RPC (RES) 10-Q 31 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 20, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	RPC INC
Entity Central Index Key	742,278
Trading Symbol	res
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		216,585,808
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 136,892	$ 131,835
Accounts receivable, net of allowance for doubtful accounts of $3,952 in 2017 and $2,553 in 2016	375,418	169,166
Inventories	113,359	108,316
Income taxes receivable	3,141	57,174
Prepaid expenses	5,587	6,718
Other current assets	8,043	5,848
Total current assets	642,440	479,057
Property, plant and equipment, less accumulated depreciation of $1,643,347 in 2017 and $1,595,508 in 2016	444,662	497,986
Goodwill	32,150	32,150
Other assets	29,374	26,259
Total assets	1,148,626	1,035,452
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	121,880	70,536
Accrued payroll and related expenses	25,254	12,130
Accrued insurance expenses	4,224	4,099
Accrued state, local and other taxes	7,706	3,094
Income taxes payable	4,201	4,929
Other accrued expenses	1,098	6,680
Total current liabilities	164,363	101,468
Long-term accrued insurance expenses	10,320	9,537
Long-term pension liabilities	34,934	32,864
Deferred income taxes	53,529	81,466
Other long-term liabilities	3,627	3,318
Total liabilities	266,773	228,653
Common stock	21,658	21,749
Capital in excess of par value	0	0
Retained earnings	877,320	803,152
Accumulated other comprehensive loss	(17,125)	(18,102)
Total stockholders' equity	881,853	806,799
Total liabilities and stockholders' equity	$ 1,148,626	$ 1,035,452

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,952	$ 2,553
Accumulated depreciation of property, plant and equipment	$ 1,643,347	$ 1,595,508

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenues	$ 470,999	$ 175,884	$ 1,167,928	$ 507,977
Cost of revenues (exclusive of items shown below)	294,820	146,615	765,078	434,868
Selling, general and administrative expenses	39,738	34,859	117,183	114,863
Depreciation and amortization	39,587	51,975	125,513	168,891
Gain on disposition of assets, net	(503)	(1,148)	(5,779)	(3,919)
Operating income (loss)	97,357	(56,417)	165,933	(206,726)
Interest expense	(105)	(115)	(322)	(566)
Interest income	488	169	1,028	296
Other income, net	564	86	2,786	274
Income (loss) before income taxes	98,304	(56,277)	169,425	(206,722)
Income tax provision (benefit)	40,970	(17,335)	64,617	(86,583)
Net income (loss)	$ 57,334	$ (38,942)	$ 104,808	$ (120,139)
Earnings (loss) per share
Basic (in dollars per share)	$ 0.26	$ (0.18)	$ 0.48	$ (0.56)
Diluted (in dollars per share)	0.26	$ (0.18)	0.48	$ (0.56)
Dividends per share (in dollars per share)	$ 0.06		$ 0.06

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income and Comprehensive Income [Abstract]
Net income (loss)	$ 57,334	$ (38,942)	$ 104,808	$ (120,139)
Other comprehensive income (loss):
Pension adjustment and reclassification adjustment, net of taxes	135	126	405	380
Foreign currency translation	353	(144)	584	712
Unrealized gain (loss) on securities, net of taxes	9	7	(12)	(2)
Comprehensive income (loss)	$ 57,831	$ (38,953)	$ 105,785	$ (119,049)

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2016	$ 21,749		$ 803,152	$ (18,102)	$ 806,799
Balance (in shares) at Dec. 31, 2016	217,489
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 46	$ 8,973			9,019
Stock issued for stock incentive plans, net (in shares)	459
Stock purchased and retired	$ (137)	$ (8,973)	(17,614)		(26,724)
Stock purchased and retired (in shares)	(1,363)
Net income			104,808		104,808
Dividends			(13,026)		(13,026)
Pension adjustment, net of taxes				405	405
Foreign currency translation				584	584
Unrealized loss on securities, net of taxes				(12)	(12)
Balance at Sep. 30, 2017	$ 21,658		$ 877,320	$ (17,125)	$ 881,853
Balance (in shares) at Sep. 30, 2017	216,585

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
OPERATING ACTIVITIES
Net income (loss)	$ 104,808	$ (120,139)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	127,679	171,642
Stock-based compensation expense	9,019	8,065
Gain on disposition of assets, net	(5,779)	(3,919)
Deferred income tax benefit	(28,163)	(31,677)
Excess tax benefits for share-based payments		(360)
(Increase) decrease in assets:
Accounts receivable	(206,201)	89,173
Income taxes receivable	54,033	1,488
Inventories	(4,730)	17,843
Prepaid expenses	1,134	4,436
Other current assets	(2,037)	(378)
Other non-current assets	(3,135)	(1,251)
Increase (decrease) in liabilities:
Accounts payable	47,151	(21,603)
Income taxes payable	(728)	(3,613)
Accrued payroll and related expenses	13,088	(2,067)
Accrued insurance expenses	125	636
Accrued state, local and other taxes	4,612	4,154
Other accrued expenses	(5,385)	52
Pension liabilities	2,708	(2,121)
Long-term accrued insurance expenses	783	(1,642)
Other long-term liabilities	309	(14,159)
Net cash provided by operating activities	109,291	94,560
INVESTING ACTIVITIES
Capital expenditures	(75,016)	(24,917)
Proceeds from sale of assets	10,532	7,141
Net cash used for investing activities	(64,484)	(17,776)
FINANCING ACTIVITIES
Payment of dividends	(13,026)
Debt issuance costs for notes payable to banks		(35)
Excess tax benefits for share-based payments		360
Cash paid for common stock purchased and retired	(26,724)	(3,218)
Net cash used for financing activities	(39,750)	(2,893)
Net increase in cash and cash equivalents	5,057	73,891
Cash and cash equivalents at beginning of period	131,835	65,196
Cash and cash equivalents at end of period	136,892	139,087
Supplemental cash flows disclosure:
Interest paid, net of amounts capitalized	192	373
Income taxes paid (refund), net	39,775	(39,333)
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 7,552	$ 3,002

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2017
General [Abstract]
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 nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The balance sheet at December 31, 2016 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, 2016. A group that includes the Company’s Chairman of the Board, R. Randall Rollins, and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2017
REVENUES
REVENUES	2. REVENUES RPC’s revenues are generated principally from providing services and the related equipment. Revenues are recognized when the services are rendered and collectability is reasonably assured. Revenues from services and equipment are based on fixed or determinable priced purchase orders or contracts with the customer and do not include the right of return. Rates for services and equipment are priced on a per day, per unit of measure, per man hour or similar basis. Sales tax charged to customers is presented on a net basis within the consolidated statement of operations and excluded from revenues.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2017
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	3. RECENT ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board (FASB) issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Pronouncements: Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Recently Issued Accounting Pronouncements Not Yet Adopted: To be adopted in 2018: REVENUE RECOGNITION: The Financial Accounting Standards Board and International Accounting Standards Board issued their converged standard on revenue recognition in May 2014. The standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today's revenue recognition guidance. The various ASUs related to Revenue from Contracts with Customers (Topic 606) · ASU No. 2014-09, · ASU No. 2015-14, · ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net). · ASU No. 2016-10, Identifying Performance Obligations and Licensing. · ASU No. 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. · ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients. · ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. Current Status of implementation: The Company is currently analyzing the effect of the standard across all of its revenue streams to evaluate the impact of the new standard on its revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. OTHER PRONOUNCEMENTS: ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. To be adopted in 2019 and later: ASU No. 2016-02, Leases (Topic 842). ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2017
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE	4. EARNINGS (LOSS) PER SHARE Basic and diluted earnings (loss) per share are computed by dividing net income (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. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2017 2016 2017 2016 Net income (loss) available for stockholders: $ 57,334 $ (38,942 ) $ 104,808 $ (120,139 ) Less: Adjustments for earnings attributable to participating securities (732 ) - (1,392 ) - Net income (loss) used in calculating losses per share $ 56,602 $ (38,942 ) $ 103,416 $ (120,139 ) Weighted average shares outstanding (including participating securities) 216,958 217,531 217,401 217,511 Adjustment for participating securities (2,829 ) (3,265 ) (2,936 ) (3,298 ) Shares used in calculating basic and diluted earnings (loss) per share 214,129 214,266 214,465 214,213

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2017
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	5. 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, 2017, there were 5,757,734 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: Three months ended Nine months ended September 30, September 30 (in thousands) 2017 2016 2017 2016 Pre-tax expense $ 3,007 $ 2,703 $ 9,019 $ 8,065 After tax expense $ 1,909 $ 1,716 $ 5,727 $ 5,121 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2017: Shares Weighted Average Non-vested shares at December 31, 2016 3,217,075 $ 12.91 Granted 563,065 21.66 Vested (894,042 ) 13.34 Forfeited (103,933 ) 14.05 Non-vested shares at September 30, 2017 2,782,165 $ 14.50 The total fair value of shares vested was approximately $19,271,000 during the nine months ended September 30, 2017 and $9,611,000 during the nine months ended September 30, 2016. Excess tax benefits realized from tax compensation deductions in excess of compensation expense have been reflected as follows: · $2,562,000 for the nine months ended September 30, 2017 has been recorded as a discrete income tax adjustment and classified within operating activities in the consolidated statements of cash flows; and · $360,000 for the nine months ended September 30, 2016 were credited to capital in excess of par value and classified within financing activities as an inflow in addition to being disclosed as an outflow within operating activities in the consolidated statements of cash flows. The change in classification beginning in the first quarter of 2017 was in accordance with the amendments of ASU 2016-09. As of September 30, 2017, total unrecognized compensation cost related to non-vested restricted shares was $41,850,000, which is expected to be recognized over a weighted-average period of 3.5 years

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2017
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	6. BUSINESS SEGMENT INFORMATION RPC’s reportable segments are the same as its operating segments. RPC manages its business as either services offered on the well site with equipment and personnel (Technical Services) or services and equipment offered off the well site (Support Services). Selected overhead including certain centralized support services and regulatory compliance are classified under Corporate. Technical Services include RPC’s oil and gas services that utilize people and equipment to perform value-added completion, production and maintenance services directly to a customer’s well. The demand for these services is generally influenced by customers’ decisions to invest capital toward initiating production in a new oil or natural gas well, improving production flows in an existing well, or to address well control issues. This operating segment 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 businesses. The common drivers of operational and financial success of these services include diligent equipment maintenance, strong logistical processes, and appropriately trained personnel who function well in a team environment. 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. The principal markets for this segment include the United States, including the Gulf of Mexico, the mid-continent, southwest, Rocky Mountain and Appalachian regions, and international locations including primarily Argentina, Canada, China, Gabon, Colombia and the Middle East. Customers include major multi-national and independent oil and gas producers, and selected nationally-owned oil companies. Support Services include all of the services that provide (i) equipment for customers’ use on the well site without RPC personnel and (ii) services that are provided in support of customer operations off the well site such as classroom and computer training, and other consulting services. The primary drivers of operational success for equipment provided for customers’ use on the well site without RPC personnel are offering safe, high quality and in-demand equipment appropriate for the well design characteristics. The drivers of operational success for the other Support Services relate to meeting customer needs off the well site and competitive marketing of such services. The equipment and services offered include 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 equipment and services offered include drill pipe and related tools, pipe handling, inspection and storage services, and oilfield training services. The principal markets for this segment include the United States, including the Gulf of Mexico, the mid-continent and Appalachian regions, and selected international locations. Customers include domestic operations of major multi-national and independent oil and gas producers, and selected nationally-owned oil companies. 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 operating segments outlined above. 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 on disposition of assets 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 nine months ended September 30, 2017 and 2016 are shown in the following table: Three months ended September 30 Nine months ended September 30 (in thousands) 2017 2016 2017 2016 Revenues: Technical Services $ 455,719 $ 163,331 $ 1,127,379 $ 470,020 Support Services 15,280 12,553 40,549 37,957 Total revenues $ 470,999 $ 175,884 $ 1,167,928 $ 507,977 Operating income (loss): Technical Services $ 104,349 $ (48,627 ) $ 184,455 $ (177,581 ) Support Services (2,062 ) (5,541 ) (10,622 ) (19,340 ) Corporate (5,433 ) (3,397 ) (13,679 ) (13,724 ) Gain on disposition of assets, net 503 1,148 5,779 3,919 Total operating income (loss) $ 97,357 $ (56,417 ) $ 165,933 $ (206,726 ) Interest expense (105 ) (115 ) (322 ) (566 ) Interest income 488 169 1,028 296 Other income, net 564 86 2,786 274 Income (loss) before income taxes $ 98,304 $ (56,277 ) $ 169,425 $ (206,722 ) As of and for the nine months ended (in thousands) Technical Support Corporate Total Depreciation and amortization $ 111,567 $ 13,599 $ 347 $ 125,513 Capital expenditures 66,445 7,669 902 75,016 Identifiable assets $ 894,714 $ 75,550 $ 178,362 $ 1,148,626 As of and for the nine months ended (in thousands) Technical Support Corporate Total Depreciation and amortization $ 148,880 $ 19,657 $ 354 $ 168,891 Capital expenditures 20,596 1,953 2,368 24,917 Identifiable assets $ 749,721 $ 78,471 $ 224,700 $ 1,052,892

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2017
INVENTORIES
INVENTORIES	7. INVENTORIES Inventories of $113,359,000 at September 30, 2017 and $108,316,000 at December 31, 2016 consist of raw materials, parts and supplies.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	9 Months Ended
	Sep. 30, 2017
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	8. 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 September 30 Nine months ended September 30 (in thousands) 2017 2016 2017 2016 Interest cost $ 483 $ 502 $ 1,449 $ 1,505 Expected return on plan assets (589 ) (533 ) (1,767 ) (1,599 ) Amortization of net losses 213 200 638 599 Net periodic benefit cost $ 107 $ 169 $ 320 $ 505 The Company did not make a contribution to this plan during the nine months ended September 30, 2017; however, a contribution of $4,300,000 was made during the nine months ended September 30, 2016. The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The SERP assets are marked to market and totaled $21,788,000 as of September 30, 2017 and $18,367,000 as of December 31, 2016. 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 (losses) related to the SERP assets were approximately as follows: Three months ended September 30 Nine months ended September 30 (in thousands) 2017 2016 2017 2016 Trading gains (losses), net $ 428 $ 977 $ 1,981 $ 713 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, 2017
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	9. NOTES PAYABLE TO BANKS The Company has a revolving credit facility with Banc of America Securities, LLC, SunTrust Robinson Humphrey, Inc., and Regions Capital Markets as Joint Lead Arrangers and Joint Book Managers, and a syndicate of four other lenders. The facility has a general term of five years ending January 17, 2019 and provides for a line of credit of up to $125 million, including a $50 million letter of credit subfacility, and a $35 million swingline subfacility. The revolving credit 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. On June 30, 2016, the Company amended the revolving credit facility to (1) establish a borrowing base to be the lesser of (a) $125 million or (b) the difference between (i) a specified percentage (ranging from 70% to 80%) of eligible accounts receivable less (ii) the amount of any outstanding letters of credit, (2) secure payment obligations under the credit facility with a security interest in the consolidated accounts receivable, and (3) replace the financial covenants related to minimum leverage and debt service coverage ratios with a covenant to maintain a minimum tangible net worth of not less than $700 million. As of September 30, 2017, the Company was in compliance with this covenant. Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: · 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 0.125% to 1.125% based on a quarterly consolidated leverage ratio calculation; or · the Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”) plus, a margin ranging from 1.125% to 2.125%, based upon a quarterly debt covenant calculation. In addition, the Company pays an annual fee ranging from 0.225% to 0.325%, based on a quarterly consolidated leverage ratio calculation, on the unused portion of the credit facility. The Company has incurred loan origination fees and other debt related costs associated with the revolving credit facility in the aggregate of approximately $3.0 million. These costs, net of amounts written off as a result of a reduction in the size of the revolving credit facility in 2015, are being amortized to interest expense over the remaining term of the five-year loan, and the remaining net balance of $0.2 million at September 30, 2017 is classified as part of non-current other assets. On January 4, 2016, the Company entered into a separate one year $35 million uncommitted letter of credit facility with Bank of America, N.A. Under the terms of the letter of credit facility, the Company paid 0.75% per annum on outstanding letters of credit. This letter of credit facility expired on January 3, 2017. All letters of credit are currently issued under RPC’s $125 million credit facility. As of September 30, 2017, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $19.1 million; therefore, a total of $105.9 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 costs, was as follows: Three months ended September 30 Nine months ended September 30 (in thousands except interest rate data) 2017 2016 2017 2016 Interest incurred $ 104 $ 115 $ 311 $ 334

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
INCOME TAXES
INCOME TAXES	10. INCOME TAXES The Company determines its periodic income tax benefit or expense based upon the current period income 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, 2017, the effective tax rate reflects an income tax provision of 41.7 percent compared to an income tax benefit of 30.8 percent for the comparable period in the prior year. For the nine months ended September 30, 2017, the effective tax rate reflects an income tax provision of 38.1 percent compared to an effective tax benefit rate of 41.9 percent for the comparable period in the prior year. The 2017 effective rate includes detrimental discrete adjustments related to state taxes and net operating losses, partially offset by a beneficial discrete adjustment resulting from the recently adopted provisions of ASU 2016-09 that requires excess tax benefits and deficiencies related to share based payment awards to be recognized as a component of income tax expense rather than stockholders’ equity. Accordingly, a net detrimental discrete adjustment of $1.1 million is reflected in the 2017 nine-month effective rate. The 2016 income tax benefit and associated benefit rate was the result of operational losses and the one-time beneficial impact of a resolution of a tax matter with a state taxing authority totaling $15.7 million, offset by the detrimental effect of non-deductible permanent items.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2017
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	11. 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, 2017 and December 31, 2016: Fair Value Measurements at September 30, 2017 (in thousands) Total Quoted prices Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities – equity securities $ 289 $ 289 $ — $ — Investments measured at net asset value – trading securities $ 21,788 Fair Value Measurements at December 31, 2016 (in thousands) Total Quoted prices Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities – equity securities $ 264 $ 264 $ — $ — Investments measured at net asset value – trading securities $ 18,367 The Company determines the fair value of marketable securities classified as available-for-sale 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 classified as trading are comprised of the SERP assets, as described in Note 8, and 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 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, 2017, 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, 2017 and December 31, 2016. 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 9. 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.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	9 Months Ended
	Sep. 30, 2017
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	12. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income consists of the following (in thousands): Pension Unrealized Foreign Total Balance at December 31, 2016 $ (15,503 ) $ 39 $ (2,638 ) $ (18,102 ) Change during the period: Before-tax amount — (19 ) 584 565 Tax benefit — 7 — 7 Reclassification adjustment, net of taxes: Amortization of net loss (1) 405 — — 405 Total activity for the period 405 (12 ) 584 977 Balance at September 30, 2017 $ (15,098 ) $ 27 $ (2,054 ) $ (17,125 ) (1) Reported as part of selling, general and administrative expenses. Pension Unrealized Foreign Total Balance at December 31, 2015 $ (14,715 ) $ 36 $ (3,290 ) $ (17,969 ) Change during the period: Before-tax amount — (3 ) 712 709 Tax benefit — 1 — 1 Reclassification adjustment, net of taxes: Amortization of net loss (1) 380 — — 380 Total activity for the period 380 (2 ) 712 1,090 Balance at September 30, 2016 $ (14,335 ) $ 34 $ (2,578 ) $ (16,879 ) (1) Reported as part of selling, general and administrative expenses.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT On October 24, 2017, the Board of Directors declared a regular quarterly cash dividend of $0.07 per share and a special year-end dividend of $0.07 per share. Both dividends are payable December 11, 2017 to common stockholders of record at the close of business November 10, 2017.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board (FASB) issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Pronouncements: Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Recently Issued Accounting Pronouncements Not Yet Adopted: To be adopted in 2018: REVENUE RECOGNITION: The Financial Accounting Standards Board and International Accounting Standards Board issued their converged standard on revenue recognition in May 2014. The standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today's revenue recognition guidance. The various ASUs related to Revenue from Contracts with Customers (Topic 606) · ASU No. 2014-09, · ASU No. 2015-14, · ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net). · ASU No. 2016-10, Identifying Performance Obligations and Licensing. · ASU No. 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. · ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients. · ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. Current Status of implementation: The Company is currently analyzing the effect of the standard across all of its revenue streams to evaluate the impact of the new standard on its revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. OTHER PRONOUNCEMENTS: ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. To be adopted in 2019 and later: ASU No. 2016-02, Leases (Topic 842). ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2017
EARNINGS (LOSS) PER SHARE
Schedule of reconciliation of weighted average shares outstanding	Three months ended September 30, Nine months ended September 30, (In thousands) 2017 2016 2017 2016 Net income (loss) available for stockholders: $ 57,334 $ (38,942 ) $ 104,808 $ (120,139 ) Less: Adjustments for earnings attributable to participating securities (732 ) - (1,392 ) - Net income (loss) used in calculating losses per share $ 56,602 $ (38,942 ) $ 103,416 $ (120,139 ) Weighted average shares outstanding (including participating securities) 216,958 217,531 217,401 217,511 Adjustment for participating securities (2,829 ) (3,265 ) (2,936 ) (3,298 ) Shares used in calculating basic and diluted earnings (loss) per share 214,129 214,266 214,465 214,213

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2017
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	Three months ended Nine months ended September 30, September 30 (in thousands) 2017 2016 2017 2016 Pre-tax expense $ 3,007 $ 2,703 $ 9,019 $ 8,065 After tax expense $ 1,909 $ 1,716 $ 5,727 $ 5,121
Schedule of changes in non-vested restricted shares	Shares Weighted Average Non-vested shares at December 31, 2016 3,217,075 $ 12.91 Granted 563,065 21.66 Vested (894,042 ) 13.34 Forfeited (103,933 ) 14.05 Non-vested shares at September 30, 2017 2,782,165 $ 14.50

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2017
BUSINESS SEGMENT INFORMATION
Schedule of segment reporting information by segment	Three months ended September 30 Nine months ended September 30 (in thousands) 2017 2016 2017 2016 Revenues: Technical Services $ 455,719 $ 163,331 $ 1,127,379 $ 470,020 Support Services 15,280 12,553 40,549 37,957 Total revenues $ 470,999 $ 175,884 $ 1,167,928 $ 507,977 Operating income (loss): Technical Services $ 104,349 $ (48,627 ) $ 184,455 $ (177,581 ) Support Services (2,062 ) (5,541 ) (10,622 ) (19,340 ) Corporate (5,433 ) (3,397 ) (13,679 ) (13,724 ) Gain on disposition of assets, net 503 1,148 5,779 3,919 Total operating income (loss) $ 97,357 $ (56,417 ) $ 165,933 $ (206,726 ) Interest expense (105 ) (115 ) (322 ) (566 ) Interest income 488 169 1,028 296 Other income, net 564 86 2,786 274 Income (loss) before income taxes $ 98,304 $ (56,277 ) $ 169,425 $ (206,722 ) As of and for the nine months ended (in thousands) Technical Support Corporate Total Depreciation and amortization $ 111,567 $ 13,599 $ 347 $ 125,513 Capital expenditures 66,445 7,669 902 75,016 Identifiable assets $ 894,714 $ 75,550 $ 178,362 $ 1,148,626 As of and for the nine months ended (in thousands) Technical Support Corporate Total Depreciation and amortization $ 148,880 $ 19,657 $ 354 $ 168,891 Capital expenditures 20,596 1,953 2,368 24,917 Identifiable assets $ 749,721 $ 78,471 $ 224,700 $ 1,052,892

EMPLOYEE BENEFIT PLAN (Tables)

EMPLOYEE BENEFIT PLAN (Tables)	9 Months Ended
	Sep. 30, 2017
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost and related components	Three months ended September 30 Nine months ended September 30 (in thousands) 2017 2016 2017 2016 Interest cost $ 483 $ 502 $ 1,449 $ 1,505 Expected return on plan assets (589 ) (533 ) (1,767 ) (1,599 ) Amortization of net losses 213 200 638 599 Net periodic benefit cost $ 107 $ 169 $ 320 $ 505
Schedule of trading gains (losses) related to SERP assets	Three months ended September 30 Nine months ended September 30 (in thousands) 2017 2016 2017 2016 Trading gains (losses), net $ 428 $ 977 $ 1,981 $ 713

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	9 Months Ended
	Sep. 30, 2017
NOTES PAYABLE TO BANKS
Schedule of interest incurred on credit facility, interest capitalized related to facilities and equipment under construction and related weighted average interest rates	Three months ended September 30 Nine months ended September 30 (in thousands except interest rate data) 2017 2016 2017 2016 Interest incurred $ 104 $ 115 $ 311 $ 334

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2017
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at September 30, 2017 (in thousands) Total Quoted prices Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities – equity securities $ 289 $ 289 $ — $ — Investments measured at net asset value – trading securities $ 21,788 Fair Value Measurements at December 31, 2016 (in thousands) Total Quoted prices Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities – equity securities $ 264 $ 264 $ — $ — Investments measured at net asset value – trading securities $ 18,367

ACCUMULATED OTHER COMPREHENSI28

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	9 Months Ended
	Sep. 30, 2017
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of accumulated other comprehensive (loss) income	Pension Unrealized Foreign Total Balance at December 31, 2016 $ (15,503 ) $ 39 $ (2,638 ) $ (18,102 ) Change during the period: Before-tax amount — (19 ) 584 565 Tax benefit — 7 — 7 Reclassification adjustment, net of taxes: Amortization of net loss (1) 405 — — 405 Total activity for the period 405 (12 ) 584 977 Balance at September 30, 2017 $ (15,098 ) $ 27 $ (2,054 ) $ (17,125 ) (1) Reported as part of selling, general and administrative expenses. Pension Unrealized Foreign Total Balance at December 31, 2015 $ (14,715 ) $ 36 $ (3,290 ) $ (17,969 ) Change during the period: Before-tax amount — (3 ) 712 709 Tax benefit — 1 — 1 Reclassification adjustment, net of taxes: Amortization of net loss (1) 380 — — 380 Total activity for the period 380 (2 ) 712 1,090 Balance at September 30, 2016 $ (14,335 ) $ 34 $ (2,578 ) $ (16,879 ) (1) Reported as part of selling, general and administrative expenses.

EARNINGS (LOSS) PER SHARE - Rec

EARNINGS (LOSS) PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
EARNINGS (LOSS) PER SHARE
Net income (loss) available for stockholders:	$ 57,334	$ (38,942)	$ 104,808	$ (120,139)
Less: Adjustments for earnings attributable to participating securities	(732)		(1,392)
Net income (loss) used in calculating losses per share	$ 56,602	$ (38,942)	$ 103,416	$ (120,139)
Weighted average shares outstanding (including participating securities)	216,958	217,531	217,401	217,511
Adjustment for participating securities	(2,829)	(3,265)	(2,936)	(3,298)
Shares used in calculating basic and diluted earnings (loss) per share	214,129	214,266	214,465	214,213

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based employee compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
STOCK-BASED COMPENSATION
Pre-tax expense	$ 3,007	$ 2,703	$ 9,019	$ 8,065
After tax expense	$ 1,909	$ 1,716	$ 5,727	$ 5,121

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested restricted shares activity (Details 1) - Restricted Stock	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Shares
Non-vested shares at December 31, 2016 | shares	3,217,075
Granted | shares	563,065
Vested | shares	(894,042)
Forfeited | shares	(103,933)
Non-vested shares at September 30, 2017 | shares	2,782,165
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2016 | $ / shares	$ 12.91
Granted | $ / shares	21.66
Vested | $ / shares	13.34
Forfeited | $ / shares	14.05
Non-vested shares at September 30, 2017 | $ / shares	$ 14.50

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Detail Textuals) - 2014 Stock Incentive Plan - shares	1 Months Ended
	Apr. 30, 2014	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares of common stock	8,000,000
Term of reserved shares	10 years
Shares available for grant		5,757,734

STOCK-BASED COMPENSATION (Det33

STOCK-BASED COMPENSATION (Detail Textuals 1) - Restricted Stock - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 19,271,000	$ 9,611,000
Tax benefits for compensation expense for restricted stock	2,562,000	$ 360,000
Unrecognized compensation cost related to non-vested restricted shares	$ 41,850,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3 years 5 months

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Summary of information with respect to RPC's business segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenues:
Total revenues	$ 470,999	$ 175,884	$ 1,167,928	$ 507,977
Operating income (loss):
Total operating income (loss)	97,357	(56,417)	165,933	(206,726)
Interest expense	(105)	(115)	(322)	(566)
Interest income	488	169	1,028	296
Other income, net	564	86	2,786	274
Income (loss) before income taxes	98,304	(56,277)	169,425	(206,722)
Depreciation and amortization	39,587	51,975	125,513	168,891
Capital expenditures			75,016	24,917
Identifiable assets	1,148,626		1,148,626		$ 1,035,452
Operating Segments
Revenues:
Total revenues	470,999	175,884	1,167,928	507,977
Operating income (loss):
Total operating income (loss)	97,357	(56,417)	165,933	(206,726)
Interest expense	(105)	(115)	(322)	(566)
Interest income	488	169	1,028	296
Other income, net	564	86	2,786	274
Income (loss) before income taxes	98,304	(56,277)	169,425	(206,722)
Depreciation and amortization			125,513	168,891
Capital expenditures			75,016	24,917
Identifiable assets	1,148,626	1,052,892	1,148,626	1,052,892
Operating Segments | Technical Services
Revenues:
Total revenues	455,719	163,331	1,127,379	470,020
Operating income (loss):
Total operating income (loss)	104,349	(48,627)	184,455	(177,581)
Depreciation and amortization			111,567	148,880
Capital expenditures			66,445	20,596
Identifiable assets	894,714	749,721	894,714	749,721
Operating Segments | Support Services
Revenues:
Total revenues	15,280	12,553	40,549	37,957
Operating income (loss):
Total operating income (loss)	(2,062)	(5,541)	(10,622)	(19,340)
Depreciation and amortization			13,599	19,657
Capital expenditures			7,669	1,953
Identifiable assets	75,550	78,471	75,550	78,471
Corporate
Operating income (loss):
Total operating income (loss)	(5,433)	(3,397)	(13,679)	(13,724)
Depreciation and amortization			347	354
Capital expenditures			902	2,368
Identifiable assets	178,362	224,700	178,362	224,700
Gain on disposition of assets, net
Operating income (loss):
Total operating income (loss)	$ 503	$ 1,148	$ 5,779	$ 3,919

INVENTORIES (Detail Textuals)

INVENTORIES (Detail Textuals) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
INVENTORIES
Raw materials, parts and supplies of inventories	$ 113,359	$ 108,316

EMPLOYEE BENEFIT PLAN - Net per

EMPLOYEE BENEFIT PLAN - Net periodic benefit cost and related components (Details) - Multiple Employers Retirement Income Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 483	$ 502	$ 1,449	$ 1,505
Expected return on plan assets	(589)	(533)	(1,767)	(1,599)
Amortization of net losses	213	200	638	599
Net periodic benefit cost	$ 107	$ 169	$ 320	$ 505

EMPLOYEE BENEFIT PLAN - Trading

EMPLOYEE BENEFIT PLAN - Trading results related to SERP (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
Trading gains (losses), net	$ 428	$ 977	$ 1,981	$ 713

EMPLOYEE BENEFIT PLAN (Detail T

EMPLOYEE BENEFIT PLAN (Detail Textuals) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
Multiple Employers Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer for retirement income plan	$ 4,300,000
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
SERP assets		$ 21,788,000	$ 18,367,000

NOTES PAYABLE TO BANKS - Intere

NOTES PAYABLE TO BANKS - Interest incurred on credit facility, interest capitalized related to facilities and equipment under construction, and related weighted average interest rates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revolving credit facility
Line of Credit Facility [Line Items]
Interest incurred	$ 104	$ 115	$ 311	$ 334

NOTES PAYABLE TO BANKS (Detail

NOTES PAYABLE TO BANKS (Detail Textuals) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Revolving credit facility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 125
Percentage of ownership	100.00%
Borrowing capacity description	Company amended the revolving credit facility to (1) establish a borrowing base to be the lesser of (a) $125 million or (b) the difference between (i) a specified percentage (ranging from 70% to 80%) of eligible accounts receivable less (ii) the amount of any outstanding letters of credit, (2) secure payment obligations under the credit facility with a security interest in the consolidated accounts receivable, and (3) replace the financial covenants related to minimum leverage and debt service coverage ratios with a covenant to maintain a minimum tangible net worth of not less than $700 million. As of September 30, 2017, the Company was in compliance with this covenant.
Borrowing base of line of credit	$ 125
Minimum tangible net worth	$ 700
Description of variable rate basis of debt instrument	Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: · 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 0.125% to 1.125% based on a quarterly consolidated leverage ratio calculation; or · the Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”) plus, a margin ranging from 1.125% to 2.125%, based upon a quarterly debt covenant calculation.
Loan origination fees and other debt related costs	$ 3
Term of line of credit facility	5 years
Non-current other assets net	$ 0.2
Revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Account receivable percentage for line of credit determination	70.00%
Fees on unused portion of facility	0.225%
Revolving credit facility | Maximum
Line of Credit Facility [Line Items]
Account receivable percentage for line of credit determination	80.00%
Fees on unused portion of facility	0.325%
Revolving credit facility | Option 1 A
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Description of reference rate basis	Federal Funds Rate
Revolving credit facility | Option 1 A | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Revolving credit facility | Option 1 A | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Revolving credit facility | Option 1 B
Line of Credit Facility [Line Items]
Description of reference rate basis	prime rate
Revolving credit facility | Option 1 B | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Revolving credit facility | Option 1 B | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Revolving credit facility | Option 1 C
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Description of reference rate basis	Eurodollar Rate
Revolving credit facility | Option 1 C | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Revolving credit facility | Option 1 C | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Letter of credit subfacility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 50
Swingline subfacility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 35

NOTES PAYABLE TO BANKS (Detai41

NOTES PAYABLE TO BANKS (Detail Textuals 1) - Revolving credit facility - Option 2 - Eurodollar Borrowings	9 Months Ended
	Sep. 30, 2017
Line of Credit Facility [Line Items]
Description of reference rate basis	London Interbank Offering Rate ("LIBOR")
Minimum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	1.125%
Maximum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	2.125%

NOTES PAYABLE TO BANKS (Detai42

NOTES PAYABLE TO BANKS (Detail Textuals 2) - Uncommitted letter of credit facility - USD ($) $ in Millions	Jan. 04, 2016	Sep. 30, 2017
Line Of Credit Facility [Line Items]
Amount of credit facility	$ 35
Term of letter of credit facility	1 year
Commitment fee percentage, per annum on outstanding letters of credit	0.75%
Available borrowing under the facility	$ 125
Letters of credit outstanding amount		$ 19.1
Available credit facility		$ 105.9

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
INCOME TAXES
Effective tax rate provision (benefit)	41.70%	30.80%	38.10%	41.90%
Discrete income tax benefit for adjustment in the provision for income taxes			$ 1.1	$ 15.7

FAIR VALUE DISCLOSURES - Valuat

FAIR VALUE DISCLOSURES - Valuation of financial instruments measured at fair value on a recurring basis (Details) - Fair value on a recurring basis - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Available-for-sale securities - equity securities	$ 289	$ 264
Investments measured at net asset value - trading securities	21,788	18,367
Quoted prices in active markets for identical assets (Level 1)
Assets:
Available-for-sale securities - equity securities	289	264
Significant other observable inputs (Level 2)
Assets:
Available-for-sale securities - equity securities	0	0
Significant unobservable inputs (Level 3)
Assets:
Available-for-sale securities - equity securities	$ 0	$ 0

FAIR VALUE DISCLOSURES (Detail

FAIR VALUE DISCLOSURES (Detail Textuals) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Outstanding borrowings under the facility	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSI46

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Summary of components of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		$ (18,102)	$ (17,969)
Change during the period:
Before-tax amount		565	709
Tax benefit		7	1
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	405	380
Total activity for the period		977	1,090
Balance		(17,125)	(16,879)
Pension Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		(15,503)	(14,715)
Change during the period:
Before-tax amount		0	0
Tax benefit		0	0
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	405	380
Total activity for the period		405	380
Balance		(15,098)	(14,335)
Unrealized Gain (Loss) On Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		39	36
Change during the period:
Before-tax amount		(19)	(3)
Tax benefit		7	1
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	0	0
Total activity for the period		(12)	(2)
Balance		27	34
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		(2,638)	(3,290)
Change during the period:
Before-tax amount		584	712
Tax benefit		0	0
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	0	0
Total activity for the period		584	712
Balance		$ (2,054)	$ (2,578)
[1]	Reported as part of selling, general and administrative expenses.

SUBSEQUENT EVENT (Detail Textua

SUBSEQUENT EVENT (Detail Textuals) - Subsequent Event	1 Months Ended
	Oct. 24, 2017$ / shares
Subsequent Event [Line Items]
Dividends payable, date declared	Oct. 24, 2017
Cash dividend payable (in dollars per share)	$ 0.07
Special dividend payable (in dollars per share)	$ 0.07
Dividends payable date	Dec. 11, 2017
Dividends payable, record date	Nov. 10, 2017