Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020 | |
Document Information [Line Items] | |
Entity Central Index Key | 0000866609 |
Entity Registrant Name | ION GEOPHYSICAL CORP |
Amendment Flag | false |
Document Type | S-4/A |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 22-2286646 |
Entity Address, Address Line One | 2105 CityWest Blvd |
Entity Address, Address Line 2 | Suite 100 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77042-2839 |
City Area Code | 281 |
Local Phone Number | 933-3339 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 2105 CityWest Blvd |
Entity Address, Address Line 2 | Suite 100 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77042-2855 |
City Area Code | 281 |
Local Phone Number | 933-3339 |
Contact Personnel Name | Christopher T. Usher |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 37,486 | $ 33,065 |
Accounts receivable, net | 8,045 | 29,548 |
Unbilled receivables | 11,262 | 11,815 |
Inventories, net | 11,267 | 12,187 |
Prepaid expenses and other current assets | 7,116 | 6,012 |
Total current assets | 75,176 | 92,627 |
Deferred income tax asset, net | 0 | 8,734 |
Property, plant and equipment, net | 9,511 | 13,188 |
Multi-client data library, net | 50,914 | 60,384 |
Goodwill | 19,565 | 23,585 |
Right-of-use assets | 35,501 | 32,546 |
Other assets | 2,926 | 2,130 |
Total assets | 193,593 | 233,194 |
Current liabilities: | ||
Current maturities of long-term debt | 143,731 | 2,107 |
Accounts payable | 33,418 | 49,316 |
Accrued expenses | 16,363 | 30,328 |
Accrued multi-client data library royalties | 21,359 | 18,831 |
Deferred revenue | 3,648 | 4,551 |
Current maturities of operating lease liabilities | 7,570 | 11,055 |
Total current liabilities | 226,089 | 116,188 |
Long-term debt, net of current maturities | 0 | 119,352 |
Operating lease liabilities, net of current maturities | 38,372 | 30,833 |
Other long-term liabilities | 222 | 1,453 |
Total liabilities | 264,683 | 267,826 |
Common stock, $0.01 par value; authorized 26,666,667 shares; outstanding 14,333,101 and 14,224,787 shares at December 31, 2020 and 2019, respectively | 143 | 142 |
Additional paid-in capital | 958,584 | 956,647 |
Accumulated deficit | (1,011,516) | (974,291) |
Accumulated other comprehensive loss | (19,913) | (19,318) |
Total stockholders' deficit | (72,702) | (36,820) |
Noncontrolling interests | 1,612 | 2,188 |
Total deficit | (71,090) | (34,632) |
Total liabilities and stockholders' deficit | $ 193,593 | $ 233,194 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 26,666,667 | 26,666,667 |
Common stock, shares outstanding (in shares) | 14,333,101 | 14,224,787 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenues | $ 122,674 | $ 174,679 | $ 180,045 |
Impairment of multi-client data library | 1,167 | 9,072 | 0 |
Gross profit | 41,657 | 60,022 | 59,620 |
Operating expenses: | |||
Research, development and engineering | 12,965 | 19,025 | 18,182 |
Marketing and sales | 11,675 | 23,207 | 21,793 |
General, administrative and other operating expenses | 27,456 | 42,249 | 37,364 |
Impairment of long-lived assets | 0 | 0 | 36,553 |
Impairment of goodwill | 4,150 | 0 | 0 |
Total operating expenses | 56,246 | 84,481 | 113,892 |
Loss from operations | (14,589) | (24,459) | (54,272) |
Interest expense, net | (13,805) | (13,074) | (12,972) |
Other income (expense), net | 6,898 | (1,617) | (436) |
Loss before income taxes | (21,496) | (39,150) | (67,680) |
Income tax expense | 15,616 | 8,064 | 2,718 |
Net loss | (37,112) | (47,214) | (70,398) |
Net income (loss) attributable to noncontrolling interests | (113) | (985) | (773) |
Net loss attributable to ION | $ (37,225) | $ (48,199) | $ (71,171) |
Net loss per share: | |||
Basic (in dollars per share) | $ (2.61) | $ (3.41) | $ (5.20) |
Diluted (in dollars per share) | $ (2.61) | $ (3.41) | $ (5.20) |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 14,272 | 14,131 | 13,692 |
Diluted (in shares) | 14,272 | 14,131 | 13,692 |
Service [Member] | |||
Net revenues | $ 93,347 | $ 131,280 | $ 139,038 |
Cost of services and products | 63,055 | 83,519 | 100,557 |
Product [Member] | |||
Net revenues | 29,327 | 43,399 | 41,007 |
Cost of services and products | $ 16,795 | $ 22,066 | $ 19,868 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (37,112) | $ (47,214) | $ (70,398) |
Other comprehensive income (loss), net of taxes, as appropriate: | |||
Foreign currency translation adjustments | (1,067) | 1,124 | (1,563) |
Comprehensive net loss | (38,179) | (46,090) | (71,961) |
Comprehensive (income) loss attributable to noncontrolling interests | 359 | (985) | (773) |
Comprehensive net loss attributable to ION | $ (37,820) | $ (47,075) | $ (72,734) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (37,112) | $ (47,214) | $ (70,398) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization (other than multi-client library) | 3,997 | 3,657 | 8,763 |
Amortization of multi-client data library | 22,299 | 39,541 | 48,988 |
Impairment of long-lived assets | 0 | 0 | 36,553 |
Impairment of multi-client data library | 1,167 | 9,072 | 0 |
Impairment of goodwill | 4,150 | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense, Total | 2,043 | 4,701 | 3,337 |
Amortization of government relief funding expected to be forgiven | (6,923) | 0 | 0 |
Provision for expected credit losses | 2,413 | 0 | 0 |
Write-down of excess and obsolete inventory | 378 | 517 | 665 |
Deferred income taxes | 8,547 | (1,940) | (6,252) |
Change in operating assets and liabilities: | |||
Accounts receivable | 19,608 | (3,265) | (7,024) |
Unbilled receivables | (383) | 32,055 | (5,245) |
Inventories | 280 | 1,067 | (353) |
Accounts payable, accrued expenses and accrued royalties | (12,584) | (2,492) | (7,600) |
Deferred revenue | (793) | (3,207) | (1,112) |
Other assets and liabilities | 2,072 | 1,658 | 6,776 |
Net cash provided by operating activities | 9,159 | 34,150 | 7,098 |
Cash flows from investing activities: | |||
Investment in multi-client data library | (27,247) | (28,804) | (28,276) |
Purchase of property, plant and equipment | (1,121) | (2,411) | (1,514) |
Net cash used in investing activities | (28,368) | (31,215) | (29,790) |
Cash flows from financing activities: | |||
Borrowings under revolving line of credit | 27,250 | 40,000 | 0 |
Repayments under revolving line of credit | (4,750) | (40,000) | (10,000) |
Payments on notes payable and long-term debt | (2,409) | (2,553) | (30,807) |
Receipt of Paycheck Protection Program loan | 6,923 | 0 | 0 |
Proceeds from issuance of stocks | 0 | 0 | 46,999 |
Costs associated with debt issuance | (924) | 0 | (1,247) |
Other financing activities | (322) | (993) | (1,137) |
Net cash provided by (used in) financing activities | 25,768 | (3,546) | 3,808 |
Effect of change in foreign currency exchange rates on cash, cash equivalents and restricted cash | 136 | (125) | 319 |
Net increase (decrease) decrease in cash, cash equivalents and restricted cash | 6,695 | (736) | (18,565) |
Cash, cash equivalents and restricted cash at beginning of period | 33,118 | 33,854 | 52,419 |
Cash, cash equivalents and restricted cash at end of period | $ 39,813 | $ 33,118 | $ 33,854 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' (Deficit) Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 12,019,701 | |||||
Balance at Dec. 31, 2017 | $ 120 | $ 903,247 | $ (854,921) | $ (18,879) | $ 1,239 | $ 30,806 |
Net (loss) income | 0 | 0 | (71,171) | 0 | 773 | (70,398) |
Translation adjustment | 0 | 0 | 0 | (1,563) | (220) | (1,783) |
Dividend payment to noncontrolling interest | 0 | 0 | 0 | 0 | (200) | (200) |
Stock-based compensation expense | $ 0 | 3,337 | 0 | 0 | 0 | $ 3,337 |
Exercise of stock options (in shares) | 70,086 | 70,086 | ||||
Exercise of stock options | $ 1 | 213 | 0 | 0 | 0 | $ 214 |
Vesting of restricted stock units/awards (in shares) | 151,852 | |||||
Vesting of restricted stock units/awards | $ 1 | (1) | 0 | 0 | 0 | $ 0 |
Vested restricted stock cancelled for employee minimum income taxes (in shares) | (46,024) | (48,524) | ||||
Vested restricted stock cancelled for employee minimum income taxes | $ 0 | (1,151) | 0 | 0 | 0 | $ (1,151) |
Public equity offering (in shares) | 1,820,000 | |||||
Public equity offering | $ 18 | 46,981 | 0 | 0 | 0 | 46,999 |
Balance (in shares) at Dec. 31, 2018 | 14,015,615 | |||||
Balance at Dec. 31, 2018 | $ 140 | 952,626 | (926,092) | (20,442) | 1,592 | 7,824 |
Net (loss) income | 0 | 0 | (48,199) | 0 | 985 | (47,214) |
Translation adjustment | 0 | 0 | 0 | 1,124 | (74) | 1,050 |
Dividend payment to noncontrolling interest | 0 | 0 | 0 | 0 | (315) | (315) |
Stock-based compensation expense | $ 0 | 4,701 | 0 | 0 | 0 | $ 4,701 |
Exercise of stock options (in shares) | 86,900 | 86,900 | ||||
Exercise of stock options | $ 1 | 140 | 0 | 0 | 0 | $ 141 |
Vesting of restricted stock units/awards (in shares) | 225,860 | |||||
Vesting of restricted stock units/awards | $ 2 | (2) | 0 | 0 | 0 | $ 0 |
Vested restricted stock cancelled for employee minimum income taxes (in shares) | (103,588) | (170,254) | ||||
Vested restricted stock cancelled for employee minimum income taxes | $ (1) | (818) | 0 | 0 | 0 | $ (819) |
Balance (in shares) at Dec. 31, 2019 | 14,224,787 | |||||
Balance at Dec. 31, 2019 | $ 142 | 956,647 | (974,291) | (19,318) | 2,188 | (34,632) |
Net (loss) income | 0 | 0 | (37,225) | 0 | 113 | (37,112) |
Translation adjustment | 0 | 0 | 0 | (595) | (472) | (1,067) |
Dividend payment to noncontrolling interest | 0 | 0 | 0 | 0 | (217) | (217) |
Stock-based compensation expense | $ 0 | 2,043 | 0 | 0 | 0 | $ 2,043 |
Exercise of stock options (in shares) | 5,000 | 5,000 | ||||
Exercise of stock options | $ 0 | 15 | 0 | 0 | 0 | $ 15 |
Vesting of restricted stock units/awards (in shares) | 151,346 | |||||
Vesting of restricted stock units/awards | $ 2 | (2) | 0 | 0 | 0 | $ 0 |
Vested restricted stock cancelled for employee minimum income taxes (in shares) | (48,032) | (139,700) | ||||
Vested restricted stock cancelled for employee minimum income taxes | $ (1) | (119) | 0 | 0 | 0 | $ (120) |
Balance (in shares) at Dec. 31, 2020 | 14,333,101 | |||||
Balance at Dec. 31, 2020 | $ 143 | $ 958,584 | $ (1,011,516) | $ (19,913) | $ 1,612 | $ (71,090) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | (1) Summary of Significant Accounting Policies General Description and Principles of Consolidation ION Geophysical Corporation and its subsidiaries offer a full suite of services and products for seismic data acquisition and processing. The Company’s offerings are focused on improving subsurface knowledge to enhance E&P decision-making and enhancing situational awareness to optimize offshore operations. The consolidated financial statements include the accounts of ION Geophysical Corporation and its majority-owned subsidiaries (collectively referred to as the “Company” or “ION”). Intercompany balances and transactions have been eliminated. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto particularly the presentation of revenue by geographic area to make them consistent with the current period presentation. Going Concern As of December 31, 2020, the Company had outstanding $120.6 million aggregate principal amount of its 9.125% Senior Secured Second Priority Notes (the “Existing Second Lien Notes”) which mature on December 15, 2021. The Existing Second Lien Notes, which are classified as a current liability, raise substantial doubt about the Company’s ability to continue as a going concern within the next twelve months. If the Company is unable to repay, refinance or restructure its Existing Second Lien Notes, which could result in the acceleration of the maturity of the outstanding balance on the Company’s Credit Facility, the Company’s assets may not be sufficient to repay in full the amounts owed to holders of its Existing Second Lien Notes or to lenders under its Credit Facility. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“ GAAP”) on a going concern basis of accounting, which contemplate continuity of operations, realization of assets and satisfaction of liabilities and commitments in the normal course of business. Accordingly, the consolidated financial statements exclude certain adjustments that might result if the Company is unable to continue as a going concern. Existing Second Lien Notes Restructuring To address the upcoming maturity of the $120.6 million aggregate principal amount of the Company’s 9.125% Senior Secured Second Priority Notes due 2021 (the “Existing Second Lien Notes”) and to provide a mechanism to reduce its financial leverage in the future, the Company executed a Restructuring Support Agreement (the “Restructuring Support Agreement”) with holders of the Existing Second Lien Notes representing approximately 92% aggregate principal amount outstanding under our Existing Second Lien Notes (the “Supporting Noteholders”), pursuant to which the Company committed to use its reasonable efforts to effect the following transactions (collectively, the “Restructuring Transactions”): (i) an offer to exchange (the “Exchange Offer”) all outstanding Existing Second Lien Notes, with each $1,000 principal amount of such Notes tendered exchanged for (a) $150 in cash, (b) $850 of New Second Lien Notes (as defined below), subject to certain rights to instead deliver or receive common stock and (c) $35 , at the Company’s option, either in (I) cash, (II) common stock at $2.57 per share (the “Deal Price”), or (III) New Second Lien Notes (collectively, the “Exchange Consideration”), plus payment of all accrued and unpaid interest; and (ii) the granting of the right to all holders of the Company’s common stock to participate in a rights offering (the “Rights Offering”) to subscribe for a pro rata share (with over-subscription rights) of up to $50.0 million of New Second Lien Notes issued at par, or common stock issued at the Deal Price. In connection with the Rights Offering, the Company intends to enter into backstop agreements (the “Backstop Agreements” with one or more parties (the “Backstop Providers”) pursuant to which the Backstop Providers agree to purchase New Second Lien Notes at par or shares of Common Stock at the Deal Price (the “Backstop Commitment”). The “New Second Lien Notes” will accrue interest at the rate of 8.0% per annum, mature on December 15, 2025, be secured on a second-priority basis, subject to liens securing the Company’s obligations under its existing credit agreement, and unconditionally guaranteed by certain of the Company’s subsidiaries. Holders of the New Second Lien Notes may convert all or any portion of their notes at their option at any time prior to the maturity date. The conversion price of the New Second Lien Notes shall be a 25% premium to the Deal Price but shall be no lower than $1.80 per share and no higher than $3.00 per share. The Company will have the right, on or after the 18 month anniversary of the issue date, to convert all or part of the outstanding New Second Lien Notes if its common stock has a 20 trading day VWAP of at least 175% of the conversion price then in effect which would currently equal to $5.25 per share. Holders of the New Second Lien Notes will also be entitled to certain voting rights and the right to designate two independent directors to the Company’s Board of Directors. If the Restructuring Transactions are consummated, the Company could issue up to $151.7 million aggregate principal amount of New Second Lien Notes, which could be converted into 50.6 million shares of common stock, representing approximately 77.1% of the total shares of common stock outstanding following the Restructuring Transactions. This excludes the shares of common stock subject to issuance pursuant to the Company’s Long-term Incentive Plan. The actual number of shares of common stock that could be issued as a result of the Restructuring Transactions may be different than the amount indicated, however, due to, among other things, the participation levels in both the Exchange Offer and the Rights Offering and the ability of the Company, any noteholders participating in the Exchange Offer, and any participants in the Rights Offering to elect to deliver or receive cash in certain circumstances. The Company anticipates the completion of the Restructuring Transactions by the end of March 2021. The Company also entered into a restructuring support agreement with PNC Bank, National Association (“PNC”), the lender of its Credit Facility, (the “PNC Restructuring Support Agreement”) that will allow the Company, among others, to consummate and implement the Restructuring Transactions and waive any going concern event of default that would otherwise occur under the Company’s Credit Facility. The Restructuring Transactions are also subject to stockholder approval to be voted at a special meeting of stockholders scheduled for February 23, 2021 (the “Special Meeting”). While the Company believes it will be successful in obtaining stockholders’ approval and executing the Restructuring Transactions, there can be no assurances regarding the ultimate success, timing or extent of any such funding, which are dependent upon a variety of factors, many of which are outside of the Company’s control. In addition, no assurance can be given that any funding from the Restructuring Transaction, if approved by stockholders and obtained at all, will be adequate to fulfill the Company’s obligations and operate its business. Consequently, the Company may be required to obtain additional funding whether through private or public equity transactions, debt financing or other capital sources. The Company may not be able to take such actions, if necessary, on commercially reasonable terms or at all. If additional funding cannot be obtained on a timely basis and on satisfactory terms, it will have an adverse effect on the Company’s business, financial condition and results of operations. COVID-19 Business Impact and Response The COVID-19 pandemic caused the global economy to enter a recessionary period, which may be prolonged and severe. During 2020, the exploration and production (“E&P”) industry faced the dual impact of demand deterioration from COVID-19 and market oversupply from increased production, which caused oil and natural gas prices to decline significantly for most of the year. Brent crude oil prices, which are most relevant to ION’s internationally focused business, dropped 66% during the first quarter from $66 on January 1, 2020 to $23 on March 31, 2020. By the end of the second quarter, Brent crude oil prices rebounded to $41 per barrel, benefiting from increased global demand as pandemic restrictions started to ease and decreased production. Brent crude oil prices have remained relatively stable through the end of the year, increasing slightly during fourth quarter to end the year at $51 per barrel. Brent crude oil prices further increased to approximately $60 per barrel at the beginning of February 2021, which is consistent with prices a year ago. In an effort to stabilize oil prices by limiting supply, OPEC and other oil producing allies agreed to substantial production cuts throughout 2020 that were extended through March 2021. While commodity prices can be volatile, the sharp decline throughout 2020 triggered E&P companies to reduce budgets by approximately 25%. Exploration offerings and data purchases are often discretionary and, therefore, receive disproportionately higher reductions than overall budget cuts. Consequently, there has been a material slowdown in offshore seismic spending since the second quarter of 2020, and while the Company is seeing signs that could improve, the Company expects the market to remain challenging in 2021. However, the challenging market also serves as a catalyst to drive necessary cost restructuring and digital transformation of the E&P ecosystem. The Company expects continued portfolio rationalization and high grading as E&P companies seek to find the best return on investment opportunities to meet oil and gas demand in the next decade. Near-term, due to the impact of the COVID-19, project high grading will likely be more acute due to budget reductions. Over the last several years, the Company had strategically shifted its portfolio closer to the reservoir, where revenue tends to be higher and more consistent. New Venture data acquisition offshore and Software and related personnel-based offshore services are expected to continue to be most impacted by COVID-19 travel restrictions. While offshore operations have been temporarily impacted by travel restrictions, the Company believes the demand for digitalization technologies will remain strong. In some cases, ION technology is expected to be more relevant and valuable in the current environment. For instance, the Company expects offerings that facilitate remote working to see increased demand. While 2020 revenues came in lower than the prior year due to the repercussions of the oil price volatility in early 2020 and the ongoing uncertainty from the COVID-19 pandemic, the Company made progress executing its strategy. The Company continues to work closely with its clients to understand revised plans and to scale its business appropriately. The Company partially mitigated the impact of the current macroeconomic environment by fully benefiting from the structural changes and associated cost reductions that were outlined in the Company’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2020. To further mitigate the impact of COVID-19 and oil price volatility, management implemented a plan to preserve cash and manage liquidity as follows: ● Scaled down personnel costs and operating expenses in April 2020 by another $18.0 million during the remaining nine months of 2020, building on the over $20.0 million of cuts made in January 2020. These further reductions are primarily through a variety of furlough programs and reduced compensation arrangements across the Company’s worldwide workforce. The Company executives have taken a 20% base salary reduction and a tiered reduction scheme has been cascaded to the rest of the worldwide workforce. The Company’s Board of Directors have taken a 20% reduction in directors’ fees. In addition, the Company has curtailed use of external contractors, decreased travel and event costs and implemented new systems and processes that more efficiently support its business. ● Reduced capital expenditures to approximately $28.0 million (a portion of which were pre-funded or underwritten by the customers), down from the original budget of $35.0 million to $50.0 million, to reflect both reduced seismic demand and travel/border restrictions impacting new data acquisition offshore. This provides flexibility to aggressively reduce cash outflows while shifting to significantly lower cost reimaging programs. ● Applied for and continue to explore various government assistance programs, of which approximately $6.9 million was received and applied against qualifying expenditures during the second quarter. Receipt of this assistance allowed the Company to avoid further staff reductions while supporting its ongoing operations. ● Re-negotiated existing lease agreements for its significant locations to obtain rent relief of approximately $4.0 million. The majority of the cash savings from the rent relief benefit the Company from July 2020 to March 2021. See Footnote 14 “Lease Obligations” for further details. ● Announced the sale of its 49% ownership interest in INOVA Geophysical Equipment Limited for $12.0 million, subject to regulatory approvals and other closing conditions. Closing of the transaction is expected in 2021. ● Entered into a settlement agreement with WesternGeco ending the decade-long patent litigation. See Footnote 9 “Litigations” for further details. Use of Estimates The preparation of consolidated financial statements in conformity GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates are made at discrete points in time based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Areas involving significant estimates include, but are not limited to, collectability of accounts and unbilled receivables, inventory valuation reserves, sales forecasts related to multi-client data library, impairment of property, plant and equipment and goodwill and deferred taxes. Actual results could materially differ from those estimates. Foreign Currency Transactions Assets and liabilities of the Company’s subsidiaries operating outside the United States that have a functional currency other than the U.S. dollar have been translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Results of foreign operations have been translated using the average exchange rate during the periods of operation. Resulting translation adjustments have been recorded as a component of accumulated other comprehensive loss. The foreign currency transaction losses are primarily due to the currency rate fluctuations between the U.S. dollar and the Brazilian real related to the Company’s operations in Brazil. Foreign currency transaction gains and losses, as they occur, are included in “Other income (expense), net” on the consolidated statements of operations. Total foreign currency transaction losses were $1.6 million, $1.3 million and $0.4 million for 2020, 2019 and 2018, respectively. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions. At times such investments may be in excess of the Federal Deposit Insurance Corporation insurance limit. At December 31, 2020 and 2019, there was $2.3 million and $0.1 million, respectively, of long-term and short-term restricted cash used to secure standby and commercial letters of credit, which are included within “Other assets” and “Prepaid expenses and other current assets” in the consolidated balance sheets. Accounts and Unbilled Receivables Accounts and unbilled receivables are recorded at cost, less the related allowance for doubtful accounts. The Company considers current information and events regarding the customers’ ability to repay their obligations, such as the length of time the receivable balance is outstanding, the customers’ credit worthiness and historical experience. Unbilled receivables relate to revenues recognized on multi-client surveys, imaging and reservoir services and devices equipment repairs on a proportionate basis, and on licensing of multi-client data library for which invoices have not yet been presented to the customer. Inventories Inventories are stated at the lower of cost (primarily first-in, first-out method) or net realizable value. The Company provides reserves for estimated obsolescence or excess inventory equal to the difference between cost of inventory and its estimated net realizable value based upon assumptions about future demand for the Company’s products, market conditions and the risk of obsolescence driven by new product introductions. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation expense is provided straight-line over the following estimated useful lives: Years Machinery and equipment 3 Buildings 5 25 Seismic rental equipment 3 5 Leased equipment and other 3 10 Expenditures for major renewals and betterment, that increase the value or extend the economic useful life of the asset, are capitalized and depreciated. Repairs and maintenance are charged to expense as incurred. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss is reflected in “Other income (expense), net” in the consolidated statements of operations. Long-lived Asset Impairment The Company evaluates the recoverability of long-lived assets, including property, plant and equipment, when indicators of impairment exist, relying on a number of factors including operating results, business plans, economic projections and anticipated future cash flows. Impairment is recognized whenever anticipated future undiscounted cash flows the assets are expected to generate are estimated to be less than its carrying value. The amount of the impairment recognized is the difference between the carrying value of the asset and its fair value. No indicators of impairment were noted for 2020 and 2019 as such no impairment charge was recognized. For 2018, the Company identified an indicator of impairment as it relates to its cable-based ocean bottom acquisition technologies and recognized an impairment charge of $36.6 million. Multi-Client Data Library The multi-client data library consists of seismic surveys that are offered for licensing to customers on a non-exclusive basis. The capitalized costs include costs paid to third parties for the acquisition of data and related activities associated with the data creation activity and direct internal processing costs, such as salaries, benefits, computer-related expenses and other costs incurred for seismic data project design and management. For 2020, 2019 and 2018, the Company capitalized, as part of its multi-client data library, $6.7 million, $9.3million and $11.9 million, respectively, of direct internal processing costs. The Company’s method of amortizing the costs of an in-process multi-client data library (the period during which the seismic data is being acquired and/or processed, referred to as the New Venture phase) consists of determining the percentage of actual revenue recognized to the total estimated revenues (which includes both revenues estimated to be realized during the New Venture phase and estimated revenues from the licensing of the resulting on-the-shelf data survey) and multiplying that percentage by the total cost of the project (the sales forecast method). The Company considers a multi-client data survey to be complete when all work on the creation of the seismic data is finished and that data survey is available for licensing. Once a multi-client data survey is complete, the data survey is considered on-the-shelf and the Company’s method of amortization is then the greater of (i) the sales forecast method or (ii) the straight-line basis over a four-year period, applied on a cumulative basis at the individual survey level. Under this policy, the Company first records amortization using the sales forecast method. The cumulative amortization recorded for each survey is then compared with the cumulative straight-line amortization. The four-year period utilized in this cumulative comparison commences when the data survey is determined to be complete. If the cumulative straight-line amortization is higher for any specific survey, additional amortization expense is recorded, resulting in accumulated amortization being equal to the cumulative straight-line amortization for such survey. The Company has determined the amortization period of four years based upon its historical experience indicating that the majority of its revenues from multi-client surveys are derived during the acquisition and processing phases and during four years subsequent to survey completion. The Company estimates the ultimate revenue expected to be derived from a particular seismic data survey over its estimated useful economic life to determine the costs to amortize, if greater than straight-line amortization. That estimate is made by the Company at the project’s initiation. For a completed multi-client survey, the Company reviews the estimate quarterly. If during any such review, the Company determines that the ultimate revenue for a survey is expected to be materially more or less than the original estimate of ultimate revenue for such survey, the Company decreases or increases (as the case may be) the amortization rate attributable to the future revenue from such survey. In addition, in connection with such reviews, the Company evaluates the recoverability of the multi-client data library, and, if required, records an impairment charge with respect to such data. For 2020 and 2019, the Company wrote down its multi-client data library by $1.2 million and $9.1 million, respectively, for programs with capitalized costs exceeding the remaining sales forecast. Goodwill Goodwill represents the excess of costs over the fair value of the net assets acquired in connection with a business combination. Goodwill is allocated to reporting units, which are either the operating segment or one reporting level below the operating segment, which includes E&P Technology & Services, Optimization Software & Services and Devices. Goodwill is not amortized, but rather tested and assessed for impairment at least annually on December 31, or more frequently, if facts and circumstances indicate that the carrying amount may exceed fair value. The Company begins with a qualitative assessment by evaluating relevant events or circumstances to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. If the Company determined that it is more likely than not that a reporting unit’s carrying value exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. To determine the fair value of these reporting units, the Company uses a discounted cash flow model, which includes a variety of level 3 inputs, as defined in Footnote 15 “Fair Value of Financial Instruments.” The key inputs for the model include the operational three-year forecast for the Company and the then-current market discount factor. Additionally, the Company compares the sum of the estimated fair values of the individual reporting units less consolidated debt to the Company’s overall market capitalization as reflected by the Company’s stock price. As a result of the Company’s quantitative assessment using a discounted cash flow analysis, the Company recorded an impairment charge of $4.2 million for the year ended December 31, 2020 related to its Optimization Software & Services reporting unit, which is included within the Operations Optimization segment. No impairment charge was recognized for the E&P Technology Services reporting unit for the year ended December 31, 2020. See further discussion below at Footnote 11 “Goodwill.” Equity Method Investment The Company determined that INOVA Geophysical Equipment Limited (“INOVA Geophysical” or “INOVA”) is a variable interest entity because the Company’s voting rights with respect to INOVA Geophysical are not proportionate to its ownership interest and substantially all of INOVA Geophysical’s activities are conducted on behalf of the Company and BGP Inc. (“BGP”), a subsidiary of China National Petroleum Corporation and a related party to the Company. The Company is not the primary beneficiary of INOVA Geophysical because it does not have the power to direct the activities of INOVA Geophysical that most significantly impact its economic performance. Accordingly, the Company does not consolidate INOVA Geophysical, but instead accounts for INOVA Geophysical using the equity method of accounting. Under this method, an investment is carried at the acquisition cost, plus the Company’s equity in undistributed earnings or losses since acquisition, less distributions received. In 2014, the Company fully impaired its investment in INOVA reducing its equity investment in INOVA and its share of INOVA’s accumulated other comprehensive loss, both to zero. At December 31, 2020, the carrying value of this investment remains zero. The Company no longer records its equity in losses or earnings and has no obligation, implicit or explicit, to fund any expenses of INOVA Geophysical. In March 2020, the Company announced an agreement to sell the Company’s 49% ownership interest in INOVA joint venture for $12.0 million, subject to regulatory approvals and other closing conditions. Closing of the transaction is expected in 2021. Noncontrolling Interests The Company has non-redeemable noncontrolling interests. Non-redeemable noncontrolling interests in majority-owned affiliates are reported as a separate component of equity in “Noncontrolling interests” in the consolidated balance sheets. Net income attributable to noncontrolling interests is stated separately in the consolidated statements of operations. The activity for this noncontrolling interest relates to proprietary processing projects in Brazil. Revenue From Contracts With Customers The Company derives revenue from the sale or license of (i) multi-client and proprietary data, imaging and reservoir services within its E&P Technology & Services segment; (ii) sale, license and repair of seismic data acquisition systems and other equipment; and (iii) sale or license of seismic command and control software systems and software solutions for operations management within its Operations Optimization segment. All E&P Technology & Services’ revenues and the services component of Optimization Software & Services’ revenues under Operations Optimization segment are classified as services revenues. All other revenues are classified as product revenues. The Company uses a five-step model to determine proper revenue recognition from customer contracts. Revenue is recognized when (i) a contract is approved by all parties; (ii) the goods or services promised in the contract are identified; (iii) the consideration the Company expects to receive in exchange for the goods or services promised is determined; (iv) the consideration is allocated to the goods and services in the contract; and (v) control of the promised goods or services is transferred to the customer. The Company does not disclose the value of contractual future performance obligations such as backlog with an original expected length of one year or less. See further discussion below at Footnote 4 “Revenue from Contracts with Customers.” Research, Development and Engineering Research, development and engineering costs primarily relate to activities that are designed to improve the quality of the subsurface image and overall acquisition economics of the Company’s customers. The costs associated with these activities are expensed as incurred. These costs include prototype material and field testing expenses, along with the related salaries and stock-based compensation, facility costs, consulting fees, tools and equipment usage and other miscellaneous expenses associated with these activities. Stock-Based Compensation The Company issues stock-based payment awards to employees and directors, including employee stock options, restricted stock units, restricted stocks and stock appreciation rights. The Company estimates the value of stock-based payment awards on the date of grant using an option pricing model such as Black-Scholes or Monte Carlo simulation. The determination of the fair value of stock-based payment awards is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These variables include, but are not limited to, expected stock price volatility over the term of the awards, actual and projected stock-based instrument exercise behaviors, risk-free interest rate and expected dividends. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company recognizes stock-based compensation expense on the straight-line basis over the requisite service period of each award that are ultimately expected to vest. Income Taxes Income taxes are accounted for under the liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, including operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized (see Footnote 8 “Income Taxes”). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | (2) Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments.” The guidance replaces the incurred loss impairment methodology under the current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets ranging from short-term accounts receivables to long-term receivable financing. The Company adopted the standard using the prospective transition approach for its trade receivables and unbilled receivables. The adoption of the standard had no material impact on the Company’s consolidated financial statements. On January 1, 2020, the Company adopted ASU 2017-04, “Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This guidance simplifies the accounting for goodwill impairment by eliminating step 2 from the goodwill impairment test. As a result, an entity should recognize a goodwill impairment charge for the amount by which the reporting unit’s carrying amount exceeds its fair value. If fair value exceeds the carrying amount, no impairment should be recorded. Any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Impairment loss on goodwill cannot be reversed once recognized. As a result of the Company’s quantitative assessment using a discounted cash flow analysis, the Company recorded an impairment charge of $4.2 million for the year ended December 31, 2020 related to its Optimization Software & Services reporting unit, which is included within the Operations Optimization segment. No impairment charge was recognized for the E&P Technology Services reporting unit for the year ended December 31, 2020. See further discussion below at Footnote 11 “Goodwill.” On December 31, 2020, the Company adopted ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This guidance provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can elect various optional expedients for hedging relationships affected by reference rate reform, if certain criteria are met. Entities can make a one-time election to sell and/or transfer to available for sale or trading any held-to-maturity (“HTM”) debt securities that refer to an interest rate affected by reference rate reform and were classified as HTM before January 1, 2020. The guidance is effective upon issuance and generally can be applied through December 31, 2022. The adoption of the standard had no material impact on the Company’s consolidated financial statements. The Securities and Exchange Commission (“SEC”) has adopted new rules for registered debt securities that make it easier for entities to qualify for an exception to the requirement that it file separate financial statements for subsidiary issuers and guarantors. The rules also significantly streamline, and in some cases eliminate, the disclosures an entity must provide in lieu of the subsidiary’s audited financial statements. The rules require certain enhanced narrative disclosures, including the terms and conditions of the guarantees and how the legal obligations of the issuer and guarantor, as well as other factors, may affect payments to holders of the debt securities. The rules are effective January 4, 2021 with early compliance permitted. As of December 31, 2020, the Company adopted the amended rule whereby the Company provides a more detailed narrative disclosure of guarantees with summarized financial information of the parent company, guarantors and non-guarantors including any consolidating adjustments. The amended disclosure is now included within Part II. Item 7. “Liquidity and Capital Resources”. |
Note 3 - Segment and Geographic
Note 3 - Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (3) Segment and Geographic Information The Company evaluates and reviews its results based on two reporting segments: E&P Technology & Services and Operations Optimization. The segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Operating Decision Maker in determining how to allocate resources and evaluate performance. The Company measures segment operating results based on income (loss) from operations. A summary of segment information follows (in thousands): Years Ended December 31, 2020 2019 2018 Net revenues: E&P Technology & Services: New Venture $ 10,798 $ 31,188 $ 69,685 Data Library 65,790 71,847 47,095 Total multi-client revenues 76,588 103,035 116,780 Imaging and Reservoir Services 15,179 22,543 19,740 Total $ 91,767 $ 125,578 $ 136,520 Operations Optimization: Optimization Software & Services $ 14,137 $ 23,140 $ 21,129 Devices 16,770 25,961 22,396 Total $ 30,907 $ 49,101 $ 43,525 Total net revenues $ 122,674 $ 174,679 $ 180,045 Gross profit (loss): E&P Technology & Services $ 29,243 $ 35,699 $ 43,369 Operations Optimization 12,414 24,323 22,293 Segment gross profit 41,657 60,022 65,662 Other — — (6,042) (d) Total gross profit $ 41,657 $ 60,022 $ 59,620 Gross margin: E&P Technology & Services 32 % 28 % 32 % Operations Optimization 40 % 50 % 51 % Segment gross margin 34 % 34 % 36 % Other — % — % (3) % Total 34 % 34 % 33 % Income (loss) from operations: E&P Technology & Services $ 13,134 (a) $ 8,833 (a) $ 21,758 Operations Optimization (4,556) (b) 8,189 7,295 Support and other (23,167) (41,481) (83,325) (e) Loss from operations (14,589) (24,459) (54,272) Interest expense, net (13,805) (13,074) (12,972) Other income (expense), net 6,898 (c) (1,617) (436) Loss before income taxes $ (21,496) $ (39,150) $ (67,680) (a) Includes impairment of multi-client data library of $1.2 million and $9.1 million for the year ended December 31, 2020 and 2019, respectively. (b) Includes impairment of goodwill of $4.2 million for the year ended December 31, 2020. (c) Includes amortization of the government relief funding expected to be forgiven of $6.9 million for the year ended December 31, 2020. (d) Relates to gross loss primarily related to depreciation expense of previously reported Ocean Bottom Integrated Technologies segment. (e) Includes loss from operations of previously reported Ocean Bottom Integrated Technologies segment of $11.1 million for the year ended December 31, 2018, which includes Other’s gross profit above, operating expenses of $5.1 million for the year ended December 31, 2018, stock appreciation right awards and related expenses $2.1 million for the year ended December 31, 2018 and impairment charge of $36.6 million for the year ended December 31, 2018. Intersegment sales are insignificant for all periods presented. Years Ended December 31, 2020 2019 2018 Depreciation and amortization expense (including multi-client data library) : E&P Technology & Services $ 24,581 $ 41,813 $ 51,673 Operations Optimization 1,234 940 995 Support and other 481 445 5,083 (a) Total $ 26,296 $ 43,198 $ 57,751 (a) Includes depreciation and amortization of previously reported Ocean Bottom Integrated Technologies segment of $4.2 million. Depreciation and amortization expense recorded within cost of services and operating expenses in the consolidated statements of operations is allocated to segments based upon use of the underlying assets. December 31, 2020 2019 Total assets: E&P Technology & Services $ 92,075 $ 133,787 Operations Optimization 45,109 56,927 Support and other 56,409 42,480 Total $ 193,593 $ 233,194 A summary of total assets by geographic area follows (in thousands): December 31, 2020 2019 North America $ 94,923 $ 104,808 Middle East 45,823 48,932 Europe 28,738 37,946 Latin America 19,771 34,633 Other 4,338 6,875 Total $ 193,593 $ 233,194 A summary of property, plant and equipment and multi-client data library, net of accumulated depreciation, amortization and impairment, by geographic area follows (in thousands): December 31, 2020 2019 North America 44,188 56,566 Latin America 14,301 14,826 Europe 1,862 2,095 Middle East 62 73 Other 12 12 Total $ 60,425 $ 73,572 A summary of net revenues by geographic area follows (in thousands): Years Ended December 31, 2020 2019 2018 Latin America $ 43,389 $ 64,627 $ 91,833 Africa 27,132 28,203 21,482 Europe 17,950 22,102 18,509 Asia Pacific 16,696 18,321 21,587 North America 9,521 27,953 19,029 Middle East 3,187 7,347 3,728 Other 4,799 6,126 3,877 Total $ 122,674 $ 174,679 $ 180,045 Product revenues are allocated to geographic locations on the basis of the ultimate destination of the equipment, if known. If the ultimate destination of such equipment is not known, product revenues are allocated to the geographic location of initial shipment. Service revenues, which primarily relate to our E&P Technology & Services segment, are allocated based upon the billing location of the customer and the geographic location of the data. |
Note 4 - Revenue from Contracts
Note 4 - Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | (4) Revenue from Contracts with Customers Multi-client and Proprietary Surveys, Imaging and Reservoir Services — As multi-client seismic surveys are being designed, acquired or processed (the “New Venture” phase), the Company enters into non-exclusive licensing arrangements with its customers, who pre-fund or underwrite these acquisition programs in part. License revenues from these surveys are recognized during the New Venture phase as the seismic data is acquired and/or processed on a proportionate basis as work is performed and control is transferred to the customer. Under this method, the Company recognizes revenue based upon quantifiable measures of progress, such as kilometers acquired or surveys of performance completed to date. Upon completion of a multi-client seismic survey, it is considered “on-the-shelf,” and licenses to the survey data are granted to customers on a non-exclusive basis. The Company also performs seismic surveys, imaging and other services under contracts with specific customers, whereby the seismic data is owned by those customers. The Company recognizes revenue as the seismic data is acquired and/or processed on a proportionate basis as work is performed. The Company uses quantifiable measures of progress consistent with its multi-client seismic surveys. Acquisition Systems and Other Seismic Equipment — For sales of seismic data acquisition systems and other seismic equipment, the Company recognizes revenue when control of the goods has transferred to the customer. Transfer of control generally occurs when (i) the Company has a present right to payment; (ii) the customer has legal title to the asset; (iii) the Company has transferred physical possession of the asset; and (iv) the customer has significant rewards of ownership; or (v) the customer has accepted the asset. Software — Licenses for the Company’s navigation, survey design, quality control and offshore operations optimization software systems provide the customer with a right to use the software. The Company offers usage-based licenses under which it receives a monthly fee based on the number of vessels and licenses used. For these usage-based licenses, revenue is recognized as the performance obligations are performed over the contract term, which is generally two to five years. In addition to usage-based licenses, the Company offers perpetual software licenses as it exists when made available to the customer. Revenue from these licenses is recognized upfront at the point in time when the software is made available to the customer. These arrangements generally include the Company providing related services, such as training courses, engineering services and annual software maintenance. The Company allocates consideration to each element of the arrangement based upon directly observable or estimated standalone selling prices. Revenue is recognized for these services as control transfers to the customer over time. The Company does not have any contractual future performance obligations with an original term of over one year. Revenue by Segment and Geographic Area See Footnote 3 “Segment and Geographic Information” for revenue by segment and revenue by geographic area for 2020, 2019 and 2018. Unbilled Receivables Unbilled receivables balances relate to revenues recognized on multi-client surveys, imaging and reservoir services and devices equipment repairs on a proportionate basis, and on licensing of multi-client data libraries for which invoices have not yet been presented to the customer. The following table is a summary of unbilled receivables (in thousands): December 31, 2020 2019 New Venture $ 9,158 $ 5,222 Imaging and Reservoir Services 680 6,539 Devices 1,424 54 Total $ 11,262 $ 11,815 The changes in unbilled receivables were as follows (in thousands): Unbilled receivables at December 31, 2019 $ 11,815 Recognition of unbilled receivables (a) 117,528 Revenues billed to customers (a) (118,081) Unbilled receivables at December 31, 2020 $ 11,262 (a) Includes all gross revenue recognition and related billing activity of the Company. As a matter of process, all net revenue recognized is initially reflected as an unbilled receivable and subsequently billed to customers, as applicable, including net revenue for all of software and a portion of devices within the Operations Optimization segment, although they are billed at the time of recognition. Deferred Revenue Billing practices are governed by the terms of each contract based upon achievement of milestones or pre-agreed schedules. Billing does not necessarily correlate with revenue recognized on a proportionate basis as work is performed and control is transferred to the customer. Deferred revenue represents cash received in excess of revenue not yet recognized as of the reporting period, but will be recognized in future periods. The following table is a summary of deferred revenues (in thousands): December 31, 2020 2019 New Venture $ 2,169 $ 1,956 Imaging and Reservoir Services 665 1,501 Devices 48 452 Optimization Software & Services 766 642 Total $ 3,648 $ 4,551 The changes in deferred revenues were as follows (in thousands): Deferred revenue at December 31, 2019 $ 4,551 Cash collected in excess of revenue recognized 4,243 Recognition of deferred revenue (a) (5,146) Deferred revenue at December 31, 2020 $ 3,648 (a) The majority of deferred revenue recognized relates to Company’s Ventures group. The Company expects to recognize a majority of deferred revenue within the next twelve months. Credit Risks In 2020, the Company had two customers with sales that exceeded 10% of the consolidated net revenues. Revenues related to these customer are included within the E&P Technology & Services segment. In 2019, the Company had one customer with sales that exceeded 10% of the consolidated net revenues. In 2018, the Company had two customers with sales that exceeded 10% of the consolidated net revenues. Revenues related to these customer are included within the E&P Technology & Services segment. At December 31, 2020, the Company had three customers with balances that, combined, accounted for 51% of the Company’s total combined accounts receivable and unbilled receivable balances. At December 31, 2019, the Company had two customers with a balance that accounted for 29% of the Company’s total combined accounts receivable and unbilled receivable balances. The Company routinely evaluates the financial stability and creditworthiness of its customers. The Company has a corporate credit policy that is intended to minimize the risk of financial loss due to a customer’s inability to pay. Credit coverage decisions for customers are based on references, payment histories, financial and other data. The Company utilizes a third party trade credit insurance policy. The Company has historically not extended long-term credit to its customers. Concentration of Foreign Sales Risk The majority of the Company’s foreign sales are denominated in U.S. dollars. For 2020, 2019 and 2018, international sales comprised 92%, 84% and 89%, respectively, of total net revenues. The volatility in oil prices resulting from COVID-19 have impacted the global market throughout 2020. To the extent that world events or economic conditions negatively affect the Company’s future sales to customers in many regions of the world, as well as the collectability of the Company’s existing receivables, the Company’s future results of operations, liquidity and financial condition would be adversely affected. |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | (5) Long-term Debt The following is a summary of long-term debt and lease obligation (in thousands): December 31, 2020 2019 Senior secured second-priority lien notes (maturing December 15, 2021) $ 120,569 $ 120,569 Revolving credit facility (maturing August 16, 2023) (a) 22,500 — Equipment finance leases (see Footnote 14) 734 1,869 Other debt 905 972 Costs associated with issuances of debt (977) (1,951) Total 143,731 121,459 Current maturities of long-term debt (143,731) (2,107) Long-term debt, net of current maturities $ — $ 119,352 (a) The maturity of the revolving credit facility will accelerate if the Company is unable to repay or extend the maturity of the Existing Second Lien Notes (see detailed discussion below in “Revolving Credit Facility”). Existing Second Lien Notes At December 31, 2020, ION Geophysical Corporation’s had $120.6 million in aggregate principal amount outstanding of its 9.125% Senior Secured Second Priority Notes, which mature on December 15, 2021 (the “Existing Second Lien Notes”). The Existing Second Lien Notes are senior secured second-priority obligations guaranteed by the Material U.S. Subsidiaries and the Mexican Subsidiary (each as defined above and herein below, with the reference to the Existing Second Lien Notes, the “Guarantors”). Interest on the Existing Second Lien Notes is payable semiannually in arrears on June 15 and December 15 of each year during their term, except that the interest payment otherwise payable on June 15, 2021 will be payable on December 15, 2021. The April 2016 indenture governing the Existing Second Lien Notes contains certain covenants that, among other things, limits or prohibits ION Geophysical Corporation’s ability and the ability of its restricted subsidiaries to take certain actions or permit certain conditions to exist during the term of the Existing Second Lien Notes, including among other things, incurring additional indebtedness in excess of permitted indebtedness, creating liens, paying dividends and making other distributions in respect of ION Geophysical Corporation’s capital stock, redeeming ION Geophysical Corporation’s capital stock, making investments or certain other restricted payments, selling certain kinds of assets, entering into transactions with affiliates, and effecting mergers or consolidations. These and other restrictive covenants contained in the Existing Second Lien Notes Indenture are subject to certain exceptions and qualifications. All of ION Geophysical Corporation’s subsidiaries are currently restricted subsidiaries. At December 31, 2020, the Company was in compliance with all of the covenants under the Existing Second Lien Notes. On or after December 15, 2019, the Company may, on one or more occasions, redeem all or a part of the Existing Second Lien Notes at the redemption prices set forth below, plus accrued and unpaid interest and special interest, if any, on the Existing Second Lien Notes redeemed during the twelve-month period beginning on December 15th of the years indicated below: Date Percentage 2020 103.5 % 2021 100.0 % The Company entered into a Restructuring Support Agreement with holders of the Existing Second Lien Notes representing approximately 92% of the aggregate principal amount outstanding under our Existing Second Lien Notes, in connection with the Restructuring Transactions as further discussed in Footnote 1 “Summary of Significant Accounting Policies.” Revolving Credit Facility On August 16, 2018, ION and its material U.S. subsidiaries — GX Technology Corporation, ION Exploration Products (U.S.A.), Inc. and I/O Marine Systems, Inc. (the “Material U.S. Subsidiaries”) — along with GX Geoscience Corporation, S. de R.L. de C.V., a limited liability company (Sociedad de Responsibilidad Limitada de Capital Variable) organized under the laws of Mexico, and a subsidiary of the Company (the “Mexican Subsidiary”), (the Material U.S. Subsidiaries and the Mexican Subsidiary are collectively, the “Subsidiary Borrowers”, together with ION Geophysical Corporation are the “Borrowers”) — the financial institutions party thereto, as lenders, and PNC, as agent for the lenders, entered into that certain Third Amendment and Joinder to Revolving Credit and Security Agreement (the “Third Amendment”), amending the Revolving Credit and Security Agreement, dated as of August 22, 2014 (as previously amended by the First Amendment to Revolving Credit and Security Agreement, dated as of August 4, 2015 and the Second Amendment to Revolving Credit and Security Agreement, dated as of April 28, 2016, the “Credit Agreement”). The Credit Agreement, as amended by the First Amendment, the Second Amendment and the Third Amendment is herein called, the “Credit Facility”). The Credit Facility is available to provide for the Borrowers’ general corporate needs, including working capital requirements, capital expenditures, surety deposits and acquisition financing. The Credit Facility matures on August 16, 2023 and is subject to the Company’s retirement or extension of the maturity date of the Existing Second Lien Notes. If by September 15, 2021 the Company has not (1) repaid the Existing Second Lien Notes, (2) extended the maturity of the Existing Second Lien Notes to a date not earlier than October 31, 2023, or (3) submitted a written proposal to PNC summarizing its plan to either repay or extend the Existing Second Lien Notes that has been approved by PNC, then the Credit Facility shall immediately become due and payable on such date. If the written proposal is submitted and approved by PNC by September 15, 2021, but if the Company is unable to execute the approved proposal on or before October 31, 2021, the Credit Facility shall immediately become due and payable on such date. The Company also entered into the PNC Restructuring Support Agreement that will allow the Company, among others, to consummate and implement the Restructuring Transactions and waive any going concern event of default that would otherwise occur under the Company’s Credit Facility. The maximum interest rate in the Credit Facility is 3% per annum for domestic rate loans and 4% per annum for LIBOR rate loans with a minimum interest rate of 2% for domestic rate loans and 3% for LIBOR rate loans based on a leverage ratio for the preceding four-quarter period. The terms include a minimum excess borrowing availability threshold (excess borrowing availability less than $6.25 million for five consecutive days or $5.0 million on any given day), which (if the Borrowers have minimum excess borrowing availability below any such threshold) triggers the agent’s right to exercise dominion over cash and deposit accounts. The maximum amount available under the Credit Facility is the lesser of $50.0 million or a monthly borrowing base. The borrowing base under the Credit Facility will increase or decrease monthly using a formula based on certain eligible receivables, eligible inventory and other amounts, including a percentage of the net orderly liquidation value of the Borrowers’ multi-client data library (not to exceed $28.5 million for the multi-client data library component). The borrowing base calculation includes the eligible billed receivables of the Mexican Subsidiary up to a maximum of $5.0 million. At December 31, 2020, there was $22.5 million outstanding indebtedness under the Credit Facility and the undrawn remaining borrowing base capacity was $7.4 million. The obligations of Borrowers under the Credit Facility are secured by a first-priority security interest in 100% of the stock of the Subsidiary Borrowers and 65% of the equity interest in ION International Holdings L.P. and by substantially all other assets of the Borrowers. However, the first-priority security interest in the other assets of the Mexican Subsidiary is capped to a maximum exposure of $5.0 million. The Credit Facility contains covenants that, among other things, limit or prohibit the Borrowers, subject to certain exceptions and qualifications, from incurring additional indebtedness in excess of permitted indebtedness (including finance lease obligations), repurchasing equity, paying dividends or distributions, granting or incurring additional liens on the Borrowers’ properties, pledging shares of the Borrowers’ subsidiaries, entering into certain merger transactions, entering into transactions with the Company’s affiliates, making certain sales or other dispositions of the Borrowers’ assets, making certain investments, acquiring other businesses and entering into sale-leaseback transactions with respect to the Borrowers’ property. The Credit Facility contains customary event of default provisions (including a “change of control” event affecting ION Geophysical Corporation), the occurrence of which could lead to an acceleration of the Company’s obligations under the Credit Facility. The Credit Facility requires that the Borrowers maintain a minimum fixed charge coverage ratio of 1.1 to 1.0 as of the end of each fiscal quarter during the existence of a covenant testing trigger event. The fixed charge coverage ratio is defined as the ratio of (i) ION’s earnings before interest, taxes, depreciation and amortization (“EBITDA”), minus unfunded capital expenditures made during the relevant period, minus distributions (including tax distributions) and dividends made during the relevant period, minus cash taxes paid during the relevant period, to (ii) certain debt payments made during the relevant period. A covenant testing trigger event occurs upon (a) the occurrence and continuance of an event of default under the Credit Facility or (b) by a two-step process based on (i) a minimum excess borrowing availability threshold (excess borrowing availability less than $6.25 million for five consecutive business days or $5.0 million on any given business day), and (ii) the Borrowers’ unencumbered cash maintained in a PNC deposit account is less than the Borrowers’ then outstanding obligations. At December 31, 2020, the Company was in compliance with all of the covenants under the Credit Facility. |
Note 6 - Government Relief Fund
Note 6 - Government Relief Funding | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | (6) Government Relief Funding On April 11, 2020, the Company entered into a Note Agreement with PNC amounting to $6.9 million pursuant to the Coronavirus Aid, Relief, and Economic Security Act’s (“CARES Act”) Paycheck Protection Program (the “PPP Loan”). Amounts outstanding under the PPP Loan will bear interest at 1% per annum as of the date of disbursement. Interest will be calculated based on the actual number of days that principal is outstanding over a year of 360 days. The PPP Loan matures in two years after the receipt of the loan proceeds. During fourth quarter 2020, the Company applied to PNC for forgiveness of the amount due on the PPP Loan in an amount based on the sum of the following costs incurred by the Company’s U.S. operations during the 24-week period beginning on the date of first disbursement (For payroll costs, it is beginning on the date of the first pay period following disbursement. For non-payroll costs, it is beginning on the date of first disbursement.) of the PPP Loan: (a) payroll costs; (b) any payment on a covered rent obligation; and (c) any covered utility payment. The amount of forgiveness shall be calculated (and may be reduced) in accordance with the requirements of the Paycheck Protection Program, including the provisions of Section 1106 of the CARES Act. The forgiveness amount will be subject to the Small Business Administration’s review. Any outstanding principal amount under the PPP Loan that is not forgiven shall convert to an amortizing term loan. The Company recognized the PPP Loan following the government grant accounting by analogy to International Accounting Standards (“IAS”) 20, “Accounting for Government Grants and Disclosure of Government Assistance” (“IAS 20”). In accordance with IAS 20, a deferred income liability is recognized for the principal amount estimated to be forgiven and is amortized to other income on a systematic and rational basis. Any outstanding principal amount not expected to be forgiven is recognized as other debt. As the Company expects that the full amount of the PPP Loan will be forgiven, the entire $6.9 million was recognized as a deferred income liability during second quarter and fully amortized to other income in the consolidated statements of operations during the year, as the related expenses it was intended to offset were incurred from April 2020 to June 2020. If, despite the Company’s good-faith belief that given its circumstances the Company satisfied all eligible requirements for the PPP Loan, the Company is later determined to have not been in compliance with these requirements or it is otherwise determined that it was ineligible to receive the PPP Loan, the Company may be required to repay the PPP Loan in its entirety and/or be subject to additional penalties. |
Note 7 - Net Loss per Common Sh
Note 7 - Net Loss per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (7) Net Loss per Common Share Basic net loss per share is computed by dividing net loss attributable to ION by the weighted average number of common shares outstanding during the period. In computing diluted net income per share, basic net loss per share is adjusted based on the assumption that dilutive restricted stock and restricted stock unit awards have vested and outstanding dilutive stock options have been exercised and the aggregate proceeds were used to reacquire common stock using the average price of such common stock for the period. The total number of shares issuable pursuant to outstanding stock options at December 31, 2020, 2019 and 2018 were 533,320, 689,209 and 785,890, respectively, were excluded as their inclusion would have an anti-dilutive effect. The total number of shares issuable pursuant to restricted stock unit awards outstanding at December 31, 2020, 2019 and 2018 were 732,707, 908,754 and 1,044,125, respectively, were excluded as their inclusion would have an anti-dilutive effect. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (8) Income Taxes The sources of income (loss) before income taxes are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Domestic $ (32,705) $ (85,278) $ (59,212) Foreign 11,209 46,128 (8,468) Total $ (21,496) $ (39,150) $ (67,680) Components of income taxes are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Current: Federal $ (8) $ — $ — State and local (36) 2 65 Foreign 7,113 10,002 8,905 Deferred: Federal — — (346) Foreign 8,547 (1,940) (5,906) Total income tax expense $ 15,616 $ 8,064 $ 2,718 A reconciliation of the expected income tax expense on income (loss) before income taxes using the statutory federal income tax rate of 21% to income tax expense follows (in thousands): Years Ended December 31, 2020 2019 2018 Expected income tax expense at 21% $ (4,514) $ (8,222) $ (14,213) Foreign tax rate differential (307) (1,996) 74 Foreign tax differences 2,128 (327) 4,703 Global intangible low tax income inclusion 1,296 7,310 3,443 State and local taxes (36) 2 65 Nondeductible expenses 134 865 1,604 Nontaxable PPP loan forgiveness (1,454) — — Valuation allowance on operations 18,369 10,432 7,042 Total income tax expense $ 15,616 $ 8,064 $ 2,718 The tax effects of the cumulative temporary differences resulting in the net deferred income tax asset (liability) are as follows (in thousands): December 31, 2020 2019 Deferred income tax assets: Accrued expenses $ 1,326 $ 1,588 Allowance accounts 6,560 6,161 Net operating loss carryforward 115,254 105,844 Equity method investment 35,292 35,292 Original issue discount 3,287 6,000 Interest limitation 14,645 10,132 Basis in identified intangibles 5,499 7,090 Tax credit carryforwards 4,733 5,070 Other 3,585 4,443 Total deferred income tax asset 190,181 181,620 Valuation allowance (189,306) (170,937) Net deferred income tax asset 875 10,683 Deferred income tax liabilities: Unbilled receivables (875) (1,949) Total deferred income tax asset, net $ — $ 8,734 A valuation allowance is established or maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. Based on all available positive and negative evidence, the Company believed that it is more likely than not that the Company’s deferred tax assets will not be realized. A significant item of objectively verifiable negative evidence is the substantial doubt that the Company will continue as a going concern within the next twelve months. As a result of this substantial doubt at December 31, 2020, the Company established a valuation allowance of $8.5 million on its net deferred tax assets of certain foreign subsidiaries. The Company will continue to record a valuation allowance until there is sufficient evidence to warrant reversal, including the removal of the substantial doubt that the Company will continue as a going concern. In response to the global pandemic related to COVID-19, the President of the United States signed into law the CARES Act on March 27, 2020. The CARES Act provides numerous relief provisions for corporate taxpayers, including modifications of the utilization limitations on net operating losses, favorable expansions of the deduction for business interest expense under Internal Revenue Code Section 163(j), and the ability to accelerate timing of refundable AMT credits. For the year ended December 31, 2020, there were no material tax impacts to the consolidated financial statements as it relates to COVID-19 measures. The Company received $0.8 million of AMT credit refund for the year ended December 31, 2020. The Company continues to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Services (“IRS”) and others. At December 31, 2020, the Company had U.S. net operating loss carryforwards of approximately $346.0 million, expiring in 2034 and beyond, and net operating loss carryforwards outside of the U.S. of approximately $169.5 million, the majority of which expires beyond 2025. At December 31, 2020, the Company has approximately $0.4 million of unrecognized tax benefits and does not expect to recognize any significant increases in unrecognized tax benefits during the next twelve-month period. Interest and penalties, if any, related to unrecognized tax benefits are recorded in income tax expense. During 2020, 2019 and 2018, the aggregate changes in the Company’s total gross amount of unrecognized tax benefits are summarized as follows (in thousands): Years Ended December 31, 2020 2019 2018 Beginning balance $ 447 $ 447 $ 447 Increases in unrecognized tax benefits – current year positions — — — Decreases in unrecognized tax benefits – prior year position — — — Ending balance $ 447 $ 447 $ 447 The Company’s U.S. federal tax returns for 2017 and subsequent years remain subject to examination by tax authorities. The Company is no longer subject to IRS examination for periods prior to 2017, although carryforward attributes that were generated prior to 2017 may still be adjusted upon examination by the IRS if they either have been or will be used in a future period. In the Company’s foreign tax jurisdictions, tax returns for 2015 and subsequent years generally remain open to examination. At December 31, 2020, as a result of the going concern conclusion, the Company was no longer able to assert the permanent reinvestment of the undistributed earnings of its foreign subsidiaries. No additional tax liability was required to be accrued as the foreign subsidiary earnings and equity could be remitted to the United States without incurring incremental tax. |
Note 9 - Litigations
Note 9 - Litigations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | (9) Litigations WesternGeco Settlement On April 7, 2020, the Company entered into a settlement agreement with WesternGeco L.L.C. (“WesternGeco”) that ended the ongoing litigation. Pursuant to the settlement agreement, WesternGeco granted the Company a license to the underlying patents, lifted the injunction that prevented the Company from manufacturing DigiFIN®in the United States and, on April 13, 2020, the District Court permanently dismissed the pending lawsuit. In exchange, the Company agreed to pay WesternGeco a settlement based on future revenues from the Company’s multi-client data library, consisting of (1) small percentage of 2D multi-client data library sales for a ten - year period, and (2) the transfer of a majority of the Company’s future revenue share relating to the parties’ existing joint multi-client reimaging programs offshore Mexico. Background In June 2009, WesternGeco filed a lawsuit against the Company in the United States District Court for the Southern District of Texas (the “District Court”). In the lawsuit, styled WesternGeco L.L.C. v. ION Geophysical Corporation, WesternGeco alleged that the Company had infringed four of their patents concerning marine seismic surveys. Trial began in July 2012, and the jury returned a verdict in August 2012. The jury found that the Company infringed the six “claims” contained in four of WesternGeco’s patents by supplying the Company’s DigiFIN lateral streamer control units from the United States. (In patent law, a “claim” is a technical legal term; an infringer infringes on one or more “claims” of a given patent.) In May 2014, the District Court entered a Final Judgment against the Company in the amount of $123.8 million. The Final Judgment also enjoined the Company from supplying DigiFINs or any parts unique to DigiFINs in or from the United States. As of 2018, the Company had paid WesternGeco the $25.8 million of the Final Judgment (the portion of the judgment representing reasonable royalty damages and enhanced damages, plus interest). The balance of the judgment against the Company ($98.0 million ), representing lost profits from surveys performed by the Company’s customers outside of the United States, plus interest) was vacated by the United States Court of Appeals for the Federal Circuit (the award of lost profit damages was vacated because the Patent Trial and Appeal Board of the Patent and Trademark Office invalidated four of the five patent claims that could have supported an award of lost profit), and a new trial ordered, to determine what lost profit damages, if any, WesternGeco was entitled to. As noted above, the lawsuit has been dismissed in accordance with the parties’ settlement agreement. Other Litigation In July 2018, the Company prevailed in an arbitration that it initiated against the Indian Directorate General of Hydrocarbons (“DGH”) relating to the Company’s ability to continue to license data under the Company’s IndiaSPAN program. The DGH filed a lawsuit in court in India to vacate the arbitration award; in connection with that lawsuit, the Company was ordered to escrow approximately $4.5 million in sales proceeds that it had received in respect of sales from the IndiaSPAN program, pending the outcome of the DGH’s challenge to the arbitration award. The Company challenged the escrow order, but on December 9, 2019, the Supreme Court of India ordered the Company to comply with it. The Company prepared a petition to file with the court to request that a March 2020 deadline to deposit approximately $4.5 million in escrow in early 2020 be extended due to the changes to the Company’s business, and to the markets, that have been spurred by the COVID-19 pandemic. The Company was unable to file the application because the courts in India were closed due to the pandemic (other than for emergencies), and were not accepting filings at that time. The Company served a copy of its draft petition on the DGH’s counsel and intends to file it, or an amended application, in advance of the next hearing, which has been repeatedly delayed due to the COVID-19 pandemic. The Company prevailed on the merits in the arbitration and expects to have that award upheld in Indian court, which would result in release of the Company’s portion of any money escrowed by the Company. The DGH’s request to vacate the arbitration award is currently scheduled to be heard by the court in India on March 5, 2021. The Company has not escrowed the money as of December 31, 2020. |
Note 10 - Details of Selected B
Note 10 - Details of Selected Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | (10) Details of Selected Balance Sheet Accounts Accounts Receivable A summary of accounts receivable follows (in thousands): December 31, 2020 2019 Accounts receivable, principally trade $ 10,458 $ 29,548 Less: allowance for expected credit losses(a) (2,413) — Accounts receivable, net $ 8,045 $ 29,548 (a) Allowance for expected credit losses primarily relates to two customers with outstanding receivable balance determined to be uncollectible in the fourth quarter of 2020. Inventories A summary of inventories follows (in thousands): December 31, 2020 2019 Raw materials and purchased subassemblies $ 18,638 $ 18,509 Work-in-process 1,218 2,079 Finished goods 4,417 4,932 Less: reserve for excess and obsolete inventories (13,006) (13,333) Inventories, net $ 11,267 $ 12,187 Total excess and obsolete inventory expense for 2020, 2019 and 2018 was $0.4 million, $0.5 million and $0.7 million, respectively. Property, Plant and Equipment A summary of property, plant and equipment follows (in thousands): December 31, 2020 2019 Buildings $ 15,675 $ 15,486 Machinery and equipment 120,949 133,048 Seismic rental equipment 2,003 1,669 Furniture and fixtures 3,172 3,347 Other (a) 30,287 31,142 Total 172,086 184,692 Less: accumulated depreciation (126,022) (134,951) Less: impairment of long-lived assets (36,553) (36,553) Property, plant, equipment and seismic rental equipment, net $ 9,511 $ 13,188 (a) Consists primarily of cable-based ocean bottom acquisition technologies that were fully impaired. Total depreciation expense, including amortization of assets recorded under equipment finance leases, for 2020, 2019 and 2018 was $3.8 million, $3.1 million and $7.6 million, respectively. For 2020 and 2019, the Company did not recognize any impairment. Multi-Client Data Library At December 31, 2020 and 2019, multi-client data library costs and accumulated amortization consisted of the following (in thousands): December 31, 2020 2019 Gross costs of multi-client data creation $ 1,021,758 $ 1,007,762 Less: accumulated amortization (838,700) (816,401) Less: impairments to multi-client data library (132,144) (130,977) Multi-client data library, net $ 50,914 $ 60,384 Total amortization expense for 2020, 2019 and 2018 was $22.3 million, $39.5 million and $49.0 million, respectively. For 2020 and 2019, the Company wrote down its multi-client data library by $1.2 million and $9.1 million, respectively, for programs with capitalized costs exceeding the remaining sales forecast. Accrued Expenses A summary of accrued expenses follows (in thousands): December 31, 2020 2019 Compensation, including compensation-related taxes and commissions $ 8,923 $ 15,218 Accrued multi-client data library acquisition costs 1,622 4,219 Income tax payable 3,512 5,367 Other 2,306 5,524 Total $ 16,363 $ 30,328 |
Note 11 - Goodwill
Note 11 - Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | (11) Goodwill Changes in the carrying amount of goodwill for 2020 and 2019 are as follows (in thousands): E&P Technology & Services Optimization Software & Services Total Balance at January 1, 2019 $ 2,943 $ 19,972 $ 22,915 Impact of foreign currency translation adjustments — 670 670 Balance at December 31, 2019 2,943 20,642 23,585 Impairment of goodwill — (4,150) (4,150) Impact of foreign currency translation adjustments — 130 130 Balance at December 31, 2020 $ 2,943 $ 16,622 $ 19,565 The Company, following the qualitative consideration, assessed the relevant events and circumstances in evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. During the first quarter of 2020, markets for oil and gas, as well as other commodities and equities, experienced significant volatility and price declines amid concerns over the economic effects of the COVID-19 pandemic. As a result, the Company’s stock price experienced a significant decline. Based on these facts, the Company performed a goodwill impairment test at March 31, 2020 to determine if it was more likely than not that the fair value of certain reporting units was less than their carrying value. The Company, following the quantitative consideration, compared the fair value of each reporting unit against its carrying value. If the carrying value of the reporting unit exceeds the fair value, an impairment loss shall be recognized in an amount equal to that excess. The fair value of each reporting unit at March 31, 2020 was determined using a discounted cash flow model. The Company utilized a discount rate of 19% for both reporting units. The Company used reasonable assumptions based on historical data supplemented by anticipated market conditions and estimated growth rates. However, given the uncertainty in determining the assumptions underlying a discounted cash flow analysis, actual results may differ which could result in additional impairment charges in the future. As a result of this assessment, the Company recorded an impairment charge of $4.2 million for the year ended December 31, 2020 related to its Optimization Software & Services reporting unit, which is included within the Operations Optimization segment. No impairment charge was recognized for the E&P Technology Services reporting unit for the year ended December 31, 2020. |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity and Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | (12) Stockholders’ Equity and Stock-based Compensation Stock Option Plans The Company has adopted stock option plans for eligible employees, directors and consultants, which provide for the granting of options to purchase shares of common stock. The options under these plans generally vest in equal annual installments over a four-year period and have a term of ten years . These options are typically granted at pre-established quarterly grant dates with an exercise price per share equal to or greater than the current market price and, upon exercise, are issued from the Company’s unissued common shares. Transactions under the stock option plans are summarized as follows: Option Price per Share Outstanding Vested Available for Grant January 1, 2018 3.100 – 245.8585 890,341 435,278 488,403 Increase in shares authorized — — — 1,200,000 Granted 24.50 10,000 — (10,000) Vested — — 153,944 — Exercised 3.10 (70,086) (70,086) — Cancelled/forfeited 3.10 – 245.85 (44,365) (44,231) 2,568 Restricted stock granted out of option plans — — — (996,775) Vested restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans — — — 48,524 December 31, 2018 3.100 – 151.3535 785,890 474,905 732,720 Granted 6.79 – 8.43 20,000 — (20,000) Vested — — 167,991 — Exercised 3.10 (86,900) (86,900) — Cancelled/forfeited 13.15 – 107.85 (29,781) (22,281) 10,799 Restricted stock granted out of option plans — — — (157,155) Vested restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans — — — 170,254 December 31, 2019 3.100 – 151.3535 689,209 533,715 736,618 Granted — — — — Vested — — 96,497 — Exercised 3.10 (5,000) (5,000) — Cancelled/forfeited 3.10-107.85 (150,889) (140,889) 76,460 Restricted stock granted out of option plans — — — (67,500) Vested restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans — — — 139,700 December 31, 2020 3.100 – 151.3535 533,320 484,323 885,278 Stock options outstanding at December 31, 2020 are summarized as follows: Option Price per Share Outstanding Weighted Average Exercise Price of Outstanding Options Weighted Average Remaining Contract Life (years) Vested Weighted Average Exercise Price of Vested Options 3.10 – 57.90 386,123 $ 17.70 6.3 337,126 $ 18.30 61.05 – 71.85 53,835 $ 61.19 2.9 53,835 $ 61.19 81.60 – 99.60 75,030 $ 89.31 1.8 75,030 $ 89.31 106.05 – 151.35 18,332 $ 110.17 0.4 18,332 $ 110.17 Totals 533,320 $ 35.34 4.8 484,323 $ 37.54 Additional information related to the Company’s stock options follows: Number of Shares Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (000’s) Total outstanding at January 1, 2020 689,209 $ 37.78 5.5 $ 1,071 Options granted — $ — $ — Options exercised (5,000) $ 3.10 Options cancelled (10,000) $ 6.79 Options forfeited (140,889) $ 50.43 Total outstanding at December 31, 2020 533,320 $ 35.34 4.8 $ — Options exercisable and vested at December 31, 2020 484,323 $ 37.54 4.8 $ — The total intrinsic value of options exercised during 2020, 2019 and 2018 was less than $0.1 million, $0.6 million and $1.4 million, respectively. Cash received from option exercises under all share-based payment arrangements for 2020, 2019 and 2018 was less than $0.1 million, $0.1 million, and $0.2 million, respectively. The weighted average grant date fair value for stock option awards granted during 2020, 2019 and 2018 was zero , $4.91 and $15.23 per share, respectively. The Company calculated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model. The following assumptions were used for each respective period: Years Ended December 31, 2020 2019 2018 Risk-free interest rates — % 2.78 % 2.78 % Expected lives (in years) 0.0 5.0 5.0 Expected dividend yield — % — % — % Expected volatility — % 73.67 % 73.67 % The computation of expected volatility was based on an equally weighted combination of historical volatility and market-based implied volatility. Historical volatility was calculated from historical data for a period of time approximately equal to the expected term of the option award, starting from the date of grant. Market-based implied volatility was derived from traded options on the Company’s common stock having a term of six months . The Company’s computation of expected life was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The risk-free interest rate assumption is based upon the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Restricted Stock and Restricted Stock Unit Plans On November 30, 2018, the Company’s stockholders approved certain amendments to the Company’s Second Amended and Restated 2013 Long-term Incentive Plan (the “2013 LTIP”) including increasing the total number of shares of common stock available for issuance under the 2013 LTIP by 1.2 million shares, for a total of approximately 1.7 million shares, eliminating the restriction on the number of shares in the 2013 LTIP that can be issued as full value awards and certain other technical updates and clarifications related to Section 162(m) of the internal revenue code, as amended. The Company has issued restricted stock and restricted stock units under the Company’s 2013 LTIP, as amended and other applicable plans. Restricted stock units are awards that obligate the Company to issue a specific number of shares of common stock in the future if continued service vesting requirements are met. Non-forfeitable ownership of the common stock will vest over a period as determined by the Company in its sole discretion, generally in equal annual installments over a three-year period. Shares of restricted stock awarded may not be sold, assigned, transferred, pledged or otherwise encumbered by the grantee during the vesting period. On December 1, 2018, the Company issued 900,002 restricted stocks to selected employees with a grant date fair value $7.19, $6.51 and $5.89 for each of the tranches. The vesting of these restricted stocks is achieved through both a market condition and a service condition. The market condition is achieved, in part or in full, in the event that during the three-year period beginning on the date of grant the 20-day trailing volume-weighted average price of a share of common stock reaches or exceeds (i) $17.50 for the first 1/3 of the awards, (ii) $22.50 for the second 1/3 of the awards, and (iii) $27.50 for the final 1/3 of the awards. The service condition restricts the ability of the holders to exercise awards until certain service milestones have been reached such that (i) no more than 1/3 of the awards may be exercised, if vested, on and after the first anniversary of the date of grant, (ii) no more than 2/3 of the awards may be exercised, if vested, on and after the second anniversary of the date of grant and (iii) all of the awards may be exercised, if vested, on and after the third anniversary of the date of grant. The status of the Company’s restricted stock and restricted stock unit awards for 2020 follows: Number of Shares/Units Total nonvested at January 1, 2020 908,754 Granted 67,500 Vested (151,346) Forfeited (92,201) Total nonvested at December 31, 2020 732,707 At December 31, 2020, 2019 and 2018, the intrinsic value of restricted stock and restricted stock unit awards was approximately $1.8 million, $7.9 million and $5.4 million, respectively. The weighted average grant date fair value for restricted stock and restricted stock unit awards granted during 2020, 2019 and 2018 was $3.27, $7.98 and $10.60 per share, respectively. The total fair value of shares vested during 2020, 2019 and 2018 was $0.4 million, $2.1 million and $3.8 million, respectively. Stock Appreciation Rights Plan The Company has adopted a stock appreciation rights plan which provides for the award of stock appreciation rights (“SARs”) to directors and selected key employees and consultants. The awards under this plan are subject to the terms and conditions set forth in agreements between the Company and the holders. The exercise price per SAR is not to be less than one hundred percent of the fair market value of a share of common stock on the date of grant of the SAR. The term of each SAR shall not exceed ten years from the grant date. Upon exercise of a SAR, the holder shall receive a cash payment in an amount equal to the spread specified in the SAR agreement for which the SAR is being exercised. In no event will any shares of common stock be issued, transferred or otherwise distributed under the plan. On December 1, 2018, the Company issued 960,009 SARs awards to selected employees with an exercise price of $8.85 (“2018 SARs”). None of these 2018 SARs were awarded to non-employee directors. The 2018 SARs have the same service and market vesting conditions as the restricted stocks issued on December 1, 2018, as described above. The maximum value of each 2018 SARs is capped at $18.65 (the spread between the share price cap of $27.50 and the $8.85 per award price). At December 31, 2020, there were 617,912 2018 SARs outstanding and unvested. The 2018 SARs are considered liability awards and as such, these amounts are incrementally accrued in the liability section of the consolidated balance sheets. The Company calculated the fair value of each 2018 SARs award using the following assumptions: Years Ended December 31, 2020 2019 Risk-free interest rates 0.7 % 1.9 % Expected lives (in years) 5.31 5.31 Expected dividend yield — % — % Expected volatility 94.7 % 79.0 % On March 1, 2016, the Company issued 1,210,000 SARs awards to 15 selected key employees with an exercise price of $3.10 (“2016 SARs”). None of these 2016 SARs were awarded to non-employee directors. The vesting of these 2016 SARs is achieved through both a market condition and a service condition. The market condition is achieved, in part or in full, in the event that during the four-year period beginning on the date of grant the 20-day trailing volume-weighted average price of a share of common stock is (i) greater than 120% of the exercise price for the first 1/3 of the awards, (ii) greater than 125% of the exercise price for the second 1/3 of the awards and (iii) greater than 130% of the exercise price for the final 1/3 of the awards. The service condition restricts the ability of the holders to exercise awards until certain service milestones have been reached such that (i) no more than 1/3 of the awards may be exercised, if vested, on and after the first anniversary of the date of grant, (ii) no more than 2/3 of the awards may be exercised, if vested, on and after the second anniversary of the date of grant and (iii) all of the awards may be exercised, if vested, on and after the third anniversary of the date of grant. The maximum value of each 2016 SARs is capped at $19.40 (the spread between the share price cap of $22.50 and the $3.10 per award price). At December 31, 2020, there were 136,670 2016 SARs outstanding and vested. On December 13, 2017, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company authorized and approved the acceleration of the vesting date to December 13, 2017 for the second tranche of the Company’s outstanding 2016 SARs. The second tranche of the 2016 SARs awards was originally scheduled to vest on March 1, 2018. The vesting of the second tranche of the 2016 SARs awards was accelerated to facilitate the exercise by the 2016 SARs participants, if they so choose, of a larger portion of the 2016 SARs awards prior to year-end, as such an exercise would minimize the potential cash flow impact of any such exercise in the first quarter of 2018, would mitigate the ongoing mark to market accounting requirements for cash-settled 2016 SARs, and would afford the 2016 SARs participants liquidity to invest in common stock of the Company to further align their interests with those of the Company’s stockholders. Participants exercised 663,330 SARs awards at a $9.95 gain per share. The 2016 SARs are considered liability awards and as such, these amounts are incrementally accrued in the liability section of the consolidated balance sheets. The Company calculated the fair value of each 2016 SARs award on the date of grant and remeasured at each reporting period. The 2016 SARs awards are measured at intrinsic value (i.e. the difference between the market price on the last day of the quarter and the strike price of the awards multiply by the number of awards vested) and marked to market each quarter until settled. Additional information related to the Company’s SARs follows: Number of Shares Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (000’s) Total outstanding at January 1, 2018 565,864 $ 13.49 SARs granted 960,009 $ 8.85 $ 8.85 SARs exercised (34,999) $ 3.10 SARs forfeited (9,333) $ 45.00 Total outstanding at December 31, 2018 1,481,541 $ 10.53 SARs exercised (158,334) $ 3.10 SARs cancelled (368,528) $ 20.99 Total outstanding at December 31, 2019 954,679 $ 7.73 SARs exercised — $ — SARs cancelled (150,097) $ 8.85 SARs forfeited (50,000) $ 3.10 Total outstanding at December 31, 2020 754,582 $ 7.81 6.6 $ — SARs exercisable and vested at 177,665 $ 4.43 6.6 $ — Stock-based Compensation Expense The following tables summarizes stock-based compensation expense for 2020, 2019 and 2018 as follows (in thousands): Years Ended December 31, 2020 2019 2018 Stock-based compensation expense $ 2,043 $ 4,701 $ 3,337 Tax benefit related thereto (421) (972) (698) Stock-based compensation expense, net of tax $ 1,622 $ 3,729 $ 2,639 Years Ended December 31, 2020 2019 2018 Stock appreciation rights (credit) expense $ (2,493) $ 2,910 $ 822 Tax (benefit) expense related thereto 523 (611) (173) Stock appreciation rights (credit) expense, net of tax $ (1,970) $ 2,299 $ 649 |
Note 13 - Supplemental Cash Flo
Note 13 - Supplemental Cash Flow Information and Non-cash Activity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | (13) Supplemental Cash Flow Information and Non-Cash Activity Supplemental disclosure of cash flow information follows (in thousands): Years Ended December 31, 2020 2019 2018 Cash paid during the period for: Interest $ 12,520 $ 12,381 $ 12,463 Income taxes 8,156 11,065 3,260 Non-cash items from investing and financing activities: Purchase of computer equipment financed through capital leases — — 3,297 Investment in multi-client data library financed through trade payables — 6,649 4,956 The following table is a reconciliation of cash, cash equivalent and restricted cash: December 31, 2020 2019 2018 (In thousands) Cash and cash equivalents $ 37,486 $ 33,065 $ 33,551 Restricted cash included in prepaid expenses and other current assets 2,327 53 — Restricted cash included in other long-term assets — — 303 Total cash, cash equivalents, and restricted cash shown in $ 39,813 $ 33,118 $ 33,854 |
Note 14 - Lease Obligations
Note 14 - Lease Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Finance and Operating Leases [Text Block] | (14) Lease Obligations The Company leases offices, processing centers, warehouse spaces and, to a lesser extent, certain equipment. These leases have remaining terms of 1 year to 10 years , some of which have options to extend for up to 10 years and/or options to terminate within 1 year . The options to renew are not recognized as part of the Company’s right-of-use assets and operating lease liabilities as the Company is not reasonably certain that it will exercise these options. In January 2020, the Company amended its existing Houston, Texas headquarters lease agreement by extending the lease term from September 30, 2023 to June 30, 2029 and surrendering back to the landlord floors for which the Company had previously vacated. In July 2020, the Company re-negotiated the above-mentioned lease agreement to modify the rent abatement period from October 2023 through February 2024 to July 2020 through March 2021. In May 2020, the Company amended its Houston data center lease agreement to reflect changes in the monthly base rent throughout the term of the lease and extend the lease term three months to December 2025. The execution of this amendment and the amendment to the Houston, Texas headquarters lease resulted in the Company obtaining rent relief of approximately $4.0 million. Total operating lease expense, including short-term lease expense was $11.0 million, $11.6 million and $12.3 million for 2020, 2019 and 2018, respectively. Future maturities of lease obligations follows (in thousands): Years Ending December 31, Operating Leases Finance Leases Total 2021 $ 8,956 $ 756 $ 9,712 2022 9,956 — 9,956 2023 9,723 — 9,723 2024 9,361 — 9,361 2025 9,612 — 9,612 Thereafter 14,119 — 14,119 Total lease payments $ 61,727 $ 756 $ 62,483 Less imputed interest (15,785) (22) (15,807) Total $ 45,942 $ 734 $ 46,676 The weighted average remaining lease term at December 31, 2020 and 2019 was 4.31 years and 4.71 years, respectively. The weighted average discount rate used to determine the operating lease liability at December 31, 2020 and 2019 was 6.34% and 6.47%, respectively. Supplemental cash flow information related to leases follows: Years Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating leases $ 8,530 $ 12,284 Equipment finance leases 1,135 1,069 Equipment Finance Leases The Company has entered into capital leases that are due in installments for the purpose of financing the purchase of computer equipment through August 2021. Interest accrues under these leases at a rate of 8.7% per annum, and the leases are collateralized by liens on the computer equipment. The assets are amortized over the lesser of their related lease terms or their estimated productive lives and such charges are reflected within depreciation expense. |
Note 15 - Fair Value of Financi
Note 15 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (15) Fair Value of Financial Instruments Authoritative guidance on fair value measurements defines fair value, establishes a framework for measuring fair value and stipulates the related disclosure requirements. The Company follows a three-level hierarchy, under which the fair value hierarchy prioritizes the inputs used to measure fair value. The three-tiered hierarchy is summarized as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Other significant observable inputs including quoted prices or other market data for similar assets and liabilities in active markets or quoted prices for identical or similar assets and liabilities in less active markets. Level 3 — Significant unobservable inputs that require significant judgment for which there is little or no market data. Due to their highly liquid nature, the amount of the Company’s other financial instruments, including cash and cash equivalents, restricted cash, accounts and unbilled receivables, accounts payable and accrued multi-client data library royalties, represent their approximate fair value. The carrying amounts of the Company’s Existing Second Lien Notes at December 31, 2020 and 2019 were both $120.6 million compared to its fair values of $106.3 million and $113.8 million at December 31, 2020 and 2019, respectively. Market conditions could cause an instrument to be reclassified from Level 1 to Level 2, or Level 2 to Level 3. The fair value of the Existing Second Lien Notes was reclassified from Level 1 to Level 2 during the year ended December 31, 2020 resulting from less active market trading. The fair value of the Existing Second Lien Notes was calculated using Level 2 inputs using significant observable data points for similar liabilities where estimated values are determined from observable transactions. The carrying amount of any borrowings outstanding under the Credit Facility approximate fair value, as the interest rate is variable and reflective of market rates. Fair value measurements are applied with respect to non-financial assets and liabilities measured on a non-recurring basis, which would consist of measurements primarily of goodwill, multi-client data library and property, plant and equipment. |
Note 16 - Benefit Plans
Note 16 - Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | (16) Benefit Plans The Company has a 401(k) retirement savings plan, which covers employees at least 18 years of age. Employees may voluntarily contribute up to 90% of their compensation, as defined, to the plan. The Company matched the employee contribution at a rate of 50% of the first 6% of compensation contributed to the plan subject to a maximum of 3% of eligible compensation. Company contributions to the plans were $0.7 million, $0.9 million and $0.9 million for 2020, 2019 and 2018, respectively. |
Note 17 - Selected Quarterly In
Note 17 - Selected Quarterly Information - (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | (17) Selected Quarterly Information — (Unaudited) A summary of selected quarterly information follows (in thousands, except per share amounts): Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Service revenues $ 47,485 $ 15,547 $ 10,202 $ 20,113 Product revenues 8,929 7,184 6,032 7,182 Total net revenues 56,414 22,731 16,234 27,295 Gross profit 28,344 4,584 1,289 7,440 Income (loss) from operations 6,326 (5,472) (11,164) (4,279) Interest expense, net (3,221) (3,414) (3,669) (3,501) Other income (expense), net 429 6,771 (525) 223 Income tax expense 5,874 3,052 1,056 5,634 Net income (loss) attributable to noncontrolling interests 77 (52) (193) 55 Net loss attributable to ION $ (2,263) $ (5,219) $ (16,607) $ (13,136) Net loss per share: Basic $ 0.16 $ 0.37 $ (1.16) $ (0.92) Diluted $ 0.16 $ 0.37 $ (1.16) $ (0.92) Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Service revenues $ 28,128 $ 30,407 $ 41,990 $ 30,755 Product revenues 8,828 11,368 11,249 11,954 Total net revenues 36,956 41,775 53,239 42,709 Gross profit 9,912 19,583 25,288 5,239 Income (loss) from operations (15,937) (2,553) 3,858 (9,827) Interest expense, net (3,112) (3,111) (3,155) (3,696) Other income (expense), net (792) 96 (242) (679) Income tax expense 1,407 2,719 3,790 148 Net income attributable to noncontrolling interests (112) (335) (394) (144) Net Loss attributable to ION $ (21,360) $ (8,622) $ (3,723) $ (14,494) Net loss per share: Basic $ (1.52) $ (0.61) $ (0.26) $ (1.02) Diluted $ (1.52) $ (0.61) $ (0.26) $ (1.02) The sum of the quarterly per share information may not tie to per share information in the Consolidated Statements of Operations due to rounding. |
Note 18 - Certain Relationships
Note 18 - Certain Relationships and Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (18) Certain Relationships and Related Party Transactions BGP owned approximately 10.6% of the Company’s outstanding common stock at December 31, 2020. For 2020, 2019 and 2018, the Company recorded revenues from BGP of $2.7 million, $2.2 million and $4.9 million, respectively. Receivables due from BGP were $0.8 million and $1.5 million at December 31, 2020 and 2019, respectively. From time to time, the Company enters into partnership agreement with BGP related to new data acquisition projects whereby BGP receives a certain percentage of revenue recognized for those projects. As of December 31, 2020 and 2019, the Company owed BGP $3.4 million and $3.1 million, respectively. Mr. James M. Lapeyre, Jr. is the Chairman of the Board on ION’s board of directors and a significant equity owner of Laitram, L.L.C. (Laitram), and he has served as president of Laitram and its predecessors since 1989. Laitram is a privately-owned, New Orleans-based manufacturer of food processing equipment and modular conveyor belts. Mr. Lapeyre and Laitram together owned approximately 10.2% of the Company’s outstanding common stock at December 31, 2020. The Company acquired DigiCourse, Inc., the Company’s marine positioning products business, from Laitram in 1998. In connection with that acquisition, the Company entered into a Continued Services Agreement with Laitram under which Laitram agreed to provide the Company certain bookkeeping, software, manufacturing and maintenance services. Manufacturing services consist primarily of machining of parts for the Company’s marine positioning systems. The term of this agreement expired in September 2001, but the Company continues to operate under its terms. In addition, from time to time, when the Company has requested, the legal staff of Laitram has advised the Company on certain intellectual property matters with regard to the Company’s marine positioning systems. During 2020, 2019 and 2018, the Company paid Laitram and its affiliates $0.7 million, $0.7 million and $0.4 million, respectively, which consisted of manufacturing services and reimbursement of costs. In addition, the Company is currently subleasing approximately 47,800 square feet of office and warehouse space to Laitram. The Company received $0.4 million for both 2020 and 2019 in respect of such sublease and this amount was recorded as an offset against the Company’s total rent expenses. In the opinion of the Company’s management, the terms of these services are fair and reasonable and as favorable to the Company as those that could have been obtained from unrelated third parties at the time of their performance. For 2020 and 2019, the Company recorded revenues from sales to INOVA of $1.1 million and $0.5 million related to geophones sold by our Devices group. No revenues were recorded from sales to INOVA for 2018. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II ION GEOPHYSICAL CORPORATION AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Year Ended December 31, 2018 Balance at Beginning of Year Charged (Credited) to Costs and Expenses Balance at Deductions End of Year (In thousands) Allowances for expected credit losses $ 572 $ 222 $ (364) $ 430 Allowances for doubtful notes receivables 4,000 — — 4,000 Valuation allowance on deferred tax assets 153,463 7,042 — 160,505 Excess and obsolete inventory 15,039 665 (680) 15,024 Year Ended December 31, 2019 Balance at Beginning of Year Charged (Credited) to Costs and Expenses Balance at Deductions End of Year (In thousands) Allowances for expected credit losses $ 430 $ — $ (430) $ — Allowances for doubtful notes receivables 4,000 — — 4,000 Valuation allowance on deferred tax assets 160,505 10,432 — 170,937 Excess and obsolete inventory 15,024 517 (2,208) 13,333 Year Ended December 31, 2020 Balance at Beginning of Year Charged (Credited) to Costs and Expenses Balance at Deductions End of Year (In thousands) Allowances for expected credit losses $ — $ 2,413 $ — $ 2,413 Allowances for doubtful notes receivables 4,000 — — 4,000 Valuation allowance on deferred tax assets 170,937 18,369 — 189,306 Excess and obsolete inventory 13,333 378 (705) 13,006 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | General Description and Principles of Consolidation ION Geophysical Corporation and its subsidiaries offer a full suite of services and products for seismic data acquisition and processing. The Company’s offerings are focused on improving subsurface knowledge to enhance E&P decision-making and enhancing situational awareness to optimize offshore operations. The consolidated financial statements include the accounts of ION Geophysical Corporation and its majority-owned subsidiaries (collectively referred to as the “Company” or “ION”). Intercompany balances and transactions have been eliminated. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto particularly the presentation of revenue by geographic area to make them consistent with the current period presentation. |
Going Concern [Policy Text Block] | Going Concern As of December 31, 2020, the Company had outstanding $120.6 million aggregate principal amount of its 9.125% Senior Secured Second Priority Notes (the “Existing Second Lien Notes”) which mature on December 15, 2021. The Existing Second Lien Notes, which are classified as a current liability, raise substantial doubt about the Company’s ability to continue as a going concern within the next twelve months. If the Company is unable to repay, refinance or restructure its Existing Second Lien Notes, which could result in the acceleration of the maturity of the outstanding balance on the Company’s Credit Facility, the Company’s assets may not be sufficient to repay in full the amounts owed to holders of its Existing Second Lien Notes or to lenders under its Credit Facility. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“ GAAP”) on a going concern basis of accounting, which contemplate continuity of operations, realization of assets and satisfaction of liabilities and commitments in the normal course of business. Accordingly, the consolidated financial statements exclude certain adjustments that might result if the Company is unable to continue as a going concern. |
Debt, Policy [Policy Text Block] | Existing Second Lien Notes Restructuring To address the upcoming maturity of the $120.6 million aggregate principal amount of the Company’s 9.125% Senior Secured Second Priority Notes due 2021 (the “Existing Second Lien Notes”) and to provide a mechanism to reduce its financial leverage in the future, the Company executed a Restructuring Support Agreement (the “Restructuring Support Agreement”) with holders of the Existing Second Lien Notes representing approximately 92% aggregate principal amount outstanding under our Existing Second Lien Notes (the “Supporting Noteholders”), pursuant to which the Company committed to use its reasonable efforts to effect the following transactions (collectively, the “Restructuring Transactions”): (i) an offer to exchange (the “Exchange Offer”) all outstanding Existing Second Lien Notes, with each $1,000 principal amount of such Notes tendered exchanged for (a) $150 in cash, (b) $850 of New Second Lien Notes (as defined below), subject to certain rights to instead deliver or receive common stock and (c) $35 , at the Company’s option, either in (I) cash, (II) common stock at $2.57 per share (the “Deal Price”), or (III) New Second Lien Notes (collectively, the “Exchange Consideration”), plus payment of all accrued and unpaid interest; and (ii) the granting of the right to all holders of the Company’s common stock to participate in a rights offering (the “Rights Offering”) to subscribe for a pro rata share (with over-subscription rights) of up to $50.0 million of New Second Lien Notes issued at par, or common stock issued at the Deal Price. In connection with the Rights Offering, the Company intends to enter into backstop agreements (the “Backstop Agreements” with one or more parties (the “Backstop Providers”) pursuant to which the Backstop Providers agree to purchase New Second Lien Notes at par or shares of Common Stock at the Deal Price (the “Backstop Commitment”). The “New Second Lien Notes” will accrue interest at the rate of 8.0% per annum, mature on December 15, 2025, be secured on a second-priority basis, subject to liens securing the Company’s obligations under its existing credit agreement, and unconditionally guaranteed by certain of the Company’s subsidiaries. Holders of the New Second Lien Notes may convert all or any portion of their notes at their option at any time prior to the maturity date. The conversion price of the New Second Lien Notes shall be a 25% premium to the Deal Price but shall be no lower than $1.80 per share and no higher than $3.00 per share. The Company will have the right, on or after the 18 month anniversary of the issue date, to convert all or part of the outstanding New Second Lien Notes if its common stock has a 20 trading day VWAP of at least 175% of the conversion price then in effect which would currently equal to $5.25 per share. Holders of the New Second Lien Notes will also be entitled to certain voting rights and the right to designate two independent directors to the Company’s Board of Directors. If the Restructuring Transactions are consummated, the Company could issue up to $151.7 million aggregate principal amount of New Second Lien Notes, which could be converted into 50.6 million shares of common stock, representing approximately 77.1% of the total shares of common stock outstanding following the Restructuring Transactions. This excludes the shares of common stock subject to issuance pursuant to the Company’s Long-term Incentive Plan. The actual number of shares of common stock that could be issued as a result of the Restructuring Transactions may be different than the amount indicated, however, due to, among other things, the participation levels in both the Exchange Offer and the Rights Offering and the ability of the Company, any noteholders participating in the Exchange Offer, and any participants in the Rights Offering to elect to deliver or receive cash in certain circumstances. The Company anticipates the completion of the Restructuring Transactions by the end of March 2021. The Company also entered into a restructuring support agreement with PNC Bank, National Association (“PNC”), the lender of its Credit Facility, (the “PNC Restructuring Support Agreement”) that will allow the Company, among others, to consummate and implement the Restructuring Transactions and waive any going concern event of default that would otherwise occur under the Company’s Credit Facility. The Restructuring Transactions are also subject to stockholder approval to be voted at a special meeting of stockholders scheduled for February 23, 2021 (the “Special Meeting”). While the Company believes it will be successful in obtaining stockholders’ approval and executing the Restructuring Transactions, there can be no assurances regarding the ultimate success, timing or extent of any such funding, which are dependent upon a variety of factors, many of which are outside of the Company’s control. In addition, no assurance can be given that any funding from the Restructuring Transaction, if approved by stockholders and obtained at all, will be adequate to fulfill the Company’s obligations and operate its business. Consequently, the Company may be required to obtain additional funding whether through private or public equity transactions, debt financing or other capital sources. The Company may not be able to take such actions, if necessary, on commercially reasonable terms or at all. If additional funding cannot be obtained on a timely basis and on satisfactory terms, it will have an adverse effect on the Company’s business, financial condition and results of operations. |
COVID-19 Pandemic [Policy Text Block] | COVID-19 Business Impact and Response The COVID-19 pandemic caused the global economy to enter a recessionary period, which may be prolonged and severe. During 2020, the exploration and production (“E&P”) industry faced the dual impact of demand deterioration from COVID-19 and market oversupply from increased production, which caused oil and natural gas prices to decline significantly for most of the year. Brent crude oil prices, which are most relevant to ION’s internationally focused business, dropped 66% during the first quarter from $66 on January 1, 2020 to $23 on March 31, 2020. By the end of the second quarter, Brent crude oil prices rebounded to $41 per barrel, benefiting from increased global demand as pandemic restrictions started to ease and decreased production. Brent crude oil prices have remained relatively stable through the end of the year, increasing slightly during fourth quarter to end the year at $51 per barrel. Brent crude oil prices further increased to approximately $60 per barrel at the beginning of February 2021, which is consistent with prices a year ago. In an effort to stabilize oil prices by limiting supply, OPEC and other oil producing allies agreed to substantial production cuts throughout 2020 that were extended through March 2021. While commodity prices can be volatile, the sharp decline throughout 2020 triggered E&P companies to reduce budgets by approximately 25%. Exploration offerings and data purchases are often discretionary and, therefore, receive disproportionately higher reductions than overall budget cuts. Consequently, there has been a material slowdown in offshore seismic spending since the second quarter of 2020, and while the Company is seeing signs that could improve, the Company expects the market to remain challenging in 2021. However, the challenging market also serves as a catalyst to drive necessary cost restructuring and digital transformation of the E&P ecosystem. The Company expects continued portfolio rationalization and high grading as E&P companies seek to find the best return on investment opportunities to meet oil and gas demand in the next decade. Near-term, due to the impact of the COVID-19, project high grading will likely be more acute due to budget reductions. Over the last several years, the Company had strategically shifted its portfolio closer to the reservoir, where revenue tends to be higher and more consistent. New Venture data acquisition offshore and Software and related personnel-based offshore services are expected to continue to be most impacted by COVID-19 travel restrictions. While offshore operations have been temporarily impacted by travel restrictions, the Company believes the demand for digitalization technologies will remain strong. In some cases, ION technology is expected to be more relevant and valuable in the current environment. For instance, the Company expects offerings that facilitate remote working to see increased demand. While 2020 revenues came in lower than the prior year due to the repercussions of the oil price volatility in early 2020 and the ongoing uncertainty from the COVID-19 pandemic, the Company made progress executing its strategy. The Company continues to work closely with its clients to understand revised plans and to scale its business appropriately. The Company partially mitigated the impact of the current macroeconomic environment by fully benefiting from the structural changes and associated cost reductions that were outlined in the Company’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2020. To further mitigate the impact of COVID-19 and oil price volatility, management implemented a plan to preserve cash and manage liquidity as follows: ● Scaled down personnel costs and operating expenses in April 2020 by another $18.0 million during the remaining nine months of 2020, building on the over $20.0 million of cuts made in January 2020. These further reductions are primarily through a variety of furlough programs and reduced compensation arrangements across the Company’s worldwide workforce. The Company executives have taken a 20% base salary reduction and a tiered reduction scheme has been cascaded to the rest of the worldwide workforce. The Company’s Board of Directors have taken a 20% reduction in directors’ fees. In addition, the Company has curtailed use of external contractors, decreased travel and event costs and implemented new systems and processes that more efficiently support its business. ● Reduced capital expenditures to approximately $28.0 million (a portion of which were pre-funded or underwritten by the customers), down from the original budget of $35.0 million to $50.0 million, to reflect both reduced seismic demand and travel/border restrictions impacting new data acquisition offshore. This provides flexibility to aggressively reduce cash outflows while shifting to significantly lower cost reimaging programs. ● Applied for and continue to explore various government assistance programs, of which approximately $6.9 million was received and applied against qualifying expenditures during the second quarter. Receipt of this assistance allowed the Company to avoid further staff reductions while supporting its ongoing operations. ● Re-negotiated existing lease agreements for its significant locations to obtain rent relief of approximately $4.0 million. The majority of the cash savings from the rent relief benefit the Company from July 2020 to March 2021. See Footnote 14 “Lease Obligations” for further details. ● Announced the sale of its 49% ownership interest in INOVA Geophysical Equipment Limited for $12.0 million, subject to regulatory approvals and other closing conditions. Closing of the transaction is expected in 2021. ● Entered into a settlement agreement with WesternGeco ending the decade-long patent litigation. See Footnote 9 “Litigations” for further details. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates are made at discrete points in time based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Areas involving significant estimates include, but are not limited to, collectability of accounts and unbilled receivables, inventory valuation reserves, sales forecasts related to multi-client data library, impairment of property, plant and equipment and goodwill and deferred taxes. Actual results could materially differ from those estimates. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions Assets and liabilities of the Company’s subsidiaries operating outside the United States that have a functional currency other than the U.S. dollar have been translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Results of foreign operations have been translated using the average exchange rate during the periods of operation. Resulting translation adjustments have been recorded as a component of accumulated other comprehensive loss. The foreign currency transaction losses are primarily due to the currency rate fluctuations between the U.S. dollar and the Brazilian real related to the Company’s operations in Brazil. Foreign currency transaction gains and losses, as they occur, are included in “Other income (expense), net” on the consolidated statements of operations. Total foreign currency transaction losses were $1.6 million, $1.3 million and $0.4 million for 2020, 2019 and 2018, respectively. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions. At times such investments may be in excess of the Federal Deposit Insurance Corporation insurance limit. At December 31, 2020 and 2019, there was $2.3 million and $0.1 million, respectively, of long-term and short-term restricted cash used to secure standby and commercial letters of credit, which are included within “Other assets” and “Prepaid expenses and other current assets” in the consolidated balance sheets. |
Accounts Receivable [Policy Text Block] | Accounts and Unbilled Receivables Accounts and unbilled receivables are recorded at cost, less the related allowance for doubtful accounts. The Company considers current information and events regarding the customers’ ability to repay their obligations, such as the length of time the receivable balance is outstanding, the customers’ credit worthiness and historical experience. Unbilled receivables relate to revenues recognized on multi-client surveys, imaging and reservoir services and devices equipment repairs on a proportionate basis, and on licensing of multi-client data library for which invoices have not yet been presented to the customer. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost (primarily first-in, first-out method) or net realizable value. The Company provides reserves for estimated obsolescence or excess inventory equal to the difference between cost of inventory and its estimated net realizable value based upon assumptions about future demand for the Company’s products, market conditions and the risk of obsolescence driven by new product introductions. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation expense is provided straight-line over the following estimated useful lives: Years Machinery and equipment 3 Buildings 5 25 Seismic rental equipment 3 5 Leased equipment and other 3 10 Expenditures for major renewals and betterment, that increase the value or extend the economic useful life of the asset, are capitalized and depreciated. Repairs and maintenance are charged to expense as incurred. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss is reflected in “Other income (expense), net” in the consolidated statements of operations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Asset Impairment The Company evaluates the recoverability of long-lived assets, including property, plant and equipment, when indicators of impairment exist, relying on a number of factors including operating results, business plans, economic projections and anticipated future cash flows. Impairment is recognized whenever anticipated future undiscounted cash flows the assets are expected to generate are estimated to be less than its carrying value. The amount of the impairment recognized is the difference between the carrying value of the asset and its fair value. No indicators of impairment were noted for 2020 and 2019 as such no impairment charge was recognized. For 2018, the Company identified an indicator of impairment as it relates to its cable-based ocean bottom acquisition technologies and recognized an impairment charge of $36.6 million. |
Multi-client Data Library [Policy Text Block] | Multi-Client Data Library The multi-client data library consists of seismic surveys that are offered for licensing to customers on a non-exclusive basis. The capitalized costs include costs paid to third parties for the acquisition of data and related activities associated with the data creation activity and direct internal processing costs, such as salaries, benefits, computer-related expenses and other costs incurred for seismic data project design and management. For 2020, 2019 and 2018, the Company capitalized, as part of its multi-client data library, $6.7 million, $9.3million and $11.9 million, respectively, of direct internal processing costs. The Company’s method of amortizing the costs of an in-process multi-client data library (the period during which the seismic data is being acquired and/or processed, referred to as the New Venture phase) consists of determining the percentage of actual revenue recognized to the total estimated revenues (which includes both revenues estimated to be realized during the New Venture phase and estimated revenues from the licensing of the resulting on-the-shelf data survey) and multiplying that percentage by the total cost of the project (the sales forecast method). The Company considers a multi-client data survey to be complete when all work on the creation of the seismic data is finished and that data survey is available for licensing. Once a multi-client data survey is complete, the data survey is considered on-the-shelf and the Company’s method of amortization is then the greater of (i) the sales forecast method or (ii) the straight-line basis over a four-year period, applied on a cumulative basis at the individual survey level. Under this policy, the Company first records amortization using the sales forecast method. The cumulative amortization recorded for each survey is then compared with the cumulative straight-line amortization. The four-year period utilized in this cumulative comparison commences when the data survey is determined to be complete. If the cumulative straight-line amortization is higher for any specific survey, additional amortization expense is recorded, resulting in accumulated amortization being equal to the cumulative straight-line amortization for such survey. The Company has determined the amortization period of four years based upon its historical experience indicating that the majority of its revenues from multi-client surveys are derived during the acquisition and processing phases and during four years subsequent to survey completion. The Company estimates the ultimate revenue expected to be derived from a particular seismic data survey over its estimated useful economic life to determine the costs to amortize, if greater than straight-line amortization. That estimate is made by the Company at the project’s initiation. For a completed multi-client survey, the Company reviews the estimate quarterly. If during any such review, the Company determines that the ultimate revenue for a survey is expected to be materially more or less than the original estimate of ultimate revenue for such survey, the Company decreases or increases (as the case may be) the amortization rate attributable to the future revenue from such survey. In addition, in connection with such reviews, the Company evaluates the recoverability of the multi-client data library, and, if required, records an impairment charge with respect to such data. For 2020 and 2019, the Company wrote down its multi-client data library by $1.2 million and $9.1 million, respectively, for programs with capitalized costs exceeding the remaining sales forecast. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of costs over the fair value of the net assets acquired in connection with a business combination. Goodwill is allocated to reporting units, which are either the operating segment or one reporting level below the operating segment, which includes E&P Technology & Services, Optimization Software & Services and Devices. Goodwill is not amortized, but rather tested and assessed for impairment at least annually on December 31, or more frequently, if facts and circumstances indicate that the carrying amount may exceed fair value. The Company begins with a qualitative assessment by evaluating relevant events or circumstances to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. If the Company determined that it is more likely than not that a reporting unit’s carrying value exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. To determine the fair value of these reporting units, the Company uses a discounted cash flow model, which includes a variety of level 3 inputs, as defined in Footnote 15 “Fair Value of Financial Instruments.” The key inputs for the model include the operational three-year forecast for the Company and the then-current market discount factor. Additionally, the Company compares the sum of the estimated fair values of the individual reporting units less consolidated debt to the Company’s overall market capitalization as reflected by the Company’s stock price. As a result of the Company’s quantitative assessment using a discounted cash flow analysis, the Company recorded an impairment charge of $4.2 million for the year ended December 31, 2020 related to its Optimization Software & Services reporting unit, which is included within the Operations Optimization segment. No impairment charge was recognized for the E&P Technology Services reporting unit for the year ended December 31, 2020. See further discussion below at Footnote 11 “Goodwill.” |
Equity Method Investments [Policy Text Block] | Equity Method Investment The Company determined that INOVA Geophysical Equipment Limited (“INOVA Geophysical” or “INOVA”) is a variable interest entity because the Company’s voting rights with respect to INOVA Geophysical are not proportionate to its ownership interest and substantially all of INOVA Geophysical’s activities are conducted on behalf of the Company and BGP Inc. (“BGP”), a subsidiary of China National Petroleum Corporation and a related party to the Company. The Company is not the primary beneficiary of INOVA Geophysical because it does not have the power to direct the activities of INOVA Geophysical that most significantly impact its economic performance. Accordingly, the Company does not consolidate INOVA Geophysical, but instead accounts for INOVA Geophysical using the equity method of accounting. Under this method, an investment is carried at the acquisition cost, plus the Company’s equity in undistributed earnings or losses since acquisition, less distributions received. In 2014, the Company fully impaired its investment in INOVA reducing its equity investment in INOVA and its share of INOVA’s accumulated other comprehensive loss, both to zero. At December 31, 2020, the carrying value of this investment remains zero. The Company no longer records its equity in losses or earnings and has no obligation, implicit or explicit, to fund any expenses of INOVA Geophysical. In March 2020, the Company announced an agreement to sell the Company’s 49% ownership interest in INOVA joint venture for $12.0 million, subject to regulatory approvals and other closing conditions. Closing of the transaction is expected in 2021. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Noncontrolling Interests The Company has non-redeemable noncontrolling interests. Non-redeemable noncontrolling interests in majority-owned affiliates are reported as a separate component of equity in “Noncontrolling interests” in the consolidated balance sheets. Net income attributable to noncontrolling interests is stated separately in the consolidated statements of operations. The activity for this noncontrolling interest relates to proprietary processing projects in Brazil. |
Revenue from Contract with Customer [Policy Text Block] | Revenue From Contracts With Customers The Company derives revenue from the sale or license of (i) multi-client and proprietary data, imaging and reservoir services within its E&P Technology & Services segment; (ii) sale, license and repair of seismic data acquisition systems and other equipment; and (iii) sale or license of seismic command and control software systems and software solutions for operations management within its Operations Optimization segment. All E&P Technology & Services’ revenues and the services component of Optimization Software & Services’ revenues under Operations Optimization segment are classified as services revenues. All other revenues are classified as product revenues. The Company uses a five-step model to determine proper revenue recognition from customer contracts. Revenue is recognized when (i) a contract is approved by all parties; (ii) the goods or services promised in the contract are identified; (iii) the consideration the Company expects to receive in exchange for the goods or services promised is determined; (iv) the consideration is allocated to the goods and services in the contract; and (v) control of the promised goods or services is transferred to the customer. The Company does not disclose the value of contractual future performance obligations such as backlog with an original expected length of one year or less. See further discussion below at Footnote 4 “Revenue from Contracts with Customers.” |
Research and Development Expense, Policy [Policy Text Block] | Research, Development and Engineering Research, development and engineering costs primarily relate to activities that are designed to improve the quality of the subsurface image and overall acquisition economics of the Company’s customers. The costs associated with these activities are expensed as incurred. These costs include prototype material and field testing expenses, along with the related salaries and stock-based compensation, facility costs, consulting fees, tools and equipment usage and other miscellaneous expenses associated with these activities. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company issues stock-based payment awards to employees and directors, including employee stock options, restricted stock units, restricted stocks and stock appreciation rights. The Company estimates the value of stock-based payment awards on the date of grant using an option pricing model such as Black-Scholes or Monte Carlo simulation. The determination of the fair value of stock-based payment awards is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These variables include, but are not limited to, expected stock price volatility over the term of the awards, actual and projected stock-based instrument exercise behaviors, risk-free interest rate and expected dividends. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company recognizes stock-based compensation expense on the straight-line basis over the requisite service period of each award that are ultimately expected to vest. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, including operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized (see Footnote 8 “Income Taxes”). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Years Machinery and equipment 3 Buildings 5 25 Seismic rental equipment 3 5 Leased equipment and other 3 10 |
Note 3 - Segment and Geograph_2
Note 3 - Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2020 2019 2018 Net revenues: E&P Technology & Services: New Venture $ 10,798 $ 31,188 $ 69,685 Data Library 65,790 71,847 47,095 Total multi-client revenues 76,588 103,035 116,780 Imaging and Reservoir Services 15,179 22,543 19,740 Total $ 91,767 $ 125,578 $ 136,520 Operations Optimization: Optimization Software & Services $ 14,137 $ 23,140 $ 21,129 Devices 16,770 25,961 22,396 Total $ 30,907 $ 49,101 $ 43,525 Total net revenues $ 122,674 $ 174,679 $ 180,045 Gross profit (loss): E&P Technology & Services $ 29,243 $ 35,699 $ 43,369 Operations Optimization 12,414 24,323 22,293 Segment gross profit 41,657 60,022 65,662 Other — — (6,042) (d) Total gross profit $ 41,657 $ 60,022 $ 59,620 Gross margin: E&P Technology & Services 32 % 28 % 32 % Operations Optimization 40 % 50 % 51 % Segment gross margin 34 % 34 % 36 % Other — % — % (3) % Total 34 % 34 % 33 % Income (loss) from operations: E&P Technology & Services $ 13,134 (a) $ 8,833 (a) $ 21,758 Operations Optimization (4,556) (b) 8,189 7,295 Support and other (23,167) (41,481) (83,325) (e) Loss from operations (14,589) (24,459) (54,272) Interest expense, net (13,805) (13,074) (12,972) Other income (expense), net 6,898 (c) (1,617) (436) Loss before income taxes $ (21,496) $ (39,150) $ (67,680) |
Schedule of Depreciation and Amortization by Segments [Table Text Block] | Years Ended December 31, 2020 2019 2018 Depreciation and amortization expense (including multi-client data library) : E&P Technology & Services $ 24,581 $ 41,813 $ 51,673 Operations Optimization 1,234 940 995 Support and other 481 445 5,083 (a) Total $ 26,296 $ 43,198 $ 57,751 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2020 2019 Total assets: E&P Technology & Services $ 92,075 $ 133,787 Operations Optimization 45,109 56,927 Support and other 56,409 42,480 Total $ 193,593 $ 233,194 |
Total Assets by Geographic Area [Table Text Block] | December 31, 2020 2019 North America $ 94,923 $ 104,808 Middle East 45,823 48,932 Europe 28,738 37,946 Latin America 19,771 34,633 Other 4,338 6,875 Total $ 193,593 $ 233,194 |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2020 2019 North America 44,188 56,566 Latin America 14,301 14,826 Europe 1,862 2,095 Middle East 62 73 Other 12 12 Total $ 60,425 $ 73,572 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Years Ended December 31, 2020 2019 2018 Latin America $ 43,389 $ 64,627 $ 91,833 Africa 27,132 28,203 21,482 Europe 17,950 22,102 18,509 Asia Pacific 16,696 18,321 21,587 North America 9,521 27,953 19,029 Middle East 3,187 7,347 3,728 Other 4,799 6,126 3,877 Total $ 122,674 $ 174,679 $ 180,045 |
Note 4 - Revenue from Contrac_2
Note 4 - Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2020 2019 New Venture $ 9,158 $ 5,222 Imaging and Reservoir Services 680 6,539 Devices 1,424 54 Total $ 11,262 $ 11,815 Unbilled receivables at December 31, 2019 $ 11,815 Recognition of unbilled receivables (a) 117,528 Revenues billed to customers (a) (118,081) Unbilled receivables at December 31, 2020 $ 11,262 December 31, 2020 2019 New Venture $ 2,169 $ 1,956 Imaging and Reservoir Services 665 1,501 Devices 48 452 Optimization Software & Services 766 642 Total $ 3,648 $ 4,551 Deferred revenue at December 31, 2019 $ 4,551 Cash collected in excess of revenue recognized 4,243 Recognition of deferred revenue (a) (5,146) Deferred revenue at December 31, 2020 $ 3,648 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | The following is a summary of long-term debt and lease obligation (in thousands): December 31, 2020 2019 Senior secured second-priority lien notes (maturing December 15, 2021) $ 120,569 $ 120,569 Revolving credit facility (maturing August 16, 2023) (a) 22,500 — Equipment finance leases (see Footnote 14) 734 1,869 Other debt 905 972 Costs associated with issuances of debt (977) (1,951) Total 143,731 121,459 Current maturities of long-term debt (143,731) (2,107) Long-term debt, net of current maturities $ — $ 119,352 |
Debt Instrument Redemption [Table Text Block] | Date Percentage 2020 103.5 % 2021 100.0 % |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2020 2019 2018 Domestic $ (32,705) $ (85,278) $ (59,212) Foreign 11,209 46,128 (8,468) Total $ (21,496) $ (39,150) $ (67,680) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2020 2019 2018 Current: Federal $ (8) $ — $ — State and local (36) 2 65 Foreign 7,113 10,002 8,905 Deferred: Federal — — (346) Foreign 8,547 (1,940) (5,906) Total income tax expense $ 15,616 $ 8,064 $ 2,718 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2020 2019 2018 Expected income tax expense at 21% $ (4,514) $ (8,222) $ (14,213) Foreign tax rate differential (307) (1,996) 74 Foreign tax differences 2,128 (327) 4,703 Global intangible low tax income inclusion 1,296 7,310 3,443 State and local taxes (36) 2 65 Nondeductible expenses 134 865 1,604 Nontaxable PPP loan forgiveness (1,454) — — Valuation allowance on operations 18,369 10,432 7,042 Total income tax expense $ 15,616 $ 8,064 $ 2,718 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred income tax assets: Accrued expenses $ 1,326 $ 1,588 Allowance accounts 6,560 6,161 Net operating loss carryforward 115,254 105,844 Equity method investment 35,292 35,292 Original issue discount 3,287 6,000 Interest limitation 14,645 10,132 Basis in identified intangibles 5,499 7,090 Tax credit carryforwards 4,733 5,070 Other 3,585 4,443 Total deferred income tax asset 190,181 181,620 Valuation allowance (189,306) (170,937) Net deferred income tax asset 875 10,683 Deferred income tax liabilities: Unbilled receivables (875) (1,949) Total deferred income tax asset, net $ — $ 8,734 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Years Ended December 31, 2020 2019 2018 Beginning balance $ 447 $ 447 $ 447 Increases in unrecognized tax benefits – current year positions — — — Decreases in unrecognized tax benefits – prior year position — — — Ending balance $ 447 $ 447 $ 447 |
Note 10 - Details of Selected_2
Note 10 - Details of Selected Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 2019 Accounts receivable, principally trade $ 10,458 $ 29,548 Less: allowance for expected credit losses(a) (2,413) — Accounts receivable, net $ 8,045 $ 29,548 |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020 2019 Raw materials and purchased subassemblies $ 18,638 $ 18,509 Work-in-process 1,218 2,079 Finished goods 4,417 4,932 Less: reserve for excess and obsolete inventories (13,006) (13,333) Inventories, net $ 11,267 $ 12,187 |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 Buildings $ 15,675 $ 15,486 Machinery and equipment 120,949 133,048 Seismic rental equipment 2,003 1,669 Furniture and fixtures 3,172 3,347 Other (a) 30,287 31,142 Total 172,086 184,692 Less: accumulated depreciation (126,022) (134,951) Less: impairment of long-lived assets (36,553) (36,553) Property, plant, equipment and seismic rental equipment, net $ 9,511 $ 13,188 |
Schedule of Multi-client Data Library [Table Text Block] | December 31, 2020 2019 Gross costs of multi-client data creation $ 1,021,758 $ 1,007,762 Less: accumulated amortization (838,700) (816,401) Less: impairments to multi-client data library (132,144) (130,977) Multi-client data library, net $ 50,914 $ 60,384 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2020 2019 Compensation, including compensation-related taxes and commissions $ 8,923 $ 15,218 Accrued multi-client data library acquisition costs 1,622 4,219 Income tax payable 3,512 5,367 Other 2,306 5,524 Total $ 16,363 $ 30,328 |
Note 11 - Goodwill (Tables)
Note 11 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | E&P Technology & Services Optimization Software & Services Total Balance at January 1, 2019 $ 2,943 $ 19,972 $ 22,915 Impact of foreign currency translation adjustments — 670 670 Balance at December 31, 2019 2,943 20,642 23,585 Impairment of goodwill — (4,150) (4,150) Impact of foreign currency translation adjustments — 130 130 Balance at December 31, 2020 $ 2,943 $ 16,622 $ 19,565 |
Note 12 - Stockholders' Equit_2
Note 12 - Stockholders' Equity and Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Transactions under Stock Option Plans [Table Text Block] | Option Price per Share Outstanding Vested Available for Grant January 1, 2018 3.100 – 245.8585 890,341 435,278 488,403 Increase in shares authorized — — — 1,200,000 Granted 24.50 10,000 — (10,000) Vested — — 153,944 — Exercised 3.10 (70,086) (70,086) — Cancelled/forfeited 3.10 – 245.85 (44,365) (44,231) 2,568 Restricted stock granted out of option plans — — — (996,775) Vested restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans — — — 48,524 December 31, 2018 3.100 – 151.3535 785,890 474,905 732,720 Granted 6.79 – 8.43 20,000 — (20,000) Vested — — 167,991 — Exercised 3.10 (86,900) (86,900) — Cancelled/forfeited 13.15 – 107.85 (29,781) (22,281) 10,799 Restricted stock granted out of option plans — — — (157,155) Vested restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans — — — 170,254 December 31, 2019 3.100 – 151.3535 689,209 533,715 736,618 Granted — — — — Vested — — 96,497 — Exercised 3.10 (5,000) (5,000) — Cancelled/forfeited 3.10-107.85 (150,889) (140,889) 76,460 Restricted stock granted out of option plans — — — (67,500) Vested restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans — — — 139,700 December 31, 2020 3.100 – 151.3535 533,320 484,323 885,278 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Option Price per Share Outstanding Weighted Average Exercise Price of Outstanding Options Weighted Average Remaining Contract Life (years) Vested Weighted Average Exercise Price of Vested Options 3.10 – 57.90 386,123 $ 17.70 6.3 337,126 $ 18.30 61.05 – 71.85 53,835 $ 61.19 2.9 53,835 $ 61.19 81.60 – 99.60 75,030 $ 89.31 1.8 75,030 $ 89.31 106.05 – 151.35 18,332 $ 110.17 0.4 18,332 $ 110.17 Totals 533,320 $ 35.34 4.8 484,323 $ 37.54 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (000’s) Total outstanding at January 1, 2020 689,209 $ 37.78 5.5 $ 1,071 Options granted — $ — $ — Options exercised (5,000) $ 3.10 Options cancelled (10,000) $ 6.79 Options forfeited (140,889) $ 50.43 Total outstanding at December 31, 2020 533,320 $ 35.34 4.8 $ — Options exercisable and vested at December 31, 2020 484,323 $ 37.54 4.8 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2020 2019 2018 Risk-free interest rates — % 2.78 % 2.78 % Expected lives (in years) 0.0 5.0 5.0 Expected dividend yield — % — % — % Expected volatility — % 73.67 % 73.67 % Years Ended December 31, 2020 2019 Risk-free interest rates 0.7 % 1.9 % Expected lives (in years) 5.31 5.31 Expected dividend yield — % — % Expected volatility 94.7 % 79.0 % |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares/Units Total nonvested at January 1, 2020 908,754 Granted 67,500 Vested (151,346) Forfeited (92,201) Total nonvested at December 31, 2020 732,707 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (000’s) Total outstanding at January 1, 2018 565,864 $ 13.49 SARs granted 960,009 $ 8.85 $ 8.85 SARs exercised (34,999) $ 3.10 SARs forfeited (9,333) $ 45.00 Total outstanding at December 31, 2018 1,481,541 $ 10.53 SARs exercised (158,334) $ 3.10 SARs cancelled (368,528) $ 20.99 Total outstanding at December 31, 2019 954,679 $ 7.73 SARs exercised — $ — SARs cancelled (150,097) $ 8.85 SARs forfeited (50,000) $ 3.10 Total outstanding at December 31, 2020 754,582 $ 7.81 6.6 $ — SARs exercisable and vested at 177,665 $ 4.43 6.6 $ — |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended December 31, 2020 2019 2018 Stock-based compensation expense $ 2,043 $ 4,701 $ 3,337 Tax benefit related thereto (421) (972) (698) Stock-based compensation expense, net of tax $ 1,622 $ 3,729 $ 2,639 Years Ended December 31, 2020 2019 2018 Stock appreciation rights (credit) expense $ (2,493) $ 2,910 $ 822 Tax (benefit) expense related thereto 523 (611) (173) Stock appreciation rights (credit) expense, net of tax $ (1,970) $ 2,299 $ 649 |
Note 13 - Supplemental Cash F_2
Note 13 - Supplemental Cash Flow Information and Non-cash Activity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Years Ended December 31, 2020 2019 2018 Cash paid during the period for: Interest $ 12,520 $ 12,381 $ 12,463 Income taxes 8,156 11,065 3,260 Non-cash items from investing and financing activities: Purchase of computer equipment financed through capital leases — — 3,297 Investment in multi-client data library financed through trade payables — 6,649 4,956 |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, 2020 2019 2018 (In thousands) Cash and cash equivalents $ 37,486 $ 33,065 $ 33,551 Restricted cash included in prepaid expenses and other current assets 2,327 53 — Restricted cash included in other long-term assets — — 303 Total cash, cash equivalents, and restricted cash shown in $ 39,813 $ 33,118 $ 33,854 |
Note 14 - Lease Obligations (Ta
Note 14 - Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Lease Liability Maturity [Table Text Block] | Years Ending December 31, Operating Leases Finance Leases Total 2021 $ 8,956 $ 756 $ 9,712 2022 9,956 — 9,956 2023 9,723 — 9,723 2024 9,361 — 9,361 2025 9,612 — 9,612 Thereafter 14,119 — 14,119 Total lease payments $ 61,727 $ 756 $ 62,483 Less imputed interest (15,785) (22) (15,807) Total $ 45,942 $ 734 $ 46,676 |
Lease, Cost [Table Text Block] | Years Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating leases $ 8,530 $ 12,284 Equipment finance leases 1,135 1,069 |
Note 17 - Selected Quarterly _2
Note 17 - Selected Quarterly Information - (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Service revenues $ 47,485 $ 15,547 $ 10,202 $ 20,113 Product revenues 8,929 7,184 6,032 7,182 Total net revenues 56,414 22,731 16,234 27,295 Gross profit 28,344 4,584 1,289 7,440 Income (loss) from operations 6,326 (5,472) (11,164) (4,279) Interest expense, net (3,221) (3,414) (3,669) (3,501) Other income (expense), net 429 6,771 (525) 223 Income tax expense 5,874 3,052 1,056 5,634 Net income (loss) attributable to noncontrolling interests 77 (52) (193) 55 Net loss attributable to ION $ (2,263) $ (5,219) $ (16,607) $ (13,136) Net loss per share: Basic $ 0.16 $ 0.37 $ (1.16) $ (0.92) Diluted $ 0.16 $ 0.37 $ (1.16) $ (0.92) Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Service revenues $ 28,128 $ 30,407 $ 41,990 $ 30,755 Product revenues 8,828 11,368 11,249 11,954 Total net revenues 36,956 41,775 53,239 42,709 Gross profit 9,912 19,583 25,288 5,239 Income (loss) from operations (15,937) (2,553) 3,858 (9,827) Interest expense, net (3,112) (3,111) (3,155) (3,696) Other income (expense), net (792) 96 (242) (679) Income tax expense 1,407 2,719 3,790 148 Net income attributable to noncontrolling interests (112) (335) (394) (144) Net Loss attributable to ION $ (21,360) $ (8,622) $ (3,723) $ (14,494) Net loss per share: Basic $ (1.52) $ (0.61) $ (0.26) $ (1.02) Diluted $ (1.52) $ (0.61) $ (0.26) $ (1.02) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Year Ended December 31, 2018 Balance at Beginning of Year Charged (Credited) to Costs and Expenses Balance at Deductions End of Year (In thousands) Allowances for expected credit losses $ 572 $ 222 $ (364) $ 430 Allowances for doubtful notes receivables 4,000 — — 4,000 Valuation allowance on deferred tax assets 153,463 7,042 — 160,505 Excess and obsolete inventory 15,039 665 (680) 15,024 Year Ended December 31, 2019 Balance at Beginning of Year Charged (Credited) to Costs and Expenses Balance at Deductions End of Year (In thousands) Allowances for expected credit losses $ 430 $ — $ (430) $ — Allowances for doubtful notes receivables 4,000 — — 4,000 Valuation allowance on deferred tax assets 160,505 10,432 — 170,937 Excess and obsolete inventory 15,024 517 (2,208) 13,333 Year Ended December 31, 2020 Balance at Beginning of Year Charged (Credited) to Costs and Expenses Balance at Deductions End of Year (In thousands) Allowances for expected credit losses $ — $ 2,413 $ — $ 2,413 Allowances for doubtful notes receivables 4,000 — — 4,000 Valuation allowance on deferred tax assets 170,937 18,369 — 189,306 Excess and obsolete inventory 13,333 378 (705) 13,006 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020USD ($) | Jan. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) | |
Increase (Decrease) in Crude Oil Price | 66.00% | |||||||
Crude Oil Price | $ 23 | $ 41 | $ 23 | $ 51 | $ 66 | |||
Loss Contingency, Plan to Decrease Expense, Remainder of Fiscal Year | $ 18,000,000 | |||||||
Loss Contingency, Decrease in Expense From Scaling Down Operations | $ 20,000,000 | |||||||
Loss Contingency, Executive Base Salary Reduction | 20.00% | |||||||
Loss Contingency, Decrease in Board of Director Fees | 20.00% | |||||||
Capital Expenditure Estimate | $ 28,000,000 | |||||||
Proceeds From Government Relief Funding | $ 6,900,000 | 6,923,000 | $ 0 | $ 0 | ||||
Leases, Lessee, Rent Expense Relief | 4,000,000 | |||||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | (1,600,000) | (1,300,000) | (400,000) | |||||
Restricted Cash and Cash Equivalents, Current, Total | 2,300,000 | 100,000 | ||||||
Tangible Asset Impairment Charges, Total | 0 | 0 | 36,553,000 | |||||
Multi-client Data Library, Capitalized Costs | $ 6,700,000 | 9,300,000 | 11,900,000 | |||||
Multi-client Data Library, Straight-line Amortization Period (Year) | 4 years | |||||||
Multi-client Data Library Impairment Charges | $ 1,167,000 | 9,072,000 | 0 | |||||
Goodwill, Impairment Loss | 4,150,000 | 0 | $ 0 | |||||
Operations Optimization [Member] | ||||||||
Goodwill, Impairment Loss | 4,150,000 | |||||||
E and P Technology and Services [Member] | ||||||||
Goodwill, Impairment Loss | 0 | |||||||
INOVA Geophysical Equipment Limited [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ||||||
Proceeds from Sale of Equity Method Investments | $ 12,000,000 | |||||||
Equity Method Investments | 0 | |||||||
Minimum [Member] | ||||||||
Capital Expenditure Estimate | 35,000,000 | |||||||
Maximum [Member] | ||||||||
Capital Expenditure Estimate | 50,000,000 | |||||||
Second Lien Notes [Member] | Senior Notes [Member] | ||||||||
Long-term Debt, Gross | $ 120,569,000 | $ 120,569,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | |||||||
Debt Instrument, Percent of Note Holders Supprting Restructuring | 92.00% | |||||||
New Second Lien Notes [Member] | Senior Notes [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||
Debt Instrument, Convertible, Amount of Cash to be Paid Per $1000 | $ 150,000 | |||||||
Debt Instrument, Convertible, Amount of New Debt to be Issued Per $1000 | 850,000 | |||||||
Debt Instrument, Convertible, Amount of Options to be Issued Per $1000 | $ 35,000 | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 2.57 | |||||||
Debt Instrument, Rights Offering Amount to Common Stock Holders | $ 50,000,000 | |||||||
Debt Conversion Feature, Conversion Price Premium, Percent | 25.00% | |||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | |||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 175.00% | |||||||
Debt Instrument, Convertible, Stock Price Trigger (in dollars per share) | $ / shares | $ 5.25 | |||||||
Debt Instrument, Face Amount | $ 151,700,000 | |||||||
Debt Instrument, Convertible, Number of Equity Instruments | 50,600,000 | |||||||
Debt Conversion Feature, Converted Instrument, Shares Issued, Percent of Shares Outstanding | 77.10% | |||||||
New Second Lien Notes [Member] | Senior Notes [Member] | Minimum [Member] | ||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 1.80 | |||||||
New Second Lien Notes [Member] | Senior Notes [Member] | Maximum [Member] | ||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 3 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 7 years | |
Building [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Building [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 25 years | |
Seismic Rental Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Seismic Rental Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Leased Equipment and Other [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Leased Equipment and Other [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years |
Note 2 - Recent Accounting Pr_2
Note 2 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, Impairment Loss | $ 4,150 | $ 0 | $ 0 |
Operations Optimization [Member] | |||
Goodwill, Impairment Loss | 4,150 | ||
E and P Technology and Services [Member] | |||
Goodwill, Impairment Loss | $ 0 |
Note 3 - Segment and Geograph_3
Note 3 - Segment and Geographic Information (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Number of Operating Segments | 2 | |||||||||||
Multi-client Data Library Impairment Charges | $ 1,167 | $ 9,072 | $ 0 | |||||||||
Goodwill, Impairment Loss | 4,150 | 0 | 0 | |||||||||
Amortization of Government Relief Funding Estimated to be Forgiven | 6,923 | 0 | 0 | |||||||||
Operating Income (Loss), Total | $ (4,279) | $ (11,164) | $ (5,472) | $ 6,326 | $ (9,827) | $ 3,858 | $ (2,553) | $ (15,937) | (14,589) | (24,459) | (54,272) | |
Operating Expenses, Total | 56,246 | 84,481 | 113,892 | |||||||||
Share-based Payment Arrangement, Noncash Expense, Total | 2,043 | 4,701 | 3,337 | |||||||||
Tangible Asset Impairment Charges, Total | 0 | 0 | 36,553 | |||||||||
Depreciation, Depletion and Amortization, Including Data Library Amortization | 26,296 | 43,198 | 57,751 | |||||||||
Segment Reconciling Items [Member] | ||||||||||||
Operating Income (Loss), Total | (23,167) | (41,481) | (83,325) | [1],[2] | ||||||||
Depreciation, Depletion and Amortization, Including Data Library Amortization | $ 481 | $ 445 | 5,083 | [3],[4] | ||||||||
Ocean Bottom Integrated Technologies [Member] | Segment Reconciling Items [Member] | ||||||||||||
Operating Income (Loss), Total | (11,100) | |||||||||||
Operating Expenses, Total | 5,100 | |||||||||||
Share-based Payment Arrangement, Noncash Expense, Total | 2,100 | |||||||||||
Tangible Asset Impairment Charges, Total | 36,600 | |||||||||||
Depreciation, Depletion and Amortization, Including Data Library Amortization | $ 4,200 | |||||||||||
[1] | (e) Includes loss from operations of previously reported Ocean Bottom Integrated Technologies segment of $11.1 million for the year ended December 31, 2018, which includes Other’s gross profit above, operating expenses of $5.1 million for the year ended December 31, 2018, stock appreciation right awards and related expenses $2.1 million for the year ended December 31, 2018 and impairment charge of $36.6 million for the year ended December 31, 2018. | |||||||||||
[2] | Includes loss from operations of previously reported Ocean Bottom Integrated Technologies segment of $11.1 million for the year ended December 31, 2018, which includes Other’s gross profit above, operating expenses of $5.1 million for the year ended December 31, 2018, stock appreciation right awards and related expenses $2.1 million for the year ended December 31, 2018 and impairment charge of $36.6 million for the year ended December 31, 2018. | |||||||||||
[3] | (a) Includes depreciation and amortization of previously reported Ocean Bottom Integrated Technologies segment of $4.2 million. | |||||||||||
[4] | Includes depreciation and amortization of previously reported Ocean Bottom Integrated Technologies segment of $4.2 million. |
Note 3 - Segment and Geograph_4
Note 3 - Segment and Geographic Information - Summary of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Net revenues | $ 27,295 | $ 16,234 | $ 22,731 | $ 56,414 | $ 42,709 | $ 53,239 | $ 41,775 | $ 36,956 | $ 122,674 | $ 174,679 | $ 180,045 | ||
Gross profit (loss) | 7,440 | 1,289 | 4,584 | 28,344 | 5,239 | 25,288 | 19,583 | 9,912 | $ 41,657 | $ 60,022 | $ 59,620 | ||
Gross margin | 34.00% | 34.00% | 33.00% | ||||||||||
Income (loss) from operations | (4,279) | (11,164) | (5,472) | 6,326 | (9,827) | 3,858 | (2,553) | (15,937) | $ (14,589) | $ (24,459) | $ (54,272) | ||
Interest expense, net | (3,501) | (3,669) | (3,414) | (3,221) | (3,696) | (3,155) | (3,111) | (3,112) | (13,805) | (13,074) | (12,972) | ||
Other income (expense), net | $ 223 | $ (525) | $ 6,771 | $ 429 | $ (679) | $ (242) | $ 96 | $ (792) | 6,898 | (1,617) | (436) | ||
Loss before income taxes | (21,496) | (39,150) | (67,680) | ||||||||||
Operating Segments [Member] | |||||||||||||
Gross profit (loss) | $ 41,657 | $ 60,022 | $ 65,662 | ||||||||||
Gross margin | 34.00% | 34.00% | 36.00% | ||||||||||
Operating Segments [Member] | E and P Technology and Services [Member] | |||||||||||||
Net revenues | $ 91,767 | $ 125,578 | $ 136,520 | ||||||||||
Gross profit (loss) | $ 29,243 | $ 35,699 | $ 43,369 | ||||||||||
Gross margin | 32.00% | 28.00% | 32.00% | ||||||||||
Income (loss) from operations | $ 13,134 | $ 8,833 | $ 21,758 | ||||||||||
Operating Segments [Member] | E and P Technology and Services [Member] | New Venture [Member] | |||||||||||||
Net revenues | 10,798 | 31,188 | 69,685 | ||||||||||
Operating Segments [Member] | E and P Technology and Services [Member] | Data Library [Member] | |||||||||||||
Net revenues | 65,790 | 71,847 | 47,095 | ||||||||||
Operating Segments [Member] | E and P Technology and Services [Member] | Multi-client [Member] | |||||||||||||
Net revenues | 76,588 | 103,035 | 116,780 | ||||||||||
Operating Segments [Member] | E and P Technology and Services [Member] | Imaging and Resevoir Services [Member] | |||||||||||||
Net revenues | 15,179 | 22,543 | 19,740 | ||||||||||
Operating Segments [Member] | Operations Optimization [Member] | |||||||||||||
Net revenues | 30,907 | 49,101 | 43,525 | ||||||||||
Gross profit (loss) | $ 12,414 | $ 24,323 | $ 22,293 | ||||||||||
Gross margin | 40.00% | 50.00% | 51.00% | ||||||||||
Income (loss) from operations | $ (4,556) | $ 8,189 | $ 7,295 | ||||||||||
Operating Segments [Member] | Operations Optimization [Member] | Optimization Software and Services [Member] | |||||||||||||
Net revenues | 14,137 | 23,140 | 21,129 | ||||||||||
Operating Segments [Member] | Operations Optimization [Member] | Devices [Member] | |||||||||||||
Net revenues | 16,770 | 25,961 | 22,396 | ||||||||||
Segment Reconciling Items [Member] | |||||||||||||
Gross profit (loss) | $ 0 | $ 0 | $ (6,042) | ||||||||||
Gross margin | [1],[2],[3],[4],[5] | 0.00% | 0.00% | (3.00%) | |||||||||
Income (loss) from operations | $ (23,167) | $ (41,481) | $ (83,325) | [5],[6] | |||||||||
[1] | (a) Includes impairment of multi-client data library of $1.2 million and $9.1 million for the year ended December 31, 2020 and 2019, respectively. | ||||||||||||
[2] | (b) Includes impairment of goodwill of $4.2 million for the year ended December 31, 2020. | ||||||||||||
[3] | (c) Includes amortization of the government relief funding expected to be forgiven of $6.9 million for the year ended December 31, 2020. | ||||||||||||
[4] | (d) Relates to gross loss primarily related to depreciation expense of previously reported Ocean Bottom Integrated Technologies segment. | ||||||||||||
[5] | (e) Includes loss from operations of previously reported Ocean Bottom Integrated Technologies segment of $11.1 million for the year ended December 31, 2018, which includes Other’s gross profit above, operating expenses of $5.1 million for the year ended December 31, 2018, stock appreciation right awards and related expenses $2.1 million for the year ended December 31, 2018 and impairment charge of $36.6 million for the year ended December 31, 2018. | ||||||||||||
[6] | Includes loss from operations of previously reported Ocean Bottom Integrated Technologies segment of $11.1 million for the year ended December 31, 2018, which includes Other’s gross profit above, operating expenses of $5.1 million for the year ended December 31, 2018, stock appreciation right awards and related expenses $2.1 million for the year ended December 31, 2018 and impairment charge of $36.6 million for the year ended December 31, 2018. |
Note 3 - Segment and Geograph_5
Note 3 - Segment and Geographic Information - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Depreciation and amortization expense (including multi-client data library) | $ 26,296 | $ 43,198 | $ 57,751 | |
Operating Segments [Member] | E and P Technology and Services [Member] | ||||
Depreciation and amortization expense (including multi-client data library) | 24,581 | 41,813 | 51,673 | |
Operating Segments [Member] | Operations Optimization [Member] | ||||
Depreciation and amortization expense (including multi-client data library) | 1,234 | 940 | 995 | |
Segment Reconciling Items [Member] | ||||
Depreciation and amortization expense (including multi-client data library) | $ 481 | $ 445 | $ 5,083 | [1],[2] |
[1] | (a) Includes depreciation and amortization of previously reported Ocean Bottom Integrated Technologies segment of $4.2 million. | |||
[2] | Includes depreciation and amortization of previously reported Ocean Bottom Integrated Technologies segment of $4.2 million. |
Note 3 - Segment and Geograph_6
Note 3 - Segment and Geographic Information - Total Assets by Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total assets | $ 193,593 | $ 233,194 |
Segment Reconciling Items [Member] | ||
Total assets | 56,409 | 42,480 |
E and P Technology and Services [Member] | Operating Segments [Member] | ||
Total assets | 92,075 | 133,787 |
Operations Optimization [Member] | Operating Segments [Member] | ||
Total assets | $ 45,109 | $ 56,927 |
Note 3 - Segment and Geograph_7
Note 3 - Segment and Geographic Information - Summary of Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total assets | $ 193,593 | $ 233,194 |
North America [Member] | ||
Total assets | 94,923 | 104,808 |
Middle East [Member] | ||
Total assets | 45,823 | 48,932 |
Europe [Member] | ||
Total assets | 28,738 | 37,946 |
Latin America [Member] | ||
Total assets | 19,771 | 34,633 |
Other [Member] | ||
Total assets | $ 4,338 | $ 6,875 |
Note 3 - Segment and Geograph_8
Note 3 - Segment and Geographic Information - Summary of Property, Plant and Equipment and Multi-client Data Library by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment and multi-client data library, net | $ 60,425 | $ 73,572 |
North America [Member] | ||
Property, plant and equipment and multi-client data library, net | 44,188 | 56,566 |
Latin America [Member] | ||
Property, plant and equipment and multi-client data library, net | 14,301 | 14,826 |
Middle East [Member] | ||
Property, plant and equipment and multi-client data library, net | 1,862 | 2,095 |
Europe [Member] | ||
Property, plant and equipment and multi-client data library, net | 62 | 73 |
Other [Member] | ||
Property, plant and equipment and multi-client data library, net | $ 12 | $ 12 |
Note 3 - Segment and Geograph_9
Note 3 - Segment and Geographical Information - Summary of Net Revenues by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenues | $ 27,295 | $ 16,234 | $ 22,731 | $ 56,414 | $ 42,709 | $ 53,239 | $ 41,775 | $ 36,956 | $ 122,674 | $ 174,679 | $ 180,045 |
Latin America [Member] | |||||||||||
Net revenues | 43,389 | 64,627 | 91,833 | ||||||||
Africa [Member] | |||||||||||
Net revenues | 27,132 | 28,203 | 21,482 | ||||||||
Europe [Member] | |||||||||||
Net revenues | 17,950 | 22,102 | 18,509 | ||||||||
Asia Pacific [Member] | |||||||||||
Net revenues | 16,696 | 18,321 | 21,587 | ||||||||
North America [Member] | |||||||||||
Net revenues | 9,521 | 27,953 | 19,029 | ||||||||
Middle East [Member] | |||||||||||
Net revenues | 3,187 | 7,347 | 3,728 | ||||||||
Other [Member] | |||||||||||
Net revenues | $ 4,799 | $ 6,126 | $ 3,877 |
Note 4 - Revenue from Contrac_3
Note 4 - Revenue from Contracts with Customers (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | |||
Number of Major Customers | 2 | 1 | 2 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 3 | 2 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customers [Member] | |||
Concentration Risk, Percentage | 51.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 29.00% | ||
Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Non-US [Member] | |||
Concentration Risk, Percentage | 92.00% | 84.00% | 89.00% |
Minimum [Member] | Software [Member] | |||
Revenue, Performance Obligation, Contract Term (Year) | 2 years | ||
Maximum [Member] | Software [Member] | |||
Revenue, Performance Obligation, Contract Term (Year) | 5 years |
Note 4 - Revenue from Contrac_4
Note 4 - Revenue from Contracts with Customers - Summary of Unbilled Receivables and Deferred Revenue (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Unbilled receivables | $ 11,262 |
Unbilled receivables | 11,815 |
Recognition of unbilled receivables (a) | 117,528 |
Revenues billed to customers (a) | (118,081) |
Deferred revenue | 3,648 |
Deferred revenue | 4,551 |
Cash collected in excess of revenue recognized | 4,243 |
Recognition of deferred revenue (a) | (5,146) |
New Venture [Member] | |
Unbilled receivables | 9,158 |
Unbilled receivables | 5,222 |
Deferred revenue | 2,169 |
Deferred revenue | 1,956 |
Imaging and Resevoir Services [Member] | |
Unbilled receivables | 680 |
Unbilled receivables | 6,539 |
Deferred revenue | 665 |
Deferred revenue | 1,501 |
Devices [Member] | |
Unbilled receivables | 1,424 |
Unbilled receivables | 54 |
Deferred revenue | 48 |
Deferred revenue | 452 |
Optimization Software and Services [Member] | |
Deferred revenue | 766 |
Deferred revenue | $ 642 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) $ in Thousands | Aug. 16, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Line of Credit [Member] | Revolving Credit Facility [Member] | |||
Long-term Debt, Gross | $ 22,500 | $ 0 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | PNC Bank, National Association [Member] | |||
Debt Instrument, Covenant, Minimum Excess Borrowing Availability for Five Consecutive Business Days | $ 6,250 | ||
Debt Instrument, Covenant, Minimum Excess Borrowing Availability on Any Given Business Day | 5,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ||
Debt Instrument, Covenant, Maximum Borrowing Base Percentage of Net Orderly Liquidation Value, Multi-client Data Library | $ 28,500 | ||
Long-term Line of Credit, Total | 22,500 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 7,400 | ||
Debt Instrument, Covenant, Minimum Fixed Cover Charge Ratio | 1.1 | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | PNC Bank, National Association [Member] | Subsidiary Borrowers [Member] | |||
Debt Instrument, Percentage of Ownership Interest in Subsidiaries Subject to First Priority Security Interest | 100.00% | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | PNC Bank, National Association [Member] | ION International Holdings L.P. [Member] | |||
Debt Instrument, Percentage of Ownership Interest in Subsidiaries Subject to First Priority Security Interest | 65.00% | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | PNC Bank, National Association [Member] | GX Geoscience Corporation, S. De R.L. De C.V. [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | ||
Debt Instrument, Covenant, Borrowing Base, Maximum Eligible Billed Receivables | $ 5,000 | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | PNC Bank, National Association [Member] | Maximum [Member] | Base Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | PNC Bank, National Association [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | PNC Bank, National Association [Member] | Minimum [Member] | Base Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | PNC Bank, National Association [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Second Lien Notes [Member] | Senior Notes [Member] | |||
Long-term Debt, Gross | $ 120,569 | $ 120,569 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | ||
Debt Instrument, Percent of Note Holders Supprting Restructuring | 92.00% |
Note 5 - Long-term Debt - Summa
Note 5 - Long-term Debt - Summary of Long-term Debt and Lease Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total, finance leases | $ 734 | $ 1,869 |
Costs associated with issuances of debt | (977) | (1,951) |
Total | 143,731 | 121,459 |
Current maturities of long-term debt | (143,731) | (2,107) |
Long-term debt, net of current maturities | 0 | 119,352 |
Line of Credit [Member] | Revolving Credit Facility [Member] | ||
Long-term debt | 22,500 | 0 |
Other Debt [Member] | ||
Long-term debt | 905 | 972 |
Second Lien Notes [Member] | Senior Notes [Member] | ||
Long-term debt | $ 120,569 | $ 120,569 |
Note 5 - Long-term Debt - Redem
Note 5 - Long-term Debt - Redemption Percentages (Details) - Senior Notes [Member] - Second Lien Notes [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument, Redemption, Period One [Member] | |
Redemption percentage | 103.50% |
Debt Instrument, Redemption, Period Two [Member] | |
Redemption percentage | 100.00% |
Note 6 - Government Relief Fu_2
Note 6 - Government Relief Funding (Details Textual) - Payroll Protection Program Term Note [Member] $ in Millions | Apr. 11, 2020USD ($) |
Debt Instrument, Face Amount | $ 6.9 |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% |
Note 7 - Net Loss per Common _2
Note 7 - Net Loss per Common Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 533,320 | 689,209 | 785,890 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 732,707 | 908,754 | 1,044,125 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 189,306 | $ 170,937 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax Credit Refund | 800 | |||
Unrecognized Tax Benefits, Ending Balance | 447 | $ 447 | $ 447 | $ 447 |
Foreign Tax Authority [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | 8,500 | |||
Operating Loss Carryforwards, Total | $ 169,500 | |||
Open Tax Year | 2015 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards, Total | $ 346,000 | |||
Open Tax Year | 2017 |
Note 8 - Income Taxes - Sources
Note 8 - Income Taxes - Sources of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 8 - Income Taxes - Sources of Income (Loss) Before Income Taxes (Details) | |||
Domestic | $ (32,705) | $ (85,278) | $ (59,212) |
Foreign | 11,209 | 46,128 | (8,468) |
Loss before income taxes | $ (21,496) | $ (39,150) | $ (67,680) |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 8 - Income Taxes - Components of Income Taxes (Details) | |||||||||||
Federal | $ (8) | $ 0 | $ 0 | ||||||||
State and local | (36) | 2 | 65 | ||||||||
Foreign | 7,113 | 10,002 | 8,905 | ||||||||
Federal | 0 | 0 | (346) | ||||||||
Foreign | 8,547 | (1,940) | (5,906) | ||||||||
Total income tax expense | $ 5,634 | $ 1,056 | $ 3,052 | $ 5,874 | $ 148 | $ 3,790 | $ 2,719 | $ 1,407 | $ 15,616 | $ 8,064 | $ 2,718 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of the Expected Income Tax Expense on Income (Loss) Before Income Taxes Using the Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 8 - Income Taxes - Reconciliation of the Expected Income Tax Expense on Income (Loss) Before Income Taxes Using the Statutory Federal Income Tax Rate (Details) | |||||||||||
Expected income tax expense at 21% | $ (4,514) | $ (8,222) | $ (14,213) | ||||||||
Foreign tax rate differential | (307) | (1,996) | 74 | ||||||||
Foreign tax differences | 2,128 | (327) | 4,703 | ||||||||
Global intangible low tax income inclusion | 1,296 | 7,310 | 3,443 | ||||||||
State and local taxes | (36) | 2 | 65 | ||||||||
Nondeductible expenses | 134 | 865 | 1,604 | ||||||||
Nontaxable PPP loan forgiveness | (1,454) | 0 | 0 | ||||||||
Valuation allowance on operations | 18,369 | 10,432 | 7,042 | ||||||||
Total income tax expense | $ 5,634 | $ 1,056 | $ 3,052 | $ 5,874 | $ 148 | $ 3,790 | $ 2,719 | $ 1,407 | $ 15,616 | $ 8,064 | $ 2,718 |
Note 8 - Income Taxes - Recon_2
Note 8 - Income Taxes - Reconciliation of the Expected Income Tax Expense on Income (Loss) Before Income Taxes Using the Statutory Federal Income Tax Rate (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Note 8 - Income Taxes - Reconciliation of the Expected Income Tax Expense on Income (Loss) Before Income Taxes Using the Statutory Federal Income Tax Rate (Details) (Parentheticals) | ||
Federal income tax rate | 21.00% | 21.00% |
Note 8 - Income Taxes - Tax Eff
Note 8 - Income Taxes - Tax Effects of the Cumulative Temporary Differences Resulting in the Net Deferred Income Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Note 8 - Income Taxes - Tax Effects of the Cumulative Temporary Differences Resulting in the Net Deferred Income Tax Asset (Liability) (Details) | ||
Accrued expenses | $ 1,326 | $ 1,588 |
Allowance accounts | 6,560 | 6,161 |
Net operating loss carryforward | 115,254 | 105,844 |
Equity method investment | 35,292 | 35,292 |
Original issue discount | 3,287 | 6,000 |
Interest limitation | 14,645 | 10,132 |
Basis in identified intangibles | 5,499 | 7,090 |
Tax credit carryforwards | 4,733 | 5,070 |
Other | 3,585 | 4,443 |
Total deferred income tax asset | 190,181 | 181,620 |
Valuation allowance | (189,306) | (170,937) |
Net deferred income tax asset | 875 | 10,683 |
Unbilled receivables | (875) | (1,949) |
Total deferred income tax asset, net | $ 0 | $ 8,734 |
Note 8 - Income Taxes - Unrecog
Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) | |||
Beginning balance | $ 447 | $ 447 | $ 447 |
Increases in unrecognized tax benefits - current year positions | 0 | 0 | 0 |
Decreases in unrecognized tax benefits - prior year position | 0 | 0 | 0 |
Ending balance | $ 447 | $ 447 | $ 447 |
Note 9 - Litigations (Details T
Note 9 - Litigations (Details Textual) $ in Millions | Aug. 30, 2019USD ($) | Jun. 30, 2009 | Dec. 31, 2019USD ($) | Feb. 28, 2020USD ($) | May 31, 2014USD ($) | Aug. 31, 2012 |
WesternGeco [Member[ | Pending Litigation [Member] | ||||||
Loss Contingency, New Claims Filed, Number | 4 | |||||
WesternGeco [Member[ | Settled Litigation [Member] | ||||||
Loss Contingency, Pending Claims, Number, Ending Balance | 6 | |||||
Loss Contingency Accrual, Ending Balance | $ 123.8 | |||||
Loss Contingency, Damages Paid, Value | $ 25.8 | |||||
Loss Contingency, Damages Awarded, Value | $ 98 | |||||
Loss Contingency, Claims Dismissed, Number | 4 | |||||
DGH Appeal [Member] | Pending Litigation [Member] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 4.5 |
Note 10 - Details of Selected_3
Note 10 - Details of Selected Balance Sheet Accounts (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note To Financial Statement Details Textual | |||
Inventory Write-down | $ 378 | $ 517 | $ 665 |
Depreciation Expense, Including Finance Lease, Right-of-Use Asset, Amortization | 3,800 | 3,100 | 7,600 |
Tangible Asset Impairment Charges, Total | 0 | 0 | 36,553 |
Amortization of Multi-client Library | 22,299 | 39,541 | 48,988 |
Multi-client Data Library Impairment Charges | $ 1,167 | $ 9,072 | $ 0 |
Note 10 - Details of Selected_4
Note 10 - Details of Selected Balance Sheet Accounts - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Note 10 - Details of Selected Balance Sheet Accounts - Summary of Accounts Receivable (Details) | |||
Accounts receivable, principally trade | $ 10,458 | $ 29,548 | |
Less: allowance for expected credit losses (a) | [1] | (2,413) | 0 |
Accounts receivable, net | $ 8,045 | $ 29,548 | |
[1] | (a) Allowance for expected credit losses primarily relates to two customers with outstanding receivable balance determined to be uncollectible in the fourth quarter of 2020. |
Note 10 - Details of Selected_5
Note 10 - Details of Selected Balance Sheet Accounts - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Note 10 - Details of Selected Balance Sheet Accounts - Summary of Inventories (Details) | ||
Raw materials and purchased subassemblies | $ 18,638 | $ 18,509 |
Work-in-process | 1,218 | 2,079 |
Finished goods | 4,417 | 4,932 |
Less: reserve for excess and obsolete inventories | (13,006) | (13,333) |
Inventories, net | $ 11,267 | $ 12,187 |
Note 10 - Details of Selected_6
Note 10 - Details of Selected Balance Sheet Accounts - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant, equipment and seismic rental equipment, gross | $ 172,086 | $ 184,692 |
Less: accumulated depreciation | 126,022 | 134,951 |
Less: impairment of long-lived assets | 36,553 | 36,553 |
Property, plant, equipment and seismic rental equipment, net | 9,511 | 13,188 |
Building [Member] | ||
Property, plant, equipment and seismic rental equipment, gross | 15,675 | 15,486 |
Machinery and Equipment [Member] | ||
Property, plant, equipment and seismic rental equipment, gross | 120,949 | 133,048 |
Seismic Rental Equipment [Member] | ||
Property, plant, equipment and seismic rental equipment, gross | 2,003 | 1,669 |
Furniture and Fixtures [Member] | ||
Property, plant, equipment and seismic rental equipment, gross | 3,172 | 3,347 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, plant, equipment and seismic rental equipment, gross | $ 30,287 | $ 31,142 |
Note 10 - Details of Selected_7
Note 10 - Details of Selected Balance Sheet Accounts - Multi-client Library Costs and Accumulated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Note 10 - Details of Selected Balance Sheet Accounts - Multi-client Library Costs and Accumulated Amortization (Details) | ||
Gross costs of multi-client data creation | $ 1,021,758 | $ 1,007,762 |
Less: accumulated amortization | (838,700) | (816,401) |
Less: impairments to multi-client data library | (132,144) | (130,977) |
Multi-client data library, net | $ 50,914 | $ 60,384 |
Note 10 - Details of Selected_8
Note 10 - Details of Selected Balance Sheet Accounts - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Note 10 - Details of Selected Balance Sheet Accounts - Summary of Accrued Expenses (Details) | ||
Compensation, including compensation-related taxes and commissions | $ 8,923 | $ 15,218 |
Accrued multi-client data library acquisition costs | 1,622 | 4,219 |
Income tax payable | 3,512 | 5,367 |
Other | 2,306 | 5,524 |
Total | $ 16,363 | $ 30,328 |
Note 11 - Goodwill (Details Tex
Note 11 - Goodwill (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2020 | |
Goodwill, Impairment Loss | $ 4,150 | $ 0 | $ 0 | |
Operations Optimization [Member] | ||||
Goodwill, Impairment Loss | 4,150 | |||
E and P Technology and Services [Member] | ||||
Goodwill, Impairment Loss | $ 0 | |||
Measurement Input, Discount Rate [Member] | ||||
Goodwill, Measurement Input | 19 |
Note 11 - Goodwill - Changes in
Note 11 - Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 23,585 | $ 22,915 | |
Impact of foreign currency translation adjustments | 130 | 670 | |
Impairment of goodwill | (4,150) | 0 | $ 0 |
Balance | 19,565 | 23,585 | 22,915 |
E and P Technology and Services [Member] | |||
Balance | 2,943 | 2,943 | |
Impact of foreign currency translation adjustments | 0 | 0 | |
Impairment of goodwill | 0 | ||
Balance | 2,943 | 2,943 | 2,943 |
Operations Optimization [Member] | |||
Balance | 20,642 | 19,972 | |
Impact of foreign currency translation adjustments | 130 | 670 | |
Impairment of goodwill | (4,150) | ||
Balance | $ 16,622 | $ 20,642 | $ 19,972 |
Note 12 - Stockholders' Equit_3
Note 12 - Stockholders' Equity and Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Dec. 01, 2018 | Nov. 30, 2018 | Dec. 13, 2017 | Mar. 01, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.1 | $ 0.6 | $ 1.4 | ||||
Proceeds from Stock Options Exercised | $ 0.1 | $ 0.1 | $ 0.2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0 | $ 4.91 | $ 15.23 | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Fair Value Assumptions, Volatility, Term of Common Stock (Month) | 6 months | 6 months | 6 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,200,000 | ||||||
The 2013 LTIP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,200,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,700,000 | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Restricted Stock and Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 67,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.27 | $ 7.98 | $ 10.60 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 1.8 | $ 7.9 | $ 5.4 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0.4 | $ 2.1 | $ 3.8 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 732,707 | 908,754 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 900,002 | ||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 7.19 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Weighted Average Price to Vest (in dollars per share) | $ 17.50 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.51 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Weighted Average Price to Vest (in dollars per share) | $ 22.50 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.89 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Weighted Average Price to Vest (in dollars per share) | $ 27.50 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.85 | ||||||
Share Based Compensation By Share Bases Payment Arrangement, Exercise Price Range, Maximum Value (in dollars per share) | $ 18.65 | $ 19.40 | |||||
Share Based Compensation By Share Bases Payment Arrangement, Exercise Price Range, Upper Range Limit (in dollars per share) | 27.50 | 22.50 | |||||
Share Based Compensation By Share Bases Payment Arrangement, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 8.85 | $ 3.10 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercisable and Vested, Number (in shares) | 177,665 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares) | 0 | 158,334 | 34,999 | ||||
Stock Appreciation Rights (SARs) [Member] | December 1, 2018 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 617,912 | ||||||
Stock Appreciation Rights (SARs) [Member] | March 1, 2016 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercisable and Vested, Number (in shares) | 136,670 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares) | 663,330 | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Participants Gain on Exercise (in dollars per share) | $ 9.95 | ||||||
Stock Appreciation Rights (SARs) [Member] | Share-based Payment Arrangement, Employee [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 960,009 | 1,210,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Exercise Price (in dollars per share) | $ 8.85 | $ 3.10 | |||||
Stock Appreciation Rights (SARs) [Member] | Share-based Payment Arrangement, Nonemployee [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 | |||||
Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||||
Stock Appreciation Rights (SARs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Award Vesting Rights, Percentage, Weighted Average Stock Price Greater Than Exercise Price | 120.00% | ||||||
Stock Appreciation Rights (SARs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Award Vesting Rights, Percentage, Weighted Average Stock Price Greater Than Exercise Price | 125.00% | ||||||
Stock Appreciation Rights (SARs) [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Award Vesting Rights, Percentage, Weighted Average Stock Price Greater Than Exercise Price | 130.00% |
Note 12 - Stockholders' Equit_4
Note 12 - Stockholders' Equity and Stock-based Compensation - Summary of Transactions Under the Stock Option Plans (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Note 12 - Stockholders' Equity and Stock-based Compensation - Summary of Transactions Under the Stock Option Plans (Details) | ||||
Option price per share, lower limit (in dollars per share) | $ 3.100 | $ 3.100 | $ 3.100 | $ 3.100 |
Option price per share, upper limit (in dollars per share) | $ 151.3535 | $ 151.3535 | $ 151.3535 | $ 245.8585 |
Balance, outstanding (in shares) | 689,209 | 785,890 | 890,341 | |
Balance, vested (in shares) | 533,715 | 474,905 | 435,278 | |
Balance, available for grant (in shares) | 736,618 | 732,720 | 488,403 | |
Increase in shares authorized (in shares) | 1,200,000 | |||
Granted, option price per share (in dollars per share) | $ 0 | $ 24.50 | ||
Granted (in shares) | 0 | 20,000 | 10,000 | |
Vested (in shares) | 96,497 | 167,991 | 153,944 | |
Exercised, option price per share (in dollars per share) | $ 3.10 | $ 3.10 | $ 3.10 | |
Exercised (in shares) | (5,000) | (86,900) | (70,086) | |
Cancelled/forfeited, option price per share, lower limit (in dollars per share) | $ 3.10 | $ 13.15 | $ 3.10 | |
Cancelled/forfeited, option price per share, upper limit (in dollars per share) | $ 107.85 | $ 107.85 | $ 245.85 | |
Cancelled/forfeited (in shares) | 150,889 | 29,781 | 44,365 | |
Cancelled/forfeited (in shares) | 140,889 | 22,281 | 44,231 | |
Cancelled/forfeited (in shares) | 76,460 | 10,799 | 2,568 | |
Restricted stock granted out of option plans (in shares) | 67,500 | 157,155 | 996,775 | |
Vested restricted stock forfeited or cancelled for employee minimum income taxes and returned to the plans (in shares) | 139,700 | 170,254 | 48,524 | |
Granted, option price per share, lower limit (in dollars per share) | $ 6.79 | |||
Granted, option price per share, upper limit (in dollars per share) | $ 8.43 | |||
Balance, outstanding (in shares) | 533,320 | 689,209 | 785,890 | 890,341 |
Balance, vested (in shares) | 484,323 | 533,715 | 474,905 | 435,278 |
Balance, available for grant (in shares) | 885,278 | 736,618 | 732,720 | 488,403 |
Note 12 - Stockholders' Equit_5
Note 12 - Stockholders' Equity and Stock-based Compensation - Stock Options Outstanding (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Option price per share, lower limit (in dollars per share) | $ 3.100 | $ 3.100 | $ 3.100 | $ 3.100 |
Option price per share, upper limit (in dollars per share) | $ 151.3535 | $ 151.3535 | $ 151.3535 | $ 245.8585 |
Outstanding (in shares) | 533,320 | |||
Weighted average exercise price of outstanding options (in dollars per share) | $ 35.34 | |||
Weighted average remaining contractual life (Year) (Year) | 4 years 9 months 18 days | |||
Vested (in shares) | 484,323 | |||
Weighted average exercise price of vested options (in dollars per share) | $ 37.54 | |||
Range One [Member] | ||||
Option price per share, lower limit (in dollars per share) | 3.10 | |||
Option price per share, upper limit (in dollars per share) | $ 57.90 | |||
Outstanding (in shares) | 386,123 | |||
Weighted average exercise price of outstanding options (in dollars per share) | $ 17.70 | |||
Weighted average remaining contractual life (Year) (Year) | 6 years 3 months 18 days | |||
Vested (in shares) | 337,126 | |||
Weighted average exercise price of vested options (in dollars per share) | $ 18.30 | |||
Range Two [Member] | ||||
Option price per share, lower limit (in dollars per share) | 61.05 | |||
Option price per share, upper limit (in dollars per share) | $ 71.85 | |||
Outstanding (in shares) | 53,835 | |||
Weighted average exercise price of outstanding options (in dollars per share) | $ 61.19 | |||
Weighted average remaining contractual life (Year) (Year) | 2 years 10 months 24 days | |||
Vested (in shares) | 53,835 | |||
Weighted average exercise price of vested options (in dollars per share) | $ 61.19 | |||
Range Three [Member] | ||||
Option price per share, lower limit (in dollars per share) | 81.60 | |||
Option price per share, upper limit (in dollars per share) | $ 99.60 | |||
Outstanding (in shares) | 75,030 | |||
Weighted average exercise price of outstanding options (in dollars per share) | $ 89.31 | |||
Weighted average remaining contractual life (Year) (Year) | 1 year 9 months 18 days | |||
Vested (in shares) | 75,030 | |||
Weighted average exercise price of vested options (in dollars per share) | $ 89.31 | |||
Range Four [Member] | ||||
Option price per share, lower limit (in dollars per share) | 106.05 | |||
Option price per share, upper limit (in dollars per share) | $ 151.35 | |||
Outstanding (in shares) | 18,332 | |||
Weighted average exercise price of outstanding options (in dollars per share) | $ 110.17 | |||
Weighted average remaining contractual life (Year) (Year) | 4 months 24 days | |||
Vested (in shares) | 18,332 | |||
Weighted average exercise price of vested options (in dollars per share) | $ 110.17 |
Note 12 - Stockholders' Equit_6
Note 12 - Stockholders' Equity and Stock-based Compensation - Additional Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note 12 - Stockholders' Equity and Stock-based Compensation - Additional Information Related to Stock Options (Details) | |||
Balance, outstanding (in shares) | 689,209 | 785,890 | 890,341 |
Total outstanding, weighted average exercise price (in dollars per share) | $ 37.78 | ||
Total outstanding, weighted average remaining contractual life (Year) | 4 years 9 months 18 days | 5 years 6 months | |
Total outstanding, aggregate intrinsic value | $ 0 | $ 1,071 | |
Options granted, number of shares (in shares) | 0 | 20,000 | 10,000 |
Granted, option price per share (in dollars per share) | $ 0 | $ 24.50 | |
Options granted, weighted average grant date fair value (in dollars per share) | $ 0 | $ 4.91 | $ 15.23 |
Options exercised, number of shares (in shares) | (5,000) | (86,900) | (70,086) |
Exercised, option price per share (in dollars per share) | $ 3.10 | $ 3.10 | $ 3.10 |
Options cancelled, number of shares (in shares) | (10,000) | ||
Options cancelled, weighted average exercise price (in dollars per share) | $ 6.79 | ||
Options forfeited, number of shares (in shares) | (140,889) | ||
Options forfeited, weighted average exercise price (in dollars per share) | $ 50.43 | ||
Balance, outstanding (in shares) | 533,320 | 689,209 | 785,890 |
Total outstanding, weighted average exercise price (in dollars per share) | $ 35.34 | $ 37.78 | |
Options exercisable and vested, number of shares (in shares) | 484,323 | ||
Options exercisable and vested, weighted average exercise price (in dollars per share) | $ 37.54 | ||
Options exercisable and vested, weighted average remaining contractual life (Year) | 4 years 9 months 18 days | ||
Options exercisable and vested, aggregate intrinsic value | $ 0 |
Note 12 - Stockholders' Equit_7
Note 12 - Stockholders' Equity and Stock-based Compensation - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Risk-free interest rates | 0.00% | 2.78% | 2.78% |
Expected lives (in years) (Year) | 0 years | 5 years | 5 years |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 0.00% | 73.67% | 73.67% |
Stock Appreciation Rights (SARs) [Member] | |||
Risk-free interest rates | 0.70% | 1.90% | |
Expected lives (in years) (Year) | 5 years 3 months 21 days | 5 years 3 months 21 days | |
Expected dividend yield | 0.00% | 0.00% | |
Expected volatility | 94.70% | 79.00% |
Note 12 - Stockholders' Equit_8
Note 12 - Stockholders' Equity and Stock-based Compensation - Restricted Stock and Restricted Stock Unit Awards (Details) - Restricted Stock and Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2020shares | |
Total nonvested, number of shares/units (in shares) | 908,754 |
Granted, number of shares/units (in shares) | 67,500 |
Vested, number of shares/units (in shares) | (151,346) |
Forfeited, number of shares/units (in shares) | (92,201) |
Total nonvested, number of shares/units (in shares) | 732,707 |
Note 12 - Stockholders' Equit_9
Note 12 - Stockholders' Equity and Stock-based Compensation - Additional Information Related to SARs (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total outstanding, number of shares (in shares) | 954,679 | 1,481,541 | 565,864 |
Total outstanding, weighted average exercise price (in dollars per share) | $ 7.73 | $ 10.53 | $ 13.49 |
SARs granted, number of shares (in shares) | 960,009 | ||
SARs granted, weighted average exercise price (in dollars per share) | $ 8.85 | ||
SARs granted, weighted average grant date fair value (in dollars per share) | $ 8.85 | ||
SARs exercised, number of shares (in shares) | 0 | (158,334) | (34,999) |
SARs exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 3.10 | $ 3.10 |
SARs forfeited, number of shares (in shares) | (50,000) | (9,333) | |
SARs forfeited, weighted average exercise price (in dollars per share) | $ 3.10 | $ 45 | |
SARs cancelled, number of shares (in shares) | (150,097) | (368,528) | |
SARs cancelled, weighted average exercise price (in dollars per share) | $ 8.85 | $ 20.99 | |
Total outstanding, number of shares (in shares) | 754,582 | 954,679 | 1,481,541 |
Total outstanding, weighted average exercise price (in dollars per share) | $ 7.81 | $ 7.73 | $ 10.53 |
Total outstanding, weighted average remaining contractual life (Year) | 6 years 7 months 6 days | ||
Total outstanding, aggregate intrinsic value | $ 0 | ||
SARs exercisable and vested, number of shares (in shares) | 177,665 | ||
SARs exercisable and vested, weighted average exercise price (in dollars per share) | $ 4.43 | ||
SARs exercisable and vested, weighted average remaining contractual life (Year) | 6 years 7 months 6 days | ||
SARs exercisable and vested, aggregate intrinsic value | $ 0 |
Note 12 - Stockholders' Equi_10
Note 12 - Stockholders' Equity and Stock-based Compensation - Stock-bases Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation expense | $ 2,043 | $ 4,701 | $ 3,337 |
Tax benefit related thereto | (421) | (972) | (698) |
Stock-based compensation expense, net of tax | 1,622 | 3,729 | 2,639 |
Stock Appreciation Rights (SARs) [Member] | |||
Stock-based compensation expense | (2,493) | 2,910 | 822 |
Tax benefit related thereto | 523 | (611) | (173) |
Stock-based compensation expense, net of tax | $ (1,970) | $ 2,299 | $ 649 |
Note 13 - Supplemental Cash F_3
Note 13 - Supplemental Cash Flow Information and Non-cash Activity - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid during the period for: | |||
Interest | $ 12,520 | $ 12,381 | $ 12,463 |
Income taxes | 8,156 | 11,065 | 3,260 |
Non-cash items from investing and financing activities: | |||
Purchase of computer equipment financed through capital leases | 0 | 0 | 3,297 |
Investment in multi-client data library financed through trade payables and accruals | $ 0 | $ 6,649 | $ 4,956 |
Note 13 - Supplemental Cash F_4
Note 13 - Supplemental Cash Flow Information and Non-cash Activity - Reconciliation of Cash, Cash Equivalent, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 37,486 | $ 33,065 | $ 33,551 | |
Total cash, cash equivalents, and restricted cash shown in consolidated statements of cash flows | 39,813 | 33,118 | 33,854 | $ 52,419 |
Prepaid Expenses and Other Current Assets [Member] | ||||
Restricted cash | 2,327 | 53 | 0 | |
Other Noncurrent Assets [Member] | ||||
Restricted cash | $ 0 | $ 0 | $ 303 |
Note 14 - Lease Obligations (De
Note 14 - Lease Obligations (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Renewal Term (Year) | 10 years | |||
Lessee, Lease, Termination Period (Year) | 1 year | |||
Leases, Lessee, Rent Expense Relief | $ 4 | |||
Operating Lease, Expense | $ 11 | $ 11.6 | $ 12.3 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 3 months 21 days | 4 years 8 months 15 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6.34% | 6.47% | ||
Houston Data Center Lease [Member] | ||||
Leases, Lessee, Rent Expense Relief | $ 4 | |||
Minimum [Member] | ||||
Lessee, Lease, Remaining Lease Term (Year) | 1 year | |||
Maximum [Member] | ||||
Lessee, Lease, Remaining Lease Term (Year) | 10 years | |||
Lessee, Finance Lease, Interest Rate, Percent | 8.70% |
Note 14 - Lease Obligations - F
Note 14 - Lease Obligations - Future Maturities of Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Note 14 - Lease Obligations - Future Maturities of Lease Obligations (Details) | ||
2021, operating leases | $ 8,956 | |
2021, finance leases | 756 | |
2021 | 9,712 | |
2022, operating leases | 9,956 | |
2022, finance leases | 0 | |
2022 | 9,956 | |
2023, operating leases | 9,723 | |
2023, finance leases | 0 | |
2023 | 9,723 | |
2024, operating leases | 9,361 | |
2024, finance leases | 0 | |
2024 | 9,361 | |
2025, operating leases | 9,612 | |
2025, finance leases | 0 | |
2025 | 9,612 | |
Thereafter, operating leases | 14,119 | |
Thereafter, finance leases | 0 | |
Thereafter | 14,119 | |
Total lease payments, operating leases | 61,727 | |
Total lease payments, finance leases | 756 | |
Total lease payments | 62,483 | |
Less imputed interest, operating leases | (15,785) | |
Less imputed interest, finance leases | (22) | |
Less imputed interest | (15,807) | |
Total, operating leases | 45,942 | |
Total, finance leases | 734 | $ 1,869 |
Total | $ 46,676 |
Note 14 - Lease Obligations - S
Note 14 - Lease Obligations - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Note 14 - Lease Obligations - Supplemental Cash Flow Information Related to Leases (Details) | ||
Operating leases | $ 8,530 | $ 12,284 |
Equipment finance leases | $ 1,135 | $ 1,069 |
Note 15 - Fair Value of Finan_2
Note 15 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Note To Financial Statement Details Textual | ||
Debt and Lease Obligation, Total | $ 120.6 | $ 120.6 |
Long-term Debt, Fair Value | $ 106.3 | $ 113.8 |
Note 16 - Benefit Plans (Detail
Note 16 - Benefit Plans (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Note To Financial Statement Details Textual | |||
Defined Contribution Plan, Minimum Age of Employee | 18 | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 90.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees Contribution | 6.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Defined Contribution Plan, Cost | $ 0.7 | $ 0.9 | $ 0.9 |
Note 17 - Selected Quarterly _3
Note 17 - Selected Quarterly Information - (Unaudited) - Summary of Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenues | $ 27,295 | $ 16,234 | $ 22,731 | $ 56,414 | $ 42,709 | $ 53,239 | $ 41,775 | $ 36,956 | $ 122,674 | $ 174,679 | $ 180,045 |
Gross profit | 7,440 | 1,289 | 4,584 | 28,344 | 5,239 | 25,288 | 19,583 | 9,912 | 41,657 | 60,022 | 59,620 |
Income (loss) from operations | (4,279) | (11,164) | (5,472) | 6,326 | (9,827) | 3,858 | (2,553) | (15,937) | (14,589) | (24,459) | (54,272) |
Interest expense, net | (3,501) | (3,669) | (3,414) | (3,221) | (3,696) | (3,155) | (3,111) | (3,112) | (13,805) | (13,074) | (12,972) |
Other income (expense), net | 223 | (525) | 6,771 | 429 | (679) | (242) | 96 | (792) | 6,898 | (1,617) | (436) |
Income tax expense | 5,634 | 1,056 | 3,052 | 5,874 | 148 | 3,790 | 2,719 | 1,407 | 15,616 | 8,064 | 2,718 |
Net income (loss) attributable to noncontrolling interests | 55 | (193) | (52) | 77 | (144) | (394) | (335) | (112) | (113) | (985) | (773) |
Net loss attributable to ION | $ (13,136) | $ (16,607) | $ (5,219) | $ (2,263) | $ (14,494) | $ (3,723) | $ (8,622) | $ (21,360) | $ (37,225) | $ (48,199) | $ (71,171) |
Basic (in dollars per share) | $ (0.92) | $ (1.16) | $ 0.37 | $ 0.16 | $ (1.02) | $ (0.26) | $ (0.61) | $ (1.52) | $ (2.61) | $ (3.41) | $ (5.20) |
Diluted (in dollars per share) | $ (0.92) | $ (1.16) | $ 0.37 | $ 0.16 | $ (1.02) | $ (0.26) | $ (0.61) | $ (1.52) | $ (2.61) | $ (3.41) | $ (5.20) |
Service [Member] | |||||||||||
Net revenues | $ 20,113 | $ 10,202 | $ 15,547 | $ 47,485 | $ 30,755 | $ 41,990 | $ 30,407 | $ 28,128 | $ 93,347 | $ 131,280 | $ 139,038 |
Product [Member] | |||||||||||
Net revenues | $ 7,182 | $ 6,032 | $ 7,184 | $ 8,929 | $ 11,954 | $ 11,249 | $ 11,368 | $ 8,828 | $ 29,327 | $ 43,399 | $ 41,007 |
Note 18 - Certain Relationshi_2
Note 18 - Certain Relationships and Related Party Transactions (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
INOVA Geophysical Equipment Limited [Member] | |||
Revenue from Related Parties | $ 1,100 | $ 500 | $ 0 |
BGP Inc. [Member] | |||
Related Party Transaction, Ownership Percentage | 10.60% | ||
Revenue from Related Parties | $ 2,700 | 2,200 | 4,900 |
Due from Related Parties, Total | 800 | 1,500 | |
Due to Related Parties, Total | $ 3,400 | 3,100 | |
Chairman of the Board and Laitram, L.L.C. [Member] | |||
Related Party Transaction, Ownership Percentage | 10.20% | ||
Laitram, L.L.C. [Member] | |||
Sublease Income | $ 400 | 400 | |
Laitram, L.L.C. [Member] | Manufacturing Services and Reimbursements of Costs [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 700 | $ 700 | $ 400 |
Laitram, L.L.C. [Member] | Sublease of Office and Warehouse Space [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 47,800 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance | $ 0 | $ 430 | $ 572 |
Charged (credited) to costs and expenses | 2,413 | 0 | 222 |
Deductions | 0 | (430) | (364) |
Balance | 2,413 | 0 | 430 |
SEC Schedule, 12-09, Allowance, Notes Receivable [Member] | |||
Balance | 4,000 | 4,000 | 4,000 |
Charged (credited) to costs and expenses | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance | 4,000 | 4,000 | 4,000 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance | 170,937 | 160,505 | 153,463 |
Charged (credited) to costs and expenses | 18,369 | 10,432 | 7,042 |
Deductions | 0 | 0 | 0 |
Balance | 189,306 | 170,937 | 160,505 |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
Balance | 13,333 | 15,024 | 15,039 |
Charged (credited) to costs and expenses | 378 | 517 | 665 |
Deductions | (705) | (2,208) | (680) |
Balance | $ 13,006 | $ 13,333 | $ 15,024 |