Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
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 $0.10 | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 215,725,436 | |
Entity Central Index Key | 0000742278 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Trading Symbol | RES |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 121,015,000 | $ 84,496,000 |
Accounts receivable, net of allowance for doubtful accounts of $6,405 in 2021 and $5,181 in 2020 | 180,674,000 | 161,771,000 |
Inventories | 81,198,000 | 82,918,000 |
Income taxes receivable | 51,002,000 | 82,943,000 |
Prepaid expenses | 5,659,000 | 9,124,000 |
Assets held for sale | 4,032,000 | 4,032,000 |
Other current assets | 2,648,000 | 3,075,000 |
Total current assets | 446,228,000 | 428,359,000 |
Property, plant and equipment, less accumulated depreciation of $796,143 in 2021 and $790,712 in 2020 | 251,396,000 | 264,411,000 |
Operating lease right-of-use assets | 23,321,000 | 27,270,000 |
Goodwill | 32,150,000 | 32,150,000 |
Other assets | 37,111,000 | 38,315,000 |
Total assets | 790,206,000 | 790,505,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 53,524,000 | 41,080,000 |
Accrued payroll and related expenses | 21,079,000 | 18,428,000 |
Accrued insurance expenses | 5,007,000 | 5,489,000 |
Accrued state, local and other taxes | 3,879,000 | 2,788,000 |
Income taxes payable | 1,418,000 | 1,115,000 |
Current portion of operating lease liabilities | 7,909,000 | 9,192,000 |
Other accrued expenses | 3,407,000 | 1,473,000 |
Total current liabilities | 96,223,000 | 79,565,000 |
Long-term accrued insurance expenses | 10,481,000 | 11,822,000 |
Long-term pension liabilities | 32,789,000 | 33,080,000 |
Deferred income taxes | 9,093,000 | 13,332,000 |
Long-term operating lease liabilities | 17,486,000 | 21,090,000 |
Other long-term liabilities | 49,000 | |
Total liabilities | 166,072,000 | 158,938,000 |
STOCKHOLDER'S EQUITY | ||
Common stock | 21,573,000 | 21,495,000 |
Capital in excess of par value | 0 | 0 |
Retained earnings | 619,756,000 | 627,778,000 |
Accumulated other comprehensive loss | (17,195,000) | (17,706,000) |
Total stockholders' equity | 624,134,000 | 631,567,000 |
Total liabilities and stockholders' equity | $ 790,206,000 | $ 790,505,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CONSOLIDATED BALANCE SHEETS | ||
Allowance for doubtful accounts | $ 6,405 | $ 5,181 |
Accumulated depreciation | $ 796,143 | $ 790,712 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
Revenues | $ 188,757 | $ 89,300 | $ 371,367 | $ 333,077 |
Cost of revenues (exclusive of items shown below) | 145,789 | 80,037 | 292,012 | 261,981 |
Selling, general and administrative expenses | 29,403 | 28,775 | 59,998 | 65,305 |
Impairment and other charges | 0 | 1,639 | 0 | 207,175 |
Depreciation and amortization | 17,896 | 19,573 | 35,669 | 58,866 |
Gain on disposition of assets, net | (3,111) | (3,194) | (4,571) | (4,013) |
Operating loss | (1,220) | (37,530) | (11,741) | (256,237) |
Interest expense | (103) | (71) | (483) | (184) |
Interest income | 14 | 68 | 32 | 402 |
Other income (expense), net | 616 | (1,481) | 1,123 | (1,789) |
Loss before income taxes | (693) | (39,014) | (11,069) | (257,808) |
Income tax provision (benefit) | 33 | (13,921) | (681) | (72,292) |
Net loss | $ (726) | $ (25,093) | $ (10,388) | $ (185,516) |
Loss per share | ||||
Basic (in dollars per share) | $ (0.12) | $ (0.05) | $ (0.87) | |
Diluted (in dollars per share) | $ (0.12) | $ (0.05) | $ (0.87) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Net loss | $ (726) | $ (25,093) | $ (10,388) | $ (185,516) |
Other comprehensive income (loss): | ||||
Pension adjustment and reclassification adjustment, net of taxes | 153 | 186 | 306 | 918 |
Foreign currency translation | 69 | 314 | 205 | (398) |
Comprehensive loss | $ (504) | $ (24,593) | $ (9,877) | $ (184,996) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total |
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 | |||||
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 | (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 | |||||
Net loss | (185,516) | ||||
Foreign currency translation | (398) | ||||
Balance at Jun. 30, 2020 | $ 21,512 | 649,844 | (22,703) | 648,653 | |
Balance (in shares) at Jun. 30, 2020 | 215,123 | ||||
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 | |||||
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 | (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 | ||||
Balance at Dec. 31, 2020 | $ 21,495 | 627,778 | (17,706) | 631,567 | |
Balance (in shares) at Dec. 31, 2020 | 214,951 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock issued for stock incentive plans, net | $ 93 | 1,446 | 1,539 | ||
Stock issued for stock incentive plans, net (in shares) | 924 | ||||
Stock purchased and retired | $ (14) | (1,446) | 903 | (557) | |
Stock purchased and retired (in shares) | (140) | ||||
Net loss | (9,662) | (9,662) | |||
Pension adjustment, net of taxes | 153 | 153 | |||
Foreign currency translation | 136 | 136 | |||
Balance at Mar. 31, 2021 | $ 21,574 | 619,019 | (17,417) | 623,176 | |
Balance (in shares) at Mar. 31, 2021 | 215,735 | ||||
Balance at Dec. 31, 2020 | $ 21,495 | 627,778 | (17,706) | 631,567 | |
Balance (in shares) at Dec. 31, 2020 | 214,951 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net loss | (10,388) | ||||
Foreign currency translation | 205 | ||||
Balance at Jun. 30, 2021 | $ 21,573 | 619,756 | (17,195) | 624,134 | |
Balance (in shares) at Jun. 30, 2021 | 215,725 | ||||
Balance at Mar. 31, 2021 | $ 21,574 | 619,019 | (17,417) | 623,176 | |
Balance (in shares) at Mar. 31, 2021 | 215,735 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock issued for stock incentive plans, net | $ (1) | 1,472 | 1,471 | ||
Stock issued for stock incentive plans, net (in shares) | (9) | ||||
Stock purchased and retired | $ (1,472) | 1,463 | (9) | ||
Stock purchased and retired (in shares) | (1) | ||||
Net loss | (726) | (726) | |||
Pension adjustment, net of taxes | 153 | 153 | |||
Foreign currency translation | 69 | 69 | |||
Balance at Jun. 30, 2021 | $ 21,573 | $ 619,756 | $ (17,195) | $ 624,134 | |
Balance (in shares) at Jun. 30, 2021 | 215,725 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (10,388) | $ (185,516) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, amortization and other non-cash charges | 35,589 | 58,924 |
Stock-based compensation expense | 3,010 | 4,114 |
Gain on disposition of assets, net | (4,571) | (4,013) |
Deferred income tax benefit | (4,338) | (36,723) |
Impairment and other non-cash charges | 206,264 | |
(Increase) decrease in assets: | ||
Accounts receivable | (18,779) | 133,223 |
Income taxes receivable | 31,941 | (22,762) |
Inventories | 1,836 | 7,320 |
Prepaid expenses | 3,465 | 4,601 |
Other current assets | 508 | 235 |
Other non-current assets | 1,191 | (423) |
Increase (decrease) in liabilities: | ||
Accounts payable | 12,168 | (27,451) |
Income taxes payable | 303 | (1,099) |
Accrued payroll and related expenses | 2,635 | (6,373) |
Accrued insurance expenses | (482) | (1,228) |
Accrued state, local and other taxes | 1,091 | 1,304 |
Other accrued expenses | 49 | (4,966) |
Pension liabilities | 113 | (610) |
Long-term accrued insurance expenses | (1,341) | (1,045) |
Other long-term liabilities | 866 | (1,677) |
Net cash provided by operating activities | 54,866 | 122,099 |
INVESTING ACTIVITIES | ||
Capital expenditures | (25,875) | (38,659) |
Proceeds from sale of assets | 8,094 | 12,740 |
Net cash used for investing activities | (17,781) | (25,919) |
FINANCING ACTIVITIES | ||
Cash paid for common stock purchased and retired | (566) | (798) |
Net cash used for financing activities | (566) | (798) |
Net increase in cash and cash equivalents | 36,519 | 95,382 |
Cash and cash equivalents at beginning of period | 84,496 | 50,023 |
Cash and cash equivalents at end of period | 121,015 | 145,405 |
Supplemental cash flows disclosure: | ||
Income taxes refund, net | (28,386) | (9,847) |
Supplemental disclosure of noncash investing activities: | ||
Capital expenditures included in accounts payable | $ 4,131 | $ 2,185 |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2021 | |
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 six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. The balance sheet at December 31, 2020 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, 2020. A group that includes the Company’s Chairman of the Board, Gary W. Rollins, controls in excess of fifty percent |
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2021 | |
RECENT ACCOUNTING STANDARDS | |
RECENT ACCOUNTING STANDARDS | 2. RECENT ACCOUNTING STANDARDS The FASB issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: ● Accounting Standards Update (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 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 Company adopted these provisions in the second quarter of 2021 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2020-04 — Reference Rate Reform (Topic 848): The amendments in this ASU, provides optional guidance for a limited time to ease the impact of the reference rate reform on financial reporting. The amendments, which are elective, provide expedients to contract modifications, affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or other reference rate that is expected to be discontinued due to reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt these provisions when LIBOR is discontinued, and does not expect adoption to have a material impact on its consolidated financial statements. |
REVENUES
REVENUES | 6 Months Ended |
Jun. 30, 2021 | |
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 Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Oilfield services transferred at a point in time $ — $ — $ — $ — Oilfield services transferred over time 188,757 89,300 371,367 333,077 Total revenues $ 188,757 $ 89,300 $ 371,367 $ 333,077 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: June 30, December 31, June 30, December 31, (in thousands) 2021 2020 2020 2019 Unbilled trade receivables $ 45,183 $ 29,574 $ 21,578 $ 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 | 6 Months Ended |
Jun. 30, 2021 | |
IMPAIRMENT AND OTHER CHARGES | |
IMPAIRMENT AND OTHER CHARGES | 4. IMPAIRMENT AND OTHER CHARGES The Company recorded the following pre-tax charges during the three and six months ended June 30, 2021 and 2020 which are reflected in “Impairment and other charges” in the consolidated statements of operations: Three months ended Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Long Lived Asset Impairments (1) $ — $ — $ — $ 204,765 Severance Costs — 1,487 — 1,882 Other (2) — 152 — 528 Total $ — $ 1,639 $ — $ 207,175 (1). (2). See Note 7 for details of impairment and other charges by segment . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 5. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income 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 Six months ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Net loss available for stockholders : $ (726) $ (25,093) $ (10,388) $ (185,516) Less: Adjustments for earnings attributable to participating securities — — — — Net loss used in calculating earnings per share $ (726) $ (25,093) $ (10,388) $ (185,516) Weighted average shares outstanding (including participating securities) 215,728 215,174 215,633 215,090 Adjustment for participating securities (2,719) (2,772) (2,663) (2,730) Shares used in calculating basic and diluted earnings per share 213,009 212,402 212,970 212,360 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, there were 3,097,340 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: Three months ended Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Pre-tax expense $ 1,471 $ 2,017 $ 3,010 $ 4,114 After tax expense $ 1,103 $ 1,523 $ 2,257 $ 3,106 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2021: Weighted Average Shares Grant-Date Fair Value Non-vested shares at December 31, 2020 2,235,179 $ 6.81 Granted 1,010,700 3.87 Vested (434,208) 14.96 Forfeited (95,260) 6.85 Non-vested shares at June 30, 2021 2,716,411 $ 7.91 The total fair value of shares vested was $1,757,000 during the six months ended June 30, 2021 and $2,467,000 during the six months ended June 30, 2020. 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 income tax adjustment. This was a detrimental adjustment of $1,164,000 for the six months ended June 30, 2021 and a detrimental adjustment of $1,655,000 for the six months ended June 30, 2020. As of June 30, 2021, total unrecognized compensation cost related to non-vested restricted shares was $41,793,000 which is expected to be recognized over a weighted-average period of 4.4 years. |
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
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 Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Technical Services: Pressure Pumping $ 72,179 $ 23,717 $ 147,079 $ 120,481 Downhole Tools 58,853 35,151 115,230 121,059 Coiled Tubing 20,399 8,973 35,167 25,212 Nitrogen 8,039 5,621 19,199 15,553 Snubbing 3,105 1,093 6,937 3,397 All other 13,544 5,977 25,148 22,530 Total Technical Services $ 176,119 $ 80,532 $ 348,760 $ 308,232 Support Services: Rental Tools $ 8,549 $ 5,069 $ 14,581 $ 15,475 All other 4,089 3,699 8,026 9,370 Total Support Services $ 12,638 $ 8,768 $ 22,607 $ 24,845 Total revenues $ 188,757 $ 89,300 $ 371,367 $ 333,077 The following summarizes revenues for the United States and separately for all international locations combined for the three and six months ended June 30, 2021 and 2020. 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 Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 United States revenues $ 181,530 $ 82,506 $ 354,459 $ 310,500 International revenues 7,227 6,794 16,908 22,577 Total revenues $ 188,757 $ 89,300 $ 371,367 $ 333,077 The accounting policies of the reportable segments are the same as those referenced 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 six months ended June 30, 2021 and 2020 are shown in the following table: Three months ended Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Revenues: Technical Services $ 176,119 $ 80,532 $ 348,760 $ 308,232 Support Services 12,638 8,768 22,607 24,845 Total revenues $ 188,757 $ 89,300 $ 371,367 $ 333,077 Operating income (loss): Technical Services $ 1,428 $ (34,100) $ (4,334) $ (46,307) Support Services (2,402) (1,846) (5,298) (299) Corporate Expenses (3,357) (3,139) (6,680) (6,469) Impairment and Other Charges (1) — (1,639) — (207,175) Gain on disposition of assets, net 3,111 3,194 4,571 4,013 Total operating loss $ (1,220) $ (37,530) $ (11,741) $ (256,237) Interest expense (103) (71) (483) (184) Interest income 14 68 32 402 Other income (expense), net 616 (1,481) 1,123 (1,789) Loss before income taxes $ (693) $ (39,014) $ (11,069) $ (257,808) (1) Represents $541 related to Corporate and the remainder to Technical Services. As of and for the six months ended Technical Support June 30, 2021 Services Services Corporate Total (in thousands) Depreciation and amortization $ 31,189 $ 4,344 $ 136 $ 35,669 Capital expenditures 21,295 4,347 233 25,875 Identifiable assets $ 485,058 $ 73,815 $ 231,333 $ 790,206 As of and for the six months ended Technical Support June 30, 2020 Services Services Corporate Total (in thousands) Depreciation and amortization $ 54,615 $ 4,111 $ 140 $ 58,866 Capital expenditures 31,296 7,027 336 38,659 Identifiable assets $ 474,670 $ 62,867 $ 245,331 $ 782,868 |
CURRENT EXPECTED CREDIT LOSSES
CURRENT EXPECTED CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2021 | |
CURRENT EXPECTED CREDIT LOSSES | |
CURRENT EXPECTED CREDIT LOSSES | 8. CURRENT EXPECTED CREDIT LOSSES The Company utilizes an expected credit loss model for valuing its accounts receivable, a financial asset measured at amortized cost. 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. 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: Six months ended June 30, 2021 2020 (in thousands) Beginning balance $ 4,815 $ 5,181 Provision (benefit) for current expected credit losses 2,113 (828) Write-offs (530) (302) Recoveries collected (net of expenses) 7 — Ending balance $ 6,405 $ 4,051 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2021 | |
INVENTORIES | |
INVENTORIES | 9. INVENTORIES Inventories of $81,198,000 at June 30,2021 and $82,918,000 at December 31, 2020 consist of raw materials, parts and supplies. Inventories, which consist principally of (i) raw materials and supplies that are consumed providing services to the Company’s customers, (ii) spare parts for equipment used in providing these services and (iii) components and attachments for manufactured equipment used in providing services, are recorded at the lower of cost or net realizable value. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 10. COMMITMENTS AND CONTINGENCIES Sales and Use Taxes - The Company has ongoing sales and use tax audits in various jurisdictions and may be subjected to varying interpretations of statute that could result in unfavorable outcomes. In accordance with ASC 450-20, Loss Contingencies, any probable and reasonable estimate of assessment costs have been included in accrued state, local and other taxes. The Company recently received a state tax notification of audit results related to sales and use tax on July 12, 2021. The Company and its outside legal counsel are currently evaluating the perceived merits of the tax assessment. The Company believes the likelihood of a material loss related to this contingency is remote and cannot be reasonably estimated at this time. Therefore, no loss has been recorded and the Company currently does not believe the resolution of this claim will have a material impact on its consolidated financial position, results of operations or cash flows. |
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN | 6 Months Ended |
Jun. 30, 2021 | |
EMPLOYEE BENEFIT PLAN | |
EMPLOYEE BENEFIT PLAN | 11. 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 June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Interest cost $ 247 $ 412 $ 494 $ 823 Expected return on plan assets (377) (396) (754) (791) Amortization of net losses 202 247 404 493 Net periodic benefit cost $ 72 $ 263 $ 144 $ 525 The Company did not make a contribution to this plan during the six months ended June 30, 2021 or June 30, 2020. 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 reached age 59 ½ by December 1, 2020, with a vested balance. The participants could elect to receive their vested balance immediately as a lump-sum or by initiating a monthly annuity payment. The lump-sum payment window offering ended during the fourth quarter of 2020 and plan assets were used to fund participant elections. The resulting non-cash settlement charges represent the accelerated recognition of actuarial losses reflected in Accumulated Other Comprehensive Income (Loss) (AOCI). A settlement loss of 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 primarily in mutual funds and company-owned life insurance (“COLI”) policies as a funding source to satisfy the obligation of the SERP that have been classified as trading, and are stated at fair value totaling $31,183,000 as of June 30, 2021 and $32,039,000 as of December 31, 2020. Trading gains related to the SERP assets totaled approximately $1,599,000 during the three months ended June 30, 2021, compared to trading gains of approximately $4,029,000 during the three months ended June 30, 2020. Trading gains related to the SERP assets totaled approximately $2,070,000 during the six months ended June 30, 2021, compared to trading losses of approximately $958,000 during the six months ended June 30, 2020. 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. The SERP liabilities includes participant deferrals net of distributions and are stated at fair value of approximately $30,998,000 as of June 30, 2021 and $29,733,000 as of December 31, 2020. The SERP liabilities are reported on the consolidated balance sheets in long-term pension liabilities and any change in the fair value is recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations. Changes in the fair value of the SERP liabilities represented unrealized gains of approximately $1,703,000 during the three months ended June 30, 2021, compared to unrealized gains of approximately $4,156,000 during the three months ended June 30, 2020. Changes in the fair value of the SERP liabilities represented unrealized gains of approximately $2,290,000 during the six months ended June 30, 2021, compared to unrealized losses of approximately $713,000 during the six months ended June 30, 2020. |
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS | 6 Months Ended |
Jun. 30, 2021 | |
NOTES PAYABLE TO BANKS | |
NOTES PAYABLE TO BANKS | 12. NOTES PAYABLE TO BANKS The Company has a revolving Credit Agreement with Bank of America and four 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 and 5 basis points, respectively, at each pricing level of the applicable rate without any changes to the leverage ratios used to calculate such spreads. 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 four quarter EBITDA is less than $50 million, a minimum tangible net worth of no less than $400 million. As of June 30, 2021, 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: ● the Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”); plus, a margin ranging from 1.5 % to 2.5 %, based on a quarterly consolidated leverage ratio calculation; or ● the Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50 %, (b) Bank of America’s publicly announced “prime rate,” and (c) the Eurodollar Rate plus 1.00 %; in each case plus a margin that ranges from 0.5 % to 1.5 % based on a quarterly consolidated leverage ratio calculation. 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 June 30, 2021 is classified as part of non-current other assets. As of June 30, 2021, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $17.9 million; therefore, a total of $82.1 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 Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Interest incurred $ 65 $ 40 $ 106 $ 153 Interest paid 40 40 82 80 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2021 | |
INCOME TAXES | |
INCOME TAXES | 13. INCOME TAXES The Company generally 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. In certain instances the Company uses the discrete method when it believes the actual year-to-date effective rate provides a more reliable estimate of its income tax rate for the period. 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 June 30, 2021, the effective rate reflects a provision of 4.8 percent compared to a benefit of 35.7 percent for the comparable period in the prior year. For the six months ended June 30, 2021, the effective rate reflects a benefit of 6.2 percent compared to a benefit of 28.0 percent for the comparable period in the prior year. The beneficial effective tax rate is mainly related to the unfavorable permanent adjustments together with detrimental discrete adjustments related to restricted stock vesting and the employee retention credit. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Jun. 30, 2021 | |
FAIR VALUE DISCLOSURES | |
FAIR VALUE DISCLOSURES | 14. 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 six 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 June 30, 2021 and December 31, 2020: Fair Value Measurements at June 30, 2021 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 $ 184 $ 184 $ — $ — Investments measured at net asset value $ 31,183 Fair Value Measurements at December 31, 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 $ 132 $ 132 $ — $ — Investments measured at net asset value $ 32,039 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, 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 quarter ended June 30, 2021, 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 June 30, 2021 and December 31, 2020. 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 June 30, 2021 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: Assets held for sale $ 4,032 $ — $ 4,032 $ — Fair Value Measurements at December 31, 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: Assets held for sale $ 4,032 $ — $ 4,032 $ — |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 6 Months Ended |
Jun. 30, 2021 | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 15. 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, 2020 $ (15,181) $ (2,525) $ (17,706) Change during the period: Before-tax amount — 205 205 Reclassification adjustment, net of taxes: Amortization of net loss (1) 306 — 306 Total activity for the period 306 205 511 Balance at June 30, 2021 $ (14,875) $ (2,320) $ (17,195) (1) Reported as part of selling, general and administrative expenses. Foreign Pension Currency Adjustment Translation Total Balance at December 31, 2019 $ (20,908) $ (2,315) $ (23,223) Change during the period: Before-tax amount — (398) (398) Reclassification adjustment, net of taxes: Amortization of net loss (1) 918 — 918 Total activity for the period 918 (398) 520 Balance at June 30, 2020 $ (19,990) $ (2,713) $ (22,703) (1) Reported as part of selling, general and administrative expenses. |
RECENT ACCOUNTING STANDARDS (Po
RECENT ACCOUNTING STANDARDS (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
RECENT ACCOUNTING STANDARDS | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards: ● Accounting Standards Update (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 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 Company adopted these provisions in the second quarter of 2021 and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted: ● ASU No. 2020-04 — Reference Rate Reform (Topic 848): The amendments in this ASU, provides optional guidance for a limited time to ease the impact of the reference rate reform on financial reporting. The amendments, which are elective, provide expedients to contract modifications, affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or other reference rate that is expected to be discontinued due to reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt these provisions when LIBOR is discontinued, and does not expect adoption to have a material impact 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) | 6 Months Ended |
Jun. 30, 2021 | |
REVENUES | |
Schedule of disaggregation of revenues | Three months ended Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Oilfield services transferred at a point in time $ — $ — $ — $ — Oilfield services transferred over time 188,757 89,300 371,367 333,077 Total revenues $ 188,757 $ 89,300 $ 371,367 $ 333,077 |
Schedule of contract assets included in accounts receivable | June 30, December 31, June 30, December 31, (in thousands) 2021 2020 2020 2019 Unbilled trade receivables $ 45,183 $ 29,574 $ 21,578 $ 52,052 |
IMPAIRMENT AND OTHER CHARGES (T
IMPAIRMENT AND OTHER CHARGES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
IMPAIRMENT AND OTHER CHARGES | |
Schedule of impairment and other charges | Three months ended Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Long Lived Asset Impairments (1) $ — $ — $ — $ 204,765 Severance Costs — 1,487 — 1,882 Other (2) — 152 — 528 Total $ — $ 1,639 $ — $ 207,175 (1). (2). |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
EARNINGS PER SHARE | |
Schedule of reconciliation of weighted average shares outstanding | Three months ended Six months ended June 30, June 30, (In thousands) 2021 2020 2021 2020 Net loss available for stockholders : $ (726) $ (25,093) $ (10,388) $ (185,516) Less: Adjustments for earnings attributable to participating securities — — — — Net loss used in calculating earnings per share $ (726) $ (25,093) $ (10,388) $ (185,516) Weighted average shares outstanding (including participating securities) 215,728 215,174 215,633 215,090 Adjustment for participating securities (2,719) (2,772) (2,663) (2,730) Shares used in calculating basic and diluted earnings per share 213,009 212,402 212,970 212,360 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
STOCK-BASED COMPENSATION | |
Schedule of stock-based employee compensation expense | Three months ended Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Pre-tax expense $ 1,471 $ 2,017 $ 3,010 $ 4,114 After tax expense $ 1,103 $ 1,523 $ 2,257 $ 3,106 |
Schedule of summary of the changes in non-vested restricted shares | The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2021: Weighted Average Shares Grant-Date Fair Value Non-vested shares at December 31, 2020 2,235,179 $ 6.81 Granted 1,010,700 3.87 Vested (434,208) 14.96 Forfeited (95,260) 6.85 Non-vested shares at June 30, 2021 2,716,411 $ 7.91 |
BUSINESS SEGMENT INFORMATION (T
BUSINESS SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BUSINESS SEGMENT INFORMATION | |
Schedule of operating segment revenues by major service lines | Three months ended Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Technical Services: Pressure Pumping $ 72,179 $ 23,717 $ 147,079 $ 120,481 Downhole Tools 58,853 35,151 115,230 121,059 Coiled Tubing 20,399 8,973 35,167 25,212 Nitrogen 8,039 5,621 19,199 15,553 Snubbing 3,105 1,093 6,937 3,397 All other 13,544 5,977 25,148 22,530 Total Technical Services $ 176,119 $ 80,532 $ 348,760 $ 308,232 Support Services: Rental Tools $ 8,549 $ 5,069 $ 14,581 $ 15,475 All other 4,089 3,699 8,026 9,370 Total Support Services $ 12,638 $ 8,768 $ 22,607 $ 24,845 Total revenues $ 188,757 $ 89,300 $ 371,367 $ 333,077 |
Schedule of revenue by geographical location | Three months ended Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 United States revenues $ 181,530 $ 82,506 $ 354,459 $ 310,500 International revenues 7,227 6,794 16,908 22,577 Total revenues $ 188,757 $ 89,300 $ 371,367 $ 333,077 |
Schedule of segment reporting information by segment | Three months ended Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Revenues: Technical Services $ 176,119 $ 80,532 $ 348,760 $ 308,232 Support Services 12,638 8,768 22,607 24,845 Total revenues $ 188,757 $ 89,300 $ 371,367 $ 333,077 Operating income (loss): Technical Services $ 1,428 $ (34,100) $ (4,334) $ (46,307) Support Services (2,402) (1,846) (5,298) (299) Corporate Expenses (3,357) (3,139) (6,680) (6,469) Impairment and Other Charges (1) — (1,639) — (207,175) Gain on disposition of assets, net 3,111 3,194 4,571 4,013 Total operating loss $ (1,220) $ (37,530) $ (11,741) $ (256,237) Interest expense (103) (71) (483) (184) Interest income 14 68 32 402 Other income (expense), net 616 (1,481) 1,123 (1,789) Loss before income taxes $ (693) $ (39,014) $ (11,069) $ (257,808) (1) Represents $541 related to Corporate and the remainder to Technical Services. As of and for the six months ended Technical Support June 30, 2021 Services Services Corporate Total (in thousands) Depreciation and amortization $ 31,189 $ 4,344 $ 136 $ 35,669 Capital expenditures 21,295 4,347 233 25,875 Identifiable assets $ 485,058 $ 73,815 $ 231,333 $ 790,206 As of and for the six months ended Technical Support June 30, 2020 Services Services Corporate Total (in thousands) Depreciation and amortization $ 54,615 $ 4,111 $ 140 $ 58,866 Capital expenditures 31,296 7,027 336 38,659 Identifiable assets $ 474,670 $ 62,867 $ 245,331 $ 782,868 |
CURRENT EXPECTED CREDIT LOSSES
CURRENT EXPECTED CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 | Six months ended June 30, 2021 2020 (in thousands) Beginning balance $ 4,815 $ 5,181 Provision (benefit) for current expected credit losses 2,113 (828) Write-offs (530) (302) Recoveries collected (net of expenses) 7 — Ending balance $ 6,405 $ 4,051 |
EMPLOYEE BENEFIT PLAN (Tables)
EMPLOYEE BENEFIT PLAN (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
EMPLOYEE BENEFIT PLAN | |
Schedule of net periodic benefit cost | Three months ended June 30, Six months ended June 30, (in thousands) 2021 2020 2021 2020 Interest cost $ 247 $ 412 $ 494 $ 823 Expected return on plan assets (377) (396) (754) (791) Amortization of net losses 202 247 404 493 Net periodic benefit cost $ 72 $ 263 $ 144 $ 525 |
NOTES PAYABLE TO BANKS (Tables)
NOTES PAYABLE TO BANKS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Six months ended June 30, June 30, (in thousands) 2021 2020 2021 2020 Interest incurred $ 65 $ 40 $ 106 $ 153 Interest paid 40 40 82 80 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
FAIR VALUE DISCLOSURES | |
Schedule of valuation of financial instruments measured at fair value on a recurring basis | Fair Value Measurements at June 30, 2021 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 $ 184 $ 184 $ — $ — Investments measured at net asset value $ 31,183 Fair Value Measurements at December 31, 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 $ 132 $ 132 $ — $ — Investments measured at net asset value $ 32,039 |
Schedule of valuation of financial instruments measured at fair value on a non-recurring basis | Fair Value Measurements at June 30, 2021 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: Assets held for sale $ 4,032 $ — $ 4,032 $ — Fair Value Measurements at December 31, 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: Assets held for sale $ 4,032 $ — $ 4,032 $ — |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 $ (15,181) $ (2,525) $ (17,706) Change during the period: Before-tax amount — 205 205 Reclassification adjustment, net of taxes: Amortization of net loss (1) 306 — 306 Total activity for the period 306 205 511 Balance at June 30, 2021 $ (14,875) $ (2,320) $ (17,195) (1) Reported as part of selling, general and administrative expenses. Foreign Pension Currency Adjustment Translation Total Balance at December 31, 2019 $ (20,908) $ (2,315) $ (23,223) Change during the period: Before-tax amount — (398) (398) Reclassification adjustment, net of taxes: Amortization of net loss (1) 918 — 918 Total activity for the period 918 (398) 520 Balance at June 30, 2020 $ (19,990) $ (2,713) $ (22,703) (1) Reported as part of selling, general and administrative expenses. |
GENERAL - (Details)
GENERAL - (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Chairman of the Board and Director | |
Ownership control | |
Voting power (in percent) | 50.00% |
REVENUES - Payment Terms (Detai
REVENUES - Payment Terms (Details) | 6 Months Ended |
Jun. 30, 2021 | |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of revenue: | ||||
Total revenues | $ 188,757 | $ 89,300 | $ 371,367 | $ 333,077 |
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 | $ 188,757 | $ 89,300 | $ 371,367 | $ 333,077 |
REVENUES - Contract balances (D
REVENUES - Contract balances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts receivable | ||||
Disaggregation of revenue: | ||||
Unbilled trade receivables | $ 45,183 | $ 29,574 | $ 21,578 | $ 52,052 |
IMPAIRMENT AND OTHER CHARGES (D
IMPAIRMENT AND OTHER CHARGES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
IMPAIRMENT AND OTHER CHARGES | ||||
Long Lived Asset Impairments (1) | $ 0 | $ 0 | $ 0 | $ 204,765 |
Severance costs | 0 | 1,487 | 0 | 1,882 |
Other (2) | 0 | 152 | 0 | 528 |
Total | $ 0 | $ 1,639 | $ 0 | $ 207,175 |
EARNINGS PER SHARE - (Details)
EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
EARNINGS PER SHARE | ||||||
Net loss available for stockholders : | $ (726) | $ (9,662) | $ (25,093) | $ (160,423) | $ (10,388) | $ (185,516) |
Less: Adjustments for earnings attributable to participating securities | 0 | 0 | 0 | 0 | ||
Net loss used in calculating earnings per share | $ (726) | $ (25,093) | $ (10,388) | $ (185,516) | ||
Weighted average shares outstanding (including participating securities) | 215,728 | 215,174 | 215,633 | 215,090 | ||
Adjustment for participating securities | (2,719) | (2,772) | (2,663) | (2,730) | ||
Shares used in calculating basic and diluted earnings per share | 213,009 | 212,402 | 212,970 | 212,360 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - shares | 1 Months Ended | |
Apr. 30, 2014 | Jun. 30, 2021 | |
STOCK-BASED COMPENSATION | ||
Stock authorized (in shares) | 8,000,000 | |
Term (in years) | 10 years | |
Available for grant (in shares) | 3,097,340 |
STOCK-BASED COMPENSATION - Comp
STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
STOCK-BASED COMPENSATION | ||||
Pre-tax expense | $ 1,471 | $ 2,017 | $ 3,010 | $ 4,114 |
After tax expense | $ 1,103 | $ 1,523 | $ 2,257 | $ 3,106 |
STOCK-BASED COMPENSATION - Non-
STOCK-BASED COMPENSATION - Non-vested RSU's (Details) - Restricted Stock | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Shares | |
Non-vested shares at Beginning | shares | 2,235,179 |
Granted | shares | 1,010,700 |
Vested | shares | (434,208) |
Forfeited | shares | (95,260) |
Non-vested shares at Ending | shares | 2,716,411 |
Weighted Average Grant-Date Fair Value | |
Non-vested shares at Beginning | $ / shares | $ 6.81 |
Granted | $ / shares | 3.87 |
Vested | $ / shares | 14.96 |
Forfeited | $ / shares | 6.85 |
Non-vested shares at Ending | $ / shares | $ 7.91 |
STOCK-BASED COMPENSATION - Othe
STOCK-BASED COMPENSATION - Other Information (Details) - Restricted Stock - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Stock-based compensation | ||
Fair value, shares vested | $ 1,757,000 | $ 2,467,000 |
Tax (expense) benefits for compensation tax deductions in excess of compensation expense | 1,164,000 | $ 1,655,000 |
Unrecognized compensation cost related to non-vested restricted shares | $ 41,793,000 | |
Unrecognized compensation cost related to non-vested restricted shares recognized period | 4 years 4 months 24 days |
BUSINESS SEGMENT INFORMATION (D
BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment information: | ||||
Total revenues | $ 188,757 | $ 89,300 | $ 371,367 | $ 333,077 |
Technical Services | ||||
Segment information: | ||||
Total revenues | 176,119 | 80,532 | 348,760 | 308,232 |
Technical Services | Pressure Pumping | ||||
Segment information: | ||||
Total revenues | 72,179 | 23,717 | 147,079 | 120,481 |
Technical Services | Downhole Tools | ||||
Segment information: | ||||
Total revenues | 58,853 | 35,151 | 115,230 | 121,059 |
Technical Services | Coiled Tubing | ||||
Segment information: | ||||
Total revenues | 20,399 | 8,973 | 35,167 | 25,212 |
Technical Services | Nitrogen | ||||
Segment information: | ||||
Total revenues | 8,039 | 5,621 | 19,199 | 15,553 |
Technical Services | Snubbing | ||||
Segment information: | ||||
Total revenues | 3,105 | 1,093 | 6,937 | 3,397 |
Technical Services | All other | ||||
Segment information: | ||||
Total revenues | 13,544 | 5,977 | 25,148 | 22,530 |
Support Services | ||||
Segment information: | ||||
Total revenues | 12,638 | 8,768 | 22,607 | 24,845 |
Support Services | Rental Tools | ||||
Segment information: | ||||
Total revenues | 8,549 | 5,069 | 14,581 | 15,475 |
Support Services | All other | ||||
Segment information: | ||||
Total revenues | $ 4,089 | $ 3,699 | $ 8,026 | $ 9,370 |
BUSINESS SEGMENT INFORMATION -
BUSINESS SEGMENT INFORMATION - Geographic (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment information: | ||||
Total revenues | $ 188,757 | $ 89,300 | $ 371,367 | $ 333,077 |
United States | ||||
Segment information: | ||||
Total revenues | 181,530 | 82,506 | 354,459 | 310,500 |
International | ||||
Segment information: | ||||
Total revenues | $ 7,227 | $ 6,794 | $ 16,908 | $ 22,577 |
BUSINESS SEGMENT INFORMATION _2
BUSINESS SEGMENT INFORMATION - Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Revenues | $ 188,757 | $ 89,300 | $ 371,367 | $ 333,077 |
Operating income (loss): | ||||
Operating loss | (1,220) | (37,530) | (11,741) | (256,237) |
Impairment and Other Charges (1) | 0 | (1,639) | 0 | (207,175) |
Gain on disposition of assets, net | 3,111 | 3,194 | 4,571 | 4,013 |
Interest expense | 103 | 71 | 483 | 184 |
Interest income | 14 | 68 | 32 | 402 |
Other income (expense), net | 616 | (1,481) | 1,123 | (1,789) |
Loss before income taxes | (693) | (39,014) | (11,069) | (257,808) |
Depreciation and amortization | 17,896 | 19,573 | 35,669 | 58,866 |
Capital expenditures | 25,875 | 38,659 | ||
Identifiable assets | 790,206 | 782,868 | 790,206 | 782,868 |
Technical Services | ||||
Revenues: | ||||
Revenues | 176,119 | 80,532 | 348,760 | 308,232 |
Operating income (loss): | ||||
Operating loss | 1,428 | (34,100) | (4,334) | (46,307) |
Depreciation and amortization | 31,189 | 54,615 | ||
Capital expenditures | 21,295 | 31,296 | ||
Identifiable assets | 485,058 | 474,670 | 485,058 | 474,670 |
Support Services | ||||
Revenues: | ||||
Revenues | 12,638 | 8,768 | 22,607 | 24,845 |
Operating income (loss): | ||||
Operating loss | (2,402) | (1,846) | (5,298) | (299) |
Depreciation and amortization | 4,344 | 4,111 | ||
Capital expenditures | 4,347 | 7,027 | ||
Identifiable assets | 73,815 | 62,867 | 73,815 | 62,867 |
Corporate | ||||
Operating income (loss): | ||||
Operating loss | (3,357) | (3,139) | (6,680) | (6,469) |
Impairment and Other Charges (1) | 541 | |||
Depreciation and amortization | 136 | 140 | ||
Capital expenditures | 233 | 336 | ||
Identifiable assets | $ 231,333 | $ 245,331 | $ 231,333 | $ 245,331 |
CURRENT EXPECTED CREDIT LOSSE_2
CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for doubtful accounts rollforward | ||
Beginning balance | $ 4,815 | $ 5,181 |
Provision (benefit) for current expected credit losses | 2,113 | (828) |
Write-offs | (530) | (302) |
Recoveries collected (net of expenses) | 7 | |
Ending balance | $ 6,405 | $ 4,051 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
INVENTORIES | ||
Raw materials, parts and supplies of inventories | $ 81,198,000 | $ 82,918,000 |
EMPLOYEE BENEFIT PLAN - Compone
EMPLOYEE BENEFIT PLAN - Components of net periodic benefit cost (Details) - Retirement Income Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 247 | $ 412 | $ 494 | $ 823 |
Expected return on plan assets | (377) | (396) | (754) | (791) |
Amortization of net losses | 202 | 247 | 404 | 493 |
Net periodic benefit cost | $ 72 | $ 263 | $ 144 | $ 525 |
EMPLOYEE BENEFIT PLAN - SERP (D
EMPLOYEE BENEFIT PLAN - SERP (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contribution | $ 0 | $ 0 | ||||
Settlement loss | $ (4,700,000) | |||||
Unrealized gain/loss due to change in fair value of SERP liabilities | $ (153,000) | $ (186,000) | (306,000) | (918,000) | ||
Supplemental Retirement Plan ('SERP') | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 31,183,000 | 32,039,000 | 31,183,000 | |||
Trading gains (losses), net | 1,599,000 | 4,029,000 | 2,070,000 | (958,000) | ||
SERP Liabilities | 30,998,000 | $ 29,733,000 | 30,998,000 | |||
Unrealized gain/loss due to change in fair value of SERP liabilities | $ 1,703,000 | $ 4,156,000 | $ 2,290,000 | $ (713,000) | ||
Retirement Income Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Vested balance age | 59 years 6 months |
NOTES PAYABLE TO BANKS - Intere
NOTES PAYABLE TO BANKS - Interest incurred (Details) - Revolving credit facility - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revolving credit facility | ||||
Interest incurred | $ 65 | $ 40 | $ 106 | $ 153 |
Interest paid | $ 40 | $ 40 | $ 82 | $ 80 |
NOTES PAYABLE TO BANKS - Credit
NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands | Sep. 25, 2020USD ($) | Jul. 26, 2018USD ($) | Jun. 30, 2021USD ($)Lender | Sep. 24, 2020USD ($) |
Revolving credit facility | ||||
Minimum net worth covenant | $ 400,000 | $ 600,000 | ||
Basis points added | 37.50% | |||
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 | 4 | |||
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 | $ 82,100 | |||
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) | 5.00% | |||
Revolving credit facility | Amendment | Eurodollar Rate | LIBOR | Minimum | ||||
Revolving credit facility | ||||
Basis points added | 1.50% | |||
Revolving credit facility | Amendment | Eurodollar Rate | LIBOR | Maximum | ||||
Revolving credit facility | ||||
Basis points added | 2.50% | |||
Revolving credit facility | Amendment | Base Rate | Minimum | ||||
Revolving credit facility | ||||
Basis points added | 0.50% | |||
Revolving credit facility | Amendment | Base Rate | Maximum | ||||
Revolving credit facility | ||||
Basis points added | 1.50% | |||
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 | 17,900 | |||
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) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
INCOME TAXES | ||||
Effective tax rate (as a percent) | 4.80% | 35.70% | 6.20% | 28.00% |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Equity securities | $ 184 | $ 132 |
Investments measured at net asset value - trading securities | 31,183 | 32,039 |
Level 1 | ||
Assets: | ||
Equity securities | $ 184 | $ 132 |
FAIR VALUE DISCLOSURES - Fina_2
FAIR VALUE DISCLOSURES - Financial instruments measured at fair value on non-recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Assets held for sale | $ 4,032 | $ 4,032 |
Fair value on a non-recurring basis | ||
Assets: | ||
Assets held for sale | 4,032 | 4,032 |
Fair value on a non-recurring basis | Level 2 | ||
Assets: | ||
Assets held for sale | $ 4,032 | $ 4,032 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI rollforward | ||
Balance | $ (17,706) | $ (23,223) |
Change during the period: | ||
Before-tax amount | 205 | (398) |
Reclassification adjustment, net of taxes: | ||
Amortization of net loss | 306 | 918 |
Total activity for the period | 511 | 520 |
Balance | (17,195) | (22,703) |
Pension Adjustment | ||
AOCI rollforward | ||
Balance | (15,181) | (20,908) |
Reclassification adjustment, net of taxes: | ||
Amortization of net loss | 306 | 918 |
Total activity for the period | 306 | 918 |
Balance | (14,875) | (19,990) |
Foreign Currency Translation | ||
AOCI rollforward | ||
Balance | (2,525) | (2,315) |
Change during the period: | ||
Before-tax amount | 205 | (398) |
Reclassification adjustment, net of taxes: | ||
Total activity for the period | 205 | (398) |
Balance | $ (2,320) | $ (2,713) |