Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 13, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'NEWPARK RESOURCES INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 86,358,856 | ' |
Entity Public Float | ' | ' | $936,800,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000071829 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $65,840 | $46,846 |
Receivables, net | 268,529 | 312,292 |
Inventories | 189,680 | 209,734 |
Deferred tax asset | 11,272 | 11,251 |
Prepaid expenses and other current assets | 11,016 | 11,860 |
Assets of discontinued operations | 13,103 | 12,073 |
Total current assets | 559,440 | 604,056 |
Property, plant and equipment, net | 217,010 | 190,402 |
Goodwill | 94,064 | 87,388 |
Other intangible assets, net | 25,900 | 37,661 |
Other assets | 6,086 | 7,831 |
Assets of discontinued operations | 65,917 | 67,203 |
Total assets | 968,417 | 994,541 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Short-term debt | 12,867 | 2,599 |
Accounts payable | 88,586 | 109,117 |
Accrued liabilities | 46,341 | 42,133 |
Liabilities of discontinued operations | 5,957 | 5,747 |
Total current liabilities | 153,751 | 159,596 |
Long-term debt, less current portion | 172,786 | 256,832 |
Deferred tax liability | 27,060 | 34,219 |
Other noncurrent liabilities | 11,026 | 10,061 |
Liabilities of discontinued operations | 22,740 | 20,255 |
Total liabilities | 387,363 | 480,963 |
Commitments and contingencies (Note 15) | ' | ' |
Common stock, $0.01 par value, 200,000,000 shares authorized and 98,030,839 and 95,733,677 shares issued, respectively | 980 | 957 |
Paid-in capital | 504,675 | 484,962 |
Accumulated other comprehensive loss | -9,484 | -734 |
Retained earnings | 160,338 | 95,015 |
Treasury stock, at cost; 10,832,845 and 10,115,951 shares, respectively | -75,455 | -66,622 |
Total stockholders’ equity | 581,054 | 513,578 |
Total liabilities and stockholders' equity | $968,417 | $994,541 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 98,030,839 | 95,733,677 |
Treasury stock, shares | 10,832,845 | 10,115,951 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | $1,042,356 | $983,953 | $909,368 |
Cost of revenues | 858,467 | 811,048 | 713,216 |
Selling, general and administrative expenses | 93,657 | 81,500 | 76,414 |
Other operating income, net | -4,213 | -870 | -1,117 |
Operating income | 94,445 | 92,275 | 120,855 |
Foreign currency exchange loss | 1,819 | 749 | 522 |
Interest expense, net | 11,279 | 9,727 | 9,226 |
Income from continuing operations before income taxes | 81,347 | 81,799 | 111,107 |
Provision for income taxes | 28,725 | 31,346 | 39,874 |
Income from continuing operations | 52,622 | 50,453 | 71,233 |
Income from discontinued operations, net of tax | 12,701 | 9,579 | 8,784 |
Net income | $65,323 | $60,032 | $80,017 |
Income per common share -basic: | ' | ' | ' |
Income from continuing operations (in Dollars per share) | $0.62 | $0.58 | $0.79 |
Income from discontinued operations (in Dollars per share) | $0.15 | $0.11 | $0.10 |
Net income (in Dollars per share) | $0.77 | $0.69 | $0.89 |
Income per common share -diluted: | ' | ' | ' |
Income from continuing operations (in Dollars per share) | $0.56 | $0.53 | $0.71 |
Income from discontinued operations (in Dollars per share) | $0.13 | $0.09 | $0.09 |
Net income (in Dollars per share) | $0.69 | $0.62 | $0.80 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $65,323 | $60,032 | $80,017 |
Foreign currency translation adjustments | -8,750 | -1,523 | -7,792 |
Comprehensive income | $56,573 | $58,509 | $72,225 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Balance | $581,054 | $513,578 | $497,846 | $417,347 |
Net income | 65,323 | 60,032 | 80,017 | ' |
Treasury shares purchased at cost | -6,713 | -50,145 | ' | ' |
Employee stock options, restricted stock and employee stock purchase plan | 6,187 | 698 | 3,147 | ' |
Stock-based compensation expense | 9,699 | 7,103 | 4,535 | ' |
Income tax effect, net, of employee stock related activity | 1,730 | -433 | 592 | ' |
Foreign currency translation | -8,750 | -1,523 | -7,792 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Balance | 980 | 957 | 945 | 931 |
Employee stock options, restricted stock and employee stock purchase plan | 23 | 12 | 14 | ' |
Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Balance | 504,675 | 484,962 | 477,204 | 468,503 |
Employee stock options, restricted stock and employee stock purchase plan | 8,284 | 1,088 | 3,574 | ' |
Stock-based compensation expense | 9,699 | 7,103 | 4,535 | ' |
Income tax effect, net, of employee stock related activity | 1,730 | -433 | 592 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Balance | -9,484 | -734 | 789 | 8,581 |
Foreign currency translation | -8,750 | -1,523 | -7,792 | ' |
Retained Earnings [Member] | ' | ' | ' | ' |
Balance | 160,338 | 95,015 | 34,983 | -45,034 |
Net income | 65,323 | 60,032 | 80,017 | ' |
Treasury Stock [Member] | ' | ' | ' | ' |
Balance | -75,455 | -66,622 | -16,075 | -15,634 |
Treasury shares purchased at cost | -6,713 | -50,145 | ' | ' |
Employee stock options, restricted stock and employee stock purchase plan | ($2,120) | ($402) | ($441) | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $65,323 | $60,032 | $80,017 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' | ' |
Impairment charges | 176 | 443 | ' |
Depreciation and amortization | 44,198 | 32,821 | 28,971 |
Stock-based compensation expense | 9,699 | 7,103 | 4,535 |
Provision for deferred income taxes | -7,832 | 1,358 | 26,623 |
Net provision for doubtful accounts | 416 | 1,709 | 2,400 |
(Gain) loss on sale of assets | -3,178 | 724 | 630 |
Excess tax benefit from stock-based compensation | -2,146 | ' | ' |
Change in assets and liabilities: | ' | ' | ' |
Decrease (increase) in receivables | 32,172 | 23,565 | -135,303 |
Decrease (increase) in inventories | 16,431 | -28,758 | -48,129 |
Decrease (increase) in other assets | 4,574 | -641 | -434 |
(Decrease) increase in accounts payable | -17,733 | 13,702 | 30,425 |
Increase (decrease) in accrued liabilities and other | 9,803 | -1,813 | -3,293 |
Net cash provided by (used in) operating activities | 151,903 | 110,245 | -13,558 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -67,929 | -43,955 | -36,897 |
Proceeds from sale of property, plant and equipment | 1,313 | 863 | 522 |
Proceeds from sale of a business | 13,329 | ' | ' |
Business acquisitions, net of cash acquired | -6,776 | -53,075 | -26,775 |
Net cash used in investing activities | -60,063 | -96,167 | -63,150 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings on lines of credit | 254,390 | 364,426 | 27,619 |
Payments on lines of credit | -328,086 | -296,944 | -9,951 |
Principal payments on notes payable and long-term debt | -25 | -40 | -219 |
Proceeds from employee stock plans | 8,328 | 1,059 | 3,588 |
Post-closing payment for business acquisition | ' | -11,892 | -2,055 |
Purchase of treasury stock | -9,281 | -50,756 | -644 |
Excess tax benefit from stock-based compensation | 2,146 | ' | ' |
Net cash (used in) provided by financing activities | -72,528 | 5,853 | 18,338 |
Effect of exchange rate changes on cash | -318 | 1,668 | 607 |
Net increase (decrease) in cash and cash equivalents | 18,994 | 21,599 | -57,763 |
Cash and cash equivalents at beginning of year | 46,846 | 25,247 | 83,010 |
Cash and cash equivalents at end of year | 65,840 | 46,846 | 25,247 |
Cash paid for: | ' | ' | ' |
Income taxes (net of refunds) | 31,101 | 24,508 | 29,675 |
Interest | $10,189 | $8,355 | $7,794 |
Note_1_Basis_of_Presentation_a
Note 1 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Disclosure Text Block [Abstract] | ' | |||
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | |||
Note 1 — Summary of Significant Accounting Policies | ||||
Organization and Principles of Consolidation. Newpark Resources, Inc. was organized in 1932 as a Nevada corporation. In 1991, we changed our state of incorporation to Delaware. We are a diversified oil and gas industry supplier providing products and services primarily to the oil and gas exploration and production (“E&P”) industry serving customers in North America, Europe, the Middle East and Africa (“EMEA”), Latin America and Asia Pacific regions. The consolidated financial statements include our company and our wholly-owned subsidiaries (“we”, “our” or “us”). All intercompany transactions are eliminated in consolidation. | ||||
Use of Estimates and Market Risks. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US 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. Estimates used in preparing our consolidated financial statements include, but are not limited to the following: allowances for product returns, allowances for doubtful accounts, reserves for self-insured retentions under insurance programs, reserves for incentive compensation programs, fair values used for goodwill impairment testing, undiscounted future cash flows used for impairment testing of long-lived assets, depreciation using the unit-of-production method and valuation allowances for deferred tax assets. | ||||
Our operating results depend primarily on oil and gas drilling activity levels in the markets we serve. Drilling activity, in turn, depends on oil and gas commodities pricing, inventory levels and product demand. Oil and gas prices and activity are cyclical and volatile. This market volatility has a significant impact on our operating results. | ||||
Cash Equivalents. All highly liquid investments with a remaining maturity of three months or less at the date of acquisition are classified as cash equivalents. | ||||
Allowance for Doubtful Accounts. Reserves for uncollectible accounts receivable are determined on a specific identification basis when we believe that the required payment of specific amounts owed to us is not probable. | ||||
The majority of our revenues are from mid-sized and international oil companies and government-owned or government-controlled oil companies, and we have receivables in several foreign jurisdictions. Changes in the financial condition of our customers or political changes in foreign jurisdictions could cause our customers to be unable to repay these receivables, resulting in additional allowances. | ||||
Allowance for Product Returns. We maintain reserves for estimated customer returns of unused materials in our Fluids Systems segment. The reserves are established based upon historical customer return levels and estimated gross profit levels attributable to product sales. | ||||
Inventories. Inventories are stated at the lower of cost (principally average cost) or market. Certain conversion costs associated with the acquisition, production, blending and storage of inventory in our Fluids Systems segment as well as in the manufacturing operations in the Mats and Integrated Services segment are capitalized as a component of the carrying value of the inventory and expensed as a component of cost of revenues as the products are sold. Reserves for inventory obsolescence are determined based on the fair value of the inventory using factors such as our historical usage of inventory on-hand, future expectations related to our customers needs, market conditions and the development of new products. | ||||
Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Additions and improvements that extend the useful life of the assets are capitalized. Maintenance and repairs are charged to expense as incurred. The cost of property, plant and equipment sold or otherwise disposed of and the accumulated depreciation thereon are eliminated from the property and related accumulated depreciation accounts, and any gain or loss is credited or charged to income. | ||||
For financial reporting purposes, except as described below, depreciation is provided on property, plant and equipment, including assets held under capital leases, by utilizing the straight-line method over the following estimated useful service lives or lease term: | ||||
Computer hardware and office equipment (years) | 3 | - | 5 | |
Computer software (years) | 3 | - | 10 | |
Autos & light trucks (years) | 5 | - | 7 | |
Furniture, fixtures & trailers (years) | 7 | - | 10 | |
Composite mats (years) | 7 | - | 12 | |
Machinery and heavy equipment (years) | 5 | - | 15 | |
Owned buildings (years) | 20 | - | 39 | |
Leasehold improvements | Lease terms, including reasonably assured renewal periods | |||
We compute the provision for depreciation on certain of our environmental disposal assets and our barite grinding mills using the unit-of-production method. In applying this method, we have considered certain factors which affect the expected production units (lives) of these assets. These factors include periods of non-use for normal maintenance and economic slowdowns. | ||||
Goodwill and Other Intangible Assets. Goodwill represents the excess of the purchase price of acquisitions over the fair value of the net identifiable assets acquired. Goodwill and other intangible assets with indefinite lives are not amortized. Intangible assets with finite useful lives are amortized either on a straight-line basis over the asset’s estimated useful life or on a basis that reflects the pattern in which the economic benefits of the asset are realized. Any period costs of maintaining intangible assets are expensed as incurred. | ||||
Impairment of Long-Lived Assets. Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of November 1, or more frequently, if an indication of impairment exists. The impairment test includes a comparison of the carrying value of net assets of our reporting units, including goodwill, with their estimated fair values, which we determine using a combination of a market multiple and discounted cash flow approach. If the carrying value exceeds the estimated fair value, an impairment charge is recorded in the period in which such review is performed. We identify our reporting units based on our analysis of several factors, including our operating segment structure, evaluation of the economic characteristics of our geographic regions within each of our operating segments, and the extent to which our business units share assets and other resources. | ||||
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. In estimating expected cash flows, we use a probability-weighted approach. Should the review indicate that the carrying value is not fully recoverable, the amount of impairment loss is determined by comparing the carrying value to the estimated fair value. | ||||
Insurance. We maintain reserves for estimated future payments associated with our self-insured employee healthcare programs, as well as the self-insured retention exposures under our general liability, auto liability and workers compensation insurance policies. Our reserves are determined based on historical cost experience under these programs, including estimated development of known claims and estimated incurred-but-not-reported claims. | ||||
Revenue Recognition. The Fluids Systems segment recognizes sack and bulk material additive revenues upon shipment of materials and passage of title. Formulated liquid systems revenues are recognized when utilized or lost downhole while drilling. An allowance for product returns is maintained, reflecting estimated future customer product returns. Engineering and related services are provided to customers as an integral component of the fluid system delivery, at agreed upon hourly or daily rates, and revenues are recognized when the services are performed. | ||||
For the Mats and Integrated Services segment, revenues from the sale of mats are recognized when title passes to the customer, which is upon shipment or delivery, depending upon the terms of the underlying sales contract. Revenues for services and rentals provided by this segment are generated from both fixed-price and unit-priced contracts, which are short-term in duration. The activities under these contracts include site preparation, pit design, construction, drilling waste management, and the installation and rental of mat systems for a period of time generally not to exceed 60 days. Revenues from services provided under these contracts are recognized as the specified services are completed. Revenues from any subsequent extensions to the rental agreements are recognized over the extension period. | ||||
Shipping and handling costs are reflected in cost of revenues, and all reimbursements by customers of shipping and handling costs are included in revenues. | ||||
Income Taxes. We provide for deferred taxes using an asset and liability approach by measuring deferred tax assets and liabilities due to temporary differences existing at year end using currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. We reduce deferred tax assets by a valuation allowance when, based on our estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The estimates utilized in recognition of deferred tax assets are subject to revision, either up or down, in future periods based on new facts or circumstances. We evaluate uncertain tax positions and record a liability as circumstances warrant. We have a $2.2 million and $2.8 million liability for uncertain tax positions recorded as of December 31, 2013 and 2012, respectively. | ||||
Stock-Based Compensation. All share-based payments to employees, including grants of employee stock options, are recognized in the income statement based on their fair values. We use the Black-Scholes option-pricing model for measuring the fair value of stock options granted and recognize stock-based compensation based on the grant date fair value, net of an estimated forfeiture rate, for all share-based awards, on a straight-line basis over the vesting term. | ||||
Foreign Currency Transactions. The majority of our transactions are in U.S. dollars; however, our foreign subsidiaries maintain their accounting records in the respective local currency. These currencies are converted to U.S. dollars with the effect of the foreign currency translation reflected in “accumulated other comprehensive income (loss),” a component of stockholders’ equity. Foreign currency transaction gains and losses, if any, are credited or charged to income. We recorded a net transaction loss totaling $1.8 million, $0.7 million and $0.5 million in 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, accumulated other comprehensive loss related to foreign subsidiaries reflected in stockholders’ equity amounted to $9.5 million and $0.7 million, respectively. | ||||
Derivative Financial Instruments. We monitor our exposure to various business risks including interest rates and foreign currency exchange rates and occasionally use derivative financial instruments to manage the impact of certain of these risks. At the inception of a new derivative, we designate the derivative as a cash flow or fair value hedge or we determine the derivative to be undesignated as a hedging instrument based on the underlying facts. We do not enter into derivative instruments for trading purposes. | ||||
New Accounting Standards. In February 2013, the Financial Accounting Standards Board issued additional guidance on disclosure requirements for items reclassified out of accumulated other comprehensive income which was effective for us beginning in the first quarter of 2013. This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of accumulated other comprehensive income. During the year-ended December 31, 2013, we had no reclassifications out of accumulated other comprehensive income, as the only changes relate to foreign currency translation adjustments. | ||||
In July 2012, the Financial Accounting Standards Board (“FASB”) issued an update to previous guidance regarding testing indefinite-lived intangible assets for impairment. The revised guidance permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. The update is effective for impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this additional guidance did not have a material effect on our consolidated financial statements. |
Note_2_Discontinued_Operations
Note 2 - Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||
Note 2 — Discontinued Operations | |||||||||||||
In May 2013, our Board of Directors approved commencement of a process to sell our Environmental Services business so that we can focus our efforts on expanding into new markets and developing new technologies in our core Fluids Systems and Mats and Integrated Services segments. In February 2014, we entered into a definitive agreement to sell this business, which is subject to regulatory approval and customary closing conditions. Under the terms of the agreement, Newpark will receive $100 million in cash, subject to adjustment based on actual working capital conveyed at closing. While containing representations, warranties and indemnities which are customary for transactions of this nature, the agreement significantly limits our post-closing environmental obligations, including those related to the waste transfer and disposal facilities. The agreement provides for a $5 million reverse-termination fee which will be payable to Newpark if the agreement is terminated under certain circumstances. The sale is expected to close in the first quarter of 2014, subject to customary conditions, including regulatory approval. As a result, we have reclassified all assets, liabilities and results of operations for this business to discontinued operations for all periods presented. | |||||||||||||
Summarized results of operations from discontinued operations are as follows: | |||||||||||||
Year-ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 65,002 | $ | 54,066 | $ | 48,812 | |||||||
Income from discontinued operations before income taxes | 17,773 | 13,609 | 11,909 | ||||||||||
Income from discontinued operations, net of tax | 12,701 | 9,579 | 8,784 | ||||||||||
Assets and liabilities of discontinued operations as of December 31, 2013 and December 31, 2012 are as follows: | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Receivables, net | $ | 11,915 | $ | 11,147 | |||||||||
Prepaid expenses and other current assets | 1,188 | 925 | |||||||||||
Property, plant and equipment | 62,333 | 63,588 | |||||||||||
Other assets | 3,584 | 3,616 | |||||||||||
Assets of discontinued operations | $ | 79,020 | $ | 79,276 | |||||||||
Accounts payable | $ | 4,415 | $ | 5,259 | |||||||||
Other Accrued liabilities | 1,542 | 488 | |||||||||||
Deferred tax liability | 12,449 | 12,129 | |||||||||||
Other noncurrent liabilities | 10,291 | 8,126 | |||||||||||
Liabilities of discontinued operations | $ | 28,697 | $ | 26,002 | |||||||||
Note_3_Inventories
Note 3 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 3 — Inventories | |||||||||
Inventories consisted of the following items at December 31: | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Raw materials: | |||||||||
Drilling fluids | $ | 153,901 | $ | 174,365 | |||||
Mats | 790 | 754 | |||||||
Total raw materials | 154,691 | 175,119 | |||||||
Blended drilling fluids components | 34,075 | 34,215 | |||||||
Finished goods- mats | 914 | 400 | |||||||
Total | $ | 189,680 | $ | 209,734 | |||||
Raw materials consist primarily of barite, chemicals, and other additives that are consumed in the production of our drilling fluid systems. Our blended drilling fluids components consist of base drilling fluid systems that have been either mixed internally at our mixing plants or purchased from third party vendors. These base systems require raw materials to be added, as required to meet specified customer requirements. | |||||||||
The decline in inventory during 2013 reflects the $20.8 million decrease in U.S. barite ore inventories, as the 2012 levels were unusually high. |
Note_4_Property_Plant_and_Equi
Note 4 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
Note 4 — Property, Plant and Equipment | |||||||||
Our investment in property, plant and equipment consisted of the following at December 31: | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Land | $ | 10,085 | $ | 6,789 | |||||
Buildings and improvements | 86,660 | 63,465 | |||||||
Machinery and equipment | 209,874 | 221,730 | |||||||
Construction in progress | 12,667 | 14,489 | |||||||
319,286 | 306,473 | ||||||||
Less accumulated depreciation | (137,702 | ) | (139,438 | ) | |||||
181,584 | 167,035 | ||||||||
Mats (rental fleet) | 60,332 | 44,811 | |||||||
Less accumulated depreciation-mats | (24,906 | ) | (21,444 | ) | |||||
35,426 | 23,367 | ||||||||
Property, plant and equipment, net | $ | 217,010 | $ | 190,402 | |||||
Depreciation expense was $29.4 million, $25.7 million and $22.6 million in 2013, 2012 and 2011, respectively. | |||||||||
In October 2013, we announced plans to expand our mat manufacturing facility, located in Carencro, Louisiana. The $40 million expansion project is expected to be completed in early 2015. |
Note_5_Goodwill_Other_Intangib
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
Note 5 — Goodwill, Other Intangibles and Impairments of Long-Lived Assets | |||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill by reportable segment are as follows: | |||||||||||||||||||||||||||||
(In thousands) | Fluids | Mats and | Total | ||||||||||||||||||||||||||
Systems | Integrated | ||||||||||||||||||||||||||||
Services | |||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 57,041 | $ | 14,929 | $ | 71,970 | |||||||||||||||||||||||
Acquisition | 15,060 | - | 15,060 | ||||||||||||||||||||||||||
Effects of foreign currency | 358 | - | 358 | ||||||||||||||||||||||||||
Balance at December 31, 2012 | 72,459 | 14,929 | 87,388 | ||||||||||||||||||||||||||
Acquisition | - | 4,544 | 4,544 | ||||||||||||||||||||||||||
Purchase price adjustments | 2,692 | - | 2,692 | ||||||||||||||||||||||||||
Effects of foreign currency | (560 | ) | - | (560 | ) | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 74,591 | $ | 19,473 | $ | 94,064 | |||||||||||||||||||||||
We have evaluated the carrying values of our goodwill and other indefinite-lived intangible assets as of November 1, 2013. We determine any impairment of goodwill by comparing the carrying amounts of our reporting units with fair values, which we estimate using a combination of a market multiple and discounted cash flow approach. In completing this evaluation, we determined that no reporting unit has a fair value below its net carrying value and therefore, no impairment was required. | |||||||||||||||||||||||||||||
Other intangible assets consist of the following: | |||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Intangible | Gross | Accumulated | Intangible | |||||||||||||||||||||||
Carrying | Amortization | assets, net | Carrying | Amortization | assets, net | ||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||||
Technology related | $ | 5,318 | $ | (3,065 | ) | $ | 2,253 | $ | 5,222 | $ | (2,724 | ) | $ | 2,498 | |||||||||||||||
Customer related | 38,684 | (17,892 | ) | 20,792 | 42,540 | (10,559 | ) | 31,981 | |||||||||||||||||||||
Employment related | 2,238 | (934 | ) | 1,304 | 2,327 | (593 | ) | 1,734 | |||||||||||||||||||||
Total amortizing intangible assets | 46,240 | (21,891 | ) | 24,349 | 50,089 | (13,876 | ) | 36,213 | |||||||||||||||||||||
Permits and licenses | 622 | - | 622 | 597 | - | 597 | |||||||||||||||||||||||
Trademarks | 929 | - | 929 | 851 | - | 851 | |||||||||||||||||||||||
Total indefinite-lived intangible assets | 1,551 | - | 1,551 | 1,448 | - | 1,448 | |||||||||||||||||||||||
Total intangible assets | $ | 47,791 | $ | (21,891 | ) | $ | 25,900 | $ | 51,537 | $ | (13,876 | ) | $ | 37,661 | |||||||||||||||
Total amortization expense in 2013, 2012 and 2011 related to other intangible assets was $10.4 million, $3.3 million and $3.3 million, respectively. The increase in amortization expense in 2013 relates to the acquisition of Alliance Drilling Fluids, LLC in December 2012. See Note 6 Acquisitions in these Notes to Consolidated Financial Statements for additional details. | |||||||||||||||||||||||||||||
Estimated future amortization expense for the years ended December 31 is as follows (in thousands): | |||||||||||||||||||||||||||||
(In thousands) | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Technology related | $ | 400 | $ | 387 | $ | 341 | $ | 341 | $ | 341 | $ | 442 | $ | 2,252 | |||||||||||||||
Customer related | 6,882 | 3,792 | 2,667 | 2,006 | 1,431 | 4,015 | 20,793 | ||||||||||||||||||||||
Employment related | 329 | 325 | 325 | 325 | - | - | 1,304 | ||||||||||||||||||||||
Total future amortization expense | $ | 7,611 | $ | 4,504 | $ | 3,333 | $ | 2,672 | $ | 1,772 | $ | 4,457 | $ | 24,349 | |||||||||||||||
The average amortization period for technology related, customer related and employment related intangible assets is 14 years, 8 years and 5 years, respectively. |
Note_6_Acquisition
Note 6 - Acquisition | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Note 6 — Acquisitions | |||||
In December 2012, we completed the acquisition of substantially all assets and operations of Alliance Drilling Fluids, LLC (“Alliance”), a provider of drilling fluids, proppant distribution, and related services headquartered in Midland, Texas. Total cash consideration at closing was $53.1 million, which was funded through borrowings on our revolving credit facility. Additional consideration up to $4.3 million may be payable based on the profitability of the proppant distribution business over the two year period following the acquisition. | |||||
The transaction has been recorded using the acquisition method of accounting and accordingly, assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The excess of the total consideration, including projected additional consideration, was recorded as goodwill and includes the value of the assembled workforce. The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the December 31, 2012 acquisition date, including final adjustments to the purchase price allocation: | |||||
(In thousands) | |||||
Receivables, net | $ | 22,822 | |||
Inventories | 5,779 | ||||
Property, plant and equipment, net | 4,932 | ||||
Goodwill | 14,220 | ||||
Customer relationships | 13,652 | ||||
Tradename | 2,020 | ||||
Employment contracts | 1,625 | ||||
Deferred tax asset | 181 | ||||
Total assets acquired | $ | 65,231 | |||
Accounts payable | $ | 7,002 | |||
Accrued liabilities | 4,149 | ||||
Other noncurrent liabilities | 1,005 | ||||
Total liabilities assumed | $ | 12,156 | |||
Total cash conveyed at closing | $ | 53,075 | |||
The other non-current liabilities balance above includes $1.0 million of estimated post-closing payments due to the seller for the 2013 fiscal year, reflecting the expected contingent consideration described above. | |||||
In December 2013, we completed the acquisition of Terrafirma Roadways (“Terrafirma”), a provider of temporary roadways and worksites based in the United Kingdom, for total cash consideration of $6.8 million, net of cash acquired. Additional consideration up to $1.6 million may be payable based on earnings of business over the 18 month period following the acquisition. Prior to the acquisition, Terrafirma had been operating as a partner to the Company since 2008, developing a rental business with DURA-BASE® composite mats, primarily focused in the utility industry in the U.K. | |||||
The transaction has been recorded using the acquisition method of accounting and accordingly, assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The excess of the total consideration, including projected additional consideration, was recorded as goodwill and includes the value of the assembled workforce. While the initial purchase price allocation has been completed, the allocation of the purchase price is subject to change for a period of one year following the acquisition. The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the December 2013 acquisition date: | |||||
(In thousands) | |||||
Receivables, net | $ | 2,155 | |||
Property, plant and equipment, net | 2,160 | ||||
Goodwill | 4,544 | ||||
Other intangibles, net | 4,528 | ||||
Total assets acquired | $ | 13,387 | |||
Accounts payable | $ | 3,350 | |||
Short-term debt | 284 | ||||
Accrued liabilities | 285 | ||||
Deferred tax liability | 1,092 | ||||
Other noncurrent liabilities | 1,600 | ||||
Total liabilities assumed | $ | 6,611 | |||
Total cash conveyed at closing | $ | 6,776 | |||
Pro forma results of operation for the acquired businesses have not been presented as the effect of these acquisitions are not material to our consolidated financial statements. |
Note_7_Financing_Arrangements
Note 7 - Financing Arrangements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
Note 7 — Financing arrangements | |||||||||
Financing arrangements consisted of the following at December 31, 2013 and 2012: | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Senior Notes | $ | 172,500 | $ | 172,500 | |||||
Revolving credit facility | - | 84,000 | |||||||
Other | 13,153 | 2,931 | |||||||
Total debt | $ | 185,653 | $ | 259,431 | |||||
Less: current portion | (12,867 | ) | (2,599 | ) | |||||
Long-term portion | $ | 172,786 | $ | 256,832 | |||||
Our financing arrangements include $172.5 million of unsecured convertible senior notes (“Senior Notes”) and a $125.0 million revolving credit facility (the “Credit Agreement”) which can be increased by $75.0 million for a maximum $200.0 million of capacity. The Senior Notes bear interest at a rate of 4.0% per year, payable semi-annually in arrears on April 1 and October 1 of each year. Holders may convert the Senior Notes at their option at any time prior to the close of business on the business day immediately preceding the October 1, 2017 maturity date. The conversion rate is initially 90.8893 shares of our common stock per $1,000 principal amount of Senior Notes (equivalent to an initial conversion price of $11.00 per share of common stock), subject to adjustment in certain circumstances. Upon conversion, the Senior Notes will be settled in shares of our common stock. We may not redeem the Senior Notes prior to their maturity date. | |||||||||
The Credit Agreement provides a $125.0 million revolving loan facility available for borrowings and letters of credit and expires in November 2016. Under the terms of the Credit Agreement, we can elect to borrow at an interest rate either based on LIBOR plus a margin based on our consolidated leverage ratio, ranging from 175 to 300 basis points, or at an interest rate based on the greatest of: (a) prime rate, (b) the federal funds rate in effect plus 50 basis points, or (c) the Eurodollar rate for a Eurodollar Loan with a one-month interest period plus 100 basis points, in each case plus a margin ranging from 75 to 200 basis points. The applicable margin on LIBOR borrowings on December 31, 2013 was 200 basis points. In addition, we are required to pay a commitment fee on the unused portion of the Credit Agreement of 37.5 basis points. The Credit Agreement contains customary financial and operating covenants, including a consolidated leverage ratio, a senior secured leverage ratio and an interest coverage ratio. We were in compliance with these covenants as of December 31, 2013. | |||||||||
At December 31, 2013, we had letters of credit issued and outstanding under the Credit Agreement which totaled $25.7 million leaving $99.3 million of availability at December 31, 2013. Additionally, our foreign operations had $13.2 million outstanding under lines of credit and other borrowings, as well as $0.8 million outstanding in letters of credit. | |||||||||
The Credit Agreement is a senior secured obligation, secured by first liens on all of our U.S. tangible and intangible assets, including our accounts receivable and inventory. Additionally, a portion of the capital stock of our non-U.S. subsidiaries has also been pledged as collateral. | |||||||||
Our foreign subsidiaries, primarily those in Italy and Brazil, maintain local credit arrangements consisting primarily of lines of credit with several banks, which are renewed on an annual basis. We utilize local financing arrangements in our foreign operations in order to provide short-term local liquidity needs, as well as to reduce the net investment in foreign operations subject to foreign currency risk. Advances under these short-term credit arrangements are typically based on a percentage of the subsidiary’s accounts receivable or firm contracts with certain customers. The weighted average interest rate under these arrangements was 14.11% and 2.81% on total outstanding balances of $13.2 million and $2.5 million at December 31, 2013 and 2012, respectively. | |||||||||
We incurred net interest expense of $11.3 million, $9.7 million and $9.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. Scheduled maturities of all long-term debt are as follows (in thousands): | |||||||||
2015 | $ | 286 | |||||||
2016 | - | ||||||||
2017 | 172,500 | ||||||||
2018 | - | ||||||||
Thereafter | - | ||||||||
Total | $ | 172,786 | |||||||
Note_8_Fair_Value_of_Financial
Note 8 - Fair Value of Financial Instruments and Concentrations of Credit Risk | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||
Note 8 — Fair Value of Financial Instruments and Concentrations of Credit Risk | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
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 Senior Notes, approximated their fair values at December 31, 2013 and December 31, 2012. The estimated fair value of our Senior Notes is $231.2 million at December 31, 2013 and $176.0 million at December 31, 2012, based on quoted market prices at these respective dates. | |||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, trade accounts and notes receivable. At December 31, 2013, substantially all of our cash deposits are held in accounts at numerous financial institutions across the various regions that we operate in. A majority of the cash is held in accounts that maintain deposit ratings of P-1 by Moody’s, A-1 by Standard and Poor’s, and F1 by Fitch. As part of our investment strategy, we perform periodic evaluations of the relative credit standing of these financial institutions. | |||||||||||||
Accounts Receivable | |||||||||||||
Accounts receivable at December 31, 2013 and 2012 include the following: | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Gross trade receivables | $ | 252,168 | $ | 296,117 | |||||||||
Allowance for doubtful accounts | (4,142 | ) | (3,950 | ) | |||||||||
Net trade receivables | 248,026 | 292,167 | |||||||||||
Other receivables | 20,503 | 20,125 | |||||||||||
Total receivables, net | $ | 268,529 | $ | 312,292 | |||||||||
Other receivables includes $15.6 million and $17.7 million for value-added and goods and service taxes related to foreign jurisdictions, as well as other tax related receivables as of December 31, 2013 and 2012, respectively. | |||||||||||||
We derive a significant portion of our revenues from companies in the E&P industry, and our customer base is highly concentrated in major and independent oil and gas E&P companies operating in the markets that we serve. In 2013, approximately 50% of our consolidated revenues from continuing operations were derived from our 20 largest customers. We maintain an allowance for losses based upon the expected collectability of accounts receivable. Changes in this allowance for 2013, 2012 and 2011 are as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 3,950 | $ | 3,149 | $ | 5,571 | |||||||
Provision for uncollectible accounts | 309 | 1,614 | 2,403 | ||||||||||
Write-offs, net of recoveries | (117 | ) | (813 | ) | (4,825 | ) | |||||||
Balance at end of year | $ | 4,142 | $ | 3,950 | $ | 3,149 | |||||||
The Consolidated Statements of Cash Flows included in this Item 8 of these Financial Statements and Supplementary Data include a provision for uncollectible accounts related to operations that are classified as discontinued operations as of December 31, 2013, 2012 and 2011. However, these amounts were minimal for the periods presented. | |||||||||||||
During 2011, $5.2 million of fully reserved trade receivables were written off against the allowance for doubtful accounts. During the years ended December 31, 2013, 2012 and 2011, no single customer accounted for more than 10% of total sales. |
Note_9_Income_Taxes
Note 9 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
Note 9 — Income Taxes | |||||||||||||
The provision for income taxes charged to continuing operations was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Current tax expense (benefit): | |||||||||||||
U.S. Federal | $ | 24,275 | $ | 19,020 | $ | 7,067 | |||||||
State | 1,595 | 1,602 | 2,724 | ||||||||||
Foreign | 7,085 | 8,682 | 7,234 | ||||||||||
Total current | 32,955 | 29,304 | 17,025 | ||||||||||
Deferred tax expense (benefit): | |||||||||||||
U.S. Federal | (2,057 | ) | (1,082 | ) | 22,280 | ||||||||
State | (598 | ) | (1,219 | ) | 384 | ||||||||
Foreign | (1,575 | ) | 4,343 | 185 | |||||||||
Total deferred | (4,230 | ) | 2,042 | 22,849 | |||||||||
Total provision | $ | 28,725 | $ | 31,346 | $ | 39,874 | |||||||
The total provision was allocated to the following components of income: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations | $ | 28,725 | $ | 31,346 | $ | 39,874 | |||||||
Income from discontinued operations | 5,072 | 4,030 | 3,125 | ||||||||||
Total provision | $ | 33,797 | $ | 35,376 | $ | 42,999 | |||||||
Income from continuing operations before income taxes was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
U.S. | $ | 65,310 | $ | 54,603 | $ | 83,358 | |||||||
Foreign | 16,037 | 27,196 | 27,749 | ||||||||||
Income from continuing operations before income taxes | $ | 81,347 | $ | 81,799 | $ | 111,107 | |||||||
The effective income tax rate is reconciled to the statutory federal income tax rate as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense at federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||||
Nondeductible expenses | 4.30% | 1.90% | 2.10% | ||||||||||
Manufacturing deduction | -2.50% | -2.20% | -0.80% | ||||||||||
Different rates on earnings of foreign operations | -4.60% | -3.40% | -2.60% | ||||||||||
Change in valuation allowance | 3.00% | -2.10% | -1.20% | ||||||||||
Uncertain tax positions | -0.80% | 1.90% | -0.30% | ||||||||||
Foreign tax withholdings | 0.20% | 5.20% | 0.80% | ||||||||||
State tax expense, net | 0.50% | 1.50% | 1.90% | ||||||||||
Other | 0.20% | 0.50% | 1.00% | ||||||||||
Total income tax expense | 35.30% | 38.30% | 35.90% | ||||||||||
The Company’s effective tax rate has been positively impacted by lower tax rates in certain foreign jurisdictions such as Romania and Algeria. The 2012 provision for income taxes included a $3.9 million charge associated with a tax assessment and related increase in tax rate for the period of 2006 through 2012 in a foreign subsidiary. | |||||||||||||
Temporary differences and carryforwards which give rise to deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 16,064 | $ | 14,965 | |||||||||
Accruals not currently deductible | 12,901 | 11,020 | |||||||||||
Bad debts | 1,166 | 1,123 | |||||||||||
Foreign tax credits | 1,653 | 1,653 | |||||||||||
Other | 4,135 | 4,745 | |||||||||||
Total deferred tax assets | 35,919 | 33,506 | |||||||||||
Valuation allowance | (15,024 | ) | (13,834 | ) | |||||||||
Total deferred tax assets, net of allowances | 20,895 | 19,672 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation and amortization | (29,530 | ) | (30,407 | ) | |||||||||
Other | (7,776 | ) | (12,477 | ) | |||||||||
Total deferred tax liabilities | (37,306 | ) | (42,884 | ) | |||||||||
Total net deferred tax liability | $ | (16,411 | ) | $ | (23,212 | ) | |||||||
Current portion of deferred tax assets | $ | 11,272 | $ | 11,251 | |||||||||
Non current portion of deferred tax assets | 119 | 274 | |||||||||||
Current portion of deferred tax liabilities | (742 | ) | (518 | ) | |||||||||
Non current portion of deferred tax liabilities | (27,060 | ) | (34,219 | ) | |||||||||
Net deferred tax liabilities | $ | (16,411 | ) | $ | (23,212 | ) | |||||||
For state income tax purposes, we have net operating loss carryforwards (“NOLs”) of approximately $209 million available to reduce future state taxable income. These NOLs expire in varying amounts beginning in year 2014 through 2030. Foreign NOLs of approximately $15.9 million are available to reduce future taxable income, some of which expire beginning in 2015. | |||||||||||||
The realization of our net deferred tax assets is dependent on our ability to generate taxable income in future periods. At December 31, 2013 and December 31, 2012, we have recorded a valuation allowance in the amount of $15.0 million and $13.6 million, respectively, related to state and foreign NOL carryforwards. | |||||||||||||
Unremitted foreign earnings permanently reinvested abroad upon which deferred income taxes have not been provided aggregated approximately $112.6 million and $95.0 million at December 31, 2013 and 2012, respectively. We have the ability and intent to leave these foreign earnings permanently reinvested abroad. | |||||||||||||
We file an income tax return in the U.S. federal jurisdiction, and various state and foreign jurisdictions and are subject to tax examinations in the various jurisdictions in which we file. We are no longer subject to income tax examinations for substantially all tax jurisdictions for years prior to 2000. | |||||||||||||
A reconciliation of the beginning and ending provision for uncertain tax positions is as follows: | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 2,753 | $ | 1,218 | $ | 1,568 | |||||||
Additions (reductions) for tax positions of prior years | (650 | ) | 1,350 | (350 | ) | ||||||||
Additions for tax positions of current year | 72 | 185 | - | ||||||||||
Balance at December 31 | $ | 2,175 | $ | 2,753 | $ | 1,218 | |||||||
The provision for uncertain tax positions, if recognized, would affect the annual effective tax rate. The Company recognizes accrued interest and penalties related to uncertain tax positions in operating expenses. During the year ended December 31, 2012, the Company recognized approximately $0.4 million in interest and penalties. The Company had approximately $0.2 million and $0.4 million for the payment of interest and penalties accrued at December 31, 2013 and 2012, respectively. |
Note_10_Capital_Stock
Note 10 - Capital Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||
Note 10 — Capital Stock | |||||||||||||
Common stock | |||||||||||||
Changes in outstanding Common Stock for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
(In thousands of shares) | 2013 | 2012 | 2011 | ||||||||||
Outstanding, beginning of year | 95,734 | 94,498 | 93,143 | ||||||||||
Shares issued upon exercise of options | 1,386 | 286 | 671 | ||||||||||
Shares issued for grants of time vested restricted stock | 911 | 950 | 684 | ||||||||||
Outstanding, end of year | 98,031 | 95,734 | 94,498 | ||||||||||
Preferred stock | |||||||||||||
We are authorized to issue up to 1,000,000 shares of Preferred Stock, $0.01 par value. There was no outstanding preferred stock at December 31, 2013, 2012 or 2011. | |||||||||||||
Treasury stock | |||||||||||||
During 2013, 2012 and 2011, 222,175, 104,995 and 72,721 shares were repurchased, respectively, for an aggregate price of $2.6 million, $0.6 million and $0.6 million, respectively, representing employee shares surrendered in lieu of taxes under vesting of restricted stock awards. All of the shares repurchased are held as treasury stock. We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. | |||||||||||||
During 2013, 2012 and 2011, 67,622, 34,724 and 35,646 shares of treasury stock were re-issued, respectively, pursuant to our employee stock purchase plan. | |||||||||||||
Share repurchase program | |||||||||||||
In February 2012, our Board of Directors approved a share repurchase program that authorized the repurchase of up to $50.0 million of our outstanding shares of common stock. During 2012, we executed the full $50.0 million of repurchases authorized, purchasing 7,241,693 shares for an aggregate price of approximately $6.92 per share, including commissions. | |||||||||||||
In April 2013, our Board of Directors approved a share repurchase program that authorizes the Company to purchase up to $50.0 million of its outstanding shares of common stock. These purchases are funded with a combination of cash generated from operations and borrowings under the Company’s revolving credit facility, and the repurchase program has no specific term. The Company may repurchase shares in the open market or as otherwise determined by management, subject to market conditions, business opportunities and other factors. As part of the share repurchase program, the Company’s management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. During 2013, 562,341 shares were repurchased for an average price of approximately $11.94 per share, including commissions. All of the shares repurchased are held as treasury stock. We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. | |||||||||||||
In February 2014, our Board of Directors authorized an amendment to the $50.0 million repurchase program to increase the amount authorized to $100.0 million, subject to completion of the Environmental Services divesture. |
Note_11_Earnings_Per_Share
Note 11 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
Note 11 — Earnings per Share | |||||||||||||
The following table presents the reconciliation of the numerator and denominator for calculating earnings per share from continuing operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Basic EPS: | |||||||||||||
Income from continuing operations | $ | 52,622 | $ | 50,453 | $ | 71,233 | |||||||
Weighted average number of common shares outstanding | 85,095 | 87,522 | 90,022 | ||||||||||
Basic income from continuing operations per common share | $ | 0.62 | $ | 0.58 | $ | 0.79 | |||||||
Diluted EPS: | |||||||||||||
Income from continuing operations | $ | 52,622 | $ | 50,453 | $ | 71,233 | |||||||
Assumed conversions of Senior Notes | 5,005 | 4,771 | 4,898 | ||||||||||
Adjusted income from continuing operations | $ | 57,627 | $ | 55,224 | $ | 76,131 | |||||||
Weighted average number of common shares outstanding-basic | 85,095 | 87,522 | 90,022 | ||||||||||
Add: Dilutive effect of stock options and restricted stock awards | 1,767 | 876 | 965 | ||||||||||
Dilutive effect of Senior Notes | 15,682 | 15,682 | 15,682 | ||||||||||
Diluted weighted average number of common shares outstanding | 102,544 | 104,080 | 106,669 | ||||||||||
Diluted income from continuing operations per common share | $ | 0.56 | $ | 0.53 | $ | 0.71 | |||||||
Stock options and warrants excluded from calculation of diluted earnings per share because anti-dilutive for the period | 415 | 2,671 | 2,907 | ||||||||||
Note_12_StockBased_Compensatio
Note 12 - Stock-Based Compensation and Other Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 12 — Stock Based Compensation and Other Benefit Plans | |||||||||||||||||
The following describes stockholder approved plans utilized by the Company for the issuance of stock based awards. | |||||||||||||||||
2004 Non-Employee Directors’ Incentive Compensation Plan | |||||||||||||||||
In June 2004, our stockholders approved the 2004 Non-Employee Directors’ Stock Option Plan (“2004 Plan”). During 2007, stockholders approved the amended and restated 2004 Plan (renamed the 2004 Non-Employee Directors’ Incentive Compensation Plan) which authorizes grants of restricted stock to non-employee directors instead of stock options. In 2013, non-employee directors received shares of restricted stock totaling 67,365 shares with a grant date fair value of $11.43 per share (valued as of the date of the annual stockholder’s meeting), upon their election or re-election. At December 31, 2013, 180,608 shares remained available for award under the amended 2004 Plan. | |||||||||||||||||
2006 Equity Incentive Plan | |||||||||||||||||
In December 2006, our stockholders approved the 2006 Equity Incentive Plan ( “2006 Plan”), pursuant to which the Compensation Committee of our Board of Directors (“Compensation Committee”) may grant to key employees, including executive officers and other corporate and divisional officers, a variety of forms of equity-based compensation, including options to purchase shares of common stock, shares of restricted common stock, restricted stock units, stock appreciation rights, other stock-based awards, and performance-based awards. During 2011, the 2006 Plan was amended to increase the number of shares available for issuance from 5,000,000 to 8,000,000. In 2013, the 2006 Plan was further amended to increase the number of shares available for issuance from 8,000,000 to 12,250,000 shares. At December 31, 2013, 3,737,772 shares remained available for award under the 2006 Plan, as amended. | |||||||||||||||||
The Compensation Committee approves the granting of all stock based compensation to employees, utilizing shares available under the 2006 Plan. Stock based awards are granted in a variety of forms, including stock options, restricted stock awards and performance-based restricted stock units. Activity under each of these programs is described below. | |||||||||||||||||
Stock Options & Cash-Settled Stock Appreciation Rights | |||||||||||||||||
Stock options granted by the Compensation Committee are generally granted with a three year vesting period and a term of ten years. During 2013, 497,658 options were granted with a three year vesting period and a ten year term. The exercise price of each stock option granted was equal to the fair market value on the date of grant. | |||||||||||||||||
The following table summarizes activity for our outstanding stock options for the year ended December 31, 2013: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Life (Years) | |||||||||||||||||
Outstanding at beginning of period | 4,480,026 | $ | 6.13 | ||||||||||||||
Granted | 497,658 | 11.43 | |||||||||||||||
Exercised | (1,386,431 | ) | 6.01 | ||||||||||||||
Expired or cancelled | (141,886 | ) | 6.33 | ||||||||||||||
Outstanding at end of period | 3,449,367 | $ | 6.94 | 6.97 | $ | 18,455,618 | |||||||||||
Vested or expected to vest at end of period | 3,386,579 | $ | 6.91 | 6.94 | $ | 18,236,435 | |||||||||||
Options exercisable at end of period | 1,898,195 | $ | 6.23 | 5.66 | $ | 11,502,128 | |||||||||||
We estimated the fair value of options granted on the date of grant using the Black-Scholes option-pricing model, with the following weighted average assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 1.02 | % | 0.68 | % | 1.59 | % | |||||||||||
Expected life of the option in years | 5.22 | 5.22 | 5.22 | ||||||||||||||
Expected volatility | 53.7 | % | 60.3 | % | 63.1 | % | |||||||||||
Dividend yield | - | - | - | ||||||||||||||
The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected term of the option. The expected life of the option is based on observed historical patterns. The expected volatility is based on historical volatility of the price of our common stock. The dividend yield is based on the projected annual dividend payment per share divided by the stock price at the date of grant, which is zero because we have not paid dividends for several years and do not expect to pay dividends in the foreseeable future. | |||||||||||||||||
The following table summarizes information about the weighted-average exercise price and the weighted-average grant date fair value of stock options granted: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average exercise price of the stock on the date of grant | $ | 11.43 | $ | 5.57 | $ | 9.13 | |||||||||||
Weighted-average grant date fair value on the date of grant | $ | 5.42 | $ | 2.89 | $ | 5 | |||||||||||
All stock options granted for the years ended December 31, 2013, 2012 and 2011 reflected an exercise price equal to the market value of the stock on the date of grant. | |||||||||||||||||
The total intrinsic value of options exercised was $6.1 million, $1.0 million and $2.5 million for the years ended December 31, 2013, 2012 and 2011, while cash from option exercises totaled $8.3 million, $1.1 million and $3.6 million, respectively. | |||||||||||||||||
The following table summarizes activity for outstanding cash-settled stock appreciation rights for the year-ended December 31, 2013: | |||||||||||||||||
Rights | |||||||||||||||||
Outstanding at the beginning of the period | 271,566 | ||||||||||||||||
Exercised | (130,733 | ) | |||||||||||||||
Expired or cancelled | (6,000 | ) | |||||||||||||||
Outstanding at the end of the period | 134,833 | ||||||||||||||||
Exercisable at end of period | 134,833 | ||||||||||||||||
During 2013, there were no additional grants of cash-settled stock appreciation rights. The remaining outstanding cash-settled stock appreciation rights, if exercised, will ultimately be settled in cash for the difference between market value of our outstanding shares at the date of exercise, and $7.89. As such, the projected cash settlement is adjusted each period based upon the ending fair market value of the underlying stock. At December 31, 2013, the fair market value of each cash-settled stock appreciation right was $4.58, resulting in a liability of $0.6 million. | |||||||||||||||||
Total compensation cost recognized for stock options and cash-settled stock appreciation rights during the years ended December 31, 2013, 2012 and 2011 was $3.3 million, $2.3 million and $2.1 million, respectively. For the years ended December 31, 2013, 2012 and 2011, we recognized tax benefits resulting from the exercise of stock options totaling $1.9 million, $0.3 million and $0.8 million, respectively. | |||||||||||||||||
Performance-Based Restricted Stock Units & Cash-Settled Performance-Based Restricted Stock Units | |||||||||||||||||
The Compensation Committee may use various business criteria to set the performance objectives for awards of performance-based restricted stock units. During 2013, performance-based awards were awarded to executive officers. The performance-based restricted stock units will be settled in shares of common stock and will be based on the relative ranking of the Company’s total shareholder return (“TSR”) as compared to the TSR of the Company’s designated peer group for 2013. The performance period began May 3, 2013 and ends June 1, 2016, with the ending TSR price being equal to the average closing price of our shares over the 30-calendar days ending June 1, 2016. A total of 149,532 performance restricted stock units were granted with the payout of shares for each executive ranging from 0%-150% of target. The estimated fair value of each restricted stock unit at the date of grant using the Monte Carlo valuation model was $13.11. The valuation was determined as of June 3, 2013, which included a risk free interest rate of 0.52%, the average closing price of our shares over the 30-calendar days ending June 3, 2013 of $11.33 and expected volatility of 53.58%. No performance-based awards were granted during 2012 or 2011. | |||||||||||||||||
The following table summarizes activity for outstanding performance-based restricted stock units for the year-ended December 31, 2013: | |||||||||||||||||
Nonvested Shares (Performance-Based) | Shares | Weighted-Average | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at beginning of the period | - | $ | - | ||||||||||||||
Granted | 149,532 | 13.11 | |||||||||||||||
Outstanding at the end of the period | 149,532 | $ | 13.11 | ||||||||||||||
During 2013, $0.4 million was recognized in compensation cost for performance-based restricted stock units, while no compensation cost was recognized during the years ended 2012 or 2011. | |||||||||||||||||
Restricted Stock Awards and Units | |||||||||||||||||
Time-vested restricted stock awards and restricted stock units are periodically granted to key employees, including grants for employment inducements, as well as to members of our Board of Directors. Employee awards provide for vesting periods ranging from three to four years. Non-employee director grants fully vest at the one year anniversary from the date of grant. Upon vesting of these grants, shares are issued to award recipients. The following tables summarize our activity for our outstanding time-vesting restricted stock awards and restricted stock units for the year-ended December 31, 2013: | |||||||||||||||||
Nonvested Shares (Time-Vesting) | Shares | Weighted-Average | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2013 | 1,686,981 | $ | 6.85 | ||||||||||||||
Granted | 960,129 | 11.78 | |||||||||||||||
Vested | (770,270 | ) | 6.71 | ||||||||||||||
Forfeited | (103,986 | ) | 7.78 | ||||||||||||||
Nonvested at December 31, 2013 | 1,772,854 | $ | 9.52 | ||||||||||||||
Nonvested Share Units (Time-Vesting) | Shares | Weighted-Average | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2013 | 131,741 | $ | 7.14 | ||||||||||||||
Granted | 72,115 | 11.43 | |||||||||||||||
Vested | (49,097 | ) | 11.4 | ||||||||||||||
Forfeited | (3,771 | ) | 5.57 | ||||||||||||||
Nonvested at December 31, 2013 | 150,988 | $ | 7.84 | ||||||||||||||
Total compensation cost recognized for restricted stock awards and restricted stock units was $6.7 million, $4.6 million and $2.8 million for the years ended December 31, 2013, 2012 and 2011 respectively. Total unrecognized compensation cost at December 31, 2013 related to restricted stock awards and restricted stock units is approximately $14.0 million which is expected to be recognized over the next 3.0 years. During the years ended December 31, 2013, 2012 and 2011, the total fair value of shares vested was $9.5 million, $2.5 million and $3.2 million, respectively. | |||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recognized tax benefits resulting from the vesting of share awards totaling $3.0 million, $0.9 million and $1.1 million, respectively. | |||||||||||||||||
Defined Contribution Plan | |||||||||||||||||
Substantially all of our U.S. employees are covered by a defined contribution plan (“401(k) Plan”). Employees may voluntarily contribute up to 50% of compensation, as defined in the 401(k) Plan. Participants’ contributions, up to 3% of compensation, are matched 100% by us, and the participants’ contributions, from 3% to 6% of compensation, are matched 50% by us. Under the 401(k) Plan, our cash contributions were $3.4 million, $3.3 million and $2.8 million in 2013, 2012 and 2011, respectively. |
Note_13_Segment_and_Related_In
Note 13 - Segment and Related Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
Note 13 — Segment and Related Information | |||||||||||||
Our Company consists of two reportable segments, which offer different products and services to a relatively homogenous customer base. The reportable segments include: Fluids Systems and Mats and Integrated Services. In February 2014, we entered into an agreement to sell our Environmental Services business, which was previously reported as a third operating segment. This business is now reported within discontinued operations, as the sale is expected to be completed in the first quarter of 2014. Intersegment revenues are generally recorded at cost for items which are included in inventory of the purchasing segment, and at standard markups for items which are included in cost of revenues of the purchasing segment. All intersegment revenues and related profits have been eliminated. | |||||||||||||
Fluids Systems — Our Fluids Systems business offers customized solutions including highly technical drilling projects involving complex subsurface conditions, such as horizontal directional, geologically deep or deep water drilling. These projects require increased monitoring and critical engineering support of the fluids system during the drilling process. We provide drilling fluids products and technical services to markets in North America, EMEA, Latin America, and the Asia Pacific region. Additionally, following our December 2012 purchase of Alliance Drilling Fluids we provide stimulation products (proppants), and other specialty chemicals and fluids and related services. | |||||||||||||
We have industrial mineral grinding operations for barite, a critical raw material in drilling fluids products, which serve to support our activity in the drilling fluids market. We grind barite and other industrial minerals at facilities in Houston and Corpus Christi, Texas, New Iberia, Louisiana and Dyersburg, Tennessee. We use the resulting products in our drilling fluids business, and also sell them to third party users, including other drilling fluids companies. We also sell a variety of other minerals, principally to third party industrial (non oil and gas) markets, from our main plant in Houston, Texas and from the plant in Dyersburg, Tennessee. | |||||||||||||
Mats and Integrated Services — This segment provides mat rentals, location construction and related site services to oil and gas customers at well, production, transportation and refinery locations in the Northeast U.S. region, onshore U.S. Gulf Coast, and Rocky Mountain regions, and mat rentals to the petrochemical industry in the U.S. and utility industry in the U.K. These mats provide environmental protection and ensure all-weather access to sites with unstable soil conditions. | |||||||||||||
We manufacture our DURA-BASE® composite mat system for sales as well as for use in our domestic and international rental operations. Our marketing efforts for this product remain focused in principal oil and gas industry markets which include the U.S., Asia Pacific, Latin America, EMEA, as well as markets outside the E&P sector in the U.S. and Europe. We believe these mats have worldwide applications outside our traditional oilfield market, primarily in infrastructure construction, maintenance and upgrades of electric utility transmission lines, military logistics and as temporary roads for movement of oversized or unusually heavy loads. | |||||||||||||
Summarized financial information concerning our reportable segments is shown in the following tables: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenues | |||||||||||||
Fluids Systems | $ | 926,392 | $ | 861,670 | $ | 798,957 | |||||||
Mats & Integrated Services | 115,964 | 122,283 | 110,411 | ||||||||||
Total Revenues | $ | 1,042,356 | $ | 983,953 | $ | 909,368 | |||||||
Depreciation and Amortization | |||||||||||||
Fluids Systems | $ | 26,679 | $ | 18,419 | $ | 17,126 | |||||||
Mats & Integrated Services | 10,501 | 7,952 | 7,581 | ||||||||||
Corporate Office | 2,584 | 2,575 | 1,248 | ||||||||||
Total Depreciation and Amortization | $ | 39,764 | $ | 28,946 | $ | 25,955 | |||||||
Operating Income (loss) | |||||||||||||
Fluids Systems | $ | 72,604 | $ | 59,987 | $ | 90,683 | |||||||
Mats & Integrated Services | 49,394 | 54,251 | 52,678 | ||||||||||
Corporate Office | (27,553 | ) | (21,963 | ) | (22,506 | ) | |||||||
Operating Income | $ | 94,445 | $ | 92,275 | $ | 120,855 | |||||||
Segment Assets | |||||||||||||
Fluids Systems | $ | 733,340 | $ | 790,147 | $ | 673,794 | |||||||
Mats & Integrated Services | 112,619 | 81,252 | 93,078 | ||||||||||
Assets of discontinued operations | 79,020 | 79,276 | 70,644 | ||||||||||
Corporate | 43,438 | 43,866 | 49,321 | ||||||||||
Total Assets | $ | 968,417 | $ | 994,541 | $ | 886,837 | |||||||
Capital Expenditures | |||||||||||||
Fluids Systems | $ | 39,316 | $ | 27,916 | $ | 16,033 | |||||||
Mats & Integrated Services | 26,455 | 8,174 | 7,629 | ||||||||||
Corporate | 464 | 6,307 | 11,542 | ||||||||||
Total Capital Expenditures | $ | 66,235 | $ | 42,397 | $ | 35,204 | |||||||
The Consolidated Statements of Cash Flows included in this Item 8 of these Financial Statements and Supplementary Data include $4.4 million, $3.9 million and $3.0 million in depreciation and amortization expense and capital expenditures of $1.7 million, $1.6 million and $1.7 million related to operations that are classified as discontinued operations as of December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The following table sets forth information about our operations by geographic area. Revenues by geographic location are determined based on the operating location from which services are rendered or products are sold. | |||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue | |||||||||||||
United States | $ | 717,263 | $ | 684,084 | $ | 641,393 | |||||||
Canada | 47,559 | 48,643 | 51,713 | ||||||||||
EMEA | 141,535 | 121,175 | 115,319 | ||||||||||
Latin America and Mexico | 99,587 | 88,157 | 76,355 | ||||||||||
Asia Pacific | 36,412 | 41,894 | 24,588 | ||||||||||
Total Revenue | $ | 1,042,356 | $ | 983,953 | $ | 909,368 | |||||||
Long-Lived Assets | |||||||||||||
United States | $ | 250,724 | $ | 237,751 | $ | 192,391 | |||||||
Canada | 10,862 | 11,830 | 11,730 | ||||||||||
EMEA | 44,262 | 30,729 | 25,814 | ||||||||||
Latin America and Mexico | 9,852 | 11,158 | 12,920 | ||||||||||
Asia Pacific | 27,241 | 31,539 | 29,463 | ||||||||||
Total Long-Lived Assets | $ | 342,941 | $ | 323,007 | $ | 272,318 | |||||||
No single customer accounted for more than 10% of our consolidated revenues for years ended December 31, 2013, 2012 or 2011. |
Note_14_Supplemental_Cash_Flow
Note 14 - Supplemental Cash Flow and Other Information | 12 Months Ended |
Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Cash Flow, Supplemental Disclosures [Text Block] | ' |
Note 14 — Supplemental Cash Flow and Other Information | |
Included in accounts payable and accrued liabilities at December 31, 2013, 2012, and 2011, were capital expenditures of $1.5 million, $1.0 million, and $3.7 million, respectively. Amounts related to discontinued operations were insignificant in all three years. | |
Accrued liabilities at December 31, 2013 and 2012 were $46.3 million and $42.1 million respectively. The balance at December 31, 2013 and December 31, 2012 included $17.4 million and $14.0 million for employee incentives and other compensation related expenses, respectively. | |
During the years ended December 31, 2013, 2012 and 2011, we did not finance the acquisition of property, plant and equipment with capital leases. |
Note_15_Commitments_and_Contin
Note 15 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
Note 15 — 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. In the opinion of management, any liability in these matters should not have a material effect on our consolidated financial statements. | |||||
Leases | |||||
We lease various manufacturing facilities, warehouses, office space, machinery and equipment, including transportation equipment, under operating leases with remaining terms ranging from one to six years, with various renewal options. Substantially all leases require payment of taxes, insurance and maintenance costs in addition to rental payments. Total rental expenses for all operating leases were approximately $30.2 million, $26.5 million and $24.2 million for the years ending 2013, 2012 and 2011, respectively. Total rental expense includes $5.7 million, $5.2 million and $4.8 million for our Environmental Services business classified as discontinued operations for the years ending 2013, 2012 and 2011 respectively. | |||||
Future minimum payments under non-cancelable operating leases, with initial or remaining terms in excess of one year are included in the table below. Future minimum payments under capital leases are not significant. | |||||
(In thousands) | |||||
2014 | $ | 13,832 | |||
2015 | 7,992 | ||||
2016 | 5,589 | ||||
2017 | 3,824 | ||||
2018 | 2,367 | ||||
Thereafter | 2,043 | ||||
$ | 35,647 | ||||
(1) The table includes $3.7 million in future minimum payments related to our Environmental Services business classified as discontinued operations. | |||||
Other | |||||
In conjunction with our insurance programs, we had established letters of credit in favor of certain insurance companies in the amount of $4.0 million and $3.9 million at December 31, 2013 and 2012. We also had $9.9 million and $8.6 million in guarantee obligations in connection with facility closure bonds and other performance bonds issued by insurance companies outstanding as of December 31, 2013 and 2012, of which $9.3 million and $7.0 million in obligations related to operations that are classified as discontinued operations as of December 31, 2013 and 2012, respectively. The definitive agreement for the sale of our Environmental Services business requires the purchaser to replace these facility closure bonds and performance bonds following the closing of such sale. | |||||
Other than normal operating leases for office and warehouse space, barges, rolling stock and other pieces of operating equipment, we do not have any off-balance sheet financing arrangements or special purpose entities. As such, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such financing arrangements. | |||||
We are self-insured for health claims, subject to certain “stop loss” insurance policies. Claims in excess of $225,000 per incident are insured by third-party insurers. We had accrued liabilities of $1.2 million for unpaid claims incurred, based on historical experience at December 31, 2013 and 2012. Substantially all of these estimated claims are expected to be paid within six months of their occurrence. | |||||
We are self-insured for certain workers’ compensation, auto and general liability claims up to a certain policy limit. Claims in excess of $750,000 are insured by third-party reinsurers. At December 31, 2013 and 2012, we had accrued a liability of $2.5 million and $3.1 million, respectively, for the uninsured portion of claims. | |||||
We maintain accrued liabilities for asset retirement obligations, which represent obligations associated with the retirement of tangible long-lived assets that result from the normal operation of the long-lived asset. Our asset retirement obligations primarily relate to repair cost obligations associated with the return of leased barges as well as required expenditures associated with owned and leased facilities. Upon settlement of the liability, a gain or loss for any difference between the settlement amount and the liability recorded is recognized. As of December 31, 2013 and 2012, we had accrued asset retirement obligations of $3.3 million and $2.7 million, including $2.9 million and $2.3 million, respectively, reflecting obligations within discontinued operations. |
Note_16_Supplemental_Selected_
Note 16 - Supplemental Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
Note 16 — Supplemental Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
(In thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year 2013 | |||||||||||||||||
Revenues | $ | 267,923 | $ | 259,376 | $ | 268,132 | $ | 246,925 | |||||||||
Operating income | 24,861 | 21,596 | 25,645 | 22,343 | |||||||||||||
Income from continuing operations | 14,867 | 11,859 | 15,431 | 10,465 | |||||||||||||
Net income | 17,375 | 15,664 | 18,760 | 13,524 | |||||||||||||
Income per common share -basic: | |||||||||||||||||
Income from continuing operations | 0.18 | 0.14 | 0.18 | 0.12 | |||||||||||||
Net income | 0.21 | 0.19 | 0.22 | 0.16 | |||||||||||||
Income per common share -diluted: | |||||||||||||||||
Income from continuing operations | 0.16 | 0.13 | 0.16 | 0.12 | |||||||||||||
Net income | 0.18 | 0.17 | 0.2 | 0.14 | |||||||||||||
Fiscal Year 2012 | |||||||||||||||||
Revenues | $ | 249,029 | $ | 232,459 | $ | 246,524 | $ | 255,941 | |||||||||
Operating income | 22,560 | 21,241 | 25,667 | 22,807 | |||||||||||||
Income from continuing operations | 13,117 | 11,989 | 16,567 | 8,780 | |||||||||||||
Net income | 15,634 | 14,463 | 18,742 | 11,193 | |||||||||||||
Income per common share -basic: | |||||||||||||||||
Income from continuing operations | 0.14 | 0.14 | 0.19 | 0.1 | |||||||||||||
Net income | 0.17 | 0.16 | 0.22 | 0.13 | |||||||||||||
Income per common share -diluted: | |||||||||||||||||
Income from continuing operations | 0.13 | 0.13 | 0.18 | 0.1 | |||||||||||||
Net income | 0.16 | 0.15 | 0.2 | 0.12 | |||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Consolidation, Policy [Policy Text Block] | ' | |||
Organization and Principles of Consolidation. Newpark Resources, Inc. was organized in 1932 as a Nevada corporation. In 1991, we changed our state of incorporation to Delaware. We are a diversified oil and gas industry supplier providing products and services primarily to the oil and gas exploration and production (“E&P”) industry serving customers in North America, Europe, the Middle East and Africa (“EMEA”), Latin America and Asia Pacific regions. The consolidated financial statements include our company and our wholly-owned subsidiaries (“we”, “our” or “us”). All intercompany transactions are eliminated in consolidation. | ||||
Use of Estimates, Policy [Policy Text Block] | ' | |||
Use of Estimates and Market Risks. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US 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. Estimates used in preparing our consolidated financial statements include, but are not limited to the following: allowances for product returns, allowances for doubtful accounts, reserves for self-insured retentions under insurance programs, reserves for incentive compensation programs, fair values used for goodwill impairment testing, undiscounted future cash flows used for impairment testing of long-lived assets, depreciation using the unit-of-production method and valuation allowances for deferred tax assets. | ||||
Our operating results depend primarily on oil and gas drilling activity levels in the markets we serve. Drilling activity, in turn, depends on oil and gas commodities pricing, inventory levels and product demand. Oil and gas prices and activity are cyclical and volatile. This market volatility has a significant impact on our operating results. | ||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||
Cash Equivalents. All highly liquid investments with a remaining maturity of three months or less at the date of acquisition are classified as cash equivalents. | ||||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ' | |||
Allowance for Doubtful Accounts. Reserves for uncollectible accounts receivable are determined on a specific identification basis when we believe that the required payment of specific amounts owed to us is not probable. | ||||
The majority of our revenues are from mid-sized and international oil companies and government-owned or government-controlled oil companies, and we have receivables in several foreign jurisdictions. Changes in the financial condition of our customers or political changes in foreign jurisdictions could cause our customers to be unable to repay these receivables, resulting in additional allowances. | ||||
Revenue Recognition, Sales Returns [Policy Text Block] | ' | |||
Allowance for Product Returns. We maintain reserves for estimated customer returns of unused materials in our Fluids Systems segment. The reserves are established based upon historical customer return levels and estimated gross profit levels attributable to product sales. | ||||
Inventory, Policy [Policy Text Block] | ' | |||
Inventories. Inventories are stated at the lower of cost (principally average cost) or market. Certain conversion costs associated with the acquisition, production, blending and storage of inventory in our Fluids Systems segment as well as in the manufacturing operations in the Mats and Integrated Services segment are capitalized as a component of the carrying value of the inventory and expensed as a component of cost of revenues as the products are sold. Reserves for inventory obsolescence are determined based on the fair value of the inventory using factors such as our historical usage of inventory on-hand, future expectations related to our customers needs, market conditions and the development of new products. | ||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||
Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Additions and improvements that extend the useful life of the assets are capitalized. Maintenance and repairs are charged to expense as incurred. The cost of property, plant and equipment sold or otherwise disposed of and the accumulated depreciation thereon are eliminated from the property and related accumulated depreciation accounts, and any gain or loss is credited or charged to income. | ||||
For financial reporting purposes, except as described below, depreciation is provided on property, plant and equipment, including assets held under capital leases, by utilizing the straight-line method over the following estimated useful service lives or lease term: | ||||
Computer hardware and office equipment (years) | 3 | - | 5 | |
Computer software (years) | 3 | - | 10 | |
Autos & light trucks (years) | 5 | - | 7 | |
Furniture, fixtures & trailers (years) | 7 | - | 10 | |
Composite mats (years) | 7 | - | 12 | |
Machinery and heavy equipment (years) | 5 | - | 15 | |
Owned buildings (years) | 20 | - | 39 | |
Leasehold improvements | Lease terms, including reasonably assured renewal periods | |||
We compute the provision for depreciation on certain of our environmental disposal assets and our barite grinding mills using the unit-of-production method. In applying this method, we have considered certain factors which affect the expected production units (lives) of these assets. These factors include periods of non-use for normal maintenance and economic slowdowns. | ||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||
Goodwill and Other Intangible Assets. Goodwill represents the excess of the purchase price of acquisitions over the fair value of the net identifiable assets acquired. Goodwill and other intangible assets with indefinite lives are not amortized. Intangible assets with finite useful lives are amortized either on a straight-line basis over the asset’s estimated useful life or on a basis that reflects the pattern in which the economic benefits of the asset are realized. Any period costs of maintaining intangible assets are expensed as incurred. | ||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | ' | |||
Impairment of Long-Lived Assets. Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of November 1, or more frequently, if an indication of impairment exists. The impairment test includes a comparison of the carrying value of net assets of our reporting units, including goodwill, with their estimated fair values, which we determine using a combination of a market multiple and discounted cash flow approach. If the carrying value exceeds the estimated fair value, an impairment charge is recorded in the period in which such review is performed. We identify our reporting units based on our analysis of several factors, including our operating segment structure, evaluation of the economic characteristics of our geographic regions within each of our operating segments, and the extent to which our business units share assets and other resources. | ||||
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. In estimating expected cash flows, we use a probability-weighted approach. Should the review indicate that the carrying value is not fully recoverable, the amount of impairment loss is determined by comparing the carrying value to the estimated fair value. | ||||
Self Insurance Reserve [Policy Text Block] | ' | |||
Insurance. We maintain reserves for estimated future payments associated with our self-insured employee healthcare programs, as well as the self-insured retention exposures under our general liability, auto liability and workers compensation insurance policies. Our reserves are determined based on historical cost experience under these programs, including estimated development of known claims and estimated incurred-but-not-reported claims. | ||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||
Revenue Recognition. The Fluids Systems segment recognizes sack and bulk material additive revenues upon shipment of materials and passage of title. Formulated liquid systems revenues are recognized when utilized or lost downhole while drilling. An allowance for product returns is maintained, reflecting estimated future customer product returns. Engineering and related services are provided to customers as an integral component of the fluid system delivery, at agreed upon hourly or daily rates, and revenues are recognized when the services are performed. | ||||
For the Mats and Integrated Services segment, revenues from the sale of mats are recognized when title passes to the customer, which is upon shipment or delivery, depending upon the terms of the underlying sales contract. Revenues for services and rentals provided by this segment are generated from both fixed-price and unit-priced contracts, which are short-term in duration. The activities under these contracts include site preparation, pit design, construction, drilling waste management, and the installation and rental of mat systems for a period of time generally not to exceed 60 days. Revenues from services provided under these contracts are recognized as the specified services are completed. Revenues from any subsequent extensions to the rental agreements are recognized over the extension period. | ||||
Shipping and handling costs are reflected in cost of revenues, and all reimbursements by customers of shipping and handling costs are included in revenues. | ||||
Income Tax, Policy [Policy Text Block] | ' | |||
Income Taxes. We provide for deferred taxes using an asset and liability approach by measuring deferred tax assets and liabilities due to temporary differences existing at year end using currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. We reduce deferred tax assets by a valuation allowance when, based on our estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The estimates utilized in recognition of deferred tax assets are subject to revision, either up or down, in future periods based on new facts or circumstances. We evaluate uncertain tax positions and record a liability as circumstances warrant. We have a $2.2 million and $2.8 million liability for uncertain tax positions recorded as of December 31, 2013 and 2012, respectively. | ||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||
Stock-Based Compensation. All share-based payments to employees, including grants of employee stock options, are recognized in the income statement based on their fair values. We use the Black-Scholes option-pricing model for measuring the fair value of stock options granted and recognize stock-based compensation based on the grant date fair value, net of an estimated forfeiture rate, for all share-based awards, on a straight-line basis over the vesting term. | ||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||
Foreign Currency Transactions. The majority of our transactions are in U.S. dollars; however, our foreign subsidiaries maintain their accounting records in the respective local currency. These currencies are converted to U.S. dollars with the effect of the foreign currency translation reflected in “accumulated other comprehensive income (loss),” a component of stockholders’ equity. Foreign currency transaction gains and losses, if any, are credited or charged to income. We recorded a net transaction loss totaling $1.8 million, $0.7 million and $0.5 million in 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, accumulated other comprehensive loss related to foreign subsidiaries reflected in stockholders’ equity amounted to $9.5 million and $0.7 million, respectively. | ||||
Derivatives, Policy [Policy Text Block] | ' | |||
Derivative Financial Instruments. We monitor our exposure to various business risks including interest rates and foreign currency exchange rates and occasionally use derivative financial instruments to manage the impact of certain of these risks. At the inception of a new derivative, we designate the derivative as a cash flow or fair value hedge or we determine the derivative to be undesignated as a hedging instrument based on the underlying facts. We do not enter into derivative instruments for trading purposes. | ||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||
New Accounting Standards. In February 2013, the Financial Accounting Standards Board issued additional guidance on disclosure requirements for items reclassified out of accumulated other comprehensive income which was effective for us beginning in the first quarter of 2013. This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of accumulated other comprehensive income. During the year-ended December 31, 2013, we had no reclassifications out of accumulated other comprehensive income, as the only changes relate to foreign currency translation adjustments. | ||||
In July 2012, the Financial Accounting Standards Board (“FASB”) issued an update to previous guidance regarding testing indefinite-lived intangible assets for impairment. The revised guidance permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. The update is effective for impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this additional guidance did not have a material effect on our consolidated financial statements. |
Note_1_Basis_of_Presentation_a1
Note 1 - Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Tables) [Line Items] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Land | $ | 10,085 | $ | 6,789 | |||||
Buildings and improvements | 86,660 | 63,465 | |||||||
Machinery and equipment | 209,874 | 221,730 | |||||||
Construction in progress | 12,667 | 14,489 | |||||||
319,286 | 306,473 | ||||||||
Less accumulated depreciation | (137,702 | ) | (139,438 | ) | |||||
181,584 | 167,035 | ||||||||
Mats (rental fleet) | 60,332 | 44,811 | |||||||
Less accumulated depreciation-mats | (24,906 | ) | (21,444 | ) | |||||
35,426 | 23,367 | ||||||||
Property, plant and equipment, net | $ | 217,010 | $ | 190,402 | |||||
Estimated Useful Lives [Member] | ' | ||||||||
Note 1 - Basis of Presentation and Significant Accounting Policies (Tables) [Line Items] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Computer hardware and office equipment (years) | 3 | - | 5 | ||||||
Computer software (years) | 3 | - | 10 | ||||||
Autos & light trucks (years) | 5 | - | 7 | ||||||
Furniture, fixtures & trailers (years) | 7 | - | 10 | ||||||
Composite mats (years) | 7 | - | 12 | ||||||
Machinery and heavy equipment (years) | 5 | - | 15 | ||||||
Owned buildings (years) | 20 | - | 39 | ||||||
Leasehold improvements | Lease terms, including reasonably assured renewal periods |
Note_2_Discontinued_Operations1
Note 2 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Statement [Member] | ' | ||||||||||||
Note 2 - Discontinued Operations (Tables) [Line Items] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
Year-ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 65,002 | $ | 54,066 | $ | 48,812 | |||||||
Income from discontinued operations before income taxes | 17,773 | 13,609 | 11,909 | ||||||||||
Income from discontinued operations, net of tax | 12,701 | 9,579 | 8,784 | ||||||||||
Balance Sheet [Member] | ' | ||||||||||||
Note 2 - Discontinued Operations (Tables) [Line Items] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Receivables, net | $ | 11,915 | $ | 11,147 | |||||||||
Prepaid expenses and other current assets | 1,188 | 925 | |||||||||||
Property, plant and equipment | 62,333 | 63,588 | |||||||||||
Other assets | 3,584 | 3,616 | |||||||||||
Assets of discontinued operations | $ | 79,020 | $ | 79,276 | |||||||||
Accounts payable | $ | 4,415 | $ | 5,259 | |||||||||
Other Accrued liabilities | 1,542 | 488 | |||||||||||
Deferred tax liability | 12,449 | 12,129 | |||||||||||
Other noncurrent liabilities | 10,291 | 8,126 | |||||||||||
Liabilities of discontinued operations | $ | 28,697 | $ | 26,002 |
Note_3_Inventories_Tables
Note 3 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Raw materials: | |||||||||
Drilling fluids | $ | 153,901 | $ | 174,365 | |||||
Mats | 790 | 754 | |||||||
Total raw materials | 154,691 | 175,119 | |||||||
Blended drilling fluids components | 34,075 | 34,215 | |||||||
Finished goods- mats | 914 | 400 | |||||||
Total | $ | 189,680 | $ | 209,734 |
Note_4_Property_Plant_and_Equi1
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Land | $ | 10,085 | $ | 6,789 | |||||
Buildings and improvements | 86,660 | 63,465 | |||||||
Machinery and equipment | 209,874 | 221,730 | |||||||
Construction in progress | 12,667 | 14,489 | |||||||
319,286 | 306,473 | ||||||||
Less accumulated depreciation | (137,702 | ) | (139,438 | ) | |||||
181,584 | 167,035 | ||||||||
Mats (rental fleet) | 60,332 | 44,811 | |||||||
Less accumulated depreciation-mats | (24,906 | ) | (21,444 | ) | |||||
35,426 | 23,367 | ||||||||
Property, plant and equipment, net | $ | 217,010 | $ | 190,402 |
Note_5_Goodwill_Other_Intangib1
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||||||
(In thousands) | Fluids | Mats and | Total | ||||||||||||||||||||||||||
Systems | Integrated | ||||||||||||||||||||||||||||
Services | |||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 57,041 | $ | 14,929 | $ | 71,970 | |||||||||||||||||||||||
Acquisition | 15,060 | - | 15,060 | ||||||||||||||||||||||||||
Effects of foreign currency | 358 | - | 358 | ||||||||||||||||||||||||||
Balance at December 31, 2012 | 72,459 | 14,929 | 87,388 | ||||||||||||||||||||||||||
Acquisition | - | 4,544 | 4,544 | ||||||||||||||||||||||||||
Purchase price adjustments | 2,692 | - | 2,692 | ||||||||||||||||||||||||||
Effects of foreign currency | (560 | ) | - | (560 | ) | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 74,591 | $ | 19,473 | $ | 94,064 | |||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
(In thousands) | Gross | Accumulated | Intangible | Gross | Accumulated | Intangible | |||||||||||||||||||||||
Carrying | Amortization | assets, net | Carrying | Amortization | assets, net | ||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||||
Technology related | $ | 5,318 | $ | (3,065 | ) | $ | 2,253 | $ | 5,222 | $ | (2,724 | ) | $ | 2,498 | |||||||||||||||
Customer related | 38,684 | (17,892 | ) | 20,792 | 42,540 | (10,559 | ) | 31,981 | |||||||||||||||||||||
Employment related | 2,238 | (934 | ) | 1,304 | 2,327 | (593 | ) | 1,734 | |||||||||||||||||||||
Total amortizing intangible assets | 46,240 | (21,891 | ) | 24,349 | 50,089 | (13,876 | ) | 36,213 | |||||||||||||||||||||
Permits and licenses | 622 | - | 622 | 597 | - | 597 | |||||||||||||||||||||||
Trademarks | 929 | - | 929 | 851 | - | 851 | |||||||||||||||||||||||
Total indefinite-lived intangible assets | 1,551 | - | 1,551 | 1,448 | - | 1,448 | |||||||||||||||||||||||
Total intangible assets | $ | 47,791 | $ | (21,891 | ) | $ | 25,900 | $ | 51,537 | $ | (13,876 | ) | $ | 37,661 | |||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||||||
(In thousands) | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Technology related | $ | 400 | $ | 387 | $ | 341 | $ | 341 | $ | 341 | $ | 442 | $ | 2,252 | |||||||||||||||
Customer related | 6,882 | 3,792 | 2,667 | 2,006 | 1,431 | 4,015 | 20,793 | ||||||||||||||||||||||
Employment related | 329 | 325 | 325 | 325 | - | - | 1,304 | ||||||||||||||||||||||
Total future amortization expense | $ | 7,611 | $ | 4,504 | $ | 3,333 | $ | 2,672 | $ | 1,772 | $ | 4,457 | $ | 24,349 |
Note_6_Acquisition_Tables
Note 6 - Acquisition (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
(In thousands) | |||||
Receivables, net | $ | 22,822 | |||
Inventories | 5,779 | ||||
Property, plant and equipment, net | 4,932 | ||||
Goodwill | 14,220 | ||||
Customer relationships | 13,652 | ||||
Tradename | 2,020 | ||||
Employment contracts | 1,625 | ||||
Deferred tax asset | 181 | ||||
Total assets acquired | $ | 65,231 | |||
Accounts payable | $ | 7,002 | |||
Accrued liabilities | 4,149 | ||||
Other noncurrent liabilities | 1,005 | ||||
Total liabilities assumed | $ | 12,156 | |||
Total cash conveyed at closing | $ | 53,075 | |||
(In thousands) | |||||
Receivables, net | $ | 2,155 | |||
Property, plant and equipment, net | 2,160 | ||||
Goodwill | 4,544 | ||||
Other intangibles, net | 4,528 | ||||
Total assets acquired | $ | 13,387 | |||
Accounts payable | $ | 3,350 | |||
Short-term debt | 284 | ||||
Accrued liabilities | 285 | ||||
Deferred tax liability | 1,092 | ||||
Other noncurrent liabilities | 1,600 | ||||
Total liabilities assumed | $ | 6,611 | |||
Total cash conveyed at closing | $ | 6,776 |
Note_7_Financing_Arrangements_
Note 7 - Financing Arrangements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Senior Notes | $ | 172,500 | $ | 172,500 | |||||
Revolving credit facility | - | 84,000 | |||||||
Other | 13,153 | 2,931 | |||||||
Total debt | $ | 185,653 | $ | 259,431 | |||||
Less: current portion | (12,867 | ) | (2,599 | ) | |||||
Long-term portion | $ | 172,786 | $ | 256,832 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
2015 | $ | 286 | |||||||
2016 | - | ||||||||
2017 | 172,500 | ||||||||
2018 | - | ||||||||
Thereafter | - | ||||||||
Total | $ | 172,786 |
Note_8_Fair_Value_of_Financial1
Note 8 - Fair Value of Financial Instruments and Concentrations of Credit Risk (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Gross trade receivables | $ | 252,168 | $ | 296,117 | |||||||||
Allowance for doubtful accounts | (4,142 | ) | (3,950 | ) | |||||||||
Net trade receivables | 248,026 | 292,167 | |||||||||||
Other receivables | 20,503 | 20,125 | |||||||||||
Total receivables, net | $ | 268,529 | $ | 312,292 | |||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 3,950 | $ | 3,149 | $ | 5,571 | |||||||
Provision for uncollectible accounts | 309 | 1,614 | 2,403 | ||||||||||
Write-offs, net of recoveries | (117 | ) | (813 | ) | (4,825 | ) | |||||||
Balance at end of year | $ | 4,142 | $ | 3,950 | $ | 3,149 |
Note_9_Income_Taxes_Tables
Note 9 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Note 9 - Income Taxes (Tables) [Line Items] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations | $ | 28,725 | $ | 31,346 | $ | 39,874 | |||||||
Income from discontinued operations | 5,072 | 4,030 | 3,125 | ||||||||||
Total provision | $ | 33,797 | $ | 35,376 | $ | 42,999 | |||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
U.S. | $ | 65,310 | $ | 54,603 | $ | 83,358 | |||||||
Foreign | 16,037 | 27,196 | 27,749 | ||||||||||
Income from continuing operations before income taxes | $ | 81,347 | $ | 81,799 | $ | 111,107 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense at federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||||
Nondeductible expenses | 4.30% | 1.90% | 2.10% | ||||||||||
Manufacturing deduction | -2.50% | -2.20% | -0.80% | ||||||||||
Different rates on earnings of foreign operations | -4.60% | -3.40% | -2.60% | ||||||||||
Change in valuation allowance | 3.00% | -2.10% | -1.20% | ||||||||||
Uncertain tax positions | -0.80% | 1.90% | -0.30% | ||||||||||
Foreign tax withholdings | 0.20% | 5.20% | 0.80% | ||||||||||
State tax expense, net | 0.50% | 1.50% | 1.90% | ||||||||||
Other | 0.20% | 0.50% | 1.00% | ||||||||||
Total income tax expense | 35.30% | 38.30% | 35.90% | ||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 16,064 | $ | 14,965 | |||||||||
Accruals not currently deductible | 12,901 | 11,020 | |||||||||||
Bad debts | 1,166 | 1,123 | |||||||||||
Foreign tax credits | 1,653 | 1,653 | |||||||||||
Other | 4,135 | 4,745 | |||||||||||
Total deferred tax assets | 35,919 | 33,506 | |||||||||||
Valuation allowance | (15,024 | ) | (13,834 | ) | |||||||||
Total deferred tax assets, net of allowances | 20,895 | 19,672 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation and amortization | (29,530 | ) | (30,407 | ) | |||||||||
Other | (7,776 | ) | (12,477 | ) | |||||||||
Total deferred tax liabilities | (37,306 | ) | (42,884 | ) | |||||||||
Total net deferred tax liability | $ | (16,411 | ) | $ | (23,212 | ) | |||||||
Current portion of deferred tax assets | $ | 11,272 | $ | 11,251 | |||||||||
Non current portion of deferred tax assets | 119 | 274 | |||||||||||
Current portion of deferred tax liabilities | (742 | ) | (518 | ) | |||||||||
Non current portion of deferred tax liabilities | (27,060 | ) | (34,219 | ) | |||||||||
Net deferred tax liabilities | $ | (16,411 | ) | $ | (23,212 | ) | |||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 2,753 | $ | 1,218 | $ | 1,568 | |||||||
Additions (reductions) for tax positions of prior years | (650 | ) | 1,350 | (350 | ) | ||||||||
Additions for tax positions of current year | 72 | 185 | - | ||||||||||
Balance at December 31 | $ | 2,175 | $ | 2,753 | $ | 1,218 | |||||||
Continuing Operations [Member] | ' | ||||||||||||
Note 9 - Income Taxes (Tables) [Line Items] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Current tax expense (benefit): | |||||||||||||
U.S. Federal | $ | 24,275 | $ | 19,020 | $ | 7,067 | |||||||
State | 1,595 | 1,602 | 2,724 | ||||||||||
Foreign | 7,085 | 8,682 | 7,234 | ||||||||||
Total current | 32,955 | 29,304 | 17,025 | ||||||||||
Deferred tax expense (benefit): | |||||||||||||
U.S. Federal | (2,057 | ) | (1,082 | ) | 22,280 | ||||||||
State | (598 | ) | (1,219 | ) | 384 | ||||||||
Foreign | (1,575 | ) | 4,343 | 185 | |||||||||
Total deferred | (4,230 | ) | 2,042 | 22,849 | |||||||||
Total provision | $ | 28,725 | $ | 31,346 | $ | 39,874 |
Note_10_Capital_Stock_Tables
Note 10 - Capital Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | ' | ||||||||||||
(In thousands of shares) | 2013 | 2012 | 2011 | ||||||||||
Outstanding, beginning of year | 95,734 | 94,498 | 93,143 | ||||||||||
Shares issued upon exercise of options | 1,386 | 286 | 671 | ||||||||||
Shares issued for grants of time vested restricted stock | 911 | 950 | 684 | ||||||||||
Outstanding, end of year | 98,031 | 95,734 | 94,498 |
Note_11_Earnings_Per_Share_Tab
Note 11 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Basic EPS: | |||||||||||||
Income from continuing operations | $ | 52,622 | $ | 50,453 | $ | 71,233 | |||||||
Weighted average number of common shares outstanding | 85,095 | 87,522 | 90,022 | ||||||||||
Basic income from continuing operations per common share | $ | 0.62 | $ | 0.58 | $ | 0.79 | |||||||
Diluted EPS: | |||||||||||||
Income from continuing operations | $ | 52,622 | $ | 50,453 | $ | 71,233 | |||||||
Assumed conversions of Senior Notes | 5,005 | 4,771 | 4,898 | ||||||||||
Adjusted income from continuing operations | $ | 57,627 | $ | 55,224 | $ | 76,131 | |||||||
Weighted average number of common shares outstanding-basic | 85,095 | 87,522 | 90,022 | ||||||||||
Add: Dilutive effect of stock options and restricted stock awards | 1,767 | 876 | 965 | ||||||||||
Dilutive effect of Senior Notes | 15,682 | 15,682 | 15,682 | ||||||||||
Diluted weighted average number of common shares outstanding | 102,544 | 104,080 | 106,669 | ||||||||||
Diluted income from continuing operations per common share | $ | 0.56 | $ | 0.53 | $ | 0.71 | |||||||
Stock options and warrants excluded from calculation of diluted earnings per share because anti-dilutive for the period | 415 | 2,671 | 2,907 |
Note_12_StockBased_Compensatio1
Note 12 - Stock-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Life (Years) | |||||||||||||||||
Outstanding at beginning of period | 4,480,026 | $ | 6.13 | ||||||||||||||
Granted | 497,658 | 11.43 | |||||||||||||||
Exercised | (1,386,431 | ) | 6.01 | ||||||||||||||
Expired or cancelled | (141,886 | ) | 6.33 | ||||||||||||||
Outstanding at end of period | 3,449,367 | $ | 6.94 | 6.97 | $ | 18,455,618 | |||||||||||
Vested or expected to vest at end of period | 3,386,579 | $ | 6.91 | 6.94 | $ | 18,236,435 | |||||||||||
Options exercisable at end of period | 1,898,195 | $ | 6.23 | 5.66 | $ | 11,502,128 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 1.02 | % | 0.68 | % | 1.59 | % | |||||||||||
Expected life of the option in years | 5.22 | 5.22 | 5.22 | ||||||||||||||
Expected volatility | 53.7 | % | 60.3 | % | 63.1 | % | |||||||||||
Dividend yield | - | - | - | ||||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Options Grants in Period, Weighted Average Exercise Price and Grant Date Fair Value [Table Text Block] | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted-average exercise price of the stock on the date of grant | $ | 11.43 | $ | 5.57 | $ | 9.13 | |||||||||||
Weighted-average grant date fair value on the date of grant | $ | 5.42 | $ | 2.89 | $ | 5 | |||||||||||
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | ' | ||||||||||||||||
Rights | |||||||||||||||||
Outstanding at the beginning of the period | 271,566 | ||||||||||||||||
Exercised | (130,733 | ) | |||||||||||||||
Expired or cancelled | (6,000 | ) | |||||||||||||||
Outstanding at the end of the period | 134,833 | ||||||||||||||||
Exercisable at end of period | 134,833 | ||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
Nonvested Shares (Performance-Based) | Shares | Weighted-Average | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at beginning of the period | - | $ | - | ||||||||||||||
Granted | 149,532 | 13.11 | |||||||||||||||
Outstanding at the end of the period | 149,532 | $ | 13.11 | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Nonvested Shares (Time-Vesting) | Shares | Weighted-Average | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2013 | 1,686,981 | $ | 6.85 | ||||||||||||||
Granted | 960,129 | 11.78 | |||||||||||||||
Vested | (770,270 | ) | 6.71 | ||||||||||||||
Forfeited | (103,986 | ) | 7.78 | ||||||||||||||
Nonvested at December 31, 2013 | 1,772,854 | $ | 9.52 | ||||||||||||||
Nonvested Share Units (Time-Vesting) | Shares | Weighted-Average | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at January 1, 2013 | 131,741 | $ | 7.14 | ||||||||||||||
Granted | 72,115 | 11.43 | |||||||||||||||
Vested | (49,097 | ) | 11.4 | ||||||||||||||
Forfeited | (3,771 | ) | 5.57 | ||||||||||||||
Nonvested at December 31, 2013 | 150,988 | $ | 7.84 |
Note_13_Segment_and_Related_In1
Note 13 - Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenues | |||||||||||||
Fluids Systems | $ | 926,392 | $ | 861,670 | $ | 798,957 | |||||||
Mats & Integrated Services | 115,964 | 122,283 | 110,411 | ||||||||||
Total Revenues | $ | 1,042,356 | $ | 983,953 | $ | 909,368 | |||||||
Depreciation and Amortization | |||||||||||||
Fluids Systems | $ | 26,679 | $ | 18,419 | $ | 17,126 | |||||||
Mats & Integrated Services | 10,501 | 7,952 | 7,581 | ||||||||||
Corporate Office | 2,584 | 2,575 | 1,248 | ||||||||||
Total Depreciation and Amortization | $ | 39,764 | $ | 28,946 | $ | 25,955 | |||||||
Operating Income (loss) | |||||||||||||
Fluids Systems | $ | 72,604 | $ | 59,987 | $ | 90,683 | |||||||
Mats & Integrated Services | 49,394 | 54,251 | 52,678 | ||||||||||
Corporate Office | (27,553 | ) | (21,963 | ) | (22,506 | ) | |||||||
Operating Income | $ | 94,445 | $ | 92,275 | $ | 120,855 | |||||||
Segment Assets | |||||||||||||
Fluids Systems | $ | 733,340 | $ | 790,147 | $ | 673,794 | |||||||
Mats & Integrated Services | 112,619 | 81,252 | 93,078 | ||||||||||
Assets of discontinued operations | 79,020 | 79,276 | 70,644 | ||||||||||
Corporate | 43,438 | 43,866 | 49,321 | ||||||||||
Total Assets | $ | 968,417 | $ | 994,541 | $ | 886,837 | |||||||
Capital Expenditures | |||||||||||||
Fluids Systems | $ | 39,316 | $ | 27,916 | $ | 16,033 | |||||||
Mats & Integrated Services | 26,455 | 8,174 | 7,629 | ||||||||||
Corporate | 464 | 6,307 | 11,542 | ||||||||||
Total Capital Expenditures | $ | 66,235 | $ | 42,397 | $ | 35,204 | |||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue | |||||||||||||
United States | $ | 717,263 | $ | 684,084 | $ | 641,393 | |||||||
Canada | 47,559 | 48,643 | 51,713 | ||||||||||
EMEA | 141,535 | 121,175 | 115,319 | ||||||||||
Latin America and Mexico | 99,587 | 88,157 | 76,355 | ||||||||||
Asia Pacific | 36,412 | 41,894 | 24,588 | ||||||||||
Total Revenue | $ | 1,042,356 | $ | 983,953 | $ | 909,368 | |||||||
Long-Lived Assets | |||||||||||||
United States | $ | 250,724 | $ | 237,751 | $ | 192,391 | |||||||
Canada | 10,862 | 11,830 | 11,730 | ||||||||||
EMEA | 44,262 | 30,729 | 25,814 | ||||||||||
Latin America and Mexico | 9,852 | 11,158 | 12,920 | ||||||||||
Asia Pacific | 27,241 | 31,539 | 29,463 | ||||||||||
Total Long-Lived Assets | $ | 342,941 | $ | 323,007 | $ | 272,318 |
Note_15_Commitments_and_Contin1
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
(In thousands) | |||||
2014 | $ | 13,832 | |||
2015 | 7,992 | ||||
2016 | 5,589 | ||||
2017 | 3,824 | ||||
2018 | 2,367 | ||||
Thereafter | 2,043 | ||||
$ | 35,647 |
Note_16_Supplemental_Selected_1
Note 16 - Supplemental Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Quarter Ended | |||||||||||||||||
(In thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Fiscal Year 2013 | |||||||||||||||||
Revenues | $ | 267,923 | $ | 259,376 | $ | 268,132 | $ | 246,925 | |||||||||
Operating income | 24,861 | 21,596 | 25,645 | 22,343 | |||||||||||||
Income from continuing operations | 14,867 | 11,859 | 15,431 | 10,465 | |||||||||||||
Net income | 17,375 | 15,664 | 18,760 | 13,524 | |||||||||||||
Income per common share -basic: | |||||||||||||||||
Income from continuing operations | 0.18 | 0.14 | 0.18 | 0.12 | |||||||||||||
Net income | 0.21 | 0.19 | 0.22 | 0.16 | |||||||||||||
Income per common share -diluted: | |||||||||||||||||
Income from continuing operations | 0.16 | 0.13 | 0.16 | 0.12 | |||||||||||||
Net income | 0.18 | 0.17 | 0.2 | 0.14 | |||||||||||||
Fiscal Year 2012 | |||||||||||||||||
Revenues | $ | 249,029 | $ | 232,459 | $ | 246,524 | $ | 255,941 | |||||||||
Operating income | 22,560 | 21,241 | 25,667 | 22,807 | |||||||||||||
Income from continuing operations | 13,117 | 11,989 | 16,567 | 8,780 | |||||||||||||
Net income | 15,634 | 14,463 | 18,742 | 11,193 | |||||||||||||
Income per common share -basic: | |||||||||||||||||
Income from continuing operations | 0.14 | 0.14 | 0.19 | 0.1 | |||||||||||||
Net income | 0.17 | 0.16 | 0.22 | 0.13 | |||||||||||||
Income per common share -diluted: | |||||||||||||||||
Income from continuing operations | 0.13 | 0.13 | 0.18 | 0.1 | |||||||||||||
Net income | 0.16 | 0.15 | 0.2 | 0.12 |
Note_1_Basis_of_Presentation_a2
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' |
Unrecognized Tax Benefits | $2,175,000 | $2,753,000 | $1,218,000 | $1,568,000 |
Foreign Currency Transaction Gain (Loss), before Tax | -1,819,000 | -749,000 | -522,000 | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($9,500,000) | ($700,000) | ' | ' |
Note_1_Basis_of_Presentation_a3
Note 1 - Basis of Presentation and Significant Accounting Policies (Details) - Estimated Useful Service Lives or Lease Term (Minimum [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Office Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life or lease term | '3 years |
Automobiles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life or lease term | '5 years |
Furniture and Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life or lease term | '7 years |
Composite Mats [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life or lease term | '7 years |
Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life or lease term | '5 years |
Building [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life or lease term | '20 years |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Leasehold improvements | 'Lease terms, including reasonably assured renewal periods |
Computer Software, Intangible Asset [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life or lease term | '3 years |
Note_2_Discontinued_Operations2
Note 2 - Discontinued Operations (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | ||
Scenario, Forecast [Member] | |||
Note 2 - Discontinued Operations (Details) [Line Items] | ' | ' | ' |
Proceeds from Divestiture of Businesses | $13,329,000 | $100,000,000 | ' |
Reverse Termination Fee | ' | ' | $5,000,000 |
Note_2_Discontinued_Operations3
Note 2 - Discontinued Operations (Details) - Summary of Operations from Discontinued Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Operations from Discontinued Operations [Abstract] | ' | ' | ' |
Revenues | $65,002 | $54,066 | $48,812 |
Income from discontinued operations before income taxes | 17,773 | 13,609 | 11,909 |
Income from discontinued operations, net of tax | $12,701 | $9,579 | $8,784 |
Note_2_Discontinued_Operations4
Note 2 - Discontinued Operations (Details) - Assets and Liabilities from Discontinued Operations (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets and Liabilities from Discontinued Operations [Abstract] | ' | ' |
Receivables, net | $11,915 | $11,147 |
Prepaid expenses and other current assets | 1,188 | 925 |
Property, plant and equipment | 62,333 | 63,588 |
Other assets | 3,584 | 3,616 |
Assets of discontinued operations | 79,020 | 79,276 |
Accounts payable | 4,415 | 5,259 |
Other Accrued liabilities | 1,542 | 488 |
Deferred tax liability | 12,449 | 12,129 |
Other noncurrent liabilities | 10,291 | 8,126 |
Liabilities of discontinued operations | $28,697 | $26,002 |
Note_3_Inventories_Details
Note 3 - Inventories (Details) (U.S. Barite Ore [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
U.S. Barite Ore [Member] | ' |
Note 3 - Inventories (Details) [Line Items] | ' |
Increase (Decrease) in Raw Materials, Packaging Materials and Supplies Inventories | $20.80 |
Note_3_Inventories_Details_Inv
Note 3 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Raw materials: | ' | ' |
Raw materials | $154,691 | $175,119 |
Total | 189,680 | 209,734 |
Drilling fluids [Member] | ' | ' |
Raw materials: | ' | ' |
Raw materials | 153,901 | 174,365 |
Mats [Member] | ' | ' |
Raw materials: | ' | ' |
Raw materials | 790 | 754 |
Finished goods- mats | 914 | 400 |
Blended Drilling Fluids Components [Member] | ' | ' |
Raw materials: | ' | ' |
Blended drilling fluids components | $34,075 | $34,215 |
Note_4_Property_Plant_and_Equi2
Note 4 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $29.40 | $25.70 | $22.60 |
Expansion of Business Segment | $40 | ' | ' |
Note_4_Property_Plant_and_Equi3
Note 4 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $319,286 | $306,473 |
Less accumulated depreciation | -137,702 | -139,438 |
181,584 | 167,035 | |
Mats (rental fleet) | 60,332 | 44,811 |
Less accumulated depreciation-mats | -24,906 | -21,444 |
35,426 | 23,367 | |
Property, plant and equipment, net | 217,010 | 190,402 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 10,085 | 6,789 |
Building and Building Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 86,660 | 63,465 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 209,874 | 221,730 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $12,667 | $14,489 |
Note_5_Goodwill_Other_Intangib2
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) [Line Items] | ' | ' | ' |
Amortization of Intangible Assets (in Dollars) | $10.40 | $3.30 | $3.30 |
Technology-Based Intangible Assets [Member] | ' | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '14 years | ' | ' |
Customer-Related Intangible Assets [Member] | ' | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '8 years | ' | ' |
Employment Related Intangible Assets [Member] | ' | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Note_5_Goodwill_Other_Intangib3
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Changes in the Carrying Amount of Goodwill (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 |
Fluids Systems [Member] | Fluids Systems [Member] | Mats and Integrated Services [Member] | Mats and Integrated Services [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' |
Balance | $87,388 | $71,970 | $72,459 | $57,041 | $14,929 | $14,929 |
Acquisition | 4,544 | 15,060 | ' | 15,060 | 4,544 | ' |
Purchase price adjustments | 2,692 | ' | 2,692 | ' | ' | ' |
Effects of foreign currency | -560 | 358 | -560 | 358 | ' | ' |
Balance | $94,064 | $87,388 | $74,591 | $72,459 | $19,473 | $14,929 |
Note_5_Goodwill_Other_Intangib4
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Other Intangible Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Other Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $46,240 | $50,089 |
Accumulated amortization | -21,891 | -13,876 |
Intangible assets, net | 24,349 | 36,213 |
Total indefinite-lived intangible assets | 1,551 | 1,448 |
Total intangible assets | 47,791 | 51,537 |
Total intangible assets | -21,891 | -13,876 |
Total intangible assets | 25,900 | 37,661 |
Permits and Licenses [Member] | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Other Intangible Assets [Line Items] | ' | ' |
Permits and licenses | 622 | 597 |
Permits and licenses | 622 | 597 |
Trademarks [Member] | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Other Intangible Assets [Line Items] | ' | ' |
Trademarks | 929 | 851 |
Technology-Based Intangible Assets [Member] | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Other Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 5,318 | 5,222 |
Accumulated amortization | -3,065 | -2,724 |
Intangible assets, net | 2,253 | 2,498 |
Total intangible assets | -3,065 | -2,724 |
Customer-Related Intangible Assets [Member] | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Other Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 38,684 | 42,540 |
Accumulated amortization | -17,892 | -10,559 |
Intangible assets, net | 20,792 | 31,981 |
Total intangible assets | -17,892 | -10,559 |
Employment Related Intangible Assets [Member] | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Other Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 2,238 | 2,327 |
Accumulated amortization | -934 | -593 |
Intangible assets, net | 1,304 | 1,734 |
Total intangible assets | ($934) | ($593) |
Note_5_Goodwill_Other_Intangib5
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Estimated Future Amortization Expense (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Estimated Future Amortization Expense [Line Items] | ' | ' |
2014 | $7,611 | ' |
2015 | 4,504 | ' |
2016 | 3,333 | ' |
2017 | 2,672 | ' |
2018 | 1,772 | ' |
Thereafter | 4,457 | ' |
Total | 24,349 | 36,213 |
Technology-Based Intangible Assets [Member] | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Estimated Future Amortization Expense [Line Items] | ' | ' |
2014 | 400 | ' |
2015 | 387 | ' |
2016 | 341 | ' |
2017 | 341 | ' |
2018 | 341 | ' |
Thereafter | 442 | ' |
Total | 2,253 | 2,498 |
Customer-Related Intangible Assets [Member] | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Estimated Future Amortization Expense [Line Items] | ' | ' |
2014 | 6,882 | ' |
2015 | 3,792 | ' |
2016 | 2,667 | ' |
2017 | 2,006 | ' |
2018 | 1,431 | ' |
Thereafter | 4,015 | ' |
Total | 20,792 | 31,981 |
Employment Related Intangible Assets [Member] | ' | ' |
Note 5 - Goodwill, Other Intangibles and Impairments of Long-Lived Assets (Details) - Estimated Future Amortization Expense [Line Items] | ' | ' |
2014 | 329 | ' |
2015 | 325 | ' |
2016 | 325 | ' |
2017 | 325 | ' |
Total | $1,304 | $1,734 |
Note_6_Acquisition_Details
Note 6 - Acquisition (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Alliance Drilling Fluids, LLC [Member] | Alliance Drilling Fluids, LLC [Member] | Terrafirma Roadways [Member] | Terrafirma Roadways [Member] | Maximum [Member] | Maximum [Member] | ||||
Alliance Drilling Fluids, LLC [Member] | Terrafirma Roadways [Member] | ||||||||
Note 6 - Acquisition (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | $11,892,000 | $2,055,000 | $53,100,000 | ' | ' | ' | ' | ' |
Business Acquisition Contingent Consideration Potential Cash Payment1 | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | 1,600,000 |
Business Acquisition Period | ' | ' | ' | ' | '2 years | ' | '18 months | ' | ' |
Anticipated Post Closing Payments To Seller Under Terms Of Agreement | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $6,776,000 | $53,075,000 | $26,775,000 | ' | ' | $6,800,000 | ' | ' | ' |
Note_6_Acquisition_Details_Ass
Note 6 - Acquisition (Details) - Assets Acquired and Liabilities Assumed (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Note 6 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ' | ' | ' |
Goodwill | $94,064 | $87,388 | $71,970 |
Alliance Drill Fluids, LLC [Member] | Customer Relationships [Member] | ' | ' | ' |
Note 6 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ' | ' | ' |
Intangible assets | ' | 13,652 | ' |
Alliance Drill Fluids, LLC [Member] | Trade Names [Member] | ' | ' | ' |
Note 6 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ' | ' | ' |
Intangible assets | ' | 2,020 | ' |
Alliance Drill Fluids, LLC [Member] | Employment Contracts [Member] | ' | ' | ' |
Note 6 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ' | ' | ' |
Intangible assets | ' | 1,625 | ' |
Alliance Drill Fluids, LLC [Member] | ' | ' | ' |
Note 6 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ' | ' | ' |
Receivables, net | ' | 22,822 | ' |
Inventories | ' | 5,779 | ' |
Property, plant and equipment, net | ' | 4,932 | ' |
Goodwill | ' | 14,220 | ' |
Deferred tax asset | ' | 181 | ' |
Total assets acquired | ' | 65,231 | ' |
Accounts payable | ' | 7,002 | ' |
Accrued liabilities | ' | 4,149 | ' |
Other noncurrent liabilities | ' | 1,005 | ' |
Total liabilities assumed | ' | 12,156 | ' |
Total cash conveyed at closing | ' | 53,075 | ' |
Terrafirma Roadways [Member] | ' | ' | ' |
Note 6 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ' | ' | ' |
Receivables, net | 2,155 | ' | ' |
Property, plant and equipment, net | 2,160 | ' | ' |
Goodwill | 4,544 | ' | ' |
Other intangibles, net | 4,528 | ' | ' |
Total assets acquired | 13,387 | ' | ' |
Accounts payable | 3,350 | ' | ' |
Short-term debt | 284 | ' | ' |
Accrued liabilities | 285 | ' | ' |
Deferred tax liability | 1,092 | ' | ' |
Other noncurrent liabilities | 1,600 | ' | ' |
Total liabilities assumed | 6,611 | ' | ' |
Total cash conveyed at closing | $6,776 | ' | ' |
Note_7_Financing_Arrangements_1
Note 7 - Financing Arrangements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Short-term Debt | $12,867,000 | $2,599,000 | ' |
Interest Expense | 11,300,000 | 9,700,000 | 9,200,000 |
Foreign Operations [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 14.11% | 2.81% | ' |
Short-term Debt | 13,200,000 | 2,500,000 | ' |
One-Month [Member] | Eurodollar [Member] | Credit Agreement [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | 1.00% | ' | ' |
Foreign Operations [Member] | Credit Agreement [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Letters of Credit Outstanding, Amount | 800,000 | ' | ' |
Line of Credit Facility, Amount Outstanding | 13,200,000 | ' | ' |
London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | 2.00% | ' | ' |
Federal Funds Rate [Member] | Credit Agreement [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | 0.50% | ' | ' |
Credit Agreement [Member] | Revolving Credit Facility [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | ' | ' |
Credit Agreement [Member] | Letter of Credit [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 99,300,000 | ' | ' |
Credit Agreement [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage (in Basis Points) | 0.38% | ' | ' |
Letters of Credit Outstanding, Amount | 25,700,000 | ' | ' |
Senior Notes [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 172,500,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ' | ' |
Debt Conversion Converted Instrument Shares Issued For Basis Principal (in Shares) | 90.8893 | ' | ' |
Debt Conversion Principal Amount Of Senior Notes As Basis For Conversion Rate | 1,000 | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $11 | ' | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Additional Borrowing Capacity on Credit Facility | 75,000,000 | ' | ' |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | 1.75% | ' | ' |
Minimum [Member] | Eurodollar [Member] | Credit Agreement [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | 0.75% | ' | ' |
Minimum [Member] | Revolving Credit Facility [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | ' | ' |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Credit Agreement [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | 3.00% | ' | ' |
Maximum [Member] | Eurodollar [Member] | Credit Agreement [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | 2.00% | ' | ' |
Maximum [Member] | Revolving Credit Facility [Member] | ' | ' | ' |
Note 7 - Financing Arrangements (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $200,000,000 | ' | ' |
Note_7_Financing_Arrangements_2
Note 7 - Financing Arrangements (Details) - Financing Arrangements (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 7 - Financing Arrangements (Details) - Financing Arrangements [Line Items] | ' | ' |
Total debt | $185,653 | $259,431 |
Less: current portion | -12,867 | -2,599 |
Long-term portion | 172,786 | 256,832 |
Senior Notes [Member] | ' | ' |
Note 7 - Financing Arrangements (Details) - Financing Arrangements [Line Items] | ' | ' |
Long-term debt | 172,500 | 172,500 |
Revolving Credit Facility [Member] | ' | ' |
Note 7 - Financing Arrangements (Details) - Financing Arrangements [Line Items] | ' | ' |
Long-term debt | ' | 84,000 |
Other Long-term Debt [Member] | ' | ' |
Note 7 - Financing Arrangements (Details) - Financing Arrangements [Line Items] | ' | ' |
Long-term debt | $13,153 | $2,931 |
Note_7_Financing_Arrangements_3
Note 7 - Financing Arrangements (Details) - Maturities of Long-Term Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturities of Long-Term Debt [Abstract] | ' | ' |
2015 | $286 | ' |
2017 | 172,500 | ' |
Total | $172,786 | $256,832 |
Note_8_Fair_Value_of_Financial2
Note 8 - Fair Value of Financial Instruments and Concentrations of Credit Risk (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 8 - Fair Value of Financial Instruments and Concentrations of Credit Risk (Details) [Line Items] | ' | ' | ' |
Nontrade Receivables (in Dollars) | 15.6 | 17.7 | ' |
Allowance for Doubtful Accounts Receivable, Write-offs (in Dollars) | ' | ' | 5.2 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' |
Note 8 - Fair Value of Financial Instruments and Concentrations of Credit Risk (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 50.00% | ' | ' |
Number of Major Customers | 20 | ' | ' |
Concentration Risk, Number of Customers Accounted for a Certain Percentage of Revenues | 0 | 0 | 0 |
Percentage of Threshold Limit of Sales Revenue | 10.00% | 10.00% | 10.00% |
Sales Revenue, Net [Member] | ' | ' | ' |
Note 8 - Fair Value of Financial Instruments and Concentrations of Credit Risk (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Number of Customers Accounted for a Certain Percentage of Revenues | 0 | 0 | 0 |
Percentage of Threshold Limit of Sales Revenue | 10.00% | 10.00% | 10.00% |
Senior Notes [Member] | ' | ' | ' |
Note 8 - Fair Value of Financial Instruments and Concentrations of Credit Risk (Details) [Line Items] | ' | ' | ' |
Fair Value, Estimate Not Practicable, Senior Debt Obligations (in Dollars) | 231.2 | 176 | ' |
Note_8_Fair_Value_of_Financial3
Note 8 - Fair Value of Financial Instruments and Concentrations of Credit Risk (Details) - Accounts Receivable (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Accounts Receivable [Abstract] | ' | ' | ' | ' |
Gross trade receivables | $252,168 | $296,117 | ' | ' |
Allowance for doubtful accounts | -4,142 | -3,950 | -3,149 | -5,571 |
Net trade receivables | 248,026 | 292,167 | ' | ' |
Other receivables | 20,503 | 20,125 | ' | ' |
Total receivables, net | $268,529 | $312,292 | ' | ' |
Note_8_Fair_Value_of_Financial4
Note 8 - Fair Value of Financial Instruments and Concentrations of Credit Risk (Details) - Allowances for Losses on Accounts Receivable (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowances for Losses on Accounts Receivable [Abstract] | ' | ' | ' |
Balance at beginning of year | $3,950 | $3,149 | $5,571 |
Provision for uncollectible accounts | 416 | 1,709 | 2,400 |
Write-offs, net of recoveries | -117 | -813 | -4,825 |
Balance at end of year | $4,142 | $3,950 | $3,149 |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Provision for Income Taxes [Member] | |||
Note 9 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Tax Assessment Charge and Increase in Tax Rates | ' | ' | $3.90 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | ' | 209 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | ' | 15.9 | ' |
Operating Loss Carryforwards, Valuation Allowance | 13.6 | 15 | ' |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 95 | 112.6 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0.4 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0.40 | $0.20 | ' |
Note_9_Income_Taxes_Details_Pr
Note 9 - Income Taxes (Details) - Provision for Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current tax expense (benefit): | ' | ' | ' |
U.S. Federal | $24,275 | $19,020 | $7,067 |
State | 1,595 | 1,602 | 2,724 |
Foreign | 7,085 | 8,682 | 7,234 |
Total current | 32,955 | 29,304 | 17,025 |
Deferred tax expense (benefit): | ' | ' | ' |
U.S. Federal | -2,057 | -1,082 | 22,280 |
State | -598 | -1,219 | 384 |
Foreign | -1,575 | 4,343 | 185 |
Total deferred | -4,230 | 2,042 | 22,849 |
Total provision | $28,725 | $31,346 | $39,874 |
Note_9_Income_Taxes_Details_To
Note 9 - Income Taxes (Details) - Total Provision Allocated in Components (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total Provision Allocated in Components [Abstract] | ' | ' | ' |
Income from continuing operations | $28,725 | $31,346 | $39,874 |
Income from discontinued operations | 5,072 | 4,030 | 3,125 |
Total provision | $33,797 | $35,376 | $42,999 |
Note_9_Income_Taxes_Details_In
Note 9 - Income Taxes (Details) - Income from Operations before Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income from Operations before Income Taxes [Abstract] | ' | ' | ' |
U.S. | $65,310 | $54,603 | $83,358 |
Foreign | 16,037 | 27,196 | 27,749 |
Income from continuing operations before income taxes | $81,347 | $81,799 | $111,107 |
Note_9_Income_Taxes_Details_Ef
Note 9 - Income Taxes (Details) - Effective Income Tax Reconciliation | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Reconciliation [Abstract] | ' | ' | ' |
Income tax expense at federal statutory rate | 35.00% | 35.00% | 35.00% |
Nondeductible expenses | 4.30% | 1.90% | 2.10% |
Manufacturing deduction | -2.50% | -2.20% | -0.80% |
Different rates on earnings of foreign operations | -4.60% | -3.40% | -2.60% |
Change in valuation allowance | 3.00% | -2.10% | -1.20% |
Uncertain tax positions | -0.80% | 1.90% | -0.30% |
Foreign tax withholdings | 0.20% | 5.20% | 0.80% |
State tax expense, net | 0.50% | 1.50% | 1.90% |
Other | 0.20% | 0.50% | 1.00% |
Total income tax expense | 35.30% | 38.30% | 35.90% |
Note_9_Income_Taxes_Details_De
Note 9 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating losses | $16,064 | $14,965 |
Accruals not currently deductible | 12,901 | 11,020 |
Bad debts | 1,166 | 1,123 |
Foreign tax credits | 1,653 | 1,653 |
Other | 4,135 | 4,745 |
Total deferred tax assets | 35,919 | 33,506 |
Valuation allowance | -15,024 | -13,834 |
Total deferred tax assets, net of allowances | 20,895 | 19,672 |
Deferred tax liabilities: | ' | ' |
Accelerated depreciation and amortization | -29,530 | -30,407 |
Other | -7,776 | -12,477 |
Total deferred tax liabilities | -37,306 | -42,884 |
Total net deferred tax liability | -16,411 | -23,212 |
Current portion of deferred tax assets | 11,272 | 11,251 |
Non current portion of deferred tax assets | 119 | 274 |
Current portion of deferred tax liabilities | -742 | -518 |
Non current portion of deferred tax liabilities | -27,060 | -34,219 |
Net deferred tax liabilities | ($16,411) | ($23,212) |
Note_9_Income_Taxes_Details_Un
Note 9 - Income Taxes (Details) - Uncertain Tax Positions Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Uncertain Tax Positions Reconciliation [Abstract] | ' | ' | ' |
Balance at January 1 | $2,753 | $1,218 | $1,568 |
Additions (reductions) for tax positions of prior years | -650 | 1,350 | -350 |
Additions for tax positions of current year | 72 | 185 | ' |
Balance at December 31 | $2,175 | $2,753 | $1,218 |
Note_10_Capital_Stock_Details
Note 10 - Capital Stock (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Feb. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsequent Event [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Share Repurchase Program [Member] | Share Repurchase Program [Member] | Share Repurchase Program [Member] | Share Repurchase Program [Member] | ||||
Share Repurchase Program [Member] | |||||||||||
Note 10 - Capital Stock (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | 222,175 | 104,995 | 72,721 | ' | ' | ' | ' | ' | ' | 562,341 | 7,241,693 |
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | ($6,713,000) | ($50,145,000) | ' | ' | $2,600,000 | $600,000 | $600,000 | ' | ' | ' | $50,000,000 |
Treasury Stock, Shares, Retired | 67,622 | 34,724 | 35,646 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount (in Dollars) | ' | ' | ' | $100,000,000 | ' | ' | ' | $50,000,000 | $50,000,000 | ' | ' |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.94 | $6.92 |
Note_10_Capital_Stock_Details_
Note 10 - Capital Stock (Details) - Changes in Outstanding Common Stock | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in Outstanding Common Stock [Abstract] | ' | ' | ' |
Outstanding, beginning of year | 95,734 | 94,498 | 93,143 |
Shares issued upon exercise of options | 1,386 | 286 | 671 |
Shares issued for grants of time vested restricted stock | 911 | 950 | 684 |
Outstanding, end of year | 98,031 | 95,734 | 94,498 |
Note_11_Earnings_Per_Share_Det
Note 11 - Earnings Per Share (Details) - Earnings Per Share (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic EPS: | ' | ' | ' |
Net income from continuing operations (in Dollars) | $52,622 | $50,453 | $71,233 |
Assumed conversions of Senior Notes (in Dollars) | 5,005 | 4,771 | 4,898 |
Adjusted income from continuing operations (in Dollars) | $57,627 | $55,224 | $76,131 |
Weighted average number of common shares outstanding - basic | 85,095 | 87,522 | 90,022 |
Add: Dilutive effect of stock options and restricted stock awards | 1,767 | 876 | 965 |
Dilutive effect of Senior Notes | 15,682 | 15,682 | 15,682 |
Diluted weighted average number of common shares outstanding | 102,544 | 104,080 | 106,669 |
Diluted income from continuing operations per common share (in Dollars per share) | $0.56 | $0.53 | $0.71 |
Stock options and warrants excluded from calculation of diluted earnings per share because anti-dilutive for the period | 415 | 2,671 | 2,907 |
Basic income from continuing operations per common share (in Dollars per share) | $0.62 | $0.58 | $0.79 |
Note_12_StockBased_Compensatio2
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Jun. 03, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | |
Participants' Contributions up to 3% of Compensation [Member] | Participants' Contributions from 3% to 6% of Compensation [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Option [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Options and Cash-settled Stock Appreciation Rights [Member] | Stock Options and Cash-settled Stock Appreciation Rights [Member] | Stock Options and Cash-settled Stock Appreciation Rights [Member] | Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | Restricted Stock Units and Restricted Stock Awards [Member] | Restricted Stock Units and Restricted Stock Awards [Member] | Restricted Stock Units and Restricted Stock Awards [Member] | Restricted Stock Units and Restricted Stock Awards [Member] | Restricted Stock Units and Restricted Stock Awards [Member] | Restricted Stock Units and Restricted Stock Awards [Member] | 2006 Equity Incentive Plan [Member] | 2006 Equity Incentive Plan [Member] | 2006 Equity Incentive Plan [Member] | 2006 Equity Incentive Plan [Member] | ||||
2004 Non-Employee Directors' Incentive Compensation Plan [Member] | Monte Carlo Valuation Model [Member] | Minimum [Member] | Maximum [Member] | Non-employee Director [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | ' | ' | ' | ' | ' | 67,365 | 960,129 | ' | ' | ' | ' | ' | ' | ' | 149,532 | 0 | 0 | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | $11.43 | $11.78 | ' | ' | ' | ' | ' | $13.11 | ' | $13.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | 180,608 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,737,772 | 8,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,250,000 | ' | 8,000,000 | 5,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares) | 497,658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $6,100,000 | $1,000,000 | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | 8,300,000 | 1,100,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per Share Value Used for Calculating Cash Settlement of Stock Appreciation Rights (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $7.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | $6.71 | ' | $4.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | 2,300,000 | 2,100,000 | ' | ' | 400,000 | 0 | 0 | ' | ' | ' | 6,700,000 | 4,600,000 | 2,800,000 | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,900,000 | 300,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 900,000 | 1,100,000 | ' | ' | ' | ' | ' | ' |
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTargetPercentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.02% | 0.68% | 1.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.52% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsAverageClosingPrice (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 53.70% | 60.30% | 63.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.58% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | 2,500,000 | 3,200,000 | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | ' | ' | ' | 3.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | ' | ' | ' | 100.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $3,400,000 | $3,300,000 | $2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_12_StockBased_Compensatio3
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Stock Options Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options Activity [Abstract] | ' | ' | ' |
Outstanding at beginning of period | 4,480,026 | ' | ' |
Outstanding at beginning of period (in Dollars per share) | $6.13 | ' | ' |
Outstanding at end of period | 3,449,367 | 4,480,026 | ' |
Outstanding at end of period (in Dollars per share) | $6.94 | $6.13 | ' |
Outstanding at end of period | '6 years 354 days | ' | ' |
Outstanding at end of period (in Dollars) | $18,455,618 | ' | ' |
Vested or expected to vest at end of period | 3,386,579 | ' | ' |
Vested or expected to vest at end of period (in Dollars per share) | $6.91 | ' | ' |
Vested or expected to vest at end of period | '6 years 343 days | ' | ' |
Vested or expected to vest at end of period (in Dollars) | 18,236,435 | ' | ' |
Options exercisable at end of period | 1,898,195 | ' | ' |
Options exercisable at end of period (in Dollars per share) | $6.23 | ' | ' |
Options exercisable at end of period | '5 years 240 days | ' | ' |
Options exercisable at end of period (in Dollars) | $11,502,128 | ' | ' |
Granted | 497,658 | ' | ' |
Granted (in Dollars per share) | $11.43 | $5.57 | $9.13 |
Exercised | -1,386,431 | ' | ' |
Exercised (in Dollars per share) | $6.01 | ' | ' |
Expired or cancelled | -141,886 | ' | ' |
Expired or cancelled (in Dollars per share) | $6.33 | ' | ' |
Note_12_StockBased_Compensatio4
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Weighted Average Assumptions | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted Average Assumptions [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.02% | 0.68% | 1.59% |
Expected life of the option in years | '5 years 80 days | '5 years 80 days | '5 years 80 days |
Expected volatility | 53.70% | 60.30% | 63.10% |
Note_12_StockBased_Compensatio5
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Weighted-Average Exercise Price and Weighted-Average Grant Date Fair Value (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted-Average Exercise Price and Weighted-Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Weighted-average exercise price of the stock on the date of grant | $11.43 | $5.57 | $9.13 |
Weighted-average grant date fair value on the date of grant | $5.42 | $2.89 | $5 |
Note_12_StockBased_Compensatio6
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Stock Appreciation Rights Activity (Stock Appreciation Rights (SARs) [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Appreciation Rights (SARs) [Member] | ' |
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Stock Appreciation Rights Activity [Line Items] | ' |
Outstanding at the beginning of the period | 271,566 |
Exercised | -130,733 |
Expired or cancelled | -6,000 |
Outstanding at the end of the period | 134,833 |
Exercisable at end of period | 134,833 |
Note_12_StockBased_Compensatio7
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Restricted Stock Activity (Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Performance Based Restricted Stock Units and Cash Settled Performance Based Restricted Stock Units [Member] | ' |
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Restricted Stock Activity [Line Items] | ' |
Granted | 149,532 |
Granted (in Dollars per share) | $13.11 |
Outstanding at the end of the period | 149,532 |
Outstanding at the end of the period (in Dollars per share) | $13.11 |
Note_12_StockBased_Compensatio8
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Time-Vested Restricted Stock (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | ' | ' |
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Time-Vested Restricted Stock [Line Items] | ' | ' |
Outstanding at the end of the period | 1,772,854 | 1,686,981 |
Outstanding at the end of the period (in Dollars per share) | $9.52 | $6.85 |
Granted, Shares | 960,129 | ' |
Granted, Weighted-Average Grant Date Fair Value (in Dollars per share) | $11.78 | ' |
Vested, Shares | -770,270 | ' |
Vested, Weighted-Average Grant Date Fair Value (in Dollars per share) | $6.71 | ' |
Forfeited, Shares | -103,986 | ' |
Forfeited, Weighted-Average Grant Date Fair Value (in Dollars per share) | $7.78 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Note 12 - Stock-Based Compensation and Other Benefit Plans (Details) - Time-Vested Restricted Stock [Line Items] | ' | ' |
Outstanding at the end of the period | 150,988 | 131,741 |
Outstanding at the end of the period (in Dollars per share) | $7.84 | $7.14 |
Granted, Shares | 72,115 | ' |
Granted, Weighted-Average Grant Date Fair Value (in Dollars per share) | $11.43 | ' |
Vested, Shares | -49,097 | ' |
Vested, Weighted-Average Grant Date Fair Value (in Dollars per share) | $11.40 | ' |
Forfeited, Shares | -3,771 | ' |
Forfeited, Weighted-Average Grant Date Fair Value (in Dollars per share) | $5.57 | ' |
Note_13_Segment_and_Related_In2
Note 13 - Segment and Related Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 13 - Segment and Related Information (Details) [Line Items] | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization (in Dollars) | $4,400,000 | $3,900,000 | $3,000,000 |
Payments to Acquire Property, Plant, and Equipment (in Dollars) | 67,929,000 | 43,955,000 | 36,897,000 |
Discontinued Operations [Member] | ' | ' | ' |
Note 13 - Segment and Related Information (Details) [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment (in Dollars) | $1,700,000 | $1,600,000 | $1,700,000 |
Sales Revenue, Net [Member] | ' | ' | ' |
Note 13 - Segment and Related Information (Details) [Line Items] | ' | ' | ' |
Concentration Risk, Number of Customers Accounted for a Certain Percentage of Revenues | 0 | 0 | 0 |
Percentage of Threshold Limit of Sales Revenue | 10.00% | 10.00% | 10.00% |
Note_13_Segment_and_Related_In3
Note 13 - Segment and Related Information (Details) - Financial Information by Segment (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Revenues | $1,042,356 | $983,953 | $909,368 |
Depreciation and Amortization | ' | ' | ' |
Depreciation and Amortization | 44,198 | 32,821 | 28,971 |
Operating Income (loss) | ' | ' | ' |
Operating Income | 94,445 | 92,275 | 120,855 |
Segment Assets | ' | ' | ' |
Assets | 968,417 | 994,541 | 886,837 |
Assets of discontinued operations | 79,020 | 79,276 | ' |
Capital Expenditures | ' | ' | ' |
Capital Expenditures | 66,235 | 42,397 | 35,204 |
Fluids Systems & Engineering [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 926,392 | 861,670 | 798,957 |
Depreciation and Amortization | ' | ' | ' |
Depreciation and Amortization | 26,679 | 18,419 | 17,126 |
Operating Income (loss) | ' | ' | ' |
Operating Income | 72,604 | 59,987 | 90,683 |
Segment Assets | ' | ' | ' |
Assets | 733,340 | 790,147 | 673,794 |
Capital Expenditures | ' | ' | ' |
Capital Expenditures | 39,316 | 27,916 | 16,033 |
Mats and Integrated Services [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Revenues | 115,964 | 122,283 | 110,411 |
Depreciation and Amortization | ' | ' | ' |
Depreciation and Amortization | 10,501 | 7,952 | 7,581 |
Operating Income (loss) | ' | ' | ' |
Operating Income | 49,394 | 54,251 | 52,678 |
Segment Assets | ' | ' | ' |
Assets | 112,619 | 81,252 | 93,078 |
Capital Expenditures | ' | ' | ' |
Capital Expenditures | 26,455 | 8,174 | 7,629 |
Corporate Segment [Member] | ' | ' | ' |
Depreciation and Amortization | ' | ' | ' |
Depreciation and Amortization | 2,584 | 2,575 | 1,248 |
Operating Income (loss) | ' | ' | ' |
Operating Income | -27,553 | -21,963 | -22,506 |
Segment Assets | ' | ' | ' |
Assets | 43,438 | 43,866 | 49,321 |
Capital Expenditures | ' | ' | ' |
Capital Expenditures | 464 | 6,307 | 11,542 |
Discontinued Operations [Member] | ' | ' | ' |
Segment Assets | ' | ' | ' |
Assets of discontinued operations | $79,020 | $79,276 | $70,644 |
Note_13_Segment_and_Related_In4
Note 13 - Segment and Related Information (Details) - Financial Information by Geographic Location (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | ' | ' | ' |
Revenue by geographic area | $1,042,356 | $983,953 | $909,368 |
Long-Lived Assets | ' | ' | ' |
Long-Lived Assets by geographic area | 342,941 | 323,007 | 272,318 |
United States [Member] | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue by geographic area | 717,263 | 684,084 | 641,393 |
Long-Lived Assets | ' | ' | ' |
Long-Lived Assets by geographic area | 250,724 | 237,751 | 192,391 |
Canada [Member] | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue by geographic area | 47,559 | 48,643 | 51,713 |
Long-Lived Assets | ' | ' | ' |
Long-Lived Assets by geographic area | 10,862 | 11,830 | 11,730 |
EMEA [Member] | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue by geographic area | 141,535 | 121,175 | 115,319 |
Long-Lived Assets | ' | ' | ' |
Long-Lived Assets by geographic area | 44,262 | 30,729 | 25,814 |
Latin America and Mexico [Member] | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue by geographic area | 99,587 | 88,157 | 76,355 |
Long-Lived Assets | ' | ' | ' |
Long-Lived Assets by geographic area | 9,852 | 11,158 | 12,920 |
Asia Pacific [Member] | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue by geographic area | 36,412 | 41,894 | 24,588 |
Long-Lived Assets | ' | ' | ' |
Long-Lived Assets by geographic area | $27,241 | $31,539 | $29,463 |
Note_14_Supplemental_Cash_Flow1
Note 14 - Supplemental Cash Flow and Other Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 14 - Supplemental Cash Flow and Other Information (Details) [Line Items] | ' | ' | ' |
Capital Expenditures Incurred but Not yet Paid | $1,500,000 | $1,000,000 | $3,700,000 |
Accrued Liabilities, Current | 46,341,000 | 42,133,000 | ' |
Accrued Liabilities Current [Member] | ' | ' | ' |
Note 14 - Supplemental Cash Flow and Other Information (Details) [Line Items] | ' | ' | ' |
Employee-related Liabilities, Current | $17,400,000 | $14,000,000 | ' |
Note_15_Commitments_and_Contin2
Note 15 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 15 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $30,200,000 | $26,500,000 | $24,200,000 |
Operating Leases, Future Minimum Payments Due | 35,647,000 | ' | ' |
Guarantee obligations due to closure of bonds | 9,900,000 | 8,600,000 | ' |
Loss Contingency, Expected Estimated Claims Repayment Period | ' | '6 months | ' |
Asset Retirement Obligation | 3,300,000 | 2,700,000 | ' |
Health Claims [Member] | ' | ' | ' |
Note 15 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Threshold for Claims to be Insured by Third Party Insurers | 225,000 | ' | ' |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Prior Years | 1,200,000 | 1,200,000 | ' |
Workers’ Compensation, Auto and General Liability Claims [Member] | ' | ' | ' |
Note 15 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Threshold for Claims to be Insured by Third Party Insurers | ' | 750,000 | ' |
Accrued Liabilities for Unsecured Portion of Claims | 2,500,000 | 3,100,000 | ' |
Letters of Credit in Favor of Insurance Company [Member] | ' | ' | ' |
Note 15 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Other Commitment | 4,000,000 | 3,900,000 | ' |
Environmental Services [Member] | ' | ' | ' |
Note 15 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Net | 5,700,000 | 5,200,000 | 4,800,000 |
Operating Leases, Future Minimum Payments Due | 3,700,000 | ' | ' |
Guarantee obligations due to closure of bonds | 9,300,000 | 7,000,000 | ' |
Asset Retirement Obligation | $2,900,000 | $2,300,000 | ' |
Minimum [Member] | ' | ' | ' |
Note 15 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Lease, Term | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 15 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Lease, Term | '6 years | ' | ' |
Note_15_Commitments_and_Contin3
Note 15 - Commitments and Contingencies (Details) - Future Minimum Payments Under Non-Cancelable Operating Leases (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Payments Under Non-Cancelable Operating Leases [Abstract] | ' |
2014 | $13,832 |
2015 | 7,992 |
2016 | 5,589 |
2017 | 3,824 |
2018 | 2,367 |
Thereafter | 2,043 |
$35,647 |
Note_16_Supplemental_Selected_2
Note 16 - Supplemental Selected Quarterly Financial Data (Unaudited) (Details) - Supplemental Selected Quarterly Financial Data (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 16 - Supplemental Selected Quarterly Financial Data (Unaudited) (Details) - Supplemental Selected Quarterly Financial Data [Line Items] | ' | ' | ' |
Revenues (in Dollars) | $1,042,356 | $983,953 | $909,368 |
Operating income (in Dollars) | 94,445 | 92,275 | 120,855 |
Net income from continuing operations (in Dollars) | 52,622 | 50,453 | 71,233 |
Net income (in Dollars) | 65,323 | 60,032 | 80,017 |
Income from continuing operations per basic share | $0.62 | $0.58 | $0.79 |
Net income per basic share | $0.77 | $0.69 | $0.89 |
Income from continuing operations per diluted share | $0.56 | $0.53 | $0.71 |
Net income per diluted share | $0.69 | $0.62 | $0.80 |
First Quarter [Member] | ' | ' | ' |
Note 16 - Supplemental Selected Quarterly Financial Data (Unaudited) (Details) - Supplemental Selected Quarterly Financial Data [Line Items] | ' | ' | ' |
Revenues (in Dollars) | 267,923 | 249,029 | ' |
Operating income (in Dollars) | 24,861 | 22,560 | ' |
Net income from continuing operations (in Dollars) | 14,867 | 13,117 | ' |
Net income (in Dollars) | 17,375 | 15,634 | ' |
Income from continuing operations per basic share | $0.18 | $0.14 | ' |
Net income per basic share | $0.21 | $0.17 | ' |
Income from continuing operations per diluted share | $0.16 | $0.13 | ' |
Net income per diluted share | $0.18 | $0.16 | ' |
Second Quarter [Member] | ' | ' | ' |
Note 16 - Supplemental Selected Quarterly Financial Data (Unaudited) (Details) - Supplemental Selected Quarterly Financial Data [Line Items] | ' | ' | ' |
Revenues (in Dollars) | 259,376 | 232,459 | ' |
Operating income (in Dollars) | 21,596 | 21,241 | ' |
Net income from continuing operations (in Dollars) | 11,859 | 11,989 | ' |
Net income (in Dollars) | 15,664 | 14,463 | ' |
Income from continuing operations per basic share | $0.14 | $0.14 | ' |
Net income per basic share | $0.19 | $0.16 | ' |
Income from continuing operations per diluted share | $0.13 | $0.13 | ' |
Net income per diluted share | $0.17 | $0.15 | ' |
Third Quarter [Member] | ' | ' | ' |
Note 16 - Supplemental Selected Quarterly Financial Data (Unaudited) (Details) - Supplemental Selected Quarterly Financial Data [Line Items] | ' | ' | ' |
Revenues (in Dollars) | 268,132 | 246,524 | ' |
Operating income (in Dollars) | 25,645 | 25,667 | ' |
Net income from continuing operations (in Dollars) | 15,431 | 16,567 | ' |
Net income (in Dollars) | 18,760 | 18,742 | ' |
Income from continuing operations per basic share | $0.18 | $0.19 | ' |
Net income per basic share | $0.22 | $0.22 | ' |
Income from continuing operations per diluted share | $0.16 | $0.18 | ' |
Net income per diluted share | $0.20 | $0.20 | ' |
Fourth Quarter [Member] | ' | ' | ' |
Note 16 - Supplemental Selected Quarterly Financial Data (Unaudited) (Details) - Supplemental Selected Quarterly Financial Data [Line Items] | ' | ' | ' |
Revenues (in Dollars) | 246,925 | 255,941 | ' |
Operating income (in Dollars) | 22,343 | 22,807 | ' |
Net income from continuing operations (in Dollars) | 10,465 | 8,780 | ' |
Net income (in Dollars) | $13,524 | $11,193 | ' |
Income from continuing operations per basic share | $0.12 | $0.10 | ' |
Net income per basic share | $0.16 | $0.13 | ' |
Income from continuing operations per diluted share | $0.12 | $0.10 | ' |
Net income per diluted share | $0.14 | $0.12 | ' |