RPC (RES) 10-Q 26 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 20, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Entity File Number	001-08726
Entity Registrant Name	RPC, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-1550825
Entity Address, Address Line One	2801 Buford Highway, Suite 300
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30329
City Area Code	404
Local Phone Number	321-2140
Title of 12(b) Security	Common stock, par value $0.10
Trading Symbol	RES
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		216,228,372
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000742278
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 171,874	$ 126,424
Accounts receivable, net of allowance for credit losses of $6,910 in 2023 and $7,078 in 2022	326,778	416,568
Inventories	109,969	97,107
Income taxes receivable	62,889	42,403
Prepaid expenses	11,701	17,753
Other current assets	3,228	3,086
Total current assets	686,439	703,341
Property, plant and equipment, less accumulated depreciation of $795,047 in 2023 and $775,334 in 2022	436,336	333,093
Operating lease right-of-use assets	25,567	28,864
Finance lease right-of-use assets	1,101
Goodwill	50,824	32,150
Other intangibles, net	13,354	1,084
Other assets	33,752	30,481
Total assets	1,247,373	1,129,013
LIABILITIES
Accounts payable	88,389	115,213
Accrued payroll and related expenses	27,909	33,161
Accrued insurance expenses	6,760	3,232
Accrued state, local and other taxes	6,196	4,296
Income taxes payable	259	499
Pension liabilities		9,610
Current portion of operating lease liabilities	7,959	10,728
Accrued expenses and other liabilities	2,640	1,864
Total current liabilities	140,112	178,603
Long-term accrued insurance expenses	9,489	7,149
Long-term retirement plan liabilities	21,898	23,106
Deferred income taxes	50,472	37,473
Long-term operating lease liabilities	19,040	19,517
Long-term finance lease liabilities	882
Other long-term liabilities	7,724	5,430
Total liabilities	249,617	271,278
Commitments and contingencies (Note 11)
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, 216,228,372 and 216,609,191 shares issued and outstanding in 2023 and 2022, respectively	21,623	21,661
Capital in excess of par value	0	0
Retained earnings	978,496	856,013
Accumulated other comprehensive loss	(2,363)	(19,939)
Total stockholders' equity	997,756	857,735
Total liabilities and stockholders' equity	$ 1,247,373	$ 1,129,013

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 6,910	$ 7,078
Accumulated depreciation	$ 795,047	$ 775,334
Preferred 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, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	349,000,000	349,000,000
Common stock, shares issued (in shares)	216,228,372	216,609,191
Common stock, shares outstanding (in shares)	216,228,372	216,609,191

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 330,417	$ 459,601	$ 1,222,943	$ 1,119,732
Cost of revenues (exclusive of depreciation and amortization shown separately below)	239,084	309,790	810,120	779,544
Selling, general and administrative expenses	42,012	38,243	127,813	110,362
Pension settlement charges			18,286
Depreciation and amortization	28,388	20,941	78,716	60,501
Gain on disposition of assets, net	(1,778)	(1,543)	(7,729)	(6,295)
Operating income	22,711	92,170	195,737	175,620
Interest expense	(101)	(143)	(246)	(543)
Interest income	1,450	329	6,003	472
Other income (expense), net	804	(67)	2,196	516
Income before income taxes	24,864	92,289	203,690	176,065
Income tax provision	6,547	22,949	48,836	44,707
Net income	$ 18,317	$ 69,340	$ 154,854	$ 131,358
Earnings per share
Basic (in dollars per share)	$ 0.08	$ 0.32	$ 0.71	$ 0.61
Diluted (in dollars per share)	0.08	0.32	0.71	0.61
Dividends paid per share (in dollars per share)	$ 0.04	$ 0.02	$ 0.12	$ 0.02

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 18,317	$ 69,340	$ 154,854	$ 131,358
Other comprehensive income:
Pension adjustment and reclassification adjustment, net of taxes		195	17,254	585
Foreign currency translation	(101)	(90)	322	91
Comprehensive income	$ 18,216	$ 69,445	$ 172,430	$ 132,034

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balance at Dec. 31, 2021	$ 21,563		$ 640,936	$ (20,708)	$ 641,791
Balance (in shares) at Dec. 31, 2021	215,629,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 104	$ 1,393			1,497
Stock issued for stock incentive plans, net (in shares)	1,037,000
Stock purchased and retired	$ (19)	(1,393)	502		(910)
Stock purchased and retired (in shares)	(190,000)
Net income			15,079		15,079
Pension adjustment, net of taxes				195	195
Foreign currency translation				116	116
Balance at Mar. 31, 2022	$ 21,648		656,517	(20,397)	657,768
Balance (in shares) at Mar. 31, 2022	216,476,000
Balance at Dec. 31, 2021	$ 21,563		640,936	(20,708)	641,791
Balance (in shares) at Dec. 31, 2021	215,629,000
Increase (Decrease) in Stockholders' Equity
Net income					131,358
Foreign currency translation					91
Balance at Sep. 30, 2022	$ 21,663		771,779	(20,032)	773,410
Balance (in shares) at Sep. 30, 2022	216,631,000
Balance at Mar. 31, 2022	$ 21,648		656,517	(20,397)	657,768
Balance (in shares) at Mar. 31, 2022	216,476,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 18	1,677			1,695
Stock issued for stock incentive plans, net (in shares)	186,000
Stock purchased and retired		(1,677)	1,677
Net income			46,939		46,939
Pension adjustment, net of taxes				195	195
Foreign currency translation				65	65
Balance at Jun. 30, 2022	$ 21,666		705,133	(20,137)	706,662
Balance (in shares) at Jun. 30, 2022	216,662,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ (3)	1,575			1,572
Stock issued for stock incentive plans, net (in shares)	(31,000)
Stock purchased and retired		(1,575)	1,573		(2)
Net income			69,340		69,340
Dividends			(4,267)		(4,267)
Pension adjustment, net of taxes				195	195
Foreign currency translation				(90)	(90)
Balance at Sep. 30, 2022	$ 21,663		771,779	(20,032)	773,410
Balance (in shares) at Sep. 30, 2022	216,631,000
Balance at Dec. 31, 2022	$ 21,661		856,013	(19,939)	$ 857,735
Balance (in shares) at Dec. 31, 2022	216,609,000				216,609,191
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 115	1,687			$ 1,802
Stock issued for stock incentive plans, net (in shares)	1,149,000
Stock purchased and retired	$ (139)	(1,687)	(9,523)		(11,349)
Stock purchased and retired (in shares)	(1,388,000)
Net income			71,524		71,524
Dividends			(8,679)		(8,679)
Pension adjustment, net of taxes				16,678	16,678
Foreign currency translation				(16)	(16)
Balance at Mar. 31, 2023	$ 21,637		909,335	(3,277)	927,695
Balance (in shares) at Mar. 31, 2023	216,370,000
Balance at Dec. 31, 2022	$ 21,661		856,013	(19,939)	$ 857,735
Balance (in shares) at Dec. 31, 2022	216,609,000				216,609,191
Increase (Decrease) in Stockholders' Equity
Net income					$ 154,854
Foreign currency translation					322
Balance at Sep. 30, 2023	$ 21,623		978,496	(2,363)	$ 997,756
Balance (in shares) at Sep. 30, 2023	216,228,000				216,228,372
Balance at Mar. 31, 2023	$ 21,637		909,335	(3,277)	$ 927,695
Balance (in shares) at Mar. 31, 2023	216,370,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 4	2,312			2,316
Stock issued for stock incentive plans, net (in shares)	40,000
Stock purchased and retired		(2,312)	2,310		(2)
Stock purchased and retired (in shares)	(1,000)
Net income			65,013		65,013
Dividends			(8,635)		(8,635)
Pension adjustment, net of taxes				576	576
Foreign currency translation				439	439
Balance at Jun. 30, 2023	$ 21,641		968,023	(2,262)	987,402
Balance (in shares) at Jun. 30, 2023	216,409,000
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ (4)	1,919			1,915
Stock issued for stock incentive plans, net (in shares)	(44,000)
Stock purchased and retired	$ (14)	$ (1,919)	790		(1,143)
Stock purchased and retired (in shares)	(137,000)
Net income			18,317		18,317
Dividends			(8,634)		(8,634)
Foreign currency translation				(101)	(101)
Balance at Sep. 30, 2023	$ 21,623		$ 978,496	$ (2,363)	$ 997,756
Balance (in shares) at Sep. 30, 2023	216,228,000				216,228,372

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 154,854	$ 131,358
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	78,758	61,352
Stock-based compensation expense	6,033	4,764
Gain on disposition of assets, net	(7,729)	(6,295)
Deferred income tax provision	7,845	13,284
Pension settlement charges	18,286
(Increase) decrease in assets:
Accounts receivable	102,591	(211,375)
Income taxes receivable	(20,486)	13,038
Inventories	(11,506)	(14,708)
Prepaid expenses	6,437	2,907
Other current assets	(167)	(83)
Other non-current assets	(2,341)	6,393
Increase (decrease) in liabilities:
Accounts payable	(31,569)	42,700
Income taxes payable	(240)	(139)
Accrued payroll and related expenses	(5,245)	10,759
Accrued insurance expenses	3,528	(5,702)
Accrued state, local and other taxes	1,900	4,309
Accrued expenses and other liabilities	(4,385)	(2,804)
Pension and retirement plans liabilities	(6,696)	(6,044)
Long-term accrued insurance expenses	2,340	(3,762)
Other long-term liabilities	6,934	976
Net cash provided by operating activities	299,142	40,928
INVESTING ACTIVITIES
Capital expenditures	(148,816)	(90,227)
Proceeds from sale of assets	12,569	11,572
Purchase of business	(78,798)
Net cash used for investing activities	(215,045)	(78,655)
FINANCING ACTIVITIES
Payment of dividends	(25,948)	(4,267)
Cash paid for common stock purchased and retired	(12,445)	(912)
Cash paid for finance lease and finance obligations	(254)	(3,642)
Net cash used for financing activities	(38,647)	(8,821)
Net increase (decrease) in cash and cash equivalents	45,450	(46,548)
Cash and cash equivalents at beginning of period	126,424	82,433
Cash and cash equivalents at end of period	171,874	35,885
Supplemental cash flows disclosure:
Income tax payments, net	61,484	18,615
Interest paid	124	127
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 9,527	$ 13,912

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2023
GENERAL
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (RPC or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These consolidated financial statements have been prepared in accordance with Accounting Standards Codification (ASC) Topic 810, “Consolidation” and Rule 3A-02(a) of Regulation S-X. In accordance with ASC Topic 810 and Rule 3A-02 (a) of Regulation S-X, the Company’s policy is to consolidate all subsidiaries and investees where it has voting control. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2022. A group that includes Gary W. Rollins, Pamela R. Rollins, Amy Rollins Kreisler and Timothy C. Rollins, each of whom is a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power. ​ Certain prior year amounts have been reclassified to conform to the presentation in the current year. ​

RECENT ACCOUNTING STANDARDS

RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2023
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS ​ Recently Adopted Accounting Standards: ​ ACCOUNTING STANDARDS UPDATE (ASU) No. 2021-08: Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: The amendments in this ASU address diversity in practice related to the accounting for revenue contracts with customers acquired in a business combination, by adopting guidance requiring an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer would recognize and measure the acquired contract assets and contract liabilities in the same manner that they were recognized and measured in the acquiree's financial statements before the acquisition. The Company adopted these provisions in the second quarter of 2023 prospectively for future acquisitions. For the acquisition completed effective in the third quarter of 2023, the Company has recognized the contract assets and contract liabilities in the same manner as the acquiree. See Note 3 titled Business Acquisition for additional information. The adoption did not have a material impact on its consolidated financial statements .

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS	9 Months Ended
	Sep. 30, 2023
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS	3. BUSINESS ACQUISITION Effective July 1, 2023 (Effective Date), the Company completed its acquisition of all of the outstanding equity interests in Spinnaker Oilwell Services, LLC (Spinnaker), pursuant to a Merger Agreement (Merger Agreement) with Catapult Energy Services Group, LLC, as the representative of the Sellers. Spinnaker, headquartered in Oklahoma City, Oklahoma, is a leading provider of oilfield cementing services in the Permian and Mid-Continent basins. Spinnaker operates two facilities located in El Reno, Oklahoma and Hobbs, New Mexico and maintains 18 full-service cementing spreads. This acquisition significantly expanded RPC's cementing business from its presence in South Texas to basins in which it currently provides other services. Spinnaker is included in our Technical Services Segment. The purchase price was $79.3 million for 100 percent of Spinnaker’s equity, and consisted of approximately $76.8 million in cash, a $2.0 million pay-off of capital lease liabilities together with an assumption of $518 thousand of capital lease liabilities. The Merger Agreement includes a post-closing adjustment window for an agreed-upon level of Spinnaker’s working capital, as well as other usual and customary items, which is reflected in the purchase price allocation below and expected to be finalized during the fourth quarter of 2023. Acquisition-related transaction costs of $767 thousand were recorded during the nine months ended September 30, 2023, and included in Selling, general and administrative expenses in the Consolidated Statements of Operations. The acquisition was funded with cash on hand. The acquisition was accounted for as a business combination with the assets acquired and liabilities assumed measured at their fair values as of the acquisition date, primarily using Level 3 inputs. The acquisition consideration allocation below is preliminary, pending finalization of the working capital settlement and the final review of certain assets’ fair value. The excess of the acquisition consideration over the estimated fair values of the acquired assets and assumed liabilities has been assigned to goodwill which is primarily attributable to expected revenue synergies. As additional information becomes available, we may further revise the preliminary acquisition consideration allocation during the remainder of the measurement period, which will not exceed twelve months from the closing of the acquisition. Such revisions or changes, if any, are currently not expected but may be material. ​ ​ ​ ​ ​ ​ ​ Preliminary Fair Value (in thousands) ​ as of July 1, 2023 Accounts receivable ​ $ 12,836 Inventories ​ ​ 1,373 Prepaid and other current assets ​ ​ 384 Accounts payable ​ ​ (4,499) Property, plant and equipment ​ ​ 37,374 Operating lease right-of-use assets ​ ​ 46 Current portion of operating lease liabilities ​ ​ (31) Long-term operating lease liabilities ​ ​ (15) Finance lease right-of-use assets ​ ​ 1,165 Current portion of finance lease liabilities ​ ​ (247) Long-term finance lease liabilities ​ ​ (944) Goodwill ​ ​ 18,674 Other intangibles ​ ​ 13,200 Total consideration ​ ​ 79,316 Less: Assumption of capital lease liabilities (1) ​ ​ (518) Total cash consideration ​ $ 78,798 ​ ​ ​ ​ (1) Disclosed as part of Accrued expenses and other current liabilities on ​ ​ ​ the Consolidated Balance Sheet as of September 30, 2023. ​ ​ ​ ​ The fair value of receivables acquired approximates the gross contractual value. The contractual amount not expected to be collected is immaterial. The fair value of acquired inventory was based on the lower of cost and net realizable value, with cost determined using the weighted-average cost method. Property, plant and equipment is comprised of buildings and leasehold improvements, machinery and equipment, vehicles, land, and information technology. The preliminary estimated fair value was determined using the cost and market approaches. The Company assumed the following leases and obligations as of the Effective Date - a finance lease for certain land and facilities with a remaining lease term of approximately 4.5 years; three spreads under failed sale and lease back arrangements with varying expiration dates; and an operating lease for an office space with a remaining lease term of approximately 1.5 years. There were no favorable or unfavorable market terms for the leases. Acquired intangible assets include customer relationships, tradenames and trademarks. Intangible assets were valued using the multi-period excess earnings and relief-from-royalty methods, both forms of the income approach which considers a forecast of future cash flows generated from the use of each asset. The following table shows the preliminary fair values assigned to identifiable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average (in thousands) ​ Fair Value Amortization Period (Years) ​ ​ ​ ​ ​ ​ Customer Relationships ​ $ 10,000 ​ 10 Trade Names and Trademarks ​ ​ 3,200 ​ 10 Total Amortizable Intangible Assets ​ $ 13,200 ​ ​ ​ Revenues and Net income of Spinnaker included in the Company's Consolidated Statements of Operations from the acquisition date are as follows: ​ ​ ​ ​ ​ (in thousands) ​ Three months ended September 30, 2023 Revenues ​ $ 22,173 Net income ​ ​ 1,761 ​ The supplemental pro forma financial information has been prepared using the acquisition method of accounting and is based on the historical financial information of Spinnaker and RPC. This proforma financial information does not necessarily represent what the combined company’s revenues or results of operations would have been had the acquisition been completed on January 1, 2022, nor do they intend to be a projection of future operating results of the combined company. It also does not reflect any operating efficiencies or potential cost savings that might be achieved from synergies of combining Spinnaker and RPC. ​ ​ The following table provides unaudited supplemental pro forma financial information as if the acquisition had occurred on January 1, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, (in thousands) ​ ​ 2023 ​ 2022 Revenues ​ $ 330,417 $ 482,779 Net income ​ ​ 18,317 ​ 73,405 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, (in thousands) ​ ​ 2023 ​ 2022 Revenues ​ $ 1,274,700 $ 1,183,765 Net income ​ ​ 163,951 ​ 143,075 ​

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2023
REVENUES
REVENUES	4. REVENUES Accounting Policy: RPC’s contract revenues are generated principally from providing oilfield services. These services are based on mutually agreed upon pricing with the customer prior to the services being delivered and, given the nature of the services, do not include the right of return. Pricing for these services is a function of rates based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. RPC typically satisfies its performance obligations over time as the services are performed. RPC records revenues based on the transaction price agreed upon with its customers. Sales tax charged to customers is presented on a net basis within the accompanying Consolidated Statements of Operations and therefore excluded from revenues. Nature of services: RPC provides a broad range of specialized oilfield services to independent and major oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States and in selected international markets. RPC manages its business as either (1) services offered on the well site with equipment and personnel (Technical Services) or (2) services and tools offered off the well site (Support Services). For more detailed information about operating segments, see Note 8. Our contracts with customers are generally short-term in nature and generally consist of a single performance obligation – the provision of oilfield services. RPC contracts with its customers to provide the following services by reportable segment: Technical Services ● Support Services ● ● Payment terms: RPC’s contracts with customers state the final terms of the sales, including the description, quantity, and price of each service to be delivered. The Company’s contracts are generally short-term in nature and in most situations, RPC provides services ahead of payment - i.e., RPC has fulfilled the performance obligation prior to submitting a customer invoice. RPC invoices the customer upon completion of the specified services and collection is generally expected between 30 to 60 days after invoicing. As the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the services are provided to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to our arrangements with customers. Significant judgments: RPC believes the output method is a reasonable measure of progress for the satisfaction of our performance obligations, which are satisfied over time, as it provides a faithful depiction of (1) our performance toward complete satisfaction of the performance obligation under the contract and (2) the value transferred to the customer of the services performed under the contract. RPC has elected the right to invoice practical expedient for recognizing revenue related to its performance obligations. Disaggregation of revenues: See Note 8 for disaggregation of revenue by operating segment and services offered in each of them and by geographic regions. Contract balances: Contract assets representing the Company’s rights to consideration for work completed but not billed are included in accounts receivable, net in the accompanying Consolidated Balance Sheets are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (in thousands) 2023 2022 Unbilled trade receivables ​ $ 75,670 ​ $ 103,498 ​ Substantially all of the unbilled trade receivables disclosed were or are expected to be invoiced during the following quarter.

DEPRECIATION AND AMORTIZATION

DEPRECIATION AND AMORTIZATION	9 Months Ended
	Sep. 30, 2023
DEPRECIATION AND AMORTIZATION
DEPRECIATION AND AMORTIZATION	5. DEPRECIATION AND AMORTIZATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) ​ 2023 ​ ​ 2022 ​ 2023 ​ ​ 2022 Cost of revenues ​ $ 25,590 ​ $ 18,795 ​ $ 71,249 ​ $ 53,942 Selling, general and administrative expenses ​ ​ 2,798 ​ ​ 2,146 ​ ​ 7,467 ​ ​ 6,559 Total ​ ​ 28,388 ​ ​ 20,941 ​ ​ 78,716 ​ ​ 60,501 ​

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	6. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. The following table shows the restricted shares of common stock (participating securities) outstanding and a reconciliation of outstanding weighted average shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Net income available for stockholders ​ $ 18,317 ​ $ 69,340 ​ $ 154,854 ​ $ 131,358 ​ Less: Adjustments for earnings attributable to participating securities ​ ​ (279) ​ ​ (1,041) ​ ​ (2,477) ​ ​ (1,910) ​ Net income used in calculating earnings per share ​ $ 18,038 ​ $ 68,299 ​ $ 152,377 ​ $ 129,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 216,333 ​ 216,647 ​ 216,631 ​ 216,485 ​ Adjustment for participating securities ​ (3,543) ​ (3,288) ​ (3,549) ​ (3,163) ​ Shares used in calculating basic and diluted earnings per share ​ 212,790 ​ 213,359 ​ 213,082 ​ 213,322 ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION In April 2014, the Company reserved 8,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of 10 years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including, among others incentive and non-qualified stock options and restricted shares. As of September 30, 2023, there were 910,397 shares available for grant. In the first quarter of 2023, the Company issued time-lapse restricted shares to certain employees that will vest ratably over a period of four years . In addition, the Company granted performance share unit awards to its executive officers and certain other employees that vest based on the achievement of pre-established financial performance targets and relative total shareholder return performance. The awards will be issued at different levels based on the performance achieved with a cliff vesting at the end of the Company’s fiscal year ending 2025. The Company evaluated the portions of the awards that are probable to vest and has accrued compensation expense at 100 percent of the target awards. Stock-based employee compensation expense for the three and nine months ended September 30, 2023 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2023 ​ 2022 2023 ​ 2022 Pre-tax expense ​ $ 1,915 ​ $ 1,572 ​ $ 6,033 ​ $ 4,764 After tax expense ​ $ 1,320 ​ $ 1,145 ​ $ 4,446 ​ $ 3,554 ​ The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at January 1, 2023 ​ 3,248,728 ​ $ 6.87 Granted 1,235,728 ​ 9.50 Vested (858,425) ​ 8.60 Forfeited (91,186) ​ 7.71 Non-vested shares at September 30, 2023 3,534,845 ​ $ 7.35 ​ The total fair value of shares vested was $7.8 million during the nine months ended September 30, 2023 and $2.8 million during the nine months ended September 30, 2022. Excess tax benefits or deficits realized from tax compensation deductions in excess of, or lower than, compensation expense are recorded as either a beneficial or detrimental discrete income tax adjustment. This was a favorable adjustment of $195 thousand for the nine months ended September 30, 2023 and a detrimental adjustment of $655 thousand for the nine months ended September 30, 2022. The table above does not include any of the activity related to performance share unit awards since they are not currently issued or vested.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2023
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	8. BUSINESS SEGMENT INFORMATION RPC’s reportable segments are the same as its operating segments. RPC manages its business under Technical Services and Support Services. Technical Services is comprised of service lines that generate revenue based on equipment, personnel or materials at the well site and are closely aligned with completion and production activities of the customers. Support Services is comprised of service lines which generate revenue from services and tools offered off the well site and are more closely aligned with the customers’ drilling activities. Selected overhead including certain centralized support services and regulatory compliance are classified as Corporate. Technical Services consists primarily of pressure pumping, downhole tools, coiled tubing, cementing, snubbing, nitrogen, well control, wireline and fishing. The services offered under Technical Services are high capital and personnel intensive businesses. The Company considers all of these services to be closely integrated oil and gas well servicing businesses and makes resource allocation and performance assessment decisions based on this operating segment as a whole across these various services. Support Services consist primarily of drill pipe and related tools, pipe handling, pipe inspection and storage services, and oilfield training and consulting services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The Company’s Chief Operating Decision Maker (CODM) assesses performance and makes resource allocation decisions regarding, among others, staffing, growth and maintenance capital expenditures and key initiatives based on the operating segments outlined above. Segment Revenues: RPC’s operating segment revenues by major service lines are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Technical Services: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pressure Pumping ​ $ 110,622 ​ $ 257,933 ​ $ 585,243 ​ $ 572,472 ​ Downhole Tools ​ 96,261 ​ 102,831 ​ ​ 305,254 ​ 273,828 ​ Coiled Tubing ​ 36,820 ​ 37,407 ​ ​ 115,241 ​ 100,572 ​ Cementing ​ ​ 26,731 ​ ​ 6,489 ​ ​ 38,995 ​ ​ 15,429 ​ Nitrogen ​ 12,211 ​ 10,335 ​ ​ 37,027 ​ 28,727 ​ Snubbing ​ 5,669 ​ 7,100 ​ ​ 20,432 ​ 20,337 ​ All other ​ 14,755 ​ 13,680 ​ ​ 42,886 ​ 46,862 ​ Total Technical Services ​ $ 303,069 ​ $ 435,775 ​ $ 1,145,078 ​ $ 1,058,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Support Services: ​ ​ ​ ​ ​ Rental Tools ​ $ 20,119 ​ $ 17,880 ​ $ 56,129 ​ $ 45,257 ​ All other ​ 7,229 ​ 5,946 ​ 21,736 ​ 16,248 ​ Total Support Services ​ $ 27,348 ​ $ 23,826 ​ $ 77,865 ​ $ 61,505 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 330,417 ​ $ 459,601 ​ $ 1,222,943 ​ $ 1,119,732 ​ ​ The following summarizes revenues for the United States and separately for all international locations combined for the three and nine months ended September 30, 2023 and 2022. The revenues are presented based on the location of the use of the equipment or services. Assets related to international operations are less than 10 percent of RPC’s consolidated assets, and therefore are not presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ United States revenues ​ $ 323,159 ​ $ 450,359 ​ $ 1,201,977 ​ $ 1,094,528 ​ International revenues ​ 7,258 ​ 9,242 ​ ​ 20,966 ​ 25,204 ​ Total revenues ​ $ 330,417 ​ $ 459,601 ​ $ 1,222,943 ​ $ 1,119,732 ​ ​ The accounting policies of the reportable segments are the same as those referenced in Note 1 to these consolidated financial statements. RPC evaluates the performance of its segments based on revenues, operating profits and return on invested capital. Gains or losses on disposition of assets are reviewed by the CODM on a consolidated basis, and accordingly the Company does not report gains or losses at the segment level. Inter-segment revenues are generally recorded in segment operating results at prices that management believes approximate prices for arm’s length transactions and are not material to operating results. Summarized financial information with respect RPC’s reportable segments for the three and nine months ended September 30, 2023, and 2022 are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2023 2022 2023 2022 Revenues: ​ ​ ​ ​ Technical Services ​ $ 303,069 ​ $ 435,775 ​ $ 1,145,078 ​ $ 1,058,227 Support Services ​ 27,348 ​ 23,826 ​ 77,865 ​ 61,505 Total revenues ​ $ 330,417 ​ $ 459,601 ​ $ 1,222,943 ​ $ 1,119,732 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ 18,912 ​ $ 89,455 ​ $ 199,462 ​ $ 171,093 Support Services ​ 6,861 ​ 5,278 ​ 21,425 ​ 11,392 Corporate expenses ​ (4,840) ​ (4,106) ​ (14,593) ​ (13,160) Pension settlement charges ​ ​ — ​ ​ — ​ ​ (18,286) ​ ​ — Gain on disposition of assets, net ​ 1,778 ​ 1,543 ​ 7,729 ​ 6,295 Total operating income ​ $ 22,711 ​ $ 92,170 ​ $ 195,737 ​ $ 175,620 Interest expense ​ (101) ​ (143) ​ (246) ​ (543) Interest income ​ 1,450 ​ 329 ​ 6,003 ​ 472 Other income (expense), net ​ 804 ​ (67) ​ 2,196 ​ 516 Income before income taxes ​ $ 24,864 ​ $ 92,289 ​ $ 203,690 ​ $ 176,065 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2023 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 71,175 ​ $ 7,503 ​ $ 38 ​ $ 78,716 Capital expenditures ​ 136,237 ​ 9,159 ​ 3,420 ​ 148,816 Identifiable assets ​ ​ 873,819 ​ ​ 84,156 ​ ​ 289,398 ​ ​ 1,247,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2022 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 53,002 ​ $ 7,346 ​ $ 153 ​ $ 60,501 Capital expenditures ​ 79,828 ​ 9,558 ​ 841 ​ 90,227 Identifiable assets ​ ​ 836,310 ​ ​ 79,546 ​ ​ 139,727 ​ ​ 1,055,583 ​

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	9 Months Ended
	Sep. 30, 2023
CURRENT EXPECTED CREDIT LOSSES
CURRENT EXPECTED CREDIT LOSSES	​ 9. CURRENT EXPECTED CREDIT LOSSES The Company utilizes an expected credit loss model for valuing its accounts receivable, a financial asset measured at amortized cost. The Company is exposed to credit losses primarily from providing oilfield services. The Company’s expected allowance for credit losses for accounts receivable is based on historical collection experience, current and future economic and market conditions and a review of the current status of customers’ account receivable balances. Due to the short-term nature of such receivables, the estimated amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible and recoveries of amounts previously written off are recorded when collected. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected: ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 2022 (in thousands) ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 7,078 ​ $ 6,765 Provision for current expected credit losses ​ ​ 2,449 ​ 1,484 Write-offs ​ ​ (2,736) ​ (1,708) Recoveries collected (net of expenses) ​ ​ 119 ​ 14 Ending balance ​ $ 6,910 ​ $ 6,555 ​

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2023
INVENTORIES
INVENTORIES	10. INVENTORIES Inventories consist of (i) raw materials and supplies that are consumed providing services to the Company’s customers, (ii) spare parts for equipment used in providing these services and (iii) components and attachments for manufactured equipment used in providing services. In the table below, spare parts and components are included as part of raw materials and supplies; tools that are assembled using components are reported as finished goods. Inventories are recorded at the lower of cost or net realizable value. Cost is determined using first-in, first-out method or the weighted average cost method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (in thousands) ​ 2023 ​ 2022 Raw materials and supplies ​ $ 108,842 ​ $ 95,384 Finished goods ​ ​ 1,127 ​ 1,723 Ending balance ​ $ 109,969 ​ $ 97,107 ​

GOODWILL

GOODWILL	9 Months Ended
	Sep. 30, 2023
GOODWILL
GOODWILL	11. GOODWILL Goodwill represents the excess of the purchase price over the fair value of net assets of businesses acquired. The following is a summary of the changes in Goodwill by reporting unit for the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Technical Services Support Services ​ Total Beginning balance at January 1, 2023 $ 30,992 ​ $ 1,158 $ 32,150 Business acquisition (see note 3) ​ 18,674 ​ — ​ ​ 18,674 Ending balance at September 30, 2023 $ 49,666 ​ $ 1,158 ​ $ 50,824 ​

OTHER INTANGIBLES, NET

OTHER INTANGIBLES, NET	9 Months Ended
	Sep. 30, 2023
OTHER INTANGIBLES, NET
OTHER INTANGIBLES, NET	​ ​ 12. OTHER INTANGIBLES, NET Intangible assets are amortized over their legal or estimated useful life. The following table provides a summary of the gross carrying value and accumulated amortization by each major intangible class as of September 30, 2023, and December 31,2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ 2022 (in thousands) ​ ​ Gross Carrying Amount ​ Accumulated Amortization ​ ​ Gross ​ Accumulated Amortization Finite-lived Intangibles: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ $ 10,000 $ (250) ​ $ — $ — Trade Names and Trademarks ​ ​ 3,200 ​ (80) ​ ​ — ​ — Software licenses ​ ​ 2,202 ​ (1,723) ​ ​ 2,202 ​ (1,143) Patents and Technology ​ ​ 300 ​ (295) ​ ​ 300 ​ (275) ​ ​ $ 15,702 $ (2,348) ​ $ 2,502 $ (1,418) ​ During the third quarter of 2023, the Company acquired intangible assets; see Note 3 for additional details related to the intangible assets acquired. Amortization expense for each of the periods presented was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) ​ 2023 ​ ​ 2022 ​ 2023 ​ ​ 2022 Amortization of finite-lived intangible assets ​ $ 530 ​ $ 200 ​ $ 931 ​ $ 601 ​ Estimated amortization expenses based on balances as of September 30, 2023 were as follows: million 2025 2028

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Sales and Use Taxes - The Company has ongoing sales and use tax audits in various jurisdictions and may be subjected to varying interpretations of statute that could result in unfavorable outcomes. In accordance with ASC 450-20, Loss Contingencies, any probable and reasonable estimate of assessment costs have been included in Accrued state, local and other taxes. The Company has received a state tax notification of audit results related to sales and use tax and with its outside legal counsel has evaluated the perceived merits of this tax assessment. The Company believes the likelihood of a material loss related to this contingency is remote and cannot be reasonably estimated at this time. Therefore, no loss has been recorded and the Company currently does not believe the resolution of this claim will have a material impact on its consolidated financial position, results of operations or cash flows. ​

PENSION AND RETIREMENT PLANS LI

PENSION AND RETIREMENT PLANS LIABILITIES	9 Months Ended
	Sep. 30, 2023
PENSION AND RETIREMENT PLANS LIABILITIES
PENSION AND RETIREMENT PLANS LIABILITIES	14. PENSION AND RETIREMENT PLANS LIABILITIES The following represents the net periodic benefit cost and related components of the Company’s multiemployer Retirement Income Plan (Plan), a trusteed defined benefit pension plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ December 31, 2023 2022 2023 2022 ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost $ — $ 243 $ 41 $ 729 ​ Expected return on Plan assets ​ — ​ — ​ — ​ — ​ Amortization of net losses ​ 1 ​ 253 ​ 225 ​ 758 ​ Settlement loss ​ ​ — ​ ​ — ​ ​ 18,286 ​ ​ — ​ Net periodic benefit cost ​ $ 1 ​ $ 496 ​ $ 18,552 ​ $ 1,487 ​ ​ As part of its ongoing plan termination, the Company made a total cash contribution to the Plan of $5.4 million during the nine months ended September 30, 2023. The Company did not contribute to this Plan during the nine months ended September 30, 2022. ​ The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (SERP). The Company maintains certain securities primarily in mutual funds and company-owned life insurance policies as a funding source to satisfy the obligation of the SERP that have been classified as trading and are stated at fair value totaling $25.1 million as of September 30, 2023 and $24.2 million as of December 31, 2022. Trading losses related to the SERP assets totaled approximately $305 thousand during the three months ended September 30, 2023, compared to trading losses of approximately $2.6 million during the three months ended September 30, 2022. Trading gains related to the SERP assets totaled approximately $903 thousand during the nine months ended September 30, 2023, compared to trading losses of approximately $4.1 million during the nine months ended September 30, 2022. The SERP assets are reported in non-current Other assets in the accompanying Consolidated Balance Sheets and changes in the fair value of these assets are reported in the accompanying Consolidated Statements of Operations as compensation cost in Selling, general and administrative expenses. ​ The SERP liabilities include participant deferrals, net of distributions, and are stated at fair value of approximately $21.9 million as of September 30, 2023 and $23.1 million as of December 31, 2022. The SERP liabilities are reported in the accompanying Consolidated Balance Sheets in Long-term retirement plan liabilities and any change in the fair value is recorded as compensation cost within Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. Changes in the fair value of the SERP liabilities resulted in unrealized losses of approximately $262 thousand during the three months ended September 30, 2023, compared to unrealized losses of approximately $2.5 million during the three months ended September 30, 2022. Changes in the fair value of the SERP liabilities resulted in unrealized gains of approximately $1.0 million during the nine months ended September 30, 2023, compared to unrealized losses of approximately $3.9 million during the nine months ended September 30, 2022.

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	9 Months Ended
	Sep. 30, 2023
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	15. NOTES PAYABLE TO BANKS The Company has a revolving Credit Agreement with Bank of America and four other lenders which provides for a line of credit of up to $100.0 million, including a $35.0 million letter of credit subfacility, and a $35.0 million swingline subfacility. The facility contains customary terms and conditions, including restrictions on indebtedness, dividend payments, business combinations and other related items. The revolving credit facility includes a full and unconditional guarantee by the Company's 100 percent owned domestic subsidiaries whose assets equal substantially all of the consolidated assets of the Company and its subsidiaries. The Credit Agreement has a maturity date of June 22, 2027. The Credit Agreement contains three financial covenants. When RPC’s trailing four quarter EBITDA (as calculated under the Credit Agreement) is equal to or greater than $50.0 million: (i) the consolidated leverage ratio cannot exceed 2.50:1.00 and (ii) the debt service coverage ratio must be equal to or greater than 2.00:1.00; otherwise, the minimum tangible net worth must be greater than or equal to $400.0 million. As of September 30, 2023, the Company was in compliance with all covenants. Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: ● Term SOFR; plus, a margin ranging from 1.25% to 2.25% , based on a quarterly consolidated leverage ratio calculation, and an additional SOFR Adjustment ranging from 0.10% to 0.30% depending upon maturity length; or ● the Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50% , (b) Bank of America’s publicly announced, “prime rate,” (c) the Term SOFR plus 1.00% , or (d) 1.00% ; in each case plus a margin that ranges from 0.25% to 1.25% based on a quarterly consolidated leverage ratio calculation. In addition, the Company pays an annual fee ranging from 0.20% to 0.30%, based on a quarterly consolidated leverage ratio calculation, on the unused portion of the credit facility. The Company has incurred total loan origination fees and other debt related costs associated with this revolving credit facility in the aggregate of approximately $3.7 million. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining unamortized balance of approximately $300 thousand at September 30, 2023 is classified as part of non-current Other assets. As of September 30, 2023, RPC had no outstanding borrowings under the revolving credit facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaled $16.6 million; therefore, a total of $83.4 million of the facility was available. Interest incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan costs, and interest paid on the credit facility were as follows for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, (in thousands) 2023 2022 2023 2022 Interest incurred ​ $ 61 ​ $ 60 ​ $ 181 ​ $ 188 Interest paid ​ ​ 41 ​ ​ 4 ​ ​ 124 ​ ​ 127 ​ ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
INCOME TAXES
INCOME TAXES	16. INCOME TAXES The Company generally determines its periodic income tax expense or benefit based upon the current period income or loss and the annual estimated tax rate for the Company adjusted for discrete items including changes to prior period estimates. In certain instances, the Company uses the discrete method when it believes the actual year-to-date effective rate provides a more reliable estimate of its income tax rate for the period. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. ​ For the three months ended September 30, 2023, the effective rate reflects a provision of 26.3 percent compared to a provision of 24.9 percent for the comparable period in the prior year. For the nine months ended September 30, 2023, the effective rate reflects a provision of 24.0 percent compared to a provision of 25.4 percent for the comparable period in the prior year. The increase in the quarterly effective tax rate is primarily due to a decrease in pretax income and unfavorable discrete adjustments. ​

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2023
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	17. 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. 2. 3. The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis in the balance sheets as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2023 with: ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 349 ​ $ 349 ​ $ — ​ $ — Investments measured at net asset value ​ $ 25,081 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2022 with: ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 305 ​ $ 305 ​ $ — ​ $ — Investments measured at net asset value ​ $ 24,175 ​ ​ ​ ​ The Company determines the fair value of equity securities that have a readily determinable fair value through quoted market prices. The total fair value is the final closing price, as defined by the exchange in which the asset is actively traded, on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Marketable securities comprised of the SERP assets, are recorded primarily at their net cash surrender values, calculated using their net asset values, which approximates fair value, as provided by the issuing insurance or investment company. Significant observable inputs, in addition to quoted market prices, were used to value the equity securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the quarter ended September 30, 2023, there were no significant transfers in or out of levels 1, 2 or 3. Under the Company’s revolving credit facility, there was no balance outstanding at September 30, 2023 and December 31, 2022. Borrowings under our revolving credit facility are typically based on the quote from the lender (level 2 inputs), which approximates fair value, and bear variable interest rates as described in Note 13. The Company is subject to interest rate risk, to the extent there are outstanding borrowings on the variable component of the interest rate. The carrying amounts of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether it will elect this option for financial instruments acquired in the future.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	18. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ (in thousands) Adjustment Translation Total Balance at December 31, 2022 ​ $ (17,307) ​ $ (2,632) ​ $ (19,939) Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ 3,897 ​ 322 ​ 4,219 Tax expense ​ ​ (896) ​ ​ — ​ ​ (896) Pension settlement charges, net of taxes ​ ​ 14,080 ​ ​ — ​ ​ 14,080 Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 173 ​ — ​ 173 Total activity for the period ​ 17,254 ​ 322 ​ 17,576 Balance at September 30, 2023 ​ $ (53) ​ $ (2,310) ​ $ (2,363) (1) Reported as part of Selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ Pension ​ Currency ​ ​ (in thousands) Adjustment Translation Total Balance at December 31, 2021 ​ $ (18,071) ​ $ (2,637) ​ $ (20,708) Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ 91 ​ 91 Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 585 ​ — ​ 585 Total activity for the period ​ 585 ​ 91 ​ 676 Balance at September 30, 2022 ​ $ (17,486) ​ $ (2,546) ​ $ (20,032) (1) Reported as part of Selling, general and administrative expenses.

CASH PAID FOR COMMON STOCK PURC

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED	9 Months Ended
	Sep. 30, 2023
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED	19. CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED ​ shares remained available to be repurchased. The program does not have a preset expiration date. Repurchases of shares of the Company’s common stock may be made from time to time in the open market, by block purchases, in privately negotiated transactions or in such other manner as determined by the Company. The timing of the repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of the Company's shares, general market and economic conditions, and other factors. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or discontinued at any time. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ Nine months ended ​ ​ September 30, 2023 ​ September 30, 2022 ​ No. of shares ​ Avg. price ​ Total cost No. of shares ​ Avg. price Total cost Shares purchased for withholding taxes ​ ​ 256,309 $ 9.24 $ 2,367,178 ​ ​ 157,921 $ 5.77 $ 911,503 Open market purchases ​ ​ 1,269,056 ​ 7.94 ​ 10,077,532 ​ ​ — ​ — ​ — Total ​ ​ 1,525,365 $ 8.16 $ 12,444,710 ​ ​ 157,921 $ 5.77 $ 911,503 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	​ ​ ​ 20. ​ .

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 2023
RECENT ACCOUNTING STANDARDS
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards: ​ ACCOUNTING STANDARDS UPDATE (ASU) No. 2021-08: Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: The amendments in this ASU address diversity in practice related to the accounting for revenue contracts with customers acquired in a business combination, by adopting guidance requiring an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer would recognize and measure the acquired contract assets and contract liabilities in the same manner that they were recognized and measured in the acquiree's financial statements before the acquisition. The Company adopted these provisions in the second quarter of 2023 prospectively for future acquisitions. For the acquisition completed effective in the third quarter of 2023, the Company has recognized the contract assets and contract liabilities in the same manner as the acquiree. See Note 3 titled Business Acquisition for additional information. The adoption did not have a material impact on its consolidated financial statements .
Revenues	RPC’s contract revenues are generated principally from providing oilfield services. These services are based on mutually agreed upon pricing with the customer prior to the services being delivered and, given the nature of the services, do not include the right of return. Pricing for these services is a function of rates based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. RPC typically satisfies its performance obligations over time as the services are performed. RPC records revenues based on the transaction price agreed upon with its customers. Sales tax charged to customers is presented on a net basis within the accompanying Consolidated Statements of Operations and therefore excluded from revenues.

BUSINESS ACQUISITIONS (Tables)

BUSINESS ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2023
BUSINESS ACQUISITIONS
Schedule of assets acquired and liabilities assumed measured at their fair values as of the acquisition date	​ ​ ​ ​ ​ ​ ​ Preliminary Fair Value (in thousands) ​ as of July 1, 2023 Accounts receivable ​ $ 12,836 Inventories ​ ​ 1,373 Prepaid and other current assets ​ ​ 384 Accounts payable ​ ​ (4,499) Property, plant and equipment ​ ​ 37,374 Operating lease right-of-use assets ​ ​ 46 Current portion of operating lease liabilities ​ ​ (31) Long-term operating lease liabilities ​ ​ (15) Finance lease right-of-use assets ​ ​ 1,165 Current portion of finance lease liabilities ​ ​ (247) Long-term finance lease liabilities ​ ​ (944) Goodwill ​ ​ 18,674 Other intangibles ​ ​ 13,200 Total consideration ​ ​ 79,316 Less: Assumption of capital lease liabilities (1) ​ ​ (518) Total cash consideration ​ $ 78,798 ​ ​ ​ ​ (1) Disclosed as part of Accrued expenses and other current liabilities on ​ ​ ​ the Consolidated Balance Sheet as of September 30, 2023. ​ ​ ​
Schedule of preliminary fair values assigned to identifiable intangible asset	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average (in thousands) ​ Fair Value Amortization Period (Years) ​ ​ ​ ​ ​ ​ Customer Relationships ​ $ 10,000 ​ 10 Trade Names and Trademarks ​ ​ 3,200 ​ 10 Total Amortizable Intangible Assets ​ $ 13,200 ​ ​
Schedule of pro forma financial information	​ ​ ​ ​ ​ (in thousands) ​ Three months ended September 30, 2023 Revenues ​ $ 22,173 Net income ​ ​ 1,761 ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, (in thousands) ​ ​ 2023 ​ 2022 Revenues ​ $ 330,417 $ 482,779 Net income ​ ​ 18,317 ​ 73,405 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, (in thousands) ​ ​ 2023 ​ 2022 Revenues ​ $ 1,274,700 $ 1,183,765 Net income ​ ​ 163,951 ​ 143,075 ​

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2023
REVENUES
Schedule of contract assets included in accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (in thousands) 2023 2022 Unbilled trade receivables ​ $ 75,670 ​ $ 103,498

DEPRECIATION AND AMORTIZATION (

DEPRECIATION AND AMORTIZATION (Tables)	9 Months Ended
	Sep. 30, 2023
DEPRECIATION AND AMORTIZATION
Schedule of depreciation and amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) ​ 2023 ​ ​ 2022 ​ 2023 ​ ​ 2022 Cost of revenues ​ $ 25,590 ​ $ 18,795 ​ $ 71,249 ​ $ 53,942 Selling, general and administrative expenses ​ ​ 2,798 ​ ​ 2,146 ​ ​ 7,467 ​ ​ 6,559 Total ​ ​ 28,388 ​ ​ 20,941 ​ ​ 78,716 ​ ​ 60,501 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Net income available for stockholders ​ $ 18,317 ​ $ 69,340 ​ $ 154,854 ​ $ 131,358 ​ Less: Adjustments for earnings attributable to participating securities ​ ​ (279) ​ ​ (1,041) ​ ​ (2,477) ​ ​ (1,910) ​ Net income used in calculating earnings per share ​ $ 18,038 ​ $ 68,299 ​ $ 152,377 ​ $ 129,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 216,333 ​ 216,647 ​ 216,631 ​ 216,485 ​ Adjustment for participating securities ​ (3,543) ​ (3,288) ​ (3,549) ​ (3,163) ​ Shares used in calculating basic and diluted earnings per share ​ 212,790 ​ 213,359 ​ 213,082 ​ 213,322 ​ ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2023 ​ 2022 2023 ​ 2022 Pre-tax expense ​ $ 1,915 ​ $ 1,572 ​ $ 6,033 ​ $ 4,764 After tax expense ​ $ 1,320 ​ $ 1,145 ​ $ 4,446 ​ $ 3,554
Schedule of summary of the changes in non-vested restricted shares	The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at January 1, 2023 ​ 3,248,728 ​ $ 6.87 Granted 1,235,728 ​ 9.50 Vested (858,425) ​ 8.60 Forfeited (91,186) ​ 7.71 Non-vested shares at September 30, 2023 3,534,845 ​ $ 7.35 ​

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2023
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ Technical Services: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pressure Pumping ​ $ 110,622 ​ $ 257,933 ​ $ 585,243 ​ $ 572,472 ​ Downhole Tools ​ 96,261 ​ 102,831 ​ ​ 305,254 ​ 273,828 ​ Coiled Tubing ​ 36,820 ​ 37,407 ​ ​ 115,241 ​ 100,572 ​ Cementing ​ ​ 26,731 ​ ​ 6,489 ​ ​ 38,995 ​ ​ 15,429 ​ Nitrogen ​ 12,211 ​ 10,335 ​ ​ 37,027 ​ 28,727 ​ Snubbing ​ 5,669 ​ 7,100 ​ ​ 20,432 ​ 20,337 ​ All other ​ 14,755 ​ 13,680 ​ ​ 42,886 ​ 46,862 ​ Total Technical Services ​ $ 303,069 ​ $ 435,775 ​ $ 1,145,078 ​ $ 1,058,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Support Services: ​ ​ ​ ​ ​ Rental Tools ​ $ 20,119 ​ $ 17,880 ​ $ 56,129 ​ $ 45,257 ​ All other ​ 7,229 ​ 5,946 ​ 21,736 ​ 16,248 ​ Total Support Services ​ $ 27,348 ​ $ 23,826 ​ $ 77,865 ​ $ 61,505 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 330,417 ​ $ 459,601 ​ $ 1,222,943 ​ $ 1,119,732 ​
Schedule of revenue by geographical location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ ​ September 30, ​ September 30, ​ (in thousands) 2023 2022 2023 2022 ​ United States revenues ​ $ 323,159 ​ $ 450,359 ​ $ 1,201,977 ​ $ 1,094,528 ​ International revenues ​ 7,258 ​ 9,242 ​ ​ 20,966 ​ 25,204 ​ Total revenues ​ $ 330,417 ​ $ 459,601 ​ $ 1,222,943 ​ $ 1,119,732 ​
Schedule of segment reporting information by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) 2023 2022 2023 2022 Revenues: ​ ​ ​ ​ Technical Services ​ $ 303,069 ​ $ 435,775 ​ $ 1,145,078 ​ $ 1,058,227 Support Services ​ 27,348 ​ 23,826 ​ 77,865 ​ 61,505 Total revenues ​ $ 330,417 ​ $ 459,601 ​ $ 1,222,943 ​ $ 1,119,732 Operating income: ​ ​ ​ ​ ​ ​ ​ ​ Technical Services ​ $ 18,912 ​ $ 89,455 ​ $ 199,462 ​ $ 171,093 Support Services ​ 6,861 ​ 5,278 ​ 21,425 ​ 11,392 Corporate expenses ​ (4,840) ​ (4,106) ​ (14,593) ​ (13,160) Pension settlement charges ​ ​ — ​ ​ — ​ ​ (18,286) ​ ​ — Gain on disposition of assets, net ​ 1,778 ​ 1,543 ​ 7,729 ​ 6,295 Total operating income ​ $ 22,711 ​ $ 92,170 ​ $ 195,737 ​ $ 175,620 Interest expense ​ (101) ​ (143) ​ (246) ​ (543) Interest income ​ 1,450 ​ 329 ​ 6,003 ​ 472 Other income (expense), net ​ 804 ​ (67) ​ 2,196 ​ 516 Income before income taxes ​ $ 24,864 ​ $ 92,289 ​ $ 203,690 ​ $ 176,065 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2023 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 71,175 ​ $ 7,503 ​ $ 38 ​ $ 78,716 Capital expenditures ​ 136,237 ​ 9,159 ​ 3,420 ​ 148,816 Identifiable assets ​ ​ 873,819 ​ ​ 84,156 ​ ​ 289,398 ​ ​ 1,247,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the nine months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ September 30, 2022 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 53,002 ​ $ 7,346 ​ $ 153 ​ $ 60,501 Capital expenditures ​ 79,828 ​ 9,558 ​ 841 ​ 90,227 Identifiable assets ​ ​ 836,310 ​ ​ 79,546 ​ ​ 139,727 ​ ​ 1,055,583 ​

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	9 Months Ended
	Sep. 30, 2023
CURRENT EXPECTED CREDIT LOSSES
Schedule of roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected	​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 2022 (in thousands) ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 7,078 ​ $ 6,765 Provision for current expected credit losses ​ ​ 2,449 ​ 1,484 Write-offs ​ ​ (2,736) ​ (1,708) Recoveries collected (net of expenses) ​ ​ 119 ​ 14 Ending balance ​ $ 6,910 ​ $ 6,555 ​

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2023
INVENTORIES
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (in thousands) ​ 2023 ​ 2022 Raw materials and supplies ​ $ 108,842 ​ $ 95,384 Finished goods ​ ​ 1,127 ​ 1,723 Ending balance ​ $ 109,969 ​ $ 97,107 ​

GOODWILL (Tables)

GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2023
GOODWILL
Schedule of carrying amount of goodwill by reportable segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) Technical Services Support Services ​ Total Beginning balance at January 1, 2023 $ 30,992 ​ $ 1,158 $ 32,150 Business acquisition (see note 3) ​ 18,674 ​ — ​ ​ 18,674 Ending balance at September 30, 2023 $ 49,666 ​ $ 1,158 ​ $ 50,824 ​

OTHER INTANGIBLES, NET (Tables)

OTHER INTANGIBLES, NET (Tables)	9 Months Ended
	Sep. 30, 2023
OTHER INTANGIBLES, NET
Summary of gross carrying value and accumulated amortization by each major intangible class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ 2022 (in thousands) ​ ​ Gross Carrying Amount ​ Accumulated Amortization ​ ​ Gross ​ Accumulated Amortization Finite-lived Intangibles: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ $ 10,000 $ (250) ​ $ — $ — Trade Names and Trademarks ​ ​ 3,200 ​ (80) ​ ​ — ​ — Software licenses ​ ​ 2,202 ​ (1,723) ​ ​ 2,202 ​ (1,143) Patents and Technology ​ ​ 300 ​ (295) ​ ​ 300 ​ (275) ​ ​ $ 15,702 $ (2,348) ​ $ 2,502 $ (1,418)
Summary of amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, (in thousands) ​ 2023 ​ ​ 2022 ​ 2023 ​ ​ 2022 Amortization of finite-lived intangible assets ​ $ 530 ​ $ 200 ​ $ 931 ​ $ 601

PENSION AND RETIREMENT PLANS _2

PENSION AND RETIREMENT PLANS LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2023
PENSION AND RETIREMENT PLANS LIABILITIES
Schedule of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ December 31, 2023 2022 2023 2022 ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest cost $ — $ 243 $ 41 $ 729 ​ Expected return on Plan assets ​ — ​ — ​ — ​ — ​ Amortization of net losses ​ 1 ​ 253 ​ 225 ​ 758 ​ Settlement loss ​ ​ — ​ ​ — ​ ​ 18,286 ​ ​ — ​ Net periodic benefit cost ​ $ 1 ​ $ 496 ​ $ 18,552 ​ $ 1,487 ​

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	9 Months Ended
	Sep. 30, 2023
NOTES PAYABLE TO BANKS
Schedule of interest incurred and paid on the credit facility, interest capitalized related to facilities and equipment under construction, and the related weighted average interest rates on long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, (in thousands) 2023 2022 2023 2022 Interest incurred ​ $ 61 ​ $ 60 ​ $ 181 ​ $ 188 Interest paid ​ ​ 41 ​ ​ 4 ​ ​ 124 ​ ​ 127 ​ ​

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2023
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at September 30, 2023 with: ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 349 ​ $ 349 ​ $ — ​ $ — Investments measured at net asset value ​ $ 25,081 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2022 with: ​ ​ ​ ​ Quoted prices in ​ Significant ​ ​ ​ ​ ​ ​ active markets ​ other ​ Significant ​ ​ ​ ​ for identical ​ observable ​ unobservable (in thousands) Total assets inputs inputs ​ (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ $ 305 ​ $ 305 ​ $ — ​ $ — Investments measured at net asset value ​ $ 24,175 ​ ​ ​ ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2023
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive (loss) income	Accumulated other comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ Pension ​ Currency ​ ​ ​ (in thousands) Adjustment Translation Total Balance at December 31, 2022 ​ $ (17,307) ​ $ (2,632) ​ $ (19,939) Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ 3,897 ​ 322 ​ 4,219 Tax expense ​ ​ (896) ​ ​ — ​ ​ (896) Pension settlement charges, net of taxes ​ ​ 14,080 ​ ​ — ​ ​ 14,080 Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 173 ​ — ​ 173 Total activity for the period ​ 17,254 ​ 322 ​ 17,576 Balance at September 30, 2023 ​ $ (53) ​ $ (2,310) ​ $ (2,363) (1) Reported as part of Selling, general and administrative expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ Pension ​ Currency ​ ​ (in thousands) Adjustment Translation Total Balance at December 31, 2021 ​ $ (18,071) ​ $ (2,637) ​ $ (20,708) Change during the period: ​ ​ ​ ​ ​ ​ Before-tax amount ​ — ​ 91 ​ 91 Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 585 ​ — ​ 585 Total activity for the period ​ 585 ​ 91 ​ 676 Balance at September 30, 2022 ​ $ (17,486) ​ $ (2,546) ​ $ (20,032) (1) Reported as part of Selling, general and administrative expenses.

CASH PAID FOR COMMON STOCK PU_2

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED (Tables)	9 Months Ended
	Sep. 30, 2023
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Schedule of total share repurchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ Nine months ended ​ ​ September 30, 2023 ​ September 30, 2022 ​ No. of shares ​ Avg. price ​ Total cost No. of shares ​ Avg. price Total cost Shares purchased for withholding taxes ​ ​ 256,309 $ 9.24 $ 2,367,178 ​ ​ 157,921 $ 5.77 $ 911,503 Open market purchases ​ ​ 1,269,056 ​ 7.94 ​ 10,077,532 ​ ​ — ​ — ​ — Total ​ ​ 1,525,365 $ 8.16 $ 12,444,710 ​ ​ 157,921 $ 5.77 $ 911,503 ​

GENERAL - (Details)

GENERAL - (Details)	9 Months Ended
	Sep. 30, 2023
Affiliated Entity | Director Group | Minimum
Ownership control
Voting power (in percent)	50%

BUSINESS ACQUISITIONS - Narrati

BUSINESS ACQUISITIONS - Narrative (Details) - Spinnaker $ in Thousands	Jul. 01, 2023 USD ($) facility item	Sep. 30, 2023 USD ($)
BUSINESS ACQUISITIONS
Number of facilities located | facility	2
Number of full service cementing spreads | item	18
Purchase price	$ 79,316
Percent of equity acquired	100%
Cash	$ 76,800
Payoff	2,000
Assumption of capital lease liabilities	$ 518
Acquisition-related transaction costs		$ 767

BUSINESS ACQUISITIONS - Estimat

BUSINESS ACQUISITIONS - Estimated fair values of the acquired assets and assumed liabilities (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 01, 2023	Sep. 30, 2023	Dec. 31, 2022
BUSINESS ACQUISITIONS
Goodwill		$ 50,824	$ 32,150
Total cash consideration		$ 78,798
Spinnaker
BUSINESS ACQUISITIONS
Accounts receivable	$ 12,836
Inventories	1,373
Prepaid and other current assets	384
Accounts payable	(4,499)
Property, plant and equipment	37,374
Operating lease right-of-use assets	46
Current portion of operating lease liabilities	(31)
Long-term operating lease liabilities	(15)
Finance lease right-of-use assets	1,165
Current portion of finance lease liabilities	(247)
Long-term finance lease liabilities	(944)
Goodwill	(18,674)
Other intangibles	13,200
Total consideration	79,316
Less: Assumption of capital lease liabilities	(518)
Total cash consideration	$ 78,798

BUSINESS ACQUISITIONS - Leases

BUSINESS ACQUISITIONS - Leases (Details) - Spinnaker	Jul. 01, 2023
BUSINESS ACQUISITIONS
Remaining term of operating lease	1 year 6 months
Remaining term of finance lease	4 years 6 months

BUSINESS ACQUISITIONS - Fair va

BUSINESS ACQUISITIONS - Fair values assigned to identifiable intangible assets (Details) $ in Thousands	Jul. 01, 2023 USD ($)
Fair values assigned to identifiable intangible assets
Fair Value	$ 13,200
Customer relationships
Fair values assigned to identifiable intangible assets
Fair Value	$ 10,000
Weighted-Average Amortization Period (Years)	10 years
Trade Names and Trademarks
Fair values assigned to identifiable intangible assets
Fair Value	$ 3,200
Weighted-Average Amortization Period (Years)	10 years

BUSINESS ACQUISITIONS - Revenue

BUSINESS ACQUISITIONS - Revenues and Net income from the acquisition date (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
BUSINESS ACQUISITIONS
Revenues	$ 22,173
Net income	$ 1,761

BUSINESS ACQUISITIONS - Unaudit

BUSINESS ACQUISITIONS - Unaudited supplemental pro forma financial information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
BUSINESS ACQUISITIONS
Revenues	$ 330,417	$ 482,779	$ 1,274,700	$ 1,183,765
Net income	$ 18,317	$ 73,405	$ 163,951	$ 143,075

REVENUES - Payment Terms (Detai

REVENUES - Payment Terms (Details)	9 Months Ended
	Sep. 30, 2023
Minimum
REVENUES
Revenue satisfaction period	30 days
Maximum
REVENUES
Revenue satisfaction period	60 days

REVENUES - Contract balances (D

REVENUES - Contract balances (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable
Disaggregation of revenue:
Unbilled trade receivables	$ 75,670	$ 103,498

DEPRECIATION AND AMORTIZATION_2

DEPRECIATION AND AMORTIZATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total	$ 28,388	$ 20,941	$ 78,716	$ 60,501
Cost of revenues
Total	25,590	18,795	71,249	53,942
Selling, general and administrative expenses
Total	$ 2,798	$ 2,146	$ 7,467	$ 6,559

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
EARNINGS PER SHARE
Net income available for stockholders:	$ 18,317	$ 65,013	$ 71,524	$ 69,340	$ 46,939	$ 15,079	$ 154,854	$ 131,358
Less: Adjustments for earnings attributable to participating securities	(279)			(1,041)			(2,477)	(1,910)
Net income used in calculating earnings per share	$ 18,038			$ 68,299			$ 152,377	$ 129,448
Weighted average shares outstanding (including participating securities)	216,333			216,647			216,631	216,485
Adjustment for participating securities	(3,543)			(3,288)			(3,549)	(3,163)
Shares used in calculating basic earnings per share	212,790			213,359			213,082	213,322
Shares used in calculating diluted earnings per share	212,790			213,359			213,082	213,322

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - Stock Incentive Plans - shares	1 Months Ended
	Apr. 30, 2014	Sep. 30, 2023
Stock-based compensation
Stock authorized (in shares)	8,000,000
Term (in years)	10 years
Available for grant (in shares)		910,397

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - Stock Incentive Plans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Pre-tax expense	$ 1,915	$ 1,572	$ 6,033	$ 4,764
After tax expense	$ 1,320	$ 1,145	$ 4,446	$ 3,554

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested RSU's (Details) - Restricted Shares	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Non-vested shares at Beginning | shares	3,248,728
Granted | shares	1,235,728
Vested | shares	(858,425)
Forfeited | shares	(91,186)
Non-vested shares at Ending | shares	3,534,845
Weighted Average Grant-Date Fair Value
Non-vested shares at Beginning | $ / shares	$ 6.87
Granted | $ / shares	9.50
Vested | $ / shares	8.60
Forfeited | $ / shares	7.71
Non-vested shares at Ending | $ / shares	$ 7.35

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Restricted Shares
Stock-based compensation
Fair value, shares vested			$ 7,800	$ 2,800
Tax (expense) benefits for compensation tax deductions in excess of compensation expense			$ 195	$ (655)
Time Lapse Restricted Shares 2023
Stock-based compensation
Vesting period		4 years
Stock based compensation award, vesting percentage	100%

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment information:
Total revenues	$ 330,417	$ 459,601	$ 1,222,943	$ 1,119,732
Operating Segments
Segment information:
Total revenues	330,417	459,601	1,222,943	1,119,732
Technical Services
Segment information:
Total revenues	303,069	435,775	1,145,078	1,058,227
Technical Services | Pressure Pumping
Segment information:
Total revenues	110,622	257,933	585,243	572,472
Technical Services | Downhole Tools
Segment information:
Total revenues	96,261	102,831	305,254	273,828
Technical Services | Coiled Tubing
Segment information:
Total revenues	36,820	37,407	115,241	100,572
Technical Services | Cementing [Member]
Segment information:
Total revenues	26,731	6,489	38,995	15,429
Technical Services | Nitrogen
Segment information:
Total revenues	12,211	10,335	37,027	28,727
Technical Services | Snubbing
Segment information:
Total revenues	5,669	7,100	20,432	20,337
Technical Services | All other
Segment information:
Total revenues	14,755	13,680	42,886	46,862
Support Services
Segment information:
Total revenues	27,348	23,826	77,865	61,505
Support Services | Rental Tools
Segment information:
Total revenues	20,119	17,880	56,129	45,257
Support Services | All other
Segment information:
Total revenues	$ 7,229	$ 5,946	$ 21,736	$ 16,248

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment information:
Total revenues	$ 330,417	$ 459,601	$ 1,222,943	$ 1,119,732
Operating Segments
Segment information:
Total revenues	330,417	459,601	1,222,943	1,119,732
United States
Segment information:
Total revenues	323,159	450,359	1,201,977	1,094,528
International
Segment information:
Total revenues	$ 7,258	$ 9,242	$ 20,966	$ 25,204

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues:
Revenues	$ 330,417	$ 459,601	$ 1,222,943	$ 1,119,732
Operating income:
Operating income	22,711	92,170	195,737	175,620
Pension settlement charges			(18,286)
Gain on disposition of assets, net	1,778	1,543	7,729	6,295
Interest expense	(101)	(143)	(246)	(543)
Interest income	1,450	329	6,003	472
Other income (expense), net	804	(67)	2,196	516
Income before income taxes	24,864	92,289	203,690	176,065
Depreciation and amortization	28,388	20,941	78,716	60,501
Capital expenditures			148,816	90,227
Identifiable assets	1,247,373	1,055,583	1,247,373	1,055,583	$ 1,129,013
Technical Services
Revenues:
Revenues	303,069	435,775	1,145,078	1,058,227
Operating income:
Operating income	18,912	89,455	199,462	171,093
Support Services
Revenues:
Revenues	27,348	23,826	77,865	61,505
Operating income:
Operating income	6,861	5,278	21,425	11,392
Segment reconciling item
Operating income:
Corporate expenses	(4,840)	(4,106)	(14,593)	(13,160)
Pension settlement charges			(18,286)
Gain on disposition of assets, net	1,778	1,543	7,729	6,295
Depreciation and amortization			38	153
Capital expenditures			3,420	841
Identifiable assets	289,398	139,727	289,398	139,727
Operating Segments
Revenues:
Revenues	330,417	459,601	1,222,943	1,119,732
Operating income:
Operating income	22,711	92,170	195,737	175,620
Income before income taxes	24,864	92,289	203,690	176,065
Operating Segments | Technical Services
Operating income:
Depreciation and amortization			71,175	53,002
Capital expenditures			136,237	79,828
Identifiable assets	873,819	836,310	873,819	836,310
Operating Segments | Support Services
Operating income:
Depreciation and amortization			7,503	7,346
Capital expenditures			9,159	9,558
Identifiable assets	$ 84,156	$ 79,546	$ 84,156	$ 79,546

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Allowance for doubtful accounts rollforward
Beginning balance	$ 7,078	$ 6,765
Provision for current expected credit losses	2,449	1,484
Write-offs	(2,736)	(1,708)
Recoveries collected (net of expenses)	119	14
Ending balance	$ 6,910	$ 6,555

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
INVENTORIES
Raw materials and supplies	$ 108,842	$ 95,384
Finished goods	1,127	1,723
Ending balance	$ 109,969	$ 97,107

GOODWILL (Details)

GOODWILL (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Changes in Goodwill
Goodwill, Beginning Balance	$ 32,150
Business acquisition (see note 3)	18,674
Goodwill, Ending Balance	50,824
Technical Services
Changes in Goodwill
Goodwill, Beginning Balance	30,992
Business acquisition (see note 3)	18,674
Goodwill, Ending Balance	49,666
Support Services
Changes in Goodwill
Goodwill, Beginning Balance	1,158
Goodwill, Ending Balance	$ 1,158

OTHER INTANGIBLES, NET - gross

OTHER INTANGIBLES, NET - gross carrying value and accumulated amortization by each major intangible class (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
OTHER INTANGIBLES, NET
Gross Carrying Amount	$ 15,702	$ 2,502
Accumulated Amortization	(2,348)	(1,418)
Customer relationships
OTHER INTANGIBLES, NET
Gross Carrying Amount	10,000
Accumulated Amortization	(250)
Trade Names and Trademarks
OTHER INTANGIBLES, NET
Gross Carrying Amount	3,200
Accumulated Amortization	(80)
Software licenses
OTHER INTANGIBLES, NET
Gross Carrying Amount	2,202	2,202
Accumulated Amortization	(1,723)	(1,143)
Patents and Technology
OTHER INTANGIBLES, NET
Gross Carrying Amount	300	300
Accumulated Amortization	$ (295)	$ (275)

OTHER INTANGIBLES, NET - Amorti

OTHER INTANGIBLES, NET - Amortization expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
OTHER INTANGIBLES, NET
Amortization of finite-lived intangible assets	$ 530	$ 200	$ 931	$ 601

OTHER INTANGIBLES, NET - Estima

OTHER INTANGIBLES, NET - Estimated amortization expenses (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Estimated amortization expenses
Remainder of 2023	$ 528
2024	1,700
2025	1,300
2026	1,300
2027	1,300
2028	$ 1,300

PENSION AND RETIREMENT PLANS _3

PENSION AND RETIREMENT PLANS LIABILITIES - Components of net periodic benefit cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
PENSION AND RETIREMENT PLANS LIABILITIES
Settlement loss			$ 18,286
Retirement Income Plan
PENSION AND RETIREMENT PLANS LIABILITIES
Interest cost		$ 243	$ 41	$ 729
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.
Amortization of net losses	$ 1	$ 253	$ 225	$ 758
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.	Selling, General and Administrative Expenses.
Settlement loss			$ 18,286
Net periodic benefit cost	$ 1	$ 496	$ 18,552	$ 1,487

PENSION AND RETIREMENT PLANS _4

PENSION AND RETIREMENT PLANS LIABILITIES - Other information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Retirement Income Plan
PENSION AND RETIREMENT PLANS LIABILITIES
Cash contribution	$ 5.4

PENSION AND RETIREMENT PLANS _5

PENSION AND RETIREMENT PLANS LIABILITIES - SERP (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
PENSION AND RETIREMENT PLANS LIABILITIES
Unrealized gain/loss due to change in fair value of SERP liabilities		$ (195)	$ (17,254)	$ (585)
Non-qualified Supplemental Retirement Plan ("SERP")
PENSION AND RETIREMENT PLANS LIABILITIES
Fair value of plan assets	$ 25,100		25,100		$ 24,200
Trading gains (losses), net	(305)	(2,600)	903	(4,100)
SERP Liabilities	21,900		21,900		$ 23,100
Unrealized gain/loss due to change in fair value of SERP liabilities	$ 262	$ 2,500	(1,000)	$ 3,900
Retirement Income Plan
PENSION AND RETIREMENT PLANS LIABILITIES
Cash contribution			$ 5,400

NOTES PAYABLE TO BANKS - Credit

NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) Lender item	Dec. 31, 2022 USD ($)
Revolving credit facility
Number of financial covenants | item	3
SOFR | Minimum
Revolving credit facility
Additional increase (decrease) in basis points	0.10%
SOFR | Maximum
Revolving credit facility
Additional increase (decrease) in basis points	0.30%
Amendment
Revolving credit facility
Minimum EBITDA	$ 50,000
Maximum consolidated leverage ratio	2.50%
Minimum debt service coverage ratio	2%
Revolving credit facility
Revolving credit facility
Number of additional credit lenders | Lender	4
Maximum borrowing capacity	$ 100,000
Origination and other costs	3,700
Unamortized origination and other costs	300
Outstanding debt	0	$ 0
Available credit facility	$ 83,400
Revolving credit facility | Minimum
Revolving credit facility
Annual fee (as a percent)	0.20%
Revolving credit facility | Maximum
Revolving credit facility
Annual fee (as a percent)	0.30%
Revolving credit facility | Amendment | Eurodollar Rate | SOFR | Minimum
Revolving credit facility
Basis points added	1.25%
Revolving credit facility | Amendment | Eurodollar Rate | SOFR | Maximum
Revolving credit facility
Basis points added	2.25%
Revolving credit facility | Amendment | Base Rate | Minimum
Revolving credit facility
Basis points added	0.25%
Revolving credit facility | Amendment | Base Rate | Maximum
Revolving credit facility
Basis points added	1.25%
Revolving credit facility | Amendment | Base Rate | Federal Funds Rate
Revolving credit facility
Basis points added	0.50%
Revolving credit facility | Amendment | Base Rate | SOFR
Revolving credit facility
Basis points added	1%
Revolving credit facility | Letter of credit
Revolving credit facility
Maximum borrowing capacity	$ 35,000
Outstanding debt	16,600
Revolving credit facility | Letter of credit | Amendment
Revolving credit facility
Maximum borrowing capacity	400,000
Revolving credit facility | Swingline
Revolving credit facility
Maximum borrowing capacity	$ 35,000

NOTES PAYABLE TO BANKS - Intere

NOTES PAYABLE TO BANKS - Interest incurred (Details) - Revolving credit facility - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revolving credit facility
Interest incurred	$ 61	$ 60	$ 181	$ 188
Interest paid	$ 41	$ 4	$ 124	$ 127

INCOME TAXES- (Details)

INCOME TAXES- (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INCOME TAXES
Effective tax rate (as a percent)	26.30%	24.90%	24%	25.40%

FAIR VALUE DISCLOSURES - Financ

FAIR VALUE DISCLOSURES - Financial instruments measured at fair value on recurring basis (Details) - Fair value on a recurring basis - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Equity securities	$ 349	$ 305
Investments measured at net asset value	25,081	24,175
Level 1
Assets:
Equity securities	349	305
Level 2
Assets:
Equity securities	0	0
Level 3
Assets:
Equity securities	$ 0	$ 0

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Letters of credit outstanding amount	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
AOCI rollforward
Balance	$ (19,939)	$ (20,708)
Change during the period:
Before-tax amount	4,219	91
Tax expense	(896)
Pension settlement charges, net of taxes	14,080
Reclassification adjustment, net of taxes:
Amortization of net loss	173	585
Total activity for the period	17,576	676
Balance	(2,363)	(20,032)
Pension Adjustment
AOCI rollforward
Balance	(17,307)	(18,071)
Change during the period:
Before-tax amount	3,897
Tax expense	(896)
Pension settlement charges, net of taxes	14,080
Reclassification adjustment, net of taxes:
Amortization of net loss	173	585
Total activity for the period	17,254	585
Balance	(53)	(17,486)
Foreign Currency Translation
AOCI rollforward
Balance	(2,632)	(2,637)
Change during the period:
Before-tax amount	322	91
Reclassification adjustment, net of taxes:
Total activity for the period	322	91
Balance	$ (2,310)	$ (2,546)

CASH PAID FOR COMMON STOCK PU_3

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
No. of shares	1,525,365	157,921
Avg. price	$ 8.16	$ 5.77
Total cost	$ 12,444,710	$ 911,503
Stock buyback program
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Stock repurchase program			49,578,125
Remaining stock repurchase program	14,979,128
Stock buyback program | Board of Directors
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Stock repurchase program			8,000,000
Shares purchased for withholding taxes
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
No. of shares	256,309	157,921
Avg. price	$ 9.24	$ 5.77
Total cost	$ 2,367,178	$ 911,503
Open market purchases
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
No. of shares	1,269,056
Avg. price	$ 7.94
Total cost	$ 10,077,532

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event	Oct. 24, 2023 $ / shares
SUBSEQUENT EVENTS
Cash dividend payable (in dollars per share)	$ 0.04
Dividends payable, date to be payable	Dec. 11, 2023
Dividend payable, date declared	Nov. 10, 2023

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 18,317	$ 65,013	$ 71,524	$ 69,340	$ 46,939	$ 15,079	$ 154,854	$ 131,358

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false