RPC (RES) 10-Q 30 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 20, 2018
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		215,468,774
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 100,983	$ 91,050
Accounts receivable, net of allowance for doubtful accounts of $4,691 in 2018 and $4,471 in 2017	384,702	377,853
Inventories	120,944	114,866
Income taxes receivable	29,942	40,243
Prepaid expenses	6,953	8,992
Other current assets	8,558	7,131
Total current assets	652,082	640,135
Property, plant and equipment, less accumulated depreciation of $1,674,538 in 2018 and $1,659,311 in 2017	466,076	443,928
Goodwill	32,150	32,150
Other assets	30,709	31,011
Total assets	1,181,017	1,147,224
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	127,171	103,462
Accrued payroll and related expenses	26,728	23,577
Accrued insurance expenses	5,673	5,299
Accrued state, local and other taxes	9,625	8,655
Income taxes payable	8,010	3,224
Other accrued expenses	1,304	1,143
Total current liabilities	178,511	145,360
Long-term accrued insurance expenses	11,311	10,376
Long-term pension liabilities	34,818	35,635
Deferred income taxes	38,460	39,437
Other long-term liabilities	4,210	4,719
Total liabilities	267,310	235,527
Common stock	21,547	21,654
Capital in excess of par value	0	0
Retained earnings	909,185	906,745
Accumulated other comprehensive loss	(17,025)	(16,702)
Total stockholders' equity	913,707	911,697
Total liabilities and stockholders' equity	$ 1,181,017	$ 1,147,224

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4,691	$ 4,471
Accumulated depreciation of property, plant and equipment	$ 1,674,538	$ 1,659,311

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenues	$ 436,334	$ 298,119
Cost of revenues (exclusive of items shown below)	295,605	216,242
Selling, general and administrative expenses	43,814	37,157
Depreciation and amortization	37,480	44,663
Gain on disposition of assets, net	(1,363)	(1,517)
Operating income	60,798	1,574
Interest expense	(105)	(103)
Interest income	402	129
Other income, net	5,395	212
Income before income taxes	66,490	1,812
Income tax provision (benefit)	14,360	(1,822)
Net income	$ 52,130	$ 3,634
Earnings per share
Basic (in dollars per share)	$ 0.24	$ 0.02
Diluted (in dollars per share)	0.24	$ 0.02
Dividends per share (in dollars per share)	$ 0.10

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income and Comprehensive Income [Abstract]
Net income	$ 52,130	$ 3,634
Other comprehensive income (loss):
Pension adjustment and reclassification adjustment, net of taxes	173	135
Foreign currency translation	(481)	42
Unrealized loss on securities, net of taxes		(15)
Comprehensive income	$ 51,822	$ 3,796

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2017	$ 21,654		$ 906,745	$ (16,702)	$ 911,697
Balance (in shares) at Dec. 31, 2017	216,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 50	$ 2,505			2,555
Stock issued for stock incentive plans, net (in shares)	498
Stock purchased and retired	$ (157)	$ (2,505)	(28,048)		(30,710)
Stock purchased and retired (in shares)	(1,573)
Net income			52,130		52,130
Dividends			(21,657)		(21,657)
Pension adjustment, net of taxes				173	173
Foreign currency translation				(481)	(481)
Balance at Mar. 31, 2018	$ 21,547		909,185	(17,025)	$ 913,707
Balance (in shares) at Mar. 31, 2018	215,469
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 2)			$ 15	$ (15)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES
Net income	$ 52,130	$ 3,634
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation, amortization and other non-cash charges	38,148	45,412
Stock-based compensation expense	2,555	2,687
Gain on disposition of assets, net	(1,363)	(1,517)
Deferred income tax benefit	(1,034)	(11,667)
(Increase) decrease in assets:
Accounts receivable	(6,953)	(77,406)
Income taxes receivable	10,300	8,713
Inventories	(6,215)	(3,595)
Prepaid expenses	2,039	(179)
Other current assets	(1,535)	(429)
Other non-current assets	295	(749)
Increase (decrease) in liabilities:
Accounts payable	11,990	19,775
Income taxes payable	4,786	(1,124)
Accrued payroll and related expenses	3,169	5,399
Accrued insurance expenses	374	582
Accrued state, local and other taxes	970	1,652
Other accrued expenses	169	(4,938)
Pension liabilities	(588)	986
Long-term accrued insurance expenses	935	345
Other long-term liabilities	(509)	(30)
Net cash provided by (used for) operating activities	109,663	(12,449)
INVESTING ACTIVITIES
Capital expenditures	(50,482)	(11,707)
Proceeds from sale of assets	3,119	2,493
Net cash used for investing activities	(47,363)	(9,214)
FINANCING ACTIVITIES
Payment of dividends	(21,657)
Cash paid for common stock purchased and retired	(30,710)	(5,674)
Net cash used for financing activities	(52,367)	(5,674)
Net increase (decrease) in cash and cash equivalents	9,933	(27,337)
Cash and cash equivalents at beginning of period	91,050	131,835
Cash and cash equivalents at end of period	100,983	104,498
Supplemental cash flows disclosure:
Interest paid, net of amounts capitalized	62
Income taxes paid, net	292	2,199
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 18,823	$ 5,322

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018. The balance sheet at December 31, 2017 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, 2017. 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.

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2018
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS The Financial Accounting Standards Board (FASB) issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: Accounting Standards Update (ASU) No. 2014-09, Revenue from Contacts with Customers (Topic 606). ASC 606, Revenue from Contracts with Customers 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. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2019: ASU No. 2016-02, Leases (Topic 842). ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. To be adopted in 2020 and later: 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.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2018
REVENUES
REVENUES	3. REVENUES Accounting Policy: RPC’s contract revenues are generated principally from providing oil field 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 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 6. RPC contracts with its customers to provide the following services by reportable segment: Technical Services · Includes pressure pumping, downhole tools services, coiled tubing, nitrogen, snubbing and other oilfield related services including wireline, well control, fishing and pump down services. Support Services · Rental tools – RPC rents tools to its customers for use with onshore and offshore oil and gas well drilling, completion and workover activities. · Other support services include oilfield pipe inspection services, pipe management and pipe storage; well control training and consulting. Our contracts with customers are generally very short-term in nature and generally consist of a single performance obligation – the provision of oil field services. Payment terms: RPC’s contracts with the customer states 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 30 to 60 days after invoicing. As the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the services are provided to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to our arrangements with customers. 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 6 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 (in thousands) March 31, 2018 March 31, 2017 Oil field services transferred at a point in time $ - $ - Oil field services transferred over time 436,334 298,119 Total revenues $ 436,334 $ 298,119 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: (in thousands) March 31, December 31, March 31, December 31, Unbilled trade receivables $ 79,688 $ 68,494 $ 78,113 $ 39,223 Substantially all of the unbilled trade receivables as of December 31, 2017 and December 31, 2016 were invoiced during the three months ended March 31, 2018 and March 31, 2017.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	4. 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. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: Three months ended March 31, (In thousands) 2018 2017 Net income available for stockholders: $ 52,130 $ 3,634 Less: Adjustments for earnings attributable to participating securities (591 ) (51 ) Net income used in calculating earnings per share $ 51,539 $ 3,583 Weighted average shares outstanding (including participating securities) 215,877 217,713 Adjustment for participating securities (2,584 ) (3,042 ) Shares used in calculating basic and diluted earnings per share 213,293 214,671

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, there were 5,287,458 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: Three months ended March 31, (in thousands) 2018 2017 Pre-tax expense $ 2,555 $ 2,687 After tax expense $ 1,929 $ 1,706 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2018: Shares Weighted Average Non-vested shares at December 31, 2017 2,736,365 $ 14.50 Granted 522,800 25.13 Vested (731,008 ) 13.02 Forfeited (24,887 ) 16.14 Non-vested shares at March 31, 2018 2,503,270 $ 17.14 The total fair value of shares vested was approximately $16,190,000 during the three months ended March 31, 2018 and $17,527,000 during the three months ended March 31, 2017. Excess tax benefits realized from tax compensation deductions in excess of compensation expense are recorded as a discrete tax adjustment. This discrete tax adjustment was $1,604,000 for the three months ended March 31, 2018 and $2,536,000 for the three months ended March 31, 2017. As of March 31, 2018, total unrecognized compensation cost related to non-vested restricted shares was $50,362,000, which is expected to be recognized over a weighted-average period of 4.0 years

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2018
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 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 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 March 31, (in thousands) 2018 2017 Technical Services: Pressure Pumping $ 256,155 $ 182,933 Downhole Tools 93,041 52,345 Coiled Tubing 25,196 21,379 Nitrogen 11,431 8,676 Snubbing 3,973 5,643 All other 29,267 15,222 Total Technical Services $ 419,063 $ 286,198 Support Services: Rental Tools $ 10,020 $ 5,389 All other 7,251 6,532 Total Support Services $ 17,271 $ 11,921 Total revenues $ 436,334 $ 298,119 The following summarizes revenues for the United States and separately for all international locations combined for the three months ended March 31, 2018. 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 March 31, (in thousands) 2018 2017 United States revenues $ 417,385 $ 284,432 International revenues 18,949 13,687 Total revenues $ 436,334 $ 298,119 The accounting policies of the reportable segments are the same as those described in Note 1 to these consolidated financial statements. RPC evaluates the performance of its segments based on revenues, operating profits and return on invested capital. Gains or losses on disposition of assets are reviewed by the CODM on a consolidated basis, and accordingly the Company does not report gains or losses at the segment level. Inter-segment revenues are generally recorded in segment operating results at prices that management believes approximate prices for arm’s length transactions and are not material to operating results. Summarized financial information with respect RPC’s reportable segments for the three months ended March 31, 2018 and 2017 are shown in the following table: Three months ended March 31, (in thousands) 2018 2017 Revenues: Technical Services $ 419,063 $ 286,198 Support Services 17,271 11,921 Total revenues $ 436,334 $ 298,119 Operating income (loss): Technical Services $ 65,005 $ 9,205 Support Services (905 ) (5,221 ) Corporate (4,665 ) (3,927 ) Gain on disposition of assets, net 1,363 1,517 Total operating income $ 60,798 $ 1,574 Interest expense (105 ) (103 ) Interest income 402 129 Other income, net 5,395 212 Income before income taxes $ 66,490 $ 1,812 As of and for the three months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 33,937 $ 3,432 $ 111 $ 37,480 Capital expenditures 48,551 1,406 525 50,482 Identifiable assets $ 933,979 $ 73,801 $ 173,237 $ 1,181,017 As of and for the three months ended Technical Services Support Services Corporate Total (in thousands) Depreciation and amortization $ 39,494 $ 5,052 $ 117 $ 44,663 Capital expenditures 9,766 1,909 32 11,707 Identifiable assets $ 782,778 $ 74,631 $ 191,645 $ 1,049,054

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2018
INVENTORIES
INVENTORIES	7. INVENTORIES Inventories of $120,944,000 at March 31, 2018 and $114,866,000 at December 31, 2017 consist of raw materials, parts and supplies.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	3 Months Ended
	Mar. 31, 2018
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 March 31 (in thousands) 2018 2017 Interest cost $ 458 $ 483 Expected return on plan assets (709 ) (589 ) Amortization of net losses 206 213 Net periodic benefit (credit) cost $ (45 ) $ 107 The Company did not make a contribution to this plan during the three months ended March 31, 2018 and 2017; however, subsequent to the first quarter of 2018, a contribution of $5,000,000 was made on April 10, 2018. 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 $23,236,000 as of March 31, 2018 and $23,463,000 as of December 31, 2017. 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. Unrealized (losses) gains related to the SERP assets were approximately as follows: Three months ended March 31 (in thousands) 2018 2017 Unrealized (losses) gains, net $ (486 ) $ 616 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	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, 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 $0.1 million at March 31, 2018 is classified as part of non-current other assets. All letters of credit are currently issued under RPC’s $125 million credit facility. As of March 31, 2018, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $19.6 million; therefore, a total of $105.4 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 March 31 (in thousands except interest rate data) 2018 2017 Interest incurred $ 103 $ 103

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, the effective tax rate reflects an income tax provision of 21.6 percent compared to an income tax benefit of 100.6 percent for the comparable period in the prior year. The 2018 effective rate reflects increased income offset by the lower corporate income tax rate from the recently enacted Tax Cuts & Jobs Act. Both quarters reflect beneficial discrete adjustments of ASU 2016-09 that requires excess tax benefits and deficiencies to be recognized as a component of income tax expense rather than stockholders’ equity. On January 1, 2018, the Company implemented the provisions of Tax Cuts and Jobs Act (“the Act”) and recorded adjustments relating to changes in tax rates on deferred tax assets and liabilities during the year ended December 31, 2017. The Company is currently analyzing additional information related to its accounting for the income tax effects of the Act as it pertains to the deduction for executive compensation, including the impact for compensation that is paid pursuant to a binding contract that would have been deductible under the prior rules. Due to the complexity of this provision, additional time is needed to further analyze our executive compensation program, exceptions under the binding contract rule, and the impact of vesting of restricted stock grants, dividends, and bonuses. We are also conducting additional testing and review of assets that qualify for immediate expensing under the new rules that may adjust the provisional amounts that were recognized in our financial statements at December 31, 2017. The ultimate impact of the Act may differ from the recorded amounts due to changes in our interpretations and assumptions, as well as additional regulatory guidance that may be issued. We expect to complete the accounting for tax reform with the completion of our 2017 Federal income tax return, expected to be complete by the third quarter of 2018.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017: Fair Value Measurements at March 31, 2018 with: (in thousands) Total Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 244 $ 244 $ — $ — Investments measured at net asset value $ 23,236 Fair Value Measurements at December 31, 2017 with: (in thousands) Total Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 270 $ 270 $ — $ — Investments measured at net asset value $ 23,463 The Company determines the fair value of equity securities that have a readily determinable fair value through quoted market prices. The total fair value is the final closing price, as defined by the exchange in which the asset is actively traded, on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Marketable securities comprised of the SERP assets, as described in Note 8, 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 March 31, 2018, 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 March 31, 2018 and December 31, 2017. 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	3 Months Ended
	Mar. 31, 2018
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, 2017 $ (14,470 ) $ 15 $ (2,247 ) $ (16,702 ) Change during the period: Before-tax amount — (15 ) (481 ) (496 ) Tax benefit — — — — Reclassification adjustment, net of taxes: Amortization of net loss (1) 173 — — 173 Total activity for the period 173 (15 ) (481 ) (323 ) Balance at March 31, 2018 $ (14,297 ) $ — $ (2,728 ) $ (17,025 ) (1) Reported as part of selling, general and administrative expenses. As of January 1, 2018, the balance related to the cumulative unrealized gain on marketable securities included in accumulated other comprehensive income was reclassed upon adoption of ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Pension Unrealized Foreign Total Balance at December 31, 2016 $ (15,503 ) $ 39 $ (2,638 ) $ (18,102 ) Change during the period: Before-tax amount — (24 ) 42 18 Tax benefit — 9 — 9 Reclassification adjustment, net of taxes: Amortization of net loss (1) 135 — — 135 Total activity for the period 135 (15 ) 42 162 Balance at March 31, 2017 $ (15,368 ) $ 24 $ (2,596 ) $ (17,940 ) (1) Reported as part of selling, general and administrative expenses.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT April 24, 2018, the Board of Directors declared a regular quarterly cash dividend of $0.10 per share payable June 11, 2018 to common stockholders of record at the close of business May 10, 2018.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
RECENT ACCOUNTING STANDARDS	RECENT ACCOUNTING STANDARDS The Financial Accounting Standards Board (FASB) issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Standards: Accounting Standards Update (ASU) No. 2014-09, Revenue from Contacts with Customers (Topic 606). ASC 606, Revenue from Contracts with Customers 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. Recently Issued Accounting Standards Not Yet Adopted: To be adopted in 2019: ASU No. 2016-02, Leases (Topic 842). ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. To be adopted in 2020 and later: 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.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2018
REVENUES
Schedule of disaggregation of revenues	Three months ended (in thousands) March 31, 2018 March 31, 2017 Oil field services transferred at a point in time $ - $ - Oil field services transferred over time 436,334 298,119 Total revenues $ 436,334 $ 298,119
Schedule of contract assets included in accounts receivable	(in thousands) March 31, December 31, March 31, December 31, Unbilled trade receivables $ 79,688 $ 68,494 $ 78,113 $ 39,223

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of reconciliation of weighted average shares outstanding	Three months ended March 31, (In thousands) 2018 2017 Net income available for stockholders: $ 52,130 $ 3,634 Less: Adjustments for earnings attributable to participating securities (591 ) (51 ) Net income used in calculating earnings per share $ 51,539 $ 3,583 Weighted average shares outstanding (including participating securities) 215,877 217,713 Adjustment for participating securities (2,584 ) (3,042 ) Shares used in calculating basic and diluted earnings per share 213,293 214,671

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2018
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	Three months ended March 31, (in thousands) 2018 2017 Pre-tax expense $ 2,555 $ 2,687 After tax expense $ 1,929 $ 1,706
Schedule of changes in non-vested restricted shares	Shares Weighted Average Non-vested shares at December 31, 2017 2,736,365 $ 14.50 Granted 522,800 25.13 Vested (731,008 ) 13.02 Forfeited (24,887 ) 16.14 Non-vested shares at March 31, 2018 2,503,270 $ 17.14

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2018
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	Three months ended March 31, (in thousands) 2018 2017 Technical Services: Pressure Pumping $ 256,155 $ 182,933 Downhole Tools 93,041 52,345 Coiled Tubing 25,196 21,379 Nitrogen 11,431 8,676 Snubbing 3,973 5,643 All other 29,267 15,222 Total Technical Services $ 419,063 $ 286,198 Support Services: Rental Tools $ 10,020 $ 5,389 All other 7,251 6,532 Total Support Services $ 17,271 $ 11,921 Total revenues $ 436,334 $ 298,119
Schedule of revenues are presented based on the location of the use of the product or service	Three months ended March 31, (in thousands) 2018 2017 United States revenues $ 417,385 $ 284,432 International revenues 18,949 13,687 Total revenues $ 436,334 $ 298,119
Schedule of segment reporting information by segment	Three months ended March 31, (in thousands) 2018 2017 Revenues: Technical Services $ 419,063 $ 286,198 Support Services 17,271 11,921 Total revenues $ 436,334 $ 298,119 Operating income (loss): Technical Services $ 65,005 $ 9,205 Support Services (905 ) (5,221 ) Corporate (4,665 ) (3,927 ) Gain on disposition of assets, net 1,363 1,517 Total operating income $ 60,798 $ 1,574 Interest expense (105 ) (103 ) Interest income 402 129 Other income, net 5,395 212 Income before income taxes $ 66,490 $ 1,812 As of and for the three months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 33,937 $ 3,432 $ 111 $ 37,480 Capital expenditures 48,551 1,406 525 50,482 Identifiable assets $ 933,979 $ 73,801 $ 173,237 $ 1,181,017 As of and for the three months ended Technical Services Support Services Corporate Total (in thousands) Depreciation and amortization $ 39,494 $ 5,052 $ 117 $ 44,663 Capital expenditures 9,766 1,909 32 11,707 Identifiable assets $ 782,778 $ 74,631 $ 191,645 $ 1,049,054

EMPLOYEE BENEFIT PLAN (Tables)

EMPLOYEE BENEFIT PLAN (Tables)	3 Months Ended
	Mar. 31, 2018
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost and related components	Three months ended March 31 (in thousands) 2018 2017 Interest cost $ 458 $ 483 Expected return on plan assets (709 ) (589 ) Amortization of net losses 206 213 Net periodic benefit (credit) cost $ (45 ) $ 107
Schedule of trading gains (losses) related to SERP assets	Three months ended March 31 (in thousands) 2018 2017 Unrealized (losses) gains, net $ (486 ) $ 616

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	3 Months Ended
	Mar. 31, 2018
NOTES PAYABLE TO BANKS
Schedule of interest incurred on unused portion of credit facility and amortization of loan costs	Three months ended March 31 (in thousands except interest rate data) 2018 2017 Interest incurred $ 103 $ 103

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2018
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at March 31, 2018 with: (in thousands) Total Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 244 $ 244 $ — $ — Investments measured at net asset value $ 23,236 Fair Value Measurements at December 31, 2017 with: (in thousands) Total Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Assets: Equity securities $ 270 $ 270 $ — $ — Investments measured at net asset value $ 23,463

ACCUMULATED OTHER COMPREHENSI29

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	3 Months Ended
	Mar. 31, 2018
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of accumulated other comprehensive (loss) income	Pension Unrealized Foreign Total Balance at December 31, 2017 $ (14,470 ) $ 15 $ (2,247 ) $ (16,702 ) Change during the period: Before-tax amount — (15 ) (481 ) (496 ) Tax benefit — — — — Reclassification adjustment, net of taxes: Amortization of net loss (1) 173 — — 173 Total activity for the period 173 (15 ) (481 ) (323 ) Balance at March 31, 2018 $ (14,297 ) $ — $ (2,728 ) $ (17,025 ) (1) Reported as part of selling, general and administrative expenses. Pension Unrealized Foreign Total Balance at December 31, 2016 $ (15,503 ) $ 39 $ (2,638 ) $ (18,102 ) Change during the period: Before-tax amount — (24 ) 42 18 Tax benefit — 9 — 9 Reclassification adjustment, net of taxes: Amortization of net loss (1) 135 — — 135 Total activity for the period 135 (15 ) 42 162 Balance at March 31, 2017 $ (15,368 ) $ 24 $ (2,596 ) $ (17,940 ) (1) Reported as part of selling, general and administrative expenses.

RECENT ACCOUNTING STANDARDS (De

RECENT ACCOUNTING STANDARDS (Detail Textuals)	Mar. 31, 2018USD ($)
RECENT ACCOUNTING STANDARDS
Fair value of equity securities, classified as part of other income	$ 26,000

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 436,334	$ 298,119
Oil field services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Oil field services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues	$ 436,334	$ 298,119

REVENUES (Details 1)

REVENUES (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
REVENUES
Unbilled trade receivables	$ 79,688	$ 68,494	$ 78,113	$ 39,223

REVENUES (Detail Textuals)

REVENUES (Detail Textuals)	3 Months Ended
	Mar. 31, 2018
REVENUES
Term of specified services and collection	30 to 60 days

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income available for stockholders:	$ 52,130	$ 3,634
Less: Adjustments for earnings attributable to participating securities	(591)	(51)
Net income used in calculating earnings per share	$ 51,539	$ 3,583
Weighted average shares outstanding (including participating securities)	215,877	217,713
Adjustment for participating securities	(2,584)	(3,042)
Shares used in calculating basic and diluted earnings per share	213,293	214,671

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based employee compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
STOCK-BASED COMPENSATION
Pre-tax expense	$ 2,555	$ 2,687
After tax expense	$ 1,929	$ 1,706

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested restricted shares activity (Details 1) - Restricted Stock	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Shares
Non-vested shares at December 31, 2017 | shares	2,736,365
Granted | shares	522,800
Vested | shares	(731,008)
Forfeited | shares	(24,887)
Non-vested shares at March 31, 2018 | shares	2,503,270
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2017 | $ / shares	$ 14.50
Granted | $ / shares	25.13
Vested | $ / shares	13.02
Forfeited | $ / shares	16.14
Non-vested shares at March 31, 2018 | $ / shares	$ 17.14

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Detail Textuals) - 2014 Stock Incentive Plan - shares	1 Months Ended
	Apr. 30, 2014	Mar. 31, 2018
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		5,287,458

STOCK-BASED COMPENSATION (Det38

STOCK-BASED COMPENSATION (Detail Textuals 1) - Restricted Stock - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 16,190,000	$ 17,527,000
Tax benefits for compensation expense for restricted stock	1,604,000	$ 2,536,000
Unrecognized compensation cost related to non-vested restricted shares	$ 50,362,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	4 years

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Operating segment revenues by major service lines (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Revenue, Net	$ 436,334	$ 298,119
Operating Segments
Segment Reporting Information [Line Items]
Revenue, Net	436,334	298,119
Operating Segments | Technical Services
Segment Reporting Information [Line Items]
Revenue, Net	419,063	286,198
Operating Segments | Technical Services | Pressure Pumping
Segment Reporting Information [Line Items]
Revenue, Net	256,155	182,933
Operating Segments | Technical Services | Downhole Tools
Segment Reporting Information [Line Items]
Revenue, Net	93,041	52,345
Operating Segments | Technical Services | Coiled Tubing
Segment Reporting Information [Line Items]
Revenue, Net	25,196	21,379
Operating Segments | Technical Services | Nitrogen
Segment Reporting Information [Line Items]
Revenue, Net	11,431	8,676
Operating Segments | Technical Services | Snubbing
Segment Reporting Information [Line Items]
Revenue, Net	3,973	5,643
Operating Segments | Technical Services | All Other Technical Services
Segment Reporting Information [Line Items]
Revenue, Net	29,267	15,222
Operating Segments | Support Services
Segment Reporting Information [Line Items]
Revenue, Net	17,271	11,921
Operating Segments | Support Services | Rental Tools
Segment Reporting Information [Line Items]
Revenue, Net	10,020	5,389
Operating Segments | Support Services | All Other Support Services
Segment Reporting Information [Line Items]
Revenue, Net	$ 7,251	$ 6,532

BUSINESS SEGMENT INFORMATION 40

BUSINESS SEGMENT INFORMATION - Summary of selected information between United States and all international locations (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 436,334	$ 298,119
United States Revenues
Segment Reporting Information [Line Items]
Revenues	417,385	284,432
International Revenues
Segment Reporting Information [Line Items]
Revenues	$ 18,949	$ 13,687

BUSINESS SEGMENT INFORMATION 41

BUSINESS SEGMENT INFORMATION - Summary of information with respect to RPC's business segments (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenues:
Total revenues	$ 436,334	$ 298,119
Operating income (loss):
Total operating income (loss)	60,798	1,574
Interest expense	(105)	(103)
Interest income	402	129
Other income, net	5,395	212
Income before income taxes	66,490	1,812
Depreciation and amortization	37,480	44,663
Capital expenditures	50,482	11,707
Identifiable assets	1,181,017		$ 1,147,224
Operating Segments
Revenues:
Total revenues	436,334	298,119
Operating income (loss):
Total operating income (loss)	60,798	1,574
Interest expense	(105)	(103)
Interest income	402	129
Other income, net	5,395	212
Income before income taxes	66,490	1,812
Depreciation and amortization	37,480	44,663
Capital expenditures	50,482	11,707
Identifiable assets	1,181,017	1,049,054
Operating Segments | Technical Services
Revenues:
Total revenues	419,063	286,198
Operating income (loss):
Total operating income (loss)	65,005	9,205
Depreciation and amortization	33,937	39,494
Capital expenditures	48,551	9,766
Identifiable assets	933,979	782,778
Operating Segments | Support Services
Revenues:
Total revenues	17,271	11,921
Operating income (loss):
Total operating income (loss)	(905)	(5,221)
Depreciation and amortization	3,432	5,052
Capital expenditures	1,406	1,909
Identifiable assets	73,801	74,631
Corporate
Operating income (loss):
Total operating income (loss)	(4,665)	(3,927)
Depreciation and amortization	111	117
Capital expenditures	525	32
Identifiable assets	173,237	191,645
Gain on disposition of assets, net
Operating income (loss):
Total operating income (loss)	$ 1,363	$ 1,517

INVENTORIES (Detail Textuals)

INVENTORIES (Detail Textuals) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
INVENTORIES
Raw materials, parts and supplies of inventories	$ 120,944	$ 114,866

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
	Mar. 31, 2018	Mar. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 458	$ 483
Expected return on plan assets	(709)	(589)
Amortization of net losses	206	213
Net periodic benefit (credit) cost	$ (45)	$ 107

EMPLOYEE BENEFIT PLAN - Trading

EMPLOYEE BENEFIT PLAN - Trading results related to SERP (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
Unrealized (losses) gains, net	$ (486)	$ 616

EMPLOYEE BENEFIT PLAN (Detail T

EMPLOYEE BENEFIT PLAN (Detail Textuals) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Multiple Employers Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer for retirement income plan	$ 5,000,000
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
SERP assets	$ 23,236,000	$ 23,463,000

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
	Mar. 31, 2018	Mar. 31, 2017
Revolving credit facility
Line of Credit Facility [Line Items]
Interest incurred	$ 103	$ 103

NOTES PAYABLE TO BANKS (Detail

NOTES PAYABLE TO BANKS (Detail Textuals) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Revolving credit facility
Line of Credit Facility [Line Items]
Term of line of credit facility	5 years
Amount of credit facility	$ 125
Percentage of ownership	100.00%
Borrowing capacity description	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 March 31, 2018, 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
Non-current other assets net	$ 0.1
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 (Detai48

NOTES PAYABLE TO BANKS (Detail Textuals 1) - Revolving credit facility - Option 2 - Eurodollar Borrowings	3 Months Ended
	Mar. 31, 2018
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 (Detai49

NOTES PAYABLE TO BANKS (Detail Textuals 2) - Uncommitted letter of credit facility $ in Millions	Mar. 31, 2018USD ($)
Line Of Credit Facility [Line Items]
Available borrowing under the facility	$ 125
Letters of credit outstanding amount	19.6
Available credit facility	$ 105.4

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
INCOME TAXES
Effective tax rate provision (benefit)	21.60%	(100.60%)

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 - Fair Value Measurements - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Equity securities	$ 244	$ 270
Investments measured at net asset value - trading securities	23,236	23,463
Quoted prices in active markets for identical assets (Level 1)
Assets:
Equity securities	244	270
Significant other observable inputs (Level 2)
Assets:
Equity securities	0	0
Significant unobservable inputs (Level 3)
Assets:
Equity securities	$ 0	$ 0

FAIR VALUE DISCLOSURES (Detail

FAIR VALUE DISCLOSURES (Detail Textuals) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Revolving credit facility
Line of Credit Facility [Line Items]
Outstanding borrowings under the facility	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSI53

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Summary of components of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		$ (16,702)	$ (18,102)
Change during the period:
Before-tax amount		(496)	18
Tax benefit		0	9
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	173	135
Total activity for the period		(323)	162
Balance		(17,025)	(17,940)
Pension Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		(14,470)	(15,503)
Change during the period:
Before-tax amount		0	0
Tax benefit		0	0
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	173	135
Total activity for the period		173	135
Balance		(14,297)	(15,368)
Unrealized Gain (Loss) On Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		15	39
Change during the period:
Before-tax amount		(15)	(24)
Tax benefit		0	9
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	0	0
Total activity for the period		(15)	(15)
Balance		0	24
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance		(2,247)	(2,638)
Change during the period:
Before-tax amount		(481)	42
Tax benefit		0	0
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	0	0
Total activity for the period		(481)	42
Balance		$ (2,728)	$ (2,596)
[1]	Reported as part of selling, general and administrative expenses.

SUBSEQUENT EVENT (Detail Textua

SUBSEQUENT EVENT (Detail Textuals) - Subsequent Event	1 Months Ended
	Apr. 24, 2018$ / shares
Subsequent Event [Line Items]
Dividends payable, date declared	Apr. 24, 2018
Cash dividend payable (in dollars per share)	$ 0.10
Dividends payable date	Jun. 11, 2018
Dividends payable, record date	May 10, 2018