RPC (RES) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	1-8726
Entity Registrant Name	RPC, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-1550825
Entity Address, Address Line One	2801 Buford Highway, Suite 300
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30329
City Area Code	404
Local Phone Number	321-2140
Title of 12(b) Security	Common stock, par value $0.10
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		215,067,573
Entity Central Index Key	0000742278
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	RES

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 145,619,000	$ 50,023,000
Accounts receivable, net of allowance for doubtful accounts of $4,410 in 2020 and $5,181 in 2019	123,157,000	242,574,000
Inventories	84,566,000	100,947,000
Income taxes receivable	64,308,000	24,145,000
Prepaid expenses	4,149,000	10,459,000
Assets held for sale	5,385,000	5,385,000
Other current assets	3,144,000	3,325,000
Total current assets	430,328,000	436,858,000
Property, plant and equipment, less accumulated depreciation of $790,007 in 2020 and $1,396,908 in 2019	275,124,000	516,727,000
Operating lease right-of-use assets	28,269,000	33,850,000
Goodwill	32,150,000	32,150,000
Other assets	35,006,000	33,633,000
Total assets	800,877,000	1,053,218,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	46,713,000	53,147,000
Accrued payroll and related expenses	17,915,000	19,641,000
Accrued insurance expenses	6,955,000	7,540,000
Accrued state, local and other taxes	5,607,000	2,427,000
Income taxes payable	2,967,000	1,534,000
Current portion of operating lease liabilities	9,574,000	10,625,000
Other accrued expenses	3,531,000	6,488,000
Total current liabilities	93,262,000	101,402,000
Long-term accrued insurance expenses	14,177,000	14,040,000
Long-term pension liabilities	31,619,000	39,254,000
Deferred income taxes	1,786,000	37,319,000
Long-term operating lease liabilities	22,429,000	28,378,000
Other long-term liabilities	49,000	2,492,000
Total liabilities	163,322,000	222,885,000
STOCKHOLDER'S EQUITY
Common stock	21,507,000	21,443,000
Capital in excess of par value	0	0
Retained earnings	638,590,000	832,113,000
Accumulated other comprehensive loss	(22,542,000)	(23,223,000)
Total stockholders' equity	637,555,000	830,333,000
Total liabilities and stockholders' equity	$ 800,877,000	$ 1,053,218,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 4,410,000	$ 5,181,000
Accumulated depreciation	$ 790,007	$ 1,396,908

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 116,588	$ 293,240	$ 449,665	$ 986,412
Cost of revenues (exclusive of items shown below)	100,872	225,230	362,853	742,713
Selling, general and administrative expenses	32,376	42,571	97,681	131,285
Impairment and other charges	0	71,650	207,175	71,650
Depreciation and amortization	18,655	44,701	77,521	130,087
(Gain) loss on disposition of assets, net	(3,563)	1,727	(7,576)	(2,910)
Operating loss	(31,752)	(92,639)	(287,989)	(86,413)
Interest expense	(73)	(8)	(257)	(261)
Interest income	29	182	431	1,576
Other (expense) income, net	769	(937)	(1,020)	(545)
Loss before income taxes	(31,027)	(93,402)	(288,835)	(85,643)
Income tax benefit	(14,590)	(24,221)	(86,882)	(21,894)
Net loss	$ (16,437)	$ (69,181)	$ (201,953)	$ (63,749)
Loss per share
Basic (in dollars per share)	$ (0.08)	$ (0.33)	$ (0.95)	$ (0.30)
Diluted (in dollars per share)	$ (0.08)	$ (0.33)	$ (0.95)	(0.30)
Dividend per share (in dollars per share)				$ 0.15

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net loss	$ (16,437)	$ (69,181)	$ (201,953)	$ (63,749)
Other comprehensive income (loss):
Pension adjustment and reclassification adjustment, net of taxes	186	173	1,104	520
Foreign currency translation	(25)	82	(423)	513
Comprehensive loss	$ (16,276)	$ (68,926)	$ (201,272)	$ (62,716)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings	Accumulated Other Comprehensive (Loss) IncomeCumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Other Comprehensive (Loss) Income	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,454			$ 947,711		$ (18,746)		$ 950,419
Balance at Dec. 31, 2018	$ 21,454			947,711		(18,746)		950,419
Balance (in shares) at Dec. 31, 2018	214,544
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,514		$ 2,376	927,556	$ (2,732)	(21,207)	$ (356)	927,863
Stock issued for stock incentive plans, net	$ 84	$ 2,368						2,452
Stock issued for stock incentive plans, net (in shares)	843
Stock purchased and retired	$ (24)	(2,368)		(306)				(2,698)
Stock purchased and retired (in shares)	(245)
Net (loss) income				(739)				(739)
Dividends				(21,486)				(21,486)
Pension adjustment, net of taxes						173		173
Foreign currency translation						98		98
Balance at Mar. 31, 2019	$ 21,514		2,376	927,556	(2,732)	(21,207)	(356)	927,863
Balance (in shares) at Mar. 31, 2019	215,142
Balance at Dec. 31, 2018	$ 21,454			947,711		(18,746)		950,419
Balance (in shares) at Dec. 31, 2018	214,544
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,450			854,170		(20,445)		855,175
Net (loss) income								(63,749)
Foreign currency translation								513
Balance at Sep. 30, 2019	$ 21,450			854,170		(20,445)		855,175
Balance (in shares) at Sep. 30, 2019	214,500
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,514		2,376	927,556	(2,732)	(21,207)	(356)	927,863
Balance at Mar. 31, 2019	$ 21,514		2,376	927,556	(2,732)	(21,207)	(356)	927,863
Balance (in shares) at Mar. 31, 2019	215,142
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,458		87	920,917	$ (2,732)	(20,700)	87	921,675
Stock issued for stock incentive plans, net	$ (2)	2,438						2,436
Stock issued for stock incentive plans, net (in shares)	(23)
Stock purchased and retired	$ (54)	(2,438)		(2,159)				(4,651)
Stock purchased and retired (in shares)	(540)
Net (loss) income				6,171				6,171
Dividends				(10,738)				(10,738)
Pension adjustment, net of taxes						174		174
Foreign currency translation						333		333
Balance at Jun. 30, 2019	$ 21,458		87	920,917		(20,700)	87	921,675
Balance (in shares) at Jun. 30, 2019	214,579
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,458		87	920,917		(20,700)	87	921,675
Adoption of accounting standard (Note 1)	21,450		$ 87	854,170		(20,445)	$ 87	855,175
Stock issued for stock incentive plans, net	$ (8)	2,444						2,436
Stock issued for stock incentive plans, net (in shares)	(77)
Stock purchased and retired		(2,444)		2,434				(10)
Stock purchased and retired (in shares)	(2)
Net (loss) income				(69,181)				(69,181)
Pension adjustment, net of taxes						173		173
Foreign currency translation						82		82
Balance at Sep. 30, 2019	$ 21,450			854,170		(20,445)		855,175
Balance (in shares) at Sep. 30, 2019	214,500
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,450			854,170		(20,445)		855,175
Adoption of accounting standard (Note 1)	21,443			832,113		(23,223)		830,333
Balance at Dec. 31, 2019	$ 21,443			832,113		(23,223)		830,333
Balance (in shares) at Dec. 31, 2019	214,423
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,526			672,912		(23,203)		671,235
Stock issued for stock incentive plans, net	$ 100	1,997						2,097
Stock issued for stock incentive plans, net (in shares)	1,014
Stock purchased and retired	$ (17)	(1,997)		1,222				(792)
Stock purchased and retired (in shares)	(177)
Net (loss) income				(160,423)				(160,423)
Pension adjustment, net of taxes						732		732
Foreign currency translation						(712)		(712)
Balance at Mar. 31, 2020	$ 21,526			672,912		(23,203)		671,235
Balance (in shares) at Mar. 31, 2020	215,260
Balance at Dec. 31, 2019	$ 21,443			832,113		(23,223)		830,333
Balance (in shares) at Dec. 31, 2019	214,423
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,507			638,590		(22,542)		830,333
Net (loss) income								(201,953)
Foreign currency translation								(423)
Balance at Sep. 30, 2020	$ 21,507			638,590		(22,542)		637,555
Balance (in shares) at Sep. 30, 2020	215,067
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,526			672,912		(23,203)		671,235
Balance at Mar. 31, 2020	$ 21,526			672,912		(23,203)		671,235
Balance (in shares) at Mar. 31, 2020	215,260
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,512			649,844		(22,703)		648,653
Stock issued for stock incentive plans, net	$ (4)	2,021						2,017
Stock issued for stock incentive plans, net (in shares)	(135)
Stock purchased and retired	$ (10)	(2,021)		2,025				(6)
Stock purchased and retired (in shares)	(2)
Net (loss) income				(25,093)				(25,093)
Pension adjustment, net of taxes						186		186
Foreign currency translation						314		314
Balance at Jun. 30, 2020	$ 21,512			649,844		(22,703)		648,653
Balance (in shares) at Jun. 30, 2020	215,123
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,512			649,844		(22,703)		648,653
Adoption of accounting standard (Note 1)	21,507			638,590		(22,542)		648,653
Stock issued for stock incentive plans, net	$ (5)	5,212						5,207
Stock issued for stock incentive plans, net (in shares)	(54)
Stock purchased and retired		$ (5,212)		5,183				(29)
Stock purchased and retired (in shares)	(2)
Net (loss) income				(16,437)				(16,437)
Pension adjustment, net of taxes						186		186
Foreign currency translation						(25)		(25)
Balance at Sep. 30, 2020	$ 21,507			638,590		(22,542)		637,555
Balance (in shares) at Sep. 30, 2020	215,067
Increase (Decrease) in Stockholders' Equity
Adoption of accounting standard (Note 1)	$ 21,507			$ 638,590		$ (22,542)		$ 637,555

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net loss	$ (201,953)	$ (63,749)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	77,582	132,515
Stock-based compensation expense	9,321	7,324
Gain on disposition of assets, net	7,576	2,910
Gain on benefit plan financing arrangement		(126)
Deferred income tax benefit	(35,901)	(21,777)
Impairment and other non-cash charges	205,299	71,650
(Increase) decrease in assets:
Accounts receivable	119,272	35,052
Income taxes receivable	(40,163)	15,061
Inventories	16,234	17,713
Prepaid expenses	6,309	2,472
Other current assets	(70)	263
Other non-current assets	(1,393)	(3,850)
Increase (decrease) in liabilities:
Accounts payable	(4,628)	(24,125)
Income taxes payable	1,433	(3,857)
Accrued payroll and related expenses	(1,706)	(1,711)
Accrued insurance expenses	(585)	306
Accrued state, local and other taxes	3,180	4,287
Other accrued expenses	(5,181)	(1,815)
Pension liabilities	(6,163)	4,627
Long-term accrued insurance expenses	137	1,471
Other long-term liabilities	(2,084)	892
Net cash provided by operating activities	131,364	169,713
INVESTING ACTIVITIES
Capital expenditures	(52,313)	(209,263)
Proceeds from sale of assets	17,372	12,394
Proceeds from benefit plan financing arrangement		507
Re-investment in benefit plan financing arrangement		(507)
Net cash used for investing activities	(34,941)	(196,869)
FINANCING ACTIVITIES
Payment of dividends		(32,224)
Cash paid for common stock purchased and retired	(827)	(7,359)
Net cash used for financing activities	(827)	(39,583)
Net increase (decrease) in cash and cash equivalents	95,596	(66,739)
Cash and cash equivalents at beginning of period	50,023	116,262
Cash and cash equivalents at end of period	145,619	49,523
Supplemental cash flows disclosure:
Income taxes refunded net	(10,137)	(10,826)
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 4,992	$ 18,345

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2020
GENERAL
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (“RPC” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation” and Rule 3A-02(a) of Regulation S-X. In accordance with ASC Topic 810 and Rule 3A-02 (a) of Regulation S-X, the Company’s policy is to consolidate all subsidiaries and investees where it has voting control. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2019. A group that includes the Company’s Chairman of the Board, Gary W. Rollins, who is also a director of the Company, and certain companies under his control, controls in excess of fifty percent

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2020
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS The FASB issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: ● ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for recognition in place of the current incurred loss model. The Company adopted the provisions of the standard in the first quarter of 2020 and specifically identified an immaterial cumulative-effect adjustment to the opening balance of retained earnings. The Company plans to continue to record an allowance on its trade receivables based on aging at the end of each reporting period using current reasonable and supportable forecasted economic conditions. See Note 8 “Current Expected Credit Losses” for expanded disclosures. ● ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ● ASU No. 2018-15 — Intangibles —Goodwill and Other —Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments reduce the complexity for the accounting for costs of implementing a cloud computing service arrangement and align the requirements for capitalizing implementation costs that are incurred in a hosting arrangement that is a service contract with the costs incurred to develop or obtain internal-use software. The Company adopted these provisions in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis of goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The amendments are effective beginning in the first quarter of 2021 and the Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2020
REVENUES
REVENUES	3. REVENUES Accounting Policy: RPC’s contract revenues are generated principally from providing oilfield services. These services are based on mutually agreed upon pricing with the customer prior to the services being delivered and, given the nature of the services, do not include the right of return. Pricing for these services is a function of rates based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. RPC typically satisfies its performance obligations over time as the services are performed. RPC records revenues based on the transaction price agreed upon with its customers. Sales tax charged to customers is presented on a net basis within the consolidated statements of operations and therefore excluded from revenues. Nature of services: RPC provides a broad range of specialized oilfield services to independent and major oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States and in selected international markets. RPC manages its business as either (1) services offered on the well site with equipment and personnel (Technical Services) or (2) services and tools offered off the well site (Support Services). For more detailed information about operating segments, see Note 7. RPC contracts with its customers to provide the following services by reportable segment: Technical Services ● Support Services ● ● Our contracts with customers are generally very short-term in nature and generally consist of a single performance obligation – the provision of oilfield services. Payment terms: RPC’s contracts with customers state the final terms of the sales, including the description, quantity, and price of each service to be delivered. The Company’s contracts are generally short-term in nature and in most situations, RPC provides services ahead of payment - i.e., RPC has fulfilled the performance obligation prior to submitting a customer invoice. RPC invoices the customer upon completion of the specified services and collection generally occurs between Significant judgments: RPC believes the output method is a reasonable measure of progress for the satisfaction of our performance obligations, which are satisfied over time, as it provides a faithful depiction of (1) our performance toward complete satisfaction of the performance obligation under the contract and (2) the value transferred to the customer of the services performed under the contract. RPC has elected the right to invoice practical expedient for recognizing revenue related to its performance obligations. Disaggregation of revenues: See Note 7 for disaggregation of revenue by operating segment and services offered in each of them and by geographic regions. Timing of revenue recognition for each of the periods presented is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Oilfield services transferred at a point in time ​ $ — ​ $ — ​ $ — ​ $ — Oilfield services transferred over time ​ 116,588 ​ 293,240 ​ 449,665 ​ 986,412 Total revenues ​ $ 116,588 ​ $ 293,240 ​ $ 449,665 ​ $ 986,412 ​ Contract balances: Contract assets representing the Company’s rights to consideration for work completed but not billed are included in accounts receivable, net on the consolidated balance sheets are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2020 ​ 2019 Unbilled trade receivables ​ $ 28,310 ​ $ 52,052 ​ Substantially all of the unbilled trade receivables disclosed were or are expected to be invoiced during the following quarter.

IMPAIRMENT AND OTHER CHARGES

IMPAIRMENT AND OTHER CHARGES	9 Months Ended
	Sep. 30, 2020
IMPAIRMENT AND OTHER CHARGES
IMPAIRMENT AND OTHER CHARGES	4. IMPAIRMENT AND OTHER CHARGES During the third quarter of 2020, U.S. oilfield activity improved from the historic lows recorded in the second quarter. Earlier in 2020, the Company experienced drastic declines in oilfield drilling and completions, with revenues reflecting low levels not recorded by RPC or the industry for many years. This unprecedented disruption was caused by the substantial decline in global demand for oil caused by the COVID-19 pandemic and subsequent mitigation efforts as well as macroeconomic events such as the geopolitical tensions between the Organization of Petroleum Exporting Countries and Russia, regarding limits on oil production. These factors resulted in a significant drop in oil prices and a substantial deterioration of the Company’s market capitalization. In response, the Company reduced headcount, furloughed employees and implemented compensation reductions for remaining active employees with the goal of adjusting its cost structure caused by low revenue levels. The Company determined these events constituted a triggering event that required a review of the recoverability of its long-lived assets and performed an interim goodwill impairment assessment as of March 31, 2020. The Company used both income based and market based approaches to determine the fair value of its long-lived asset groups and its reporting units for goodwill impairment assessment. Under the income approach, the fair value for each of its asset groups and reporting units was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The Company used internal forecasts, updated for recent events, to estimate future cash flows and terminal value calculation, which incorporates historical and forecasted trends, including an estimate of long-term future growth rates, based on its most recent views of the long-term outlook for each asset group and reporting units. For the market based valuation, the Company used comparable public company multiples. The selection of comparable businesses was based on the markets in which the asset groups and reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. Based on the concluded fair value of the asset groups, the Company measured and recorded an impairment loss that represents the amount by which the asset groups' carrying amounts exceeded their fair value. For purposes of the goodwill impairment assessment, the fair value of each reporting unit exceeded its net book value and therefore, goodwill was deemed to be not impaired. The Company recorded the following pre-tax charges during the three and nine months ended September 30, 2020 and 2019, which are reflected in “Impairment and other charges” in the consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ September 30, ​ September 30, September 30, ​ September 30, (in thousands) ​ 2020 2019 ​ 2020 2019 Long-lived asset impairments (1) ​ $ — ​ $ — ​ $ 204,765 ​ $ — Severance costs ​ — ​ 1,268 ​ 1,882 ​ 1,268 Abandonment of assets ​ — ​ 34,575 ​ — ​ 34,575 Assets held for sale write down ​ — ​ 14,326 ​ — ​ 14,326 Retirement of equipment ​ ​ — ​ ​ 15,953 ​ ​ — ​ ​ 15,953 Inventory write-downs ​ ​ — ​ ​ 5,501 ​ ​ — ​ ​ 5,501 Other (2) ​ — ​ 27 ​ 528 ​ 27 Total ​ $ — ​ $ 71,650 ​ $ 207,175 ​ $ 71,650 (1). (2). See Note 7 for details of impairment and other charges by segment . The Company's operating losses narrowed in the third quarter of 2020 due to revenue increases and increased operational efficiency accruing from expense reduction measures, resulting from moderate industry activity improvement. We believe that oilfield activity will remain at current levels during the near term or until the industry gains some clarity regarding global oil supply and demand. This view informs our near-term strategy of minimal capital investment and continued expense scrutiny and if market conditions continue to deteriorate, including crude oil prices further declining and remaining at low levels for a sustained period of time, the Company may record further asset impairments, or an impairment of the carrying value of goodwill.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	5. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net loss by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. The following table shows the restricted shares of common stock (participating securities) outstanding and a reconciliation of outstanding weighted average shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30 ​ September 30 (In thousands) 2020 2019 2020 2019 Net loss available for stockholders: ​ $ (16,437) ​ $ (69,181) ​ $ (201,953) ​ $ (63,749) Less: Adjustments for earnings attributable to participating securities ​ — ​ — ​ — ​ (334) Net loss used in calculating earnings per share ​ $ (16,437) ​ $ (69,181) ​ $ (201,953) ​ $ (64,083) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 215,083 ​ 214,521 ​ 215,088 ​ 214,823 Adjustment for participating securities ​ (2,539) ​ (2,496) ​ (2,697) ​ (2,538) Shares used in calculating basic and diluted earnings per share ​ 212,544 ​ 212,025 ​ 212,391 ​ 212,285 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	6. STOCK-BASED COMPENSATION In April 2014, the Company reserved 8,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of 10 years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted shares. As of September 30, 2020, there were 3,905,000 shares available for grant. During the third quarter of 2020 the Company recorded $3.3 million of accumulated amortization of restricted restricted stock related to the passing of R. Randall Rollins, RPC’s chairman. ​ Stock-based employee compensation expense was as follows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30 (in thousands) 2020 2019 2020 2019 Pre-tax expense ​ $ 5,207 ​ $ 2,436 ​ $ 9,321 ​ $ 7,324 After tax expense ​ $ 3,419 ​ $ 1,840 ​ $ 6,525 ​ $ 5,530 ​ Restricted Stock The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at December 31, 2019 2,393,673 ​ $ 13.23 Granted 1,085,875 ​ 4.59 Vested (843,926) ​ 14.96 Forfeited (261,178) ​ 13.73 Non-vested shares at September 30, 2020 2,374,444 ​ $ 6.98 ​ The total fair value of shares vested was $3,452,000 during the nine months ended September 30, 2020 and $7,018,000 during the nine months ended September 30, 2019. Excess tax benefits or deficits realized from tax compensation deductions in excess of, or lower than compensation expense are recorded as either a beneficial or detrimental discrete tax adjustment. This discrete tax adjustment was a detriment of $2,241,000 for the nine months ended September 30, 2020 and a detriment of $530,600 for the nine months ended September 30, 2019. As of September 30, 2020, total unrecognized compensation cost related to non-vested restricted shares was $40,305,000, which is expected to be recognized over a weighted-average period of 4.0 years. ​

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2020
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION RPC’s reportable segments are the same as its operating segments. RPC manages its business under Technical Services and Support Services. Technical Services is comprised of service lines that generate revenue based on equipment, personnel or materials at the well site and are closely aligned with completion and production activities of the customers. Support Services is comprised of service lines which generate revenue from services and tools offered off the well site and are more closely aligned with the customers’ drilling activities. Selected overhead including centralized support services and regulatory compliance are classified as Corporate. Technical Services consists primarily of pressure pumping, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline and fishing. The services offered under Technical Services are high capital and personnel intensive businesses. The Company considers all of these services to be closely integrated oil and gas well servicing businesses, and makes resource allocation and performance assessment decisions based on this operating segment as a whole across these various services. Support Services consist primarily of drill pipe and related tools, pipe handling, pipe inspection and storage services, and oilfield training and consulting services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The Company’s Chief Operating Decision Maker (“CODM”) assesses performance and makes resource allocation decisions regarding, among others, staffing, growth and maintenance capital expenditures and key initiatives based on the operating segments outlined above. Segment Revenues: RPC’s operating segment revenues by major service lines are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Technical Services: ​ ​ ​ ​ Pressure Pumping ​ $ 43,133 ​ $ 111,163 ​ $ 163,614 ​ $ 428,988 Downhole Tools ​ 34,331 ​ 111,619 ​ 148,994 ​ 334,053 Coiled Tubing ​ 12,407 ​ 19,622 ​ 37,619 ​ 61,084 Nitrogen ​ 8,281 ​ 10,140 ​ 23,834 ​ 33,667 Snubbing ​ 1,974 ​ 4,407 ​ 5,371 ​ 12,225 All other ​ 9,152 ​ 17,532 ​ 38,079 ​ 56,579 Total Technical Services ​ $ 109,278 ​ $ 274,483 ​ $ 417,511 ​ $ 926,596 Support Services: ​ ​ ​ ​ ​ ​ ​ ​ Rental Tools ​ $ 3,752 ​ $ 12,479 ​ $ 19,227 ​ $ 40,377 All other ​ 3,558 ​ 6,278 ​ 12,927 ​ 19,439 Total Support Services ​ $ 7,310 ​ $ 18,757 ​ $ 32,154 ​ $ 59,816 Total revenues ​ $ 116,588 ​ $ 293,240 ​ $ 449,665 ​ $ 986,412 ​ The following summarizes revenues for the United States and separately for all international locations combined for the three and nine months ended September 30, 2020 and 2019. The revenues are presented based on the location of the use of the equipment or services. Assets related to international operations are less than 10 percent of RPC’s consolidated assets, and therefore are not presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 United States revenues ​ $ 110,823 ​ $ 275,928 ​ $ 421,323 ​ $ 933,583 International revenues ​ 5,765 ​ 17,312 ​ 28,342 ​ 52,829 Total revenues ​ $ 116,588 ​ $ 293,240 ​ $ 449,665 ​ $ 986,412 ​ The accounting policies of the reportable segments are the same as those described in Note 1 to these consolidated financial statements. RPC evaluates the performance of its segments based on revenues, operating profits and return on invested capital. Gains or losses on disposition of assets are reviewed by the CODM on a consolidated basis, and accordingly the Company does not report gains or losses at the segment level. Inter-segment revenues are generally recorded in segment operating results at prices that management believes approximate prices for arm’s length transactions and are not material to operating results. Summarized financial information with respect RPC’s reportable segments for the three and nine months ended September 30, 2020 and 2019 are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Revenues: ​ ​ ​ ​ Technical Services ​ $ 109,278 ​ $ 274,483 ​ $ 417,511 ​ $ 926,596 Support Services ​ 7,310 ​ 18,757 ​ 32,154 ​ 59,816 Total revenues ​ $ 116,588 ​ $ 293,240 ​ $ 449,665 ​ $ 986,412 Operating (loss) gain: ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ (24,941) ​ $ (18,174) ​ $ (71,248) ​ $ (15,782) Support Services ​ (3,840) ​ 1,632 ​ (4,139) ​ 8,787 Corporate Expenses ​ (6,534) ​ (2,720) ​ (13,003) ​ (10,678) Impairment and Other Charges (1)(2) ​ ​ — ​ ​ (71,650) ​ ​ (207,175) ​ ​ (71,650) Gain (loss) on disposition of assets, net ​ 3,563 ​ (1,727) ​ 7,576 ​ 2,910 Total operating loss ​ $ (31,752) ​ $ (92,639) ​ $ (287,989) ​ $ (86,413) Interest expense ​ (73) ​ (8) ​ (257) ​ (261) Interest income ​ 29 ​ 182 ​ 431 ​ 1,576 Other income (expense) , net ​ 769 ​ (937) ​ (1,020) ​ (545) Loss before income taxes ​ $ (31,027) ​ $ (93,402) ​ $ (288,835) ​ $ (85,643) (1) 2020 Represents $541 related to Corporate and the remainder to Technical Services. (2) 2019 Represents $69,640 related to Technical Services and $2,010 related to Corporate. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2020 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 77,224 (1) $ 5,088 ​ $ 209 ​ $ 77,521 Capital expenditures ​ 43,437 ​ 8,338 ​ 538 ​ 52,313 Identifiable assets ​ $ 475,168 (1) $ 64,463 ​ $ 261,246 ​ $ 800,877 (1) Reflects impact of impairment charges recorded during the nine months ended September 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2019 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 122,827 ​ $ 7,026 ​ $ 234 ​ $ 130,087 Capital expenditures ​ 198,757 ​ 8,546 ​ 1,960 ​ 209,263 Identifiable assets ​ $ 963,544 ​ $ 77,848 ​ $ 68,471 ​ $ 1,109,863 ​

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	9 Months Ended
	Sep. 30, 2020
CURRENT EXPECTED CREDIT LOSSES
CURRENT EXPECTED CREDIT LOSSES	8. CURRENT EXPECTED CREDIT LOSSES The Company adopted ASU No 2016-13, Current Expected Credit Losses (Topic 326) on January 1, 2020 on a prospective basis with an immaterial cumulative-effect adjustment to the opening balance of retained earnings. This ASU replaces the current loss model with an expected credit loss model for financial assets measured at amortized cost that includes accounts (trade) receivable. The Company is exposed to credit losses primarily from providing oilfield services. The Company’s expected credit loss allowance for accounts receivable is based on historical collection experience, current and future economic and market conditions and a review of the current status of customers’ account receivable balances. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible and recoveries of amounts previously written off are recorded when collected. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of current expected credit losses was not significantly impacted. Estimates used to determine the allowance for current expected credit losses are based on an assessment of anticipated payment and all other historical, current and future information that is reasonably available. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected as of September 30, 2020: ​ ​ ​ ​ ​ (in thousands) 2020 Beginning Balance, January 1 ​ $ 5,181 Adoption of ASC 326 ​ — Provision (benefit) for current expected credit losses ​ (448) Write-offs ​ (315) Recoveries collected (net of expenses) ​ (8) Balance as of September 30 ​ $ 4,410 ​

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2020
INVENTORIES
INVENTORIES	9. INVENTORIES Inventories of $84,566,000 at September 30, 2020 and $100,947,000 at December 31, 2019 consist of raw materials, parts and supplies.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	9 Months Ended
	Sep. 30, 2020
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	10. EMPLOYEE BENEFIT PLAN The following represents the net periodic benefit cost and related components of the Company’s multiple employers Retirement Income Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Interest cost ​ $ 411 ​ $ 490 ​ $ 1,234 ​ $ 1,470 Expected return on plan assets ​ (395) ​ (649) ​ (1,186) ​ (1,949) Amortization of net losses ​ 246 ​ 229 ​ 739 ​ 689 Net periodic benefit cost ​ $ 262 ​ $ 70 ​ $ 787 ​ $ 210 ​ The Company made a $4,450,000 contribution to this plan during the nine months ended September 30, 2020; no contribution was made to this plan during the nine months ended September 30, 2019. In October 2020, the Company amended the Retirement Income Plan to add a limited lump-sum payment window for vested terminated participants who had terminated employment before July 1, 2020 and for active employees who will have reached age 59 ½ by December 1, 2020, with a vested balance. Eligible participants could elect to receive their vested balance immediately as a lump-sum or as a monthly annuity payment. The lump-sum payment window offering is scheduled to end during the fourth quarter of 2020. Plan assets will be utilized to fund participant elections and is expected to trigger settlement accounting, which will be recognized when the distributions are made in December 2020. The resulting non-cash settlement charges represent the accelerated recognition of actuarial losses reflected in Accumulated Other Comprehensive Income/(loss) (AOCI). The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The Company maintains certain securities in the SERP that have been classified as trading, and are stated at fair value totaling $28,657,000 as of September 30, 2020 and $28,476,000 as of December 31, 2019. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as compensation cost in selling, general and administrative expenses. Trading gains, net related to the SERP assets were approximately as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Trading gains, net ​ $ 1,136 ​ $ 370 ​ $ 178 ​ $ 4,006 ​ The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	9 Months Ended
	Sep. 30, 2020
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	11. NOTES PAYABLE TO BANKS The Company has a revolving Credit Agreement with Bank of America and five other lenders which provides for a line of credit of up to $100 million, including a $35 million letter of credit subfacility, and a $35 million swingline subfacility. The facility contains customary terms and conditions, including restrictions on indebtedness, dividend payments, business combinations and other related items. The revolving credit facility includes a full and unconditional guarantee by the Company's 100 percent owned domestic subsidiaries whose assets equal substantially all of the consolidated assets of the Company and its subsidiaries. Certain of the Company's minor subsidiaries are not guarantors. The Credit Agreement's maturity date is July 26, 2023. On September 25, 2020, the Company entered into Amendment No. 5 to Credit Agreement (the “Amendment”). This Amendment (1) reduced the maximum amount available for borrowing under the credit facility from $125 million to $100 million, (2) decreased the minimum tangible net worth covenant level from not less than $600 million to not less than $400 million, and (3) increased the margin spreads and commitment fees payable by RPC by 37.5 5 The Credit Agreement includes the following covenants: (i) when RPC’s trailing four quarter EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50 million, a maximum consolidated leverage ratio of 2.50:1.00 and a minimum debt service coverage ratio of 2.00:1.00, and (ii) when RPC's trailing fourth quarter EBITDA is less than $50 million, a minimum tangible net worth of no less than $400 million. As of September 30, 2020, the Company was in compliance with these covenants. Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: ● ● In addition, the Company pays an annual fee ranging from 0.20% to 0.30%, based on a quarterly consolidated leverage ratio calculation, on the unused portion of the credit facility. The Company has incurred total loan origination fees and other debt related costs associated with this revolving credit facility in the aggregate of approximately $3.4 million. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining net balance of $0.3 million at September 30, 2020 is classified as part of non-current other assets. As of September 30, 2020, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $19.8 million; therefore, a total of $80.2 million of the facility was available. Interest incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan cost, and interest paid on the credit facility were as follows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Interest incurred ​ $ 20 ​ $ 8 ​ $ 173 ​ $ 186 Interest paid ​ ​ 40 ​ ​ — ​ ​ 120 ​ ​ 121 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The Company determines its periodic income tax expense or benefit based upon the current period income or loss and the annual estimated tax rate for the Company adjusted for discrete items including changes to prior period estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. For the three months ended September 30, 2020, the effective rate reflects a benefit of 47.0 percent compared to a benefit of 25.9 percent for the comparable period in the prior year. For the nine months ended September 30, 2020, the effective rate reflects a benefit of 30.1 percent compared to a benefit of 25.6 percent for the comparable period in the prior year. The effective rate for the current quarter reflects net beneficial discrete tax adjustments totalling $3.6 million The effective tax rate for the nine months ended September 30, 2020 includes a net discrete provision totaling $21.3 million related primarily to detrimental revaluation of 2019 deferred items that are expected to reverse in 2020, offset by the beneficial revaluation of the 2019 operating loss, all to be carried back to prior years at a 35 percent federal tax rate, based on the Coronavirus Aid, Relief and Economic Security (CARES) Act. The expected reversal of these deferred tax assets and liabilities are estimates based on available information at this time and the Company expects to refine these estimates in subsequent quarters as better information becomes available.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2020
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	13. FAIR VALUE DISCLOSURES The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis in the balance sheets as of September 30, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 with: ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Equity securities ​ $ 78 ​ $ 78 ​ $ — ​ $ — Investments measured at net asset value ​ $ 28,657 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2019 with: ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 237 ​ $ 237 ​ $ — ​ $ — Investments measured at net asset value ​ $ 28,476 ​ ​ ​ ​ The Company determines the fair value of equity securities that have a readily determinable fair value through quoted market prices. The total fair value is the final closing price, as defined by the exchange in which the asset is actively traded, on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Marketable securities comprised of the SERP assets, as described in Note 10, are recorded primarily at their net cash surrender values, calculated using their net asset values, which approximates fair value, as provided by the issuing insurance or investment company. Significant observable inputs, in addition to quoted market prices, were used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the period ended September 30, 2020, there were no significant transfers in or out of levels 1, 2 or 3. Under the Company’s revolving credit facility, there was no balance outstanding at September 30, 2020 and December 31, 2019. Borrowings under our revolving credit facility are typically based on the quote from the lender (level 2 inputs), which approximates fair value, and bear variable interest rates as described in Note 11. The Company is subject to interest rate risk on the variable component of the interest rate. The carrying amounts of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether it will elect this option for financial instruments acquired in the future. The Company's real estate classified as held for sale has been stated at fair value less costs. The fair value measurement was based on observable market data that includes estimated values per square foot involving comparable properties in similar locations. The non-recurring fair value measurement of both these asset categories are reflected in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2019 and September 30, 2020 with: ​ ​ ​ Quoted prices in active ​ ​ ​ ​ ​ ​ ​ ​ ​ markets for identical ​ Significant other ​ Significant (in thousands) ​ Total ​ assets ​ observable inputs ​ unobservable inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Assets held for sale ​ $ 5,385 ​ $ — ​ $ 5,385 ​ $ — ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	9 Months Ended
	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	14. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ ​ Adjustment Translation Total Balance at December 31, 2019 ​ $ (20,908) ​ $ (2,315) ​ $ (23,223) Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ (423) ​ (423) Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 1,104 ​ — ​ 1,104 Total activity for the period ​ 1,104 ​ (423) ​ 681 Balance at September 30, 2020 ​ $ (19,804) ​ $ (2,738) ​ $ (22,542) (1) Reported as part of selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ ​ Adjustment Translation Total Balance at December 31, 2018 ​ $ (15,878) ​ $ (2,868) ​ $ (18,746) ​ Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ 513 ​ 513 ​ Adoption of accounting standard ​ ​ (2,732) ​ ​ — ​ ​ (2,732) ​ Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 520 ​ — ​ 520 ​ Total activity for the period ​ (2,212) ​ 513 ​ (1,699) ​ Balance at September 30, 2019 ​ $ (18,090) ​ $ (2,355) ​ $ (20,445) ​ (1) Reported as part of selling, general and administrative expenses. As of January 1, 2019, the balance related to the cumulative unrealized gain on marketable securities included in accumulated other comprehensive income was reclassed upon adoption of ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ​ In the first quarter of 2019, the Company adopted the provisions of ASU 2019-02, which provides an option to reclassify stranded tax effects within AOCI to retained earnings due to the change in the U.S. federal tax rate as a result of the Tax Cuts and Jobs Act, which took effect in January 2018. Accordingly, the Company elected to reclassify approximately $2.7 million of stranded tax effects related to its pension plan from AOCI to retained earnings.

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 2020
RECENT ACCOUNTING STANDARDS.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards: ● ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for recognition in place of the current incurred loss model. The Company adopted the provisions of the standard in the first quarter of 2020 and specifically identified an immaterial cumulative-effect adjustment to the opening balance of retained earnings. The Company plans to continue to record an allowance on its trade receivables based on aging at the end of each reporting period using current reasonable and supportable forecasted economic conditions. See Note 8 “Current Expected Credit Losses” for expanded disclosures. ● ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ● ASU No. 2018-15 — Intangibles —Goodwill and Other —Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments reduce the complexity for the accounting for costs of implementing a cloud computing service arrangement and align the requirements for capitalizing implementation costs that are incurred in a hosting arrangement that is a service contract with the costs incurred to develop or obtain internal-use software. The Company adopted these provisions in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis of goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The amendments are effective beginning in the first quarter of 2021 and the Company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.
Revenues	RPC’s contract revenues are generated principally from providing oilfield services. These services are based on mutually agreed upon pricing with the customer prior to the services being delivered and, given the nature of the services, do not include the right of return. Pricing for these services is a function of rates based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. RPC typically satisfies its performance obligations over time as the services are performed. RPC records revenues based on the transaction price agreed upon with its customers. Sales tax charged to customers is presented on a net basis within the consolidated statements of operations and therefore excluded from revenues.

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2020
REVENUES
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Oilfield services transferred at a point in time ​ $ — ​ $ — ​ $ — ​ $ — Oilfield services transferred over time ​ 116,588 ​ 293,240 ​ 449,665 ​ 986,412 Total revenues ​ $ 116,588 ​ $ 293,240 ​ $ 449,665 ​ $ 986,412 ​
Schedule of contract assets included in accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, (in thousands) ​ 2020 ​ 2019 Unbilled trade receivables ​ $ 28,310 ​ $ 52,052 ​

IMPAIRMENT AND OTHER CHARGES (T

IMPAIRMENT AND OTHER CHARGES (Tables)	9 Months Ended
	Sep. 30, 2020
IMPAIRMENT AND OTHER CHARGES
Schedule of impairment and other charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ September 30, ​ September 30, September 30, ​ September 30, (in thousands) ​ 2020 2019 ​ 2020 2019 Long-lived asset impairments (1) ​ $ — ​ $ — ​ $ 204,765 ​ $ — Severance costs ​ — ​ 1,268 ​ 1,882 ​ 1,268 Abandonment of assets ​ — ​ 34,575 ​ — ​ 34,575 Assets held for sale write down ​ — ​ 14,326 ​ — ​ 14,326 Retirement of equipment ​ ​ — ​ ​ 15,953 ​ ​ — ​ ​ 15,953 Inventory write-downs ​ ​ — ​ ​ 5,501 ​ ​ — ​ ​ 5,501 Other (2) ​ — ​ 27 ​ 528 ​ 27 Total ​ $ — ​ $ 71,650 ​ $ 207,175 ​ $ 71,650 (1). (2).

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30 ​ September 30 (In thousands) 2020 2019 2020 2019 Net loss available for stockholders: ​ $ (16,437) ​ $ (69,181) ​ $ (201,953) ​ $ (63,749) Less: Adjustments for earnings attributable to participating securities ​ — ​ — ​ — ​ (334) Net loss used in calculating earnings per share ​ $ (16,437) ​ $ (69,181) ​ $ (201,953) ​ $ (64,083) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 215,083 ​ 214,521 ​ 215,088 ​ 214,823 Adjustment for participating securities ​ (2,539) ​ (2,496) ​ (2,697) ​ (2,538) Shares used in calculating basic and diluted earnings per share ​ 212,544 ​ 212,025 ​ 212,391 ​ 212,285

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30 (in thousands) 2020 2019 2020 2019 Pre-tax expense ​ $ 5,207 ​ $ 2,436 ​ $ 9,321 ​ $ 7,324 After tax expense ​ $ 3,419 ​ $ 1,840 ​ $ 6,525 ​ $ 5,530
Schedule of summary of the changes in non-vested restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at December 31, 2019 2,393,673 ​ $ 13.23 Granted 1,085,875 ​ 4.59 Vested (843,926) ​ 14.96 Forfeited (261,178) ​ 13.73 Non-vested shares at September 30, 2020 2,374,444 ​ $ 6.98

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Technical Services: ​ ​ ​ ​ Pressure Pumping ​ $ 43,133 ​ $ 111,163 ​ $ 163,614 ​ $ 428,988 Downhole Tools ​ 34,331 ​ 111,619 ​ 148,994 ​ 334,053 Coiled Tubing ​ 12,407 ​ 19,622 ​ 37,619 ​ 61,084 Nitrogen ​ 8,281 ​ 10,140 ​ 23,834 ​ 33,667 Snubbing ​ 1,974 ​ 4,407 ​ 5,371 ​ 12,225 All other ​ 9,152 ​ 17,532 ​ 38,079 ​ 56,579 Total Technical Services ​ $ 109,278 ​ $ 274,483 ​ $ 417,511 ​ $ 926,596 Support Services: ​ ​ ​ ​ ​ ​ ​ ​ Rental Tools ​ $ 3,752 ​ $ 12,479 ​ $ 19,227 ​ $ 40,377 All other ​ 3,558 ​ 6,278 ​ 12,927 ​ 19,439 Total Support Services ​ $ 7,310 ​ $ 18,757 ​ $ 32,154 ​ $ 59,816 Total revenues ​ $ 116,588 ​ $ 293,240 ​ $ 449,665 ​ $ 986,412
Schedule of revenue by geographical location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 United States revenues ​ $ 110,823 ​ $ 275,928 ​ $ 421,323 ​ $ 933,583 International revenues ​ 5,765 ​ 17,312 ​ 28,342 ​ 52,829 Total revenues ​ $ 116,588 ​ $ 293,240 ​ $ 449,665 ​ $ 986,412
Schedule of segment reporting information by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Revenues: ​ ​ ​ ​ Technical Services ​ $ 109,278 ​ $ 274,483 ​ $ 417,511 ​ $ 926,596 Support Services ​ 7,310 ​ 18,757 ​ 32,154 ​ 59,816 Total revenues ​ $ 116,588 ​ $ 293,240 ​ $ 449,665 ​ $ 986,412 Operating (loss) gain: ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ (24,941) ​ $ (18,174) ​ $ (71,248) ​ $ (15,782) Support Services ​ (3,840) ​ 1,632 ​ (4,139) ​ 8,787 Corporate Expenses ​ (6,534) ​ (2,720) ​ (13,003) ​ (10,678) Impairment and Other Charges (1)(2) ​ ​ — ​ ​ (71,650) ​ ​ (207,175) ​ ​ (71,650) Gain (loss) on disposition of assets, net ​ 3,563 ​ (1,727) ​ 7,576 ​ 2,910 Total operating loss ​ $ (31,752) ​ $ (92,639) ​ $ (287,989) ​ $ (86,413) Interest expense ​ (73) ​ (8) ​ (257) ​ (261) Interest income ​ 29 ​ 182 ​ 431 ​ 1,576 Other income (expense) , net ​ 769 ​ (937) ​ (1,020) ​ (545) Loss before income taxes ​ $ (31,027) ​ $ (93,402) ​ $ (288,835) ​ $ (85,643) (1) 2020 Represents $541 related to Corporate and the remainder to Technical Services. (2) 2019 Represents $69,640 related to Technical Services and $2,010 related to Corporate. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2020 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 77,224 (1) $ 5,088 ​ $ 209 ​ $ 77,521 Capital expenditures ​ 43,437 ​ 8,338 ​ 538 ​ 52,313 Identifiable assets ​ $ 475,168 (1) $ 64,463 ​ $ 261,246 ​ $ 800,877 (1) Reflects impact of impairment charges recorded during the nine months ended September 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2019 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 122,827 ​ $ 7,026 ​ $ 234 ​ $ 130,087 Capital expenditures ​ 198,757 ​ 8,546 ​ 1,960 ​ 209,263 Identifiable assets ​ $ 963,544 ​ $ 77,848 ​ $ 68,471 ​ $ 1,109,863

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	9 Months Ended
	Sep. 30, 2020
CURRENT EXPECTED CREDIT LOSSES
Schedule of roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected	​ ​ ​ ​ ​ (in thousands) 2020 Beginning Balance, January 1 ​ $ 5,181 Adoption of ASC 326 ​ — Provision (benefit) for current expected credit losses ​ (448) Write-offs ​ (315) Recoveries collected (net of expenses) ​ (8) Balance as of September 30 ​ $ 4,410

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2020
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Interest cost ​ $ 411 ​ $ 490 ​ $ 1,234 ​ $ 1,470 Expected return on plan assets ​ (395) ​ (649) ​ (1,186) ​ (1,949) Amortization of net losses ​ 246 ​ 229 ​ 739 ​ 689 Net periodic benefit cost ​ $ 262 ​ $ 70 ​ $ 787 ​ $ 210
Schedule of trading gains (losses) related to SERP assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Trading gains, net ​ $ 1,136 ​ $ 370 ​ $ 178 ​ $ 4,006

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	9 Months Ended
	Sep. 30, 2020
NOTES PAYABLE TO BANKS
Schedule of interest incurred and paid on the credit facility, interest capitalized related to facilities and equipment under construction, and the related weighted average interest rates on long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2020 2019 2020 2019 Interest incurred ​ $ 20 ​ $ 8 ​ $ 173 ​ $ 186 Interest paid ​ ​ 40 ​ ​ — ​ ​ 120 ​ ​ 121

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2020
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2020 with: ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Equity securities ​ $ 78 ​ $ 78 ​ $ — ​ $ — Investments measured at net asset value ​ $ 28,657 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2019 with: ​ ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 237 ​ $ 237 ​ $ — ​ $ — Investments measured at net asset value ​ $ 28,476 ​ ​ ​
Schedule of valuation of financial instruments measured at fair value on a non-recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2019 and September 30, 2020 with: ​ ​ ​ Quoted prices in active ​ ​ ​ ​ ​ ​ ​ ​ ​ markets for identical ​ Significant other ​ Significant (in thousands) ​ Total ​ assets ​ observable inputs ​ unobservable inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ Assets held for sale ​ $ 5,385 ​ $ — ​ $ 5,385 ​ $ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	9 Months Ended
	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of accumulated other comprehensive (loss) income	Accumulated other comprehensive (loss) income consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ ​ Adjustment Translation Total Balance at December 31, 2019 ​ $ (20,908) ​ $ (2,315) ​ $ (23,223) Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ (423) ​ (423) Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 1,104 ​ — ​ 1,104 Total activity for the period ​ 1,104 ​ (423) ​ 681 Balance at September 30, 2020 ​ $ (19,804) ​ $ (2,738) ​ $ (22,542) (1) Reported as part of selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ ​ Adjustment Translation Total Balance at December 31, 2018 ​ $ (15,878) ​ $ (2,868) ​ $ (18,746) ​ Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ 513 ​ 513 ​ Adoption of accounting standard ​ ​ (2,732) ​ ​ — ​ ​ (2,732) ​ Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 520 ​ — ​ 520 ​ Total activity for the period ​ (2,212) ​ 513 ​ (1,699) ​ Balance at September 30, 2019 ​ $ (18,090) ​ $ (2,355) ​ $ (20,445) ​ (1) Reported as part of selling, general and administrative expenses.

GENERAL - (Details)

GENERAL - (Details)	9 Months Ended
	Sep. 30, 2020
Chairman of the Board and Director
Ownership control
Voting power (in percent)	50.00%

REVENUES - Payment Terms (Detai

REVENUES - Payment Terms (Details)	9 Months Ended
	Sep. 30, 2020
Minimum
Revenue satisfaction period	30 days
Maximum
Revenue satisfaction period	60 days

REVENUES - Disaggregation of re

REVENUES - Disaggregation of revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of revenue:
Total revenues	$ 116,588	$ 293,240	$ 449,665	$ 986,412
Oilfield services transferred at a point in time
Disaggregation of revenue:
Total revenues	0	0	0	0
Oilfield services transferred over time
Disaggregation of revenue:
Total revenues	$ 116,588	$ 293,240	$ 449,665	$ 986,412

REVENUES - Contract balances (D

REVENUES - Contract balances (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable
Disaggregation of revenue:
Unbilled trade receivables	$ 28,310	$ 52,052

IMPAIRMENT AND OTHER CHARGES (D

IMPAIRMENT AND OTHER CHARGES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
IMPAIRMENT AND OTHER CHARGES
Long Lived Asset Impairments (1)	$ 0	$ 0	$ 204,765	$ 0
Severance costs	0	1,268	1,882	1,268
Abandonment of assets	0	34,575	0	34,575
Assets held for sale write down	0	14,326	0	14,326
Retirement of equipment	0	15,953	0	15,953
Inventory write-downs	0	5,501	0	5,501
Other (2)	0	27	528	27
Total	$ 0	$ 71,650	$ 207,175	$ 71,650

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
EARNINGS PER SHARE
Net loss available for stockholders:	$ (16,437)	$ (25,093)	$ (160,423)	$ (69,181)	$ 6,171	$ (739)	$ (201,953)	$ (63,749)
Less: Adjustments for earnings attributable to participating securities	0			0			0	(334)
Net loss used in calculating earnings per share	$ (16,437)			$ (69,181)			$ (201,953)	$ (64,083)
Weighted average shares outstanding (including participating securities)	215,083			214,521			215,088	214,823
Adjustment for participating securities	(2,539)			(2,496)			(2,697)	(2,538)
Shares used in calculating basic and diluted earnings per share	212,544			212,025			212,391	212,285

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2014	Sep. 30, 2020
Stock-based compensation
Stock authorized (in shares)	8,000,000
Term (in years)	10 years
Available for grant (in shares)		3,905,000
Restricted Stock
Stock-based compensation
Accumulated amortization of restricted stock		$ 3.3

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
STOCK-BASED COMPENSATION
Pre-tax expense	$ 5,207	$ 2,436	$ 9,321	$ 7,324
After tax expense	$ 3,419	$ 1,840	$ 6,525	$ 5,530

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested RSU's (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Shares
Non-vested shares at December 31, 2019 | shares	2,393,673
Granted | shares	1,085,875
Vested | shares	(843,926)
Forfeited | shares	(261,178)
Non-vested shares at September 30, 2020 | shares	2,374,444
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2019 | $ / shares	$ 13.23
Granted | $ / shares	4.59
Vested | $ / shares	14.96
Forfeited | $ / shares	13.73
Non-vested shares at September 30, 2020 | $ / shares	$ 6.98

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - Restricted Stock - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Stock-based compensation
Fair value, shares vested	$ 3,452,000	$ 7,018,000
Tax (expense) benefits for compensation tax deductions in excess of compensation expense	(2,241,000)	$ (530,600)
Unrecognized compensation cost related to non-vested restricted shares	$ 40,305,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	4 years

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment information:
Total revenues	$ 116,588	$ 293,240	$ 449,665	$ 986,412
Technical Services
Segment information:
Total revenues	109,278	274,483	417,511	926,596
Technical Services | Pressure Pumping
Segment information:
Total revenues	43,133	111,163	163,614	428,988
Technical Services | Downhole Tools
Segment information:
Total revenues	34,331	111,619	148,994	334,053
Technical Services | Coiled Tubing
Segment information:
Total revenues	12,407	19,622	37,619	61,084
Technical Services | Nitrogen
Segment information:
Total revenues	8,281	10,140	23,834	33,667
Technical Services | Snubbing
Segment information:
Total revenues	1,974	4,407	5,371	12,225
Technical Services | All other
Segment information:
Total revenues	9,152	17,532	38,079	56,579
Support Services
Segment information:
Total revenues	7,310	18,757	32,154	59,816
Support Services | Rental Tools
Segment information:
Total revenues	3,752	12,479	19,227	40,377
Support Services | All other
Segment information:
Total revenues	$ 3,558	$ 6,278	$ 12,927	$ 19,439

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment information:
Total revenues	$ 116,588	$ 293,240	$ 449,665	$ 986,412
United States
Segment information:
Total revenues	110,823	275,928	421,323	933,583
International
Segment information:
Total revenues	$ 5,765	$ 17,312	$ 28,342	$ 52,829

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Revenues	$ 116,588	$ 293,240	$ 449,665	$ 986,412
Operating (loss) gain:
Operating loss	(31,752)	(92,639)	(287,989)	(86,413)
Capital expenditures			52,313	209,263
Depreciation and amortization	18,655	44,701	77,521	130,087
Identifiable assets	800,877	1,109,863	800,877	1,109,863
Impairment and other charges	0	(71,650)	(207,175)	(71,650)
Gain (loss) on disposition of assets, net	3,563	(1,727)	7,576	2,910
Interest expense	73	8	257	261
Interest income	29	182	431	1,576
Other (expense) income , net	769	(937)	(1,020)	(545)
Loss before income taxes	(31,027)	(93,402)	(288,835)	(85,643)
Technical Services
Revenues:
Revenues	109,278	274,483	417,511	926,596
Operating (loss) gain:
Operating loss	(24,941)	(18,174)	(71,248)	(15,782)
Capital expenditures			43,437	198,757
Depreciation and amortization			77,224	122,827
Identifiable assets	475,168	963,544	475,168	963,544
Impairment and other charges				69,640
Support Services
Revenues:
Revenues	7,310	18,757	32,154	59,816
Operating (loss) gain:
Operating loss	(3,840)	1,632	(4,139)	8,787
Capital expenditures			8,338	8,546
Depreciation and amortization			5,088	7,026
Identifiable assets	64,463	77,848	64,463	77,848
Corporate
Operating (loss) gain:
Operating loss	(6,534)	(2,720)	(13,003)	(10,678)
Capital expenditures			538	1,960
Depreciation and amortization			209	234
Identifiable assets	$ 261,246	$ 68,471	261,246	68,471
Impairment and other charges			$ 541	$ 2,010

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Allowance for doubtful accounts rollforward
Beginning balance	$ 5,181
Provision (benefit) for current expected credit losses	(448)
Write-offs	(315)
Recoveries collected (net of expenses)	(8)
Ending balance	$ 4,410

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
INVENTORIES
Raw materials, parts and supplies of inventories	$ 84,566,000	$ 100,947,000

EMPLOYEE BENEFIT PLAN - Compone

EMPLOYEE BENEFIT PLAN - Components of net periodic benefit cost (Details) - Retirement Income Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Interest cost	$ 411	$ 490	$ 1,234	$ 1,470
Expected return on plan assets	(395)	(649)	(1,186)	(1,949)
Amortization of net losses	246	229	739	689
Net periodic benefit cost	$ 262	$ 70	$ 787	$ 210

EMPLOYEE BENEFIT PLAN - SERP (D

EMPLOYEE BENEFIT PLAN - SERP (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Employer contribution			$ 4,450,000	$ 0
Proceeds from insurance recovery				507,000
Supplemental Retirement Plan ('SERP')
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 28,657,000		28,657,000		$ 28,476,000
Trading gains (losses), net	$ 1,136,000	$ 370,000	$ 178,000	$ 4,006,000

NOTES PAYABLE TO BANKS - Intere

NOTES PAYABLE TO BANKS - Interest incurred (Details) - Revolving credit facility - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revolving credit facility
Interest incurred	$ 20	$ 8	$ 173	$ 186
Interest paid	$ 40		$ 120	$ 121

NOTES PAYABLE TO BANKS - Credit

NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands	Sep. 25, 2020USD ($)	Jul. 26, 2018USD ($)	Sep. 30, 2020USD ($)Lender	Sep. 24, 2020USD ($)
Revolving credit facility
Minimum net worth covenant	$ 400,000			$ 600,000
Basis points added	0.375%
Amendment
Revolving credit facility
Minimum EBITDA		$ 50,000
Maximum consolidated leverage ratio		2.50%
Minimum debt service coverage ratio		2.00%
Revolving credit facility
Revolving credit facility
Number of additional credit lenders | Lender			5
Maximum borrowing capacity	$ 100,000		$ 100,000	$ 125,000
Origination and other costs			3,400
Unamortized origination and other costs			300
Outstanding debt			0
Available credit facility			$ 80,200
Revolving credit facility | Minimum
Revolving credit facility
Annual fee (as a percent)			0.20%
Revolving credit facility | Maximum
Revolving credit facility
Annual fee (as a percent)			0.30%
Revolving credit facility | Amendment
Revolving credit facility
Reduction in commitment fees (in points)	0.05%
Revolving credit facility | Amendment | Eurodollar Rate | LIBOR | Minimum
Revolving credit facility
Basis points added			1.125%
Revolving credit facility | Amendment | Eurodollar Rate | LIBOR | Maximum
Revolving credit facility
Basis points added			2.125%
Revolving credit facility | Amendment | Base Rate | Minimum
Revolving credit facility
Basis points added			0.125%
Revolving credit facility | Amendment | Base Rate | Maximum
Revolving credit facility
Basis points added			1.125%
Revolving credit facility | Amendment | Base Rate | Federal Funds Rate
Revolving credit facility
Basis points added			0.50%
Revolving credit facility | Amendment | Base Rate | Eurodollar Rate
Revolving credit facility
Basis points added			1.00%
Revolving credit facility | Letter of credit
Revolving credit facility
Maximum borrowing capacity		$ 50,000	$ 35,000
Outstanding debt			19,800
Revolving credit facility | Letter of credit | Amendment
Revolving credit facility
Maximum borrowing capacity		$ 400,000
Revolving credit facility | Swingline
Revolving credit facility
Maximum borrowing capacity			$ 35,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
INCOME TAXES
Effective tax rate (as a percent)	47.00%	25.90%	30.10%	25.60%
Statutory federal income tax rate					35.00%
Discrete tax benefit adjustment	$ 3.6				$ 21.3

FAIR VALUE DISCLOSURES - Financ

FAIR VALUE DISCLOSURES - Financial instruments measured at fair value on recurring basis (Details) - Fair value on a recurring basis - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Equity securities	$ 78	$ 237
Investments measured at net asset value	28,657	28,476
Level 1
Assets:
Equity securities	$ 78	$ 237

FAIR VALUE DISCLOSURES - Fina_2

FAIR VALUE DISCLOSURES - Financial instruments measured at fair value on non-recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Assets:
Assets held for sale	$ 5,385	$ 5,385
Fair value on a non-recurring basis
Assets:
Assets held for sale	5,385		$ 5,385
Fair value on a non-recurring basis | Level 2
Assets:
Assets held for sale	$ 5,385		$ 5,385

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
AOCI rollforward
Balance	$ (23,223)	$ (18,746)
Before-tax amount	(423)	513
Adoption of accounting standard		(2,732)
Amortization of net loss	1,104	520
Total activity for the period	681	(1,699)
Balance	(22,542)	(20,445)
Pension Adjustment
AOCI rollforward
Balance	(20,908)	(15,878)
Adoption of accounting standard		(2,732)
Amortization of net loss	1,104	520
Total activity for the period	1,104	(2,212)
Balance	(19,804)	(18,090)
Foreign Currency Translation
AOCI rollforward
Balance	(2,315)	(2,868)
Before-tax amount	(423)	513
Total activity for the period	(423)	513
Balance	$ (2,738)	$ (2,355)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - ASU 2018-02 (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect		$ (2,732)
ASU No. 2018-02, (Topic 220)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	$ 2,700