Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Entity Registrant Name | CORE LABORATORIES INC. | ||
Entity Central Index Key | 0001958086 | ||
Trading Symbol | CLB | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1,072,620,234 | ||
Entity Common Stock, Shares Outstanding | 46,856,536 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity File Number | 001-41695 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 6316 Windfern Road | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77040 | ||
City Area Code | 713 | ||
Local Phone Number | 328-2673 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock (par value $0.01) | ||
Security Exchange Name | NYSE | ||
Entity Tax Identification Number | 98-1164194 | ||
Documents Incorporated by Reference | The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2024, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates | ||
Auditor Firm ID | 185 | ||
Auditor Location | Houston, TX | ||
Auditor Name | KPMG LLP | ||
Document Financial Statement Error Correction [Flag] | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 15,120 | $ 15,428 |
Accounts receivable, net of allowance for credit losses of $2,280 and $2,214 at 2023 and 2022, respectively | 109,352 | 106,913 |
Inventories | 71,702 | 60,445 |
Prepaid expenses | 8,153 | 15,665 |
Income taxes receivable | 13,716 | 8,190 |
Other current assets | 5,093 | 5,061 |
TOTAL CURRENT ASSETS | 223,136 | 211,702 |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $315,796 and $314,737 at 2023 and 2022, respectively | 99,626 | 105,028 |
RIGHT OF USE ASSETS | 53,842 | 52,379 |
INTANGIBLES, net of accumulated amortization and impairment of $18,825 and $17,475 at 2023 and 2022, respectively | 6,926 | 7,483 |
GOODWILL | 99,445 | 99,445 |
DEFERRED TAX ASSETS, net | 69,201 | 68,570 |
OTHER ASSETS | 34,219 | 33,747 |
TOTAL ASSETS | 586,395 | 578,354 |
CURRENT LIABILITIES: | ||
Accounts payable | 33,506 | 45,847 |
Accrued payroll and related costs | 18,791 | 23,431 |
Taxes other than payroll and income | 5,939 | 4,822 |
Unearned revenues | 4,755 | 5,942 |
Operating lease liabilities | 10,175 | 11,699 |
Income taxes payable | 7,280 | 3,034 |
Other current liabilities | 7,651 | 8,360 |
TOTAL CURRENT LIABILITIES | 88,097 | 103,135 |
LONG-TERM DEBT, net | 163,134 | 172,386 |
LONG-TERM OPERATING LEASE LIABILITIES | 42,076 | 38,305 |
DEFERRED COMPENSATION | 30,544 | 31,814 |
DEFERRED TAX LIABILITIES, net | 12,697 | 22,877 |
OTHER LONG-TERM LIABILITIES | 20,040 | 20,883 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Preference stock, 6,000,000 shares authorized, $0.01 par value at 2023 and EUR 0.02 par value at 2022; none issued or outstanding | 0 | 0 |
Common stock, 200,000,000 shares authorized, $0.01 par value, 46,938,557 issued and 46,856,536 outstanding at 2023; EUR 0.02 par value, 46,699,102 issued and 46,631,934 outstanding at 2022 | 469 | 1,194 |
Additional paid-in capital | 110,011 | 102,254 |
Retained earnings | 120,756 | 85,949 |
Accumulated other comprehensive income (loss) | (4,972) | (3,777) |
Treasury stock (at cost), 82,021 at 2023 and 67,168 at 2022 | (1,449) | (1,362) |
Total Core Laboratories Inc. shareholders' equity | 224,815 | 184,258 |
Non-controlling interest | 4,992 | 4,696 |
TOTAL EQUITY | 229,807 | 188,954 |
TOTAL LIABILITIES AND EQUITY | $ 586,395 | $ 578,354 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical $ in Thousands | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 € / shares |
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $ | $ 2,280 | $ 2,214 | |
Accumulated Depreciation | $ | 315,796 | 314,737 | |
Accumulated amortization | $ | $ 18,825 | $ 17,475 | |
Preferred stock, par value per share | (per share) | $ 0.01 | € 0.02 | |
Preferred stock, shares authorized | 6,000,000 | 6,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value per share | (per share) | $ 0.01 | € 0.02 | |
Common stock, shares authorized | 200,000,000 | ||
Common stock, shares, issued | 46,938,557 | 46,699,102 | |
Common shares, outstanding | 46,856,536 | 46,631,934 | |
Treasury stock (at cost) | 82,021 | 67,168 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE: | |||
Revenue | $ 509,790 | $ 489,735 | $ 470,252 |
OPERATING EXPENSES: | |||
General and administrative expense, exclusive of depreciation expense shown below | 40,259 | 38,117 | 44,173 |
Depreciation | 15,294 | 16,476 | 17,754 |
Amortization | 490 | 685 | 762 |
Other (income) expense, net | (850) | (722) | (5,595) |
OPERATING INCOME | 54,640 | 41,524 | 45,262 |
Interest expense | 13,430 | 11,570 | 9,152 |
Income before income taxes | 41,210 | 29,954 | 36,110 |
Income tax expense (benefit) | (4,185) | 10,296 | 15,891 |
Net income | 37,025 | 19,658 | 20,219 |
Net income attributable to non-controlling interest | 350 | 205 | 492 |
Net income attributable to Core Laboratories Inc. | $ 36,675 | $ 19,453 | $ 19,727 |
EARNINGS PER SHARE INFORMATION: | |||
Basic earnings per share | $ 0.79 | $ 0.42 | $ 0.44 |
Basic earnings per share attributable to Core Laboratories Inc. | 0.79 | 0.42 | 0.43 |
Diluted earnings per share | 0.78 | 0.42 | 0.43 |
Diluted earnings per share attributable to Core Laboratories Inc. | $ 0.77 | $ 0.42 | $ 0.42 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic (in shares) | 46,683 | 46,334 | 46,009 |
Diluted (in shares) | 47,523 | 46,813 | 46,690 |
Service [Member] | |||
REVENUE: | |||
Revenue | $ 371,914 | $ 346,974 | $ 344,342 |
OPERATING EXPENSES: | |||
Cost of services and product sales exclusive of depreciation expense shown below | 282,135 | 274,297 | 267,641 |
Product [Member] | |||
REVENUE: | |||
Revenue | 137,876 | 142,761 | 125,910 |
OPERATING EXPENSES: | |||
Cost of services and product sales exclusive of depreciation expense shown below | $ 117,822 | $ 119,358 | $ 100,255 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 37,025 | $ 19,658 | $ 20,219 |
Gain (loss) on fair value of interest rate swaps | 0 | 6,015 | (3,252) |
Interest rate swap amount reclassified to net income (loss) | (492) | 998 | (82) |
Income tax (expense) benefit on interest rate swaps reclassified to net income (loss) | 103 | (1,144) | 621 |
Total interest rate swaps | (389) | 5,869 | (2,713) |
Amortization of actuarial gain (loss) reclassified to net income (loss) | (1,130) | 603 | (293) |
Income tax (expense) benefit on pension and other postretirement benefit plans reclassified to net income (loss) | 324 | (116) | 73 |
Total pension and other postretirement benefit plans | (806) | 487 | (220) |
Total other comprehensive income (loss) | (1,195) | 6,356 | (2,933) |
Comprehensive income (loss) | 35,830 | 26,014 | 17,286 |
Comprehensive income (loss) attributable to non-controlling interests | 350 | 205 | 492 |
Comprehensive income (loss) attributable to Core Laboratories Inc. | $ 35,480 | $ 25,809 | $ 16,794 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-Controlling Interest | Common Stock Outstanding |
Balance at Beginning of Period at Dec. 31, 2020 | $ 75,573 | $ 1,148 | $ 41,184 | $ 50,456 | $ (7,200) | $ (14,075) | $ 4,060 | |
Balance at Beginning of Period (shares) at Dec. 31, 2020 | 44,796,252 | (223,451) | 44,572,801 | |||||
New share issuance | 59,139 | $ 40 | 59,099 | |||||
New share issuance (shares) | 1,658,012 | 1,658,012 | ||||||
Stock-based compensation | 19,093 | 837 | $ 18,256 | |||||
Stock-based compensation (shares) | 419,152 | 419,152 | ||||||
Dividends paid | (1,834) | (1,834) | ||||||
Net income | 20,219 | 19,727 | 492 | |||||
Interest rate swaps, net of income taxes | (2,713) | (2,713) | ||||||
Pension and other postretirement benefit plans, net of income taxes | (220) | (220) | ||||||
Repurchase of common stock | (8,256) | $ (8,256) | ||||||
Repurchase of common shares (shares) | (300,568) | (300,568) | ||||||
Balance at End of Period at Dec. 31, 2021 | $ 161,001 | $ 1,188 | 101,120 | 68,349 | (10,133) | $ (4,075) | 4,552 | |
Balance at End of Period (shares) at Dec. 31, 2021 | 46,454,264 | (104,867) | 46,349,397 | |||||
Cash Dividends per Share | $ 0.04 | |||||||
New share issuance | $ 6 | (6) | ||||||
New share issuance (shares) | 244,838 | 244,838 | ||||||
Stock-based compensation | $ 7,756 | 1,140 | $ 6,616 | |||||
Stock-based compensation (shares) | 212,047 | 212,047 | ||||||
Dividends paid | (1,853) | (1,853) | ||||||
Non-controlling interest additions | (61) | (61) | ||||||
Net income | 19,658 | 19,453 | 205 | |||||
Interest rate swaps, net of income taxes | 5,869 | 5,869 | ||||||
Pension and other postretirement benefit plans, net of income taxes | 487 | 487 | ||||||
Repurchase of common stock | (3,903) | $ (3,903) | ||||||
Repurchase of common shares (shares) | (174,348) | (174,348) | ||||||
Balance at End of Period at Dec. 31, 2022 | $ 188,954 | $ 1,194 | 102,254 | 85,949 | (3,777) | $ (1,362) | 4,696 | |
Balance at End of Period (shares) at Dec. 31, 2022 | 46,699,102 | (67,168) | 46,631,934 | |||||
Cash Dividends per Share | $ 0.04 | |||||||
New share issuance | $ 0 | $ 2 | (2) | |||||
New share issuance (shares) | 239,455 | 239,455 | ||||||
Change in par value | $ (727) | |||||||
Change in par value and equity related transaction costs | (4,824) | (4,097) | ||||||
Stock-based compensation | $ 13,971 | 11,856 | $ 2,115 | |||||
Stock-based compensation (shares) | 98,939 | 98,939 | 98,939 | |||||
Dividends paid | $ (1,868) | (1,868) | ||||||
Non-controlling interest additions | (54) | (54) | ||||||
Net income | 37,025 | 36,675 | 350 | |||||
Interest rate swaps, net of income taxes | (389) | (389) | ||||||
Pension and other postretirement benefit plans, net of income taxes | (806) | (806) | ||||||
Repurchase of common stock | $ (2,202) | $ (2,202) | ||||||
Repurchase of common shares (shares) | 113,792 | (113,792) | (113,792) | |||||
Balance at End of Period at Dec. 31, 2023 | $ 229,807 | $ 469 | $ 110,011 | $ 120,756 | $ (4,972) | $ (1,449) | $ 4,992 | |
Balance at End of Period (shares) at Dec. 31, 2023 | 46,938,557 | (82,021) | 46,856,536 | |||||
Cash Dividends per Share | $ 0.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 37,025 | $ 19,658 | $ 20,219 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Stock-based compensation | 13,971 | 7,756 | 19,093 |
Depreciation and amortization | 15,784 | 17,161 | 18,516 |
Changes in value of life insurance policies | (4,963) | 5,069 | (2,672) |
Deferred income taxes | (10,811) | 433 | 6,012 |
Realization of pension obligation | (892) | 451 | (234) |
Net provision for credit losses | 179 | (6) | (256) |
Gain on sale of business | 0 | 0 | (1,012) |
Other non-cash items | 3,268 | (547) | (2,524) |
Changes in assets and liabilities: | |||
Accounts receivable | (2,618) | (10,078) | (13,522) |
Inventories | (12,976) | (14,860) | (4,547) |
Prepaid expenses and other current assets | 1,952 | (76) | 1,845 |
Other assets | 1,509 | (1,369) | (523) |
Accounts payable | (12,878) | 15,374 | 6,568 |
Accrued expenses | (375) | (1,302) | (8,759) |
Unearned revenues | (1,187) | (1,823) | 2,308 |
Other liabilities | (2,199) | (10,885) | (3,933) |
Net cash provided by operating activities | 24,789 | 24,956 | 36,579 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (10,579) | (10,216) | (13,539) |
Patents and other intangibles | 67 | (29) | (318) |
Proceeds from sale of assets | 485 | 1,889 | 678 |
Proceeds from sale of business, net of cash sold | 0 | 240 | 873 |
Proceeds from insurance recovery | 0 | 583 | 726 |
Net proceeds on life insurance policies | 3,375 | 3,677 | 1,357 |
Net cash used in investing activities | (6,652) | (3,856) | (10,223) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of long-term debt | (211,000) | (131,000) | (226,000) |
Proceeds from long-term debt | 202,000 | 116,000 | 155,000 |
Debt issuance costs | (1,253) | (2,206) | 0 |
Proceeds from issuance of common shares | 0 | 0 | 60,000 |
Equity related transaction costs | (4,068) | (411) | (861) |
Dividends paid | (1,868) | (1,853) | (1,834) |
Repurchase of common stock | (2,202) | (3,903) | (8,256) |
Other financing activities | (54) | (2) | (508) |
Net cash used in financing activities | (18,445) | (23,375) | (22,459) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (308) | (2,275) | 3,897 |
CASH AND CASH EQUIVALENTS, beginning of year | 15,428 | 17,703 | 13,806 |
CASH AND CASH EQUIVALENTS, end of year | 15,120 | 15,428 | 17,703 |
Supplemental disclosures of cash flow information: | |||
Cash payments for interest | 11,198 | 9,300 | 10,477 |
Cash payments for income taxes | 16,013 | 14,078 | 9,066 |
Non-cash investing and financing activities: | |||
Capital expenditures incurred but not paid for as of the end of the year | 963 | 1,157 | 1,361 |
Equity related transaction costs incurred but not paid for as of the end of the year | $ 756 | $ 0 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 36,675 | $ 19,453 | $ 19,727 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS Core Laboratories Inc. (“Core Laboratories”, “Core Lab”, “the Company”, “we”, “our” or “us”) is a Delaware corporation. We were established in 1936 and are one of the world’s leading providers of proprietary and patented reservoir description and production enhancement services and products to the oil and gas industry primarily through client relationships with many of the world’s major, national and independent oil companies. These services and products can enable our clients to evaluate and improve reservoir performance and increase oil and gas recovery from their new and existing fields. We have over 70 offices in more than 50 countries and have approximately 3,600 employees. On May 1, 2023, Core Laboratories N.V. completed its previously announced redomestication transaction (the “Redomestication Transaction”), which included (i) the merger (the “Merger”) of Core Laboratories N.V. with and into Core Laboratories Luxembourg S.A., a public limited liability company incorporated under the laws of Luxembourg, with Core Laboratories Luxembourg S.A. surviving, and (ii) following the completion of the Merger, the migration of Core Laboratories Luxembourg S.A. out of Luxembourg and its domestication as Core Laboratories Inc., a Delaware corporation. As a result of the Redomestication Transaction, all common shares in Core Laboratories N.V. were canceled and exchanged for common stock in Core Laboratories Luxembourg S.A. on a one-for-one basis. Former holders of Core Laboratories N.V. common shares now hold one share of common stock of Core Laboratories Inc. (formerly Core Laboratories Luxembourg S.A.) for each Core Laboratories N.V. common share owned immediately prior to the consummation of the Redomestication Transaction, and the business, assets, liabilities, directors and officers of Core Laboratories Inc. became the same as the business, assets, liabilities, directors and officers of Core Laboratories N.V. immediately prior to the Redomestication Transaction. We operate our business in two segments: (1) Reservoir Description and (2) Production Enhancement. These complementary operating segments provide different services and products and utilize different technologies for evaluating and improving reservoir performance and increasing oil and gas recovery from new and existing fields. For a description of the types of services and products offered by these operating segments, see Note 21 - Segment Reporting and Other Disaggregated Information . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The Redomestication Transaction has been accounted for as a transaction between entities under common control. Accordingly, Core Laboratories Inc. recorded the assets and liabilities transferred at their carrying amounts at the date of transfer. All common shares in Core Laboratories N.V., at par value EUR 0.02 , were canceled and exchanged for common stock in Core Laboratories Inc., at par value $ 0.01 , on a one-for-one basis. Core Laboratories Inc.’s common stock par value was decreased by $ 0.7 million for the difference between the total par value of common stock of Core Laboratories Inc. and the total par value of common shares of Core Laboratories N.V. at the date of transfer, with an offset to additional paid in capital. There is no difference between the combined separate entities prior to the Redomestication Transaction and the combined separate entities after the Redomestication Transaction, therefore, these financial statements, reported as though the exchange of equity interests had occurred at the beginning of the reporting period, and comparative information do not differ from amounts previously reported under Core Laboratories N.V.’s consolidated financial statements. These financial statements should be read in conjunction with Core Laboratories N.V.’s Quarterly Report on Form 10-Q for the three months ended March 31, 2023 and Core Laboratories N.V.’s Annual Report on Form 10-K for the year ended December 31, 2022, including Note 2 - Summary of Significant Accounting Policies. There have been no changes to the accounting policies of the combined entities during the year ended December 31, 202 3. The accompanying consolidated financial statements include the accounts of Core Laboratories Inc. and its subsidiaries for which we have a controlling voting interest and/or a controlling financial interest. These financials have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). We use the equity method of accounting for investments in which we have less than a majority interest and do not exercise control but do exert significant influence. Non-controlling interest has been recorded to reflect outside ownership attributable to consolidated subsidiaries that are less than 100% owned. All inter-company transactions and balances have been eliminated in consolidation. Certain reclassifications were made to prior period amounts in order to conform to the current period presentation. These reclassifications had no impact on the reported net income or cash flows for the years ended December 31, 2022 and 2021. Recent Accounting Pronouncements Issued But Not Yet Effective In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an annual and interim basis. The amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendment should be applied retrospectively to all prior periods presented in the financial statements. Upon adoption, our disclosures regarding segment reporting will be expanded accordingly. In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures to improve transparency of income tax disclosures, primarily by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendment is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendment should be applied prospectively; however, retrospective application is permitted. Upon adoption, our disclosures regarding income taxes will be expanded accordingly. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimates on an ongoing basis and utilize our historical experience, as well as various other assumptions that we believe are reasonable in a given circumstance, in order to make these estimates. Actual results could differ from our estimates, as assumptions and conditions change. The following accounts, among others, require us to use estimates and assumptions: ▪ allowance for credit losses; ▪ obsolete inventory; ▪ depreciation and amortization; ▪ long-lived assets, intangibles and goodwill; ▪ income taxes; ▪ pensions and other postretirement benefits; ▪ stock-based compensation; and ▪ leases. Accounting policies relating to these accounts and the nature of these estimates are further discussed under the applicable caption. For each of these critical estimates it is at least reasonably possible that changes in these estimates will occur in the short term which may impact our financial position or results of operations. Foreign Currencies Our functional currency is the U.S. Dollar (“USD”). All inter-company financing, transactions and cash flows with our subsidiaries are transacted in USD. Revenue and expenses denominated in other currencies are measured at the applicable month-end exchange rate which approximates the average exchange rate. We remeasure monetary assets and liabilities denominated in other currencies to USD at year-end exchange rates. Non-monetary items, depreciation, amortization and certain components of cost of sales are measured at historical rates. Remeasurement and settlement difference are included in other (income) expense, net in the accompanying consolidated statements of operations. See Note 19 - Other (Income) Expense, net . Concentration of Credit Risk Our financial instruments that potentially subject us to concentrations of credit risk relate primarily to cash and cash equivalents and trade accounts receivable. All cash and cash equivalents are on deposit at commercial banks or investment firms with significant financial resources. Our trade receivables are with a variety of domestic, international and national oil and gas companies. We had no clients who provided more than 10% of our revenue for the years ended December 31, 2023, 2022 and 2021 . We consider our credit risk related to trade accounts receivable to be limited due to the creditworthiness and financial resources of our clients. We apply the expected credit losses methodology for measurement of credit losses on financial assets measured at amortized cost basis. We evaluate our estimate for credit losses on an on-going basis throughout the year. Concentration of Interest Rate Risk We are exposed to interest rate risk on our revolving credit facility debt, which carries a variable interest rate. We are exposed to interest rate risk on our Senior Notes which carry a fixed interest rate, but whose fair value will fluctuate based on changes in interest rates and market perception of our credit risk. See Note 11 - Long-term Debt, net . Cash and Cash Equivalents Cash and cash equivalents include all short-term, highly liquid instruments purchased with an original maturity of three months or less. These items are carried at cost, which approximates fair value. Accounts Receivable Trade accounts receivable are recorded at their invoiced amounts and do not bear interest. We perform ongoing credit evaluations of our clients, monitor collections and payments, consider our historical collection experience and our current aging of client receivables outstanding, in addition to client’s representations and our understanding of the economic environment in which our clients operate. Based on our review we establish or adjust allowances for credit losses for specific clients and the accounts receivable, as a whole, and recognize expense. When an account is determined to be uncollectible, we charge the receivable to our allowance for credit losses. The net carrying value of accounts receivable approximates fair value. Contract Assets and Liabilities Contract assets and liabilities arise from differences in timing of revenue recognition, billings and cash collections. Contract assets include our right to payment for goods and services already transferred to a customer when the right to payment is conditional on something other than the passage of time. For example, we have contracts where we recognize revenue over time but do not have a contractual right to payment until we complete the performance obligations. Contract liabilities consist of advance payments received and billings in excess of revenue recognized. We generally receive up-front payments relating to our consortia studies. We recognize revenue over the life of the study as the testing and analysis results are made available to our consortia members. We record billings in excess of revenue recognized for contracts with a duration less than twelve months as unearned revenue. We classify contract liabilities for contracts with a duration greater than twelve months as current or non-current based on the timing of revenue recognition. Inventories Inventories consist of manufactured goods, materials and supplies used for sales or services to clients. Inventories are stated at the lower of cost or estimated net realizable value. Inventory costs are recorded at standard cost which approximates the first-in, first-out method. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised primarily of prepaid insurance, value added taxes and prepaid software licenses. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are capitalized while maintenance and repair costs are charged to expense as incurred. They are depreciated using the straight-line method based on their individual estimated useful lives, except for leasehold improvements, which are depreciated over the remaining lease term, if shorter. We estimate the useful lives and salvage values of our assets based on historical data as follows: Buildings and leasehold improvements 3 - 40 years Machinery and equipment 3 - 10 years When long-lived assets are sold or retired, the remaining costs and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. We review our long-lived assets for impairment when events or changes in circumstances indicate that their net book value may not be recovered over their remaining service lives. Indicators of possible impairment may include significant declines in activity levels in regions where specific assets or groups of assets are located, extended periods of idle use, declining revenue or cash flow or overall changes in general market conditions. Whenever possible impairment is indicated, we compare the carrying value of the assets or asset groups to the sum of the estimated undiscounted future cash flows expected from use, plus salvage value, less the costs of the subsequent disposition of the assets. If impairment is still indicated, we compare the fair value of the assets to the carrying amount and recognize an impairment loss for the amount by which the carrying value exceeds the fair value. We did no t record any material impairment charges relating to our long-lived assets held for use during the years ended December 31, 2023, 2022 and 2021. The geopolitical conflict between Russia and Ukraine, which began in February 2022 and has continued through December 31, 2023, has resulted in disruptions to our operations in Russia and Ukraine. The Company evaluated long-lived assets in Russia and Ukraine as part of our assessment of our assets group and did not identify triggering events as of December 31, 2023. Based on our assessments, we determined there was no impairment for long-lived assets in Russia and Ukraine as of December 31, 2023. See Note 18 - Impairments and Other Charges . Leases We have operating leases primarily consisting of offices and lab space, machinery and equipment and vehicles. We determine if an arrangement is an operating or finance lease at inception. Lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Where our lease does not provide an implicit rate, we estimate the discount rate used to discount the future minimum lease payments using our incremental borrowing rate and other information available at the commencement date. Operating leased assets also include all initial direct costs incurred. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating leased assets are included in right of use (“ROU”) assets and, along with current and long-term operating lease liabilities, are separately presented in our consolidated balance sheet. Financing leased assets are included in property, plant and equipment, net and the related liabilities are included in other current and other long- term liabilities in our consolidated balance sheet. ROU assets are subsequently depreciated over the estimated useful life of the asset and lease liabilities are carried at amortized cost using the effective interest rate method. The Company has elected to apply the short-term lease exemption to all classes of underlying ROU assets. Accordingly, no ROU asset or lease liability is recognized for leases with a term of twelve months or less. The Company has elected to apply the practical expedient for combining lease and non-lease components for vehicle leases and elected not to apply the practical expedient for combining lease and non-lease components to all other classes of underlying ROU assets. Intangibles and Goodwill Intangible assets, which include trade secrets, patents, technology, agreements not to compete, trade names, and trademarks, are carried at cost less accumulated amortization, for intangibles with a definite life, and any accumulated impairment. Intangibles with definite lives are amortized using the straight-line method based on the estimated useful life of the intangible. We review our intangible assets with definite lives for impairment when events or changes in circumstances indicate that net book value may not be recovered over their remaining service lives. We record goodwill as the excess of the purchase price over the fair value of the net assets acquired in acquisitions accounted for under the purchase method of accounting. Goodwill is not subject to amortization and is tested for impairment annually or more frequently if events or changes in circumstances indicate goodwill is more likely than not impaired. We assess intangibles with indefinite lives and goodwill for impairment by performing a qualitative assessment or a quantitative test. The qualitative assessment is to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value is less than carrying amount. If it is concluded that it is more-likely-than not that an impairment exists, a quantitative test is required which compares the estimated fair value to carrying value. If the estimated fair value is less than its carrying value, then there is an impairment loss limited to the carrying value. Significant judgments and assumptions are inherent in our estimate of future cash flows used to determine the estimate of the reporting unit’s fair value which include assumptions regarding future revenue growth rates, discount rates and expected margins. See Note 18 - Impairments and Other Charges . Accounts Payable Trade accounts payable are recorded at their invoiced amounts and do not bear interest. The carrying value of accounts payable approximates fair value. Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the asset is expected to be recovered or the liability is expected to be settled. We include interest and penalties from tax judgments in income tax expense. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return. We also recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 9 - Income Taxes . Pension and Other Postretirement Benefit Plans We provide a non-contributory defined benefit pension plan covering substantially all of our Dutch employees (“Dutch Plan”) who were hired prior to 2000. We recognize net periodic pension costs associated with the Dutch plan in income and recognize the unfunded status of the plan, if any, as another long-term liability. We recognize the actuarial gains or losses and prior service costs or credits that arise during the period as a component of other comprehensive income. The projection of benefit obligation and fair value of plan assets requires the use of assumptions and estimates. Actual results could differ from those estimates. See Note 12 - Pension and Other Postretirement Benefit Plans . We maintain defined contribution plans for the benefit of eligible employees primarily in Canada, the Netherlands, the United Kingdom and the United States. We expense contributions in the period the contribution is made. Derivative Instruments We may enter into a variety of derivative instruments in connection with the management of our exposure to fluctuations in interest rates or currency exchange rates. See Note 15 - Derivative Instruments and Hedging Activities . We do not enter into derivatives for speculative purposes. Comprehensive Income (Loss) Comprehensive income is comprised of net income and other charges or credits to equity that are not the result of transactions with owners. Accumulated other comprehensive income (loss) consists of prior service costs and unrecognized net actuarial gain or loss from the Dutch pension plan and changes in the fair value of our interest rate swaps. See Note 12 - Pension and Other Postretirement Benefit Plans and Note 15 - Derivative Instruments and Hedging Activities . Revenue Recognition All of our revenue is derived from contracts with clients. Our contracts include standard commercial payment terms generally acceptable in each region, and do not include financing with extended payment terms. We have no significant obligations for refunds, warranties, or similar obligations. Our revenue does not include taxes collected from our clients. In certain circumstances we apply the guidance in Accounting Standards Codification Topic 606 - Revenue from Contracts with Customers (“Topic 606”) to a portfolio of contracts with similar characteristics. We use estimates and assumptions when accounting for a portfolio that reflect the size and composition of the portfolio of contracts. We recognize revenue at an amount that reflects the consideration expected to be received in exchange for such services or goods as described below by applying the five-step method to: (1) identify the contract(s) with clients; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract; and (5) recognize revenue when (or as) we satisfy the performance obligation(s). A performance obligation is a promise in a contract to transfer a distinct service or good to a client and is the unit of account under Topic 606. We have contracts with two general groups of performance obligations: those that require us to perform analysis and/or diagnostic tests in our laboratory or at the client’s wellsite and those from the sale of tools, diagnostic and equipment products and related services. Service Revenue : We provide a variety of services to clients in the oil and gas industry. Where services are provided related to the testing and analysis of rock and fluids, we recognize revenue upon the provision of the test results or analysis to the client. For our design, field engineering and completion diagnostic services, we recognize revenue upon the delivery of those services at the well site or delivery of diagnostic data. In the case of our consortia studies, we have multiple performance obligations and revenue is recognized at the point in time when the testing and analysis results on each contributed core are made available to our consortia members. For arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the client for each promised service or product if it were sold on a standalone basis. To a lesser extent, we enter into other types of contracts including service arrangements and non-subscription software and licensing agreements. We recognize revenue for these arrangements over time or at a point in time depending on our evaluation of when the client obtains control of the promised services or products. Product Sales Revenue : We manufacture equipment that we sell to our clients in the oil and gas industry. We recognize revenue when control of the promised product is transferred to the client. Control of the product usually passes to the client at the time shipment is made or picked up by the client at our facilities, as defined within the contract. Disaggregation of Revenue We contract with clients for service revenue and/or product sales revenue. We present revenue disaggregated by services and product sales in our consolidated statements of operations. For revenue disaggregated by operating segment, see Note 21 - Segment Reporting and Other Disaggregated Information . Stock-Based Compensation For new awards issued and awards modified, repurchased or canceled, we record compensation expense in the consolidated statements of operations equal to the fair value of the award at the date of the grant, modification, repurchase or cancellation over the requisite service period of the award. The fair value is generally determined by the quoted market price of the Company’s common stock on the date of grant less the discounted value of the expected dividends to be paid over the vesting period. Market vesting conditions, as applicable, are included in the estimation of the fair value of the award. Forfeitures are recognized as they occur. Non-controlling Interests We maintain non-controlling interests in several investment ventures. Non-controlling interest have been recorded to reflect outside ownership attributable to consolidated subsidiaries that are less than 100% owned and presented as a separate component of equity in the consolidated balance sheets and income in the consolidated statements of operations and other comprehensive income (loss), respectively. In addition, when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary will be initially measured at fair value and recorded as a gain or loss. |
Acquisitions and Divestures
Acquisitions and Divestures | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions and Divestures | 3. ACQUISITIONS AND DIVESTURES We had no significant acquisitions or divestitures during the years ended December 31, 2023, 2022 and 2021 . |
Contract Assets and Liabilities
Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract Assets and Liabilities | 4. CONTRACT ASSETS AND LIABILITIES The balance of contract assets and contract liabilities consist of the following (in thousands): December 31, 2023 2022 Contract assets: Current $ 1,293 $ 1,148 $ 1,293 $ 1,148 Contract liabilities: Current $ 299 $ 907 Non-current — 24 $ 299 $ 931 December 31, 2023 Estimate of when contract liabilities will be recognized as revenue: Within 12 months $ 299 The current portion of contract assets is included in our accounts receivable as of December 31, 2023 and 2022. The current portion of contract liabilities is included in unearned revenues and the non-current portion of contract liabilities is included in other long-term liabilities. We did no t recognize any impairment losses on our contract assets for the years ended December 31, 2023, 2022 and 2021 . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES Inventories consist of the following (in thousands): December 31, 2023 2022 Finished goods $ 30,508 $ 26,534 Parts and materials 37,670 31,323 Work in progress 3,524 2,588 Total inventories $ 71,702 $ 60,445 We include freight costs incurred for shipping inventory to our clients in the cost of product sales caption in the accompanying consolidated statements of operations. |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | 6. PROPERTY, PLANT AND EQUIPMENT, NET The components of property, plant and equipment, net are as follows (in thousands): December 31, 2023 2022 Land $ 10,652 $ 10,652 Building and leasehold improvements 120,545 120,994 Machinery and equipment 284,225 288,119 Total property, plant and equipment 415,422 419,765 Less: Accumulated depreciation ( 315,796 ) ( 314,737 ) Property, plant and equipment, net $ 99,626 $ 105,028 See Note 7 - Leases for additional information regarding the write-down of leasehold improvements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 7. LEASES Our operating leases primarily consist of offices and lab space, machinery and equipment and vehicles. The components of lease expense and other information are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Consolidated Statements of Operations: Operating lease expense $ 17,454 $ 16,595 $ 17,253 Short-term lease expense 1,768 1,784 1,990 Variable lease expense 1,758 1,414 1,462 Sublease income ( 113 ) — — Total lease expense $ 20,867 $ 19,793 $ 20,705 Consolidated Statements of Cash Flows: Operating cash flows - operating leases payments $ 16,541 $ 16,598 $ 16,367 Right of use assets obtained in exchange for operating lease liabilities $ 17,005 $ 5,520 $ 5,736 Other information: Weighted-average remaining lease term - operating leases 9.24 years 6.88 years 7.62 years Weighted-average discount rate - operating leases 5.32 % 4.62 % 4.61 % We entered into a sublease agreement that commenced on July 1, 2023, for existing office and lab space in Calgary, Alberta, Canada. The associated lease cost of the original lease exceeded the anticipated sublease income, and we recognized a loss on lease abandonment and other exit costs of $ 1.1 million to the related right of use asset and assets write-down of $ 1.1 million to leasehold improvements during the year ended December 31, 2023. These amounts are included in other income (expense), net. See Note 19 - Other (Income) Expense, ne t. Scheduled undiscounted lease payments for non-cancellable operating leases consist of the following (in thousands): December 31, 2023 Operating Leases Operating Sublease 2024 $ 12,388 $ ( 226 ) 2025 9,671 ( 230 ) 2026 7,502 ( 235 ) 2027 6,121 ( 239 ) 2028 4,824 ( 162 ) Thereafter 26,824 — Total undiscounted lease payments 67,330 ( 1,092 ) Less: Imputed interest ( 15,079 ) — Total operating lease liabilities $ 52,251 $ ( 1,092 ) |
Intangibles and Goodwill
Intangibles and Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles and Goodwill | 8. INTANGIBLES AND GOODWILL The components of intangibles, net are as follows (in thousands): December 31, 2023 2022 Accumulated Amortization Accumulated Amortization Useful life in years Gross Carrying Value and Impairment Gross Carrying Value and Impairment Acquired trade secrets 2 - 20 $ 4,278 $ 3,756 $ 4,278 $ 3,545 Acquired patents and technology 4 - 15 15,744 13,953 14,907 12,883 Agreements not to compete 2 - 5 1,105 1,105 1,149 1,036 Acquired trade names and trademarks Indefinite 4,624 11 4,624 11 Total intangibles, net $ 25,751 $ 18,825 $ 24,958 $ 17,475 Our estimated amortization expense relating to these intangibles for the next five years is summarized in the following table (in thousands): December 31, 2023 2024 $ 503 2025 $ 355 2026 $ 231 2027 $ 193 2028 $ 98 The carrying amount of goodwill for each operating segment is as follows (in thousands): Reservoir Production Description Enhancement Total Balance at December 31, 2023 $ 99,445 $ — $ 99,445 Balance at December 31, 2022 $ 99,445 $ — $ 99,445 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 9. INCOME TAXES The components of income before income taxes are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 United States $ 3,907 $ ( 4,099 ) $ 10,028 Other countries 37,303 34,053 26,082 Income before income taxes $ 41,210 $ 29,954 $ 36,110 The components of income tax expense are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Current: United States $ 1,204 $ 1,269 $ 1,983 Other countries 13,446 9,784 6,500 State and provincial 597 ( 100 ) 699 Total current 15,247 10,953 9,182 Deferred: United States 1,555 ( 908 ) 905 Other countries ( 12,343 ) ( 162 ) 5,630 State and provincial ( 274 ) 413 174 Total deferred ( 11,062 ) ( 657 ) 6,709 Income tax expense $ 4,185 $ 10,296 $ 15,891 The differences in income tax expense computed using the statutory income tax rate and our income tax expense as reported in the accompanying consolidated statements of operations are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Tax at the statutory income tax rate (1) $ 8,139 $ 7,368 $ 8,981 International earnings taxed at rates other than the statutory income tax rate (1) 5,749 5,923 9,403 Non-deductible expenses 2,168 3,096 1,875 Net operating loss 4,661 ( 3,627 ) 3,744 Foreign earnings currently taxed in the U.S. 3,077 — — Change in valuation allowance ( 1,107 ) 1,943 1,113 State and provincial taxes 243 662 462 Tax credits ( 7,410 ) ( 6,872 ) ( 7,992 ) Unremitted earnings of subsidiaries ( 14,464 ) ( 27 ) 1,236 Adjustments of prior year taxes 701 ( 3,488 ) 1,320 Adjustments of income tax reserves 519 ( 184 ) ( 1,345 ) Foreign exchange ( 171 ) ( 576 ) ( 1,168 ) UK tax rate change — 676 ( 905 ) Netherlands audit settlement — — 1,522 Accrued withholding taxes 1,639 1,883 1,648 Other 441 3,519 ( 4,003 ) Income tax expense $ 4,185 $ 10,296 $ 15,891 (1) Based on the U.S. statutory income tax rate of 21 % for 2023 and the Netherlands statutory income tax rate of 25 % for 2022 and 2021. Deferred tax assets and liabilities result from various temporary differences between the financial statement carrying amount and their tax basis. Deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carry-forwards $ 7,814 $ 13,097 Tax credit carry-forwards 2,144 4,653 Accruals for compensation 8,985 7,517 Accruals for inventory capitalization 1,621 992 Unrealized benefit from corporate restructuring 40,963 44,888 Intangibles 1,584 1,026 Unrealized benefit plan loss 1,224 2,070 Unrealized foreign exchange 2,875 2,881 UK tax rate change — 318 Unearned revenue 3,453 882 Interest carry-forward 7,912 7,700 Other 1,401 744 Total deferred tax assets 79,976 86,768 Valuation allowance ( 8,276 ) ( 9,318 ) Net deferred tax assets 71,700 77,450 Deferred tax liabilities: Property, plant and equipment, net ( 3,566 ) ( 3,668 ) Accrued withholding taxes ( 10,466 ) ( 26,489 ) Unrealized foreign exchange ( 988 ) ( 1,415 ) Other ( 176 ) ( 185 ) Total deferred tax liabilities ( 15,196 ) ( 31,757 ) Net deferred income taxes $ 56,504 $ 45,693 The table below summarizes the net deferred tax assets and net deferred tax liabilities by legal jurisdiction (in thousands): December 31, 2023 2022 Long-term deferred tax assets, net $ 69,201 $ 68,570 Long-term deferred tax liabilities, net ( 12,697 ) ( 22,877 ) Net deferred income taxes $ 56,504 $ 45,693 At December 31, 2023, we had tax net operating loss carry-forwards in various tax jurisdictions of $ 32.8 million. Although we cannot be certain that these operating loss carry-forwards will be utilized, we anticipate that we will have sufficient taxable income in future years to allow us to fully utilize the carry-forwards that are not subject to a valuation allowance. As of December 31, 2023, if unused, $ 2.9 million will expire between 2024 and 2025, $ 3.0 million will expire between 2026 and 2028, $ 3.0 million will expire between 2029 and 2032 and $ 2.1 million will expire beyond 2032. The remaining balance of $ 21.8 million is not subject to expiration. During 2023, no material net operating loss carry-forwards, which carried a full valuation allowance, expired unused. We file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. We are currently undergoing multiple examinations in various jurisdictions, and the years 2011 through 2022 remain open for examination in various tax jurisdictions in which we operate. The ultimate settlement and timing of these additional tax assessments is uncertain but the Company will continue to vigorously defend its return filing position and does not view the assessments as probable at this time. During 2023, adjustments were made to estimates for uncertain tax positions in certain tax jurisdictions based upon changes in facts and circumstances, resulting in a reduction to the unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Unrecognized tax benefits at January 1, $ 3,509 $ 4,327 $ 6,255 Tax positions, current period 144 230 204 Tax positions, prior period 68 ( 867 ) ( 197 ) Settlements with taxing authorities — ( 19 ) ( 1,395 ) Lapse of applicable statute of limitations ( 238 ) ( 162 ) ( 540 ) Unrecognized tax benefits at December 31, $ 3,483 $ 3,509 $ 4,327 Our policy is to record accrued interest and penalties on uncertain tax positions, net of any tax effect, as part of total tax expense for the period. The corresponding liability is carried along with the tax exposure as a non-current payable in other long-term liabilities. For the years ended December 31, 2023, 2022 and 2021, we recognized $ 0.6 million, $( 0.2 ) million and $ 0.3 million, respectively, in interest and penalties. As of December 31, 2023 and 2022, we had $ 4.9 million and $ 4.3 million, respectively, accrued for the payment of interest and penalties. Changes in our estimate of unrecognized tax benefits would affect our effective tax rate. As of December 31, 2023, there are $ 3.4 million of unrecognized tax benefits that could be resolved within the next twelve months which could have a positive effect on the annual effective tax rate. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Table Text Block Supplement [Abstract] | |
Other Assets | 10. OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2023 2022 Cash surrender value of life insurance policies $ 25,397 $ 23,787 Investments in unconsolidated affiliates 4,844 4,450 Other 3,978 5,510 Total other assets $ 34,219 $ 33,747 Cash surrender value of life insurance policies relates to postretirement benefit plans. See Note 12 - Pension and Other Postretirement Benefit Plans . Investments include unconsolidated affiliates accounted for under the equity method where the operations of these entities are in-line with those of our core business. These entities are not considered special purpose entities, nor do we have special off-balance sheet arrangements through these entities. |
Long-Term Debt, Net
Long-Term Debt, Net | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net | 11. LONG-TERM DEBT, NET We have no finance lease obligations. Debt is summarized in the following table (in thousands): December 31, Interest Rate Maturity Date 2023 2022 2011 Senior Notes Series B (1) 4.11 % September 30, 2023 $ — $ 75,000 2021 Senior Notes Series A (2) 4.09 % January 12, 2026 45,000 45,000 2021 Senior Notes Series B (2) 4.38 % January 12, 2028 15,000 15,000 2023 Senior Notes Series A (3) 7.25 % June 28, 2028 25,000 — 2023 Senior Notes Series B (3) 7.50 % June 28, 2030 25,000 — Credit Facility 56,000 40,000 Total long-term debt 166,000 175,000 Less: Debt issuance costs ( 2,866 ) ( 2,614 ) Long-term debt, net $ 163,134 $ 172,386 (1) Interest was payable semi-annually on March 30 and September 30. (2) Interest is payable semi-annually on June 30 and December 30. (3) Interest is payable semi-annually on March 28 and September 28. In connection with the Redomestication Transaction, on May 1, 2023, Core Laboratories N.V. assigned to Core Laboratories Inc., and Core Laboratories Inc. assumed all of Core Laboratories N.V.’s rights and obligations under existing agreements. We, along with our wholly owned subsidiary Core Laboratories (U.S.) Interests Holdings, Inc. (“CLIH”) as issuer, have senior notes that were issued through private placement transactions. On September 30, 2023, we retired the 2011 Senior Notes with aggregate principal amount of $ 75.0 million upon the maturity date. As of December 31, 2023, we have two series of senior notes outstanding with an aggregate principal amount of $ 110.0 million: (1) Series A and Series B of the 2021 Senior Notes were issued in 2021 (the “2021 Senior Notes”), and (2) Series A and Series B of the 2023 Senior Notes were entered on May 4, 2023, and subsequently issued and funded on June 28, 2023 (the “2023 Senior Notes”). The 2021 Senior Notes and the 2023 Senior Notes are collectively the “Senior Notes”. We, along with CLIH, have a credit facility, the Eighth Amended and Restated Credit Agreement (as amended, the “Credit Facility”) for an aggregate borrowing commitment of $ 135.0 million with a $ 50.0 million “accordion” feature. The Credit Facility is secured by first priority interests in (1) substantially all of the tangible and intangible personal property, and equity interest of CLIH and certain of the Company’s U.S. and foreign subsidiary companies; and (2) instruments evidencing intercompany indebtedness owing to the Company, CLIH and certain of the Company’s U.S. and foreign subsidiary companies. Under the Credit Facility, the Secured Overnight Financing Rate (“SOFR”) plus 2.00 % to SOFR plus 3.00 % will be applied to outstanding borrowings. Any outstanding balance under the Credit Facility is due at maturity on July 25, 2026 , subject to springing maturity on July 12, 2025, if any portion of the Company’s 2021 Senior Notes Series A due January 12, 2026, in the aggregate principal amount of $ 45.0 million, remain outstanding on July 12, 2025, unless the Company’s liquidity equals or exceeds the principal amount of the 2021 Senior Notes Series A outstanding on such date. The available capacity at any point in time is reduced by outstanding borrowings and outstanding letters of credit which totaled approximately $ 9.9 million at December 31, 2023, resulting in an available borrowing capacity under the Credit Facility of approximately $ 69.1 million. In addition to indebtedness under the Credit Facility, we had approximately $ 5.8 million of outstanding letters of credit and performance guarantees and bonds from other sources as of December 31, 2023. The Credit Facility and Senior Notes include a cross-default provision, whereby a default under one agreement may trigger a default in the other agreements. The terms of the Credit Facility and Senior Notes require us to meet certain covenants, including, but not limited to, an interest coverage ratio (calculated as consolidated EBITDA divided by interest expense) and a leverage ratio (calculated as consolidated net indebtedness divided by consolidated EBITDA), where consolidated EBITDA (as defined in each agreement) and interest expense are calculated using the most recent four fiscal quarters. The Credit Facility has more restrictive covenants with a minimum interest coverage ratio of 3.00 to 1.00 and permits a maximum leverage ratio of 2.50 to 1.00 . The Credit Facility allows non-cash charges such as impairment of assets, stock compensation and other non-cash charges to be added back in the calculation of consolidated EBITDA. The terms of our Credit Facility also allow us to negotiate in good faith to amend any ratio or requirement to preserve the original intent of the agreement if any change in accounting principles would affect the computation of any financial ratio or covenant of the Credit Facility. In accordance with the terms of the Credit Facility, our leverage ratio is 1.76 , and our interest coverage ratio is 6.37 , each for the period ended December 31, 2023. We are in compliance with all covenants contained in our Credit Facility and Senior Notes. Certain of our material, wholly owned subsidiaries are guarantors or co-borrowers under the Credit Facility and Senior Notes. See Note 15 - Derivative Instruments and Hedging Activities for additional information regarding interest rate swap agreements we have entered to fix the underlying risk-free rate on our Credit Facility and Senior Notes. The estimated fair value of total debt at December 31, 2023 and 2022 approximated the book value of total debt. The fair value was estimated using Level 2 inputs by calculating the sum of the discounted future interest and principal payments through the maturity date. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Plans | 12. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS In connection with the Redomestication Transaction, Core Laboratories N.V. assigned to Core Laboratories Inc., and Core Laboratories Inc. assumed, all of Core Laboratories N.V.’s rights and obligations under compensation or benefit plans, policies and arrangements previously maintained by Core Laboratories N.V., including the Defined Benefit Plan, Defined Contributions Plans, and Deferred Compensation Arrangements discussed below. Defined Benefit Plan Prior to January 2020, one of our subsidiaries provided a noncontributory defined benefit pension plan covering substantially all of our Dutch employees who were hired prior to 2000. This pension benefit was based on years of service and final pay or career average pay depending on when the employee began participating. The Dutch Plan was curtailed prior to January 2020, and these employees have been moved into the Dutch defined contribution plan. However, the unconditional indexation for this group of participants continues for so long as they remain in active service with the Company. The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch Plan (in thousands): For the Years Ended December 31, 2023 2022 Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 40,059 $ 63,129 Interest cost 1,480 581 Benefits paid and administrative expenses ( 1,505 ) ( 1,398 ) Actuarial (gain) loss, net 2,905 ( 18,361 ) Unrealized (gain) loss on foreign exchange 1,046 ( 3,892 ) Projected benefit obligation at end of year $ 43,985 $ 40,059 Fair Value of Plan Assets: Fair value of plan assets at beginning of year $ 37,376 $ 59,039 Increase (decrease) in plan asset value 3,137 ( 17,213 ) Employer contributions 1,719 603 Benefits paid and administrative expenses ( 1,505 ) ( 1,398 ) Unrealized gain (loss) on foreign exchange 986 ( 3,655 ) Fair value of plan assets at end of year $ 41,713 $ 37,376 Under-funded status of the plan at end of the year $ ( 2,272 ) $ ( 2,683 ) Accumulated Benefit Obligation $ 41,727 $ 37,391 The following actuarial assumptions were used to determine the actuarial present value of our projected benefit obligation and the net periodic pension cost for the Dutch Plan: For the Years Ended December 31, 2023 2022 Weighted average assumed discount rate 3.27 % 3.72 % Expected long-term rate of return on plan assets 3.27 % 3.72 % Weighted average rate of compensation increase 2.10 % 2.60 % The discount rate used to determine our projected benefit obligation at December 31, 2023 was decreased from 3.72 % to 3.27 %, consistent with a general increase in interest rates in Europe for AAA-rated long-term Euro government bonds. Amounts recognized for the Dutch Plan in the consolidated balance sheets consist of (in thousands): December 31, 2023 2022 Deferred tax asset $ 582 $ 700 Other long-term liabilities 2,272 2,683 Accumulated other comprehensive loss ( 5,914 ) ( 5,108 ) The components of net periodic pension cost for the Dutch Plan include (in thousands): For the Years Ended December 31, 2023 2022 2021 Interest cost $ 1,480 $ 581 $ 323 Expected return on plan assets ( 1,365 ) ( 545 ) ( 306 ) Net periodic pension cost $ 115 $ 36 $ 17 We funded the future obligations of the Dutch Plan by purchasing an insurance contract from a large multi-national insurance company with a five-year maturity. Each year we made annual premium payments to the insurance company (1) to provide for the benefit obligation of the current year of service based on each employee’s age, gender and current salary, and (2) for the changes in the benefit obligation for prior years of service due to changes in participants’ salary. Plan assets returns equal the contractual rate, which are comparable with governmental debt securities. We determine the fair value of these plan assets with the assistance of an actuary using observable inputs (Level 2), which approximates the contract value of the investments. Our expected long-term rate of return assumptions are based on the weighted-average contractual rates for each contract. Dutch law dictates the minimum requirements for pension funding. Our goal is to meet these minimum funding requirements, while our insurance carrier invests to minimize risks associated with future benefit payments. In 2024, our minimum funding requirements are expected to be $ 0.4 million. Our estimate of future annual contributions is based on current funding and the unconditional indexation requirements, and we believe these contributions will be sufficient to fund the plan. Expected benefit payments to eligible participants under this plan for the next five years are as follows (in thousands): December 31, 2023 2024 $ 1,634 2025 $ 1,725 2026 $ 1,872 2027 $ 2,053 2028 $ 2,180 Succeeding five years $ 12,217 Defined Contribution Plans We maintain defined contribution plans for the benefit of eligible employees primarily in Canada, the Netherlands, the United Kingdom, and the United States. In accordance with the terms of each plan, we and our participating employees contribute up to specified limits and under certain plans, we may make discretionary contributions in accordance with the defined contribution plans. Our primary obligation under these defined contribution plans is limited to paying the annual contributions. For the years ended December 31, 2023, 2022 and 2021, we paid $ 4.3 million, $ 3.5 million and $ 2.3 million, respectively, for our contributions and our additional discretionary contributions to the defined contribution plans. Vesting in all employer contributions is accelerated upon the death of the participant or a change in control. Employer contributions under the plans are forfeited upon a participant’s termination of employment to the extent they are not vested at that time. Deferred Compensation Arrangements We have entered into deferred compensation contracts for certain key employees to provide additional retirement income to the participants. The benefit is determined by the contract for either a fixed amount or by a calculation using years of service or age at retirement along with the average of their base salary for the five years prior to retirement. We are not required to fund this arrangement; however, we have purchased life insurance policies with cash surrender values to assist us in providing the benefits pursuant to these deferred compensation contracts with the actual benefit payments made by Core Laboratories. The charge to expense for these deferred compensation contracts for the years ended December 31, 2023, 2022 and 2021 was $ 1.1 million, $ 1.4 million and $ 1.7 million, respectively. We provide severance compensation to certain key employees if employment is terminated under certain circumstances, such as following a change in control or for any reason other than upon their death or disability, for “cause” or upon a material breach of a material provision of their employment agreement, as defined in their employment agreements. In addition, there are certain countries where we are legally required to make severance payments to employees when they leave our service. We have accrued for all of these severance payments, but they are not funded. We also have adopted a non-qualified deferred compensation plan (“Deferred Compensation Plan”) that allows certain highly compensated employees to defer a portion of their salary, commission and bonus, as well as the amount of any reductions in their deferrals under the Deferred Compensation Plan for employees in the United States, due to certain limitations imposed by the U.S. Internal Revenue Code of 1986, as amended (the “Code”). Contributions to the plan are invested in equity and other investment fund assets and carried on the balance sheet at fair value. The benefits under these contracts are fully vested. Our primary obligation for the Deferred Compensation Plan is limited to our annual contributions. Employer contributions to the Deferred Compensation Plan for the years ended December 31, 2023, 2022 and 2021 were $ 0.4 million, $ 0.3 million and $ 0.0 million, respectively. Vesting in all employer contributions is accelerated upon the death of the participant or a change in control. Employer contributions under the plans are forfeited upon a participant’s termination of employment to the extent they are not vested at that time. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES We have been and may from time to time be named as a defendant in legal actions that arise in the ordinary course of business. These include, but are not limited to, employment-related claims and contractual disputes or claims for personal injury or property damage which occur in connection with the provision of our services and products. A liability is accrued when a loss is both probable and can be reasonably estimated. We do not maintain any off-balance sheet debt or other similar financing arrangements, nor have we formed any special purpose entities for the purpose of maintaining off-balance sheet debt. See Note 11 - Long-term Debt, net for amounts committed under letters of credits and performance guarantees and bonds. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | 14. EQUITY Common Stock In connection with the Redomestication Transaction, all common shares in Core Laboratories N.V. at par value EUR 0.02 , were canceled and exchanged for common stock in Core Laboratories Inc. at par value $ 0.01 , on a one-for-one basis. Core Laboratories Inc.’s common stock par value was decreased by $ 0.7 million for the difference between the total par value of common stock of Core Laboratories Inc. and the total par value of common shares of Core Laboratories N.V. at the date of transfer, with an offset to additional paid in capital. Equity related transaction costs associated with the Redomestication Transaction of $ 4.8 million have been charged to additional paid in capital. In addition, Core Laboratories N.V. assigned to Core Laboratories Inc., and Core Laboratories Inc. assumed, all of Core Laboratories N.V.’s rights and obligations under the 2023 Non-Employee Director Stock Incentive Plan and the 2020 Long-Term Incentive Plan. Each outstanding Core Laboratories N.V. incentive award thereunder became a Core Laboratories Inc. incentive award that is subject to substantially the same terms and conditions as the former Core Laboratories N.V. incentive award, except, in the case of equity-based Core Laboratories N.V. incentive awards, the security issuable upon exercise or settlement of the incentive award, as applicable, will be a share of Core Laboratories Inc. common stock rather than a Core Laboratories N.V. common share. During the year ended December 31, 2023, we distributed 239,455 shares of common stock upon vesting of stock-based awards. On June 9, 2022, we entered into an Equity Distribution Agreement with certain banks (the “2022 Equity Distribution Agreement”) allowing for the issuance and sale of up to $ 60.0 million shares of our common stock by any method deemed to be an “at-the-market offering” as defined in Rule 415 under the Securities Act of 1933 (the “2022 ATM Program”). On July 17, 2023, the Company terminated the 2022 Equity Distribution Agreement. As a result of the termination of the 2022 Equity Distribution Agreement, the Company suspended and terminated the 2022 ATM Program and therefore will not offer or sell any shares under the 2022 ATM Program. The Company did not sell any shares under the 2022 Equity Distribution Agreement. In 2021, we completed the sale of 1,658,012 shares of common stock through an at-the-market offering program pursuant to the 2020 Equity Distribution Agreement for the issuance and sale of $ 60.0 million shares of our common stock, which generated aggregate proceeds of $ 59.1 million, net of commissions and other associated costs. Proceeds were used to reduce outstanding debt on the Company’s credit facility in 2021. Treasury Stock In connection with our initial public offering in September 1995, prior to the Redomestication Transaction and under Dutch law requirements, our shareholders authorized management to repurchase up to 10 % of our issued share capital, for a period of 18 months. This authorization was renewed at subsequent annual or special shareholder meetings. Subsequent to the Redomestication Transaction in May 2023, shareholder approval is not required under U.S. or Delaware law and the repurchase of shares in the open market is at the discretion of our Board of Directors and management. Such common stock, unless canceled, may be reissued for a variety of purposes such as future acquisitions, non-employee director stock awards or employee stock awards. From the activation of the share repurchase program on October 29, 2002 through December 31, 2023, we have repurchased 40,379,635 shares for an aggregate purchase price of approximately $ 1.7 billion, or an average price of $ 41.28 per share and have canceled 33,475,406 shares with a historical cost of $ 1.2 billion. At December 31, 2023, we held 82,021 shares in treasury. During the year ended December 31, 2023, we repurchased 113,792 shares of our common stock for $ 2.2 million, all of which were surrendered to us pursuant to the terms of a stock-based comp ensation plan in consideration of the participants’ tax burdens resulting from the issuance of common stock under that plan. Subsequent to year-end, we have repurchased 398 shares of our common stock for approximately $ 6.0 thousand. Dividend Policy In 2008, Core Laboratories announced the initiation of a cash dividend program. In 2023, 2022 and 2021, cash dividends of $ 0.01 per share were paid in each quarter. The declaration and payment of future dividends will be at the discretion of the Board of Directors and will depend upon, among other things, future earnings, general financial condition, liquidity, capital requirements, and general business conditions. On January 31, 2024 , the Company declared a quarterly cash dividend of $ 0.01 per share for shareholders of record on February 12, 2024 payable on March 4, 2024. Accumulated Other Comprehensive Income (Loss) Amounts recognized, net of income taxes, in accumulated other comprehensive income (loss) consist of the following (in thousands): December 31, 2023 2022 Pension and other postretirement benefit plans - unrecognized prior service costs and net actuarial loss $ ( 5,914 ) $ ( 5,108 ) Interest rate swaps - net fair value gain 942 1,331 Total accumulated other comprehensive income (loss) $ ( 4,972 ) $ ( 3,777 ) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 15. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risks related to fluctuations in interest rates. To mitigate these risks, we utilize derivative instruments in the form of interest rate swaps. We do not enter into derivative transactions for speculative purposes. Interest rate swaps that are designated and qualify as cash flow hedging instruments are carried at fair value and recorded in our consolidated balance sheets as an asset or liability. The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months, and as a current asset or liability if the remaining maturity of the hedged item is less than 12 months. Unrealized gains (losses) are deferred in shareholders’ equity as a component of accumulated other comprehensive income (loss). Interest rate swaps that are highly effective are recognized in income as an increase or decrease to interest expense in the period in which the related cash flows being hedged are recognized in expense. Under the Company’s Credit Facility, the SOFR plus 2.00 % to SOFR plus 3.00 % will be applied to outstanding borrowings. See Note 11 - Long-term Debt, net for additional information. The Company has elected to apply the optional expedient for hedging relationships affected by reference rate reform. Accordingly, no outstanding balance on the Credit Facility with a SOFR rate will preclude cash flow hedging with existing London Inter-Bank Offer Rate (“LIBOR”) hedging instruments. In August 2014, we entered into a swap agreement with a notional amount of $ 25 million (“2014 Variable-to-Fixed Swap”), and the LIBOR portion of the interest rate was fixed at 2.5 % through August 29, 2024 . In February 2020, we entered into a second swap agreement with a notional amount of $ 25 million (“2020 Variable-to-Fixed Swap”), and the LIBOR portion of the interest rate was fixed at 1.3 % through February 28, 2025 . These interest rate swap agreements were terminated, dedesignated and settled in March 2021. At December 31, 2023, the outstanding balance on the Credit Facility was $ 56 million. The hedging relationship is highly effective; therefore, gains and losses on these swaps will be reclassified into interest expense in accordance with the forecasted transactions or the scheduled interest payments on the Credit Facility. Remaining net losses on these swaps included in accumulated other comprehensive income (loss) at December 31, 2023, are $ 0.3 million, substantially all of which is expected to be reclassified into earnings within the next 12 months as interest payments are made on the Company’s Credit Facility. In March 2020, we entered into two forward interest rate swap agreements for a total notional amount of $ 35 million to be effective beginning in September 2021. The purpose of these forward interest rate swap agreements was to fix the underlying risk-free rate that would be associated with the anticipated issuance of new long-term debt by the Company. These two forward interest rate swap agreements were terminated and settled in March 2021 and together with the settlement of the 2020 Variable-to-Fixed Swap resulted in a net gain of $ 1.4 million that was recognized directly in the consolidated statement of operations. In March 2021, we entered into a new forward interest rate swap agreement and carried the fair value of the terminated 2014 and 2020 Variable-to-Fixed Swaps into the new agreement in a “blend and extend” structured transaction. The purpose of this forward interest rate swap agreement is to fix the underlying risk-free rate, that would be associated with the anticipated issuance of new long-term debt by the Company in future periods. The forward interest rate swap would hedge the risk-free rate on forecasted long-term debt for a maximum of 11 years through March 2033. Risk associated with future changes in the 10-year LIBOR interest rates have been fixed up to a notional amount of $ 60 million with this instrument. The interest rate swap qualifies as a cash flow hedging instrument . The forward interest rate swap agreement was terminated and settled in April 2022. The hedging relationship is highly effective, therefore, the gain on the termination of the forward interest rate swap was included in accumulated other comprehensive income (loss). On June 28, 2023, the Company issued the 2023 Senior Notes with an aggregate principal amount of $ 50 million at fixed interest rates of 7.25 % and 7.50 %. The Company has elected to apply the optional expedient for hedging relationships affected by reference rate reform. Accordingly, no outstanding balance on the 2023 Senior Notes will preclude cash flow hedging with the existing LIBOR hedging instrument. The Company recognized a gain of $ 0.4 million in earnings for the $ 10 million over hedged portion of the interest rate swap. The remaining gain on this swap included in accumulated other comprehensive income (loss) at December 31, 2023, is $ 1.2 million of which $ 1.1 million will be reclassified into earnings within the next 12 months as interest expense in accordance with the forecasted transactions or the scheduled interest payments on the 2023 Senior Notes . As of December 31, 2023, the aggregated gains and losses on these interest swaps that is included in accumulated other comprehensive income (loss) are a net gain of $ 0.9 million. As of December 31, 2023 , we had fixed rate long-term debt aggregating $ 110 million and variable rate long-term debt aggregating $ 56 million. The effect of the interest rate swaps on the consolidated statements of operations was as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Income Statement Classification Derivatives designated as hedges: 5 year interest rate swap $ 260 $ 343 $ ( 740 ) Increase (decrease) to interest expense 10 year interest rate swap ( 752 ) 655 658 Increase (decrease) to interest expense $ ( 492 ) $ 998 $ ( 82 ) |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 16. FINANCIAL INSTRUMENTS The Company’s only financial assets and liabilities which are measured at fair value on a recurring basis relate to certain aspects of the Company’s benefit plans. We use the market approach to determine the fair value of these assets and liabilities using significant other observable inputs (Level 2) with the assistance of a third-party specialist. We do not have any assets or liabilities measured at fair value on a recurring basis using quoted prices in an active market (Level 1) or significant unobservable inputs (Level 3). Gains and losses related to the fair value changes in the financial assets and liabilities are recorded in general and administrative expense in the consolidated statements of operations. The following table summarizes the fair value balances (in thousands): Fair Value Measurement at December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 25,397 $ — $ 25,397 $ — $ 25,397 $ — $ 25,397 $ — Liabilities: Deferred compensation liabilities $ 17,299 $ — $ 17,299 $ — $ 17,299 $ — $ 17,299 $ — Fair Value Measurement at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 23,787 $ — $ 23,787 $ — $ 23,787 $ — $ 23,787 $ — Liabilities: Deferred compensation liabilities $ 16,284 $ — $ 16,284 $ — $ 16,284 $ — $ 16,284 $ — (1) Company owned life insurance policies have cash surrender value and are intended to assist in funding deferred compensation liabilities and other benefit plans. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Stock Based Compensation [Abstract] | |
Stock-Based Compensation | 17. STOCK-BASED COMPENSATION See Note 14 – Equity regarding the assignment and assumption of the following plans by Core Laboratories N.V. to Core Laboratories Inc. as a result of the Redomestication Transaction. We have two stock incentive plans: the 2020 Long-Term Incentive Plan (the “LTIP”) and the 2023 Non-Employee Director Stock Incentive Plan (the “Director Plan”). We issue shares from either treasury stock or authorized common stock for the following stock-based compensation plans. In 2023 , we issued 98,939 shares out of treasury stock and 239,455 shares out of authorized common stock. We do not use cash to settle equity instruments issued under stock-based compensation awards. 2020 Long-Term Incentive Plan Under the LTIP, awards may be granted to eligible employees until May 20, 2025, and the maximum number of shares available for award is 13,000,000 shares. At December 31, 2023 , approximately 651,651 shares remained available for the grant of new awards. We have granted restricted stock awards under two programs: (1) the Performance Share Award Program (“PSAP”); and (2) the Restricted Share Award Program (“RSAP”). Performance Share Award Program The PSAP allows us to compensate our executive and senior management teams as we meet or exceed our business objectives. The PSAP shares are unvested and may not be sold, assigned, pledged, hedged, margined or otherwise transferred by an award recipient until such time as, and then only to the extent that, the restricted performance shares have vested. In the event of a change in control (as defined in the LTIP) prior to the last day of the Performance Period, as defined, all of the award recipient’s restricted performance shares will vest as of the effective date of such change in control. Subject to continued employment with us, or upon death or disability, PSAP shares vest if we meet or exceed our business objectives. Stock compensation expense includes $ 6.5 million, $ 3.9 million and $ 7.3 million of additional non-cash stock compensation expense in the years ended December 31, 2023, 2022 and 2021, respectively, associated with the 2023, 2022 and 2021 PSAP awards for certain members of our executive management team who became retirement eligible during those years. The additional stock compensation expense has been recorded in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”, which states that the period over which stock compensation expense is recognized should not extend beyond the eligible retirement age as defined in each executive’s PSAP award agreement. The PSAP awards remain unvested until the end of the performance period, and it can be determined whether the performance criteria have been achieved. The executive will not forfeit the right to vest in the awarded shares if they voluntarily retire from the Company after attaining the retirement age as defined in each agreement. These amounts are reflected in the totals below. On February 11, 2021, certain members of our executive and senior management teams were awarded rights to receive an aggregate of up to 268,298 shares if our calculated ROIC, as defined in the PSAP, achieved certain performance criteria as compared to the Bloomberg Peer Group, as defined in the Performance Share Award Restricted Share Agreement, at the end of the performance period, which ended on the last trading day of 2023 and shares awarded above the target level, were also subject to certain total shareholder return (“TSR”) performance criteria, as defined in the PSAP. This arrangement was recorded as an equity award that required us to recognize compensation expense over the shorter of the 3 -year performance period or requisite service period, as determined for each participant individually. We recognized expense of $ 1.1 million and $ 6.6 million in 2022 and 2021, respectively. In 2023, we reversed $ 0.5 million of previously recognized expense to revalue the awards to their grant date fair value, upon final determination of the performance criteria. We issued a total of 206,204 awards valued at $ 7.2 million. The participants surrendered 82,021 shares to settle any personal tax liabilities which may result from the award, as permitted by the agreement. We recorded these surrendered shares as treasury stock with an aggregate cost of $ 1.4 million at $ 17.66 per share. On February 17, 2022, certain members of our executive and senior management teams were awarded rights to receive an aggregate of up to 362,254 shares if our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Peer Group , as defined in the Performance Share Award Restricted Share Agreement, at the end of the performance period, which ends on the last trading day of 2024 and shares awarded above the target level, are also subject to certain TSR performance criteria, as defined in the PSAP. This arrangement is recorded as an equity award that requires us to recognize compensation expense originally estimated at $ 9.3 million over the shorter of the 3 -year performance period or requisite service period, as determined for each participant individually. We reduced the estimated expense by $ 0.2 million in 2023 based on current expected performance levels, and we have recognized expense of $ 1.2 million and $ 6.4 million in 2023 and 2022, respectively. The unrecognized compensation expense is expected to be recognized over an estimated amortization period of 12 months. On February 16, 2023, certain members of our executive and senior management teams were awarded rights to receive an aggregate of up to 507,410 shares if our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Peer Group , as defined in the Performance Share Award Restricted Share Agreement, at the end of the performance period, which ends on the last trading day of 2025 and shares awarded above the target level, are also subject to certain TSR performance criteria, as defined in the PSAP. This arrangement is recorded as an equity award that requires us to recognize compensation expense estimated at $ 12.3 million over the shorter of the 3 -year performance period or requisite service period, as determined for each participant individually, of which $ 8.4 million has been recognized in 2023 . The unrecognized compensation expense is expected to be recognized over an estimated amortization period of 24 months. Restricted Share Award Program In 2004, the Compensation Committee of our Board of Directors approved the RSAP to attract and retain key employees, and to better align employee interests with those of our shareholders. Under this arrangement we awarded grants totaling 180,450 shares, 25,500 shares and 83,866 shares in 2023, 2022 and 2021 , respectively. Each of these grants has a vesting period of principally either five or six years , and vests ratably on an annual basis. There are no performance accelerators for early vesting for these awards. Awards under the RSAP are classified as equity awards and recorded at the grant-date fair value with the compensation expense recognized over the expected life of the award. As of December 31, 2023 , there was $ 8.1 million of unrecognized total stock-based compensation expense relating to non-vested RSAP awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 49 months. The grant-date fair value of shares granted was $ 3.6 million, $ 0.5 million and $ 2.8 million in 2023, 2022 and 2021 , respectively. We recognized compensation expense of $ 3.9 million, $ 4.5 million and $ 6.1 million in 2023, 2022 and 2021 , respectively. The total grant-date fair value, which is the intrinsic value, of the shares vested was $ 4.1 million, $ 5.3 million and $ 6.5 million in 2023, 2022 and 2021, respectively. 2023 Non-Employee Director Stock Incentive Plan Under the Director Plan, awards may be granted until June 28, 2033 and the maximum number of shares available for award under this plan is 1,400,000 shares. As of December 31, 2023, approximately 489,225 shares remained available for the grant of new awards. We have granted restricted stock awards under the Restricted Share Award Program for Non-Employee Directors (the “Director Program”). The Compensation Committee of our Board of Directors approved the Program to compensate our non-employee Directors. Under this arrangement we awarded grants totaling 38,514 shares, 32,910 shares and 25,842 shares in 2023, 2022 and 2021, respectively. All shares awarded have a vesting period of one year for each grant. There are no performance accelerators for early vesting for these awards. Awards under the Program are classified as equity awards and recorded at the grant-date fair value with compensation expense recognized over the expected life of the award. As of December 31, 2023 , there was $ 0.2 million of unrecognized stock-based compensation relating to non-vested Program awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 3 months . The grant-date fair value of shares granted was $ 0.9 million, $ 1.0 million and $ 0.8 million in 2023, 2022 and 2021 , respectively, and we have recognized compensation expense of $ 0.9 million, $ 1.0 million and $ 1.1 million in 2023, 2022 and 2021, respectively. Equity Compensation Plan Information Non-vested restricted share awards outstanding as of December 31, 2023 and changes during the year under both the LTIP and the Director Plan are as follows: For the Year Ended December 31, 2023 Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested at December 31, 2022 1,014,355 $ 30.29 Granted 726,374 $ 22.98 Vested ( 336,844 ) $ 36.46 Forfeited ( 169,398 ) $ 27.38 Non-vested at December 31, 2023 1,234,487 $ 24.71 Stock-based compensation expense under both the LTIP and the Director Plan recognized in the consolidated statement of operations is as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Cost of services and product sales $ 4,625 $ 4,572 $ 5,704 General and administrative expense 9,346 3,184 13,389 Total stock-based compensation expense $ 13,971 $ 7,756 $ 19,093 |
Impairments and Other Charges
Impairments and Other Charges | 12 Months Ended |
Dec. 31, 2023 | |
Asset Impairment Charges [Abstract] | |
Impairments and Other Charges | 18. IMPAIRMENTS AND OTHER CHARGES The geopolitical conflict between Russia and Ukraine, which began in February 2022 and has continued through December 31, 2023, has resulted in disruptions to our operations in Russia and Ukraine. As of December 31, 2023, all laboratory facilities, offices, and locations in Russia and Ukraine continued to operate with no significant impact to local business operations. Therefore, we determined there was no triggering event for long-lived assets in Russia and Ukraine, and no impairment assessments have been performed as of December 31, 2023. For the years ended December 31, 2023, 2022 and 2021 , there were no triggering events during the year and, we determined there was no impairment for any of our long-lived assets or asset groups. We completed our annual impairment assessment of indefinite lived intangible assets and goodwill of our reporting units for the years ended December 31, 2023, 2022 and 2021 , by performing qualitative assessments, which indicated we did not meet the threshold of more likely than not that there was impairment and therefore no quantitative tests were required. No impairments were recorded for our indefinite lived intangible assets or goodwill for the years ended December 31, 2023, 2022 and 2021 . |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | 19. OTHER (INCOME) EXPENSE, NET The components of other (income) expense, net are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Gain on sale of assets $ ( 200 ) $ ( 1,068 ) $ ( 427 ) Results of non-consolidated subsidiaries ( 394 ) ( 294 ) ( 62 ) Foreign exchange (gain) loss, net 176 229 ( 228 ) Rents and royalties ( 698 ) ( 709 ) ( 571 ) Return on pension assets and other pension costs ( 1,365 ) ( 545 ) ( 306 ) Loss on lease abandonment and other exit costs 1,146 — — Assets write-down 1,143 — — ATM termination costs 455 — — Insurance and other settlements ( 604 ) ( 669 ) ( 2,236 ) Severance and other charges — 3,332 — Gain on sale of business — — ( 1,012 ) Other, net ( 509 ) ( 998 ) ( 753 ) Total other (income) expense, net $ ( 850 ) $ ( 722 ) $ ( 5,595 ) In 2022, we sold our ownership interest in mineral rights of certain properties for a net gain of $ 0.7 million which is included in gain on sale of assets. During the year ended December 31, 2023, we abandoned certain leases in the U.S. and Canada and incurred costs of $ 1.1 million. We integrated and relocated these facilities and wrote down related leasehold improvements and right of use assets of $ 1.1 million. During the year ended December 31, 2023, we wrote off previously deferred costs of $ 0.5 million upon termination of our 2022 ATM Program. See Note 14 - Equity for additional information. During the year ended December 31, 2023, the State of Louisiana expropriated the access road to one of our facilities and paid us a settlement of $ 0.6 million. The North America mid-continent winter storm in February 2021 caused business interruptions and property losses to certain facilities, and we received insurance settlements of $ 0.7 million and $ 1.6 million in 2022 and 2021, respectively. We incurred property and other losses in a fire incident that occurred in 2020 and we received full and final insurance settlement of $ 0.6 million in 2021. Foreign Currency Risk We operate in a number of international areas which exposes us to foreign currency exchange rate risk. We do not currently hold or issue forward exchange contracts or other derivative instruments for hedging or speculative purposes. Foreign exchange gains and losses result from fluctuations in the USD against foreign currencies and are included in other (income) expense, net in the consolidated statements of operations. We recognized foreign exchange losses in countries where the USD weakened against the local currency and we had net monetary liabilities denominated in the local currency; as well as countries where the USD strengthened against the local currency and we had net monetary assets denominated in the local currency. We recognized foreign exchange gains in countries where the USD strengthened against the local currency and we had net monetary liabilities denominated in the local currency and in countries where the USD weakened against the local currency and we had net monetary assets denominated in the local currency. Foreign exchange (gain) loss, net is summarized in the following table (in thousands): For the Years Ended December 31, 2023 2022 2021 Angolan Kwanza $ 188 $ ( 2 ) $ ( 36 ) Australian Dollar 81 9 113 British Pound ( 408 ) 212 86 Canadian Dollar 156 238 77 Colombian Peso 92 ( 430 ) ( 281 ) Euro 438 ( 382 ) ( 450 ) Indonesian Rupiah 82 379 123 Norwegian Krone 103 ( 31 ) 12 Russian Ruble ( 375 ) 35 ( 16 ) Turkish Lira ( 472 ) 114 47 Other currencies, net 291 87 97 Foreign exchange (gain) loss, net $ 176 $ 229 $ ( 228 ) |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 20. EARNINGS PER SHARE We compute basic earnings per share by dividing net income attributable to Core Laboratories Inc. by the number of weighted average shares of common stock outstanding during the period. Diluted earnings per share includes the incremental effect of contingently issuable shares from performance and restricted stock awards, as determined using the treasury stock method. The Redomestication Transaction had no effect on earnings per share for the periods presented. The following table summarizes the calculation of weighted average shares of common stock outstanding used in the computation of basic and diluted earnings per share (in thousands): For the Years Ended December 31, 2023 2022 2021 Weighted average common shares outstanding - basic 46,683 46,334 46,009 Effect of dilutive securities: Restricted shares 97 71 139 Performance shares 743 408 542 Weighted average common shares outstanding - diluted 47,523 46,813 46,690 |
Segment Reporting and Other Dis
Segment Reporting and Other Disaggregated Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting and Other Disaggregated Information | 21. SEGMENT REPORTING AND OTHER DISAGGREGATED INFORMATION Segment Reporting We operate our business in two segments. These complementary operating segments provide different services and products and utilize different technologies for evaluating and improving reservoir performance and increasing oil and gas recovery from new and existing fields: • Reservoir Description : Encompasses the characterization of petroleum reservoir rock and reservoir fluids samples to increase production and improve recovery of crude oil and natural gas from our clients’ reservoirs. We provide laboratory-based analytical and field services to characterize properties of crude oil and crude oil-derived products to the oil and gas industry. Services associated with these fluids include determining the quality and measuring the quantity of the reservoir fluids and their derived products, such as gasoline, diesel and biofuels. We also provide proprietary and joint industry studies based on these types of analyses and manufacture associated laboratory equipment. In addition, we provide reservoir description capabilities that support various activities associated with energy transition projects, including services that support carbon capture, utilization and storage, geothermal projects, and the evaluation and appraisal of mining activities around lithium and other elements necessary for energy storage. • Production Enhancement : Includes services and manufactured products associated with reservoir well completions, perforations, stimulation, production and well abandonment. We provide integrated diagnostic services to evaluate and monitor the effectiveness of well completions and to develop solutions aimed at increasing the effectiveness of enhanced oil recovery projects. We use the same accounting policies to prepare our operating segment results as are used to prepare our consolidated financial statements. All interest and other non-operating income (expense) is attributable to Corporate & Other and is not allocated to specific operating segments. Summarized financial information of our operating segments is shown in the following table (in thousands): As at and for the years ended: Reservoir Description Production Enhancement Corporate & Other (1) Consolidated December 31, 2023 Revenue from unaffiliated clients $ 333,345 $ 176,445 $ — $ 509,790 Inter-segment revenue 156 249 ( 405 ) — Segment operating income 41,039 12,519 1,082 54,640 Total assets 309,162 161,358 115,875 586,395 Capital expenditures 8,312 1,808 459 10,579 Depreciation and amortization 11,049 4,099 636 15,784 December 31, 2022 Revenue from unaffiliated clients $ 307,691 $ 182,044 $ — $ 489,735 Inter-segment revenue 523 315 ( 838 ) — Segment operating income 22,902 16,351 2,271 41,524 Total assets 307,108 159,628 111,618 578,354 Capital expenditures 7,458 2,181 577 10,216 Depreciation and amortization 11,630 4,643 888 17,161 December 31, 2021 Revenue from unaffiliated clients $ 313,609 $ 156,643 $ — $ 470,252 Inter-segment revenue 346 299 ( 645 ) — Segment operating income 28,958 15,163 1,141 45,262 Total assets 305,256 142,310 133,287 580,853 Capital expenditures 9,572 2,281 1,686 13,539 Depreciation and amortization 11,789 5,728 999 18,516 (1) “ Corporate and other” represents those items not directly related to a particular operating segment and eliminations. Disaggregated Revenue We derive our revenue from services and product sales contracts with clients primarily in the oil and gas industry. No single client accounted for 10% or more of revenue in any of the periods presented. Summarized financial information of our contracts is shown in the following table (in thousands): For the Years Ended December 31, 2023 2022 2021 Reservoir Description Services $ 322,921 $ 296,201 $ 296,576 Production Enhancement Services 48,993 50,773 47,766 Total Revenue - Services $ 371,914 $ 346,974 $ 344,342 Reservoir Description Product sales $ 10,424 $ 11,490 $ 17,033 Production Enhancement Product sales 127,452 131,271 108,877 Total Revenue - Product sales $ 137,876 $ 142,761 $ 125,910 Total Revenue $ 509,790 $ 489,735 $ 470,252 We attribute service revenue to the country in which the service was performed rather than where the reservoir or project is located while we attribute product sales revenue to the country where the product was shipped as we feel this gives a clearer view of our operations. We do, however, have significant levels of service revenue performed and recorded in the U.S. that are sourced from projects on non-U.S. oilfields. Summarized financial information of our geographic regions is shown in the following table (in thousands): Other As at and for the years ended: United States Countries (1) (2) Consolidated December 31, 2023 Revenue $ 178,549 $ 331,241 $ 509,790 Property, plant and equipment, net 50,792 48,834 99,626 December 31, 2022 Revenue $ 166,701 $ 323,034 $ 489,735 Property, plant and equipment, net 54,384 50,644 105,028 December 31, 2021 Revenue $ 148,183 $ 322,069 $ 470,252 Property, plant and equipment, net 58,031 52,921 110,952 (1) Revenue earned in other countries, was not individually greater than 10 % of our consolidated revenue in 2023, 2022 and 2021. (2) Property, plant and equipment, net in other countries, was not individually greater than 10 % of our consolidated property, plant and equipment in 2023, 2022 and 2021. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Account | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Account | CORE LABORATORIES INC. Schedule II - Valuation and Qualifying Account (In thousands) Balance at Beginning of Period Additions Charged to/(Recovered from) Expense Write-offs Other (1) Balance at End of Period Year ended December 31, 2023 Reserve for credit losses $ 2,214 $ 179 $ ( 113 ) $ — $ 2,280 Year ended December 31, 2022 Reserve for credit losses $ 3,225 $ ( 6 ) $ ( 1,006 ) $ 1 $ 2,214 Year ended December 31, 2021 Reserve for credit losses $ 4,068 $ ( 256 ) $ ( 588 ) $ 1 $ 3,225 (1) Comprised primarily of differences due to changes in exchange rate. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Redomestication Transaction has been accounted for as a transaction between entities under common control. Accordingly, Core Laboratories Inc. recorded the assets and liabilities transferred at their carrying amounts at the date of transfer. All common shares in Core Laboratories N.V., at par value EUR 0.02 , were canceled and exchanged for common stock in Core Laboratories Inc., at par value $ 0.01 , on a one-for-one basis. Core Laboratories Inc.’s common stock par value was decreased by $ 0.7 million for the difference between the total par value of common stock of Core Laboratories Inc. and the total par value of common shares of Core Laboratories N.V. at the date of transfer, with an offset to additional paid in capital. There is no difference between the combined separate entities prior to the Redomestication Transaction and the combined separate entities after the Redomestication Transaction, therefore, these financial statements, reported as though the exchange of equity interests had occurred at the beginning of the reporting period, and comparative information do not differ from amounts previously reported under Core Laboratories N.V.’s consolidated financial statements. These financial statements should be read in conjunction with Core Laboratories N.V.’s Quarterly Report on Form 10-Q for the three months ended March 31, 2023 and Core Laboratories N.V.’s Annual Report on Form 10-K for the year ended December 31, 2022, including Note 2 - Summary of Significant Accounting Policies. There have been no changes to the accounting policies of the combined entities during the year ended December 31, 202 3. The accompanying consolidated financial statements include the accounts of Core Laboratories Inc. and its subsidiaries for which we have a controlling voting interest and/or a controlling financial interest. These financials have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). We use the equity method of accounting for investments in which we have less than a majority interest and do not exercise control but do exert significant influence. Non-controlling interest has been recorded to reflect outside ownership attributable to consolidated subsidiaries that are less than 100% owned. All inter-company transactions and balances have been eliminated in consolidation. Certain reclassifications were made to prior period amounts in order to conform to the current period presentation. These reclassifications had no impact on the reported net income or cash flows for the years ended December 31, 2022 and 2021. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Issued But Not Yet Effective In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an annual and interim basis. The amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendment should be applied retrospectively to all prior periods presented in the financial statements. Upon adoption, our disclosures regarding segment reporting will be expanded accordingly. In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures to improve transparency of income tax disclosures, primarily by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendment is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendment should be applied prospectively; however, retrospective application is permitted. Upon adoption, our disclosures regarding income taxes will be expanded accordingly. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimates on an ongoing basis and utilize our historical experience, as well as various other assumptions that we believe are reasonable in a given circumstance, in order to make these estimates. Actual results could differ from our estimates, as assumptions and conditions change. The following accounts, among others, require us to use estimates and assumptions: ▪ allowance for credit losses; ▪ obsolete inventory; ▪ depreciation and amortization; ▪ long-lived assets, intangibles and goodwill; ▪ income taxes; ▪ pensions and other postretirement benefits; ▪ stock-based compensation; and ▪ leases. Accounting policies relating to these accounts and the nature of these estimates are further discussed under the applicable caption. For each of these critical estimates it is at least reasonably possible that changes in these estimates will occur in the short term which may impact our financial position or results of operations. |
Foreign Currencies | Foreign Currencies Our functional currency is the U.S. Dollar (“USD”). All inter-company financing, transactions and cash flows with our subsidiaries are transacted in USD. Revenue and expenses denominated in other currencies are measured at the applicable month-end exchange rate which approximates the average exchange rate. We remeasure monetary assets and liabilities denominated in other currencies to USD at year-end exchange rates. Non-monetary items, depreciation, amortization and certain components of cost of sales are measured at historical rates. Remeasurement and settlement difference are included in other (income) expense, net in the accompanying consolidated statements of operations. See Note 19 - Other (Income) Expense, net . |
Concentration of Credit Risk | Concentration of Credit Risk Our financial instruments that potentially subject us to concentrations of credit risk relate primarily to cash and cash equivalents and trade accounts receivable. All cash and cash equivalents are on deposit at commercial banks or investment firms with significant financial resources. Our trade receivables are with a variety of domestic, international and national oil and gas companies. We had no clients who provided more than 10% of our revenue for the years ended December 31, 2023, 2022 and 2021 . We consider our credit risk related to trade accounts receivable to be limited due to the creditworthiness and financial resources of our clients. We apply the expected credit losses methodology for measurement of credit losses on financial assets measured at amortized cost basis. We evaluate our estimate for credit losses on an on-going basis throughout the year. |
Concentration of Interest Rate Risk | Concentration of Interest Rate Risk We are exposed to interest rate risk on our revolving credit facility debt, which carries a variable interest rate. We are exposed to interest rate risk on our Senior Notes which carry a fixed interest rate, but whose fair value will fluctuate based on changes in interest rates and market perception of our credit risk. See Note 11 - Long-term Debt, net . |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all short-term, highly liquid instruments purchased with an original maturity of three months or less. These items are carried at cost, which approximates fair value. |
Accounts Receivable | Accounts Receivable Trade accounts receivable are recorded at their invoiced amounts and do not bear interest. We perform ongoing credit evaluations of our clients, monitor collections and payments, consider our historical collection experience and our current aging of client receivables outstanding, in addition to client’s representations and our understanding of the economic environment in which our clients operate. Based on our review we establish or adjust allowances for credit losses for specific clients and the accounts receivable, as a whole, and recognize expense. When an account is determined to be uncollectible, we charge the receivable to our allowance for credit losses. The net carrying value of accounts receivable approximates fair value. |
Contract Assets and Liabilities | Contract Assets and Liabilities Contract assets and liabilities arise from differences in timing of revenue recognition, billings and cash collections. Contract assets include our right to payment for goods and services already transferred to a customer when the right to payment is conditional on something other than the passage of time. For example, we have contracts where we recognize revenue over time but do not have a contractual right to payment until we complete the performance obligations. Contract liabilities consist of advance payments received and billings in excess of revenue recognized. We generally receive up-front payments relating to our consortia studies. We recognize revenue over the life of the study as the testing and analysis results are made available to our consortia members. We record billings in excess of revenue recognized for contracts with a duration less than twelve months as unearned revenue. We classify contract liabilities for contracts with a duration greater than twelve months as current or non-current based on the timing of revenue recognition. |
Inventories | Inventories Inventories consist of manufactured goods, materials and supplies used for sales or services to clients. Inventories are stated at the lower of cost or estimated net realizable value. Inventory costs are recorded at standard cost which approximates the first-in, first-out method. |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised primarily of prepaid insurance, value added taxes and prepaid software licenses. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are capitalized while maintenance and repair costs are charged to expense as incurred. They are depreciated using the straight-line method based on their individual estimated useful lives, except for leasehold improvements, which are depreciated over the remaining lease term, if shorter. We estimate the useful lives and salvage values of our assets based on historical data as follows: Buildings and leasehold improvements 3 - 40 years Machinery and equipment 3 - 10 years When long-lived assets are sold or retired, the remaining costs and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. We review our long-lived assets for impairment when events or changes in circumstances indicate that their net book value may not be recovered over their remaining service lives. Indicators of possible impairment may include significant declines in activity levels in regions where specific assets or groups of assets are located, extended periods of idle use, declining revenue or cash flow or overall changes in general market conditions. Whenever possible impairment is indicated, we compare the carrying value of the assets or asset groups to the sum of the estimated undiscounted future cash flows expected from use, plus salvage value, less the costs of the subsequent disposition of the assets. If impairment is still indicated, we compare the fair value of the assets to the carrying amount and recognize an impairment loss for the amount by which the carrying value exceeds the fair value. We did no t record any material impairment charges relating to our long-lived assets held for use during the years ended December 31, 2023, 2022 and 2021. The geopolitical conflict between Russia and Ukraine, which began in February 2022 and has continued through December 31, 2023, has resulted in disruptions to our operations in Russia and Ukraine. The Company evaluated long-lived assets in Russia and Ukraine as part of our assessment of our assets group and did not identify triggering events as of December 31, 2023. Based on our assessments, we determined there was no impairment for long-lived assets in Russia and Ukraine as of December 31, 2023. See Note 18 - Impairments and Other Charges . |
Leases | Leases We have operating leases primarily consisting of offices and lab space, machinery and equipment and vehicles. We determine if an arrangement is an operating or finance lease at inception. Lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Where our lease does not provide an implicit rate, we estimate the discount rate used to discount the future minimum lease payments using our incremental borrowing rate and other information available at the commencement date. Operating leased assets also include all initial direct costs incurred. The lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating leased assets are included in right of use (“ROU”) assets and, along with current and long-term operating lease liabilities, are separately presented in our consolidated balance sheet. Financing leased assets are included in property, plant and equipment, net and the related liabilities are included in other current and other long- term liabilities in our consolidated balance sheet. ROU assets are subsequently depreciated over the estimated useful life of the asset and lease liabilities are carried at amortized cost using the effective interest rate method. The Company has elected to apply the short-term lease exemption to all classes of underlying ROU assets. Accordingly, no ROU asset or lease liability is recognized for leases with a term of twelve months or less. The Company has elected to apply the practical expedient for combining lease and non-lease components for vehicle leases and elected not to apply the practical expedient for combining lease and non-lease components to all other classes of underlying ROU assets. |
Intangibles and Goodwill | Intangibles and Goodwill Intangible assets, which include trade secrets, patents, technology, agreements not to compete, trade names, and trademarks, are carried at cost less accumulated amortization, for intangibles with a definite life, and any accumulated impairment. Intangibles with definite lives are amortized using the straight-line method based on the estimated useful life of the intangible. We review our intangible assets with definite lives for impairment when events or changes in circumstances indicate that net book value may not be recovered over their remaining service lives. We record goodwill as the excess of the purchase price over the fair value of the net assets acquired in acquisitions accounted for under the purchase method of accounting. Goodwill is not subject to amortization and is tested for impairment annually or more frequently if events or changes in circumstances indicate goodwill is more likely than not impaired. We assess intangibles with indefinite lives and goodwill for impairment by performing a qualitative assessment or a quantitative test. The qualitative assessment is to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value is less than carrying amount. If it is concluded that it is more-likely-than not that an impairment exists, a quantitative test is required which compares the estimated fair value to carrying value. If the estimated fair value is less than its carrying value, then there is an impairment loss limited to the carrying value. Significant judgments and assumptions are inherent in our estimate of future cash flows used to determine the estimate of the reporting unit’s fair value which include assumptions regarding future revenue growth rates, discount rates and expected margins. See Note 18 - Impairments and Other Charges . |
Accounts Payable | Accounts Payable Trade accounts payable are recorded at their invoiced amounts and do not bear interest. The carrying value of accounts payable approximates fair value. |
Income Taxes | Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the asset is expected to be recovered or the liability is expected to be settled. We include interest and penalties from tax judgments in income tax expense. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return. We also recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 9 - Income Taxes . |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans We provide a non-contributory defined benefit pension plan covering substantially all of our Dutch employees (“Dutch Plan”) who were hired prior to 2000. We recognize net periodic pension costs associated with the Dutch plan in income and recognize the unfunded status of the plan, if any, as another long-term liability. We recognize the actuarial gains or losses and prior service costs or credits that arise during the period as a component of other comprehensive income. The projection of benefit obligation and fair value of plan assets requires the use of assumptions and estimates. Actual results could differ from those estimates. See Note 12 - Pension and Other Postretirement Benefit Plans . We maintain defined contribution plans for the benefit of eligible employees primarily in Canada, the Netherlands, the United Kingdom and the United States. We expense contributions in the period the contribution is made. |
Derivative Instruments | Derivative Instruments We may enter into a variety of derivative instruments in connection with the management of our exposure to fluctuations in interest rates or currency exchange rates. See Note 15 - Derivative Instruments and Hedging Activities . We do not enter into derivatives for speculative purposes. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income is comprised of net income and other charges or credits to equity that are not the result of transactions with owners. Accumulated other comprehensive income (loss) consists of prior service costs and unrecognized net actuarial gain or loss from the Dutch pension plan and changes in the fair value of our interest rate swaps. See Note 12 - Pension and Other Postretirement Benefit Plans and Note 15 - Derivative Instruments and Hedging Activities . |
Revenue Recognition | Revenue Recognition All of our revenue is derived from contracts with clients. Our contracts include standard commercial payment terms generally acceptable in each region, and do not include financing with extended payment terms. We have no significant obligations for refunds, warranties, or similar obligations. Our revenue does not include taxes collected from our clients. In certain circumstances we apply the guidance in Accounting Standards Codification Topic 606 - Revenue from Contracts with Customers (“Topic 606”) to a portfolio of contracts with similar characteristics. We use estimates and assumptions when accounting for a portfolio that reflect the size and composition of the portfolio of contracts. We recognize revenue at an amount that reflects the consideration expected to be received in exchange for such services or goods as described below by applying the five-step method to: (1) identify the contract(s) with clients; (2) identify the performance obligation(s) in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligation(s) in the contract; and (5) recognize revenue when (or as) we satisfy the performance obligation(s). A performance obligation is a promise in a contract to transfer a distinct service or good to a client and is the unit of account under Topic 606. We have contracts with two general groups of performance obligations: those that require us to perform analysis and/or diagnostic tests in our laboratory or at the client’s wellsite and those from the sale of tools, diagnostic and equipment products and related services. Service Revenue : We provide a variety of services to clients in the oil and gas industry. Where services are provided related to the testing and analysis of rock and fluids, we recognize revenue upon the provision of the test results or analysis to the client. For our design, field engineering and completion diagnostic services, we recognize revenue upon the delivery of those services at the well site or delivery of diagnostic data. In the case of our consortia studies, we have multiple performance obligations and revenue is recognized at the point in time when the testing and analysis results on each contributed core are made available to our consortia members. For arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the client for each promised service or product if it were sold on a standalone basis. To a lesser extent, we enter into other types of contracts including service arrangements and non-subscription software and licensing agreements. We recognize revenue for these arrangements over time or at a point in time depending on our evaluation of when the client obtains control of the promised services or products. Product Sales Revenue : We manufacture equipment that we sell to our clients in the oil and gas industry. We recognize revenue when control of the promised product is transferred to the client. Control of the product usually passes to the client at the time shipment is made or picked up by the client at our facilities, as defined within the contract. Disaggregation of Revenue We contract with clients for service revenue and/or product sales revenue. We present revenue disaggregated by services and product sales in our consolidated statements of operations. For revenue disaggregated by operating segment, see Note 21 - Segment Reporting and Other Disaggregated Information . |
Stock-Based Compensation | Stock-Based Compensation For new awards issued and awards modified, repurchased or canceled, we record compensation expense in the consolidated statements of operations equal to the fair value of the award at the date of the grant, modification, repurchase or cancellation over the requisite service period of the award. The fair value is generally determined by the quoted market price of the Company’s common stock on the date of grant less the discounted value of the expected dividends to be paid over the vesting period. Market vesting conditions, as applicable, are included in the estimation of the fair value of the award. Forfeitures are recognized as they occur. |
Non-controlling Interests | Non-controlling Interests We maintain non-controlling interests in several investment ventures. Non-controlling interest have been recorded to reflect outside ownership attributable to consolidated subsidiaries that are less than 100% owned and presented as a separate component of equity in the consolidated balance sheets and income in the consolidated statements of operations and other comprehensive income (loss), respectively. In addition, when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary will be initially measured at fair value and recorded as a gain or loss. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment, Useful life | We estimate the useful lives and salvage values of our assets based on historical data as follows: Buildings and leasehold improvements 3 - 40 years Machinery and equipment 3 - 10 years |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets and Liabilities | The balance of contract assets and contract liabilities consist of the following (in thousands): December 31, 2023 2022 Contract assets: Current $ 1,293 $ 1,148 $ 1,293 $ 1,148 Contract liabilities: Current $ 299 $ 907 Non-current — 24 $ 299 $ 931 December 31, 2023 Estimate of when contract liabilities will be recognized as revenue: Within 12 months $ 299 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following (in thousands): December 31, 2023 2022 Finished goods $ 30,508 $ 26,534 Parts and materials 37,670 31,323 Work in progress 3,524 2,588 Total inventories $ 71,702 $ 60,445 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | The components of property, plant and equipment, net are as follows (in thousands): December 31, 2023 2022 Land $ 10,652 $ 10,652 Building and leasehold improvements 120,545 120,994 Machinery and equipment 284,225 288,119 Total property, plant and equipment 415,422 419,765 Less: Accumulated depreciation ( 315,796 ) ( 314,737 ) Property, plant and equipment, net $ 99,626 $ 105,028 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense and other information are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Consolidated Statements of Operations: Operating lease expense $ 17,454 $ 16,595 $ 17,253 Short-term lease expense 1,768 1,784 1,990 Variable lease expense 1,758 1,414 1,462 Sublease income ( 113 ) — — Total lease expense $ 20,867 $ 19,793 $ 20,705 Consolidated Statements of Cash Flows: Operating cash flows - operating leases payments $ 16,541 $ 16,598 $ 16,367 Right of use assets obtained in exchange for operating lease liabilities $ 17,005 $ 5,520 $ 5,736 Other information: Weighted-average remaining lease term - operating leases 9.24 years 6.88 years 7.62 years Weighted-average discount rate - operating leases 5.32 % 4.62 % 4.61 % |
Schedule of Undiscounted Cash Flows for Non-cancellable Leases | Scheduled undiscounted lease payments for non-cancellable operating leases consist of the following (in thousands): December 31, 2023 Operating Leases Operating Sublease 2024 $ 12,388 $ ( 226 ) 2025 9,671 ( 230 ) 2026 7,502 ( 235 ) 2027 6,121 ( 239 ) 2028 4,824 ( 162 ) Thereafter 26,824 — Total undiscounted lease payments 67,330 ( 1,092 ) Less: Imputed interest ( 15,079 ) — Total operating lease liabilities $ 52,251 $ ( 1,092 ) |
Intangibles and Goodwill (Table
Intangibles and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Components of Intangible Assets | The components of intangibles, net are as follows (in thousands): December 31, 2023 2022 Accumulated Amortization Accumulated Amortization Useful life in years Gross Carrying Value and Impairment Gross Carrying Value and Impairment Acquired trade secrets 2 - 20 $ 4,278 $ 3,756 $ 4,278 $ 3,545 Acquired patents and technology 4 - 15 15,744 13,953 14,907 12,883 Agreements not to compete 2 - 5 1,105 1,105 1,149 1,036 Acquired trade names and trademarks Indefinite 4,624 11 4,624 11 Total intangibles, net $ 25,751 $ 18,825 $ 24,958 $ 17,475 |
Summary of Estimated Amortization Expense Related to Intangibles | Our estimated amortization expense relating to these intangibles for the next five years is summarized in the following table (in thousands): December 31, 2023 2024 $ 503 2025 $ 355 2026 $ 231 2027 $ 193 2028 $ 98 |
Schedule of Carrying Amount of Goodwill | The carrying amount of goodwill for each operating segment is as follows (in thousands): Reservoir Production Description Enhancement Total Balance at December 31, 2023 $ 99,445 $ — $ 99,445 Balance at December 31, 2022 $ 99,445 $ — $ 99,445 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income taxes are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 United States $ 3,907 $ ( 4,099 ) $ 10,028 Other countries 37,303 34,053 26,082 Income before income taxes $ 41,210 $ 29,954 $ 36,110 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Current: United States $ 1,204 $ 1,269 $ 1,983 Other countries 13,446 9,784 6,500 State and provincial 597 ( 100 ) 699 Total current 15,247 10,953 9,182 Deferred: United States 1,555 ( 908 ) 905 Other countries ( 12,343 ) ( 162 ) 5,630 State and provincial ( 274 ) 413 174 Total deferred ( 11,062 ) ( 657 ) 6,709 Income tax expense $ 4,185 $ 10,296 $ 15,891 |
Schedule of Effective Income Tax Rate Reconciliation | The differences in income tax expense computed using the statutory income tax rate and our income tax expense as reported in the accompanying consolidated statements of operations are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Tax at the statutory income tax rate (1) $ 8,139 $ 7,368 $ 8,981 International earnings taxed at rates other than the statutory income tax rate (1) 5,749 5,923 9,403 Non-deductible expenses 2,168 3,096 1,875 Net operating loss 4,661 ( 3,627 ) 3,744 Foreign earnings currently taxed in the U.S. 3,077 — — Change in valuation allowance ( 1,107 ) 1,943 1,113 State and provincial taxes 243 662 462 Tax credits ( 7,410 ) ( 6,872 ) ( 7,992 ) Unremitted earnings of subsidiaries ( 14,464 ) ( 27 ) 1,236 Adjustments of prior year taxes 701 ( 3,488 ) 1,320 Adjustments of income tax reserves 519 ( 184 ) ( 1,345 ) Foreign exchange ( 171 ) ( 576 ) ( 1,168 ) UK tax rate change — 676 ( 905 ) Netherlands audit settlement — — 1,522 Accrued withholding taxes 1,639 1,883 1,648 Other 441 3,519 ( 4,003 ) Income tax expense $ 4,185 $ 10,296 $ 15,891 (1) Based on the U.S. statutory income tax rate of 21 % for 2023 and the Netherlands statutory income tax rate of 25 % for 2022 and 2021. |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities result from various temporary differences between the financial statement carrying amount and their tax basis. Deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carry-forwards $ 7,814 $ 13,097 Tax credit carry-forwards 2,144 4,653 Accruals for compensation 8,985 7,517 Accruals for inventory capitalization 1,621 992 Unrealized benefit from corporate restructuring 40,963 44,888 Intangibles 1,584 1,026 Unrealized benefit plan loss 1,224 2,070 Unrealized foreign exchange 2,875 2,881 UK tax rate change — 318 Unearned revenue 3,453 882 Interest carry-forward 7,912 7,700 Other 1,401 744 Total deferred tax assets 79,976 86,768 Valuation allowance ( 8,276 ) ( 9,318 ) Net deferred tax assets 71,700 77,450 Deferred tax liabilities: Property, plant and equipment, net ( 3,566 ) ( 3,668 ) Accrued withholding taxes ( 10,466 ) ( 26,489 ) Unrealized foreign exchange ( 988 ) ( 1,415 ) Other ( 176 ) ( 185 ) Total deferred tax liabilities ( 15,196 ) ( 31,757 ) Net deferred income taxes $ 56,504 $ 45,693 The table below summarizes the net deferred tax assets and net deferred tax liabilities by legal jurisdiction (in thousands): December 31, 2023 2022 Long-term deferred tax assets, net $ 69,201 $ 68,570 Long-term deferred tax liabilities, net ( 12,697 ) ( 22,877 ) Net deferred income taxes $ 56,504 $ 45,693 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Unrecognized tax benefits at January 1, $ 3,509 $ 4,327 $ 6,255 Tax positions, current period 144 230 204 Tax positions, prior period 68 ( 867 ) ( 197 ) Settlements with taxing authorities — ( 19 ) ( 1,395 ) Lapse of applicable statute of limitations ( 238 ) ( 162 ) ( 540 ) Unrecognized tax benefits at December 31, $ 3,483 $ 3,509 $ 4,327 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Table Text Block Supplement [Abstract] | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2023 2022 Cash surrender value of life insurance policies $ 25,397 $ 23,787 Investments in unconsolidated affiliates 4,844 4,450 Other 3,978 5,510 Total other assets $ 34,219 $ 33,747 |
Long-Term Debt, Net (Tables)
Long-Term Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt is summarized in the following table (in thousands): December 31, Interest Rate Maturity Date 2023 2022 2011 Senior Notes Series B (1) 4.11 % September 30, 2023 $ — $ 75,000 2021 Senior Notes Series A (2) 4.09 % January 12, 2026 45,000 45,000 2021 Senior Notes Series B (2) 4.38 % January 12, 2028 15,000 15,000 2023 Senior Notes Series A (3) 7.25 % June 28, 2028 25,000 — 2023 Senior Notes Series B (3) 7.50 % June 28, 2030 25,000 — Credit Facility 56,000 40,000 Total long-term debt 166,000 175,000 Less: Debt issuance costs ( 2,866 ) ( 2,614 ) Long-term debt, net $ 163,134 $ 172,386 (1) Interest was payable semi-annually on March 30 and September 30. (2) Interest is payable semi-annually on June 30 and December 30. (3) Interest is payable semi-annually on March 28 and September 28. |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch Plan (in thousands): For the Years Ended December 31, 2023 2022 Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 40,059 $ 63,129 Interest cost 1,480 581 Benefits paid and administrative expenses ( 1,505 ) ( 1,398 ) Actuarial (gain) loss, net 2,905 ( 18,361 ) Unrealized (gain) loss on foreign exchange 1,046 ( 3,892 ) Projected benefit obligation at end of year $ 43,985 $ 40,059 Fair Value of Plan Assets: Fair value of plan assets at beginning of year $ 37,376 $ 59,039 Increase (decrease) in plan asset value 3,137 ( 17,213 ) Employer contributions 1,719 603 Benefits paid and administrative expenses ( 1,505 ) ( 1,398 ) Unrealized gain (loss) on foreign exchange 986 ( 3,655 ) Fair value of plan assets at end of year $ 41,713 $ 37,376 Under-funded status of the plan at end of the year $ ( 2,272 ) $ ( 2,683 ) Accumulated Benefit Obligation $ 41,727 $ 37,391 |
Schedule of Assumptions Used | The following actuarial assumptions were used to determine the actuarial present value of our projected benefit obligation and the net periodic pension cost for the Dutch Plan: For the Years Ended December 31, 2023 2022 Weighted average assumed discount rate 3.27 % 3.72 % Expected long-term rate of return on plan assets 3.27 % 3.72 % Weighted average rate of compensation increase 2.10 % 2.60 % |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized for the Dutch Plan in the consolidated balance sheets consist of (in thousands): December 31, 2023 2022 Deferred tax asset $ 582 $ 700 Other long-term liabilities 2,272 2,683 Accumulated other comprehensive loss ( 5,914 ) ( 5,108 ) |
Schedule of Net Benefit Costs | The components of net periodic pension cost for the Dutch Plan include (in thousands): For the Years Ended December 31, 2023 2022 2021 Interest cost $ 1,480 $ 581 $ 323 Expected return on plan assets ( 1,365 ) ( 545 ) ( 306 ) Net periodic pension cost $ 115 $ 36 $ 17 |
Schedule of Expected Benefit Payments | Expected benefit payments to eligible participants under this plan for the next five years are as follows (in thousands): December 31, 2023 2024 $ 1,634 2025 $ 1,725 2026 $ 1,872 2027 $ 2,053 2028 $ 2,180 Succeeding five years $ 12,217 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) Net of Income Taxes | Amounts recognized, net of income taxes, in accumulated other comprehensive income (loss) consist of the following (in thousands): December 31, 2023 2022 Pension and other postretirement benefit plans - unrecognized prior service costs and net actuarial loss $ ( 5,914 ) $ ( 5,108 ) Interest rate swaps - net fair value gain 942 1,331 Total accumulated other comprehensive income (loss) $ ( 4,972 ) $ ( 3,777 ) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of the interest rate swaps on the consolidated statements of operations was as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Income Statement Classification Derivatives designated as hedges: 5 year interest rate swap $ 260 $ 343 $ ( 740 ) Increase (decrease) to interest expense 10 year interest rate swap ( 752 ) 655 658 Increase (decrease) to interest expense $ ( 492 ) $ 998 $ ( 82 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Balances | The following table summarizes the fair value balances (in thousands): Fair Value Measurement at December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 25,397 $ — $ 25,397 $ — $ 25,397 $ — $ 25,397 $ — Liabilities: Deferred compensation liabilities $ 17,299 $ — $ 17,299 $ — $ 17,299 $ — $ 17,299 $ — Fair Value Measurement at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 23,787 $ — $ 23,787 $ — $ 23,787 $ — $ 23,787 $ — Liabilities: Deferred compensation liabilities $ 16,284 $ — $ 16,284 $ — $ 16,284 $ — $ 16,284 $ — (1) Company owned life insurance policies have cash surrender value and are intended to assist in funding deferred compensation liabilities and other benefit plans. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock Based Compensation [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | Non-vested restricted share awards outstanding as of December 31, 2023 and changes during the year under both the LTIP and the Director Plan are as follows: For the Year Ended December 31, 2023 Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested at December 31, 2022 1,014,355 $ 30.29 Granted 726,374 $ 22.98 Vested ( 336,844 ) $ 36.46 Forfeited ( 169,398 ) $ 27.38 Non-vested at December 31, 2023 1,234,487 $ 24.71 |
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense under both the LTIP and the Director Plan recognized in the consolidated statement of operations is as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Cost of services and product sales $ 4,625 $ 4,572 $ 5,704 General and administrative expense 9,346 3,184 13,389 Total stock-based compensation expense $ 13,971 $ 7,756 $ 19,093 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The components of other (income) expense, net are as follows (in thousands): For the Years Ended December 31, 2023 2022 2021 Gain on sale of assets $ ( 200 ) $ ( 1,068 ) $ ( 427 ) Results of non-consolidated subsidiaries ( 394 ) ( 294 ) ( 62 ) Foreign exchange (gain) loss, net 176 229 ( 228 ) Rents and royalties ( 698 ) ( 709 ) ( 571 ) Return on pension assets and other pension costs ( 1,365 ) ( 545 ) ( 306 ) Loss on lease abandonment and other exit costs 1,146 — — Assets write-down 1,143 — — ATM termination costs 455 — — Insurance and other settlements ( 604 ) ( 669 ) ( 2,236 ) Severance and other charges — 3,332 — Gain on sale of business — — ( 1,012 ) Other, net ( 509 ) ( 998 ) ( 753 ) Total other (income) expense, net $ ( 850 ) $ ( 722 ) $ ( 5,595 ) |
Foreign Currency (Gain) Loss, Net | Foreign exchange (gain) loss, net is summarized in the following table (in thousands): For the Years Ended December 31, 2023 2022 2021 Angolan Kwanza $ 188 $ ( 2 ) $ ( 36 ) Australian Dollar 81 9 113 British Pound ( 408 ) 212 86 Canadian Dollar 156 238 77 Colombian Peso 92 ( 430 ) ( 281 ) Euro 438 ( 382 ) ( 450 ) Indonesian Rupiah 82 379 123 Norwegian Krone 103 ( 31 ) 12 Russian Ruble ( 375 ) 35 ( 16 ) Turkish Lira ( 472 ) 114 47 Other currencies, net 291 87 97 Foreign exchange (gain) loss, net $ 176 $ 229 $ ( 228 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Weighted Average Shares Used in the Computation of Basic and Diluted Earnings per Share | The following table summarizes the calculation of weighted average shares of common stock outstanding used in the computation of basic and diluted earnings per share (in thousands): For the Years Ended December 31, 2023 2022 2021 Weighted average common shares outstanding - basic 46,683 46,334 46,009 Effect of dilutive securities: Restricted shares 97 71 139 Performance shares 743 408 542 Weighted average common shares outstanding - diluted 47,523 46,813 46,690 |
Segment Reporting and Other D_2
Segment Reporting and Other Disaggregated Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Financial Information of Operating Segments | Summarized financial information of our operating segments is shown in the following table (in thousands): As at and for the years ended: Reservoir Description Production Enhancement Corporate & Other (1) Consolidated December 31, 2023 Revenue from unaffiliated clients $ 333,345 $ 176,445 $ — $ 509,790 Inter-segment revenue 156 249 ( 405 ) — Segment operating income 41,039 12,519 1,082 54,640 Total assets 309,162 161,358 115,875 586,395 Capital expenditures 8,312 1,808 459 10,579 Depreciation and amortization 11,049 4,099 636 15,784 December 31, 2022 Revenue from unaffiliated clients $ 307,691 $ 182,044 $ — $ 489,735 Inter-segment revenue 523 315 ( 838 ) — Segment operating income 22,902 16,351 2,271 41,524 Total assets 307,108 159,628 111,618 578,354 Capital expenditures 7,458 2,181 577 10,216 Depreciation and amortization 11,630 4,643 888 17,161 December 31, 2021 Revenue from unaffiliated clients $ 313,609 $ 156,643 $ — $ 470,252 Inter-segment revenue 346 299 ( 645 ) — Segment operating income 28,958 15,163 1,141 45,262 Total assets 305,256 142,310 133,287 580,853 Capital expenditures 9,572 2,281 1,686 13,539 Depreciation and amortization 11,789 5,728 999 18,516 (1) “ Corporate and other” represents those items not directly related to a particular operating segment and eliminations. |
Summary of Financial Information of Contracts | Summarized financial information of our contracts is shown in the following table (in thousands): For the Years Ended December 31, 2023 2022 2021 Reservoir Description Services $ 322,921 $ 296,201 $ 296,576 Production Enhancement Services 48,993 50,773 47,766 Total Revenue - Services $ 371,914 $ 346,974 $ 344,342 Reservoir Description Product sales $ 10,424 $ 11,490 $ 17,033 Production Enhancement Product sales 127,452 131,271 108,877 Total Revenue - Product sales $ 137,876 $ 142,761 $ 125,910 Total Revenue $ 509,790 $ 489,735 $ 470,252 |
Summary of Financial Information of Geographic Regions | Summarized financial information of our geographic regions is shown in the following table (in thousands): Other As at and for the years ended: United States Countries (1) (2) Consolidated December 31, 2023 Revenue $ 178,549 $ 331,241 $ 509,790 Property, plant and equipment, net 50,792 48,834 99,626 December 31, 2022 Revenue $ 166,701 $ 323,034 $ 489,735 Property, plant and equipment, net 54,384 50,644 105,028 December 31, 2021 Revenue $ 148,183 $ 322,069 $ 470,252 Property, plant and equipment, net 58,031 52,921 110,952 (1) Revenue earned in other countries, was not individually greater than 10 % of our consolidated revenue in 2023, 2022 and 2021. (2) Property, plant and equipment, net in other countries, was not individually greater than 10 % of our consolidated property, plant and equipment in 2023, 2022 and 2021. |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2023 Employee Office Segment Country | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of stores | Office | 70 |
Number of countries in which entity operates | Country | 50 |
Number of employees | Employee | 3,600 |
Number of operating segments | Segment | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 € / shares | Dec. 31, 2022 € / shares | |
Significant Accounting Policies [Line Items] | |||
Common stock, par value per share | (per share) | $ 0.01 | € 0.02 | |
Core Laboratories Inc. [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amount decreased due to difference between the total par value of common shares | $ 0.7 | ||
Common stock, par value per share | (per share) | $ 0.01 | € 0.02 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Impairment charges relating long-lived asset held-for-use | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant and Equipment - Schedule of Property Plant and Equipment Useful life (Details) | Dec. 31, 2023 |
Buildings and Leasehold Improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Buildings and Leasehold Improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Acquisitions and Divestures - A
Acquisitions and Divestures - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Goodwill, acquired during period | $ 0 | $ 0 | $ 0 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities - Contract Assets and Liabilities Changes in Net Contract Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Contract assets | ||
Current | $ 1,293 | $ 1,148 |
Contract assets | 1,293 | 1,148 |
Contract liabilities | ||
Current | 299 | 907 |
Non-current | 0 | 24 |
Contract liabilities | $ 299 | $ 931 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities - Contract Assets and Liabilities Current and Long-term Contract Liabilities (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 $ in Thousands | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Contract liability | $ 299 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Contract Assets and Liabiliti_5
Contract Assets and Liabilities - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Impairment losses on contract assets | $ 0 | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 30,508 | $ 26,534 |
Parts and materials | 37,670 | 31,323 |
Work in progress | 3,524 | 2,588 |
Total inventories | $ 71,702 | $ 60,445 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | |||
Land | $ 10,652 | $ 10,652 | |
Building and leasehold improvements | 120,545 | 120,994 | |
Machinery and equipment | 284,225 | 288,119 | |
Total property, plant and equipment | 415,422 | 419,765 | |
Less: Accumulated depreciation | (315,796) | (314,737) | |
Property, plant and equipment, net | $ 99,626 | $ 105,028 | $ 110,952 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 17,454 | $ 16,595 | $ 17,253 |
Short-term lease expense | 1,768 | 1,784 | 1,990 |
Variable lease expense | 1,758 | 1,414 | 1,462 |
Sublease income | (113) | 0 | 0 |
Total lease expense | 20,867 | 19,793 | 20,705 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows - operating leases payments | 16,541 | 16,598 | 16,367 |
Right-of-use assets obtained in exchange for new lease obligations: | |||
Right of use assets obtained in exchange for operating lease liabilities | $ 17,005 | $ 5,520 | $ 5,736 |
Weighted-average remaining lease term - operating leases | 9 years 2 months 26 days | 6 years 10 months 17 days | 7 years 7 months 13 days |
Weighted-average discount rate - operating leases | 5.32% | 4.62% | 4.61% |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Leases [Abstract] | |
Impairment loss on lease | $ 1.1 |
Right of use assets write down | $ 1.1 |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flows for Non-cancellable Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leased Assets [Line Items] | |
2024 | $ 12,388 |
2025 | 9,671 |
2026 | 7,502 |
2027 | 6,121 |
2028 | 4,824 |
Thereafter | 26,824 |
Total undiscounted lease payments | 67,330 |
Less: Imputed Interest | (15,079) |
Total operating lease liabilities | 52,251 |
2024 | (226) |
2025 | (230) |
2026 | (235) |
2027 | (239) |
2028 | (162) |
Thereafter | 0 |
Total undiscounted lease payments | (1,092) |
Less: Imputed interest | 0 |
Total operating lease liabilities | $ (1,092) |
Intangibles and Goodwill - Sche
Intangibles and Goodwill - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross Carrying Value | $ 25,751 | $ 24,958 |
Intangible asset, Accumulated Amortization and Impairment | 18,825 | 17,475 |
Acquired Trade Secrets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross Carrying Value | 4,278 | 4,278 |
Intangible asset, Accumulated Amortization and Impairment | 3,756 | 3,545 |
Acquired Patents and Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross Carrying Value | 15,744 | 14,907 |
Intangible asset, Accumulated Amortization and Impairment | 13,953 | 12,883 |
Agreements Not to Compete [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross Carrying Value | 1,105 | 1,149 |
Intangible asset, Accumulated Amortization and Impairment | 1,105 | 1,036 |
Acquired Trade Names and Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross Carrying Value | 4,624 | 4,624 |
Intangible asset, Accumulated Amortization and Impairment | $ 11 | $ 11 |
Minimum [Member] | Acquired Trade Secrets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Useful life in years | 2 years | |
Minimum [Member] | Acquired Patents and Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Useful life in years | 4 years | |
Minimum [Member] | Agreements Not to Compete [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Useful life in years | 2 years | |
Maximum [Member] | Acquired Trade Secrets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Useful life in years | 20 years | |
Maximum [Member] | Acquired Patents and Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Useful life in years | 15 years | |
Maximum [Member] | Agreements Not to Compete [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Useful life in years | 5 years |
Intangibles and Goodwill - Summ
Intangibles and Goodwill - Summary of Estimated Amortization Expense Related to Intangibles (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 503 |
2025 | 355 |
2026 | 231 |
2027 | 193 |
2028 | $ 98 |
Intangibles and Goodwill - Sc_2
Intangibles and Goodwill - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill [Roll Forward] | |
Balance at December 31, 2022 | $ 99,445 |
Balance at December 31, 2023 | 99,445 |
Reservoir Description Segment [Member] | |
Goodwill [Roll Forward] | |
Balance at December 31, 2022 | 99,445 |
Balance at December 31, 2023 | 99,445 |
Production Enhancement Segment [Member] | |
Goodwill [Roll Forward] | |
Balance at December 31, 2022 | 0 |
Balance at December 31, 2023 | $ 0 |
Income Taxes Income Before Inco
Income Taxes Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 3,907 | $ (4,099) | $ 10,028 |
Other countries | 37,303 | 34,053 | 26,082 |
Income before income taxes | $ 41,210 | $ 29,954 | $ 36,110 |
Income Taxes Income Tax Expense
Income Taxes Income Tax Expense Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
United States | $ 1,204 | $ 1,269 | $ 1,983 |
Other countries | 13,446 | 9,784 | 6,500 |
State and provincial | 597 | (100) | 699 |
Total current | 15,247 | 10,953 | 9,182 |
Deferred: | |||
United States | (1,555) | (908) | 905 |
Other countries | (12,343) | (162) | 5,630 |
State and provincial | (274) | 413 | 174 |
Total deferred | (11,062) | (657) | 6,709 |
Income tax expense (benefit) | $ (4,185) | $ 10,296 | $ 15,891 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation, at federal statutory income tax rate | 21% | ||
Operating loss carryforwards | $ 32,800 | ||
Operating loss carryforwards, expiring in next three years | 2,900 | ||
Operating loss carryforwards, expiring in years four, five and six | 3,000 | ||
Operating loss carryforwards, expiring in years seven, eight and nine | 3,000 | ||
Operating loss carryforwards, expiring thereafter | 2,100 | ||
Deferred tax assets, operating loss carryforwards, not subject to expiration | 21,800 | ||
Expired net operating loss carryforwards | 0 | ||
Unrecognized tax benefits, income tax penalties and interest expense | 600 | $ (200) | $ 300 |
Unrecognized tax benefits, income tax penalties and interest accrued | 4,900 | $ 4,300 | |
Unrecognized tax benefits that would impact effective tax rate | $ 3,400 |
Income Taxes Income Tax Reconci
Income Taxes Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Tax Disclosure [Abstract] | ||||
Tax at the statutory income tax rate (1) | [1] | $ 8,139 | $ 7,368 | $ 8,981 |
International earnings taxed at rates other than the statutory income tax rate (1) | [1] | 5,749 | 5,923 | 9,403 |
Non-deductible expenses | 2,168 | 3,096 | 1,875 | |
Net operating loss | 4,661 | (3,627) | 3,744 | |
Foreign earnings currently taxed in the U.S. | 3,077 | |||
Change in valuation allowance | (1,107) | 1,943 | 1,113 | |
State and provincial taxes | 243 | 662 | 462 | |
Tax credits | (7,410) | (6,872) | (7,992) | |
Unremitted earnings of subsidiaries | (14,464) | (27) | 1,236 | |
Adjustments of prior year taxes | 701 | (3,488) | 1,320 | |
Adjustments of income tax reserves | 519 | (184) | (1,345) | |
Foreign exchange | (171) | (576) | (1,168) | |
UK tax rate change | 0 | 676 | (905) | |
Netherlands audit settlement | 0 | 0 | 1,522 | |
Accrued withholding taxes | 1,639 | 1,883 | 1,648 | |
Other | 441 | 3,519 | (4,003) | |
Income tax expense (benefit) | $ (4,185) | $ 10,296 | $ 15,891 | |
[1] Based on the U.S. statutory income tax rate of 21 % for 2023 and the Netherlands statutory income tax rate of 25 % for 2022 and 2021. |
Income Taxes Income Tax Recon_2
Income Taxes Income Tax Reconciliation (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory income tax rate | 21% | ||
Netherlands statutory income tax rate | 25% | 25% |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carry-forwards | $ 7,814 | $ 13,097 |
Tax credit carry-forwards | 2,144 | 4,653 |
Accruals for compensation | 8,985 | 7,517 |
Accruals for inventory capitalization | 1,621 | 992 |
Unrealized benefit from corporate restructuring | 40,963 | 44,888 |
Intangibles | 1,584 | 1,026 |
Unrealized benefit plan loss | 1,224 | 2,070 |
Unrealized foreign exchange | 2,875 | 2,881 |
UK tax rate change | 0 | 318 |
Unearned revenue | 3,453 | 882 |
Interest carry-forward | 7,912 | 7,700 |
Other | 1,401 | 744 |
Total deferred tax assets | 79,976 | 86,768 |
Valuation allowance | (8,276) | (9,318) |
Net deferred tax assets | 71,700 | 77,450 |
Deferred tax liabilities: | ||
Property, plant and equipment, net | (3,566) | (3,668) |
Accrued withholding taxes | (10,466) | (26,489) |
Unrealized foreign exchange | (988) | (1,415) |
Other | (176) | (185) |
Total deferred tax liabilities | (15,196) | (31,757) |
Net deferred income taxes | 56,504 | 45,693 |
Long-term deferred tax assets, net | 69,201 | 68,570 |
Long-term deferred tax liabilities, net | (12,697) | (22,877) |
Net deferred income taxes | $ 56,504 | $ 45,693 |
Income Taxes Income Tax Conting
Income Taxes Income Tax Contingency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at January 1, | $ 3,509 | $ 4,327 | $ 6,255 |
Tax positions, current period | 144 | 230 | 204 |
Tax positions, prior period | 68 | (867) | (197) |
Settlements with taxing authorities | 0 | (19) | (1,395) |
Lapse of applicable statute of limitations | (238) | (162) | (540) |
Unrecognized tax benefits at December 31, | $ 3,483 | $ 3,509 | $ 4,327 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Table Text Block Supplement [Abstract] | ||
Cash surrender value of life insurance policies | $ 25,397 | $ 23,787 |
Investments in unconsolidated affiliates | 4,844 | 4,450 |
Other | 3,978 | 5,510 |
Total other assets | $ 34,219 | $ 33,747 |
Long-Term Debt, Net - Additiona
Long-Term Debt, Net - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) SeriesNote | Sep. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||
Finance lease obligations | $ 0 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Finance lease obligations | |
Face amount | $ 75,000,000 | |
Maturity date | Jul. 25, 2026 | |
Number of series of debt issued | SeriesNote | 2 | |
Line of credit facility reduced minimum borrowing capacity | $ 50,000,000 | |
Performance bonds under credit facility | 9,900,000 | |
Remaining borrowing capacity | 69,100,000 | |
Performance bonds | $ 5,800,000 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3% | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Current borrowing capacity | $ 135,000,000 | |
Basis spread on variable rate | 2% | |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest coverage ratio, minimum | 3% | |
Calculated covenant leverage ratio | 1.76% | |
Calculated interest coverage ratio | 6.37% | |
Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Maximum leverage ratio permitted | 0.025 | |
Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Maximum leverage ratio permitted | 0.01 | |
2021 Senior Notes Series A [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 45,000,000 | |
Series A and B of 2021 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | 110,000,000 | |
Series A and B of 2023 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 110,000,000 |
Long-Term Debt, Net - Schedule
Long-Term Debt, Net - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||
Maturity date | Jul. 25, 2026 | ||
Total long-term debt | $ 166,000 | $ 175,000 | |
Less: Debt issuance costs | (2,866) | (2,614) | |
Long-term debt, net | 163,134 | 172,386 | |
Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 56,000 | 40,000 | |
Series A [Member] | 2021 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, interest rate | [1] | 4.09% | |
Maturity date | [1] | Jan. 12, 2026 | |
Total long-term debt | [1] | $ 45,000 | 45,000 |
Series A [Member] | 2023 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, interest rate | [2] | 7.25% | |
Maturity date | [2] | Jun. 28, 2028 | |
Total long-term debt | [2] | $ 25,000 | 0 |
Series B [Member] | 2011 Seniors Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, interest rate | [3] | 4.11% | |
Maturity date | [3] | Sep. 30, 2023 | |
Total long-term debt | [3] | $ 0 | 75,000 |
Series B [Member] | 2021 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, interest rate | [1] | 4.38% | |
Maturity date | [1] | Jan. 12, 2028 | |
Total long-term debt | [1] | $ 15,000 | 15,000 |
Series B [Member] | 2023 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, interest rate | [2] | 7.50% | |
Maturity date | [2] | Jun. 28, 2030 | |
Total long-term debt | [2] | $ 25,000 | $ 0 |
[1] Interest is payable semi-annually on June 30 and December 30. Interest is payable semi-annually on March 28 and September 28. Interest was payable semi-annually on March 30 and September 30. |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Assumptions used calculating benefit obligation, discount rate | 3.27% | 3.72% | |
Forecast Member | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected minimum funding requirements | $ 0.4 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans - Projected Benefit Obligation and Fair Value of Plan Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Projected Benefit Obligation: | |||
Projected benefit obligation at beginning of year | $ 40,059 | $ 63,129 | |
Interest cost | 1,480 | 581 | $ 323 |
Benefits paid and administrative expenses | (1,505) | (1,398) | |
Actuarial (gain) loss, net | 2,905 | (18,361) | |
Unrealized (gain) loss on foreign exchange | 1,046 | (3,892) | |
Projected benefit obligation at end of year | 43,985 | 40,059 | 63,129 |
Fair Value of Plan Assets: | |||
Fair value of plan assets at beginning of year | 37,376 | 59,039 | |
Increase (decrease) in plan asset value | 3,137 | (17,213) | |
Employer contributions | 1,719 | 603 | |
Unrealized gain (loss) on foreign exchange | 986 | (3,655) | |
Fair value of plan assets at end of year | 41,713 | 37,376 | $ 59,039 |
Under-funded status of the plan at end of the year | (2,272) | (2,683) | |
Accumulated Benefit Obligation | $ 41,727 | $ 37,391 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans - Actuarial Assumptions Used to Determine the Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pensions Costs (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Weighted average assumed discount rate | 3.27% | 3.72% |
Expected long-term rate of return on plan assets | 3.27% | 3.72% |
Weighted average rate of compensation increase | 2.10% | 2.60% |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefit Plans - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Deferred tax asset | $ 56,504 | $ 45,693 |
Other long-term liabilities | 20,040 | 20,883 |
Accumulated other comprehensive loss | (4,972) | (3,777) |
Dutch Plan | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Deferred tax asset | 582 | 700 |
Other long-term liabilities | 2,272 | 2,683 |
Accumulated other comprehensive loss | $ (5,914) | $ (5,108) |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefit Plans - Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax |
Interest cost | $ 1,480 | $ 581 | $ 323 |
Expected return on plan assets | (1,365) | (545) | (306) |
Net periodic pension cost | $ 115 | $ 36 | $ 17 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Retirement Benefits [Abstract] | |
2024 | $ 1,634 |
2025 | 1,725 |
2026 | 1,872 |
2027 | 2,053 |
2028 | 2,180 |
Succeeding five years | $ 12,217 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Defined contribution plan, cost | $ 4.3 | $ 3.5 | $ 2.3 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans - Deferred Compensation Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Base salary period used to determine benefit | 5 years | ||
Compensation expense | $ 1.1 | $ 1.4 | $ 1.7 |
Contributions by employer | $ 0.4 | $ 0.3 | $ 0 |
Equity - Additional Information
Equity - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 01, 2024 USD ($) $ / shares | Jun. 09, 2022 USD ($) | Feb. 08, 2019 shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares € / shares shares | Dec. 31, 2021 $ / shares | Mar. 31, 2021 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2023 € / shares shares | Dec. 31, 1995 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Proceeds from issuance of common shares | $ 0 | $ 0 | $ 60,000,000 | |||||||||
Common stock, shares, issued | shares | 46,938,557 | 46,699,102 | 46,938,557 | 46,938,557 | ||||||||
Common stock, par value per share | (per share) | $ 0.01 | € 0.02 | $ 0.01 | |||||||||
Stock repurchase program, number of shares authorized to be repurchased, percent | 10% | |||||||||||
Treasury stock, shares, acquired | shares | 398 | 40,379,635 | ||||||||||
Treasury stock, value, acquired, cost method | $ 6,000 | $ 1,700,000,000 | ||||||||||
Treasury stock acquired, average cost per share | $ / shares | $ 41.28 | |||||||||||
Treasury stock, shares, retired | shares | 33,475,406 | |||||||||||
Treasury stock, retired, cost method, amount | $ 1,200,000,000 | |||||||||||
Treasury stock (at cost) | shares | 82,021 | 67,168 | 82,021 | 82,021 | ||||||||
Repurchase of common shares (shares) | shares | 113,792 | |||||||||||
Treasury stock, value | $ 2,202,000 | $ 3,903,000 | $ 8,256,000 | |||||||||
Cash dividends per share | $ / shares | $ 0.01 | € 0.01 | $ 0.01 | $ 0.04 | $ 0.04 | $ 0.04 | ||||||
Common Shares [Member] | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Common shares, vesting, stock based award | shares | 239,455 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Cash dividends per share | $ / shares | $ 0.01 | |||||||||||
Dividends payable, date declared | Jan. 31, 2024 | |||||||||||
At-The-Market Offerings [Member] | Wells Fargo Securities, LLC [Member] | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Proceeds from issuance of common shares | $ 60,000,000 | $ 60,000,000 | ||||||||||
Common stock, shares, issued | shares | 1,658,012 | |||||||||||
Proceeds from issuance of common stock | $ 59,100,000 | |||||||||||
Core Laboratories Inc. [Member] | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Common stock, par value per share | (per share) | $ 0.01 | $ 0.01 | € 0.02 | |||||||||
Amount decreased due to difference between the total par value of common shares | $ 700,000 | |||||||||||
Equity related Transaction costs | $ 4,800,000 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Income (Loss) Net of Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Pension and other postretirement benefit plans - unrecognized prior service costs and net actuarial loss | $ (5,914) | $ (5,108) |
Interest rate swaps - net fair value gain | 942 | 1,331 |
Total accumulated other comprehensive income (loss) | $ (4,972) | $ (3,777) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jun. 28, 2023 USD ($) | Mar. 31, 2021 USD ($) Instrument | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | Mar. 31, 2020 USD ($) Instrument | |
Derivatives Fair Value [Line Items] | |||||||
Total long-term debt | $ 166,000 | $ 175,000 | |||||
Face amount | $ 75,000 | ||||||
Net loss included in accumulated other comprehensive income | $ 400 | 300 | |||||
Net loss included in AOCI expected to be reclassified into earnings | 10,000 | ||||||
Gain on forward interest rate swap agreements terminated and settlements | 900 | ||||||
Long-term debt, percentage bearing fixed interest, amount | 110,000 | ||||||
Long-term debt, percentage bearing variable interest, amount | 56,000 | ||||||
Interest expense | 13,430 | 11,570 | $ 9,152 | ||||
Credit Facility [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Total long-term debt | 56,000 | $ 40,000 | |||||
2023 Senior Notes [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Face amount | $ 50,000 | ||||||
Net loss included in accumulated other comprehensive income | 1,200 | ||||||
Net loss included in AOCI expected to be reclassified into earnings | $ 1,100 | ||||||
Maximum [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Basis spread on variable rate | 3% | ||||||
Maximum [Member] | Amended Credit Facility | SOFR [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Basis spread on variable rate | 3% | ||||||
Maximum [Member] | 2023 Senior Notes [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative, fixed interest rate | 7.50% | ||||||
Minimum [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Basis spread on variable rate | 2% | ||||||
Minimum [Member] | Amended Credit Facility | SOFR [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Basis spread on variable rate | 2% | ||||||
Minimum [Member] | 2023 Senior Notes [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative, fixed interest rate | 7.25% | ||||||
Interest Rate Swap No. 1 [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative, notional amount | $ 25,000 | ||||||
Derivative, fixed interest rate | 2.50% | ||||||
Derivative, maturity date | Aug. 29, 2024 | ||||||
Interest Rate Swap No. 2 [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative, notional amount | $ 25,000 | ||||||
Derivative, fixed interest rate | 1.30% | ||||||
Derivative, maturity date | Feb. 28, 2025 | ||||||
Forward Interest Rate Swap [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative, notional amount | $ 60,000 | $ 35,000 | |||||
Gain on forward interest rate swap agreements terminated and settlements | $ 1,400 | ||||||
Derivative, term of contract | 10 years | ||||||
Derivative, number of instruments held | Instrument | 2 | ||||||
Number of interest rate swap agreements were terminated and settled during the period. | Instrument | 2 | ||||||
Forward Interest Rate Swap [Member] | Maximum [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Long term debt terms | 11 years |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Rate Swap No. 1 [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Unrealized gain (loss) on interest rate cash flow hedges | $ 260 | $ 343 | $ (740) |
Interest Rate Swap No. 2 [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Unrealized gain (loss) on interest rate cash flow hedges | (752) | 655 | 658 |
Interest Rate Swap [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Unrealized gain (loss) on interest rate cash flow hedges | $ (492) | $ 998 | $ (82) |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Company owned life insurance policies | [1] | $ 25,397 | $ 23,787 |
Deferred compensation plan, assets | 25,397 | 23,787 | |
Deferred compensation liabilities | 17,299 | 16,284 | |
Deferred compensation plan, liability | 17,299 | 16,284 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Company owned life insurance policies | [1] | 25,397 | 23,787 |
Deferred compensation plan, assets | 25,397 | 23,787 | |
Deferred compensation liabilities | 17,299 | 16,284 | |
Deferred compensation plan, liability | $ 17,299 | $ 16,284 | |
[1] (1) Company owned life insurance policies have cash surrender value and are intended to assist in funding deferred compensation liabilities and other benefit plans. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Feb. 16, 2023 | Feb. 17, 2022 | Feb. 11, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation, net of awards issued (shares) | 98,939 | ||||||
Number of additional shares authorized (shares) | 239,455 | ||||||
Stock-based compensation | $ 13,971 | $ 7,756 | $ 19,093 | ||||
Granted (shares) | 726,374 | ||||||
Executive Management [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation | $ 6,500 | $ 3,900 | $ 7,300 | ||||
Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for grant (shares) | 489,225 | ||||||
Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares available for grant (shares) | 651,651 | ||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Recognized stock compensation expense reversed | $ 500 | ||||||
Total award issued during the period | 206,204 | ||||||
Value of total award issued during the period | $ 7,200 | ||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2021 Grant [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Granted (shares) | 268,298 | ||||||
Award vesting period | 3 years | ||||||
Allocated share-based compensation expense | $ 1,100 | $ 6,600 | |||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2022 Grant [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Granted (shares) | 362,254 | ||||||
Allocated share-based compensation expense, net of tax | $ 9,300 | ||||||
Award vesting period | 3 years | ||||||
Allocated share-based compensation expense | $ 1,200 | 6,400 | |||||
Compensation cost not yet recognized, period for recognition | 12 months | ||||||
Estimated expense reduced during the period | $ 200 | ||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2023 Grant[ Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Granted (shares) | 507,410 | ||||||
Allocated share-based compensation expense, net of tax | $ 12,300 | ||||||
Award vesting period | 3 years | ||||||
Allocated share-based compensation expense | $ 8,400 | ||||||
Compensation cost not yet recognized, period for recognition | 24 months | ||||||
Performance Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | Performance Share Award Program 2020 Grant [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares surrendered to settle personal tax liability | 82,021 | ||||||
Stock comp shares surrendered, value | $ 1,400 | ||||||
Stock comp shares surrendered, per share price (USD per share) | $ 17.66 | ||||||
Restricted Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation | $ 900 | $ 1,000 | $ 1,100 | ||||
Granted (shares) | 38,514 | 32,910 | 25,842 | ||||
Award vesting period | 1 year | 1 year | 1 year | ||||
Compensation cost not yet recognized, period for recognition | 3 months | ||||||
Compensation cost not yet recognized | $ 200 | ||||||
Grants, fair value | 900 | $ 1,000 | $ 800 | ||||
Restricted Share Award Program [Member] | Restricted Stock Units (RSUs) [Member] | Employee Stock Award Program [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation | $ 3,900 | $ 4,500 | $ 6,100 | ||||
Granted (shares) | 180,450 | 25,500 | 83,866 | ||||
Award vesting period | 6 years | ||||||
Compensation cost not yet recognized, period for recognition | 49 months | ||||||
Compensation cost not yet recognized | $ 8,100 | ||||||
Grants, fair value | 3,600 | $ 500 | $ 2,800 | ||||
Vested in period, intrinsic value | $ 4,100 | $ 5,300 | $ 6,500 | ||||
Maximum [Member] | Total Restricted Stock Award [Member] | Restricted Stock Units (RSUs) [Member] | Director Stock Award Program [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares authorized (shares) | 13,000,000 | ||||||
Number of shares available for grant (shares) | 1,400,000 |
Stock-Based Compensation by Pay
Stock-Based Compensation by Payment Award (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Stock Based Compensation [Abstract] | |
Non-vested, share, beginning | shares | 1,014,355 |
Granted (shares) | shares | 726,374 |
Vested (shares) | shares | (336,844) |
Forfeited (shares) | shares | (169,398) |
Non-vested, share, end | shares | 1,234,487 |
Nonvested, weighted average grant date fair value, beginning (USD per share) | $ / shares | $ / shares | $ 30.29 |
Grants in period, weighted average grant date fair value (USD per share) | $ / shares | $ / shares | 22.98 |
Vested in period, weighted average grant date fair value (USD per share) | $ / shares | $ / shares | 36.46 |
Forfeited in period, weighted average grant date fair value (USD per share) | $ / shares | $ / shares | 27.38 |
Nonvested, weighted average grant date fair value, end (USD per share) | $ / shares | $ / shares | $ 24.71 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Employee Service Share-Based Compensation, Allocation of Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 13,971 | $ 7,756 | $ 19,093 |
Cost of services and sales, exclusive of depreciation [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 4,625 | 4,572 | 5,704 |
General and adminstrative expense, exclusive of depreciation [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 9,346 | $ 3,184 | $ 13,389 |
Impairment and Other Charges -
Impairment and Other Charges - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Impairment Charges [Abstract] | |||
Impairment charges relating long-lived asset held-for-use | $ 0 | $ 0 | $ 0 |
Impairments of indefinite lived intangible assets or goodwill | $ 0 | $ 0 | $ 0 |
Other (Income) Expense, Net - S
Other (Income) Expense, Net - Schedule of Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income Expense [Line Items] | |||
Gain on sale of assets | $ (200) | $ (1,068) | $ (427) |
Results of non-consolidated subsidiaries | (394) | (294) | (62) |
Foreign exchange (gain) loss, net | 176 | 229 | (228) |
Rents and royalties | (698) | (709) | 571 |
Return on pension assets and other pension costs | (1,365) | (545) | (306) |
Loss on lease abandonment and other exit costs | 1,146 | 0 | 0 |
Asset write-downs | 1,143 | 0 | 0 |
ATM termination costs | 455 | 0 | 0 |
Insurance and other settlements | (604) | (669) | (2,236) |
Severance and other charges | 0 | 3,332 | 0 |
Gain on sale of business | 0 | 0 | (1,012) |
Other, net | (509) | (998) | (753) |
Total other (income) expense, net | $ (850) | $ (722) | (5,595) |
Insurance and other settlement [Member] | |||
Other Income Expense [Line Items] | |||
Insurance and other settlements | $ (600) |
Other (Income) Expense, Net - A
Other (Income) Expense, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income Expense [Line Items] | |||
Insurance and other settlements | $ 604 | $ 669 | $ 2,236 |
Partial Distribution from North America mid-continent winter storm | 700 | 1,600 | |
Real Estate Inventory Capitalized Interest Costs incurred | 1,100 | ||
Right of use assets write down | 1,100 | ||
Expropriation settlement from related party | 600 | ||
At-The-Market Offerings [Member] | |||
Other Income Expense [Line Items] | |||
Written off previously deferred cost | $ 500 | ||
Mineral rights | |||
Other Income Expense [Line Items] | |||
Gain on sale of assets | $ 700 | ||
Insurance settlement | |||
Other Income Expense [Line Items] | |||
Insurance and other settlements | $ 600 |
Other (Income) Expense, Net - F
Other (Income) Expense, Net - Foreign Currency (Gain) Loss, Net By Currency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | $ 176 | $ 229 | $ (228) |
Angolan Kwanza [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 188 | (2) | (36) |
Australian Dollar [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 81 | 9 | 113 |
British Pound [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | (408) | 212 | 86 |
Canadian Dollar [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 156 | 238 | 77 |
Colombian Pesos [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 92 | (430) | (281) |
Euro [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 438 | (382) | (450) |
Indonesia Rupiah [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 82 | 379 | 123 |
Norwegian Krone [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | 103 | (31) | 12 |
Russian Ruble [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | (375) | 35 | (16) |
Turkish Lira [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | (472) | 114 | 47 |
Other currencies, net [Member] | |||
Other Income Expense [Line Items] | |||
Foreign exchange (gain) loss, net | $ 291 | $ 87 | $ 97 |
Earnings per Share - Summary of
Earnings per Share - Summary of Calculation of Weighted Average Shares Used in the Computation of Basic and Diluted Earnings per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding - basic | 46,683 | 46,334 | 46,009 |
Restricted shares | 97 | 71 | 139 |
Performance shares | 743 | 408 | 542 |
Weighted average common shares outstanding - diluted | 47,523 | 46,813 | 46,690 |
Segment Reporting and Other D_3
Segment Reporting and Other Disaggregated Information - Summary of Financial Information of Operating Segments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Segment Reporting Information [Line Items] | ||||
Number of operating segments | Segment | 2 | |||
Revenue | $ 509,790 | $ 489,735 | $ 470,252 | |
Segment operating income | 54,640 | 41,524 | 45,262 | |
Total assets (at end of period) | 586,395 | 578,354 | 580,853 | |
Capital expenditures | 10,579 | 10,216 | 13,539 | |
Depreciation and amortization | 15,784 | 17,161 | 18,516 | |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Reservoir Description [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 333,345 | 307,691 | 313,609 | |
Segment operating income | 41,039 | 22,902 | 28,958 | |
Total assets (at end of period) | 309,162 | 307,108 | 305,256 | |
Capital expenditures | 8,312 | 7,458 | 9,572 | |
Depreciation and amortization | 11,049 | 11,630 | 11,789 | |
Reservoir Description [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 156 | 523 | 346 | |
Production Enhancement [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 176,445 | 182,044 | 156,643 | |
Segment operating income | 12,519 | 16,351 | 15,163 | |
Total assets (at end of period) | 161,358 | 159,628 | 142,310 | |
Capital expenditures | 1,808 | 2,181 | 2,281 | |
Depreciation and amortization | 4,099 | 4,643 | 5,728 | |
Production Enhancement [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 249 | 315 | 299 | |
Corporate and Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [1] | 0 | 0 | 0 |
Segment operating income | [1] | 1,082 | 2,271 | 1,141 |
Total assets (at end of period) | [1] | 115,875 | 111,618 | 133,287 |
Capital expenditures | [1] | 459 | 577 | 1,686 |
Depreciation and amortization | [1] | 636 | 888 | 999 |
Corporate and Other [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | [1] | $ (405) | $ (838) | $ (645) |
[1] Corporate and other” represents those items not directly related to a particular operating segment and eliminations. |
Segment Reporting and Other D_4
Segment Reporting and Other Disaggregated Information - Summary of Financial Information of Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||
Revenue | $ 509,790 | $ 489,735 | $ 470,252 |
Service [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 371,914 | 346,974 | 344,342 |
Service [Member] | Reservoir Description [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 322,921 | 296,201 | 296,576 |
Service [Member] | Production Enhancement [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 48,993 | 50,773 | 47,766 |
Product [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 137,876 | 142,761 | 125,910 |
Product [Member] | Reservoir Description [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 10,424 | 11,490 | 17,033 |
Product [Member] | Production Enhancement [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | $ 127,452 | $ 131,271 | $ 108,877 |
Segment Reporting and Other D_5
Segment Reporting and Other Disaggregated Information - Summary of Financial Information of Geographic Regions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 509,790 | $ 489,735 | $ 470,252 | |
Property, plant and equipment, net | 99,626 | 105,028 | 110,952 | |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 178,549 | 166,701 | 148,183 | |
Property, plant and equipment, net | 50,792 | 54,384 | 58,031 | |
Other Countries [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | [1],[2] | 331,241 | 323,034 | 322,069 |
Property, plant and equipment, net | [1],[2] | $ 48,834 | $ 50,644 | $ 52,921 |
[1] Property, plant and equipment, net in other countries, was not individually greater than 10 % of our consolidated property, plant and equipment in 2023, 2022 and 2021. Revenue earned in other countries, was not individually greater than 10 % of our consolidated revenue in 2023, 2022 and 2021. |
Segment Reporting and Other D_6
Segment Reporting and Other Disaggregated Information - Summary of Financial Information of Geographic Regions (Parenthetical) (Details) - Maximum [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of Property, plant and equipment, net | 10% | 10% | 10% |
Revenue [Member] | Geographic Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of Revenue earned in other countries | 10% | 10% | 10% |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Account (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Reserve for doubtful accounts, start | $ 2,214 | $ 3,225 | $ 4,068 | |
Additions Charged to /(Recovered from)Expense | 179 | (6) | (256) | |
Write-offs | (113) | (1,006) | (588) | |
Other | [1] | 0 | 1 | 1 |
Reserve for doubtful accounts, end | $ 2,280 | $ 2,214 | $ 3,225 | |
[1] (1) Comprised primarily of differences due to changes in exchange rate. |