Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 19, 2024 | |
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-Q | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 46,899,863 | |
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 Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock (par value $0.01) | |
Security Exchange Name | NYSE | |
Entity Tax Identification Number | 98-1164194 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 14,913 | $ 15,120 |
Accounts receivable, net of allowance for credit losses of $2,548 and $2,280 at 2024 and 2023, respectively | 115,092 | 109,352 |
Inventories | 70,711 | 71,702 |
Prepaid expenses | 9,562 | 8,153 |
Income taxes receivable | 14,443 | 13,716 |
Other current assets | 4,326 | 5,093 |
TOTAL CURRENT ASSETS | 229,047 | 223,136 |
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $318,151 and $315,796 at 2024 and 2023, respectively | 98,521 | 99,626 |
RIGHT OF USE ASSETS | 53,636 | 53,842 |
INTANGIBLES, net of accumulated amortization and impairment of $18,951 and $18,825 at 2024 and 2023, respectively | 6,801 | 6,926 |
GOODWILL | 99,445 | 99,445 |
DEFERRED TAX ASSETS, net | 66,267 | 69,201 |
OTHER ASSETS | 34,233 | 34,219 |
TOTAL ASSETS | 587,950 | 586,395 |
CURRENT LIABILITIES: | ||
Accounts payable | 32,486 | 33,506 |
Accrued payroll and related costs | 20,178 | 18,791 |
Taxes other than payroll and income | 4,148 | 5,939 |
Unearned revenues | 5,126 | 4,755 |
Operating lease liabilities | 10,430 | 10,175 |
Income taxes payable | 3,816 | 7,280 |
Other current liabilities | 9,284 | 7,651 |
TOTAL CURRENT LIABILITIES | 85,468 | 88,097 |
LONG-TERM DEBT, net | 160,370 | 163,134 |
LONG-TERM OPERATING LEASE LIABILITIES | 41,481 | 42,076 |
DEFERRED COMPENSATION | 30,445 | 30,544 |
DEFERRED TAX LIABILITIES, net | 12,590 | 12,697 |
OTHER LONG-TERM LIABILITIES | 20,179 | 20,040 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Preference stock, 6,000,000 shares authorized, $0.01 par value; none issued or outstanding | 0 | 0 |
Common stock, 200,000,000 shares authorized, $0.01 par value, 46,938,557 issued and 46,864,366 outstanding at 2024; 46,938,557 issued and 46,856,536 outstanding at 2023 | 469 | 469 |
Additional paid-in capital | 114,642 | 110,011 |
Retained earnings | 123,508 | 120,756 |
Accumulated other comprehensive income (loss) | (5,160) | (4,972) |
Treasury stock (at cost), 74,191 and 82,021 shares at 2024 and 2023, respectively | (1,304) | (1,449) |
Total Core Laboratories Inc. shareholders' equity | 232,155 | 224,815 |
Non-controlling interest | 5,262 | 4,992 |
TOTAL EQUITY | 237,417 | 229,807 |
TOTAL LIABILITIES AND EQUITY | $ 587,950 | $ 586,395 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,548 | $ 2,280 |
Accumulated Depreciation | 318,151 | 315,796 |
Accumulated amortization | $ 18,951 | $ 18,825 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
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 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 46,938,557 | 46,938,557 |
Common shares, outstanding | 46,864,366 | 46,856,536 |
Treasury stock (at cost) | 74,191 | 82,021 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUES: | ||
Revenue | $ 129,637 | $ 128,356 |
OPERATING EXPENSES: | ||
General and administrative expense, exclusive of depreciation expense shown below | 11,789 | 16,331 |
Depreciation | 3,715 | 3,939 |
Amortization | 128 | 105 |
Other (income) expense, net | 846 | (28) |
OPERATING INCOME | 8,571 | 6,481 |
Interest expense | 3,423 | 3,429 |
Income before income taxes | 5,148 | 3,052 |
Income tax expense (benefit) | 1,658 | 610 |
Net income | 3,490 | 2,442 |
Net income attributable to non-controlling interest | 270 | 69 |
Net income attributable to Core Laboratories Inc. | $ 3,220 | $ 2,373 |
EARNINGS PER SHARE INFORMATION: | ||
Basic earnings per share | $ 0.07 | $ 0.05 |
Basic earnings per share attributable to Core Laboratories Inc. | 0.07 | 0.05 |
Diluted earnings per share | 0.07 | 0.05 |
Diluted earnings per share attributable to Core Laboratories Inc. | $ 0.07 | $ 0.05 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
Basic | 46,859 | 46,634 |
Diluted | 47,703 | 47,481 |
Service [Member] | ||
REVENUES: | ||
Revenue | $ 96,495 | $ 91,076 |
OPERATING EXPENSES: | ||
Cost of services and product sales exclusive of depreciation expense shown below | 73,865 | 70,934 |
Product [Member] | ||
REVENUES: | ||
Revenue | 33,142 | 37,280 |
OPERATING EXPENSES: | ||
Cost of services and product sales exclusive of depreciation expense shown below | $ 30,723 | $ 30,594 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,490 | $ 2,442 |
Interest rate swap amount reclassified to net income | (297) | 266 |
Income tax (expense) benefit on interest rate swaps reclassified to net income | 62 | (56) |
Total interest rate swaps | (235) | 210 |
Amortization of actuarial gain (loss) reclassified to net income | 64 | 39 |
Income tax (expense) benefit on pension and other postretirement benefit plans reclassified to net income | (17) | (10) |
Total pension and other postretirement benefit plans | 47 | 29 |
Total other comprehensive income (loss) | (188) | 239 |
Comprehensive income | 3,302 | 2,681 |
Comprehensive income attributable to non-controlling interest | 270 | 69 |
Comprehensive income attributable to Core Laboratories Inc. | $ 3,032 | $ 2,612 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Shares [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-Controlling Interest [Member] | Common Stock Outstanding [Member] |
Balance at Beginning of Period at Dec. 31, 2022 | $ 188,954 | $ 1,194 | $ 102,254 | $ 85,949 | $ (3,777) | $ (1,362) | $ 4,696 | |
Balance at Beginning of Period at Dec. 31, 2022 | 46,699,102 | (67,168) | 46,631,934 | |||||
Stock-based compensation | 8,984 | 8,981 | $ 3 | |||||
Stock-based compensation (shares) | 150 | 150 | ||||||
Repurchase of common stock | (1) | $ (1) | ||||||
Repurchase of common stock (shares) | (57) | (57) | ||||||
Dividends paid | (467) | (467) | ||||||
Pension and other postretirement benefit plans, net of income taxes | 29 | 29 | ||||||
New share issuance | 0 | $ 0 | 0 | |||||
New share issuance (shares) | 2,000 | 2,000 | ||||||
Interest rate swaps, net of income taxes | 210 | 210 | ||||||
Net income | 2,442 | 2,373 | 69 | |||||
Balance at End of Period at Mar. 31, 2023 | $ 200,151 | $ 1,194 | 111,235 | 87,855 | (3,538) | $ (1,360) | 4,765 | |
Balance at End of Period at Mar. 31, 2023 | 46,701,102 | (67,075) | 46,634,027 | |||||
Cash Dividends per Share | $ 0.01 | |||||||
Balance at Beginning of Period at Dec. 31, 2023 | $ 229,807 | $ 469 | 110,011 | 120,756 | (4,972) | $ (1,449) | 4,992 | |
Balance at Beginning of Period at Dec. 31, 2023 | 46,938,557 | (82,021) | 46,856,536 | |||||
Stock-based compensation | 4,820 | 4,631 | $ 189 | |||||
Stock-based compensation (shares) | 10,675 | 10,675 | ||||||
Repurchase of common stock | $ (44) | $ (44) | ||||||
Repurchase of common stock (shares) | 2,845 | (2,845) | (2,845) | |||||
Dividends paid | $ (468) | (468) | ||||||
Pension and other postretirement benefit plans, net of income taxes | 47 | 47 | ||||||
New share issuance | 0 | $ 0 | 0 | |||||
New share issuance (shares) | 0 | 0 | ||||||
Interest rate swaps, net of income taxes | (235) | (235) | ||||||
Net income | 3,490 | 3,220 | 270 | |||||
Balance at End of Period at Mar. 31, 2024 | $ 237,417 | $ 469 | $ 114,642 | $ 123,508 | $ (5,160) | $ (1,304) | $ 5,262 | |
Balance at End of Period at Mar. 31, 2024 | 46,938,557 | (74,191) | 46,864,366 | |||||
Cash Dividends per Share | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,490 | $ 2,442 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Stock-based compensation | 4,820 | 8,984 |
Depreciation and amortization | 3,843 | 4,044 |
Assets write-down | 1,110 | 1,015 |
Changes in value of life insurance policies | (946) | (791) |
Deferred income taxes | 2,827 | 936 |
Other non-cash items | 269 | (195) |
Changes in assets and liabilities: | ||
Accounts receivable | (6,290) | (4,024) |
Inventories | 991 | (6,897) |
Prepaid expenses and other current assets | (2,017) | (3,399) |
Other assets | 160 | 1,746 |
Accounts payable | (551) | (7,078) |
Accrued expenses | (2,469) | 587 |
Unearned revenues | 371 | 10 |
Other liabilities | (78) | (549) |
Net cash provided by (used in) operating activities | 5,530 | (3,169) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (3,052) | (2,208) |
Patents and other intangibles | (3) | 90 |
Proceeds from sale of assets | 593 | 80 |
Net proceeds on life insurance policies | 805 | 0 |
Net cash provided by (used in) investing activities | (1,657) | (2,038) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of long-term debt | (17,000) | (16,000) |
Proceeds from long-term debt | 14,000 | 24,000 |
Debt issuance costs | (19) | (184) |
Dividends paid | (468) | (466) |
Repurchase of common stock | (44) | (1) |
Equity related transaction costs | (549) | (1,285) |
Net cash provided by (used in) financing activities | (4,080) | 6,064 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (207) | 857 |
CASH AND CASH EQUIVALENTS, beginning of period | 15,120 | 15,428 |
CASH AND CASH EQUIVALENTS, end of period | 14,913 | 16,285 |
Supplemental disclosures of cash flow information: | ||
Cash payments for interest | 3,286 | 2,956 |
Cash payments for income taxes | 2,650 | 1,541 |
Non-cash investing and financing activities: | ||
Capital expenditures incurred but not paid for as of the end of the period | 1,200 | 575 |
Equity related transaction costs incurred but not paid for as of the end of the period | $ 207 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 3,220 | $ 2,373 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS References to “Core Lab”, “Core Laboratories”, the “Company”, “we”, “our” and similar phrases are used throughout this Quarterly Report on Form 10-Q (“Quarterly Report”) and relate collectively to Core Laboratories Inc. and its consolidated subsidiaries. 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 16 - S egment Reporting . |
Significant Accounting Policies
Significant Accounting Policies Update | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies Update | 2. SIGNIFICANT ACCOUNTING POLICIES UPDATE Basis of Presentation and Principles of Consolidation On May 1, 2023, Core Laboratories N.V. completed its previously announced redomestication transaction (the “Redomestication Transaction”) which through a series of steps, resulted in the merger of Core Laboratories N.V., a holding company in the Netherlands, 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 subsequently the migration of Core Laboratories Luxembourg S.A. out of Luxembourg and its domestication as Core Laboratories Inc., a Delaware corporation. The Redomestication Transaction has been accounted for as a transaction between entities under common control. There is no difference between the combined separate entities prior to the Redomestication Transaction and the combined separate entities after the Redomestication Transaction, therefore, comparative information reported in these financial statements 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. The accompanying unaudited interim 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 financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information using the instructions to Form 10-Q and Article 10 of Regulation S-X. Core Laboratories Inc.’s balance sheet information for the year ended December 31, 2023, was derived from the 2023 audited consolidated financial statements. Accordingly, these financial statements do not include all of the information and footnote disclosures required by U.S. GAAP for the annual financial statements and should be read in conjunction with the audited financial statements and the summary of significant accounting policies and notes thereto included in Core Laboratories Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023, including Note 2 - Summary of Significant Accounting Policies. There have been no changes to the accounting policies of the combined entities during the three months ended March 31, 2024. Core Laboratories Inc. uses the equity method of accounting for investments in which it has less than a majority interest and does not exercise control but does exert significant influence. Non-controlling interests have 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. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods presented have been included in these financial statements. Furthermore, the operating results presented for the three months ended March 31, 2024, may not necessarily be indicative of the results that may be expected for the year ending December 31, 2024. Certain reclassifications were made to prior period amounts in order to conform to the current period presentations. These reclassifications had no impact on the reported net income or cash flows for the three months ended March 31, 2023 . Property, Plant and Equipment We review our long-lived assets (“LLA”) 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. The geopolitical conflict between Russia and Ukraine, which began in February 2022 and has continued through March 31, 2024, has resulted in disruptions to our operations in Russia and Ukraine. As of March 31, 2024, 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 LLA in Russia and Ukraine, and no impairment assessments have been performed as of March 31, 2024 . 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. |
Acquisitions and Divestures
Acquisitions and Divestures | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Acquisitions and Divestures | 3. ACQUISITIONS AND DIVESTURES We had no significant business acquisitions or divestures during the three months ended March 31, 2024 and 2023 . |
Contract Assets and Liabilities
Contract Assets and Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Contract Assets and Liabilities | 4. CONTRACT ASSETS AND LIABILITIES The balance of contract assets and liabilities consisted of the following (in thousands): March 31, December 31, Contract assets: Current $ 911 $ 1,293 $ 911 $ 1,293 Contract liabilities: Current $ 668 $ 299 $ 668 $ 299 March 31, Estimate of when contract liabilities will be recognized as revenue: Within 12 months $ 668 The current portion of contract assets are included in our accounts receivable. The current portion of contract liabilities is included in unearned revenues. We did no t recognize any impairment losses on our contract assets during the three months ended March 31, 2024 and 2023 . |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INVENTORIES Inventories consist of the following (in thousands): March 31, December 31, Finished goods $ 31,477 $ 30,508 Parts and materials 35,660 37,670 Work in progress 3,574 3,524 Total inventories $ 70,711 $ 71,702 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. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 6. LEASES We have operating leases primarily consisting of office and lab space, machinery and equipment and vehicles. We entered into a sublease agreement that commenced on July 1, 2023, for existing office and lab space in Calgary, Alberta, Canada. The components of lease expense and other information are as follows (in thousands): Three Months Ended March 31, 2024 2023 Consolidated Statements of Operations: Operating lease expense $ 4,282 $ 4,489 Short-term lease expense 552 429 Variable lease expense 429 604 Sublease income ( 57 ) — Total lease expense $ 5,206 $ 5,522 Consolidated Statements of Cash Flows: Operating cash flows - operating leases payments $ 3,850 $ 4,165 Right of use assets obtained in exchange for 1,534 8,590 Other information: Weighted-average remaining lease term - operating leases 8.99 years 8.41 years Weighted-average discount rate - operating leases 5.37 % 5.18 % Scheduled undiscounted lease payments for non-cancellable operating leases consist of the following (in thousands): March 31, 2024 Operating Leases Operating Sublease Remainder of 2024 $ 9,919 $ ( 169 ) 2025 10,341 ( 232 ) 2026 8,074 ( 237 ) 2027 6,313 ( 241 ) 2028 4,907 ( 163 ) Thereafter 26,678 — Total undiscounted lease payments 66,232 $ ( 1,042 ) Less: Imputed interest ( 14,321 ) Total operating lease liabilities $ 51,911 See Note 13 - Other (income) and expense, net regarding lease abandonments during the three months ended March 31, 2024 and 2023 . |
Long-Term Debt, Net
Long-Term Debt, Net | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net | 7. LONG-TERM DEBT, NET We have no finance lease obligations. Debt is summarized in the following table (in thousands): Interest Rate Maturity Date March 31, December 31, 2021 Senior Notes Series A (1) 4.09 % January 12, 2026 $ 45,000 $ 45,000 2021 Senior Notes Series B (1) 4.38 % January 12, 2028 15,000 15,000 2023 Senior Notes Series A (2) 7.25 % June 28, 2028 25,000 25,000 2023 Senior Notes Series B (2) 7.50 % June 28, 2030 25,000 25,000 Credit Facility 53,000 56,000 Total long-term debt 163,000 166,000 Less: Debt issuance costs ( 2,630 ) ( 2,866 ) Long-term debt, net $ 160,370 $ 163,134 (1) Interest is payable semi-annually on June 30 and December 30 . (2) Interest is payable semi-annually on March 28 and September 28. We, along with our wholly owned subsidiary Core Laboratories (U.S.) Interests Holdings, Inc. (“CLIH”) as issuer, have senior notes outstanding that were issued through private placement transactions. Series A and Series B of the 2021 Senior Notes were issued in 2021 (the “2021 Senior Notes”). Series A and Series B of the 2023 Senior Notes were issued in 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 $ 9.8 million at March 31, 2024 , resulting in an available borrowing capacity under the Credit Facility of approximately $ 72.2 million. In addition to indebtedness under the Credit Facility, we had approximately $ 7.4 million of outstanding letters of credit and performance guarantees and bonds from other sources as of March 31, 2024. 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 6.27 , each for the period ended March 31, 2024. We are in compliance with all covenants contained in our Credit Facility and Senior Notes as of March 31, 2024. Certain of our material, wholly owned subsidiaries are guarantors or co-borrowers under the Credit Facility and Senior Notes. See Note 11 - 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 March 31, 2024, and December 31, 2023 , 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 | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Plans | 8. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Prior to January 2020, one of our subsidiaries provided a noncontributory defined benefit pension plan covering substantially all of our Dutch employees (“Dutch Plan”) 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 components of net periodic pension cost under the Dutch Plan (in thousands): Three Months Ended March 31, 2024 2023 Interest cost $ 354 $ 367 Expected return on plan assets ( 290 ) ( 326 ) Net periodic pension cost $ 64 $ 41 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. 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. See Note 7 - Long-term Debt, net for amounts committed under letters of credit and performance guarantees and bonds. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Equity | 10. EQUITY Treasury Stock During the three months ended March 31, 2024 , we distributed 10,675 shares of treasury stock upon vesting of stock-based awards. During the three months ended March 31, 2024 , we repurchased 2,845 shares of our common stock for $ 44 thousand which were surrendered to us pursuant to the terms of a stock-based compensation plan in consideration of the participants' tax burdens resulting from the issuance of common stock under that plan. Such shares of 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. Dividend Policy In March 2024, we paid a quarterly cash dividend of $ 0.01 per share of common stock. In addition, on April 24, 2024 , we declared a quarterly dividend of $ 0.01 per share of common stock for shareholders of record on May 6, 2024, and payable on May 28, 2024. Accumulated Other Comprehensive Income (Loss) Amounts recognized, net of income tax, in accumulated other comprehensive income (loss) consist of the following (in thousands): March 31, December 31, Pension and other post-retirement benefit plans - unrecognized prior service costs and net actuarial loss $ ( 5,867 ) $ ( 5,914 ) Interest rate swaps - net gain (loss) on fair value 707 942 Total accumulated other comprehensive income (loss) $ ( 5,160 ) $ ( 4,972 ) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 11. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risks related to fluctuations in interest rates. To mitigate these risks, we may utilize derivative instruments in the form of interest rate swaps. We do not enter into derivative transactions for speculative purposes. Under the Company’s Credit Facility, the SOFR plus 2.00 % to SOFR plus 3.00 % will be applied to outstanding borrowings. See Note 7 - 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. 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) as of March 31, 2024 , are $ 0.2 million 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 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. This 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 in the 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 in 2023. The remaining net gain on this swap included in accumulated other comprehensive income (loss) at March 31, 2024 , which will be amortized into interest expense in accordance with the forecasted transactions or the scheduled interest payments on the 2023 Senior Notes and any future debt through March 2033, is $ 0.9 million, of which $ 0.9 million gain is expected to be reclassified into earnings within the next 12 months. As of March 31, 2024 , the aggregated gains and losses on these interest swaps that are included in accumulated other comprehensive income (loss) are a net gain of $ 0.7 million. At March 31, 2024 , we had fixed rate long-term debt aggregating $ 110 million and variable rate long-term debt aggregating $ 53 million. The effect of the interest rate swaps on the consolidated statements of operations is as follows (in thousands): Three Months Ended March 31, 2024 2023 Income Statement Derivatives designated as hedges: 5 year interest rate swap $ 39 $ 83 Increase (decrease) to interest expense 10 year interest rate swap ( 336 ) 183 Increase (decrease) to interest expense $ ( 297 ) $ 266 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 12. 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 third-party specialists. 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 March 31, 2024 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 25,533 $ — $ 25,533 $ — $ 25,533 $ — $ 25,533 $ — Liabilities: Deferred compensation liabilities $ 18,696 $ — $ 18,696 $ — $ 18,696 $ — $ 18,696 $ — 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 $ — (1) Company owned life insurance policies have cash surrender value and are intended to assist in funding deferred compensation liabilities and other benefit plans. |
Other (Income) Expense, Net
Other (Income) Expense, Net | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | 13. OTHER (INCOME) EXPENSE, NET The components of other (income) expense, net, are as follows (in thousands): Three Months Ended March 31, 2024 2023 (Gain) loss on sale of assets $ ( 537 ) $ 96 Results of non-consolidated subsidiaries ( 31 ) ( 137 ) Foreign exchange (gain) loss, net 285 ( 144 ) Rents and royalties ( 6 ) ( 145 ) Return on pension assets and other pension costs ( 290 ) ( 326 ) Loss on lease abandonment and other exit costs 699 641 Assets write-down 1,110 1,015 Insurance and other settlements ( 1,011 ) ( 604 ) Severance and other charges 824 — Other, net ( 197 ) ( 424 ) Total other (income) expense, net $ 846 $ ( 28 ) During the three months ended March 31, 2024 and 2023, we abandoned certain leases in the U.S. and Canada, respectively, and incurred lease abandonment and other exit costs of $ 0.7 million and $ 0.6 million, respectively. As a result of consolidating and exiting these facilities, the associated leasehold improvements, right of use assets and other assets of $ 1.1 million and $ 1.0 million were abandoned and expensed, respectively. During the three months ended March 31, 2024 , we had a fire incident at one of our U.K. facilities and have recorded partial insurance settlements of $ 1.0 million associated with costs incurred and loss of income from business interruption. During the three months ended March 31, 2023 , the State of Louisiana expropriated the access road to one of our facilities and paid us a settlement of $ 0.6 million. Foreign exchange (gain) loss, net by currency is summarized in the following table (in thousands): Three Months Ended March 31, 2024 2023 British Pound $ 31 $ ( 251 ) Canadian Dollar 39 58 Colombian Peso ( 7 ) 53 Euro 18 84 Indonesian Rupiah 80 ( 71 ) Russian Ruble ( 3 ) ( 251 ) Turkish Lira 21 ( 5 ) Other currencies, net 106 239 Foreign exchange (gain) loss, net $ 285 $ ( 144 ) |
Income Tax Expense (Benefit)
Income Tax Expense (Benefit) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | 14. INCOME TAX EXPENSE (BENEFIT) The Company recorded income tax expense of $ 1.7 million and $ 0.6 million for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate for the three months ended March 31, 2024 , was 32.2 % recorded on income before income taxes of $ 5.1 million. The effective tax rate for the three months ended March 31, 2023, was 20 % recorded on income before income taxes of $ 3.1 million. The tax rate for the three months ended March 31, 2024, was largely impacted by the earnings mix of jurisdictions subject to tax for the period and items discrete to the quarter. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 15. EARNINGS PER SHARE We compute basic earnings per share by dividing net income attributable to Core Laboratories Inc. by the number of weighted average common shares 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): Three Months Ended March 31, 2024 2023 Weighted average common shares outstanding - basic 46,859 46,634 Effect of dilutive securities: Restricted shares 55 105 Performance shares 789 742 Weighted average common shares outstanding - diluted 47,703 47,481 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. 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): Reservoir Production Corporate & (1) Consolidated Three months ended March 31, 2024 Revenue from unaffiliated clients $ 84,236 $ 45,401 $ — $ 129,637 Inter-segment revenue 14 47 ( 61 ) — Segment operating income 6,892 1,576 103 8,571 Total assets 308,490 163,665 115,795 587,950 Capital expenditures 2,830 220 2 3,052 Depreciation and amortization 2,684 1,036 123 3,843 Three months ended March 31, 2023 Revenue from unaffiliated clients $ 80,188 $ 48,168 $ — $ 128,356 Inter-segment revenue 41 54 ( 95 ) — Segment operating income 2,471 3,281 729 6,481 Total assets 302,855 167,017 123,745 593,617 Capital expenditures 1,562 618 28 2,208 Depreciation and amortization 2,885 991 168 4,044 (1) "Corporate & Other" represents those items that are not directly related to a particular operating segment and eliminations. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation On May 1, 2023, Core Laboratories N.V. completed its previously announced redomestication transaction (the “Redomestication Transaction”) which through a series of steps, resulted in the merger of Core Laboratories N.V., a holding company in the Netherlands, 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 subsequently the migration of Core Laboratories Luxembourg S.A. out of Luxembourg and its domestication as Core Laboratories Inc., a Delaware corporation. The Redomestication Transaction has been accounted for as a transaction between entities under common control. There is no difference between the combined separate entities prior to the Redomestication Transaction and the combined separate entities after the Redomestication Transaction, therefore, comparative information reported in these financial statements 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. The accompanying unaudited interim 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 financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information using the instructions to Form 10-Q and Article 10 of Regulation S-X. Core Laboratories Inc.’s balance sheet information for the year ended December 31, 2023, was derived from the 2023 audited consolidated financial statements. Accordingly, these financial statements do not include all of the information and footnote disclosures required by U.S. GAAP for the annual financial statements and should be read in conjunction with the audited financial statements and the summary of significant accounting policies and notes thereto included in Core Laboratories Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023, including Note 2 - Summary of Significant Accounting Policies. There have been no changes to the accounting policies of the combined entities during the three months ended March 31, 2024. Core Laboratories Inc. uses the equity method of accounting for investments in which it has less than a majority interest and does not exercise control but does exert significant influence. Non-controlling interests have 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. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods presented have been included in these financial statements. Furthermore, the operating results presented for the three months ended March 31, 2024, may not necessarily be indicative of the results that may be expected for the year ending December 31, 2024. Certain reclassifications were made to prior period amounts in order to conform to the current period presentations. These reclassifications had no impact on the reported net income or cash flows for the three months ended March 31, 2023 . |
Property, Plant and Equipment | Property, Plant and Equipment We review our long-lived assets (“LLA”) 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. The geopolitical conflict between Russia and Ukraine, which began in February 2022 and has continued through March 31, 2024, has resulted in disruptions to our operations in Russia and Ukraine. As of March 31, 2024, 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 LLA in Russia and Ukraine, and no impairment assessments have been performed as of March 31, 2024 . |
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. |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets and Liabilities | The balance of contract assets and liabilities consisted of the following (in thousands): March 31, December 31, Contract assets: Current $ 911 $ 1,293 $ 911 $ 1,293 Contract liabilities: Current $ 668 $ 299 $ 668 $ 299 March 31, Estimate of when contract liabilities will be recognized as revenue: Within 12 months $ 668 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following (in thousands): March 31, December 31, Finished goods $ 31,477 $ 30,508 Parts and materials 35,660 37,670 Work in progress 3,574 3,524 Total inventories $ 70,711 $ 71,702 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense and Other Information | The components of lease expense and other information are as follows (in thousands): Three Months Ended March 31, 2024 2023 Consolidated Statements of Operations: Operating lease expense $ 4,282 $ 4,489 Short-term lease expense 552 429 Variable lease expense 429 604 Sublease income ( 57 ) — Total lease expense $ 5,206 $ 5,522 Consolidated Statements of Cash Flows: Operating cash flows - operating leases payments $ 3,850 $ 4,165 Right of use assets obtained in exchange for 1,534 8,590 Other information: Weighted-average remaining lease term - operating leases 8.99 years 8.41 years Weighted-average discount rate - operating leases 5.37 % 5.18 % |
Schedule of Undiscounted Cash Flows for Non-cancellable Leases | Scheduled undiscounted lease payments for non-cancellable operating leases consist of the following (in thousands): March 31, 2024 Operating Leases Operating Sublease Remainder of 2024 $ 9,919 $ ( 169 ) 2025 10,341 ( 232 ) 2026 8,074 ( 237 ) 2027 6,313 ( 241 ) 2028 4,907 ( 163 ) Thereafter 26,678 — Total undiscounted lease payments 66,232 $ ( 1,042 ) Less: Imputed interest ( 14,321 ) Total operating lease liabilities $ 51,911 |
Long-Term Debt, Net (Tables)
Long-Term Debt, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt is summarized in the following table (in thousands): Interest Rate Maturity Date March 31, December 31, 2021 Senior Notes Series A (1) 4.09 % January 12, 2026 $ 45,000 $ 45,000 2021 Senior Notes Series B (1) 4.38 % January 12, 2028 15,000 15,000 2023 Senior Notes Series A (2) 7.25 % June 28, 2028 25,000 25,000 2023 Senior Notes Series B (2) 7.50 % June 28, 2030 25,000 25,000 Credit Facility 53,000 56,000 Total long-term debt 163,000 166,000 Less: Debt issuance costs ( 2,630 ) ( 2,866 ) Long-term debt, net $ 160,370 $ 163,134 (1) Interest is payable semi-annually on June 30 and December 30 . (2) Interest is payable semi-annually on March 28 and September 28. |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Pension Cost | The following table summarizes the components of net periodic pension cost under the Dutch Plan (in thousands): Three Months Ended March 31, 2024 2023 Interest cost $ 354 $ 367 Expected return on plan assets ( 290 ) ( 326 ) Net periodic pension cost $ 64 $ 41 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Amounts recognized, net of income tax, in accumulated other comprehensive income (loss) consist of the following (in thousands): March 31, December 31, Pension and other post-retirement benefit plans - unrecognized prior service costs and net actuarial loss $ ( 5,867 ) $ ( 5,914 ) Interest rate swaps - net gain (loss) on fair value 707 942 Total accumulated other comprehensive income (loss) $ ( 5,160 ) $ ( 4,972 ) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 is as follows (in thousands): Three Months Ended March 31, 2024 2023 Income Statement Derivatives designated as hedges: 5 year interest rate swap $ 39 $ 83 Increase (decrease) to interest expense 10 year interest rate swap ( 336 ) 183 Increase (decrease) to interest expense $ ( 297 ) $ 266 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Balances | The following table summarizes the fair value balances (in thousands): Fair Value Measurement at March 31, 2024 Total Level 1 Level 2 Level 3 Assets: Company owned life insurance policies (1) $ 25,533 $ — $ 25,533 $ — $ 25,533 $ — $ 25,533 $ — Liabilities: Deferred compensation liabilities $ 18,696 $ — $ 18,696 $ — $ 18,696 $ — $ 18,696 $ — 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 $ — (1) Company owned life insurance policies have cash surrender value and are intended to assist in funding deferred compensation liabilities and other benefit plans. |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Income) Expense, Net | The components of other (income) expense, net, are as follows (in thousands): Three Months Ended March 31, 2024 2023 (Gain) loss on sale of assets $ ( 537 ) $ 96 Results of non-consolidated subsidiaries ( 31 ) ( 137 ) Foreign exchange (gain) loss, net 285 ( 144 ) Rents and royalties ( 6 ) ( 145 ) Return on pension assets and other pension costs ( 290 ) ( 326 ) Loss on lease abandonment and other exit costs 699 641 Assets write-down 1,110 1,015 Insurance and other settlements ( 1,011 ) ( 604 ) Severance and other charges 824 — Other, net ( 197 ) ( 424 ) Total other (income) expense, net $ 846 $ ( 28 ) |
Foreign Currency (Gain) Loss, Net By Currency | Foreign exchange (gain) loss, net by currency is summarized in the following table (in thousands): Three Months Ended March 31, 2024 2023 British Pound $ 31 $ ( 251 ) Canadian Dollar 39 58 Colombian Peso ( 7 ) 53 Euro 18 84 Indonesian Rupiah 80 ( 71 ) Russian Ruble ( 3 ) ( 251 ) Turkish Lira 21 ( 5 ) Other currencies, net 106 239 Foreign exchange (gain) loss, net $ 285 $ ( 144 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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): Three Months Ended March 31, 2024 2023 Weighted average common shares outstanding - basic 46,859 46,634 Effect of dilutive securities: Restricted shares 55 105 Performance shares 789 742 Weighted average common shares outstanding - diluted 47,703 47,481 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Summarized financial information of our operating segments is shown in the following table (in thousands): Reservoir Production Corporate & (1) Consolidated Three months ended March 31, 2024 Revenue from unaffiliated clients $ 84,236 $ 45,401 $ — $ 129,637 Inter-segment revenue 14 47 ( 61 ) — Segment operating income 6,892 1,576 103 8,571 Total assets 308,490 163,665 115,795 587,950 Capital expenditures 2,830 220 2 3,052 Depreciation and amortization 2,684 1,036 123 3,843 Three months ended March 31, 2023 Revenue from unaffiliated clients $ 80,188 $ 48,168 $ — $ 128,356 Inter-segment revenue 41 54 ( 95 ) — Segment operating income 2,471 3,281 729 6,481 Total assets 302,855 167,017 123,745 593,617 Capital expenditures 1,562 618 28 2,208 Depreciation and amortization 2,885 991 168 4,044 |
Description of Business (Detail
Description of Business (Details) | 3 Months Ended |
Mar. 31, 2024 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 2 |
Acquisitions and Divestures - A
Acquisitions and Divestures - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Business Combinations [Abstract] | ||
Goodwill, acquired during period | $ 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Contract assets | ||
Current | $ 911 | $ 1,293 |
Contract assets | 911 | 1,293 |
Contract liabilities | ||
Current | 668 | 299 |
Contract liabilities | $ 668 | $ 299 |
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]: 2025-04-01 $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Contract liability | $ 668 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Contract Assets and Liabiliti_5
Contract Assets and Liabilities - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Impairment losses on contract assets | $ 0 | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 31,477 | $ 30,508 |
Parts and materials | 35,660 | 37,670 |
Work in progress | 3,574 | 3,524 |
Total inventories | $ 70,711 | $ 71,702 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease expense | $ 4,282 | $ 4,489 |
Short-term lease expense | 552 | 429 |
Variable lease expense | 429 | 604 |
Sublease income | (57) | 0 |
Total lease expense | 5,206 | 5,522 |
Operating cash flows - operating leases payments | 3,850 | 4,165 |
Right of use assets obtained in exchange for operating lease obligations | $ 1,534 | $ 8,590 |
Weighted-average remaining lease term - operating leases | 8 years 11 months 26 days | 8 years 4 months 28 days |
Weighted-average discount rate - operating leases | 5.37% | 5.18% |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flows for Non-cancellable Leases (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Operating Leased Assets [Line Items] | |
Remainder of 2024 | $ 9,919 |
2025 | 10,341 |
2026 | 8,074 |
2027 | 6,313 |
2028 | 4,907 |
Thereafter | 26,678 |
Total undiscounted lease payments | 66,232 |
Less: Imputed interest | (14,321) |
Total operating lease liabilities | 51,911 |
Remainder of 2024 | (169) |
2025 | (232) |
2026 | (237) |
2027 | (241) |
2028 | (163) |
Thereafter | 0 |
Total undiscounted lease payments | $ (1,042) |
Long-Term Debt, Net - Additiona
Long-Term Debt, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | |
Debt Instrument [Line Items] | ||
Financing lease obligations | $ 0 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Financing lease obligations | |
Maturity date | Jul. 25, 2026 | |
Line of credit facility reduced minimum borrowing capacity | $ 50,000 | |
Performance bonds under credit facility | 9,800 | |
Remaining borrowing capacity | 72,200 | |
Performance bonds | $ 7,400 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3% | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Current borrowing capacity | $ 135,000 | |
Basis spread on variable rate | 2% | |
2021 Senior Notes Series A [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 45,000 | |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Interest coverage ratio, minimum | 3% | |
Calculated covenant leverage ratio | 1.76% | |
Calculated interest coverage ratio | 6.27% | |
Line of Credit [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Maximum leverage ratio permitted | 2.5 | |
Line of Credit [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Maximum leverage ratio permitted | 1 |
Long-Term Debt, Net - Schedule
Long-Term Debt, Net - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | ||
Debt Instrument [Line Items] | |||
Maturity date | Jul. 25, 2026 | ||
Total long-term debt | $ 163,000 | $ 166,000 | |
Less: Debt issuance costs | (2,630) | (2,866) | |
Long-term debt, net | 160,370 | 163,134 | |
Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 53,000 | 56,000 | |
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 | 25,000 |
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 | $ 25,000 |
[1] Interest is payable semi-annually on June 30 and December 30 Interest is payable semi-annually on March 28 and September 28. |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans - Schedule of Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 |
Interest cost | $ 354 | $ 367 |
Expected return on plan assets | (290) | (326) |
Net periodic pension cost | $ 64 | $ 41 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Apr. 24, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Common stock, par value per share | $ 0.01 | $ 0.01 | ||
Common shares, vesting, stock based award | 10,675 | |||
Common stock, shares, issued | 46,938,557 | 46,938,557 | ||
Repurchase of common stock (shares) | 2,845 | |||
Treasury stock, value | $ 44 | $ 1 | ||
Cash dividends per share | $ 0.01 | $ 0.01 | ||
Forecast Member | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Cash dividends per share | $ 0.01 | |||
Dividends payable, date declared | Apr. 24, 2024 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Income (Loss) Net of Income Taxes (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Equity [Abstract] | ||
Pension and other post-retirement benefit plans - unrecognized prior service costs and net actuarial loss | $ (5,867) | $ (5,914) |
Interest rate swaps - net gain (loss) on fair value | 707 | 942 |
Total accumulated other comprehensive income | $ (5,160) | $ (4,972) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 28, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Total long-term debt | $ 163,000 | $ 166,000 | |
Net loss included in accumulated other comprehensive income | $ 400 | 200 | |
Net loss included in AOCI expected to be reclassified into earnings | 10,000 | ||
Gain on forward interest rate swap agreements terminated and settlements | 700 | ||
Long-term debt, percentage bearing fixed interest, amount | 110,000 | ||
Long-term debt, percentage bearing variable interest, amount | 53,000 | ||
Credit Facility [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total long-term debt | 53,000 | $ 56,000 | |
2023 Senior Notes [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Face amount | $ 50,000 | ||
Net gain included in accumulated other comprehensive income | 900 | ||
Net gain included in AOCI expected to be reclassified into earnings | $ 900 | ||
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 | ||
Derivative, term of contract | 10 years | ||
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Rate Swap No. 1 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gain (loss) on interest rate cash flow hedges | $ 39 | $ 83 |
Interest Rate Swap No. 2 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gain (loss) on interest rate cash flow hedges | (336) | 183 |
Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized gain (loss) on interest rate cash flow hedges | $ (297) | $ 266 |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Value Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Company owned life insurance policies | [1] | $ 25,533 | $ 25,397 |
Deferred compensation plan, assets | 25,533 | 25,397 | |
Deferred compensation liabilities | 18,696 | 17,299 | |
Deferred compensation plan, liability | 18,696 | 17,299 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Company owned life insurance policies | [1] | 25,533 | 25,397 |
Deferred compensation plan, assets | 25,533 | 25,397 | |
Deferred compensation liabilities | 18,696 | 17,299 | |
Deferred compensation plan, liability | $ 18,696 | $ 17,299 | |
[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. |
Other (Income) Expense, Net - S
Other (Income) Expense, Net - Schedule of Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
(Gain) loss on sale of assets | $ (537) | $ 96 |
Results of non-consolidated subsidiaries | (31) | (137) |
Foreign exchange (gain) loss, net | 285 | (144) |
Rents and royalties | (6) | (145) |
Return on pension assets and other pension costs | (290) | (326) |
Loss on lease abandonment and other exit costs | 699 | 641 |
Assets write-down | 1,110 | 1,015 |
Insurance and other settlements | (1,011) | (604) |
Severance and other charges | 824 | 0 |
Other, net | (197) | (424) |
Total other (income) expense, net | $ 846 | $ (28) |
Other (Income) Expense, Net - A
Other (Income) Expense, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Loss on Lease Abandonment and Other Exit Costs | $ 699 | $ 641 |
Assets write-down | 1,110 | 1,015 |
Partial insurance settlements | $ 1,011 | 604 |
Expropriation settlement from related party | $ 600 |
Other (Income) Expense, Net - F
Other (Income) Expense, Net - Foreign Currency (Gain) Loss, Net By Currency (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income Expense [Line Items] | ||
Foreign exchange (gain) loss, net | $ 285 | $ (144) |
British Pound [Member] | ||
Other Income Expense [Line Items] | ||
Foreign exchange (gain) loss, net | 31 | (251) |
Canadian Dollar [Member] | ||
Other Income Expense [Line Items] | ||
Foreign exchange (gain) loss, net | 39 | 58 |
Colombian Peso [Member] | ||
Other Income Expense [Line Items] | ||
Foreign exchange (gain) loss, net | (7) | 53 |
Euro [Member] | ||
Other Income Expense [Line Items] | ||
Foreign exchange (gain) loss, net | 18 | 84 |
Indonesia, Rupiahs [Member] | ||
Other Income Expense [Line Items] | ||
Foreign exchange (gain) loss, net | 80 | (71) |
Russian Ruble [Member] | ||
Other Income Expense [Line Items] | ||
Foreign exchange (gain) loss, net | (3) | (251) |
Turkish Lira [Member] | ||
Other Income Expense [Line Items] | ||
Foreign exchange (gain) loss, net | 21 | (5) |
Other Currencies, Net [Member] | ||
Other Income Expense [Line Items] | ||
Foreign exchange (gain) loss, net | $ 106 | $ 239 |
Income Tax Expense (Benefit) -
Income Tax Expense (Benefit) - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 1,658 | $ 610 |
Effective income tax rate | 32.20% | 20% |
Income loss before income tax | $ 5,148 | $ 3,052 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding - basic | 46,859 | 46,634 |
Restricted shares | 55 | 105 |
Performance shares | 789 | 742 |
Weighted average common shares outstanding - diluted | 47,703 | 47,481 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Segment | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segment | 2 | ||
Revenue | $ 129,637 | $ 128,356 | |
Segment operating income | 8,571 | 6,481 | |
Total assets | 587,950 | 593,617 | $ 586,395 |
Capital expenditures | 3,052 | 2,208 | |
Depreciation and amortization | 3,843 | 4,044 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Reservoir Description [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 84,236 | 80,188 | |
Segment operating income | 6,892 | 2,471 | |
Total assets | 308,490 | 302,855 | |
Capital expenditures | 2,830 | 1,562 | |
Depreciation and amortization | 2,684 | 2,885 | |
Reservoir Description [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 14 | 41 | |
Production Enhancement [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 45,401 | 48,168 | |
Segment operating income | 1,576 | 3,281 | |
Total assets | 163,665 | 167,017 | |
Capital expenditures | 220 | 618 | |
Depreciation and amortization | 1,036 | 991 | |
Production Enhancement [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 47 | 54 | |
Corporate and Other [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Segment operating income | 103 | 729 | |
Total assets | 115,795 | 123,745 | |
Capital expenditures | 2 | 28 | |
Depreciation and amortization | 123 | 168 | |
Corporate and Other [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ (61) | $ (95) |