286 | $ 7,119 |
Details of Selected Balance S_7
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued liabilities: | ||
Accrued compensation | $ 17,169 | $ 13,545 |
Accrued taxes, other than income taxes | 3,152 | 2,177 |
Other | 1,434 | 234 |
Total accrued liabilities | $ 21,755 | $ 15,956 |
Acquisitions - Noralta Acquisit
Acquisitions - Noralta Acquisition Narrative (Details) $ / shares in Units, $ in Thousands, $ in Millions | Jul. 01, 2019USD ($) | Apr. 02, 2018USD ($)shares | Apr. 02, 2018CAD ($)shares | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)shares | Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 29, 2018USD ($)$ / shares |
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 110,173 | $ 114,207 | $ 110,173 | $ 114,207 | $ 0 | |||||||
Share price (in usd per share) | $ / shares | $ 3.77 | |||||||||||
Other income | $ 7,281 | 1,623 | 1,308 | |||||||||
Action | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Finite-lived intangible assets acquired | $ 8,400 | |||||||||||
Goodwill | 7,900 | |||||||||||
Action | Selling, General and Administrative Expenses | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition related costs | $ 200 | $ 200 | ||||||||||
Noralta | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total consideration paid to acquire business | $ 161,200 | $ 207.7 | ||||||||||
Goodwill | 123,569 | |||||||||||
Escrow deposit disbursements | 3,600 | $ 2,100 | 10,400 | $ 3,600 | ||||||||
Escrow deposit disbursements released to seller | 1,200 | |||||||||||
Revenues | 85,800 | |||||||||||
Gross profit | 31,500 | |||||||||||
Payment of consideration from escrow | $ 11,600 | |||||||||||
Other income | $ (800) | |||||||||||
Acquisition related costs | 9,100 | |||||||||||
Noralta | Service and Other Costs | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition related costs | 1,000 | |||||||||||
Noralta | Selling, General and Administrative Expenses | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition related costs | 7,200 | $ 2,300 | ||||||||||
Noralta | Other Income | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition related costs | $ 900 | |||||||||||
Common Shares | Noralta | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Common shares issued (in shares) | shares | 32,791,000 | 32,791,000 | ||||||||||
Number of shares held in escrow (in shares) | shares | 13,500,000 | 13,500,000 | ||||||||||
Escrow deposit disbursements (in shares) | shares | 2,200,000 | |||||||||||
Escrow deposits, preferred shares released (in shares) | shares | 2,400,000 | 2,400,000 | ||||||||||
Escrow deposit disbursements related to seller (in shares) | shares | 200,000 | |||||||||||
Preferred Shares | Noralta | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Escrow deposits, preferred shares released (in shares) | shares | 692 | 692 | ||||||||||
Series A Preferred Stock | Preferred Shares | Noralta | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Common shares issued (in shares) | shares | 9,679 | 9,679 | ||||||||||
Initial liquidation preference amount | $ 96,800 | |||||||||||
Number of shares issued upon conversion | shares | 29,300,000 | |||||||||||
Escrow deposits, preferred shares released (in shares) | shares | 637 | |||||||||||
Number of shares held in escrow | shares | 55 | |||||||||||
Equity interest percent | 61.00% | |||||||||||
Equity interest liquidation preference | $ 96,800 | |||||||||||
Australian Segment | Action | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total consideration paid to acquire business | $ 16,900 | |||||||||||
Contract-Based Intangible Assets | Noralta | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Finite-lived intangible assets, useful life | 20 years | 20 years | ||||||||||
Trade name | Noralta | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Finite-lived intangible assets, useful life | 9 months | 9 months | ||||||||||
Minimum | Unfavorable lease contracts | Noralta | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Finite-lived intangible assets, useful life | 3 years 9 months 21 days | 3 years 9 months 21 days | ||||||||||
Maximum | Unfavorable lease contracts | Noralta | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Finite-lived intangible assets, useful life | 9 years 3 months 18 days | 9 years 3 months 18 days |
Acquisitions - Noralta Business
Acquisitions - Noralta Business Acquisition (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 02, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 29, 2018 |
Business Acquisition [Line Items] | |||||
Common share price (in usd per share) | $ 3.77 | ||||
Cash consideration | $ 16,434 | $ 171,337 | $ 0 | ||
Noralta | |||||
Business Acquisition [Line Items] | |||||
Cash consideration | $ 157,539 | ||||
Total purchase consideration | 340,203 | ||||
Less: Common shares held in escrow | (8,825) | ||||
Less: Cash held in escrow | (11,607) | ||||
Less: Preferred Shares held in escrow | (4,221) | ||||
Total purchase consideration | $ 315,550 | ||||
Common Shares | Noralta | |||||
Business Acquisition [Line Items] | |||||
Common shares issued (in shares) | 32,791 | ||||
Common share and preferred share consideration | $ 123,622 | ||||
Preferred Shares | Noralta | |||||
Business Acquisition [Line Items] | |||||
Common share and preferred share consideration | $ 59,042 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 02, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 110,173 | $ 114,207 | $ 0 | |
Noralta | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 24 | |||
Accounts receivable | 21,456 | |||
Inventories | 839 | |||
Other current assets | 4,266 | |||
Property, plant and equipment | 129,424 | |||
Goodwill | 123,569 | |||
Intangible assets | 110,736 | |||
Total assets acquired | 390,314 | |||
Accounts payable and accrued liabilities | 15,023 | |||
Income taxes payable | 1,038 | |||
Other current liabilities | 2,027 | |||
Deferred income taxes | 51,543 | |||
Other noncurrent liabilities | 5,133 | |||
Total liabilities assumed | 74,764 | |||
Net assets acquired | $ 315,550 |
Acquisitions - Purchase Price_2
Acquisitions - Purchase Price Allocation to the Identifiable Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 02, 2018 |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Net intangible assets | $ 111,837 | $ 119,409 | |
Noralta | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Amortizable Intangible Assets | $ 110,736 | ||
Amortizable Intangible Liabilities | 2,456 | ||
Net intangible assets | 108,280 | ||
Noralta | Unfavorable lease contracts | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Amortizable Intangible Liabilities | 2,456 | ||
Noralta | Trade name | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Amortizable Intangible Assets | 1,474 | ||
Noralta | Contracts | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Amortizable Intangible Assets | 106,766 | ||
Noralta | Favorable lease contract | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Amortizable Intangible Assets | $ 2,496 |
Acquisitions - Supplemental Pro
Acquisitions - Supplemental Pro Forma Financial Information (Details) - Noralta - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Revenues | $ 501,275 | $ 506,040 |
Net loss attributable to Civeo Corporation common shareholders | $ (129,900) | $ (91,420) |
Basic net loss per share attributable to Civeo Corporation common shareholders (in usd per share) | $ (0.83) | $ (0.57) |
Diluted net loss per share attributable to Civeo Corporation common shareholders (in usd per share) | $ (0.83) | $ (0.57) |
Acquisitions - Arcadia Acres Na
Acquisitions - Arcadia Acres Narrative (Details) - Lakeland $ in Millions | Feb. 28, 2018USD ($)aRoomshares |
Business Acquisition [Line Items] | |
Total purchase consideration | $ 28 |
Cash payment | 23.5 |
Value of shares issued as consideration for acquisitions | $ 4.5 |
Common shares issued (in shares) | shares | 1,200,000 |
Number of rooms | Room | 400 |
Area of land | a | 40 |
Amortizable Intangible Assets | $ 8.2 |
Remaining contract term of customer contract acquired | 16 months |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||
Net loss attributable to Civeo common shareholders | $ (60,340) | $ (131,832) | $ (105,713) |
Less: income allocated to participating securities | 0 | 0 | 0 |
Net loss attributable to Civeo common shareholders | (60,340) | (131,832) | (105,713) |
Undistributed earnings (loss) allocated to participating securities, diluted | 0 | 0 | 0 |
Diluted net loss attributable to Civeo Corporation common shareholders | $ (60,340) | $ (131,832) | $ (105,713) |
Denominator: | |||
Weighted average shares outstanding - basic (in shares) | 167,047 | 157,231 | 128,365 |
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 0 | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 167,047 | 157,231 | 128,365 |
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.36) | $ (0.84) | $ (0.82) |
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share) | $ (0.36) | $ (0.84) | $ (0.82) |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 6.4 | 9.6 | 7.3 |
Preferred Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 28.4 | 29.8 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Estimated fair value of assets held for sale | $ 10,297 | $ 7,589 | ||
Modular Construction and Manufacturing Plant Near Edmonton, Alberta, Canada | Canadian Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Recorded value of remaining Nisku, Alberta, Canada land title | $ 4,800 | |||
Undeveloped Land Positions in the British Columbia Segment | Canadian Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of land positions | $ 4,000 | |||
Estimated fair value of assets held for sale | 1,700 | |||
Number of Real Estate Properties | Property | 4 | |||
Noralta | Corporate Office, Nisku Alberta, Canada | Canadian Segment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Recorded value of remaining Nisku, Alberta, Canada land title | $ 1,100 | |||
Number of Real Estate Properties | Property | 2 | |||
Number of Real Estate Properties Sold | Property | 1 |
Assets Held for Sale - Carrying
Assets Held for Sale - Carrying Amount of Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets held for sale: | ||
Property, plant and equipment, net | $ 7,589 | $ 10,297 |
Total assets held for sale | $ 7,589 | $ 10,297 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest (net of amounts capitalized) | $ 23,882 | $ 23,098 | $ 17,362 |
Net income taxes paid (refunds received) | $ 1,045 | $ (5,271) | $ (7,755) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Weighted average remaining amortization period (in years) | 16 years 280 days | 16 years 215 days | |
Amortization expense | $ 14.8 | $ 17.6 | $ 7.3 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill Rollfoward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $ 114,207 | $ 0 | |
Acquisition | 7,923 | 120,893 | |
Measurement period adjustments for Noralta Acquisition | 2,676 | ||
Foreign currency translation | 5,267 | (6,686) | |
Goodwill impairment | $ (19,900) | ||
Goodwill, Ending Balance | 110,173 | 110,173 | 114,207 |
Canada | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 114,207 | 0 | |
Acquisition | 0 | 120,893 | |
Measurement period adjustments for Noralta Acquisition | 2,676 | ||
Foreign currency translation | 5,255 | (6,686) | |
Goodwill impairment | (19,900) | ||
Goodwill, Ending Balance | 102,238 | 102,238 | 114,207 |
Australia | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 0 | 0 | |
Acquisition | 7,923 | 0 | |
Foreign currency translation | 12 | 0 | |
Goodwill impairment | 0 | ||
Goodwill, Ending Balance | 7,935 | 7,935 | 0 |
U.S. | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 0 | 0 | |
Acquisition | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Goodwill impairment | 0 | ||
Goodwill, Ending Balance | $ 0 | $ 0 | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 200,206 | $ 192,650 |
Accumulated Amortization | (88,398) | (73,270) |
Indefinite-Lived Intangible Assets Not Subject to Amortization | 29 | 29 |
Total intangible assets | 200,235 | 192,679 |
Licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets Not Subject to Amortization | 29 | 29 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,693 | 41,809 |
Accumulated Amortization | (38,104) | (34,754) |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,450 | 1,393 |
Accumulated Amortization | (1,529) | (1,388) |
Contracts / agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 155,063 | 147,090 |
Accumulated Amortization | (48,765) | (36,930) |
Favorable lease contract | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 2,358 |
Accumulated Amortization | $ 0 | $ (198) |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Amortization Schedule (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 12,671 |
2021 | 6,098 |
2022 | 6,098 |
2023 | 5,943 |
2024 | 5,943 |
Thereafter | 75,055 |
Total | $ 111,808 |
Debt - Credit Agreement (Detail
Debt - Credit Agreement (Details) $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)Lender | Nov. 30, 2020USD ($) | Dec. 31, 2019AUD ($)Lender | Sep. 30, 2019USD ($) |
Debt Instrument [Line Items] | |||||
Interest coverage ratio | 3 | ||||
Maximum leverage ratio | 4 | ||||
Maximum senior secured ratio | 2.50 | ||||
Long-term Debt | $ 376,237,000 | $ 356,872,000 | |||
Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Number of lenders | Lender | 10 | 10 | |||
Credit Agreement | Minimum | |||||
Debt Instrument [Line Items] | |||||
Lender commitments | $ 24,900,000 | ||||
Credit Agreement | Maximum | |||||
Debt Instrument [Line Items] | |||||
Lender commitments | $ 85,400,000 | ||||
Credit Agreement | US Term Loan | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 285,400,000 | ||||
Amended And Restated Syndicated Facility Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum leverage ratio | 4 | ||||
Revolving Credit Facility | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | $ 239,500,000 | ||||
Revolving Credit Facility, U.S. Subsidiaries | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | 20,000,000 | ||||
Letters of credit outstanding | 300,000 | ||||
Revolving Credit Facility, Canadian Subsidiaries | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | 159,500,000 | 183,500,000 | |||
Letters of credit outstanding | 500,000 | ||||
Revolving Credit Facility, Australian Subsidiaries | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | 60,000,000 | ||||
Letters of credit outstanding | 1,200,000 | ||||
Credit Agreement | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | $ 24,000,000 | ||||
Bank Guarantee Facility | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, maximum borrowing capacity | $ 2 | ||||
Long-term Debt | $ 700,000 | ||||
London Interbank Offered Rate (LIBOR) | Line of Credit | Minimum | United States of America, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 2.25% | ||||
London Interbank Offered Rate (LIBOR) | Line of Credit | Maximum | United States of America, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 4.00% | ||||
Canadian Dealer Offered Rate (CDOR) | Line of Credit | Minimum | Canada, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 2.25% | ||||
Canadian Dealer Offered Rate (CDOR) | Line of Credit | Maximum | Canada, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 4.00% | ||||
Base Rate | Line of Credit | Minimum | United States of America, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 1.25% | ||||
Base Rate | Line of Credit | Minimum | Canada, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 1.25% | ||||
Base Rate | Line of Credit | Maximum | United States of America, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 3.00% | ||||
Base Rate | Line of Credit | Maximum | Canada, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 3.00% | ||||
Bank Bill Swap Bid Rate (BBSY) | Line of Credit | Minimum | Australia, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 2.25% | ||||
Bank Bill Swap Bid Rate (BBSY) | Line of Credit | Maximum | Australia, Dollars | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread | 4.00% | ||||
Maximum Leverage Ratio | |||||
Debt Instrument [Line Items] | |||||
Maximum leverage ratio | 4 | ||||
Maximum Leverage Ratio | Revolving Credit Facility, Australian Subsidiaries | Amended And Restated Syndicated Facility Agreement | |||||
Debt Instrument [Line Items] | |||||
Debt covenant, gross proceeds in qualified offering, maximum leverage threshold | $ 150,000,000 | $ 150,000,000 | |||
First non-extending lender | Credit Agreement | Canadian term loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable | 6,800,000 | ||||
First non-extending lender | Revolving Credit Facility, Canadian Subsidiaries | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | 11,500,000 | ||||
First non-extending lender | Subsequent Event | Credit Agreement | Canadian term loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ 6,900,000 | ||||
First non-extending lender | Subsequent Event | Revolving Credit Facility, Canadian Subsidiaries | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | 15,700,000 | ||||
First non-extending lender | Subsequent Event | Revolving Credit Facility, Australian Subsidiaries | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | 10,400,000 | ||||
Second non-extending lender | Revolving Credit Facility, Canadian Subsidiaries | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | $ 16,400,000 | ||||
Second non-extending lender | Subsequent Event | Revolving Credit Facility, U.S. Subsidiaries | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | 7,400,000 | ||||
Second non-extending lender | Subsequent Event | Revolving Credit Facility, Canadian Subsidiaries | Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | $ 22,500,000 |
Debt - Long-term Debt (Details)
Debt - Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Debt, gross | $ 359,080 | $ 379,176 |
Less: Unamortized debt issuance costs | 2,208 | 2,939 |
Total debt | 356,872 | 376,237 |
Less: Current portion of long-term debt, including unamortized debt issuance costs, net | 35,080 | 33,329 |
Long-term debt, less current maturities | 321,792 | 342,908 |
Canadian Term Loan | ||
Debt Instrument [Line Items] | ||
Canadian term loan | $ 224,963 | 247,910 |
Term loan, weighted-average interest rate | 5.80% | |
Aggregate principal repayable per quarter | 3.125% | |
US Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Revolving credit facilities | $ 0 | 0 |
Line of credit facility, interest rate | 7.60% | |
Canadian Credit Facility 2 | ||
Debt Instrument [Line Items] | ||
Revolving credit facilities | $ 134,117 | 114,348 |
Line of credit facility, interest rate | 6.70% | |
Australian Credit Facility | ||
Debt Instrument [Line Items] | ||
Revolving credit facilities | $ 0 | $ 16,918 |
Line of credit facility, interest rate | 5.30% |
Debt - Long-term Debt Maturitie
Debt - Long-term Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Maturities of Long-term Debt [Abstract] | ||
2020 | $ 35,427 | |
2021 | 323,653 | |
Debt, gross | $ 359,080 | $ 379,176 |
Debt - Changes to Maximum Lever
Debt - Changes to Maximum Leverage Ratio (Details) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||||
Maximum leverage ratio | 4 | ||||
Credit Agreement | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Maximum leverage ratio | 3.5 | ||||
Amended And Restated Syndicated Facility Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum leverage ratio | 4 | ||||
Offering of Indebtedness | Credit Agreement | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Maximum leverage ratio | 3.75 | 3.75 | 3.75 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Options to extend operating leases | 10 years | ||
Options to terminate leases | 90 days | ||
Operating lease expense | $ 6.8 | $ 6.8 | $ 5.6 |
Cash payment for leases | 6.6 | ||
Right-of-use asset obtained in exchange for new lease obligation | $ 5.3 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 8 years |
Leases - Operating Leases Suppl
Leases - Operating Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating leases | ||
Operating lease right-of-use assets | $ 24,876 | $ 0 |
Liabilities [Abstract] | ||
Other current liabilities | 5,543 | |
Operating lease liabilities | 21,231 | $ 0 |
Total operating lease liabilities | $ 26,774 | |
Weighted average remaining lease term, operating leases | 6 years 2 months 12 days | |
Weighted average discount rate, operating leases | 5.90% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 6,979 |
2021 | 5,074 |
2022 | 4,501 |
2023 | 3,882 |
2024 | 3,405 |
Thereafter | 8,141 |
Total lease payments | 31,982 |
Less imputed interest | 5,208 |
Total | $ 26,774 |
Retirement Plans (Details)
Retirement Plans (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Recognized defined contribution plan expense | $ 5.3 | $ 4.9 | $ 4.8 | |
Required years of service for vesting in employer contributions, | 2 years | 2 years | ||
Deferred Profit Sharing Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of contributed employee gross pay matched by employer | 5.00% | 5.00% | ||
Maximum annual contributions per employee | $ 13,615 | |||
Group Registered Retirement Savings Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of contributed employee gross pay matched by employer | 6.00% | 6.00% | ||
Maximum annual contributions per employee | $ 26,500 | |||
Australian Retirement Savings Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of contributed employee gross pay matched by employer | 9.50% | 9.50% | ||
U.S. Retirement Savings Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of contributed employee gross pay matched by employer | 6.00% | 6.00% | ||
U.S. Retirement Savings Plan | Minimum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Maximum annual percent of pay contributed by employee | 1.00% | 1.00% | ||
U.S. Retirement Savings Plan | Maximum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Required years of service for vesting in employer contributions, | 3 years | 3 years | ||
Maximum annual percent of pay contributed by employee | 75.00% | 75.00% | ||
U.S. Retirement Savings Plan | First 4% of employee pay contributed matched at 100% | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of contributed employee gross pay matched by employer | 4.00% | 4.00% | ||
Percent of employer matching contribution | 100.00% | 100.00% | ||
U.S. Retirement Savings Plan | Next 2% of employee pay contributed matched at 50% | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of contributed employee gross pay matched by employer | 2.00% | 2.00% | ||
Percent of employer matching contribution | 50.00% | 50.00% | ||
U.S. Retirement Savings Plan | 40% Vesting Rate | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Annual vesting percentage | 40.00% | 40.00% | ||
U.S. Retirement Savings Plan | 40% Vesting Rate | Minimum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Required years of service for vesting in employer contributions, | 2 years | 2 years | ||
U.S. Retirement Savings Plan | 20% Vesting Rate | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Annual vesting percentage | 20.00% | 20.00% |
Asset Retirement Obligations -
Asset Retirement Obligations - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Accretion of discount | $ 1,538 | $ 1,689 | $ 1,353 |
Asset Retirement Obligations _2
Asset Retirement Obligations - Asset Retirement Obligations (ARO) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Asset retirement obligations | $ 18,796 | $ 18,381 | $ 17,185 | $ 17,584 |
Less: Asset retirement obligations due within one year | 3,197 | 4,443 | ||
Long-term asset retirement obligations | $ 15,599 | $ 13,938 |
Asset Retirement Obligations _3
Asset Retirement Obligations - Change in Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance, beginning | $ 18,381 | $ 17,185 | $ 17,584 |
Accretion of discount | 1,538 | 1,689 | 1,353 |
New obligations | 497 | 6,629 | 86 |
Change in estimates of existing obligations | (1,989) | (4,336) | (1,901) |
Settlement of obligations | (462) | (1,013) | (816) |
Foreign currency translation | 831 | (1,773) | 879 |
Balance, ending | $ 18,796 | $ 18,381 | $ 17,185 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 02, 2018 | |
Schedule of Income Taxes [Line Items] | |||||
Enacted tax rate change - Canada | $ (2,452,000) | $ 0 | $ 598,000 | ||
Change in valuation allowance | $ 9,000,000 | ||||
Decrease in valuation allowance | $ (9,000,000) | ||||
Federal statutory tax rate percentage | 15.00% | 15.00% | 15.00% | ||
Undistributed earnings of foreign subsidiaries | $ 0 | $ 0 | |||
Unrecognized tax benefits | 0 | 0 | $ 0 | ||
Interest expense and penalties accrued | $ 0 | $ 0 | $ 0 | ||
Canada Revenue Agency | Foreign Tax Authority | |||||
Schedule of Income Taxes [Line Items] | |||||
Change in valuation allowance | $ 4,900,000 | ||||
Noralta | |||||
Schedule of Income Taxes [Line Items] | |||||
Deferred income taxes | $ 51,543,000 |
Income Taxes - Consolidated Pre
Income Taxes - Consolidated Pre-tax Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Canada operations | $ (60,372) | $ (100,874) | $ (87,143) |
Foreign operations | (8,703) | (12,338) | (31,601) |
Loss before income taxes | $ (69,075) | $ (113,212) | $ (118,744) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Canada | $ 706 | $ (1,151) | $ (5,986) |
Foreign | 266 | 1,189 | 1,472 |
Total | 972 | 38 | (4,514) |
Deferred: | |||
Canada | (9,399) | (31,403) | (9,194) |
Foreign | (2,314) | 0 | 218 |
Total | (11,713) | (31,403) | (8,976) |
Net income tax benefit | $ (10,741) | $ (31,365) | $ (13,490) |
Income Taxes - Income Tax Rate
Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Canadian federal tax benefit at statutory rates | $ (10,361) | $ (16,982) | $ (17,812) |
Canadian Federal tax benefit at statutory rates, percent | 15.00% | 15.00% | 15.00% |
Canadian provincial income tax | $ (5,158) | $ (12,105) | $ (10,457) |
Canadian provincial income tax, percent | 7.50% | 10.70% | 8.80% |
Effect of foreign income tax, net | $ 55 | $ (1,756) | $ (6,797) |
Effect of foreign income tax, net, percent | (0.10%) | 1.60% | 5.70% |
Valuation allowance – Other | $ 2,257 | $ (622) | $ 19,131 |
Valuation allowance - other, percent | (3.30%) | 0.50% | (16.10%) |
Enacted tax rate change - Canada | $ (2,452) | $ 0 | $ 598 |
Enacted tax rate change - Canada, percent | 3.50% | 0.00% | (0.50%) |
U.S tax reform rate change | $ 0 | $ 0 | $ 9,047 |
U.S tax reform rate change, percent | 0.00% | 0.00% | (7.60%) |
Valuation allowance - U.S. tax reform | $ 0 | $ 0 | $ (9,047) |
Valuation allowance - U.S. tax reform, percent | 0.00% | 0.00% | 7.60% |
Goodwill impairment | $ 4,689 | $ 0 | $ 0 |
Goodwill impairment, percent | (6.80%) | 0.00% | 0.00% |
Nondeductible compensation | $ 1,203 | $ 181 | $ 0 |
Nondeductible compensation - percent | (1.70%) | (0.20%) | 0.00% |
Intercompany unrealized foreign currency translation | $ (1,451) | $ 0 | $ 0 |
Intercompany unrealized foreign currency translation, percent | 2.10% | 0.00% | 0.00% |
Other, net | $ 477 | $ (81) | $ 1,847 |
Other, net, percent | (0.70%) | 0.10% | (1.50%) |
Net income tax benefit | $ (10,741) | $ (31,365) | $ (13,490) |
Net income tax benefit, percent | 15.50% | 27.70% | 11.40% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss | $ 97,920 | $ 92,600 |
Employee benefits | 3,082 | 2,972 |
Deductible goodwill and other intangibles | 26,030 | 20,142 |
Other reserves | 6,150 | 6,903 |
Unearned revenue | 441 | 868 |
Operating lease liabilities | 6,499 | |
Other | 3,242 | 2,000 |
Deferred tax assets | 143,364 | 125,485 |
Valuation allowance | (84,503) | (82,833) |
Deferred tax assets, net | 58,861 | 42,652 |
Deferred tax liabilities: | ||
Depreciation and amortization | (62,296) | (61,094) |
Operating lease right-of-use assets | (6,017) | |
Deferred tax liabilities | (68,313) | (61,094) |
Net deferred tax liability | $ (9,452) | $ (18,442) |
Income Taxes - NOL and Tax Cred
Income Taxes - NOL and Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Foreign Tax Authority | Canada Revenue Agency | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 207,606 |
Foreign Tax Authority | Australian Taxation Office | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 109,355 |
Domestic Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Net U.S. Federal operating loss carryforwards, subject to expiration | 36,030 |
Net U.S. Federal Operating loss carryforwards, not subject to expiration | 14,416 |
State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 5,608 |
Income Taxes - Changes in Valua
Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets, Changes in Valuation Allowance | ||
Balance at Beginning of Period | $ (82,833) | $ (90,663) |
Change in income tax provision | (2,257) | 622 |
Other change | 499 | 1,119 |
Foreign currency translation | 88 | 6,089 |
Balance at End of Period | (84,503) | (82,833) |
Federal / State NOLs | ||
Deferred Tax Assets, Changes in Valuation Allowance | ||
Balance at Beginning of Period | (29,304) | (31,399) |
Change in income tax provision | (456) | (1,464) |
Other change | 1,095 | (348) |
Foreign currency translation | 52 | 3,907 |
Balance at End of Period | (28,613) | (29,304) |
Net Deferred Tax Assets | ||
Deferred Tax Assets, Changes in Valuation Allowance | ||
Balance at Beginning of Period | (52,815) | (58,518) |
Change in income tax provision | (1,946) | 2,086 |
Other change | (690) | 1,495 |
Foreign currency translation | 68 | 2,122 |
Balance at End of Period | (55,383) | (52,815) |
Other | ||
Deferred Tax Assets, Changes in Valuation Allowance | ||
Balance at Beginning of Period | (714) | (746) |
Change in income tax provision | 145 | 0 |
Other change | 94 | (28) |
Foreign currency translation | (32) | 60 |
Balance at End of Period | $ (507) | $ (714) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss - Narrative (Details) $ in Thousands, $ in Billions, $ in Billions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019AUD ($) | Dec. 31, 2018USD ($) | |
Equity [Abstract] | ||||
Decrease in comprehensive loss due to foreign currency exchange rate fluctuations | $ (8,100) | |||
Accumulated other comprehensive loss | $ (363,173) | $ (371,249) | ||
Foreign functional currency net assets | $ 0.3 | $ 0.4 |
Share Based Compensation - Narr
Share Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Maximum number of common shares authorized | 18,700,000 | ||||
Allocated share-based compensation expense | $ 13,900,000 | $ 16,400,000 | $ 15,400,000 | ||
Income tax benefit for share based compensation arrangements | $ 700,000 | $ 1,200,000 | $ 0 | ||
Options to purchase common shares awarded | 0 | 0 | 0 | ||
Total intrinsic value of options exercised | $ 0 | $ 0 | |||
Tax benefits from options exercised | 0 | $ 0 | $ 0 | ||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total intrinsic value of options exercised | $ 0 | ||||
Restricted Stock and Deferred Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value per share (in dollars per share) | $ 2.29 | $ 3.42 | $ 3.14 | ||
Fair value of restricted share and deferred share awards vested | $ 2,000,000 | $ 4,000,000 | $ 3,800,000 | ||
Unrecognized compensation cost related to restricted share and deferred share awards | $ 5,300,000 | ||||
Weighted average recognition period for unrecognized shares | 1 year 175 days | ||||
Phantom Share Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value per share (in dollars per share) | $ 2.53 | $ 0 | $ 3.27 | ||
Weighted average recognition period for unrecognized shares | 2 years 50 days | ||||
Liability for phantom share awards | $ 800,000 | ||||
Phantom share cash payments | 5,300,000 | $ 8,200,000 | $ 7,100,000 | ||
Unrecognized compensation cost | 1,300,000 | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated share-based compensation expense | $ 4,300,000 | $ 4,600,000 | $ 3,000,000 | ||
Weighted average recognition period for unrecognized shares | 1 year 240 days | ||||
Unrecognized compensation cost | $ 5,100,000 | ||||
Performance Shares | Civeo Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value per share (in dollars per share) | $ 3.73 | $ 5.30 | $ 5.20 |
Share Based Compensation - Stoc
Share Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options (in shares) | ||||
Outstanding, beginning of period | 145,801 | 145,801 | 165,886 | |
Forfeited / Expired | (20,085) | |||
Outstanding, end of period | 145,801 | 145,801 | 145,801 | 165,886 |
Exercisable options at end of period | 145,801 | 145,801 | 139,491 | |
Weighted Average Exercise Price Per Share | ||||
Outstanding, beginning of period (in usd per share) | $ 17.97 | $ 17.97 | $ 17.98 | |
Forfeited / Expired (in usd per share) | 18.10 | |||
Outstanding, end of period (in usd per share) | 17.97 | 17.97 | 17.97 | $ 17.98 |
Exercisable at end of period (in usd per share) | $ 17.97 | $ 17.97 | $ 17.79 | |
Weighted Average Contractual Life (Years) | ||||
Outstanding, weighted average contractual life (in years) | 2 years 100 days | 3 years 100 days | 4 years 182 days | 4 years 219 days |
Exercisable, weighted average contractual life (in years) | 2 years 100 days | 3 years 100 days | 4 years 73 days | |
Intrinsic Value (Thousands) | ||||
Outstanding | $ 0 | $ 0 | $ 0 | $ 0 |
Exercisable | $ 0 | $ 0 | $ 0 |
Share Based Compensation - St_2
Share Based Compensation - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 145,801 |
Weighted Average Remaining Contractual Life (in years) | 2 years 91 days |
Weighted Average Exercise Prices (in dollars per share) | $ 17.97 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 145,801 |
Weighted Average Exercise Price (in dollars per share) | $ 17.97 |
Lower range of exercise prices (in dollars per share) | 16.43 |
Upper range of exercise prices (in dollars per share) | $ 21.87 |
$16.43 | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 63,142 |
Weighted Average Remaining Contractual Life (in years) | 1 year 47 days |
Weighted Average Exercise Prices (in dollars per share) | $ 16.43 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 63,142 |
Weighted Average Exercise Price (in dollars per share) | $ 16.43 |
$17.48 | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 29,849 |
Weighted Average Remaining Contractual Life (in years) | 3 years 51 days |
Weighted Average Exercise Prices (in dollars per share) | $ 17.48 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 29,849 |
Weighted Average Exercise Price (in dollars per share) | $ 17.48 |
$18.43 | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 27,553 |
Weighted Average Remaining Contractual Life (in years) | 2 years 47 days |
Weighted Average Exercise Prices (in dollars per share) | $ 18.43 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 27,553 |
Weighted Average Exercise Price (in dollars per share) | $ 18.43 |
$21.87 | |
Options Outstanding | |
Number Outstanding (in shares) | shares | 25,257 |
Weighted Average Remaining Contractual Life (in years) | 4 years 51 days |
Weighted Average Exercise Prices (in dollars per share) | $ 21.87 |
Options Exercisable | |
Number Outstanding (in shares) | shares | 25,257 |
Weighted Average Exercise Price (in dollars per share) | $ 21.87 |
Share Based Compensation - Rest
Share Based Compensation - Restricted Stock Awards and Deferred Stock Awards (Details) - Restricted Stock and Deferred Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Awards (in shares) | |||
Nonvested shares at the beginning of period | 3,682,738 | 2,170,324 | 1,298,372 |
Granted | 1,725,018 | 2,861,775 | 1,655,067 |
Vested | (1,628,577) | (1,247,522) | (733,147) |
Forfeited | (97,643) | (101,839) | (49,968) |
Nonvested shares at the end of period | 3,681,536 | 3,682,738 | 2,170,324 |
Weighted Average Grant Date Fair Value Per Share | |||
Nonvested at beginning of period | $ 3.31 | $ 3.54 | $ 4.41 |
Granted | 2.29 | 3.42 | 3.14 |
Vested | 3.26 | 3.92 | 4.19 |
Forfeited | 3.23 | 3.69 | 3.43 |
Nonvested at end of period | $ 2.86 | $ 3.31 | $ 3.54 |
Share Based Compensation - Phan
Share Based Compensation - Phantom Share Awards Activity (Details) - Civeo Plan - Phantom Share Units (PSUs) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares at the beginning of period | 2,266,574 | 4,549,739 | 6,269,964 |
Granted | 1,415,277 | 0 | 750,525 |
Vested | (2,059,656) | (2,270,214) | (2,207,589) |
Forfeited | (12,687) | (12,951) | (263,161) |
Nonvested shares at the end of period | 1,609,508 | 2,266,574 | 4,549,739 |
Share Based Compensation - Valu
Share Based Compensation - Valuation Assumptions of Performance Share Awards (Details) - Civeo Plan - Performance Shares | Feb. 21, 2017 | Feb. 23, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility | 68.00% | 79.00% | 90.00% | ||
Initial TSR | 0.70% | (0.40%) | 0.04% | ||
Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Risk-free weighted interest rate | 2.50% | 2.40% | 1.50% | ||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of participant target performance share award | 0.00% | 0.00% | 0.00% | ||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of participant target performance share award | 200.00% | 200.00% | 200.00% |
Share Based Compensation - Perf
Share Based Compensation - Performance Share Awards Activity (Details) - Performance Shares - Civeo Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Awards (in shares) | |||
Nonvested shares at the beginning of period | 3,524,312 | 2,675,482 | 1,951,684 |
Granted | 1,184,599 | 848,830 | 762,497 |
Performance adjustment | 1,921,865 | ||
Vested | (3,843,730) | 0 | 0 |
Forfeited | 0 | 0 | (38,699) |
Nonvested shares at the end of period | 2,787,046 | 3,524,312 | 2,675,482 |
Weighted Average Grant Date Fair Value Per Share | |||
Nonvested at beginning of period | $ 4.12 | $ 3.75 | $ 3.18 |
Granted | 3.73 | 5.30 | 5.20 |
Performance adjustment | 2.93 | ||
Vested | 2.93 | 0 | 0 |
Forfeited | 0 | 0 | 3.64 |
Nonvested at end of period | $ 4.61 | $ 4.12 | $ 3.75 |
Preferred Shares - Narrative (D
Preferred Shares - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 02, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||||
Preferred stock, shares outstanding (in shares) | 9,042 | 9,042 | 9,042 | ||
Weighted average share price | $ 3.30 | ||||
Deemed dividend on beneficial conversion feature | $ 47,800 | $ 0 | $ 47,849 | ||
In-kind dividends | 1,849 | 1,459 | $ 0 | ||
Deemed dividend on beneficial conversion feature related to in-kind dividend | $ 0 | $ 281 | |||
Right to convert to common shares (in years) | 2 years | ||||
Mandatory conversion of common shares (in years) | 5 years | ||||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Annual percentage dividend on liquidation preference | 2.00% | ||||
Noralta | Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Escrow deposits, preferred shares released (in shares) | 692 | ||||
Noralta | Preferred Shares | Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred shares issued (in shares) | 9,679 | ||||
Initial liquidation preference per share (in USD per share) | $ 10,000 | ||||
Escrow deposits, preferred shares released (in shares) | 637 | ||||
Preferred Stock Convertible into Common Stock | |||||
Class of Stock [Line Items] | |||||
Conversion price (in USD per share) | $ 3.30 |
Preferred Shares - Dividends (D
Preferred Shares - Dividends (Details) - USD ($) $ in Thousands | Apr. 02, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||||
Deemed dividend on beneficial conversion feature | $ 47,800 | $ 0 | $ 47,849 | |
In-kind dividends | 1,849 | 1,459 | $ 0 | |
Deemed dividend on beneficial conversion feature related to in-kind dividend | 0 | 281 | ||
Total preferred dividends | $ 1,849 | $ 49,589 |
Segment and Related Informati_3
Segment and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | $ 148,689 | $ 148,163 | $ 122,153 | $ 108,550 | $ 114,520 | $ 120,491 | $ 130,177 | $ 101,504 | $ 527,555 | $ 466,692 | $ 382,276 |
Depreciation and amortization | 123,768 | 125,846 | 126,443 | ||||||||
Operating (loss) income | (49,051) | (88,055) | (97,971) | ||||||||
Capital expenditures | 29,812 | 17,108 | 11,194 | ||||||||
Total assets | 969,912 | 1,001,677 | 969,912 | 1,001,677 | 853,912 | ||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 325,651 | 296,012 | 245,595 | ||||||||
Depreciation and amortization | 66,557 | 66,980 | 69,983 | ||||||||
Operating (loss) income | (32,313) | (63,519) | (63,211) | ||||||||
Capital expenditures | 22,124 | 6,025 | 3,893 | ||||||||
Total assets | 850,361 | 804,618 | 850,361 | 804,618 | 550,378 | ||||||
Australia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 156,093 | 119,238 | 111,221 | ||||||||
Depreciation and amortization | 39,116 | 40,441 | 45,699 | ||||||||
Operating (loss) income | 517 | (1,950) | (11,528) | ||||||||
Capital expenditures | 3,456 | 4,658 | 2,772 | ||||||||
Total assets | 278,268 | 292,271 | 278,268 | 292,271 | 353,840 | ||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 10,987 | 10,626 | 4,653 | ||||||||
Operating (loss) income | (11,214) | (8,640) | (14,426) | ||||||||
Capital expenditures | 3,104 | 5,388 | 1,912 | ||||||||
Total assets | 46,862 | 60,282 | 46,862 | 60,282 | 33,128 | ||||||
Corporate and eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 7,108 | 7,799 | 6,108 | ||||||||
Operating (loss) income | (6,041) | (13,946) | (8,806) | ||||||||
Capital expenditures | 1,128 | 1,037 | 2,617 | ||||||||
Total assets | $ (205,579) | $ (155,494) | (205,579) | (155,494) | (83,434) | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 527,555 | 466,692 | |||||||||
Operating Segments | Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 325,651 | 296,012 | 245,595 | ||||||||
Operating Segments | Australia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 156,093 | 119,238 | 111,221 | ||||||||
Operating Segments | United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | 45,811 | 51,442 | 25,460 | ||||||||
Consolidation, Eliminations | Corporate and eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Revenues | $ 0 | $ 0 | $ 0 |
Segment and Related Informati_4
Segment and Related Information - Financial Information By Geographic Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers | $ 148,689 | $ 148,163 | $ 122,153 | $ 108,550 | $ 114,520 | $ 120,491 | $ 130,177 | $ 101,504 | $ 527,555 | $ 466,692 | $ 382,276 |
Long-lived assets | 838,471 | 893,880 | 838,471 | 893,880 | 717,501 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers | 325,651 | 296,012 | 245,595 | ||||||||
Long-lived assets | 558,310 | 580,644 | 558,310 | 580,644 | 353,710 | ||||||
Australia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers | 156,093 | 119,238 | 111,221 | ||||||||
Long-lived assets | 242,002 | 263,094 | 242,002 | 263,094 | 331,511 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues from unaffiliated customers | 45,811 | 51,442 | 25,460 | ||||||||
Long-lived assets | $ 38,159 | $ 50,142 | $ 38,159 | $ 50,142 | $ 32,280 |
Valuation Accounts - Activity i
Valuation Accounts - Activity in Valuation Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 82,833 | $ 90,663 | |
Balance at End of Period | 84,503 | 82,833 | $ 90,663 |
Allowance for doubtful accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 376 | 1,338 | 638 |
Charged (Reduction) to Costs and Expenses | (5) | (787) | 48 |
Deductions (Net of Recoveries) | (122) | (143) | (23) |
Translation and Other, Net | 4 | (32) | 675 |
Balance at End of Period | 253 | 376 | 1,338 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 82,833 | 90,663 | 76,157 |
Charged (Reduction) to Costs and Expenses | 2,257 | (622) | 10,083 |
Deductions (Net of Recoveries) | (499) | (1,119) | (242) |
Translation and Other, Net | (88) | (6,089) | 4,665 |
Balance at End of Period | $ 84,503 | $ 82,833 | $ 90,663 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Impairment of long-lived assets held-for-use | $ 702 | $ 5,546 | $ 28,661 | $ 27,244 | $ 4,360 | ||||||||
Goodwill, impairment loss | 19,900 | ||||||||||||
Asset retirement obligation | $ 18,796 | $ 18,381 | $ 17,185 | $ 18,796 | $ 18,381 | $ 17,185 | $ 17,584 | ||||||
Costs included in selling, general and administrative expense | 59,586 | 67,036 | 63,431 | ||||||||||
Costs included in other income | $ 7,281 | $ 1,623 | $ 1,308 | ||||||||||
Asset Retirement Obligation Costs [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Gain on sale of village in Australia | $ 2,200 | ||||||||||||
Noralta Acquisition | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Acquisition related costs | 2,100 | ||||||||||||
Costs included in service, other and product costs | 600 | ||||||||||||
Costs included in selling, general and administrative expense | 600 | ||||||||||||
Costs included in other income | 900 | ||||||||||||
Australian Segment | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Accretion expense related to ARO | 900 | ||||||||||||
Depreciation and amortization | 500 | ||||||||||||
Impairment expense | 1,000 | ||||||||||||
Asset retirement obligation | 2,300 | ||||||||||||
Impairment Expense | CANADA | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Impairment effect on earnings per share, after tax | $ 0.12 | ||||||||||||
Impairment Expense | Canadian Segment | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Impairment of long-lived assets held-for-use | $ 700 | 28,700 | |||||||||||
Impairment of long-lived assets held for use, net of tax | $ 20,900 | ||||||||||||
Goodwill, impairment loss | $ 19,900 | ||||||||||||
Impairment effect on earnings per share, after tax | $ 0 | $ 0.16 | |||||||||||
Impairment Expense | Australian Segment | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Impairment of long-lived assets held-for-use | 4,500 | ||||||||||||
Impairment of long-lived assets held for use, net of tax | $ 500 | $ 4,500 | |||||||||||
Impairment effect on earnings per share, after tax | $ 0.03 | ||||||||||||
Selling, General and Administrative Expenses | Noralta Acquisition | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Acquisition related costs | 500 | $ 5,600 | $ 1,000 | ||||||||||
Acquisition related costs net of tax | $ 1,700 | $ 400 | $ 5,100 | $ 1,000 | |||||||||
Acquisition related costs per diluted share (in USD per share) | $ 0.01 | $ 0 | $ 0.03 | $ 0.01 | |||||||||
Selling, General and Administrative Expenses | Action Acquisition | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Acquisition related costs | $ 200 | $ 200 | |||||||||||
Acquisition related costs net of tax | $ 200 | ||||||||||||
Acquisition related costs per diluted share (in USD per share) | $ 0 | $ 0 | |||||||||||
Incorrectly Recorded Depreciation Expense | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Reversal of depreciation costs | $ 2,800 |
Quarterly Financial Informati_4
Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 148,689 | $ 148,163 | $ 122,153 | $ 108,550 | $ 114,520 | $ 120,491 | $ 130,177 | $ 101,504 | $ 527,555 | $ 466,692 | $ 382,276 |
Gross profit | 46,225 | 48,683 | 36,913 | 28,920 | 31,489 | 38,264 | 40,722 | 23,803 | |||
Net (loss) income attributable to Civeo | $ (32,064) | $ 4,532 | $ (15,310) | $ (17,498) | $ (13,804) | $ (14,250) | $ (48,321) | $ (55,457) | |||
Basic (loss) per share (in dollars per share) | $ (0.19) | $ 0.02 | $ (0.09) | $ (0.11) | $ (0.08) | $ (0.09) | $ (0.29) | $ (0.42) | $ (0.36) | $ (0.84) | $ (0.82) |
Diluted (loss)per share (in dollars per share) | $ (0.19) | $ 0.02 | $ (0.09) | $ (0.11) | $ (0.08) | $ (0.09) | $ (0.29) | $ (0.42) | $ (0.36) | $ (0.84) | $ (0.82) |