Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'RPC INC | ' | ' |
Entity Central Index Key | '0000742278 | ' | ' |
Trading Symbol | 'res | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-Known Seasoned Issuer | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 219,289,400 | ' |
Entity Public Float | ' | ' | $852,785,460 |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $8,700 | $14,163 |
Accounts receivable, net | 437,132 | 387,530 |
Inventories | 126,604 | 140,867 |
Deferred income taxes | 14,185 | 5,777 |
Income taxes receivable | 5,720 | 4,234 |
Prepaid expenses | 9,143 | 10,762 |
Other current assets | 3,441 | 4,494 |
Current assets | 604,925 | 567,827 |
Property, plant and equipment, net | 726,307 | 756,326 |
Goodwill | 31,861 | 24,093 |
Other assets | 20,767 | 18,917 |
Total assets | 1,383,860 | 1,367,163 |
LIABILITIES | ' | ' |
Accounts payable | 119,170 | 109,846 |
Accrued payroll and related expenses | 36,638 | 32,053 |
Accrued insurance expenses | 6,072 | 6,152 |
Accrued state, local and other taxes | 5,002 | 7,326 |
Income taxes payable | ' | 6,428 |
Other accrued expenses | 1,170 | 2,706 |
Current liabilities | 168,052 | 164,511 |
Long-term accrued insurance expenses | 10,225 | 10,400 |
Notes payable to banks | 53,300 | 107,000 |
Long-term pension liabilities | 21,966 | 26,543 |
Deferred income taxes | 153,176 | 155,007 |
Other long-term liabilities | 8,439 | 4,470 |
Total liabilities | 415,158 | 467,931 |
Commitments and contingencies (Note 9) | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued | ' | ' |
Common stock, $0.10 par value, 349,000,000 shares authorized, 218,985,816 and 220,144,287 shares issued and outstanding in 2013 and 2012, respectively | 21,899 | 22,014 |
Capital in excess of par value | ' | ' |
Retained earnings | 956,918 | 891,464 |
Accumulated other comprehensive loss | -10,115 | -14,246 |
Total stockholders' equity | 968,702 | 899,232 |
Total liabilities and stockholders' equity | $1,383,860 | $1,367,163 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.10 | $0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 349,000,000 | 349,000,000 |
Common stock, shares issued | 218,985,816 | 220,144,287 |
Common stock, shares outstanding | 218,985,816 | 220,144,287 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
REVENUES | $1,861,489 | $1,945,023 | $1,809,807 |
COSTS AND EXPENSES: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | 1,178,412 | 1,105,886 | 992,704 |
Selling, general and administrative expenses | 185,165 | 175,749 | 151,286 |
Depreciation and amortization | 213,128 | 214,899 | 179,905 |
Loss on disposition of assets, net | 9,371 | 6,099 | 3,831 |
Operating profit | 275,413 | 442,390 | 482,081 |
Interest expense | -1,822 | -1,976 | -3,453 |
Interest income | 419 | 30 | 18 |
Other income, net | 2,260 | 2,175 | 169 |
Income before income taxes | 276,270 | 442,619 | 478,815 |
Income tax provision | 109,375 | 168,183 | 182,434 |
Net income | $166,895 | $274,436 | $296,381 |
EARNINGS PER SHARE | ' | ' | ' |
Basic (in dollars per share) | $0.77 | $1.28 | $1.36 |
Diluted (in dollars per share) | $0.77 | $1.27 | $1.35 |
Dividends paid per share (in dollars per share) | $0.40 | $0.52 | $0.21 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Other Comprehensive Income [Abstract] | ' | ' | ' |
NET INCOME | $166,895 | $274,436 | $296,381 |
OTHER COMPREHENSIVE INCOME, NET OF TAXES: | ' | ' | ' |
Pension adjustment | 4,928 | -1,707 | -3,048 |
Cash flow hedge | ' | ' | 387 |
Foreign currency translation | -778 | 265 | -138 |
Unrealized loss on securities and reclassification adjustments | -19 | -158 | -314 |
COMPREHENSIVE INCOME | $171,026 | $272,836 | $293,268 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2010 | $22,227 | ' | $526,201 | ($9,533) | $538,895 |
Balance (in shares) at Dec. 31, 2010 | 222,264 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Stock issued for stock incentive plans and other, net | 122 | 9,455 | ' | ' | 9,577 |
Stock issued for stock incentive plans and other, net (in shares) | 1,218 | ' | ' | ' | ' |
Stock purchased and retired | -194 | -12,862 | -22,136 | ' | -35,192 |
Stock purchased and retired (in shares) | -1,936 | ' | ' | ' | ' |
Net income | ' | ' | 296,381 | ' | 296,381 |
Pension adjustment, net of taxes | ' | ' | ' | -3,048 | -3,048 |
Gain on cash flow hedge, net of taxes | ' | ' | ' | 387 | 387 |
Foreign currency translation, net of taxes | ' | ' | ' | -138 | -138 |
Unrealized gain (loss) on securities, net of taxes | ' | ' | ' | -314 | -314 |
Dividends declared | ' | ' | -47,327 | ' | -47,327 |
Excess tax benefits for share- based payments | ' | 3,371 | ' | ' | 3,371 |
Three-for-two stock split | -36 | 36 | ' | ' | ' |
Three-for-two stock splits (in shares) | -358 | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 22,119 | ' | 753,119 | -12,646 | 762,592 |
Balance (in shares) at Dec. 31, 2011 | 221,188 | ' | ' | ' | 221,187,660 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Stock issued for stock incentive plans and other, net | 152 | 11,105 | ' | ' | 11,257 |
Stock issued for stock incentive plans and other, net (in shares) | 1,530 | ' | ' | ' | ' |
Stock purchased and retired | -201 | -13,885 | -16,515 | ' | -30,601 |
Stock purchased and retired (in shares) | -2,011 | ' | ' | ' | ' |
Increased ownership interest in subsidiary, net of taxes | ' | ' | -5,507 | ' | -5,507 |
Net income | ' | ' | 274,436 | ' | 274,436 |
Pension adjustment, net of taxes | ' | ' | ' | -1,707 | -1,707 |
Foreign currency translation, net of taxes | ' | ' | ' | 265 | 265 |
Unrealized gain (loss) on securities, net of taxes | ' | ' | ' | -158 | -158 |
Dividends declared | ' | ' | -114,069 | ' | -114,069 |
Excess tax benefits for share- based payments | ' | 2,724 | ' | ' | 2,724 |
Three-for-two stock split | -56 | 56 | ' | ' | ' |
Three-for-two stock splits (in shares) | -563 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 22,014 | ' | 891,464 | -14,246 | 899,232 |
Balance (in shares) at Dec. 31, 2012 | 220,144 | ' | ' | ' | 220,144,287 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Stock issued for stock incentive plans and other, net | 70 | 8,107 | ' | ' | 8,177 |
Stock issued for stock incentive plans and other, net (in shares) | 699 | ' | ' | ' | ' |
Stock purchased and retired | -185 | -11,285 | -13,652 | ' | -25,122 |
Stock purchased and retired (in shares) | -1,857 | ' | ' | ' | ' |
Net income | ' | ' | 166,895 | ' | 166,895 |
Pension adjustment, net of taxes | ' | ' | ' | 4,928 | 4,928 |
Foreign currency translation, net of taxes | ' | ' | ' | -778 | -778 |
Unrealized gain (loss) on securities, net of taxes | ' | ' | ' | -19 | -19 |
Dividends declared | ' | ' | -87,789 | ' | -87,789 |
Excess tax benefits for share- based payments | ' | 3,178 | ' | ' | 3,178 |
Balance at Dec. 31, 2013 | $21,899 | ' | $956,918 | ($10,115) | $968,702 |
Balance (in shares) at Dec. 31, 2013 | 218,986 | ' | ' | ' | 218,985,816 |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Stockholders' Equity [Abstract] | ' | ' |
Stock split conversion ratio | 'three-for-two | 'three-for-two |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $166,895 | $274,436 | $296,381 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation, amortization and other non-cash charges | 215,812 | 214,153 | 179,787 |
Stock-based compensation expense | 8,177 | 7,860 | 8,075 |
Loss on disposition of assets, net | 9,371 | 6,099 | 3,831 |
Deferred income tax (benefit) provision | -13,060 | 4,821 | 77,074 |
Excess tax benefits for share-based payments | -3,178 | -2,724 | -3,371 |
(Increase) decrease in assets: | ' | ' | ' |
Accounts receivable | -49,959 | 73,809 | -167,312 |
Income taxes receivable | 1,692 | 9,295 | 9,817 |
Inventories | 14,078 | -40,354 | -36,511 |
Prepaid expenses | 1,519 | -2,284 | -2,783 |
Other current assets | 1,114 | 26,189 | -30,524 |
Other non-current assets | -1,881 | -6,415 | 294 |
(Increase) decrease in liabilities: | ' | ' | ' |
Accounts payable | 14,062 | -4,929 | 30,102 |
Income taxes payable | -6,428 | -4,277 | 4,917 |
Accrued payroll and related expenses | 4,585 | -1,627 | 9,799 |
Accrued insurance expenses | -80 | 408 | 603 |
Accrued state, local and other taxes | -2,324 | 2,260 | 2,078 |
Other accrued expenses | -1,548 | 1,412 | 958 |
Pension liabilities | 3,183 | -589 | 1,249 |
Long-term accrued insurance expenses | -175 | 1,400 | 511 |
Other long-term liabilities | 3,769 | 990 | 1,032 |
Net cash provided by operating activities | 365,624 | 559,933 | 386,007 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -201,681 | -328,936 | -416,400 |
Increased ownership interest in subsidiary | ' | -6,211 | ' |
Proceeds from sale of assets | 11,071 | 19,309 | 24,763 |
Purchase of business | -17,044 | ' | ' |
Net cash used for investing activities | -207,654 | -315,838 | -391,637 |
FINANCING ACTIVITIES | ' | ' | ' |
Payment of dividends | -87,789 | -114,069 | -47,327 |
Borrowings from notes payable to banks | 686,700 | 844,050 | 940,850 |
Repayments of notes payable to banks | -740,400 | -940,350 | -858,800 |
Debt issue costs for notes payable to banks | ' | ' | -415 |
Excess tax benefits for share-based payments | 3,178 | 2,724 | 3,371 |
Cash paid for common stock purchased and retired | -25,122 | -30,224 | -34,419 |
Proceeds received upon exercise of stock options | ' | 544 | 728 |
Net cash (used for) provided by financing activities | -163,433 | -237,325 | 3,988 |
Net (decrease) increase in cash and cash equivalents | -5,463 | 6,770 | -1,642 |
Cash and cash equivalents at beginning of year | 14,163 | 7,393 | 9,035 |
Cash and cash equivalents at end of year | $8,700 | $14,163 | $7,393 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Significant Accounting Policies | ' | ||||||||||||
Significant Accounting Policies | ' | ||||||||||||
Note 1: Significant Accounting Policies | |||||||||||||
Principles of Consolidation and Basis of Presentation | |||||||||||||
The consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (“RPC” or the “Company”). All significant intercompany accounts and transactions have been eliminated. | |||||||||||||
Nature of Operations | |||||||||||||
RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets. The services and equipment provided include Technical Services such as pressure pumping services, coiled tubing services, snubbing services (also referred to as hydraulic workover services), nitrogen services, and firefighting and well control, and Support Services such as the rental of drill pipe and other specialized oilfield equipment and oilfield training. | |||||||||||||
Common Stock | |||||||||||||
RPC is authorized to issue 349,000,000 shares of common stock, $0.10 par value. Holders of common stock are entitled to receive dividends when, as, and if declared by the Board of Directors out of legally available funds. Each share of common stock is entitled to one vote on all matters submitted to a vote of stockholders. Holders of common stock do not have cumulative voting rights. In the event of any liquidation, dissolution or winding up of the Company, holders of common stock are entitled to ratable distribution of the remaining assets available for distribution to stockholders. | |||||||||||||
Preferred Stock | |||||||||||||
RPC is authorized to issue up to 1,000,000 shares of preferred stock, $0.10 par value. As of December 31, 2013, there were no shares of preferred stock issued. The Board of Directors is authorized, subject to any limitations prescribed by law, to provide for the issuance of preferred stock as a class without series or, if so determined from time to time, in one or more series, and by filing a certificate pursuant to the applicable laws of the state of Delaware and to fix the designations, powers, preferences and rights, exchangeability for shares of any other class or classes of stock. Any preferred stock to be issued could rank prior to the common stock with respect to dividend rights and rights on liquidation. | |||||||||||||
Dividends | |||||||||||||
On January 28, 2014, the Board of Directors approved a $0.105 per share cash dividend payable March 10, 2014 to stockholders of record at the close of business on February 10, 2014. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Significant estimates are used in the determination of the allowance for doubtful accounts, income taxes, accrued insurance expenses, depreciable lives of assets, and pension liabilities. | |||||||||||||
Revenues | |||||||||||||
RPC’s revenues are generated principally from providing services and the related equipment. Revenues are recognized when the services are rendered and collectibility 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. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
Substantially all of the Company’s customers are engaged in the oil and gas industry. This concentration of customers may impact overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. The Company provided oilfield services to several hundred customers. In 2013 and 2012, there were no customers that accounted for more than 10 percent of the Company’s revenues. In 2011, one of our customers accounted for approximately 12 percent of revenues. Additionally, no customer accounted for more than 10 percent of accounts receivable as of December 31, 2013 and 2012. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Highly liquid investments with original maturities of three months or less when acquired are considered to be cash equivalents. The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits. RPC maintains cash equivalents and investments in one or more large financial institutions, and RPC’s policy restricts investment in any securities rated less than “investment grade” by national rating services. | |||||||||||||
Investments | |||||||||||||
Investments classified as available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest, and dividends with respect to available-for-sale securities are included in interest income. The Company did not realize any gains or losses during 2013, 2012 or 2011 on its available-for-sale securities. Securities that are held in the non-qualified Supplemental Executive Retirement Plan (“SERP”) are classified as trading. See Note 10 for further information regarding the SERP. The change in fair value of trading securities is presented in other income (expense) on the consolidated statements of operations. | |||||||||||||
Management determines the appropriate classification of investments at the time of purchase and re-evaluates such designations as of each balance sheet date. | |||||||||||||
Accounts Receivable | |||||||||||||
The majority of the Company’s accounts receivable is due principally from major and independent oil and natural gas exploration and production companies. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are considered past due after 60 days and are stated at amounts due from customers, net of an allowance for doubtful accounts. | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
Accounts receivable are carried at the amount owed by customers, reduced by an allowance for estimated amounts that may not be collectible in the future. The estimated allowance for doubtful accounts is based on an evaluation of industry trends, financial condition of customers, historical write-off experience, current economic conditions, and in the case of international customers, judgments about the economic and political environment of the related country and region. Accounts are written off against the allowance for doubtful accounts when the Company determines that amounts are uncollectible and recoveries of previously written-off accounts are recorded when collected. | |||||||||||||
Inventories | |||||||||||||
Inventories, which consist principally of (i) raw materials and supplies that are consumed providing services to the Company’s customers, (ii) spare parts for equipment used in providing these services and (iii) manufactured components and attachments for equipment used in providing services, are recorded at the lower of cost or market value. Cost is determined using first-in, first-out (“FIFO”) method or the weighted average cost method. Market value is determined based on replacement cost for materials and supplies. The Company regularly reviews inventory quantities on hand and records provisions for excess or obsolete inventory based primarily on its estimated forecast of product demand, market conditions, production requirements and technological developments. | |||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||
The Company is subject to interest rate risk on the variable component of the interest rate under our credit facility. Effective December 2008, the Company entered into a $50 million interest rate swap agreement. The Company designated the interest rate swap as a cash flow hedge. Changes in the fair value of the effective portion of the interest rate swap were recognized in other comprehensive loss until the hedged item was recognized in earnings. This agreement terminated in September 2011. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment, including software costs, are reported at cost less accumulated depreciation and amortization, which is provided on a straight-line basis over the estimated useful lives of the assets. Annual depreciation and amortization expenses are computed using the following useful lives: operating equipment, 3 to 20 years; buildings and leasehold improvements, 15 to 39 years; furniture and fixtures, 5 to 7 years; software, 5 years; and vehicles, 3 to 5 years. The cost of assets retired or otherwise disposed of and the related accumulated depreciation and amortization are eliminated from the accounts in the year of disposal with the resulting gain or loss credited or charged to income from operations. Expenditures for additions, major renewals, and betterments are capitalized. Expenditures for restoring an identifiable asset to working condition or for maintaining the asset in good working order constitute repairs and maintenance and are expensed as incurred. | |||||||||||||
RPC records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The Company periodically reviews the values assigned to long-lived assets, such as property, plant and equipment and other assets, to determine if any impairments should be recognized. Management believes that the long-lived assets in the accompanying balance sheets have not been impaired. | |||||||||||||
Goodwill | |||||||||||||
Goodwill represents the excess of the purchase price over the fair value of net assets of businesses acquired. The carrying amount of goodwill was $31,861,000 at December 31, 2013 and $24,093,000 at December 31, 2012. During 2013, the Company completed an acquisition of assets of a business totaling $17,044,000 that included goodwill of $7,768,000. Goodwill is reviewed annually, or more frequently if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount, for impairment. The Company completed a comprehensive qualitative assessment of the various factors that impact goodwill and concluded it is more likely than not that the fair value of its reporting units exceeds their carrying amounts on the annual test date. Therefore the Company did not proceed to Step 1 of the goodwill impairment test in 2013, 2012 and 2011. Based on the qualitative assessment, the Company has concluded that no impairment of its goodwill occurred for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Advertising | |||||||||||||
Advertising expenses are charged to expense during the period in which they are incurred. Advertising expenses totaled $3,458,000 in 2013, $2,965,000 in 2012, and $2,406,000 in 2011. | |||||||||||||
Insurance Expenses | |||||||||||||
RPC self insures, up to certain policy-specified limits, certain risks related to general liability, workers’ compensation, vehicle and equipment liability, and employee health insurance plan costs. The estimated cost of claims under these self-insurance programs is estimated and accrued as the claims are incurred (although actual settlement of the claims may not be made until future periods) and may subsequently be revised based on developments relating to such claims. The portion of these estimated outstanding claims expected to be paid more than one year in the future is classified as long-term accrued insurance expenses. | |||||||||||||
Income Taxes | |||||||||||||
Deferred tax liabilities and assets are determined based on the difference between the financial and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance against the carrying value of deferred tax assets when the Company determines that it is more likely than not that the asset will not be realized through future taxable income. | |||||||||||||
Defined Benefit Pension Plan | |||||||||||||
The Company has a defined benefit pension plan that provides monthly benefits upon retirement at age 65 to eligible employees with at least one year of service prior to 2002. In 2002, the Company’s Board of Directors approved a resolution to cease all future retirement benefit accruals under the defined benefit pension plan. See Note 10 for a full description of this plan and the related accounting and funding policies. | |||||||||||||
Share Repurchases | |||||||||||||
The Company records the cost of share repurchases in stockholders’ equity as a reduction to common stock to the extent of par value of the shares acquired and the remainder is allocated to capital in excess of par value and retained earnings if capital in excess of par value is depleted. | |||||||||||||
Earnings per Share | |||||||||||||
FASB ASC Topic 260-10 “Earnings Per Share-Overall,” requires a basic earnings per share and diluted earnings per share presentation. The Company considers all outstanding unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, to be participating securities. The Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends, and therefore are considered participating securities. See Note 10 for further information on restricted stock granted to employees. | |||||||||||||
The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares and performance restricted shares included in diluted earnings per share, but excluded from basic earnings per share. Basic and diluted earnings per share are computed by dividing net income (loss) by the weighted average number of shares outstanding during the respective periods. | |||||||||||||
A reconciliation of weighted average shares outstanding along with the earnings (loss) per share attributable to restricted shares of common stock (participating securities) is as follows: | |||||||||||||
(In thousands except per share data ) | 2013 | 2012 | 2011 | ||||||||||
Net income available for stockholders: | $ | 166,895 | $ | 274,436 | $ | 296,381 | |||||||
Less: Dividends paid | |||||||||||||
Common stock | (86,282 | ) | (111,966 | ) | (46,479 | ) | |||||||
Restricted shares of common stock | (1,507 | ) | (2,103 | ) | (848 | ) | |||||||
Undistributed earnings | $ | 79,106 | $ | 160,367 | $ | 249,054 | |||||||
Allocation of undistributed earnings: | |||||||||||||
Common stock | $ | 77,620 | $ | 157,093 | $ | 244,053 | |||||||
Restricted shares of common stock | 1,486 | 3,274 | 5,001 | ||||||||||
Basic shares outstanding: | |||||||||||||
Common stock | 211,305 | 210,707 | 213,153 | ||||||||||
Restricted shares of common stock | 4,199 | 4,534 | 4,530 | ||||||||||
215,504 | 215,241 | 217,683 | |||||||||||
Diluted shares outstanding: | |||||||||||||
Common stock | 211,305 | 210,707 | 213,153 | ||||||||||
Dilutive effect of stock-based awards | 1,229 | 1,555 | 2,567 | ||||||||||
212,534 | 212,262 | 215,720 | |||||||||||
Restricted shares of common stock | 4,199 | 4,534 | 4,530 | ||||||||||
216,733 | 216,796 | 220,250 | |||||||||||
Basic earnings per share: | |||||||||||||
Common stock: | |||||||||||||
Distributed earnings | $ | 0.4 | $ | 0.53 | $ | 0.22 | |||||||
Undistributed earnings | 0.37 | 0.75 | 1.14 | ||||||||||
$ | 0.77 | $ | 1.28 | $ | 1.36 | ||||||||
Restricted shares of common stock: | |||||||||||||
Distributed earnings | $ | 0.36 | $ | 0.46 | $ | 0.19 | |||||||
Undistributed earnings | 0.35 | 0.72 | 1.1 | ||||||||||
$ | 0.71 | $ | 1.18 | $ | 1.29 | ||||||||
Diluted earnings per share: | |||||||||||||
Common Stock: | |||||||||||||
Distributed earnings | $ | 0.4 | $ | 0.53 | $ | 0.22 | |||||||
Undistributed earnings | 0.37 | 0.74 | 1.13 | ||||||||||
$ | 0.77 | $ | 1.27 | $ | 1.35 | ||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, investments, accounts payable, an interest rate swap, and debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to the short-term nature of such instruments. The Company’s investments are classified as available-for-sale securities with the exception of investments held in the non-qualified Supplemental Executive Retirement Plan (“SERP”) which are classified as trading securities. All of these securities are carried at fair value in the accompanying consolidated balance sheets. See Note 8 for additional information. | |||||||||||||
Stock-Based Compensation | |||||||||||||
Stock-based compensation expense is recognized for all share-based payment awards, net of an estimated forfeiture rate. Thus, compensation cost is amortized for those shares expected to vest on a straight-line basis over the requisite service period of the award. See Note 10 for additional information. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
During the year ended December 31, 2013, the Financial Accounting Standards Board (FASB) issued the following applicable accounting Standards Updates (ASU): | |||||||||||||
Recently Adopted Accounting Pronouncements: | |||||||||||||
Accounting Standards Update 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments in this ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. In addition, an entity is required to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The Company adopted these provisions in the first quarter of 2013 and has included the required additional disclosures in the accompanying financial statements and notes. | |||||||||||||
Recently Issued Accounting Pronouncements Not Yet Adopted: | |||||||||||||
Accounting Standards Update 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity The amendments in this ASU requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the parent should release the cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Additionally, the amendments in this ASU clarify that the sale of an investment in a foreign entity includes both: (1) events that result in the loss of a controlling financial interest in a foreign entity; and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. Upon the occurrence of those events, the cumulative translation adjustment should be released into net income. The amendments in this ASU are effective prospectively for fiscal years beginning after December 15, 2013 and for interim reporting periods within those years, with early adoption being permitted. The Company plans to adopt these provisions in the first quarter of 2014 and does not expect the adoption to have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Accounting Standards Update 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in this ASU requires an unrecognized tax benefit, or a portion of thereof, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The only exception would be if the deferred taxes related to these items are not available to settle any additional income taxes that would result from the disallowance of a tax position either by statute or at the entity’s choosing. In such cases, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective prospectively for fiscal years beginning after December 15, 2013 and for interim reporting periods within those years, with early adoption being permitted. The Company plans to adopt these provisions in the first quarter of 2014 and does not expect the adoption to have a material impact on the Company’s consolidated financial statements. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | ' | ||||||||
Note 2: Accounts Receivable | |||||||||
Accounts receivable, net consists of the following: | |||||||||
December 31, | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Trade receivables: | |||||||||
Billed | $ | 368,583 | $ | 310,997 | |||||
Unbilled | 80,806 | 82,649 | |||||||
Other receivables | 1,240 | 2,994 | |||||||
Total | 450,629 | 396,640 | |||||||
Less: allowance for doubtful accounts | (13,497 | ) | (9,110 | ) | |||||
Accounts receivable, net | $ | 437,132 | $ | 387,530 | |||||
Trade receivables relate to sale of our services and products, for which credit is extended based on our evaluation of the customer’s credit worthiness. Unbilled receivables represent revenues earned but not billed to the customer until future dates, usually within one month. Other receivables consist primarily of amounts due from purchasers of Company property and rebates from suppliers. | |||||||||
Changes in the Company’s allowance for doubtful accounts are as follows: | |||||||||
Years Ended December 31, | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Beginning balance | $ | 9,110 | $ | 8,093 | |||||
Bad debt expense | 8,815 | 1,784 | |||||||
Accounts written-off | (5,421 | ) | (1,132 | ) | |||||
Recoveries | 993 | 365 | |||||||
Ending balance | $ | 13,497 | $ | 9,110 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2013 | |
Inventories | ' |
Inventories | ' |
Note 3: Inventories | |
Inventories are $126,604,000 at December 31, 2013 and $140,867,000 at December 31, 2012 and consist of raw materials, parts and supplies. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Note 4: Property, Plant and Equipment | |||||||||
Property, plant and equipment are presented at cost net of accumulated depreciation and consist of the following: | |||||||||
December 31, | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Land | $ | 19,264 | $ | 17,420 | |||||
Buildings and leasehold improvements | 130,072 | 111,986 | |||||||
Operating equipment | 1,231,504 | 1,155,600 | |||||||
Computer software | 17,121 | 20,581 | |||||||
Furniture and fixtures | 7,737 | 7,232 | |||||||
Vehicles | 387,854 | 357,913 | |||||||
Construction in progress | 2,076 | 9,829 | |||||||
Gross property, plant and equipment | 1,795,628 | 1,680,561 | |||||||
Less: accumulated depreciation | (1,069,321 | ) | (924,235 | ) | |||||
Net property, plant and equipment | $ | 726,307 | $ | 756,326 | |||||
Depreciation expense was $215.4 million in 2013, $214.9 million in 2012, and $179.9 million in 2011, and includes amounts recorded as costs of sales and inventory. There were no capital leases outstanding as of December 31, 2013 and December 31, 2012. The Company had accounts payable for purchases of property and equipment of $19.7 million as of December 31, 2013, $24.4 million as of December 31, 2012, and $32.7 million as of December 31, 2011. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 5: Income Taxes | |||||||||||||
The following table lists the components of the provision (benefit) for income taxes: | |||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(in thousands) | |||||||||||||
Current provision: | |||||||||||||
Federal | $ | 104,890 | $ | 147,580 | $ | 91,415 | |||||||
State | 15,627 | 14,673 | 12,938 | ||||||||||
Foreign | 1,918 | 1,109 | 1,007 | ||||||||||
Deferred (benefit) provision: | |||||||||||||
Federal | (12,025 | ) | 5,027 | 70,599 | |||||||||
State | (1,035 | ) | (206 | ) | 6,475 | ||||||||
Total income tax provision | $ | 109,375 | $ | 168,183 | $ | 182,434 | |||||||
Reconciliation between the federal statutory rate and RPC’s effective tax rate is as follows: | |||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 3.8 | 3.2 | 3.1 | ||||||||||
Tax credits | (0.3 | ) | (0.3 | ) | (0.2 | ) | |||||||
Non-deductible expenses | 0.5 | 0.5 | 0.4 | ||||||||||
Other | 0.6 | (0.4 | ) | (0.2 | ) | ||||||||
Effective tax rate | 39.6 | % | 38 | % | 38.1 | % | |||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Self-insurance | $ | 7,247 | $ | 7,417 | |||||||||
Pension | 8,018 | 9,688 | |||||||||||
State net operating loss carryforwards | 484 | 1,165 | |||||||||||
Bad debts | 4,748 | 3,489 | |||||||||||
Accrued payroll | 2,019 | 2,038 | |||||||||||
Stock-based compensation | 5,183 | 4,567 | |||||||||||
Tangible property regulations 481(a) | 7,665 | - | |||||||||||
All others | 1,541 | 274 | |||||||||||
Valuation allowance | (83 | ) | (1,003 | ) | |||||||||
Gross deferred tax assets | 36,822 | 27,635 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | (165,960 | ) | (168,717 | ) | |||||||||
Goodwill amortization | (7,094 | ) | (6,394 | ) | |||||||||
All Others | (2,759 | ) | (1,754 | ) | |||||||||
Gross deferred tax liabilities | (175,813 | ) | (176,865 | ) | |||||||||
Net deferred tax liabilities | $ | (138,991 | ) | $ | (149,230 | ) | |||||||
As of December 31, 2013, undistributed earnings of the Company’s foreign subsidiaries amounted to $12.0 million. Those earnings are considered to be indefinitely reinvested and, accordingly, no U.S. federal and state income taxes have been provided thereon. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes and withholding taxes payable to the foreign countries. The Company’s current intention is to permanently reinvest funds held in our foreign subsidiaries outside of the U.S., with the possible exception of repatriation of funds that have been previously subject to U.S. federal and state taxation or when it would be tax effective through the utilization of foreign tax credits, or would otherwise create no additional U.S. tax cost. | |||||||||||||
As of December 31, 2013, the Company has net operating loss carry forwards related to state income taxes of approximately $11.8 million that will expire between 2014 and 2033. As of December 31, 2013 the Company has a valuation allowance of approximately $0.1 million, representing the tax affected amount of loss carry forwards that the Company does not expect to utilize, against the corresponding deferred tax asset. | |||||||||||||
Total net income tax payments were $122,916,000 in 2013, $158,700,000 in 2012, and $90,729,000 in 2011. | |||||||||||||
The Company and its subsidiaries are subject to U.S. federal and state income tax in multiple jurisdictions. In many cases our uncertain tax positions are related to tax years that remain open and subject to examination by the relevant taxing authorities. The Company’s 2010 through 2013 tax years remain open to examination. Additional years may be open to the extent attributes are being carried forward to an open year. The Internal Revenue Service (IRS) commenced an examination of the Company’s US federal income tax return for the 2011 tax year during the fourth quarter of 2013 that is anticipated to be completed by the end of 2014. As of December 31, 2013, the IRS has not proposed any adjustments in connection with the examination. | |||||||||||||
In accordance with the accounting guidance relating to the accounting for uncertainty in income tax reporting, which provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax positions, the Company recognized a significant increase in its liability for unrecognized tax benefits in the current year related primarily to refund claims filed for state income taxes. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Balance at January 1 | $ | 38,000 | $ | 35,000 | |||||||||
Additions based on tax positions related to the current year | 3,430,000 | - | |||||||||||
Additions for tax positions of prior years | 12,877,000 | 3,000 | |||||||||||
Balance at December 31 | $ | 16,345,000 | $ | 38,000 | |||||||||
The Company’s liability for unrecognized tax benefits as disclosed above, would affect our effective rate if recognized. Additionally, interest and penalties related to the unrecognized tax benefits as disclosed above as of December 31, 2013 and December 31, 2012 amounted to $276,000 and $3,000, respectively. | |||||||||||||
The Company’s policy is to record interest and penalties related to income tax matters as income tax expense. Accrued interest and penalties were immaterial to the financial statements as of December 31, 2013 and 2012. | |||||||||||||
It is reasonably possible that the amount of the unrecognized tax benefits with respect to our unrecognized tax positions will significantly decrease in the next 12 months. These changes may be the result of, among other things, state tax settlements under or conclusions of ongoing examinations or reviews. However, quantification of an estimated range cannot be made at this time. | |||||||||||||
The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013 and included an extension for one year of the 50% bonus depreciation allowance. The provision specifically applied to qualifying property placed in service before January 1, 2014. The acceleration of deductions on 2013 qualifying capital expenditures resulting from the bonus depreciation provision had no impact on our 2013 effective tax rate. | |||||||||||||
On September 23, 2013, the U.S. Department of the Treasury issued final regulations under Internal Revenue Code Sections 162(a) and 263(a) that provide guidance on the deduction and capitalization of expenditures related to tangible property. These regulations will result in our adoption of certain mandatory and elective accounting methods with respect to property and equipment, inventory and supplies. The regulations are generally effective for taxable years beginning on or after January 1, 2014. | |||||||||||||
In connection with the issuance of the regulations, RPC has assessed and estimated the impact of the method changes on its financial statements. We have estimated favorable IRC Section 481(a) adjustments of approximately $21 million (gross). The tax affected amount of the assessment ($7.7 million) has been separately disclosed in our schedule of deferred tax assets and liabilities. This amount is subject to change as we finalize our analysis and file method changes under the new regulations during 2014. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Long-Term Debt | ' | ||||||||||||
Long-Term Debt | ' | ||||||||||||
Note 6: Long-Term Debt | |||||||||||||
In August 2010, the Company replaced its $200 million credit facility with a new $350 million 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 other lenders. The facility includes a full and unconditional guarantee by the Company’s 100% owned domestic subsidiaries whose assets equal substantially all of the consolidated assets of RPC and its subsidiaries. The subsidiaries of the Company that are not guarantors are considered minor. | |||||||||||||
The facility has a general term of five years and provides for an unsecured line of credit of up to $350 million, which includes a $50 million letter of credit subfacility, and a $25 million swingline subfacility. The maturity date of all revolving loans under the Credit Agreement is August 31, 2015. The Company has incurred loan origination fees and other debt related costs associated with the Revolving Credit Agreement in the aggregate of $2.3 million. These costs are being amortized to interest expense over the five year term of the loan, and the net amount is classified as non-current other assets on the consolidated balance sheets. | |||||||||||||
Revolving loans under the facility bear interest at one of the following two rates, at the Company’s election: | |||||||||||||
● | the Base Rate, which is the highest of Bank of America’s “prime rate” for the day of the borrowing, a fluctuating rate per annum equal to the Federal Funds Rate plus 0.50%, and a rate per annum equal to the one (1) month LIBOR rate plus 1.00%, in each case plus a margin that ranges from 0.25% to 1.25% based on a quarterly debt covenant calculation; or | ||||||||||||
● | with respect to any Eurodollar borrowings, Adjusted LIBOR (which equals LIBOR as increased to account for the maximum reserve percentages established by the U.S. Federal Reserve) plus a margin ranging from 1.25% to 2.25%, based upon a quarterly debt covenant calculation. | ||||||||||||
In addition, the Company pays a commitment fee ranging from 0.25% to 0.35%, based on a quarterly debt covenant calculation, of the unused portion of the credit facility. | |||||||||||||
The facility contains customary terms and conditions, including certain financial covenants and restrictions on indebtedness, dividend payments, business combinations and other related items. Further, the facility contains financial covenants limiting the ratio of the Company’s consolidated debt-to-EBITDA to no more than 2.5 to 1, and limiting the ratio of the Company’s consolidated EBITDA to interest expense to no less than 2 to 1. The Company was in compliance with these covenants as of and for the year ended December 31, 2013. | |||||||||||||
As of December 31, 2013, RPC has outstanding borrowings of $53.3 million under the facility. Additionally there were letters of credit relating to self-insurance programs and contract bids outstanding for $24.1 million as of December 31, 2013. Interest incurred and paid on the credit facility, interest capitalized related to facilities and equipment under construction, and the related weighted average interest rates were as follows for the periods indicated: | |||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(in thousands except interest rate data) | |||||||||||||
Interest incurred | $ | 2,090 | $ | 2,936 | $ | 4,146 | |||||||
Capitalized interest | $ | 935 | $ | 1,026 | $ | 627 | |||||||
Interest paid (net of capitalized interest) | $ | 618 | $ | 1,498 | $ | 3,168 | |||||||
Weighted average interest rate | 3.7 | % | 2.3 | % | 2.8 | % | |||||||
Effective December 2008 the Company entered into an interest rate swap agreement that effectively converted $50 million of the Company’s variable-rate debt to a fixed rate basis, thereby hedging against the impact of potential interest rate changes on future interest expense. Under this agreement the Company and the issuing lender settled on a monthly basis for the difference between a fixed interest rate of 2.07% and a comparable one month LIBOR rate. This agreement terminated in September 2011. | |||||||||||||
On January 17, 2014, the Company amended the Credit Agreement which extended the maturity date of all the revolving loans from August 31, 2015 to January 17, 2019 (as amended, the “Credit Agreement”.) RPC incurred commitment fees and other debt related costs associated with the amendment of approximately $0.7 million. Interest rates on the revolving loans under the Credit Agreement are reduced by 0.125% at all pricing levels under the Credit Agreement. The amount of the swing line sub-facility under the Credit Agreement has increased from $25 million to $35 million. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
Note 7: Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||
Accumulated other comprehensive (loss) income consists of the following (in thousands): | |||||||||||||||||
Pension | Unrealized | Foreign | Total | ||||||||||||||
Adjustment | Gain (Loss) On | Currency | |||||||||||||||
Securities | Translation | ||||||||||||||||
Balance at December 31, 2011 | $ | (12,981 | ) | $ | 187 | $ | 148 | $ | (12,646 | ) | |||||||
Change during 2012: | |||||||||||||||||
Before-tax amount | (3,355 | ) | (249 | ) | 180 | (3,424 | ) | ||||||||||
Tax benefit | 1,224 | 91 | 85 | 1,400 | |||||||||||||
Reclassification adjustment, net of taxes: | |||||||||||||||||
Amortization of net loss (1) | 424 | — | — | 424 | |||||||||||||
Total activity in 2012 | (1,707 | ) | (158 | ) | 265 | (1,600 | ) | ||||||||||
Balance at December 31, 2012 | $ | (14,688 | ) | $ | 29 | $ | 413 | $ | (14,246 | ) | |||||||
Change during 2013: | |||||||||||||||||
Before-tax amount | 6,976 | (30 | ) | (778 | ) | 6,168 | |||||||||||
Tax (expense) benefit | (2,546 | ) | 11 | — | (2,535 | ) | |||||||||||
Reclassification adjustment, net of taxes: | |||||||||||||||||
Amortization of net loss (1) | 498 | — | — | 498 | |||||||||||||
Total activity in 2013 | 4,928 | (19 | ) | (778 | ) | 4,131 | |||||||||||
Balance at December 31, 2013 | $ | (9,760 | ) | $ | 10 | $ | (365 | ) | $ | (10,115 | ) | ||||||
-1 | Reported as part of selling, general and administrative expenses. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures | ' | ||||||||||||
Fair Value Disclosures | ' | ||||||||||||
Note 8: 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 on the balance sheet as of December 31, 2013 and 2012: | |||||||||||||
Fair Value Measurements at December 31, 2013 with: | |||||||||||||
(in thousands) | Quoted prices in active | Significant other | Significant | ||||||||||
markets for identical | observable inputs | unobservable inputs | |||||||||||
assets | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||
Trading securities | $ | — | $ | 13,963 | $ | — | |||||||
Available-for-sale securities – equity securities | $ | 445 | $ | — | $ | — | |||||||
Fair Value Measurements at December 31, 2012 with: | |||||||||||||
(in thousands) | Quoted prices in active | Significant other | Significant | ||||||||||
markets for identical | observable inputs | unobservable inputs | |||||||||||
assets | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||
Trading securities | $ | — | $ | 11,103 | $ | — | |||||||
Available-for-sale securities – equity securities | $ | 380 | $ | — | $ | — | |||||||
The Company determines the fair value of the marketable securities that are 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. The trading securities are comprised of the SERP assets, as described in Note 10, and are recorded primarily at their net cash surrender 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. As a result, the Company classified these investments as using level 2 inputs. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the year ended December 31, 2013 there were no significant transfers in or out of levels 1, 2 or 3. | |||||||||||||
At December 31, 2013 and 2012, amounts outstanding under the Company’s credit facility were $53,300,000 and $107,000,000 and based on quotes from the lender (level 2 inputs) is similar to the fair values of these amounts at the respective dates. The borrowings under our revolving credit facility bear interest at the variable rate described in Note 6. 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 or not it will elect this option for financial instruments it may acquire in the future. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure | ' | ||||
Commitments and Contingencies | ' | ||||
Note 9: Commitments and Contingencies | |||||
Lease Commitments - Minimum annual rentals, principally for noncancelable real estate and equipment leases with terms in excess of one year, in effect at December 31, 2013, are summarized in the following table: | |||||
(in thousands) | |||||
2014 | $ | 8,984 | |||
2015 | 7,664 | ||||
2016 | 4,929 | ||||
2017 | 2,989 | ||||
2018 | 2,231 | ||||
Thereafter | 5,991 | ||||
Total rental commitments | $ | 32,788 | |||
Total rental expense, including short-term rentals, charged to operations was $20,582,000 in 2013, $18,224,000 in 2012, $19,814,000 in 2011. | |||||
Income Taxes - The amount of income taxes the Company pays is subject to ongoing audits by federal and state tax authorities, which often result in proposed assessments. | |||||
Sales and Use Taxes - The Company has ongoing sales and use tax audits in various jurisdictions and may be subjected to varying interpretations of statute that could result in unfavorable outcomes. Any probable and estimable assessment costs are included in accrued state, local and other taxes. | |||||
Litigation - RPC is a party to various routine legal proceedings primarily involving commercial claims, workers’ compensation claims and claims for personal injury. RPC insures against these risks to the extent deemed prudent by its management, but no assurance can be given that the nature and amount of such insurance will, in every case, fully indemnify RPC against liabilities arising out of pending and future legal proceedings related to its business activities. While the outcome of these lawsuits, legal proceedings and claims cannot be predicted with certainty, management, after consultation with legal counsel, believes that the outcome of all such proceedings, even if determined adversely, would not have a material adverse effect on the Company’s business or financial condition. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||
Note 10: Employee Benefit Plans | |||||||||||||||||||||
Defined Benefit Pension Plan | |||||||||||||||||||||
The Company’s Retirement Income Plan, a trusteed defined benefit pension plan, provides monthly benefits upon retirement at age 65 to substantially all employees with at least one year of service prior to 2002. During 2001, the plan became a multiple employer plan, with Marine Products Corporation as an adopting employer. | |||||||||||||||||||||
The Company’s projected benefit obligation exceeds the fair value of the plan assets under its pension plan by $5.1 million and thus the plan was under-funded as of December 31, 2013. | |||||||||||||||||||||
The following table sets forth the funded status of the Retirement Income Plan and the amounts recognized in RPC’s consolidated balance sheets: | |||||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Accumulated Benefit Obligation at end of year | $ | 37,528 | $ | 42,699 | |||||||||||||||||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 42,699 | $ | 38,278 | |||||||||||||||||
Service cost | — | — | |||||||||||||||||||
Interest cost | 1,741 | 1,869 | |||||||||||||||||||
Amendments | — | — | |||||||||||||||||||
Actuarial loss | (5,199 | ) | 4,221 | ||||||||||||||||||
Benefits paid | (1,713 | ) | (1,669 | ) | |||||||||||||||||
Projected benefit obligation at end of year | $ | 37,528 | $ | 42,699 | |||||||||||||||||
CHANGE IN PLAN ASSETS: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 29,519 | $ | 24,180 | |||||||||||||||||
Actual return on plan assets | 3,820 | 2,712 | |||||||||||||||||||
Employer contribution | 800 | 4,296 | |||||||||||||||||||
Benefits paid | (1,713 | ) | (1,669 | ) | |||||||||||||||||
Fair value of plan assets at end of year | 32,426 | 29,519 | |||||||||||||||||||
Funded status at end of year | $ | (5,102 | ) | $ | (13,180 | ) | |||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: | |||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | |||||||||||||||||
Current liabilities | — | — | |||||||||||||||||||
Noncurrent liabilities | (5,102 | ) | (13,180 | ) | |||||||||||||||||
$ | (5,102 | ) | $ | (13,180 | ) | ||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF: | |||||||||||||||||||||
Net loss (gain) | $ | 15,369 | $ | 23,129 | |||||||||||||||||
Prior service cost (credit) | — | — | |||||||||||||||||||
Net transition obligation (asset) | — | — | |||||||||||||||||||
$ | 15,369 | $ | 23,129 | ||||||||||||||||||
The accumulated benefit obligation for the Retirement Income Plan at December 31, 2013 and 2012 has been disclosed above. The Company uses a December 31 measurement date for this qualified plan. | |||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Funded status | $ | (5,102 | ) | $ | (13,180 | ) | |||||||||||||||
SERP liability | (16,864 | ) | (13,363 | ) | |||||||||||||||||
Long-term pension liability | $ | (21,966 | ) | $ | (26,543 | ) | |||||||||||||||
RPC’s funding policy is to contribute to the defined benefit pension plan the amount required, if any, under the Employee Retirement Income Security Act of 1974. Amounts contributed to the plan totaled $800,000 in 2013 and $4,296,000 in 2012. | |||||||||||||||||||||
The components of net periodic benefit cost are summarized as follows: | |||||||||||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Service cost for benefits earned during the period | $ | — | $ | — | $ | — | |||||||||||||||
Interest cost on projected benefit obligation | 1,741 | 1,869 | 1,916 | ||||||||||||||||||
Expected return on plan assets | (2,043 | ) | (1,846 | ) | (1,831 | ) | |||||||||||||||
Amortization of net loss | 784 | 667 | 463 | ||||||||||||||||||
Net periodic benefit plan cost | $ | 482 | $ | 690 | $ | 548 | |||||||||||||||
The Company recognized pre-tax (increases) decreases to the funded status in accumulated other comprehensive loss of $(7,760,000) in 2013, $2,688,000 in 2012 and $4,800,000 in 2011. There were no previously unrecognized prior service costs as of December 31, 2013, 2012 and 2011. The pre-tax amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 are summarized as follows: | |||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net (gain) loss | $ | (6,976 | ) | $ | 3,355 | $ | 5,263 | ||||||||||||||
Amortization of net loss | (784 | ) | (667 | ) | (463 | ) | |||||||||||||||
Net transition obligation (asset) | — | — | — | ||||||||||||||||||
Amount recognized in accumulated other comprehensive loss | (7,760 | ) | $ | 2,688 | $ | 4,800 | |||||||||||||||
The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2014 are as follows: | |||||||||||||||||||||
(in thousands) | 2014 | ||||||||||||||||||||
Amortization of net loss | $ | 484 | |||||||||||||||||||
Prior service cost (credit) | — | ||||||||||||||||||||
Net transition obligation (asset) | — | ||||||||||||||||||||
Estimated net periodic benefit plan cost | $ | 484 | |||||||||||||||||||
The weighted average assumptions as of December 31 used to determine the projected benefit obligation and net benefit cost were as follows: | |||||||||||||||||||||
December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
Projected Benefit Obligation: | |||||||||||||||||||||
Discount rate | 5.2 | % | 4.16 | % | 5 | % | |||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||
Net Benefit Cost: | |||||||||||||||||||||
Discount rate | 4.16 | % | 5 | % | 5.49 | % | |||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | |||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||
The Company’s expected return on assets assumption is derived from a detailed periodic assessment conducted by its management and its investment advisor. It includes a review of anticipated future long-term performance of individual asset classes and consideration of the appropriate asset allocation strategy given the anticipated requirements of the plan to determine the average rate of earnings expected on the funds invested to provide for the pension plan benefits. While the study gives appropriate consideration to recent fund performance and historical returns, the rate of return assumption is derived primarily from a long-term, prospective view. Based on its recent assessment, the Company has concluded that its expected long-term return assumption of seven percent is reasonable. | |||||||||||||||||||||
The plan’s weighted average asset allocation at December 31, 2013 and 2012 by asset category along with the target allocation for 2014 are as follows: | |||||||||||||||||||||
Asset Category | Target | Percentage of | Percentage of | ||||||||||||||||||
Allocation | Plan Assets as of | Plan Assets as of | |||||||||||||||||||
for 2014 | December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Cash and Cash Equivalents | 0% - 5 | % | 0.6 | % | 0.2 | % | |||||||||||||||
Debt Securities – Core Fixed Income | 15% - 50 | % | 25.3 | % | 20.2 | % | |||||||||||||||
Tactical – Fund of Equity and Debt Securities | — | — | 15.1 | % | |||||||||||||||||
Domestic Equity Securities | 0% - 30 | % | 26.6 | % | 15.2 | % | |||||||||||||||
Global Equity Securities | — | — | 16 | % | |||||||||||||||||
International Equity Securities | 0% - 30 | % | 31.4 | % | 15.1 | % | |||||||||||||||
Real Estate | 0% - 20 | % | 8.3 | % | 9.2 | % | |||||||||||||||
Real Return | 0% - 20 | % | 7.8 | % | 9 | % | |||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||
The Company’s overall investment strategy is to achieve a mix of approximately 70 percent of investments for long-term growth and 30 percent for near-term benefit payments, with a wide diversification of asset types, fund strategies and fund managers. Equity securities primarily include investments in large-cap and small-cap companies domiciled domestically and internationally. Fixed-income securities include corporate bonds, mortgage-backed securities, sovereign bonds, and U.S. Treasuries. Other types of investments include real estate funds and private equity funds that follow several different investment strategies. For each of the asset categories in the pension plan, the investment strategy is identical – maximize the long-term rate of return on plan assets with an acceptable level of risk in order to minimize the cost of providing pension benefits. The investment policy establishes a target allocation for each asset class which is rebalanced as required. The plans utilize a number of investment approaches, including but not limited to individual market securities, equity and fixed income funds in which the underlying securities are marketable, and debt funds to achieve this target allocation. The Company expects to contribute approximately $765,000 to the pension plan during fiscal year 2014. | |||||||||||||||||||||
Some of our assets, primarily our private equity and real estate funds, do not have readily determinable market values given the specific investment structures involved and the nature of the underlying investments. For the December 31, 2013 plan asset reporting, publicly traded asset pricing was used where possible. For assets without readily determinable values, estimates were derived from investment manager statements combined with discussions focusing on underlying fundamentals and significant events. Additionally, these investments are categorized as level 3 investments and are valued using significant non-observable inputs which do not have a readily determinable fair value. In accordance with ASU No. 2009-12 “Investments In Certain Entities That Calculate Net Asset Value per Share (Or Its Equivalent),” these investments are valued based on the net asset value per share calculated by the funds in which the plan has invested. These valuations are subject to judgments and assumptions of the funds which may prove to be incorrect, resulting in risks of incorrect valuation of these investments. The Company seeks to mitigate against these risks by evaluating the appropriateness of the funds’ judgments and assumptions by reviewing the financial data included in the funds’ financial statements for reasonableness. | |||||||||||||||||||||
The following tables present our plan assets using the fair value hierarchy as of December 31, 2013 and December 31, 2012. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. See Note 8 for a brief description of the three levels under the fair value hierarchy. | |||||||||||||||||||||
Fair Value Hierarchy as of December 31, 2013: | |||||||||||||||||||||
Investments (in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Cash and Cash Equivalents | (1 | ) | $ | 210 | $ | 210 | $ | — | $ | — | |||||||||||
Fixed Income Securities | (2 | ) | 8,201 | — | 8,201 | — | |||||||||||||||
Domestic Equity Securities | 8,590 | 8,590 | — | — | |||||||||||||||||
Global Equity Securities | — | — | — | — | |||||||||||||||||
International Equity Securities | (3 | ) | 10,192 | — | 10,192 | — | |||||||||||||||
Tactical Composite | (4 | ) | — | — | — | — | |||||||||||||||
Real Estate | (5 | ) | 2,705 | — | — | 2,705 | |||||||||||||||
Real Return | (6 | ) | 2,528 | — | 2,528 | — | |||||||||||||||
$ | 32,426 | $ | 8,800 | $ | 20,921 | $ | 2,705 | ||||||||||||||
Fair Value Hierarchy as of December 31, 2012: | |||||||||||||||||||||
Investments (in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Cash and Cash Equivalents | (1 | ) | $ | 61 | $ | 61 | $ | — | $ | — | |||||||||||
Fixed Income Securities | (2 | ) | 5,959 | — | 5,959 | — | |||||||||||||||
Domestic Equity Securities | 4,475 | 4,475 | — | — | |||||||||||||||||
Global Equity Securities | 4,446 | 4,446 | — | — | |||||||||||||||||
International Equity Securities | (3 | ) | 4,737 | 2,205 | 2,532 | — | |||||||||||||||
Tactical Composite | (4 | ) | 4,454 | — | 4,454 | — | |||||||||||||||
Real Estate | (5 | ) | 2,730 | — | — | 2,730 | |||||||||||||||
Real Return | (6 | ) | 2,657 | — | 2,657 | — | |||||||||||||||
$ | 29,519 | $ | 11,187 | $ | 15,602 | $ | 2,730 | ||||||||||||||
-1 | Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds. | ||||||||||||||||||||
-2 | Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. | ||||||||||||||||||||
-3 | Some international equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets. | ||||||||||||||||||||
-4 | Tactical composite funds invest in stocks, bonds and cash, both domestic and international. These assets are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets. | ||||||||||||||||||||
-5 | Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data. | ||||||||||||||||||||
-6 | Real return funds invest in global equities, commodities and inflation protected core bonds that are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets. | ||||||||||||||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2013: | |||||||||||||||||||||
Balance at December 31, 2012 | Net Realized and | Net Purchases, Issuances and Settlements | Net | Balance at December 31, 2013 | |||||||||||||||||
Investments (in thousands) | Unrealized | Transfers | |||||||||||||||||||
Gains/(Losses) | In to (Out | ||||||||||||||||||||
of) Level 3 | |||||||||||||||||||||
Real Estate | $ | 2,730 | $ | 217 | $ | (242 | ) | $ | — | $ | 2,705 | ||||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2012: | |||||||||||||||||||||
Balance at December 31, 2011 | Net Realized and | Net Purchases, Issuances and Settlements | Net | Balance at December 31, 2012 | |||||||||||||||||
Investments (in thousands) | Unrealized | Transfers | |||||||||||||||||||
Gains/(Losses) | In to (Out | ||||||||||||||||||||
of) Level 3 | |||||||||||||||||||||
Real Estate | $ | 1,350 | $ | 365 | $ | 1,015 | $ | — | $ | 2,730 | |||||||||||
The Company estimates that the future benefits payable for the Retirement Income Plan over the next ten years are as follows: | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
2014 | $ | 1,896 | |||||||||||||||||||
2015 | 1,989 | ||||||||||||||||||||
2016 | 2,189 | ||||||||||||||||||||
2017 | 2,254 | ||||||||||||||||||||
2018 | 2,346 | ||||||||||||||||||||
2019-2023 | 12,614 | ||||||||||||||||||||
Supplemental Executive Retirement Plan (SERP) | |||||||||||||||||||||
The Company permits selected highly compensated employees to defer a portion of their compensation into the SERP. The SERP assets are invested primarily in company-owned life insurance (“COLI”) policies as a funding source to satisfy the obligations of the SERP. The assets are subject to claims by creditors, and the Company can designate them to another purpose at any time. Investments in COLI policies consisted of $47.4 million in variable life insurance policies as of December 31, 2013 and $44.3 million as of December 31, 2012. In the COLI policies, the Company is able to allocate investment of the assets across a set of choices provided by the insurance company, including fixed income securities and equity funds. The COLI policies are recorded at their net cash surrender values, which approximates fair value, as provided by the issuing insurance company, whose Standard & Poor’s credit rating was A+. | |||||||||||||||||||||
The Company classifies the SERP assets as trading securities as described in Note 1. The fair value of these assets totaled $13,963,000 as of December 31, 2013 and $11,103,000 as of December 31, 2012. The SERP assets are reported in other assets on the balance sheet. The changes in the fair value of these assets, and normal insurance expenses are recorded in the consolidated statement of operations as part of other income (expense), net. Trading gains (losses) related to the SERP assets totaled $2,026,000 in 2013, $1,352,000 in 2012, and $(194,000) for 2011. The SERP liability is recorded on the balance sheet 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 statement of operations. | |||||||||||||||||||||
401(k) Plan | |||||||||||||||||||||
RPC sponsors a defined contribution 401(k) plan that is available to substantially all full-time employees with more than three months of service. This plan allows employees to make tax-deferred contributions from one to 25 percent of their annual compensation, not exceeding the permissible contribution imposed by the Internal Revenue Code. RPC matches 50 percent of each employee’s contributions that do not exceed six percent of the employee’s compensation, as defined by the plan. Employees vest in the RPC contributions after three years of service. The charges to expense for the Company’s contributions to the 401(k) plan were $5,451,000 in 2013, $5,088,000 in 2012, and $4,074,000 in 2011. | |||||||||||||||||||||
Stock Incentive Plans | |||||||||||||||||||||
The Company has issued stock options and restricted stock to employees under two 10 year stock incentive plans that were approved by stockholders in 1994 and 2004. The 1994 plan expired in 2004. The Company reserved 7,593,750 shares of common stock under the 2004 Plan which expires in 2014. This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted stock which are discussed in detail below. As of December 31, 2013, there were 1,355,431 shares available for grants. | |||||||||||||||||||||
The Company recognizes compensation expense for the unvested portion of awards outstanding over the remainder of the service period. The compensation cost recorded for these awards is based on their fair value at the grant date less the cost of estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. Cash flows related to share-based payment awards to employees that result in tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as a financing activity in the accompanying consolidated statements of cash flows. | |||||||||||||||||||||
Pre-tax stock-based employee compensation expense was $8,177,000 in 2013 ($5,192,000 after tax), $7,860,000 in 2012 ($4,991,000 after tax) and $8,075,000 in 2011 ($5,128,000 after tax). | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Stock options are granted at an exercise price equal to the fair market value of the Company’s common stock at the date of grant except for grants of incentive stock options to owners of greater than 10 percent of the Company’s voting securities which must be made at 110 percent of the fair market value of the Company’s common stock. Options generally vest ratably over a period of five years and expire in 10 years, except incentive stock options granted to owners of greater than 10 percent of the Company’s voting securities, which expire in five years. | |||||||||||||||||||||
The Company estimates the fair value of stock options as of the date of grant using the Black-Scholes option pricing model. The Company has not granted stock options to employees since 2003. | |||||||||||||||||||||
There were no stock options exercised during 2013 and there have been no stock options outstanding since December 31, 2012. The total intrinsic value of stock options exercised was $7,467,000 during 2012 and $11,882,000 during 2011. Tax benefits associated with the exercise of stock options exercised totaled $431,000 during 2012 and $799,000 during 2011 and were credited to capital in excess of par value and are classified as financing cash flows. | |||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||
The Company has granted employees time lapse restricted stock which vest after a stipulated number of years from the grant date, depending on the terms of the issue. Time lapse restricted shares issued vest in 20 percent increments annually starting with the second anniversary of the grant, over six years from the date of grant. Grantees receive dividends declared and retain voting rights for the granted shares. The agreement under which the restricted stock is issued provides that shares awarded may not be sold or otherwise transferred until restrictions or, established under the stock plans have lapsed. Upon termination of employment from RPC (other than due to death, disability or retirement on or after age 65), shares with restrictions must be returned to the Company. | |||||||||||||||||||||
The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2013: | |||||||||||||||||||||
Shares | Weighted Average Grant- | ||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Non-vested shares at January 1, 2013 | 4,494,191 | $ | 8.12 | ||||||||||||||||||
Granted | 850,500 | 13.68 | |||||||||||||||||||
Vested | (1,078,534 | ) | 6.36 | ||||||||||||||||||
Forfeited | (151,357 | ) | 9.72 | ||||||||||||||||||
Non-vested shares at December 31, 2013 | 4,114,800 | $ | 9.67 | ||||||||||||||||||
The fair value of restricted share awards is based on the market price of the Company’s stock on the date of the grant and is amortized to compensation expense on a straight-line basis over the requisite service period. The weighted average grant date fair value of these restricted stock awards was $13.68 for 2013, $11.69 for 2012 and $11.59 for 2011. The total fair value of shares vested was $15,471,000 during 2013, $10,695,000 during 2012 and $11,861,000 during 2011. The tax benefit for compensation tax deductions in excess of compensation expense was credited to capital in excess of par value aggregating $3,178,000 for 2013, $2,293,000 for 2012 and $2,572,000 for 2011. The excess tax deductions are classified as a financing activity in the accompanying consolidated statements of cash flows. | |||||||||||||||||||||
Other Information | |||||||||||||||||||||
As of December 31, 2013, total unrecognized compensation cost related to non-vested restricted shares was $34,614,000 which is expected to be recognized over a weighted-average period of 3.2 years. As of December 31, 2013, there was no unrecognized compensation cost related to non-vested stock options. | |||||||||||||||||||||
The Company received cash from options exercised of $544,000 during 2012 and $728,000 during 2011. These cash receipts are classified as a financing activity in the accompanying consolidated statements of cash flows. The fair value of shares tendered to exercise employee stock options totaled $377,000 during 2012 and $720,000 during 2011 and have been excluded from the consolidated statements of cash flows. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
Note 11: Related Party Transactions | |
Marine Products Corporation | |
Effective in 2001, the Company spun off the business conducted through Chaparral Boats, Inc. (“Chaparral”), RPC’s former powerboat manufacturing segment. RPC accomplished the spin-off by contributing 100 percent of the issued and outstanding stock of Chaparral to Marine Products Corporation (a Delaware corporation) (“Marine Products”), a newly formed wholly owned subsidiary of RPC, and then distributing the common stock of Marine Products to RPC stockholders. In conjunction with the spin-off, RPC and Marine Products entered into various agreements that define the companies’ relationship. | |
In accordance with a Transition Support Services agreement, which may be terminated by either party, RPC provides certain administrative services, including financial reporting and income tax administration, acquisition assistance, etc., to Marine Products. Charges from the Company (or from corporations that are subsidiaries of the Company) for such services were $670,000 in 2013, $544,000 in 2012, and $639,000 in 2011. The Company’s receivable due from Marine Products for these services was $145,000 as of December 31, 2013 and $94,000 as of December 31, 2012. The Company’s directors are also directors of Marine Products and all of the executive officers are employees of both the Company and Marine Products. | |
Other | |
The Company periodically purchases in the ordinary course of business products or services from suppliers, who are owned by significant officers or stockholders, or affiliated with the directors of RPC. The total amounts paid to these affiliated parties were $1,039,000 in 2013, $1,676,000 in 2012 and $1,469,000 in 2011. | |
RPC receives certain administrative services and rents office space from Rollins, Inc. (a company of which Mr. R. Randall Rollins is also Chairman and which is otherwise affiliated with RPC). The service agreements between Rollins, Inc. and the Company provide for the provision of services on a cost reimbursement basis and are terminable on six months’ notice. The services covered by these agreements include office space, administration of certain employee benefit programs, and other administrative services. Charges to the Company (or to corporations which are subsidiaries of the Company) for such services and rent totaled $83,000 in 2013 and 2012, and $102,000 in 2011. | |
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. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
Note 12: Business Segment Information | |||||||||||||||||||||
RPC’s service lines have been aggregated into two reportable oil and gas services segments — Technical Services and Support Services — because of the similarities between the financial performance and approach to managing the service lines within each of the segments, as well as the economic and business conditions impacting their business activity levels. Corporate includes selected administrative costs incurred by the Company. | |||||||||||||||||||||
Technical Services include RPC’s oil and gas service lines that utilize people and equipment to perform value-added completion, production and maintenance services directly to a customer’s well. These services include pressure pumping services, coiled tubing, snubbing, nitrogen pumping, well control consulting and firefighting, downhole tools, wireline, and fluid pumping services. These Technical Services are primarily used in the completion, production and maintenance of oil and gas wells. 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 Africa, Canada, China, Latin America, the Middle East and New Zealand. Customers include major multi-national and independent oil and gas producers, and selected nationally-owned oil companies. | |||||||||||||||||||||
Support Services include RPC’s oil and gas service lines that primarily provide equipment for customer use or services to assist customer operations. The equipment and services include drill pipe and related tools, pipe handling, inspection and storage services, and oilfield training services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The principal markets for this segment include the United States, including the Gulf of Mexico, the mid-continent and Appalachian regions, and international locations, including primarily Canada, Latin America, and the Middle East. Customers include domestic operations of major multi-national and independent oil and gas producers, and selected nationally-owned oil companies. | |||||||||||||||||||||
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 Company’s chief decision maker 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 concerning RPC’s reportable segments for the years ended December 31, 2013, 2012 and 2011 are shown in the following table: | |||||||||||||||||||||
Technical | Support | Corporate | Loss on | Total | |||||||||||||||||
Services | Services | disposition of assets, | |||||||||||||||||||
net | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues | $ | 1,729,732 | $ | 131,757 | $ | — | $ | — | $ | 1,861,489 | |||||||||||
Operating profit (loss) | 276,246 | 26,223 | (17,685 | ) | (9,371 | ) | 275,413 | ||||||||||||||
Capital expenditures | 167,586 | 32,250 | 1,845 | — | 201,681 | ||||||||||||||||
Depreciation and amortization | 181,026 | 31,417 | 685 | — | 213,128 | ||||||||||||||||
Identifiable assets | 1,113,877 | 202,243 | 67,740 | — | 1,383,860 | ||||||||||||||||
2012 | |||||||||||||||||||||
Revenues | $ | 1,794,015 | $ | 151,008 | $ | — | $ | — | $ | 1,945,023 | |||||||||||
Operating profit (loss) | 420,231 | 45,912 | (17,654 | ) | (6,099 | ) | 442,390 | ||||||||||||||
Capital expenditures | 277,686 | 46,053 | 5,197 | — | 328,936 | ||||||||||||||||
Depreciation and amortization | 183,762 | 30,707 | 430 | — | 214,899 | ||||||||||||||||
Identifiable assets | 1,128,124 | 175,611 | 63,428 | — | 1,367,163 | ||||||||||||||||
2011 | |||||||||||||||||||||
Revenues | $ | 1,663,793 | $ | 146,014 | $ | — | $ | — | $ | 1,809,807 | |||||||||||
Operating profit (loss) | 451,259 | 51,672 | (17,019 | ) | (3,831 | ) | 482,081 | ||||||||||||||
Capital expenditures | 369,568 | 42,837 | 3,995 | — | 416,400 | ||||||||||||||||
Depreciation and amortization | 152,252 | 27,464 | 189 | — | 179,905 | ||||||||||||||||
Identifiable assets | 1,103,341 | 177,974 | 56,896 | — | 1,338,211 | ||||||||||||||||
The following summarizes selected information between the United States and all international locations combined for the years ended December 31, 2013, 2012 and 2011. The revenues are presented based on the location of the use of the product or service. Assets related to international operations are less than 10 percent of RPC’s consolidated assets, and therefore are not presented. | |||||||||||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
United States Revenues | $ | 1,795,592 | $ | 1,870,815 | $ | 1,757,661 | |||||||||||||||
International Revenues | 65,897 | 74,208 | 52,146 | ||||||||||||||||||
$ | 1,861,489 | $ | 1,945,023 | $ | 1,809,807 |
VALUATION_AND_QUALIFYING_ACCOU
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
For the years ended | |||||||||||||||||
December 31, 2013, 2012 and 2011 | |||||||||||||||||
(in thousands) | Balance at | Charged to | Net (Deductions) | Balance | |||||||||||||
Beginning | Costs and | Recoveries | at End of | ||||||||||||||
of Period | Expenses | Period | |||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Allowance for doubtful accounts | $ | 9,110 | $ | 8,815 | $ | (4,428 | ) (1) | $ | 13,497 | ||||||||
Deferred tax asset valuation allowance | $ | 1,003 | $ | — | $ | (920 | ) (2) | $ | 83 | ||||||||
Year ended December 31, 2012 | |||||||||||||||||
Allowance for doubtful accounts | $ | 8,093 | $ | 1,784 | $ | (767 | ) (1) | $ | 9,110 | ||||||||
Deferred tax asset valuation allowance | $ | 1,295 | $ | — | $ | (292 | ) (2) | $ | 1,003 | ||||||||
Year ended December 31, 2011 | |||||||||||||||||
Allowance for doubtful accounts | $ | 8,694 | $ | 2,868 | $ | (3,469 | ) (1) | $ | 8,093 | ||||||||
Deferred tax asset valuation allowance | $ | 1,295 | $ | — | $ | — | $ | 1,295 | |||||||||
-1 | Net (deductions) recoveries in the allowance for doubtful accounts principally reflect the write-off of previously reserved accounts net of recoveries. | ||||||||||||||||
-2 | The valuation allowance for deferred tax assets is increased or decreased each year to reflect the state net operating losses that management believes will not be utilized before they expire. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Significant Accounting Policies | ' | ||||||||||||
Principles of Consolidation and Basis of Presentation | ' | ||||||||||||
Principles of Consolidation and Basis of Presentation | |||||||||||||
The consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (“RPC” or the “Company”). All significant intercompany accounts and transactions have been eliminated. | |||||||||||||
Common Stock | ' | ||||||||||||
Common Stock | |||||||||||||
RPC is authorized to issue 349,000,000 shares of common stock, $0.10 par value. Holders of common stock are entitled to receive dividends when, as, and if declared by the Board of Directors out of legally available funds. Each share of common stock is entitled to one vote on all matters submitted to a vote of stockholders. Holders of common stock do not have cumulative voting rights. In the event of any liquidation, dissolution or winding up of the Company, holders of common stock are entitled to ratable distribution of the remaining assets available for distribution to stockholders. | |||||||||||||
Preferred Stock | ' | ||||||||||||
Preferred Stock | |||||||||||||
RPC is authorized to issue up to 1,000,000 shares of preferred stock, $0.10 par value. As of December 31, 2013, there were no shares of preferred stock issued. The Board of Directors is authorized, subject to any limitations prescribed by law, to provide for the issuance of preferred stock as a class without series or, if so determined from time to time, in one or more series, and by filing a certificate pursuant to the applicable laws of the state of Delaware and to fix the designations, powers, preferences and rights, exchangeability for shares of any other class or classes of stock. Any preferred stock to be issued could rank prior to the common stock with respect to dividend rights and rights on liquidation. | |||||||||||||
Dividends | ' | ||||||||||||
Dividends | |||||||||||||
On January 28, 2014, the Board of Directors approved a $0.105 per share cash dividend payable March 10, 2014 to stockholders of record at the close of business on February 10, 2014. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | ' | ||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Significant estimates are used in the determination of the allowance for doubtful accounts, income taxes, accrued insurance expenses, depreciable lives of assets, and pension liabilities. | |||||||||||||
Revenues | ' | ||||||||||||
Revenues | |||||||||||||
RPC’s revenues are generated principally from providing services and the related equipment. Revenues are recognized when the services are rendered and collectibility 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. | |||||||||||||
Concentration of Credit Risk | ' | ||||||||||||
Concentration of Credit Risk | |||||||||||||
Substantially all of the Company’s customers are engaged in the oil and gas industry. This concentration of customers may impact overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. The Company provided oilfield services to several hundred customers. In 2013 and 2012, there were no customers that accounted for more than 10 percent of the Company’s revenues. In 2011, one of our customers accounted for approximately 12 percent of revenues. Additionally, no customer accounted for more than 10 percent of accounts receivable as of December 31, 2013 and 2012. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Highly liquid investments with original maturities of three months or less when acquired are considered to be cash equivalents. The Company maintains its cash in bank accounts which, at times, may exceed federally insured limits. RPC maintains cash equivalents and investments in one or more large financial institutions, and RPC’s policy restricts investment in any securities rated less than “investment grade” by national rating services. | |||||||||||||
Investments | ' | ||||||||||||
Investments | |||||||||||||
Investments classified as available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest, and dividends with respect to available-for-sale securities are included in interest income. The Company did not realize any gains or losses during 2013, 2012 or 2011 on its available-for-sale securities. Securities that are held in the non-qualified Supplemental Executive Retirement Plan (“SERP”) are classified as trading. See Note 10 for further information regarding the SERP. The change in fair value of trading securities is presented in other income (expense) on the consolidated statements of operations. | |||||||||||||
Management determines the appropriate classification of investments at the time of purchase and re-evaluates such designations as of each balance sheet date. | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts Receivable | |||||||||||||
The majority of the Company’s accounts receivable is due principally from major and independent oil and natural gas exploration and production companies. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are considered past due after 60 days and are stated at amounts due from customers, net of an allowance for doubtful accounts. | |||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
Accounts receivable are carried at the amount owed by customers, reduced by an allowance for estimated amounts that may not be collectible in the future. The estimated allowance for doubtful accounts is based on an evaluation of industry trends, financial condition of customers, historical write-off experience, current economic conditions, and in the case of international customers, judgments about the economic and political environment of the related country and region. Accounts are written off against the allowance for doubtful accounts when the Company determines that amounts are uncollectible and recoveries of previously written-off accounts are recorded when collected. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories, which consist principally of (i) raw materials and supplies that are consumed providing services to the Company’s customers, (ii) spare parts for equipment used in providing these services and (iii) manufactured components and attachments for equipment used in providing services, are recorded at the lower of cost or market value. Cost is determined using first-in, first-out (“FIFO”) method or the weighted average cost method. Market value is determined based on replacement cost for materials and supplies. The Company regularly reviews inventory quantities on hand and records provisions for excess or obsolete inventory based primarily on its estimated forecast of product demand, market conditions, production requirements and technological developments. | |||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||
The Company is subject to interest rate risk on the variable component of the interest rate under our credit facility. Effective December 2008, the Company entered into a $50 million interest rate swap agreement. The Company designated the interest rate swap as a cash flow hedge. Changes in the fair value of the effective portion of the interest rate swap were recognized in other comprehensive loss until the hedged item was recognized in earnings. This agreement terminated in September 2011. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment, including software costs, are reported at cost less accumulated depreciation and amortization, which is provided on a straight-line basis over the estimated useful lives of the assets. Annual depreciation and amortization expenses are computed using the following useful lives: operating equipment, 3 to 20 years; buildings and leasehold improvements, 15 to 39 years; furniture and fixtures, 5 to 7 years; software, 5 years; and vehicles, 3 to 5 years. The cost of assets retired or otherwise disposed of and the related accumulated depreciation and amortization are eliminated from the accounts in the year of disposal with the resulting gain or loss credited or charged to income from operations. Expenditures for additions, major renewals, and betterments are capitalized. Expenditures for restoring an identifiable asset to working condition or for maintaining the asset in good working order constitute repairs and maintenance and are expensed as incurred. | |||||||||||||
RPC records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The Company periodically reviews the values assigned to long-lived assets, such as property, plant and equipment and other assets, to determine if any impairments should be recognized. Management believes that the long-lived assets in the accompanying balance sheets have not been impaired. | |||||||||||||
Goodwill | ' | ||||||||||||
Goodwill | |||||||||||||
Goodwill represents the excess of the purchase price over the fair value of net assets of businesses acquired. The carrying amount of goodwill was $31,861,000 at December 31, 2013 and $24,093,000 at December 31, 2012. During 2013, the Company completed an acquisition of assets of a business totaling $17,044,000 that included goodwill of $7,768,000. Goodwill is reviewed annually, or more frequently if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount, for impairment. The Company completed a comprehensive qualitative assessment of the various factors that impact goodwill and concluded it is more likely than not that the fair value of its reporting units exceeds their carrying amounts on the annual test date. Therefore the Company did not proceed to Step 1 of the goodwill impairment test in 2013, 2012 and 2011. Based on the qualitative assessment, the Company has concluded that no impairment of its goodwill occurred for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Advertising | ' | ||||||||||||
Advertising | |||||||||||||
Advertising expenses are charged to expense during the period in which they are incurred. Advertising expenses totaled $3,458,000 in 2013, $2,965,000 in 2012, and $2,406,000 in 2011. | |||||||||||||
Insurance Expenses | ' | ||||||||||||
Insurance Expenses | |||||||||||||
RPC self insures, up to certain policy-specified limits, certain risks related to general liability, workers’ compensation, vehicle and equipment liability, and employee health insurance plan costs. The estimated cost of claims under these self-insurance programs is estimated and accrued as the claims are incurred (although actual settlement of the claims may not be made until future periods) and may subsequently be revised based on developments relating to such claims. The portion of these estimated outstanding claims expected to be paid more than one year in the future is classified as long-term accrued insurance expenses. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Deferred tax liabilities and assets are determined based on the difference between the financial and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance against the carrying value of deferred tax assets when the Company determines that it is more likely than not that the asset will not be realized through future taxable income. | |||||||||||||
Defined Benefit Pension Plan | ' | ||||||||||||
Defined Benefit Pension Plan | |||||||||||||
The Company has a defined benefit pension plan that provides monthly benefits upon retirement at age 65 to eligible employees with at least one year of service prior to 2002. In 2002, the Company’s Board of Directors approved a resolution to cease all future retirement benefit accruals under the defined benefit pension plan. See Note 10 for a full description of this plan and the related accounting and funding policies. | |||||||||||||
Share Repurchases | ' | ||||||||||||
Share Repurchases | |||||||||||||
The Company records the cost of share repurchases in stockholders’ equity as a reduction to common stock to the extent of par value of the shares acquired and the remainder is allocated to capital in excess of par value and retained earnings if capital in excess of par value is depleted. | |||||||||||||
Earnings per Share | ' | ||||||||||||
Earnings per Share | |||||||||||||
FASB ASC Topic 260-10 “Earnings Per Share-Overall,” requires a basic earnings per share and diluted earnings per share presentation. The Company considers all outstanding unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, to be participating securities. The Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends, and therefore are considered participating securities. See Note 10 for further information on restricted stock granted to employees. | |||||||||||||
The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares and performance restricted shares included in diluted earnings per share, but excluded from basic earnings per share. Basic and diluted earnings per share are computed by dividing net income (loss) by the weighted average number of shares outstanding during the respective periods. | |||||||||||||
A reconciliation of weighted average shares outstanding along with the earnings (loss) per share attributable to restricted shares of common stock (participating securities) is as follows: | |||||||||||||
(In thousands except per share data ) | 2013 | 2012 | 2011 | ||||||||||
Net income available for stockholders: | $ | 166,895 | $ | 274,436 | $ | 296,381 | |||||||
Less: Dividends paid | |||||||||||||
Common stock | (86,282 | ) | (111,966 | ) | (46,479 | ) | |||||||
Restricted shares of common stock | (1,507 | ) | (2,103 | ) | (848 | ) | |||||||
Undistributed earnings | $ | 79,106 | $ | 160,367 | $ | 249,054 | |||||||
Allocation of undistributed earnings: | |||||||||||||
Common stock | $ | 77,620 | $ | 157,093 | $ | 244,053 | |||||||
Restricted shares of common stock | 1,486 | 3,274 | 5,001 | ||||||||||
Basic shares outstanding: | |||||||||||||
Common stock | 211,305 | 210,707 | 213,153 | ||||||||||
Restricted shares of common stock | 4,199 | 4,534 | 4,530 | ||||||||||
215,504 | 215,241 | 217,683 | |||||||||||
Diluted shares outstanding: | |||||||||||||
Common stock | 211,305 | 210,707 | 213,153 | ||||||||||
Dilutive effect of stock-based awards | 1,229 | 1,555 | 2,567 | ||||||||||
212,534 | 212,262 | 215,720 | |||||||||||
Restricted shares of common stock | 4,199 | 4,534 | 4,530 | ||||||||||
216,733 | 216,796 | 220,250 | |||||||||||
Basic earnings per share: | |||||||||||||
Common stock: | |||||||||||||
Distributed earnings | $ | 0.4 | $ | 0.53 | $ | 0.22 | |||||||
Undistributed earnings | 0.37 | 0.75 | 1.14 | ||||||||||
$ | 0.77 | $ | 1.28 | $ | 1.36 | ||||||||
Restricted shares of common stock: | |||||||||||||
Distributed earnings | $ | 0.36 | $ | 0.46 | $ | 0.19 | |||||||
Undistributed earnings | 0.35 | 0.72 | 1.1 | ||||||||||
$ | 0.71 | $ | 1.18 | $ | 1.29 | ||||||||
Diluted earnings per share: | |||||||||||||
Common Stock: | |||||||||||||
Distributed earnings | $ | 0.4 | $ | 0.53 | $ | 0.22 | |||||||
Undistributed earnings | 0.37 | 0.74 | 1.13 | ||||||||||
$ | 0.77 | $ | 1.27 | $ | 1.35 | ||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, investments, accounts payable, an interest rate swap, and debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to the short-term nature of such instruments. The Company’s investments are classified as available-for-sale securities with the exception of investments held in the non-qualified Supplemental Executive Retirement Plan (“SERP”) which are classified as trading securities. All of these securities are carried at fair value in the accompanying consolidated balance sheets. See Note 8 for additional information. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
Stock-based compensation expense is recognized for all share-based payment awards, net of an estimated forfeiture rate. Thus, compensation cost is amortized for those shares expected to vest on a straight-line basis over the requisite service period of the award. See Note 10 for additional information. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
During the year ended December 31, 2013, the Financial Accounting Standards Board (FASB) issued the following applicable accounting Standards Updates (ASU): | |||||||||||||
Recently Adopted Accounting Pronouncements: | |||||||||||||
Accounting Standards Update 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments in this ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. In addition, an entity is required to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The Company adopted these provisions in the first quarter of 2013 and has included the required additional disclosures in the accompanying financial statements and notes. | |||||||||||||
Recently Issued Accounting Pronouncements Not Yet Adopted: | |||||||||||||
Accounting Standards Update 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity The amendments in this ASU requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity, the parent should release the cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. Additionally, the amendments in this ASU clarify that the sale of an investment in a foreign entity includes both: (1) events that result in the loss of a controlling financial interest in a foreign entity; and (2) events that result in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. Upon the occurrence of those events, the cumulative translation adjustment should be released into net income. The amendments in this ASU are effective prospectively for fiscal years beginning after December 15, 2013 and for interim reporting periods within those years, with early adoption being permitted. The Company plans to adopt these provisions in the first quarter of 2014 and does not expect the adoption to have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Accounting Standards Update 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in this ASU requires an unrecognized tax benefit, or a portion of thereof, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The only exception would be if the deferred taxes related to these items are not available to settle any additional income taxes that would result from the disallowance of a tax position either by statute or at the entity’s choosing. In such cases, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective prospectively for fiscal years beginning after December 15, 2013 and for interim reporting periods within those years, with early adoption being permitted. The Company plans to adopt these provisions in the first quarter of 2014 and does not expect the adoption to have a material impact on the Company’s consolidated financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Table) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Significant Accounting Policies | ' | ||||||||||||
Schedule of reconciliation of weighted average shares outstanding | ' | ||||||||||||
(In thousands except per share data ) | 2013 | 2012 | 2011 | ||||||||||
Net income available for stockholders: | $ | 166,895 | $ | 274,436 | $ | 296,381 | |||||||
Less: Dividends paid | |||||||||||||
Common stock | (86,282 | ) | (111,966 | ) | (46,479 | ) | |||||||
Restricted shares of common stock | (1,507 | ) | (2,103 | ) | (848 | ) | |||||||
Undistributed earnings | $ | 79,106 | $ | 160,367 | $ | 249,054 | |||||||
Allocation of undistributed earnings: | |||||||||||||
Common stock | $ | 77,620 | $ | 157,093 | $ | 244,053 | |||||||
Restricted shares of common stock | 1,486 | 3,274 | 5,001 | ||||||||||
Basic shares outstanding: | |||||||||||||
Common stock | 211,305 | 210,707 | 213,153 | ||||||||||
Restricted shares of common stock | 4,199 | 4,534 | 4,530 | ||||||||||
215,504 | 215,241 | 217,683 | |||||||||||
Diluted shares outstanding: | |||||||||||||
Common stock | 211,305 | 210,707 | 213,153 | ||||||||||
Dilutive effect of stock-based awards | 1,229 | 1,555 | 2,567 | ||||||||||
212,534 | 212,262 | 215,720 | |||||||||||
Restricted shares of common stock | 4,199 | 4,534 | 4,530 | ||||||||||
216,733 | 216,796 | 220,250 | |||||||||||
Basic earnings per share: | |||||||||||||
Common stock: | |||||||||||||
Distributed earnings | $ | 0.4 | $ | 0.53 | $ | 0.22 | |||||||
Undistributed earnings | 0.37 | 0.75 | 1.14 | ||||||||||
$ | 0.77 | $ | 1.28 | $ | 1.36 | ||||||||
Restricted shares of common stock: | |||||||||||||
Distributed earnings | $ | 0.36 | $ | 0.46 | $ | 0.19 | |||||||
Undistributed earnings | 0.35 | 0.72 | 1.1 | ||||||||||
$ | 0.71 | $ | 1.18 | $ | 1.29 | ||||||||
Diluted earnings per share: | |||||||||||||
Common Stock: | |||||||||||||
Distributed earnings | $ | 0.4 | $ | 0.53 | $ | 0.22 | |||||||
Undistributed earnings | 0.37 | 0.74 | 1.13 | ||||||||||
$ | 0.77 | $ | 1.27 | $ | 1.35 |
Accounts_Receivable_Table
Accounts Receivable (Table) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable | ' | ||||||||
Schedule of components of accounts receivables | ' | ||||||||
December 31, | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Trade receivables: | |||||||||
Billed | $ | 368,583 | $ | 310,997 | |||||
Unbilled | 80,806 | 82,649 | |||||||
Other receivables | 1,240 | 2,994 | |||||||
Total | 450,629 | 396,640 | |||||||
Less: allowance for doubtful accounts | (13,497 | ) | (9,110 | ) | |||||
Accounts receivable, net | $ | 437,132 | $ | 387,530 | |||||
Schedule of changes in allowance for doubtful accounts | ' | ||||||||
Years Ended December 31, | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Beginning balance | $ | 9,110 | $ | 8,093 | |||||
Bad debt expense | 8,815 | 1,784 | |||||||
Accounts written-off | (5,421 | ) | (1,132 | ) | |||||
Recoveries | 993 | 365 | |||||||
Ending balance | $ | 13,497 | $ | 9,110 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
Schedule of property, plant and equipment at cost net of accumulated depreciation | ' | ||||||||
December 31, | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Land | $ | 19,264 | $ | 17,420 | |||||
Buildings and leasehold improvements | 130,072 | 111,986 | |||||||
Operating equipment | 1,231,504 | 1,155,600 | |||||||
Computer software | 17,121 | 20,581 | |||||||
Furniture and fixtures | 7,737 | 7,232 | |||||||
Vehicles | 387,854 | 357,913 | |||||||
Construction in progress | 2,076 | 9,829 | |||||||
Gross property, plant and equipment | 1,795,628 | 1,680,561 | |||||||
Less: accumulated depreciation | (1,069,321 | ) | (924,235 | ) | |||||
Net property, plant and equipment | $ | 726,307 | $ | 756,326 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Schedule of components of provision (benefit) for income taxes | ' | ||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(in thousands) | |||||||||||||
Current provision: | |||||||||||||
Federal | $ | 104,890 | $ | 147,580 | $ | 91,415 | |||||||
State | 15,627 | 14,673 | 12,938 | ||||||||||
Foreign | 1,918 | 1,109 | 1,007 | ||||||||||
Deferred (benefit) provision: | |||||||||||||
Federal | (12,025 | ) | 5,027 | 70,599 | |||||||||
State | (1,035 | ) | (206 | ) | 6,475 | ||||||||
Total income tax provision | $ | 109,375 | $ | 168,183 | $ | 182,434 | |||||||
Schedule of reconciliation between the federal statutory rate and effective tax rate | ' | ||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 3.8 | 3.2 | 3.1 | ||||||||||
Tax credits | (0.3 | ) | (0.3 | ) | (0.2 | ) | |||||||
Non-deductible expenses | 0.5 | 0.5 | 0.4 | ||||||||||
Other | 0.6 | (0.4 | ) | (0.2 | ) | ||||||||
Effective tax rate | 39.6 | % | 38 | % | 38.1 | % | |||||||
Schedule of deferred tax assets and liabilities | ' | ||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Self-insurance | $ | 7,247 | $ | 7,417 | |||||||||
Pension | 8,018 | 9,688 | |||||||||||
State net operating loss carryforwards | 484 | 1,165 | |||||||||||
Bad debts | 4,748 | 3,489 | |||||||||||
Accrued payroll | 2,019 | 2,038 | |||||||||||
Stock-based compensation | 5,183 | 4,567 | |||||||||||
Tangible property regulations 481(a) | 7,665 | - | |||||||||||
All others | 1,541 | 274 | |||||||||||
Valuation allowance | (83 | ) | (1,003 | ) | |||||||||
Gross deferred tax assets | 36,822 | 27,635 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation | (165,960 | ) | (168,717 | ) | |||||||||
Goodwill amortization | (7,094 | ) | (6,394 | ) | |||||||||
All Others | (2,759 | ) | (1,754 | ) | |||||||||
Gross deferred tax liabilities | (175,813 | ) | (176,865 | ) | |||||||||
Net deferred tax liabilities | $ | (138,991 | ) | $ | (149,230 | ) | |||||||
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Balance at January 1 | $ | 38,000 | $ | 35,000 | |||||||||
Additions based on tax positions related to the current year | 3,430,000 | - | |||||||||||
Additions for tax positions of prior years | 12,877,000 | 3,000 | |||||||||||
Balance at December 31 | $ | 16,345,000 | $ | 38,000 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Long-Term Debt | ' | ||||||||||||
Schedule of interest incurred and paid on the credit facility, interest capitalized related to facilities and equipment under construction, and the related weighted average interest rates on long term debt | ' | ||||||||||||
Years Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(in thousands except interest rate data) | |||||||||||||
Interest incurred | $ | 2,090 | $ | 2,936 | $ | 4,146 | |||||||
Capitalized interest | $ | 935 | $ | 1,026 | $ | 627 | |||||||
Interest paid (net of capitalized interest) | $ | 618 | $ | 1,498 | $ | 3,168 | |||||||
Weighted average interest rate | 3.7 | % | 2.3 | % | 2.8 | % |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
Schedule of accumulated other comprehensive (loss) income | ' | ||||||||||||||||
Pension | Unrealized | Foreign | Total | ||||||||||||||
Adjustment | Gain (Loss) On | Currency | |||||||||||||||
Securities | Translation | ||||||||||||||||
Balance at December 31, 2011 | $ | (12,981 | ) | $ | 187 | $ | 148 | $ | (12,646 | ) | |||||||
Change during 2012: | |||||||||||||||||
Before-tax amount | (3,355 | ) | (249 | ) | 180 | (3,424 | ) | ||||||||||
Tax benefit | 1,224 | 91 | 85 | 1,400 | |||||||||||||
Reclassification adjustment, net of taxes: | |||||||||||||||||
Amortization of net loss (1) | 424 | — | — | 424 | |||||||||||||
Total activity in 2012 | (1,707 | ) | (158 | ) | 265 | (1,600 | ) | ||||||||||
Balance at December 31, 2012 | $ | (14,688 | ) | $ | 29 | $ | 413 | $ | (14,246 | ) | |||||||
Change during 2013: | |||||||||||||||||
Before-tax amount | 6,976 | (30 | ) | (778 | ) | 6,168 | |||||||||||
Tax (expense) benefit | (2,546 | ) | 11 | — | (2,535 | ) | |||||||||||
Reclassification adjustment, net of taxes: | |||||||||||||||||
Amortization of net loss (1) | 498 | — | — | 498 | |||||||||||||
Total activity in 2013 | 4,928 | (19 | ) | (778 | ) | 4,131 | |||||||||||
Balance at December 31, 2013 | $ | (9,760 | ) | $ | 10 | $ | (365 | ) | $ | (10,115 | ) | ||||||
-1 | Reported as part of selling, general and administrative expenses. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures | ' | ||||||||||||
Schedule of valuation of financial instruments measured at fair value on a recurring basis | ' | ||||||||||||
Fair Value Measurements at December 31, 2013 with: | |||||||||||||
(in thousands) | Quoted prices in active | Significant other | Significant | ||||||||||
markets for identical | observable inputs | unobservable inputs | |||||||||||
assets | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||
Trading securities | $ | — | $ | 13,963 | $ | — | |||||||
Available-for-sale securities – equity securities | $ | 445 | $ | — | $ | — | |||||||
Fair Value Measurements at December 31, 2012 with: | |||||||||||||
(in thousands) | Quoted prices in active | Significant other | Significant | ||||||||||
markets for identical | observable inputs | unobservable inputs | |||||||||||
assets | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets: | |||||||||||||
Trading securities | $ | — | $ | 11,103 | $ | — | |||||||
Available-for-sale securities – equity securities | $ | 380 | $ | — | $ | — | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure | ' | ||||
Schedule of future minimum rental payments for operating leases | ' | ||||
(in thousands) | |||||
2014 | $ | 8,984 | |||
2015 | 7,664 | ||||
2016 | 4,929 | ||||
2017 | 2,989 | ||||
2018 | 2,231 | ||||
Thereafter | 5,991 | ||||
Total rental commitments | $ | 32,788 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||
Schedule of funded status of the retirement income plan | ' | ||||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Accumulated Benefit Obligation at end of year | $ | 37,528 | $ | 42,699 | |||||||||||||||||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 42,699 | $ | 38,278 | |||||||||||||||||
Service cost | — | — | |||||||||||||||||||
Interest cost | 1,741 | 1,869 | |||||||||||||||||||
Amendments | — | — | |||||||||||||||||||
Actuarial loss | (5,199 | ) | 4,221 | ||||||||||||||||||
Benefits paid | (1,713 | ) | (1,669 | ) | |||||||||||||||||
Projected benefit obligation at end of year | $ | 37,528 | $ | 42,699 | |||||||||||||||||
CHANGE IN PLAN ASSETS: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 29,519 | $ | 24,180 | |||||||||||||||||
Actual return on plan assets | 3,820 | 2,712 | |||||||||||||||||||
Employer contribution | 800 | 4,296 | |||||||||||||||||||
Benefits paid | (1,713 | ) | (1,669 | ) | |||||||||||||||||
Fair value of plan assets at end of year | 32,426 | 29,519 | |||||||||||||||||||
Funded status at end of year | $ | (5,102 | ) | $ | (13,180 | ) | |||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: | |||||||||||||||||||||
Noncurrent assets | $ | — | $ | — | |||||||||||||||||
Current liabilities | — | — | |||||||||||||||||||
Noncurrent liabilities | (5,102 | ) | (13,180 | ) | |||||||||||||||||
$ | (5,102 | ) | $ | (13,180 | ) | ||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF: | |||||||||||||||||||||
Net loss (gain) | $ | 15,369 | $ | 23,129 | |||||||||||||||||
Prior service cost (credit) | — | — | |||||||||||||||||||
Net transition obligation (asset) | — | — | |||||||||||||||||||
$ | 15,369 | $ | 23,129 | ||||||||||||||||||
Schedule of amounts recognized in balance sheet | ' | ||||||||||||||||||||
December 31, | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Funded status | $ | (5,102 | ) | $ | (13,180 | ) | |||||||||||||||
SERP liability | (16,864 | ) | (13,363 | ) | |||||||||||||||||
Long-term pension liability | $ | (21,966 | ) | $ | (26,543 | ) | |||||||||||||||
Schedule of net periodic benefit cost | ' | ||||||||||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Service cost for benefits earned during the period | $ | — | $ | — | $ | — | |||||||||||||||
Interest cost on projected benefit obligation | 1,741 | 1,869 | 1,916 | ||||||||||||||||||
Expected return on plan assets | (2,043 | ) | (1,846 | ) | (1,831 | ) | |||||||||||||||
Amortization of net loss | 784 | 667 | 463 | ||||||||||||||||||
Net periodic benefit plan cost | $ | 482 | $ | 690 | $ | 548 | |||||||||||||||
Schedule of amounts recognized in other comprehensive loss | ' | ||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net (gain) loss | $ | (6,976 | ) | $ | 3,355 | $ | 5,263 | ||||||||||||||
Amortization of net loss | (784 | ) | (667 | ) | (463 | ) | |||||||||||||||
Net transition obligation (asset) | — | — | — | ||||||||||||||||||
Amount recognized in accumulated other comprehensive loss | (7,760 | ) | $ | 2,688 | $ | 4,800 | |||||||||||||||
Schedule of components of net periodic benefit | ' | ||||||||||||||||||||
(in thousands) | 2014 | ||||||||||||||||||||
Amortization of net loss | $ | 484 | |||||||||||||||||||
Prior service cost (credit) | — | ||||||||||||||||||||
Net transition obligation (asset) | — | ||||||||||||||||||||
Estimated net periodic benefit plan cost | $ | 484 | |||||||||||||||||||
Schedule of weighted average assumptions | ' | ||||||||||||||||||||
December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
Projected Benefit Obligation: | |||||||||||||||||||||
Discount rate | 5.2 | % | 4.16 | % | 5 | % | |||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||
Net Benefit Cost: | |||||||||||||||||||||
Discount rate | 4.16 | % | 5 | % | 5.49 | % | |||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | |||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||
Schedule of allocation of plan assets | ' | ||||||||||||||||||||
Asset Category | Target | Percentage of | Percentage of | ||||||||||||||||||
Allocation | Plan Assets as of | Plan Assets as of | |||||||||||||||||||
for 2014 | December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Cash and Cash Equivalents | 0% - 5 | % | 0.6 | % | 0.2 | % | |||||||||||||||
Debt Securities – Core Fixed Income | 15% - 50 | % | 25.3 | % | 20.2 | % | |||||||||||||||
Tactical – Fund of Equity and Debt Securities | — | — | 15.1 | % | |||||||||||||||||
Domestic Equity Securities | 0% - 30 | % | 26.6 | % | 15.2 | % | |||||||||||||||
Global Equity Securities | — | — | 16 | % | |||||||||||||||||
International Equity Securities | 0% - 30 | % | 31.4 | % | 15.1 | % | |||||||||||||||
Real Estate | 0% - 20 | % | 8.3 | % | 9.2 | % | |||||||||||||||
Real Return | 0% - 20 | % | 7.8 | % | 9 | % | |||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||
Schedule of level three defined benefit plan assets | ' | ||||||||||||||||||||
Fair Value Hierarchy as of December 31, 2013: | |||||||||||||||||||||
Investments (in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Cash and Cash Equivalents | (1 | ) | $ | 210 | $ | 210 | $ | — | $ | — | |||||||||||
Fixed Income Securities | (2 | ) | 8,201 | — | 8,201 | — | |||||||||||||||
Domestic Equity Securities | 8,590 | 8,590 | — | — | |||||||||||||||||
Global Equity Securities | — | — | — | — | |||||||||||||||||
International Equity Securities | (3 | ) | 10,192 | — | 10,192 | — | |||||||||||||||
Tactical Composite | (4 | ) | — | — | — | — | |||||||||||||||
Real Estate | (5 | ) | 2,705 | — | — | 2,705 | |||||||||||||||
Real Return | (6 | ) | 2,528 | — | 2,528 | — | |||||||||||||||
$ | 32,426 | $ | 8,800 | $ | 20,921 | $ | 2,705 | ||||||||||||||
Fair Value Hierarchy as of December 31, 2012: | |||||||||||||||||||||
Investments (in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Cash and Cash Equivalents | (1 | ) | $ | 61 | $ | 61 | $ | — | $ | — | |||||||||||
Fixed Income Securities | (2 | ) | 5,959 | — | 5,959 | — | |||||||||||||||
Domestic Equity Securities | 4,475 | 4,475 | — | — | |||||||||||||||||
Global Equity Securities | 4,446 | 4,446 | — | — | |||||||||||||||||
International Equity Securities | (3 | ) | 4,737 | 2,205 | 2,532 | — | |||||||||||||||
Tactical Composite | (4 | ) | 4,454 | — | 4,454 | — | |||||||||||||||
Real Estate | (5 | ) | 2,730 | — | — | 2,730 | |||||||||||||||
Real Return | (6 | ) | 2,657 | — | 2,657 | — | |||||||||||||||
$ | 29,519 | $ | 11,187 | $ | 15,602 | $ | 2,730 | ||||||||||||||
-1 | Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds. | ||||||||||||||||||||
-2 | Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. | ||||||||||||||||||||
-3 | Some international equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets. | ||||||||||||||||||||
-4 | Tactical composite funds invest in stocks, bonds and cash, both domestic and international. These assets are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets. | ||||||||||||||||||||
-5 | Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data. | ||||||||||||||||||||
-6 | Real return funds invest in global equities, commodities and inflation protected core bonds that are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets. | ||||||||||||||||||||
Schedule of reconciliation of level 3 assets | ' | ||||||||||||||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2013: | |||||||||||||||||||||
Balance at December 31, 2012 | Net Realized and | Net Purchases, Issuances and Settlements | Net | Balance at December 31, 2013 | |||||||||||||||||
Investments (in thousands) | Unrealized | Transfers | |||||||||||||||||||
Gains/(Losses) | In to (Out | ||||||||||||||||||||
of) Level 3 | |||||||||||||||||||||
Real Estate | $ | 2,730 | $ | 217 | $ | (242 | ) | $ | — | $ | 2,705 | ||||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended December 31, 2012: | |||||||||||||||||||||
Balance at December 31, 2011 | Net Realized and | Net Purchases, Issuances and Settlements | Net | Balance at December 31, 2012 | |||||||||||||||||
Investments (in thousands) | Unrealized | Transfers | |||||||||||||||||||
Gains/(Losses) | In to (Out | ||||||||||||||||||||
of) Level 3 | |||||||||||||||||||||
Real Estate | $ | 1,350 | $ | 365 | $ | 1,015 | $ | — | $ | 2,730 | |||||||||||
Schedule of future benefits payable for the retirement income plan over the next ten years | ' | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
2014 | $ | 1,896 | |||||||||||||||||||
2015 | 1,989 | ||||||||||||||||||||
2016 | 2,189 | ||||||||||||||||||||
2017 | 2,254 | ||||||||||||||||||||
2018 | 2,346 | ||||||||||||||||||||
2019-2023 | 12,614 | ||||||||||||||||||||
Schedule of summary of the changes in non-vested restricted shares | ' | ||||||||||||||||||||
Shares | Weighted Average Grant- | ||||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Non-vested shares at January 1, 2013 | 4,494,191 | $ | 8.12 | ||||||||||||||||||
Granted | 850,500 | 13.68 | |||||||||||||||||||
Vested | (1,078,534 | ) | 6.36 | ||||||||||||||||||
Forfeited | (151,357 | ) | 9.72 | ||||||||||||||||||
Non-vested shares at December 31, 2013 | 4,114,800 | $ | 9.67 |
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Business Segment Information | ' | ||||||||||||||||||||
Schedule of summarized financial information concerning reportable segments | ' | ||||||||||||||||||||
Technical | Support | Corporate | Loss on | Total | |||||||||||||||||
Services | Services | disposition of assets, | |||||||||||||||||||
net | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues | $ | 1,729,732 | $ | 131,757 | $ | — | $ | — | $ | 1,861,489 | |||||||||||
Operating profit (loss) | 276,246 | 26,223 | (17,685 | ) | (9,371 | ) | 275,413 | ||||||||||||||
Capital expenditures | 167,586 | 32,250 | 1,845 | — | 201,681 | ||||||||||||||||
Depreciation and amortization | 181,026 | 31,417 | 685 | — | 213,128 | ||||||||||||||||
Identifiable assets | 1,113,877 | 202,243 | 67,740 | — | 1,383,860 | ||||||||||||||||
2012 | |||||||||||||||||||||
Revenues | $ | 1,794,015 | $ | 151,008 | $ | — | $ | — | $ | 1,945,023 | |||||||||||
Operating profit (loss) | 420,231 | 45,912 | (17,654 | ) | (6,099 | ) | 442,390 | ||||||||||||||
Capital expenditures | 277,686 | 46,053 | 5,197 | — | 328,936 | ||||||||||||||||
Depreciation and amortization | 183,762 | 30,707 | 430 | — | 214,899 | ||||||||||||||||
Identifiable assets | 1,128,124 | 175,611 | 63,428 | — | 1,367,163 | ||||||||||||||||
2011 | |||||||||||||||||||||
Revenues | $ | 1,663,793 | $ | 146,014 | $ | — | $ | — | $ | 1,809,807 | |||||||||||
Operating profit (loss) | 451,259 | 51,672 | (17,019 | ) | (3,831 | ) | 482,081 | ||||||||||||||
Capital expenditures | 369,568 | 42,837 | 3,995 | — | 416,400 | ||||||||||||||||
Depreciation and amortization | 152,252 | 27,464 | 189 | — | 179,905 | ||||||||||||||||
Identifiable assets | 1,103,341 | 177,974 | 56,896 | — | 1,338,211 | ||||||||||||||||
Schedule of revenues are presented based on the location of the use of the product or service | ' | ||||||||||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
United States Revenues | $ | 1,795,592 | $ | 1,870,815 | $ | 1,757,661 | |||||||||||||||
International Revenues | 65,897 | 74,208 | 52,146 | ||||||||||||||||||
$ | 1,861,489 | $ | 1,945,023 | $ | 1,809,807 |
Significant_Accounting_Policie3
Significant Accounting Policies - Summary of reconciliation of weighted average shares outstanding along with earnings (loss) per share attributable to restricted shares of common stock (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Earnings Per Share Basic and Diluted By Common Class Including Two Class Method [Line Items] | ' | ' | ' |
Net income available for stockholders: | $166,895 | $274,436 | $296,381 |
Less: Dividends paid | ' | ' | ' |
Undistributed earnings | 79,106 | 160,367 | 249,054 |
Basic shares outstanding: | ' | ' | ' |
Basic shares outstanding (in shares) | 215,504 | 215,241 | 217,683 |
Diluted shares outstanding: | ' | ' | ' |
Basic shares outstanding (in shares) | 215,504 | 215,241 | 217,683 |
Diluted shares outstanding (in shares) | 216,733 | 216,796 | 220,250 |
Basic earnings per share: | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0.77 | $1.28 | $1.36 |
Diluted earnings per share: | ' | ' | ' |
Diluted earnings per share (in dollars per share) | $0.77 | $1.27 | $1.35 |
Common Stock | ' | ' | ' |
Less: Dividends paid | ' | ' | ' |
Dividends | -86,282 | -111,966 | -46,479 |
Undistributed earnings | 77,620 | 157,093 | 244,053 |
Basic shares outstanding: | ' | ' | ' |
Basic shares outstanding (in shares) | 211,305 | 210,707 | 213,153 |
Diluted shares outstanding: | ' | ' | ' |
Basic shares outstanding (in shares) | 211,305 | 210,707 | 213,153 |
Dilutive effect of stock-based awards (in shares) | 1,229 | 1,555 | 2,567 |
Diluted shares outstanding (in shares) | 212,534 | 212,262 | 215,720 |
Basic earnings per share: | ' | ' | ' |
Distributed earnings (in dollars per share) | $0.40 | $0.53 | $0.22 |
Undistributed earnings (in dollars per share) | $0.37 | $0.75 | $1.14 |
Basic earnings per share (in dollars per share) | $0.77 | $1.28 | $1.36 |
Diluted earnings per share: | ' | ' | ' |
Distributed earnings (in dollars per share) | $0.40 | $0.53 | $0.22 |
Undistributed earnings (in dollars per share) | $0.37 | $0.74 | $1.13 |
Diluted earnings per share (in dollars per share) | $0.77 | $1.27 | $1.35 |
Restricted shares of common stock | ' | ' | ' |
Less: Dividends paid | ' | ' | ' |
Dividends | -1,507 | -2,103 | -848 |
Undistributed earnings | $1,486 | $3,274 | $5,001 |
Basic shares outstanding: | ' | ' | ' |
Basic shares outstanding (in shares) | 4,199 | 4,534 | 4,530 |
Diluted shares outstanding: | ' | ' | ' |
Basic shares outstanding (in shares) | 4,199 | 4,534 | 4,530 |
Diluted shares outstanding (in shares) | 4,199 | 4,534 | 4,530 |
Basic earnings per share: | ' | ' | ' |
Distributed earnings (in dollars per share) | $0.36 | $0.46 | $0.19 |
Undistributed earnings (in dollars per share) | $0.35 | $0.72 | $1.10 |
Basic earnings per share (in dollars per share) | $0.71 | $1.18 | $1.29 |
Significant_Accounting_Policie4
Significant Accounting Policies (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Subsequent Event | Customer concentration risk | Customer concentration risk | Customer concentration risk | Customer concentration risk | Customer concentration risk | |||
Dividend declared | Revenue | Revenue | Revenue | Accounts receivable | Accounts receivable | |||
Customer | ||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | 349,000,000 | 349,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.10 | $0.10 | ' | ' | ' | ' | ' | ' |
Preferred Stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0.10 | $0.10 | ' | ' | ' | ' | ' | ' |
Number of votes each common shareholders entitled to provide | 'one vote | ' | ' | ' | ' | ' | ' | ' |
Amount of dividend payable in cash per share | ' | ' | $0.11 | ' | ' | ' | ' | ' |
Dividends Payable, Date Declared | ' | ' | 10-Mar-14 | ' | ' | ' | ' | ' |
Dividends Payable, Date of Record | ' | ' | 10-Feb-14 | ' | ' | ' | ' | ' |
Description of customers accounted for concentration of credit risk | ' | ' | ' | 'no customers that accounted for more than 10 percent of revenues | 'no customers that accounted for more than 10 percent of revenues | ' | 'no customer accounted for more than 10 percent of accounts receivable | 'no customer accounted for more than 10 percent of accounts receivable |
Customer concentration risk benchmark percentage | ' | ' | ' | 'more than 10 percent of the Company's revenues | 'more than 10 percent of the Company's revenues | ' | 'more than 10 percent of accounts receivable | 'more than 10 percent of accounts receivable |
Number of customers accounted for concentration of credit risk | ' | ' | ' | ' | ' | 1 | ' | ' |
Customer concentration risk percentage | ' | ' | ' | ' | ' | 12.00% | ' | ' |
Significant_Accounting_Policie5
Significant Accounting Policies (Detail Textuals 1) (USD $) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 | |
Defined Benefit Pension Plan | Operating equipment | Operating equipment | Buildings and leasehold improvements | Buildings and leasehold improvements | Furniture and fixtures | Furniture and fixtures | Software | Vehicles | Vehicles | Interest Rate Swap | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of interest rate swap agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 |
Estimated useful lives of the assets | ' | ' | ' | ' | '3 years | '20 years | '15 years | '39 years | '5 years | '7 years | '5 years | '3 years | '5 years | ' |
Depreciation method used for property, plant and equipment | 'straight-line basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 31,861,000 | 24,093,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of assets of a business | 17,044,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill on acquisition | 7,768,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expenses | $3,458,000 | $2,965,000 | $2,406,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit pension plan eligibility criteria | ' | ' | ' | 'Defined benefit pension plan that provides monthly benefits upon retirement at age 65 to eligible employees with at least one year of service prior to 2002. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Receivable_Summary_of
Accounts Receivable - Summary of components of accounts receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Trade receivables: | ' | ' |
Billed | $368,583 | $310,997 |
Unbilled | 80,806 | 82,649 |
Other receivables | 1,240 | 2,994 |
Total | 450,629 | 396,640 |
Less: allowance for doubtful accounts | -13,497 | -9,110 |
Accounts receivable, net | $437,132 | $387,530 |
Accounts_Receivable_Summary_of1
Accounts Receivable - Summary of changes in allowance for doubtful accounts (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' |
Beginning balance | $9,110 | $8,093 |
Bad debt expense | 8,815 | 1,784 |
Accounts written-off | -5,421 | -1,132 |
Recoveries | 993 | 365 |
Ending balance | $13,497 | $9,110 |
Inventories_Details_Textuals
Inventories (Details Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials, parts and supplies of inventories | $126,604 | $140,867 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of property, plant and equipment are presented at cost net of accumulated depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | $1,795,628 | $1,680,561 |
Less: accumulated depreciation | -1,069,321 | -924,235 |
Net property, plant and equipment | 726,307 | 756,326 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 19,264 | 17,420 |
Buildings and leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 130,072 | 111,986 |
Operating equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 1,231,504 | 1,155,600 |
Computer software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 17,121 | 20,581 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 7,737 | 7,232 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 387,854 | 357,913 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | $2,076 | $9,829 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment | ' | ' | ' |
Depreciation expense | $215.40 | $214.90 | $179.90 |
Accounts payable for purchases of property and equipment | $19.70 | $24.40 | $32.70 |
Income_Taxes_Summary_of_compon
Income Taxes - Summary of components of provision (benefit) for income taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current provision: | ' | ' | ' |
Federal | $104,890 | $147,580 | $91,415 |
State | 15,627 | 14,673 | 12,938 |
Foreign | 1,918 | 1,109 | 1,007 |
Deferred (benefit) provision: | ' | ' | ' |
Federal | -12,025 | 5,027 | 70,599 |
State | -1,035 | -206 | 6,475 |
Total income tax provision | $109,375 | $168,183 | $182,434 |
Income_Taxes_Summary_of_reconc
Income Taxes - Summary of reconciliation between federal statutory rate and effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 3.80% | 3.20% | 3.10% |
Tax credits | -0.30% | -0.30% | -0.20% |
Non-deductible expenses | 0.50% | 0.50% | 0.40% |
Other | 0.60% | -0.40% | -0.20% |
Effective tax rate | 39.60% | 38.00% | 38.10% |
Income_Taxes_Summary_of_signif
Income Taxes - Summary of significant components of deferred tax assets and liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Self-insurance | $7,247 | $7,417 |
Pension | 8,018 | 9,688 |
State net operating loss carryforwards | 484 | 1,165 |
Bad debts | 4,748 | 3,489 |
Accrued payroll | 2,019 | 2,038 |
Stock-based compensation | 5,183 | 4,567 |
Tangible property regulations 481(a) | 7,665 | ' |
All others | 1,541 | 274 |
Valuation allowance | -83 | -1,003 |
Gross deferred tax assets | 36,822 | 27,635 |
Deferred tax liabilities: | ' | ' |
Depreciation | -165,960 | -168,717 |
Goodwill amortization | -7,094 | -6,394 |
All Others | -2,759 | -1,754 |
Gross deferred tax liabilities | -175,813 | -176,865 |
Net deferred tax liabilities | ($138,991) | ($149,230) |
Income_Taxes_reconciliation_of
Income Taxes - reconciliation of beginning and ending amount of unrecognized tax benefits (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Balance at January 1 | $38 | $35 |
Additions based on tax positions related to the current year | 3,430 | ' |
Additions for tax positions of prior years | 12,877 | 3 |
Balance at December 31 | $16,345 | $38 |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Undistributed earnings of the Company's foreign subsidiaries | $12,000,000 | ' | ' |
Deferred tax assets, valuation allowance | 83,000 | 1,003,000 | ' |
Total net income tax payments (refunds) | 122,916,000 | 158,700,000 | 90,729,000 |
Interest and penalties related to the unrecognized tax benefits | 276,000 | 3,000 | ' |
Bonus depreciation allowance | 50.00% | ' | ' |
Estimated favorable IRC Section 481(a) adjustments | 21,000,000 | ' | ' |
Tax effect assessment | 7,665,000 | ' | ' |
State and Local Jurisdiction | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Net operating loss carryforwards related to state income taxes | 11,800,000 | ' | ' |
Deferred tax assets, valuation allowance | $100,000 | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (Revolving credit facility, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revolving credit facility | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Interest incurred | $2,090 | $2,936 | $4,146 |
Capitalized interest | 935 | 1,026 | 627 |
Interest paid (net of capitalized interest) | $618 | $1,498 | $3,168 |
Weighted average interest rate | 3.70% | 2.30% | 2.80% |
LongTerm_Debt_Detail_Textuals
Long-Term Debt (Detail Textuals) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Aug. 31, 2010 |
Revolving credit facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Percentage of ownership | ' | 100.00% |
Description of variable rate basis of debt instrument | 'The Base Rate, which is the highest of Bank of America's "prime rate" for the day of the borrowing, a fluctuating rate per annum equal to the Federal Funds Rate plus 0.50%, and a rate per annum equal to the one (1) month LIBOR rate plus 1.00%, in each case plus a margin that ranges from 0.25% to 1.25% based on a quarterly debt covenant calculation; or with respect to any Eurodollar borrowings, Adjusted LIBOR (which equals LIBOR as increased to account for the maximum reserve percentages established by the U.S. Federal Reserve) plus a margin ranging from 1.25% to 2.25%, based upon a quarterly debt covenant calculation. | ' |
Replaced credit facility | ' | $200 |
Amount of credit facility | ' | 350 |
Loan origination fees and other debt related costs | 2.3 | ' |
Term of line of credit facility | '5 years | ' |
Revolving credit facility | Minimum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Fees on unused portion of facility | 0.25% | ' |
Revolving credit facility | Maximum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Fees on unused portion of facility | 0.35% | ' |
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] | ' | ' |
Range of margin based on quarterly debt covenant calculation | 0.25% | ' |
Revolving credit facility | Option 1 A | Maximum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Range of margin based on quarterly debt covenant calculation | 1.25% | ' |
Revolving credit facility | Option 1 B | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Basis spread on variable rate | 1.00% | ' |
Description of reference rate basis | 'LIBOR rate | ' |
Revolving credit facility | Option 1 B | Minimum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Range of margin based on quarterly debt covenant calculation | 0.25% | ' |
Revolving credit facility | Option 1 B | Maximum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Range of margin based on quarterly debt covenant calculation | 1.25% | ' |
Letter of credit subfacility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount of credit facility | ' | 50 |
Letter of swingline subfacility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount of credit facility | ' | $25 |
LongTerm_Debt_Detail_Textuals_
Long-Term Debt (Detail Textuals 1) (Revolving credit facility, Option 2, Eurodollar Borrowings) | 12 Months Ended |
Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' |
Description of reference rate basis | 'Adjusted LIBOR |
Minimum | ' |
Line of Credit Facility [Line Items] | ' |
Fees on unused portion of facility | 1.25% |
Maximum | ' |
Line of Credit Facility [Line Items] | ' |
Fees on unused portion of facility | 2.25% |
LongTerm_Debt_Detail_Textuals_1
Long-Term Debt (Detail Textuals 2) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 17, 2014 | Dec. 31, 2012 | Jan. 17, 2014 |
Interest Rate Swap | Letter of credit subfacility | Letter of credit subfacility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Letter of swingline subfacility | Letter of swingline subfacility | |||
Subsequent Event | Subsequent Event | |||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold limit of ratio of debt to earnings before interest taxes depreciation and amortization | 'no more than 2.5 to 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt-to-EBITDA ratio (in times) | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold limit of ratio of earnings before interest taxes depreciation and amortization to interest expenses | 'no less than 2 to 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA to interest expense ratio (in times) | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings under the facility | ' | ' | ' | ' | $24.10 | $53.30 | $107 | ' | ' | ' |
Amount of interest rate swap agreement | ' | ' | 50 | 18.1 | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, basis for effective rate | ' | ' | ' | 2.07% | ' | ' | ' | ' | ' | ' |
Commitment fees and other debt related costs | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ' |
Decrease in interest rates on the revolving loans under the Credit Agreement | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' |
Maximum amount outstanding during the period | ' | $350 | ' | ' | ' | ' | ' | ' | $25 | $35 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income - Summary of components of accumulated other comprehensive (loss) income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Balance | ($14,246) | ($12,646) | ||
Change during the period | ' | ' | ||
Before-tax amount | 6,168 | -3,424 | ||
Tax benefit | -2,535 | 1,400 | ||
Reclassification adjustment, net of taxes: | ' | ' | ||
Amortization of net loss | 498 | [1] | 424 | [1] |
Total activity in period | 4,131 | -1,600 | ||
Balance | -10,115 | -14,246 | ||
Pension Adjustment | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Balance | -14,688 | -12,981 | ||
Change during the period | ' | ' | ||
Before-tax amount | 6,976 | -3,355 | ||
Tax benefit | -2,546 | 1,224 | ||
Reclassification adjustment, net of taxes: | ' | ' | ||
Amortization of net loss | 498 | [1] | 424 | [1] |
Total activity in period | 4,928 | -1,707 | ||
Balance | -9,760 | -14,688 | ||
Unrealized Gain (Loss) On Securities | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Balance | 29 | 187 | ||
Change during the period | ' | ' | ||
Before-tax amount | -30 | -249 | ||
Tax benefit | 11 | 91 | ||
Reclassification adjustment, net of taxes: | ' | ' | ||
Amortization of net loss | ' | [1] | ' | [1] |
Total activity in period | -19 | -158 | ||
Balance | 10 | 29 | ||
Foreign Currency Translation | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Balance | 413 | 148 | ||
Change during the period | ' | ' | ||
Before-tax amount | -778 | 180 | ||
Tax benefit | ' | 85 | ||
Reclassification adjustment, net of taxes: | ' | ' | ||
Amortization of net loss | ' | [1] | ' | [1] |
Total activity in period | -778 | 265 | ||
Balance | ($365) | $413 | ||
[1] | Reported as part of selling, general and administrative expenses. |
Fair_Value_Disclosures_Summary
Fair Value Disclosures - Summary of valuation of financial instruments measured at fair value on recurring basis (Details) (Fair value on a recurring basis, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Assets: | ' | ' |
Trading securities | ' | ' |
Available-for-sale securities - equity securities | 445 | 380 |
Significant other observable inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Trading securities | 13,963 | 11,103 |
Available-for-sale securities - equity securities | ' | ' |
Significant unobservable inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Trading securities | ' | ' |
Available-for-sale securities - equity securities | ' | ' |
Fair_Value_Disclosures_Detail_
Fair Value Disclosures (Detail Textuals) (Revolving credit facility, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Revolving credit facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Outstanding borrowings under the facility | $53.30 | $107 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Summary of minimum annual rentals (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure | ' |
2014 | $8,984 |
2015 | 7,664 |
2016 | 4,929 |
2017 | 2,989 |
2018 | 2,231 |
Thereafter | 5,991 |
Total rental commitments | $32,788 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure | ' | ' | ' |
Total rental expense, including short-term rentals | $20,582,000 | $18,224,000 | $19,814,000 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of funded status of Retirement Income Plan and amounts recognized in consolidated balance sheets (Details) (Retirement Income Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Income Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated Benefit Obligation at end of year | $37,528 | $42,699 | ' |
CHANGE IN PROJECTED BENEFIT OBLIGATION: | ' | ' | ' |
Benefit obligation at beginning of year | 42,699 | 38,278 | ' |
Service cost | ' | ' | ' |
Interest cost | 1,741 | 1,869 | 1,916 |
Amendments | ' | ' | ' |
Actuarial loss | -5,199 | 4,221 | ' |
Benefits paid | -1,713 | -1,669 | ' |
Projected benefit obligation at end of year | 37,528 | 42,699 | 38,278 |
CHANGE IN PLAN ASSETS: | ' | ' | ' |
Fair value of plan assets at beginning of year | 29,519 | 24,180 | ' |
Actual return on plan assets | 3,820 | 2,712 | ' |
Employer contribution | 800 | 4,296 | ' |
Benefits paid | -1,713 | -1,669 | ' |
Fair value of plan assets at end of year | 32,426 | 29,519 | 24,180 |
Funded status at end of year | -5,102 | -13,180 | ' |
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: | ' | ' | ' |
Noncurrent assets | ' | ' | ' |
Current liabilities | ' | ' | ' |
Noncurrent liabilities | -5,102 | -13,180 | ' |
Amounts recognized in balance sheet | -5,102 | -13,180 | ' |
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF: | ' | ' | ' |
Net loss (gain) | 15,369 | 23,129 | ' |
Prior service cost (credit) | ' | ' | ' |
Net transition obligation (asset) | ' | ' | ' |
Before-tax amount | $15,369 | $23,129 | ' |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans - Summary of amounts recognized in consolidated balance sheets consist of (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term pension liability | ($21,966) | ($26,543) |
Retirement Income Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Funded status | -5,102 | -13,180 |
SERP liability | -16,864 | -13,363 |
Long-term pension liability | ($21,966) | ($26,543) |
Employee_Benefit_Plans_Summary2
Employee Benefit Plans - Summary of components of net periodic benefit cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of net loss | ($484) | ' | ' |
Net periodic benefit plan cost | 484 | ' | ' |
Retirement Income Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost for benefits earned during the period | ' | ' | ' |
Interest cost on projected benefit obligation | 1,741 | 1,869 | 1,916 |
Expected return on plan assets | -2,043 | -1,846 | -1,831 |
Amortization of net loss | 784 | 667 | 463 |
Net periodic benefit plan cost | $482 | $690 | $548 |
Employee_Benefit_Plans_Summary3
Employee Benefit Plans - Summary of pre tax amounts recognized in comprehensive loss (Details) (Retirement Income Plan, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Retirement Income Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net (gain) loss | ($6,976) | $3,355 | $5,263 |
Amortization of net loss | -784 | -667 | -463 |
Net transition obligation (asset) | ' | ' | ' |
Amount recognized in accumulated other comprehensive loss | ($7,760) | $2,688 | $4,800 |
Employee_Benefit_Plans_Summary4
Employee Benefit Plans - Summary of accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Employee Benefit Plans | ' |
Amortization of net loss | $484 |
Prior service cost (credit) | ' |
Net transition obligation (asset) | ' |
Estimated net periodic benefit plan cost | $484 |
Employee_Benefit_Plans_Summary5
Employee Benefit Plans - Summary of weighted average assumptions used to determine projected benefit obligation and net benefit cost (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Projected Benefit Obligation: | ' | ' | ' |
Discount rate | 5.20% | 4.16% | 5.00% |
Rate of compensation increase | ' | ' | ' |
Net Benefit Cost: | ' | ' | ' |
Discount rate | 4.16% | 5.00% | 5.49% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Rate of compensation increase | ' | ' | ' |
Employee_Benefit_Plans_Summary6
Employee Benefit Plans - Summary of plan weighted average asset allocation by asset category along with target allocation for 2014 (Details) (Retirement Income Plan) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | 100.00% | 100.00% |
Target Allocation for 2014 total percentage | 100.00% | ' |
Cash and Cash Equivalents | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | 0.60% | 0.20% |
Target Allocation for 2014 minimum percentage | 0.00% | ' |
Target Allocation for 2014 maximum percentage | 5.00% | ' |
Debt Securities - Core Fixed Income | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | 25.30% | 20.20% |
Target Allocation for 2014 minimum percentage | 15.00% | ' |
Target Allocation for 2014 maximum percentage | 50.00% | ' |
Tactical - Fund of Equity and Debt Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | ' | 15.10% |
Target Allocation for 2014 minimum percentage | ' | ' |
Domestic Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | 26.60% | 15.20% |
Target Allocation for 2014 minimum percentage | 0.00% | ' |
Target Allocation for 2014 maximum percentage | 30.00% | ' |
Global Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | ' | 16.00% |
Target Allocation for 2014 minimum percentage | ' | ' |
International Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | 31.40% | 15.10% |
Target Allocation for 2014 minimum percentage | 0.00% | ' |
Target Allocation for 2014 maximum percentage | 30.00% | ' |
Real Estate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | 8.30% | 9.20% |
Target Allocation for 2014 minimum percentage | 0.00% | ' |
Target Allocation for 2014 maximum percentage | 20.00% | ' |
Real Return | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | 7.80% | 9.00% |
Target Allocation for 2014 minimum percentage | 0.00% | ' |
Target Allocation for 2014 maximum percentage | 20.00% | ' |
Employee_Benefit_Plans_Summary7
Employee Benefit Plans - Summary of plan assets using fair value hierarchy (Details) (Retirement Income Plan, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $32,426 | $29,519 | $24,180 | ||
Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 32,426 | 29,519 | ' | ||
Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 8,800 | 11,187 | ' | ||
Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 20,921 | 15,602 | ' | ||
Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,705 | 2,730 | ' | ||
Cash and Cash Equivalents | Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 210 | [1] | 61 | [1] | ' |
Cash and Cash Equivalents | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 210 | [1] | 61 | [1] | ' |
Cash and Cash Equivalents | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [1] | ' | [1] | ' |
Cash and Cash Equivalents | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [1] | ' | [1] | ' |
Fixed Income Securities | Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 8,201 | [2] | 5,959 | [2] | ' |
Fixed Income Securities | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [2] | ' | [2] | ' |
Fixed Income Securities | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 8,201 | [2] | 5,959 | [2] | ' |
Fixed Income Securities | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [2] | ' | [2] | ' |
Domestic Equity Securities | Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 8,590 | 4,475 | ' | ||
Domestic Equity Securities | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 8,590 | 4,475 | ' | ||
Domestic Equity Securities | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Domestic Equity Securities | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Global Equity Securities | Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 4,446 | ' | ||
Global Equity Securities | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 4,446 | ' | ||
Global Equity Securities | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Global Equity Securities | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
International Equity Securities | Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 10,192 | [3] | 4,737 | [3] | ' |
International Equity Securities | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [3] | 2,205 | [3] | ' |
International Equity Securities | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 10,192 | [3] | 2,532 | [3] | ' |
International Equity Securities | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [3] | ' | [3] | ' |
Tactical Composite | Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [4] | 4,454 | [4] | ' |
Tactical Composite | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [4] | ' | [4] | ' |
Tactical Composite | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [4] | 4,454 | [4] | ' |
Tactical Composite | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [4] | ' | [4] | ' |
Real Estate | Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,705 | [5] | 2,730 | [5] | ' |
Real Estate | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [5] | ' | [5] | ' |
Real Estate | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [5] | ' | [5] | ' |
Real Estate | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,705 | [5] | 2,730 | [5] | ' |
Real Return | Total | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,528 | [6] | 2,657 | [6] | ' |
Real Return | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [6] | ' | [6] | ' |
Real Return | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,528 | [6] | 2,657 | [6] | ' |
Real Return | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [6] | ' | [6] | ' |
[1] | Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds. | ||||
[2] | Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. | ||||
[3] | Some international equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets. | ||||
[4] | Tactical composite funds invest in stocks, bonds and cash, both domestic and international. These assets are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets. | ||||
[5] | Real estate fund values are primarily reported by the fund manager and are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data. | ||||
[6] | Real return funds invest in global equities, commodities and inflation protected core bonds that are valued primarily using a market approach based on the quoted market prices of identical instruments in their respective markets. |
Employee_Benefit_Plans_Summary8
Employee Benefit Plans - Summary of reconciliation of Level 3 assets held during year (Details) (Real Estate, Retirement Income Plan, Level 3, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate | Retirement Income Plan | Level 3 | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Balance | $2,730 | $1,350 |
Net Realized and Unrealized Gains/(Losses) | 217 | 365 |
Net Purchases, Issuances and Settlements | -242 | 1,015 |
Net Transfers In to (Out of) Level 3 | ' | ' |
Balance | $2,705 | $2,730 |
Employee_Benefit_Plans_Summary9
Employee Benefit Plans - Summary of future benefits payable for Retirement Income Plan over next ten years (Details) (Retirement Income Plan, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Retirement Income Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $1,896 |
2015 | 1,989 |
2016 | 2,189 |
2017 | 2,254 |
2018 | 2,346 |
2019-2023 | $12,614 |
Recovered_Sheet1
Employee Benefit Plans - Summary of changes in non vested restricted shares (Details) (Restricted Stock, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock | ' |
Shares | ' |
Non-vested shares at January 1, 2013 | 4,494,191 |
Granted | 850,500 |
Vested | -1,078,534 |
Forfeited | -151,357 |
Non-vested shares at December 31, 2013 | 4,114,800 |
Weighted Average Grant-Date Fair Value | ' |
Non-vested shares at January 1, 2013 | $8.12 |
Granted | $13.68 |
Vested | $6.36 |
Forfeited | $9.72 |
Non-vested shares at December 31, 2013 | $9.67 |
Employee_Benefit_Plans_Detail_
Employee Benefit Plans (Detail Textuals) (Retirement Income Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Income Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation exceeds fair value of the plan assets | ($5,102) | ($13,180) | ' |
Employer contribution | 800 | 4,296 | ' |
Accumulated other comprehensive loss, before tax | -7,760 | 2,688 | 4,800 |
Percentage of investment for long term growth | 70.00% | ' | ' |
Percentage for near term benefit payments | 30.00% | ' | ' |
Defined benefit plan future contributions by employer | $765 | ' | ' |
Employee_Benefit_Plans_Detail_1
Employee Benefit Plans (Detail Textuals 1) (Supplemental Retirement Plan ('SERP'), USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Supplemental Retirement Plan ('SERP') | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Variable life insurance policies investment amount | $47,400,000 | $44,300,000 | ' |
Fair value of plan assets | 13,963,000 | 11,103,000 | ' |
Trading gains (losses) related to the SERP assets | $2,026,000 | $1,352,000 | ($194,000) |
Employee_Benefit_Plans_Detail_2
Employee Benefit Plans (Detail Textuals 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans | ' | ' | ' |
Minimum percentage of annual contribution per employee | 1.00% | ' | ' |
Maximum percentage of annual contribution per employee | 25.00% | ' | ' |
Percentage of employer matching contribution | 50.00% | ' | ' |
Threshold limit percentage of employee compensation | 6.00% | ' | ' |
Maximum period of vesting in contribution of employer | 'after three years of service | ' | ' |
Employer contribution | $5,451 | $5,088 | $4,074 |
Employee_Benefit_Plans_Detail_3
Employee Benefit Plans (Detail Textuals 3) (Stock Incentive Plans, USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Incentive Plans | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Period of stock options and restricted stock issued | '10 years | ' | ' |
Common stock reserved for future issuance | 7,593,750 | ' | ' |
Number of shares available for grants | 1,355,431 | ' | ' |
Pre-tax stock-based employee compensation expense | $8,177 | $7,860 | $8,075 |
After tax stock-based employee compensation expense | $5,192 | $4,991 | $5,128 |
Employee_Benefit_Plans_Detail_4
Employee Benefit Plans (Detail Textuals 4) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Tax benefits for compensation expense for restricted stock awards | $3,178 | $2,724 | $3,371 |
Proceeds received upon exercise of stock options | ' | 544 | 728 |
Fair value of shares tendered to exercise under employee stock options | ' | 377 | 720 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Minimum ownership considered major owner | 10.00% | ' | ' |
Percentage of fair market value of the common stock for major owners | 110.00% | ' | ' |
Vesting period | '5 years | ' | ' |
Expiration period of the stock | '10 years | ' | ' |
Expiration period of the stock of majority owners | '5 years | ' | ' |
Total intrinsic value of stock options exercised | ' | 7,467 | 11,882 |
Tax benefits associated with the exercise of stock options exercised | ' | 431 | 799 |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of restricted shares issued vest | 20.00% | ' | ' |
Period of lapse restricted shares issued vest | '6 years | ' | ' |
Weighted average grant date fair value (in dollars per share) | $13.68 | $11.69 | $11.59 |
Total fair value of shares vested | 15,471 | 10,695 | 11,861 |
Tax benefits for compensation expense for restricted stock awards | 3,178 | 2,293 | 2,572 |
Unrecognized compensation cost related to non-vested restricted shares | $34,614 | ' | ' |
Period for recognition of compensation cost related to non-vested restricted shares | '3.2 years | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Detail Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Company's voting power held by group | 'one vote | ' | ' |
Marine Products | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Spinoff transaction percentage | 100.00% | ' | ' |
Marine Products | Transition Support Services Agreement | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Aggregate amount of services received | $670,000 | $544,000 | $639,000 |
Due from related parties during the current period | 145,000 | 94,000 | ' |
Other | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Products or services from suppliers | 1,039,000 | 1,676,000 | 1,469,000 |
Administrative services and rent | $83,000 | $83,000 | $102,000 |
Company's voting power held by group | 'excess of fifty percent | ' | ' |
Business_Segment_Information_S
Business Segment Information - Summary of financial information concerning reportable segments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $1,861,489 | $1,945,023 | $1,809,807 |
Operating profit (loss) | 275,413 | 442,390 | 482,081 |
Capital expenditures | 201,681 | 328,936 | 416,400 |
Depreciation and amortization | 213,128 | 214,899 | 179,905 |
Identifiable assets | 1,383,860 | 1,367,163 | 1,338,211 |
Operating Segments | Technical Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 1,729,732 | 1,794,015 | 1,663,793 |
Operating profit (loss) | 276,246 | 420,231 | 451,259 |
Capital expenditures | 167,586 | 277,686 | 369,568 |
Depreciation and amortization | 181,026 | 183,762 | 152,252 |
Identifiable assets | 1,113,877 | 1,128,124 | 1,103,341 |
Operating Segments | Support Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 131,757 | 151,008 | 146,014 |
Operating profit (loss) | 26,223 | 45,912 | 51,672 |
Capital expenditures | 32,250 | 46,053 | 42,837 |
Depreciation and amortization | 31,417 | 30,707 | 27,464 |
Identifiable assets | 202,243 | 175,611 | 177,974 |
Corporate | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | ' | ' | ' |
Operating profit (loss) | -17,685 | -17,654 | -17,019 |
Capital expenditures | 1,845 | 5,197 | 3,995 |
Depreciation and amortization | 685 | 430 | 189 |
Identifiable assets | 67,740 | 63,428 | 56,896 |
Loss on disposition of assets, net | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | ' | ' | ' |
Operating profit (loss) | -9,371 | -6,099 | -3,831 |
Capital expenditures | ' | ' | ' |
Depreciation and amortization | ' | ' | ' |
Identifiable assets | ' | ' | ' |
Business_Segment_Information_S1
Business Segment Information - Summary of selected information between United States and all international locations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $1,861,489 | $1,945,023 | $1,809,807 |
United States Revenues | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 1,795,592 | 1,870,815 | 1,757,661 |
International Revenues | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $65,897 | $74,208 | $52,146 |
Business_Segment_Information_D
Business Segment Information (Detail Textuals) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Business Segment Information | ' |
Number of reportable segments | 2 |
Percentage of assets related to international operations | ' |
Less than 10% |
VALUATION_AND_QUALIFYING_ACCOU1
VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for doubtful accounts | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | $9,110 | $8,093 | $8,694 | |||
Charged to Costs and Expenses | 8,815 | 1,784 | 2,868 | |||
Net (Deductions) Recoveries | -4,428 | [1] | -767 | [1] | -3,469 | [1] |
Balance at End of Period | 13,497 | 9,110 | 8,093 | |||
Deferred tax asset valuation allowance | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | 1,003 | 1,295 | 1,295 | |||
Charged to Costs and Expenses | ' | ' | ' | |||
Net (Deductions) Recoveries | -920 | [2] | -292 | [2] | ' | |
Balance at End of Period | $83 | $1,003 | $1,295 | |||
[1] | Net (deductions) recoveries in the allowance for doubtful accounts principally reflect the write-off of previously reserved accounts net of recoveries. | |||||
[2] | The valuation allowance for deferred tax assets is increased or decreased each year to reflect the state net operating losses that management believes will not be utilized before they expire. |