Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-02960 | |
Entity Registrant Name | Newpark Resources, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1123385 | |
Entity Address, Address Line One | 9320 Lakeside Boulevard, | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77381 | |
City Area Code | 281 | |
Local Phone Number | 362-6800 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 90,803,610 | |
Entity Central Index Key | 0000071829 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | NR | |
Security Exchange Name | NYSE | |
Rights to Purchase Series D Junior Participating Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Rights to Purchase Series D Junior Participating Preferred Stock | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 24,028 | $ 48,672 |
Receivables, net | 127,957 | 216,714 |
Inventories | 159,567 | 196,897 |
Prepaid expenses and other current assets | 17,327 | 16,526 |
Total current assets | 328,879 | 478,809 |
Property, plant and equipment, net | 287,332 | 310,409 |
Operating lease assets | 32,306 | 32,009 |
Goodwill | 42,234 | 42,332 |
Other intangible assets, net | 26,103 | 29,677 |
Deferred tax assets | 3,264 | 3,600 |
Other assets | 2,927 | 3,243 |
Total assets | 723,045 | 900,079 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 10,149 | 6,335 |
Accounts payable | 44,013 | 79,777 |
Accrued liabilities | 35,923 | 42,750 |
Total current liabilities | 90,085 | 128,862 |
Long-term debt, less current portion | 92,206 | 153,538 |
Noncurrent operating lease liabilities | 26,371 | 26,946 |
Deferred tax liabilities | 14,513 | 34,247 |
Other noncurrent liabilities | 10,787 | 7,841 |
Total liabilities | 233,962 | 351,434 |
Commitments and contingencies (Note 9) | ||
Common stock, $0.01 par value (200,000,000 shares authorized and 107,587,786 and 106,696,719 shares issued, respectively) | 1,076 | 1,067 |
Paid-in capital | 625,328 | 620,626 |
Accumulated other comprehensive loss | (69,847) | (67,947) |
Retained earnings | 69,422 | 134,119 |
Treasury stock, at cost (16,786,446 and 16,958,418 shares, respectively) | (136,896) | (139,220) |
Total stockholders’ equity | 489,083 | 548,645 |
Total liabilities and stockholders’ equity | $ 723,045 | $ 900,079 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 107,587,786 | 106,696,719 |
Treasury stock, shares (in shares) | 16,786,446 | 16,958,418 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 96,424 | $ 202,763 | $ 362,920 | $ 630,648 |
Cost of revenues | 99,301 | 169,429 | 357,675 | 522,338 |
Selling, general and administrative expenses | 20,597 | 27,017 | 66,230 | 85,796 |
Other operating (income) loss, net | (820) | 29 | (1,906) | (367) |
Impairments | 3,038 | 0 | 3,038 | 0 |
Operating income (loss) | (25,692) | 6,288 | (62,117) | 22,881 |
Foreign currency exchange loss | 580 | 828 | 3,343 | 756 |
Interest expense, net | 2,411 | 3,628 | 8,524 | 10,807 |
Gain on extinguishment of debt | 0 | 0 | (419) | 0 |
Income (loss) before income taxes | (28,683) | 1,832 | (73,565) | 11,318 |
Provision (benefit) for income taxes | (4,813) | 3,273 | (11,303) | 7,171 |
Net income (loss) | $ (23,870) | $ (1,441) | $ (62,262) | $ 4,147 |
Net income (loss) per common share - basic (in dollars per share) | $ (0.26) | $ (0.02) | $ (0.69) | $ 0.05 |
Net income (loss) per common share - diluted (in dollars per share) | $ (0.26) | $ (0.02) | $ (0.69) | $ 0.05 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (23,870) | $ (1,441) | $ (62,262) | $ 4,147 |
Foreign currency translation adjustments (net of tax benefit (expense) of $(330), $713, $268, $604) | 3,461 | (3,897) | (1,900) | (4,097) |
Comprehensive income (loss) | $ (20,409) | $ (5,338) | $ (64,162) | $ 50 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax benefit | $ (330) | $ 713 | $ 268 | $ 604 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative effect of accounting change | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Retained EarningsCumulative effect of accounting change | Treasury Stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | $ 569,681 | $ 1,064 | $ 617,276 | $ (67,673) | $ 148,802 | $ (129,788) | ||
Beginning balance at Dec. 31, 2018 | 569,681 | 1,064 | 617,276 | (67,673) | 148,802 | (129,788) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | 559,631 | 1,064 | 618,632 | (67,673) | 148,802 | (129,788) | ||
Net loss | 4,147 | 4,147 | ||||||
Employee stock options, restricted stock and employee stock purchase plan | (444) | 3 | (8,019) | (1,646) | 9,218 | |||
Stock-based compensation expense | 9,375 | 9,375 | ||||||
Treasury shares purchased at cost | (19,031) | (19,031) | ||||||
Foreign currency translation, net of tax | (4,097) | (4,097) | ||||||
Ending balance at Sep. 30, 2019 | 559,631 | 1,067 | 618,632 | (71,770) | 151,303 | (139,601) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | 566,129 | 1,067 | 618,626 | (67,873) | 153,395 | (139,086) | ||
Beginning balance at Jun. 30, 2019 | 566,129 | 1,067 | 618,626 | (67,873) | 153,395 | (139,086) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | 559,631 | 1,067 | 618,632 | (71,770) | 151,303 | (139,601) | ||
Net loss | (1,441) | (1,441) | ||||||
Employee stock options, restricted stock and employee stock purchase plan | (167) | (2,495) | (651) | 2,979 | ||||
Stock-based compensation expense | 2,501 | 2,501 | ||||||
Treasury shares purchased at cost | (3,494) | (3,494) | ||||||
Foreign currency translation, net of tax | (3,897) | (3,897) | ||||||
Ending balance at Sep. 30, 2019 | 559,631 | 1,067 | 618,632 | (71,770) | 151,303 | (139,601) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | 559,631 | 1,067 | 618,632 | (71,770) | 151,303 | (139,601) | ||
Cumulative effect of accounting change | 548,645 | $ (735) | 1,067 | 620,626 | (67,947) | 134,119 | $ (735) | (139,220) |
Beginning balance at Dec. 31, 2019 | 548,645 | (735) | 1,067 | 620,626 | (67,947) | 134,119 | (735) | (139,220) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | 548,645 | $ (735) | 1,076 | 620,626 | (67,947) | 69,422 | $ (735) | (139,220) |
Net loss | (62,262) | (62,262) | ||||||
Employee stock options, restricted stock and employee stock purchase plan | 466 | 9 | (167) | (1,700) | 2,324 | |||
Stock-based compensation expense | 4,869 | 4,869 | ||||||
Foreign currency translation, net of tax | (1,900) | (1,900) | ||||||
Ending balance at Sep. 30, 2020 | 489,083 | 1,076 | 625,328 | (69,847) | 69,422 | (136,896) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | 507,437 | 1,074 | 623,269 | (73,308) | 93,292 | (136,890) | ||
Beginning balance at Jun. 30, 2020 | 507,437 | 1,074 | 623,269 | (73,308) | 93,292 | (136,890) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | 507,437 | 1,076 | 625,328 | (69,847) | 69,422 | (136,896) | ||
Net loss | (23,870) | (23,870) | ||||||
Employee stock options, restricted stock and employee stock purchase plan | 263 | 2 | 267 | (6) | ||||
Stock-based compensation expense | 1,792 | 1,792 | ||||||
Foreign currency translation, net of tax | 3,461 | 3,461 | ||||||
Ending balance at Sep. 30, 2020 | 489,083 | 1,076 | 625,328 | (69,847) | 69,422 | (136,896) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of accounting change | $ 489,083 | $ 1,076 | $ 625,328 | $ (69,847) | $ 69,422 | $ (136,896) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (62,262) | $ 4,147 |
Adjustments to reconcile net income (loss) to net cash provided by operations: | ||
Impairments and other non-cash charges | 13,024 | 0 |
Depreciation and amortization | 34,186 | 34,891 |
Stock-based compensation expense | 4,869 | 9,375 |
Provision for deferred income taxes | (19,023) | (787) |
Credit loss expense | 1,304 | 1,044 |
Gain on sale of assets | (2,916) | (5,779) |
Gain on extinguishment of debt | (419) | 0 |
Amortization of original issue discount and debt issuance costs | 3,962 | 4,589 |
Change in assets and liabilities: | ||
Decrease in receivables | 77,004 | 17,065 |
Decrease in inventories | 26,566 | 11,873 |
Increase in other assets | (2,912) | (3,621) |
Decrease in accounts payable | (34,606) | (11,806) |
Increase (decrease) in accrued liabilities and other | 1,516 | (7,805) |
Net cash provided by operating activities | 40,293 | 53,186 |
Cash flows from investing activities: | ||
Capital expenditures | (14,609) | (35,803) |
Proceeds from sale of property, plant and equipment | 10,497 | 7,116 |
Net cash used in investing activities | (4,112) | (28,687) |
Cash flows from financing activities: | ||
Borrowings on lines of credit | 147,987 | 237,093 |
Payments on lines of credit | (180,440) | (242,263) |
Purchases of Convertible Notes | (29,124) | 0 |
Debt issuance costs | 0 | (1,214) |
Proceeds from employee stock plans | 0 | 1,236 |
Purchases of treasury stock | (332) | (21,678) |
Other financing activities | 1,029 | 1,336 |
Net cash used in financing activities | (60,880) | (25,490) |
Effect of exchange rate changes on cash | (1,810) | (1,526) |
Net decrease in cash, cash equivalents, and restricted cash | (26,509) | (2,517) |
Cash, cash equivalents, and restricted cash at beginning of period | 56,863 | 64,266 |
Cash, cash equivalents, and restricted cash at end of period | $ 30,354 | $ 61,749 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we collectively refer to as “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission (“SEC”), and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. Our fiscal year end is December 31, our third quarter represents the three- month period ended September 30, and our first nine months represents the nine-month period ended September 30. The results of operations for the third quarter and first nine months of 2020 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise noted, all currency amounts are stated in U.S. dollars. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2020, our results of operations for the third quarter and first nine months of 2020 and 2019, and our cash flows for the first nine months of 2020 and 2019. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2019 is derived from the audited consolidated financial statements at that date. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2019. New Accounting Pronouncements Standards Adopted in 2020 Credit Losses. In 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance which requires financial assets measured at amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. The new guidance requires an entity to estimate its lifetime “expected credit loss” for such assets at inception, which will generally result in the earlier recognition of allowances for losses. Under previous guidance, reserves for uncollectible accounts receivable were determined on a specific identification basis when we believed that the required payment of specific amounts owed to us was not probable. Under the new guidance, our allowance for credit losses reflects losses that are expected over the contractual life of the asset, and takes into account historical loss experience, current and future economic conditions, and reasonable and supportable forecasts. We adopted this new guidance as of January 1, 2020 using the modified retrospective transition method, and recorded a net reduction of $0.7 million to opening retained earnings to reflect the cumulative effect of adoption. Results for reporting periods beginning after December 31, 2019 are presented under the new guidance, while prior period amounts were not adjusted and continue to be reported in accordance with previous guidance. See Note 5 for additional required disclosures. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of the new accounting guidance for credit losses were as follows: (In thousands) Balance at December 31, 2019 Impact of Adoption of New Credit Losses Guidance Balance at January 1, 2020 Receivables, net $ 216,714 $ (959) $ 215,755 Deferred tax assets 3,600 59 3,659 Deferred tax liabilities 34,247 (165) 34,082 Retained earnings 134,119 (735) 133,384 Standards Not Yet Adopted Income Taxes: Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued new guidance which is intended to simplify various aspects related to accounting for income taxes. This guidance is effective for us in the first quarter of 2021. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or related disclosures. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents the reconciliation of the numerator and denominator for calculating net income (loss) per share: Third Quarter First Nine Months (In thousands, except per share data) 2020 2019 2020 2019 Numerator Net income (loss) - basic and diluted $ (23,870) $ (1,441) $ (62,262) $ 4,147 Denominator Weighted average common shares outstanding - basic 90,535 89,675 90,056 89,863 Dilutive effect of stock options and restricted stock awards — — — 1,676 Dilutive effect of Convertible Notes — — — — Weighted average common shares outstanding - diluted 90,535 89,675 90,056 91,539 Net income (loss) per common share Basic $ (0.26) $ (0.02) $ (0.69) $ 0.05 Diluted $ (0.26) $ (0.02) $ (0.69) $ 0.05 We excluded the following weighted-average potential shares from the calculations of diluted net income (loss) per share during the applicable periods because their inclusion would have been anti-dilutive: Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 Stock options and restricted stock awards 5,608 4,989 5,172 1,812 For the third quarter and first nine months of 2020, as well as the third quarter of 2019, we excluded all potentially dilutive stock options and restricted stock awards in calculating diluted earnings per share as the effect was anti-dilutive due to the net loss incurred for these periods. The Convertible Notes (as defined in Note 7) only impact the calculation of diluted net income per share in periods that the average price of our common stock, as calculated in accordance with the terms of the indenture governing the Convertible Notes, exceeds the conversion price of $9.33 per share. We have the option to pay cash, issue shares of common stock, or any combination thereof for the aggregate amount due upon conversion of the Convertible Notes as further described in Note 7. If converted, we currently intend to settle the principal amount of the notes in cash and as a result, only the amounts payable in excess of the principal amount of the notes, if any, would be assumed to be settled with shares of common stock for purposes of computing diluted net income per share. |
Capital Stock and Repurchase Pr
Capital Stock and Repurchase Program | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Capital Stock and Repurchase Program | Capital Stock and Repurchase Program Our securities repurchase program remains available for repurchases of any combination of our common stock and our Convertible Notes. The repurchase program has no specific term. Repurchases are expected to be funded from operating cash flows, available cash on hand, and borrowings under our ABL Facility (as defined in Note 7). As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. As of September 30, 2020, we had $51.9 million remaining under the program. During the first nine months of 2020, we repurchased $33.1 million of our Convertible Notes in the open market under the repurchase program for a total cost of $29.1 million. There were no Convertible Notes repurchased under the program during 2019. There were no shares of common stock repurchased under the repurchase program during the first nine months of 2020. During the first nine months of 2019, we repurchased an aggregate of 2,537,833 shares of our common stock under the program for a total cost of $19.0 million. On May 27, 2020, our Board of Directors adopted a limited duration stockholder rights agreement which expires on May 1, 2021, whereby a dividend distribution of one right (each, a “Right”) for each outstanding share of our common stock was paid to holders of record as of the close of business on June 12, 2020. Each Right entitles the registered holder to purchase from us one one-thousandth of a share of Series D Junior Participating Preferred Stock, par value $0.01 per share, at a purchase price of $12.00, subject to adjustment. Subject to certain exceptions, if a person or group acquires more than 10% of our outstanding common stock, the Rights will become exercisable for common stock having a value equal to two times the purchase price. |
Stock-Based and Other Long-Term
Stock-Based and Other Long-Term Incentive Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based and Other Long-Term Incentive Compensation | Stock-Based and Other Long-Term Incentive Compensation During the second quarter of 2020, the Compensation Committee of our Board of Directors (“Compensation Committee”) approved equity-based compensation to executive officers and other key employees consisting of 2,474,377 restricted stock units which will primarily vest in equal installments over a three-year period. At September 30, 2020, 1,622,532 shares remained available for award under the 2015 Employee Equity Incentive Plan (“2015 Plan”). In addition, non-employee directors received a grant of 156,886 restricted stock awards which will vest in full on the earlier of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant date. The weighted average grant-date fair value was $2.06 per share for both the restricted stock units and restricted stock awards. Also during the second quarter of 2020, the Compensation Committee approved the issuance of performance-based cash awards to certain executive officers with a target amount of $2.6 million. The performance-based cash awards will be settled based on the relative ranking of our total shareholder return (“TSR”) as compared to the TSR of our designated peer group over a three-year performance period. The performance period began May 2, 2020 and ends May 31, 2023, with the ending TSR price being equal to the average closing price of our shares over the 30-calendar days ending May 31, 2023 and the cash payout for each executive ranging from 0% to 200% of target. The performance-based cash awards are accrued as a liability award over the performance period based on the estimated fair value. The fair value of the performance-based cash awards is remeasured each period using a Monte-Carlo valuation model with changes in fair value recognized in the consolidated statements of operations. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consisted of the following: (In thousands) September 30, 2020 December 31, 2019 Trade receivables: Gross trade receivables $ 119,705 $ 207,554 Allowance for credit losses (5,753) (6,007) Net trade receivables 113,952 201,547 Income tax receivables 4,403 7,393 Other receivables 9,602 7,774 Total receivables, net $ 127,957 $ 216,714 Other receivables included $8.4 million and $6.2 million for value added, goods and service taxes related to foreign jurisdictions as of September 30, 2020 and December 31, 2019, respectively. We adopted the new accounting guidance for credit losses as of January 1, 2020 (see Note 1 for additional information). To measure expected credit losses, we evaluate our receivables on a collective basis for assets that share similar risk characteristics. Our allowance for credit losses reflects losses that are expected over the contractual life of the asset, and takes into account historical loss experience, current and future economic conditions, and reasonable and supportable forecasts. Changes in our allowance for credit losses were as follows: First Nine Months (In thousands) 2020 2019 Balance at beginning of period $ 6,007 $ 10,034 Cumulative effect of accounting change 959 — Credit loss expense 1,304 1,044 Write-offs, net of recoveries (2,517) (2,530) Balance at end of period $ 5,753 $ 8,548 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: (In thousands) September 30, 2020 December 31, 2019 Raw materials: Fluids systems $ 106,484 $ 141,314 Mats and integrated services 3,724 5,049 Total raw materials 110,208 146,363 Blended fluids systems components 34,221 39,542 Finished goods - mats 15,138 10,992 Total inventories $ 159,567 $ 196,897 Raw materials for the Fluids Systems segment consists primarily of barite, chemicals, and other additives that are consumed in the production of our fluids systems. Raw materials for the Mats and Integrated Services segment consists primarily of resins, chemicals, and other materials used to manufacture composite mats, as well as materials that are consumed in providing spill containment and other services to our customers. Our blended fluids systems components consist of base fluid systems that have been either mixed internally at our blending facilities or purchased from third-party vendors. These base fluid systems require raw materials to be added, as needed to meet specified customer requirements. Fluids Systems segment cost of revenues includes a total of $10.0 million of charges for the first nine months of 2020 for inventory write-downs, primarily attributable to the reduction in carrying values of certain inventory to their net realizable value. |
Financing Arrangements and Fair
Financing Arrangements and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Financing Arrangements and Fair Value of Financial Instruments | Financing Arrangements and Fair Value of Financial Instruments Financing arrangements consisted of the following: September 30, 2020 December 31, 2019 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Convertible Notes $ 66,912 $ (5,262) $ 61,650 $ 100,000 $ (12,291) $ 87,709 ABL Facility 29,900 — 29,900 65,000 — 65,000 Other debt 10,805 — 10,805 7,164 — 7,164 Total debt 107,617 (5,262) 102,355 172,164 (12,291) 159,873 Less: Current portion (10,149) — (10,149) (6,335) — (6,335) Long-term debt $ 97,468 $ (5,262) $ 92,206 $ 165,829 $ (12,291) $ 153,538 Convertible Notes. In December 2016, we issued $100.0 million of unsecured convertible senior notes (“Convertible Notes”) that mature on December 1, 2021, of which $66.9 million principal amount was outstanding at September 30, 2020. The notes bear interest at a rate of 4.0% per year, payable semiannually in arrears on June 1 and December 1 of each year. Holders may convert the notes at their option at any time prior to the close of business on the business day immediately preceding June 1, 2021, only under the following circumstances: • during any calendar quarter (and only during such calendar quarter) if the last reported sale price of our common stock for at least 20 trading days (regardless of whether consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price of the notes in effect on each applicable trading day; • during the five five • upon the occurrence of specified corporate events, as described in the indenture governing the notes, such as a consolidation, merger, or share exchange. On or after June 1, 2021 until the close of business on the business day immediately preceding the maturity date, holders may convert their notes at any time, regardless of whether any of the foregoing conditions have been satisfied. As of October 30, 2020, the notes were not convertible. The notes are convertible into, at our election, cash, shares of common stock, or a combination of both, subject to satisfaction of specified conditions and during specified periods, as described above. If converted, we currently intend to pay cash for the principal amount of the notes converted. The conversion rate is 107.1381 shares of our common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of $9.33 per share of common stock), subject to adjustment in certain circumstances. We may not redeem the notes prior to their maturity date. In accordance with accounting guidance for convertible debt with a cash conversion option, we separately accounted for the debt and equity components of the notes in a manner that reflected our estimated nonconvertible debt borrowing rate. As of September 30, 2020, the carrying amount of the debt component was $61.7 million, which is net of the unamortized debt discount and debt issuance costs of $5.3 million. Including the impact of the unamortized debt discount and debt issuance costs, the effective interest rate on the notes is approximately 11.3%. During the first nine months of 2020, we repurchased $33.1 million of our Convertible Notes in the open market for a total cost of $29.1 million, and recognized a net gain of $0.4 million reflecting the difference in the amount paid and the net carrying value of the extinguished debt, including original issue discount and debt issuance costs. Asset-Based Loan Facility. In May 2016, we entered into an asset-based revolving credit agreement which replaced our previous credit agreement. In October 2017, we entered into an Amended and Restated Credit Agreement and in March 2019, we entered into a First Amendment to Amended and Restated Credit Agreement (as amended, the “ABL Facility”). The ABL Facility provides financing of up to $200.0 million available for borrowings (inclusive of letters of credit) and can be increased up to a maximum capacity of $275.0 million, subject to certain conditions. As of September 30, 2020, our total availability under the ABL Facility was $99.0 million, of which $29.9 million was drawn, resulting in remaining availability of $69.1 million. The ABL Facility terminates in March 2024; however, the ABL Facility has a springing maturity date that will accelerate the maturity of the ABL Facility to September 1, 2021 if, prior to such date, the Convertible Notes have not been repurchased, redeemed, refinanced, exchanged or otherwise satisfied in full or we have not escrowed an amount of funds, that together with the amount that we establish as a reserve against our borrowing capacity, is sufficient for the future settlement of the Convertible Notes at their maturity. The ABL Facility requires compliance with a minimum consolidated fixed charge coverage ratio of 1.25 to 1.0 calculated based on the trailing twelve-month period ended June 30, 2021 and remaining unused availability of at least $25.0 million to utilize borrowings or assignment of availability under the ABL Facility towards funding the repayment of the Convertible Notes. Borrowing availability under the ABL Facility is calculated based on eligible U.S. accounts receivable, inventory, and, subject to satisfaction of certain financial covenants as described below, composite mats included in the rental fleet, net of reserves and limits on such assets included in the borrowing base calculation. To the extent pledged by us, the borrowing base calculation also includes the amount of eligible pledged cash. The lender may establish such reserves, in part based on appraisals of the asset base, and other limits at its discretion which could reduce the amounts otherwise available under the ABL Facility. Availability associated with eligible rental mats will also be subject to maintaining a minimum consolidated fixed charge coverage ratio of 1.5 to 1.0 and at least $1.0 million of operating income for the Mats and Integrated Services segment, each calculated based on a trailing twelve-month period. As of November 3, 2020, our total availability under the ABL Facility was $112.3 million, of which $29.0 million was drawn, resulting in remaining availability of $83.3 million. As of November 3, 2020, our total availability under the ABL Facility included $25.3 million from eligible rental mats. After the filing of our quarterly compliance certificate under the ABL Facility for the third quarter of 2020 in November, we will not satisfy the minimum consolidated fixed charge coverage ratio that is required to continue including eligible rental mats in the borrowing availability under the ABL Facility. While this does not represent a default, it would reduce the borrowing availability under the ABL Facility noted above as of November 3, 2020 by $25.3 million. Under the terms of the ABL Facility, we may elect to borrow at a variable interest rate based on either, (1) LIBOR subject to a floor of zero or (2) a base rate equal to the highest of: (a) the federal funds rate plus 50 basis points, (b) the prime rate of Bank of America, N.A. and (c) LIBOR, subject to a floor of zero, plus 100 basis points, plus, in each case, an applicable margin per annum. The applicable margin ranges from 150 to 200 basis points for LIBOR borrowings, and 50 to 100 basis points for base rate borrowings, based on the consolidated fixed charge coverage ratio as defined in the ABL Facility calculated based on a trailing twelve-month period. As of September 30, 2020, the applicable margin for borrowings under our ABL Facility was 150 basis points with respect to LIBOR borrowings and 50 basis points with respect to base rate borrowings. The weighted average interest rate for the ABL Facility was 1.9% at September 30, 2020. In November 2020, the applicable margins for borrowings under our ABL Facility will increase 50 basis points based on the consolidated fixed charge coverage ratio. In addition, we are required to pay a commitment fee on the unused portion of the ABL Facility ranging from 25 to 37.5 basis points, based on the level of outstanding borrowings, as defined in the ABL Facility. As of September 30, 2020, the applicable commitment fee was 37.5 basis points. The ABL Facility is a senior secured obligation, secured by first liens on substantially all of our U.S. tangible and intangible assets, and a portion of the capital stock of our non-U.S. subsidiaries has also been pledged as collateral. The ABL Facility contains customary operating covenants and certain restrictions including, among other things, the incurrence of additional debt, liens, dividends, asset sales, investments, mergers, acquisitions, affiliate transactions, stock repurchases and other restricted payments. The ABL Facility also requires compliance with a minimum consolidated fixed charge coverage ratio of 1.0 to 1.0 calculated based on a trailing twelve-month period if availability under the ABL Facility falls below $22.5 million. In addition, the ABL Facility contains customary events of default, including, without limitation, a failure to make payments under the facility, acceleration of more than $25.0 million of other indebtedness, certain bankruptcy events, and certain change of control events. Other Debt. Certain of our foreign subsidiaries maintain local credit arrangements consisting primarily of lines of credit or overdraft facilities which are generally renewed on an annual basis. We utilize local financing arrangements in our foreign operations in order to provide short-term local liquidity needs. We had $7.9 million and $4.8 million outstanding under these arrangements at September 30, 2020 and December 31, 2019, respectively. In addition, at September 30, 2020, we had $57.5 million in outstanding letters of credit, performance bonds, and other guarantees for which certain of the letters of credit are collateralized by $6.3 million in restricted cash. Our financial instruments include cash and cash equivalents, receivables, payables, and debt. We believe the carrying values of these instruments, with the exception of our Convertible Notes, approximated their fair values at September 30, 2020 and December 31, 2019. The estimated fair value of our Convertible Notes was $59.2 million at September 30, 2020 and $101.4 million at December 31, 2019, based on quoted market prices at these respective dates. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The benefit for income taxes was $11.3 million for the first nine months of 2020, reflecting an effective tax benefit rate of 15%. This result primarily reflects the impact of the geographic composition of our pretax loss, where the tax benefit from losses in the U.S was partially offset by the tax expense related to earnings from our international operations. The provision for income taxes was $7.2 million for the first nine months of 2019, reflecting an effective tax rate of 63%. The 2019 effective tax rate was impacted by the geographic composition of our pretax income as well as non-deductible expenses relative to the amount of pretax income. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in March 2020 in the United States. The CARES Act contains several tax provisions, including additional carryback opportunities for net operating losses, temporary increases in the interest deductibility threshold, and the acceleration of refunds for any remaining alternative minimum tax (“AMT”) carryforwards. While there was no material impact from the CARES Act in our provision for income taxes for the first nine months of 2020, we are continuing to evaluate the provisions of the CARES Act. In addition, we filed an amendment to our 2018 U.S. federal income tax return in the second quarter of 2020 and received a refund of $0.7 million for AMT carryforwards in July 2020. The CARES Act also permits most companies to defer paying their portion of certain applicable payroll taxes from the date the CARES Act was signed into law through December 31, 2020. The deferred amount will be due in two equal installments on December 31, 2021 and December 31, 2022. The deferred amount of applicable payroll taxes was $2.3 million at September 30, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. While the outcome of litigation or other proceedings against us cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements. Kenedy, Texas Drilling Fluids Facility Fire In July 2018, a fire occurred at our Kenedy, Texas drilling fluids facility, destroying the distribution warehouse, including inventory and surrounding equipment. In addition, nearby residences and businesses were evacuated as part of the response to the fire. In order to avoid any customer service disruptions, we implemented contingency plans to supply products from alternate facilities in the area and region. Subsequently, we received petitions seeking payment for alleged bodily injuries, property damage, and punitive damages claimed to have been incurred as a result of the fire and the subsequent efforts we undertook to remediate any potential smoke damage. As of September 30, 2020, all plaintiffs' claims have been settled under our insurance program and the matter is closed. As of September 30, 2020, our claims related to the fire under our property, business interruption, and general liability insurance programs have not been finalized. |
Supplemental Disclosures to the
Supplemental Disclosures to the Statements of Cash Flows | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures to the Statements of Cash Flows | Supplemental Disclosures to the Statements of Cash Flows Supplemental disclosures to the statements of cash flows are presented below: First Nine Months (In thousands) 2020 2019 Cash paid for: Income taxes (net of refunds) $ 4,733 $ 10,095 Interest $ 4,160 $ 5,702 Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (In thousands) September 30, 2020 December 31, 2019 Cash and cash equivalents $ 24,028 $ 48,672 Restricted cash (included in prepaid expenses and other current assets) 6,326 8,191 Cash, cash equivalents, and restricted cash $ 30,354 $ 56,863 |
Segment Data
Segment Data | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 Revenues Fluids systems $ 67,711 $ 152,547 $ 275,178 $ 485,744 Mats and integrated services 28,713 50,216 87,742 144,904 Total revenues $ 96,424 $ 202,763 $ 362,920 $ 630,648 Operating income (loss) Fluids systems $ (18,957) $ 5,893 $ (46,284) $ 21,951 Mats and integrated services (139) 10,049 3,928 32,863 Corporate office (6,596) (9,654) (19,761) (31,933) Total operating income (loss) $ (25,692) $ 6,288 $ (62,117) $ 22,881 The following table presents further disaggregated revenues for the Fluids Systems segment: Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 United States $ 40,314 $ 98,140 $ 156,644 $ 318,353 Canada 1,961 8,029 18,287 26,283 Total North America 42,275 106,169 174,931 344,636 EMEA 23,207 41,126 91,380 123,346 Other 2,229 5,252 8,867 17,762 Total International 25,436 46,378 100,247 141,108 Total Fluids Systems revenues $ 67,711 $ 152,547 $ 275,178 $ 485,744 The following table presents further disaggregated revenues for the Mats and Integrated Services segment: Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 Service revenues $ 13,469 $ 18,930 $ 40,500 $ 59,989 Rental revenues 9,327 16,700 31,999 55,955 Product sales revenues 5,917 14,586 15,243 28,960 Total Mats and Integrated Services revenues $ 28,713 $ 50,216 $ 87,742 $ 144,904 During March 2020, oil prices collapsed due to geopolitical events along with the worldwide effects of the COVID-19 pandemic, which led to a rapid decline in customer activity in the oil and natural gas exploration and production (“E&P”) industry. As of September 30, 2020, the U.S. active rig count was 261, reflecting a 67% decline from the first quarter 2020 average level. The average U.S. active rig count was 477 for the first nine months of 2020 reflecting a 52% decline from the first nine months of 2019. In addition, international activity levels have also been negatively impacted by the COVID-19 pandemic and decline in oil prices. In response to these market changes, we initiated workforce reductions and other cost reduction programs late in the first quarter of 2020, and continued these actions throughout 2020. As part of the cost reduction programs, we have reduced our global employee base by approximately 620 (28%) in the first nine months of 2020. As a result of these workforce reductions, our operating results for the third quarter of 2020 include $0.4 million of total severance costs ($0.2 million in Fluids Systems and $0.2 million in the Corporate office), with $0.1 million in cost of revenues and $0.3 million in selling, general and administrative expenses. Our operating results for the first nine months of 2020 include $3.9 million of total severance costs ($3.3 million in Fluids Systems and $0.6 million in the Corporate office), with $2.6 million in cost of revenues and $1.3 million in selling, general and administrative expenses. These costs have been substantially paid as of September 30, 2020. For the third quarter of 2020, we recognized $4.7 million of total charges primarily for the impairment of certain fixed assets and other non-cash charges, with $4.5 million in the Fluids Systems segment and $0.2 million in the Corporate Office. For the first nine months of 2020, we recognized $18.0 million of total charges primarily for inventory write-downs, severance costs, fixed asset impairments, and facility exit costs, with $17.4 million in the Fluids Systems segment and $0.6 million in the Corporate office. See below for details of charges in the Fluids Systems segment. Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 Inventory write-downs $ 990 $ — $ 9,986 $ — Severance costs 189 284 3,288 1,152 Property, plant and equipment impairments 3,038 — 3,038 — Facility exit costs and other 286 — 1,086 — Total Fluids Systems impairments and other charges $ 4,503 $ 284 $ 17,398 $ 1,152 We also made the decision in late 2019 to wind down our Brazil operations. At September 30, 2020, we had $11.8 million of accumulated translation losses related to our subsidiary in Brazil. As such, we will reclassify these losses and recognize a charge to income at such time when we have substantially liquidated our subsidiary in Brazil. As of September 30, 2020, our consolidated balance sheet includes $42.2 million of goodwill, all of which relates to the Mats and Integrated Services segment. Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of November 1, or more frequently, if indicators of impairment exists. In March 2020, primarily as a result of the collapse in oil prices and the expected declines in the U.S. land E&P markets, along with a significant decline in the quoted market prices of our common stock, we considered these developments to be a potential indicator of impairment that required us to complete an interim goodwill impairment evaluation. As such, in March 2020, we estimated the fair value of our Mats and Integrated Services reporting unit based on our current forecasts and expectations for market conditions and determined that even though the estimated fair value had decreased, the fair value remained substantially in excess of its net carrying value, and therefore, no impairment was required. During the second quarter and third quarter of 2020, we determined that there were no further indicators of events or changes in circumstances that would more likely than not reduce the fair value below its carrying amount. As of September 30, 2020, our consolidated balance sheet also includes $287.3 million of property, plant and equipment, net, and $25.6 million of finite-lived intangible assets, net, which combined includes $159.6 million in the Fluids Systems segment and $143.6 million in the Mats and Integrated Services segment. We review property, plant and equipment, finite-lived intangible assets and certain other assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We assess recoverability based on expected undiscounted future net cash flows. Due to the changes in market conditions, we have reviewed these assets for impairment during the first nine months of 2020 and determined that the estimated undiscounted cash flows exceeded the carrying value, and therefore, no impairment was required. Fluids Systems segment includes a $3.0 million impairment charge for the first nine months of 2020, attributable to the abandonment of certain property, plant and equipment. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2019. |
New Accounting Pronouncements | New Accounting Pronouncements Standards Adopted in 2020 Credit Losses. In 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance which requires financial assets measured at amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. The new guidance requires an entity to estimate its lifetime “expected credit loss” for such assets at inception, which will generally result in the earlier recognition of allowances for losses. Under previous guidance, reserves for uncollectible accounts receivable were determined on a specific identification basis when we believed that the required payment of specific amounts owed to us was not probable. Under the new guidance, our allowance for credit losses reflects losses that are expected over the contractual life of the asset, and takes into account historical loss experience, current and future economic conditions, and reasonable and supportable forecasts. We adopted this new guidance as of January 1, 2020 using the modified retrospective transition method, and recorded a net reduction of $0.7 million to opening retained earnings to reflect the cumulative effect of adoption. Results for reporting periods beginning after December 31, 2019 are presented under the new guidance, while prior period amounts were not adjusted and continue to be reported in accordance with previous guidance. See Note 5 for additional required disclosures. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of the new accounting guidance for credit losses were as follows: (In thousands) Balance at December 31, 2019 Impact of Adoption of New Credit Losses Guidance Balance at January 1, 2020 Receivables, net $ 216,714 $ (959) $ 215,755 Deferred tax assets 3,600 59 3,659 Deferred tax liabilities 34,247 (165) 34,082 Retained earnings 134,119 (735) 133,384 Standards Not Yet Adopted Income Taxes: Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued new guidance which is intended to simplify various aspects related to accounting for income taxes. This guidance is effective for us in the first quarter of 2021. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or related disclosures. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cumulative effect of the changes made to consolidated balance sheet for the adoption of new guidance | The cumulative effect of the changes made to our consolidated balance sheet for the adoption of the new accounting guidance for credit losses were as follows: (In thousands) Balance at December 31, 2019 Impact of Adoption of New Credit Losses Guidance Balance at January 1, 2020 Receivables, net $ 216,714 $ (959) $ 215,755 Deferred tax assets 3,600 59 3,659 Deferred tax liabilities 34,247 (165) 34,082 Retained earnings 134,119 (735) 133,384 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of net income per share | The following table presents the reconciliation of the numerator and denominator for calculating net income (loss) per share: Third Quarter First Nine Months (In thousands, except per share data) 2020 2019 2020 2019 Numerator Net income (loss) - basic and diluted $ (23,870) $ (1,441) $ (62,262) $ 4,147 Denominator Weighted average common shares outstanding - basic 90,535 89,675 90,056 89,863 Dilutive effect of stock options and restricted stock awards — — — 1,676 Dilutive effect of Convertible Notes — — — — Weighted average common shares outstanding - diluted 90,535 89,675 90,056 91,539 Net income (loss) per common share Basic $ (0.26) $ (0.02) $ (0.69) $ 0.05 Diluted $ (0.26) $ (0.02) $ (0.69) $ 0.05 |
Schedule of weighted-average potential shares excluded from diluted net income per share | We excluded the following weighted-average potential shares from the calculations of diluted net income (loss) per share during the applicable periods because their inclusion would have been anti-dilutive: Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 Stock options and restricted stock awards 5,608 4,989 5,172 1,812 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of receivables | Receivables consisted of the following: (In thousands) September 30, 2020 December 31, 2019 Trade receivables: Gross trade receivables $ 119,705 $ 207,554 Allowance for credit losses (5,753) (6,007) Net trade receivables 113,952 201,547 Income tax receivables 4,403 7,393 Other receivables 9,602 7,774 Total receivables, net $ 127,957 $ 216,714 |
Changes in allowance for credit losses | Changes in our allowance for credit losses were as follows: First Nine Months (In thousands) 2020 2019 Balance at beginning of period $ 6,007 $ 10,034 Cumulative effect of accounting change 959 — Credit loss expense 1,304 1,044 Write-offs, net of recoveries (2,517) (2,530) Balance at end of period $ 5,753 $ 8,548 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consisted of the following: (In thousands) September 30, 2020 December 31, 2019 Raw materials: Fluids systems $ 106,484 $ 141,314 Mats and integrated services 3,724 5,049 Total raw materials 110,208 146,363 Blended fluids systems components 34,221 39,542 Finished goods - mats 15,138 10,992 Total inventories $ 159,567 $ 196,897 |
Financing Arrangements and Fa_2
Financing Arrangements and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of financing arrangements | Financing arrangements consisted of the following: September 30, 2020 December 31, 2019 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Convertible Notes $ 66,912 $ (5,262) $ 61,650 $ 100,000 $ (12,291) $ 87,709 ABL Facility 29,900 — 29,900 65,000 — 65,000 Other debt 10,805 — 10,805 7,164 — 7,164 Total debt 107,617 (5,262) 102,355 172,164 (12,291) 159,873 Less: Current portion (10,149) — (10,149) (6,335) — (6,335) Long-term debt $ 97,468 $ (5,262) $ 92,206 $ 165,829 $ (12,291) $ 153,538 |
Supplemental Disclosures to t_2
Supplemental Disclosures to the Statements of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental disclosures of cash flows | Supplemental disclosures to the statements of cash flows are presented below: First Nine Months (In thousands) 2020 2019 Cash paid for: Income taxes (net of refunds) $ 4,733 $ 10,095 Interest $ 4,160 $ 5,702 |
Cash, cash equivalents and restricted cash | Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (In thousands) September 30, 2020 December 31, 2019 Cash and cash equivalents $ 24,028 $ 48,672 Restricted cash (included in prepaid expenses and other current assets) 6,326 8,191 Cash, cash equivalents, and restricted cash $ 30,354 $ 56,863 |
Segment Data (Tables)
Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of operating results for reportable segments | Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 Revenues Fluids systems $ 67,711 $ 152,547 $ 275,178 $ 485,744 Mats and integrated services 28,713 50,216 87,742 144,904 Total revenues $ 96,424 $ 202,763 $ 362,920 $ 630,648 Operating income (loss) Fluids systems $ (18,957) $ 5,893 $ (46,284) $ 21,951 Mats and integrated services (139) 10,049 3,928 32,863 Corporate office (6,596) (9,654) (19,761) (31,933) Total operating income (loss) $ (25,692) $ 6,288 $ (62,117) $ 22,881 |
Schedule of disaggregated revenues, geographic | The following table presents further disaggregated revenues for the Fluids Systems segment: Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 United States $ 40,314 $ 98,140 $ 156,644 $ 318,353 Canada 1,961 8,029 18,287 26,283 Total North America 42,275 106,169 174,931 344,636 EMEA 23,207 41,126 91,380 123,346 Other 2,229 5,252 8,867 17,762 Total International 25,436 46,378 100,247 141,108 Total Fluids Systems revenues $ 67,711 $ 152,547 $ 275,178 $ 485,744 |
Schedule of disaggregated revenues, segments | The following table presents further disaggregated revenues for the Mats and Integrated Services segment: Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 Service revenues $ 13,469 $ 18,930 $ 40,500 $ 59,989 Rental revenues 9,327 16,700 31,999 55,955 Product sales revenues 5,917 14,586 15,243 28,960 Total Mats and Integrated Services revenues $ 28,713 $ 50,216 $ 87,742 $ 144,904 |
Schedule of fluids systems impairments and other charges | See below for details of charges in the Fluids Systems segment. Third Quarter First Nine Months (In thousands) 2020 2019 2020 2019 Inventory write-downs $ 990 $ — $ 9,986 $ — Severance costs 189 284 3,288 1,152 Property, plant and equipment impairments 3,038 — 3,038 — Facility exit costs and other 286 — 1,086 — Total Fluids Systems impairments and other charges $ 4,503 $ 284 $ 17,398 $ 1,152 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reduction to opening retained earnings | $ (69,422) | $ (133,384) | $ (134,119) |
ASU 2016-03 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reduction to opening retained earnings | $ 735 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Cumulative Effect of the Changes Made to Consolidated Balance Sheet for the Adoption of New Guidance (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables, net | $ 127,957 | $ 215,755 | $ 216,714 |
Deferred tax assets | 3,264 | 3,659 | 3,600 |
Deferred tax liabilities | 14,513 | 34,082 | 34,247 |
Retained earnings | $ 69,422 | 133,384 | $ 134,119 |
Impact of Adoption of New Credit Losses Guidance | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables, net | (959) | ||
Deferred tax assets | 59 | ||
Deferred tax liabilities | (165) | ||
Retained earnings | $ (735) |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator | ||||
Net income (loss) - basic and diluted | $ (23,870) | $ (1,441) | $ (62,262) | $ 4,147 |
Denominator | ||||
Weighted average common shares outstanding - basic (in shares) | 90,535 | 89,675 | 90,056 | 89,863 |
Dilutive effect of stock options and restricted stock awards (in shares) | 0 | 0 | 0 | 1,676 |
Dilutive effect of Convertible Notes (in shares) | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 90,535 | 89,675 | 90,056 | 91,539 |
Net income (loss) per common share | ||||
Basic (in dollars per share) | $ (0.26) | $ (0.02) | $ (0.69) | $ 0.05 |
Diluted (in dollars per share) | $ (0.26) | $ (0.02) | $ (0.69) | $ 0.05 |
Stock options and restricted stock awards (in shares) | 5,608 | 4,989 | 5,172 | 1,812 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) | Sep. 30, 2020$ / shares |
Convertible Notes | Senior Notes | |
Debt Instrument [Line Items] | |
Debt instrument, convertible, conversion price (in dollars per share) | $ 9.33 |
Capital Stock and Repurchase _2
Capital Stock and Repurchase Program (Details) - USD ($) | May 27, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, remaining authorized repurchase amount | $ 51,900,000 | ||||
Shares repurchased (in shares) | 0 | 2,537,833 | |||
Value of shares repurchased | $ 3,494,000 | $ 19,031,000 | |||
Number of shares called by each right (in shares) | 1 | ||||
Series D Junior Participating Preferred Stock | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Number of shares called by each right (in shares) | 0.001 | ||||
Temporary equity, par value (in dollars per share) | $ 0.01 | ||||
Purchase price (in dollars per share) | $ 12 | ||||
Percentage threshold where the Rights become exercisable for two times the purchase price | 10.00% | ||||
Multipler of purchase Price | 200.00% | ||||
Convertible Notes | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Face amount repurchased | $ 33,100,000 | $ 0 | |||
Cost of repurchase | $ 29,100,000 |
Stock-Based and Other Long-Te_2
Stock-Based and Other Long-Term Incentive Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | |
Performance-based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | $ 2.6 | |
Timebased Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of outstanding stock, minimum | 0.00% | |
Percentage of outstanding stock, maximum | 200.00% | |
The 2015 Plan | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation, authorized (in shares) | 2,474,377 | |
The 2015 Plan | Restricted Stock Units | Executive Officer and Key Employees | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Shares available for grant (in shares) | 1,622,532 | |
Equity-based compensation (in shares) | 156,886 | |
Weighted average grant-date fair value (in dollars per share) | $ 2.06 |
Receivables - Schedule of Recei
Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Trade receivables: | |||
Gross trade receivables | $ 119,705 | $ 207,554 | |
Allowance for credit losses | (5,753) | (6,007) | |
Net trade receivables | 113,952 | 201,547 | |
Income tax receivables | 4,403 | 7,393 | |
Other receivables | 9,602 | 7,774 | |
Total receivables, net | $ 127,957 | $ 215,755 | $ 216,714 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | $ 9,602 | $ 7,774 |
Foreign | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | $ 8,400 | $ 6,200 |
Receivables - Changes in Allowa
Receivables - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 6,007 | $ 10,034 |
Cumulative effect of accounting change | 5,753 | 8,548 |
Credit loss expense | 1,304 | 1,044 |
Write-offs, net of recoveries | (2,517) | (2,530) |
Balance at end of period | 5,753 | 8,548 |
Cumulative effect of accounting change | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 959 | 0 |
Cumulative effect of accounting change | $ 959 | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Raw materials | $ 110,208 | $ 146,363 |
Total inventories | 159,567 | 196,897 |
Fluids systems | ||
Inventory [Line Items] | ||
Raw materials | 106,484 | 141,314 |
Mats and integrated services | ||
Inventory [Line Items] | ||
Raw materials | 3,724 | 5,049 |
Finished goods | 15,138 | 10,992 |
Blended fluids systems components | ||
Inventory [Line Items] | ||
Finished goods | $ 34,221 | $ 39,542 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - Fluids systems - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Inventory [Line Items] | ||||
Impairments and other non-cash charges | $ 990 | $ 0 | $ 9,986 | $ 0 |
Operating Segments | ||||
Inventory [Line Items] | ||||
Impairments and other non-cash charges | $ 10,000 |
Financing Arrangements and Fa_3
Financing Arrangements and Fair Value of Financial Instruments - Schedule of Financing Arrangements (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Principal Amount | $ 107,617 | $ 172,164 |
Unamortized Discount and Debt Issuance Costs | (5,262) | (12,291) |
Total Debt | 102,355 | 159,873 |
Less: Current portion | ||
Principal Amount | (10,149) | (6,335) |
Unamortized Discount and Debt Issuance Costs | 0 | 0 |
Total Debt | (10,149) | (6,335) |
Long-term debt | ||
Principal Amount | 97,468 | 165,829 |
Unamortized Discount and Debt Issuance Costs | (5,262) | (12,291) |
Total Debt | 92,206 | 153,538 |
Other debt | ||
Debt Instrument [Line Items] | ||
Principal Amount | 10,805 | 7,164 |
Total Debt | 10,805 | 7,164 |
Revolving Credit Facility | ABL Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount | 29,900 | 65,000 |
Total Debt | 29,900 | 65,000 |
Senior Notes | Convertible Notes | ||
Debt Instrument [Line Items] | ||
Principal Amount | 66,912 | 100,000 |
Unamortized Discount and Debt Issuance Costs | (5,262) | (12,291) |
Total Debt | $ 61,650 | $ 87,709 |
Financing Arrangements and Fa_4
Financing Arrangements and Fair Value of Financial Instruments - Narrative (Details) | Nov. 03, 2020USD ($) | Nov. 30, 2020 | Mar. 31, 2019USD ($) | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)trading_day$ / shares | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||||||
Principal amount outstanding | $ 107,617,000 | $ 107,617,000 | $ 172,164,000 | ||||||
Long-term debt, excluding current maturities | 92,206,000 | 92,206,000 | 153,538,000 | ||||||
Unamortized debt discount and debt issuance costs | 5,262,000 | 5,262,000 | 12,291,000 | ||||||
Net gain | 0 | $ 0 | (419,000) | $ 0 | |||||
Current debt | 10,149,000 | 10,149,000 | 6,335,000 | ||||||
Foreign Operations | |||||||||
Debt Instrument [Line Items] | |||||||||
Current debt | 7,900,000 | 7,900,000 | 4,800,000 | ||||||
Convertible Debt, Debt Component | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, excluding current maturities | 61,700,000 | 61,700,000 | |||||||
Unamortized debt discount and debt issuance costs | $ 5,300,000 | $ 5,300,000 | |||||||
Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, convertible, threshold trading days | trading_day | 20 | ||||||||
Debt instrument, convertible, threshold consecutive trading days | trading_day | 30 | ||||||||
Conversion price percentage | 130.00% | ||||||||
Business day period | 5 days | ||||||||
Consecutive trading day period | 5 days | ||||||||
Debt conversion rate | 0.1071381 | ||||||||
Percent threshold last reported sale price | 98.00% | ||||||||
Interest rate, effective percentage | 11.30% | 11.30% | |||||||
Convertible Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchased face amount | $ 33,100,000 | $ 33,100,000 | 0 | ||||||
Repurchase amount | 29,100,000 | 29,100,000 | |||||||
Net gain | (400,000) | ||||||||
Convertible Notes | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 100,000,000 | ||||||||
Principal amount outstanding | $ 66,912,000 | $ 66,912,000 | 100,000,000 | ||||||
Interest rate, stated percentage | 4.00% | ||||||||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 9.33 | $ 9.33 | |||||||
Unamortized debt discount and debt issuance costs | $ 5,262,000 | $ 5,262,000 | 12,291,000 | ||||||
Convertible debt, fair value | 59,200,000 | $ 59,200,000 | 101,400,000 | ||||||
ABL Facility | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
ABL Facility | Federal Funds Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Base rate basis spread on variable rate | 0.50% | ||||||||
ABL Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Base rate basis spread on variable rate | 1.00% | ||||||||
Basis spread on variable rate | 1.50% | ||||||||
ABL Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.50% | ||||||||
ABL Facility | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.00% | ||||||||
ABL Facility | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
ABL Facility | Base Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
ABL Facility | Base Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
ABL Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount outstanding | 29,900,000 | $ 29,900,000 | $ 65,000,000 | ||||||
Maximum borrowing capacity | $ 200,000,000 | 99,000,000 | 99,000,000 | ||||||
Maximum borrowing capacity, maximum | $ 275,000,000 | ||||||||
Drawn | 29,900,000 | 29,900,000 | |||||||
Remaining borrowing capacity | $ 69,100,000 | $ 69,100,000 | |||||||
Fixed charge coverage ratio | 1 | ||||||||
Line of credit facility, covenant fixed charge coverage ratio, calculation period | 12 months | ||||||||
Line of credit, covenant, unused availability | $ 25,000,000 | ||||||||
Debt, weighted average interest rate | 1.90% | 1.90% | |||||||
Unused capacity, commitment fee percentage | 0.375% | ||||||||
Line of credit facility, fixed charge coverage ratio, amount | 22,500,000 | ||||||||
Covenant terms acceleration of other indebtedness | $ 25,000,000 | ||||||||
ABL Facility | Revolving Credit Facility | Mats and Integrated Services | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed charge coverage ratio | 1.5 | ||||||||
Line of credit facility, covenant fixed charge coverage ratio, calculation period | 12 months | ||||||||
Line of credit, covenant, operating income | $ 1,000,000 | ||||||||
Line of credit facility, covenant, operating income, calculation period | 12 months | ||||||||
ABL Facility | Revolving Credit Facility | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Remaining borrowing capacity | $ 83,300,000 | ||||||||
Line of credit facility, current borrowing capacity | 112,300,000 | ||||||||
Reduction in the borrowing availability | 29,000,000 | ||||||||
Reduction in borrowing availability | 25,300,000 | ||||||||
ABL Facility | Revolving Credit Facility | Subsequent Event | Mats and Integrated Services | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, current borrowing capacity | $ 25,300,000 | ||||||||
ABL Facility | Revolving Credit Facility | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed charge coverage ratio | 1.25 | ||||||||
Unused capacity, commitment fee percentage | 0.25% | ||||||||
ABL Facility | Revolving Credit Facility | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused capacity, commitment fee percentage | 0.375% | ||||||||
Credit Agreement | Domestic Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of credit outstanding, amount | $ 57,500,000 | $ 57,500,000 | |||||||
Restricted cash and cash equivalents, current | $ 6,300,000 | $ 6,300,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Provision (benefit) for income taxes | $ (4,813) | $ 3,273 | $ (11,303) | $ 7,171 | |
Effective income tax rate | (15.00%) | 63.00% | |||
Alternative minimum tax carryforwards | $ 700 | ||||
Deferred amount tax | $ 2,300 | $ 2,300 |
Supplemental Disclosures to t_3
Supplemental Disclosures to the Statements of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash paid for: | ||
Income taxes (net of refunds) | $ 4,733 | $ 10,095 |
Interest | $ 4,160 | $ 5,702 |
Supplemental Disclosures to t_4
Supplemental Disclosures to the Statements of Cash Flows - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 24,028 | $ 48,672 | ||
Restricted cash (included in prepaid expenses and other current assets) | 6,326 | 8,191 | ||
Cash, cash equivalents, and restricted cash | $ 30,354 | $ 56,863 | $ 61,749 | $ 64,266 |
Segment Data - Reportable Segme
Segment Data - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 96,424 | $ 202,763 | $ 362,920 | $ 630,648 |
Operating income (loss) | (25,692) | 6,288 | (62,117) | 22,881 |
Corporate office | ||||
Revenue, Major Customer [Line Items] | ||||
Operating income (loss) | (6,596) | (9,654) | (19,761) | (31,933) |
Fluids systems | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 67,711 | 152,547 | 275,178 | 485,744 |
Fluids systems | Operating segments | ||||
Revenue, Major Customer [Line Items] | ||||
Operating income (loss) | (18,957) | 5,893 | (46,284) | 21,951 |
Mats and integrated services | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 28,713 | 50,216 | 87,742 | 144,904 |
Mats and integrated services | Operating segments | ||||
Revenue, Major Customer [Line Items] | ||||
Operating income (loss) | $ (139) | $ 10,049 | $ 3,928 | $ 32,863 |
Segment Data - Disaggregated Re
Segment Data - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 96,424 | $ 202,763 | $ 362,920 | $ 630,648 |
Fluids systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 67,711 | 152,547 | 275,178 | 485,744 |
Fluids systems | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 42,275 | 106,169 | 174,931 | 344,636 |
Fluids systems | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 40,314 | 98,140 | 156,644 | 318,353 |
Fluids systems | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,961 | 8,029 | 18,287 | 26,283 |
Fluids systems | Total International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 25,436 | 46,378 | 100,247 | 141,108 |
Fluids systems | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 23,207 | 41,126 | 91,380 | 123,346 |
Fluids systems | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,229 | $ 5,252 | $ 8,867 | $ 17,762 |
Segment Data - Disaggregated _2
Segment Data - Disaggregated Revenues, Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 96,424 | $ 202,763 | $ 362,920 | $ 630,648 |
Mats and integrated services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 28,713 | 50,216 | 87,742 | 144,904 |
Mats and integrated services | Service revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13,469 | 18,930 | 40,500 | 59,989 |
Mats and integrated services | Rental revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,327 | 16,700 | 31,999 | 55,955 |
Mats and integrated services | Product sales revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 5,917 | $ 14,586 | $ 15,243 | $ 28,960 |
Segment Data - Narrative (Detai
Segment Data - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)rigemployee | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)rigemployee | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of U.S. active rig count | rig | 261 | 261 | |||
Decline in U.S. active rig count, percent | 67.00% | 67.00% | |||
Reduction of employees | employee | 620 | 620 | |||
Reduction of employees, percent | 28.00% | 28.00% | |||
Severance costs | $ 400 | $ 3,900 | |||
Inventory write-downs, severance costs and facility exist costs | 4,700 | 18,000 | |||
Accumulated other comprehensive loss | 69,847 | 69,847 | $ 67,947 | ||
Goodwill | 42,234 | 42,234 | 42,332 | ||
Property, Plant and Equipment, Net | 287,332 | 287,332 | $ 310,409 | ||
Finite-lived intangible assets, net | 25,600 | 25,600 | |||
Impairment charge | 3,038 | $ 0 | 3,038 | $ 0 | |
Brazil | |||||
Segment Reporting Information [Line Items] | |||||
Accumulated other comprehensive loss | 11,800 | 11,800 | |||
Cost of Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Severance costs | 100 | 2,600 | |||
Selling, General and Administrative Expenses | |||||
Segment Reporting Information [Line Items] | |||||
Severance costs | 300 | 1,300 | |||
Fluids systems | |||||
Segment Reporting Information [Line Items] | |||||
Severance costs | 189 | 284 | 3,288 | 1,152 | |
Inventory write-downs, severance costs and facility exist costs | 4,503 | 284 | 17,398 | 1,152 | |
Impairment charge | 3,038 | $ 0 | 3,038 | $ 0 | |
Operating Segments | Fluids systems | |||||
Segment Reporting Information [Line Items] | |||||
Severance costs | 200 | 3,300 | |||
Inventory write-downs, severance costs and facility exist costs | 4,500 | 17,400 | |||
Combined assets | 159,600 | 159,600 | |||
Operating Segments | Mats and Integrated Services | |||||
Segment Reporting Information [Line Items] | |||||
Combined assets | 143,600 | 143,600 | |||
Corporate Office | |||||
Segment Reporting Information [Line Items] | |||||
Severance costs | 200 | 600 | |||
Inventory write-downs, severance costs and facility exist costs | $ 200 | $ 600 | |||
Weighted Average | |||||
Segment Reporting Information [Line Items] | |||||
Number of U.S. active rig count | rig | 477,000 | 477,000 | |||
Decline in U.S. active rig count, percent | 52.00% | 52.00% |
Segment Data - Fluids Systems I
Segment Data - Fluids Systems Impairments and Other Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Severance costs | $ 400 | $ 3,900 | ||
Property, plant and equipment impairments | 3,038 | $ 0 | 3,038 | $ 0 |
Total Fluids Systems impairments and other charges | 4,700 | 18,000 | ||
Fluids systems | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Inventory write-downs | 990 | 0 | 9,986 | 0 |
Severance costs | 189 | 284 | 3,288 | 1,152 |
Property, plant and equipment impairments | 3,038 | 0 | 3,038 | 0 |
Facility exit costs and other | 286 | 0 | 1,086 | 0 |
Total Fluids Systems impairments and other charges | $ 4,503 | $ 284 | $ 17,398 | $ 1,152 |