RPC (RES) 10-Q 25 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
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		214,347,062
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000742278
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 212,199	$ 223,310
Accounts receivable, net of allowance for credit losses of $5,634 in 2024 and $7,109 in 2023	329,654	324,915
Inventories	112,306	110,904
Income taxes receivable	46,269	52,269
Prepaid expenses	10,371	12,907
Other current assets	2,535	2,768
Total current assets	713,334	727,073
Property, plant and equipment, less accumulated depreciation of $826,048 in 2024 and $810,933 in 2023	457,751	435,139
Operating lease right-of-use assets	25,402	24,537
Finance lease right-of-use assets	972	1,036
Goodwill	50,824	50,824
Other intangibles, net	12,302	12,825
Retirement plan assets	28,011	26,772
Other assets	8,637	8,639
Total assets	1,297,233	1,286,845
LIABILITIES
Accounts payable	106,836	85,036
Accrued payroll and related expenses	20,780	30,956
Accrued insurance expenses	5,710	5,340
Accrued state, local and other taxes	4,198	4,461
Income taxes payable	1,610	275
Unearned revenue	572	15,743
Current portion of operating lease liabilities	7,741	7,367
Current portion of finance lease liabilities and finance obligations	253	375
Accrued expenses and other liabilities	2,336	2,304
Total current liabilities	150,036	151,857
Long-term accrued insurance expenses	10,602	10,202
Retirement plan liabilities	24,037	23,724
Deferred income taxes	52,020	51,290
Long-term operating lease liabilities	18,518	18,600
Long-term finance lease liabilities	756	819
Other long-term liabilities	7,974	7,840
Total liabilities	263,943	264,332
Commitments and contingencies (Note 12)
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, 214,347,063 and 215,026,458 shares issued and outstanding in 2024 and 2023, respectively	21,434	21,502
Capital in excess of par value	0	0
Retained earnings	1,014,338	1,003,380
Accumulated other comprehensive loss	(2,482)	(2,369)
Total stockholders' equity	1,033,290	1,022,513
Total liabilities and stockholders' equity	$ 1,297,233	$ 1,286,845

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 5,634	$ 7,109
Accumulated depreciation	$ 826,048	$ 810,933
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)	214,347,063	215,026,458
Common stock, shares outstanding (in shares)	214,347,063	215,026,458

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 377,833	$ 476,668
Cost of revenues (exclusive of depreciation and amortization shown separately below)	276,609	305,250
Selling, general and administrative expenses	40,085	42,197
Pension settlement charges		17,375
Depreciation and amortization	30,004	24,125
Gain on disposition of assets, net	(1,214)	(2,936)
Operating income	32,349	90,657
Interest expense	(234)	(72)
Interest income	2,965	1,855
Other income, net	767	761
Income before income taxes	35,847	93,201
Income tax provision	8,380	21,677
Net income	$ 27,467	$ 71,524
Earnings per share
Basic (in dollars per share)	$ 0.13	$ 0.33
Diluted (in dollars per share)	0.13	0.33
Dividends paid per share	$ 0.04	$ 0.04

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 27,467	$ 71,524
Other comprehensive income:
Pension settlement and adjustment, net of tax		16,678
Foreign currency translation	(113)	(16)
Comprehensive income	$ 27,354	$ 88,186

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	Total
Balance at Dec. 31, 2022	$ 21,661		$ 856,013	$ (19,939)	$ 857,735
Balance (in shares) at Dec. 31, 2022	216,609,000
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, 2023	$ 21,502		1,003,380	(2,369)	$ 1,022,513
Balance (in shares) at Dec. 31, 2023	215,026,000				215,026,458
Increase (Decrease) in Stockholders' Equity
Stock issued for stock incentive plans, net	$ 65	1,861			$ 1,926
Stock issued for stock incentive plans, net (in shares)	652,000
Stock purchased and retired	$ (133)	$ (1,861)	(7,888)		(9,882)
Stock purchased and retired (in shares)	(1,331,000)
Net income			27,467		27,467
Dividends			(8,621)		(8,621)
Foreign currency translation				(113)	(113)
Balance at Mar. 31, 2024	$ 21,434		$ 1,014,338	$ (2,482)	$ 1,033,290
Balance (in shares) at Mar. 31, 2024	214,347,000				214,347,063

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income	$ 27,467	$ 71,524
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,004	24,125
Stock-based compensation expense	1,926	1,802
Gain on disposition of assets, net	(1,214)	(2,936)
Deferred income tax provision	730	2,536
Pension settlement charges		17,375
Other non-cash adjustments	135	6
(Increase) decrease in assets:
Accounts receivable	(4,812)	16,209
Income taxes receivable	6,000	18,057
Inventories	(1,488)	(959)
Prepaid expenses	2,535	1,725
Other current assets	121	141
Other non-current assets	(1,044)	(236)
Increase (decrease) in liabilities:
Accounts payable	19,759	(3,389)
Income taxes payable	1,335	14
Unearned revenue	(15,171)
Accrued payroll and related expenses	(10,163)	(13,193)
Accrued insurance expenses	370	865
Accrued state, local and other taxes	(263)	1,691
Other accrued expenses	(2,168)	(1,074)
Pension and retirement plan liabilities	313	(4,723)
Long-term accrued insurance expenses	400	2,018
Other long-term liabilities	1,787	945
Net cash provided by operating activities	56,559	132,523
INVESTING ACTIVITIES
Capital expenditures	(52,778)	(65,300)
Proceeds from sale of assets	3,772	4,285
Net cash used for investing activities	(49,006)	(61,015)
FINANCING ACTIVITIES
Payment of dividends	(8,621)	(8,679)
Cash paid for common stock purchased and retired	(9,858)	(11,349)
Cash paid for finance lease and finance obligations	(185)
Net cash used for financing activities	(18,664)	(20,028)
Net (decrease) increase in cash and cash equivalents	(11,111)	51,480
Cash and cash equivalents at beginning of period	223,310	126,424
Cash and cash equivalents at end of period	212,199	177,904
Supplemental cash flows disclosure:
Income tax payments, net	187	922
Interest paid	42	41
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 11,054	$ 11,866

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024. The balance sheet at December 31, 2023 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, 2023. 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	3 Months Ended
	Mar. 31, 2024
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS ​ Recently Issued Accounting Standards Not Yet Adopted: ​ ASU No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: ​ ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures: ​ ​

BUSINESS ACQUISITION

BUSINESS ACQUISITION	3 Months Ended
	Mar. 31, 2024
BUSINESS ACQUISITION
BUSINESS ACQUISITION	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. As part of the acquisition, the Company recorded goodwill of The supplemental pro forma financial information presented below 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, 2023, 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, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (in thousands) ​ ​ 2024 ​ 2023 Revenues ​ $ 377,833 $ 501,468 Net income ​ ​ 27,467 ​ 76,084 ​

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2024
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 titled Business Segment Information. 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 titled Business Segment Information 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 and are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (in thousands) 2024 2023 Unbilled trade receivables ​ $ 65,642 ​ $ 59,831 ​ Substantially all of the unbilled trade receivables disclosed were or are expected to be invoiced during the following quarter. ​ Unearned revenue Contract liabilities represent payments received in advance of satisfying the Company’s performance obligation and are recognized over time as the service is performed. Of the million as revenues during the first quarter of 2024. We expect to satisfy the remaining performance obligation in the second quarter of 2024 and therefore recognize the balance of

DEPRECIATION AND AMORTIZATION

DEPRECIATION AND AMORTIZATION	3 Months Ended
	Mar. 31, 2024
DEPRECIATION AND AMORTIZATION
DEPRECIATION AND AMORTIZATION	5. DEPRECIATION AND AMORTIZATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) ​ 2024 ​ ​ 2023 Cost of revenues ​ $ 27,320 ​ $ 21,780 Selling, general and administrative expenses ​ ​ 2,684 ​ ​ 2,345 Total ​ ​ 30,004 ​ ​ 24,125 ​

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
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 ​ ​ ​ March 31, ​ (in thousands) 2024 2023 ​ Net income available for stockholders ​ $ 27,467 ​ $ 71,524 ​ Less: Adjustments for earnings attributable to participating securities ​ ​ (423) ​ ​ (1,136) ​ Net income used in calculating earnings per share ​ $ 27,044 ​ $ 70,388 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 215,001 ​ 217,152 ​ Adjustment for participating securities ​ (3,310) ​ (3,503) ​ Shares used in calculating basic and diluted earnings per share ​ 211,691 ​ 213,649 ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION The Company has issued various forms of stock incentives, including, incentive and non-qualified stock options, time-lapse restricted shares and performance share unit awards under its Stock Incentive Plans to officers, selected employees and non-employee directors. In the first quarter of 2024, the Company issued time-lapse restricted shares to some of the selected employees that will vest ratably over a period of three years . The officers and remaining selected employees of the Company are likely to be granted shares under the 2024 Stock Incentive Plan. The Company’s 2014 Stock Incentive Plan expired in April 2024. At the April 23, 2024, annual meeting of stockholders, the 2024 Stock Incentive Plan reserving In addition to time-lapse restricted shares, officers and selected employees are also eligible to receive performance share unit awards that vest at different levels based on pre-established financial performance targets with a modifier for stock performance based on total shareholder return. The Company periodically evaluates the portion of performance share unit awards that are probable to vest and updates compensation expense accruals accordingly. As of March 31, 2024, there were 258,122 shares available under the Company’s 2014 Stock Incentive Plan that are reserved for issuance of shares that vest pursuant to the satisfaction of the terms of performance share unit awards. ​ ​ Stock-based employee compensation for both the time-lapse restricted shares and performance share awards, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) 2024 ​ 2023 Pre-tax expense ​ $ 1,926 ​ $ 1,802 After tax expense ​ $ 1,477 ​ $ 1,382 ​ The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at January 1, 2024 ​ 3,532,185 ​ $ 7.35 Granted 739,200 ​ 6.64 Vested (1,011,633) ​ 8.15 Forfeited (85,325) ​ 6.76 Non-vested shares at March 31, 2024 3,174,427 ​ $ 6.94 ​ The total fair value of shares vested was $7.4 million during both the three months ended March 31, 2024, and the three months ended March 31, 2023. Excess tax benefits (beneficial) or deficits (detrimental) realized from tax compensation deductions in excess of, or lower than, compensation expense are recorded as discrete income tax adjustments. For the three months ended March 31, 2024, $163 thousand related to stock-based compensation awards was recorded as a beneficial discrete tax adjustment and classified within Net cash provided by operating activities in the accompanying Consolidated Statements of Cash Flows compared to $133 thousand of beneficial discrete tax adjustment for the three months ended March 31, 2023. 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	3 Months Ended
	Mar. 31, 2024
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 ​ ​ ​ March 31, ​ (in thousands) 2024 2023 ​ Technical Services: ​ ​ ​ ​ ​ Pressure Pumping ​ $ 176,256 ​ $ 264,801 ​ Downhole Tools ​ ​ 93,794 ​ 107,404 ​ Coiled Tubing ​ ​ 33,168 ​ 40,066 ​ Cementing ​ ​ 27,751 ​ ​ 6,245 ​ Nitrogen ​ ​ 9,550 ​ 12,097 ​ Snubbing ​ ​ 4,856 ​ 7,091 ​ All other ​ ​ 11,019 ​ 14,287 ​ Total Technical Services ​ ​ 356,394 ​ ​ 451,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ Support Services: ​ ​ ​ Rental Tools ​ ​ 15,974 ​ ​ 17,676 ​ All other ​ 5,465 ​ 7,001 ​ Total Support Services ​ ​ 21,439 ​ ​ 24,677 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 377,833 ​ $ 476,668 ​ ​ The following summarizes revenues for the United States and separately for all international locations combined for the three months ended March 31, 2024 and 2023. 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% of RPC’s consolidated assets, and therefore are not presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ (in thousands) 2024 2023 ​ United States revenues ​ $ 367,938 ​ $ 469,387 ​ International revenues ​ ​ 9,895 ​ 7,281 ​ Total revenues ​ $ 377,833 ​ $ 476,668 ​ ​ 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 months ended March 31, 2024, and 2023 are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) 2024 2023 Revenues: ​ ​ Technical Services ​ $ 356,394 ​ $ 451,991 Support Services ​ 21,439 ​ 24,677 Total revenues ​ $ 377,833 ​ $ 476,668 Operating income: ​ ​ ​ ​ Technical Services ​ $ 31,956 ​ $ 103,533 Support Services ​ 3,599 ​ 6,644 Corporate expenses ​ (4,420) ​ (5,081) Pension settlement charges ​ ​ — ​ ​ (17,375) Gain on disposition of assets, net ​ 1,214 ​ 2,936 Total operating income ​ ​ 32,349 ​ ​ 90,657 Interest expense ​ (234) ​ (72) Interest income ​ 2,965 ​ 1,855 Other income, net ​ 767 ​ 761 Income before income taxes ​ $ 35,847 ​ $ 93,201 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ March 31, 2024 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 27,170 ​ $ 2,815 ​ $ 19 ​ $ 30,004 Capital expenditures ​ 43,869 ​ 7,813 ​ 1,096 ​ 52,778 Identifiable assets ​ ​ 897,462 ​ ​ 79,763 ​ ​ 320,008 ​ ​ 1,297,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ March 31, 2023 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 22,008 ​ $ 2,104 ​ $ 13 ​ $ 24,125 Capital expenditures ​ 63,002 ​ 1,313 ​ 985 ​ 65,300 Identifiable assets ​ ​ 851,689 ​ ​ 82,530 ​ ​ 253,611 ​ ​ 1,187,830 ​

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	3 Months Ended
	Mar. 31, 2024
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: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 2023 (in thousands) ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 7,109 ​ $ 7,078 Provision for current expected credit losses ​ ​ (878) ​ 1,074 Write-offs ​ ​ (599) ​ (2,232) Recoveries collected (net of expenses) ​ ​ 2 ​ — Ending balance ​ $ 5,634 ​ $ 5,920 ​

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2024
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (in thousands) ​ 2024 ​ 2023 Raw materials and supplies ​ $ 110,736 ​ $ 109,872 Finished goods ​ ​ 1,570 ​ 1,032 Ending balance ​ $ 112,306 ​ $ 110,904 ​

OTHER INTANGIBLES, NET

OTHER INTANGIBLES, NET	3 Months Ended
	Mar. 31, 2024
OTHER INTANGIBLES, NET
OTHER INTANGIBLES, NET	11. 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 March 31, 2024, and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 (in thousands) ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Gross ​ ​ Accumulated Amortization Finite-lived Intangibles: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 10,000 ​ $ (750) ​ $ 10,000 ​ $ (500) Trade names and trademarks ​ ​ 3,519 ​ ​ (559) ​ ​ 3,519 ​ ​ (479) Software licenses ​ ​ 2,202 ​ ​ (2,110) ​ ​ 2,202 ​ ​ (1,917) Patents and technology ​ ​ 300 ​ ​ (300) ​ ​ 300 ​ ​ (300) ​ ​ $ 16,021 ​ $ (3,719) ​ $ 16,021 ​ $ (3,196) ​ Amortization expense for each of the periods presented follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, (in thousands) ​ 2024 ​ ​ 2023 Amortization of finite-lived intangible assets ​ ​ $ 523 ​ $ 200 ​ Estimated amortization expense based on balances as of March 31, 2024, were as follows: million for 2025 2029 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. 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 estimates of assessment costs have been included in Accrued state, local and other taxes. The Company has an outstanding 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. ​

RETIREMENT PLANS

RETIREMENT PLANS	3 Months Ended
	Mar. 31, 2024
RETIREMENT PLANS
RETIREMENT PLANS	13. RETIREMENT PLANS The Company’s multiemployer Retirement Income Plan (Plan), a trusteed defined benefit pension plan, was fully terminated in 2023. Amounts related to the three months ended March 31, 2023 is disclosed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ (in thousands) ​ ​ 2023 ​ Interest cost $ 40 (1) Amortization of net losses ​ 220 (1) Settlement loss ​ ​ ​ 17,375 ​ Net periodic benefit cost ​ ​ $ 17,635 ​ (1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. ​ 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 $28.0 million as of March 31, 2024, and $26.8 million as of December 31, 2023. Trading gains related to the SERP assets totaled approximately $1.2 million during the three months ended March 31, 2024, compared to trading gains of approximately $400 thousand during the three months ended March 31, 2023. 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 $24.0 million as of March 31, 2024, and $23.7 million as of December 31, 2023. The SERP liabilities are reported in the accompanying Consolidated Balance Sheets in 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 was the result of an increase of approximately $1.3 million due to unrealized gains on participant balances during the three months ended March 31, 2024, compared to an increase of approximately $417 thousand due to unrealized gain on participant deferrals during the three months ended March 31, 2023.

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	3 Months Ended
	Mar. 31, 2024
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	14. 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% 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 March 31, 2024, 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 $250 thousand at March 31, 2024 is classified as part of non-current Other assets. As of March 31, 2024, 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 ​ ​ ​ March 31, ​ (in thousands) 2024 2023 Interest incurred ​ $ 73 ​ $ 59 Interest paid ​ ​ 42 ​ ​ 41 ​ ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
INCOME TAXES
INCOME TAXES	15. 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 March 31, 2024, the effective rate reflects a provision of 23.4% compared to a provision of 23.3% for the comparable period in the prior year. The increase in effective tax rate is primarily due to a decrease in beneficial discrete adjustments. ​

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2024
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	16. 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 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. Equity securities are stated at fair value of approximately $4 thousand as of December 31, 2023. During the first quarter of 2024, the Company sold all of its investment in equity securities. The net gain from sales of the equity securities was insignificant. Trading securities are comprised of the SERP assets, as described in the note titled Retirement Plans, and are recorded primarily at their net cash surrender values, calculated using their net asset values, which approximates fair value, as provided by the issuing insurance 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 March 31, 2024, there were no significant transfers in or out of levels 1, 2 or 3. Under the Company’s revolving credit facility, there was no balance outstanding at March 31, 2024 and December 31, 2023. 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 the note titled Notes Payable to Banks. 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	3 Months Ended
	Mar. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	17. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ (in thousands) ​ Translation ​ Total ​ ​ Balance at December 31, 2023 ​ $ (2,369) ​ $ (2,369) ​ ​ ​ Change during the period: ​ ​ ​ ​ ​ ​ ​ Before-tax amount ​ (113) ​ (113) ​ ​ ​ Balance at March 31, 2024 ​ $ (2,482) ​ $ (2,482) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 4,065 ​ (16) ​ 4,049 Tax expense ​ ​ (935) ​ ​ — ​ ​ (935) Pension settlement charges, net of taxes ​ ​ 13,379 ​ ​ ​ ​ ​ 13,379 Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 169 ​ — ​ 169 Total activity for the period ​ 16,678 ​ (16) ​ 16,662 Balance at March 31, 2023 ​ $ (629) ​ $ (2,648) ​ $ (3,277) (1) Reported as part of Selling, general and administrative expenses.

CASH PAID FOR COMMON STOCK PURC

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED	3 Months Ended
	Mar. 31, 2024
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED	18. CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED ​ shares remaining 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Three months ended ​ ​ March 31, 2024 ​ March 31, 2023 ​ No. of shares ​ Avg. price ​ Total cost No. of shares ​ Avg. price Total cost Shares purchased for withholding taxes ​ ​ 323,012 $ 7.26 $ 2,346,420 ​ ​ 256,003 $ 9.24 $ 2,364,914 Open market purchases ​ ​ 1,010,258 ​ 7.44 ​ 7,511,602 ​ ​ 1,132,364 ​ 7.93 ​ 8,983,973 Total ​ ​ 1,333,270 $ 7.39 $ 9,858,022 ​ ​ 1,388,367 $ 8.17 $ 11,348,887 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	​ 19. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2024
RECENT ACCOUNTING STANDARDS
Recently Adopted Accounting Standards	Recently Issued Accounting Standards Not Yet Adopted: ​ ASU No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: ​ ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures: ​ ​
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 ACQUISITION (Tables)

BUSINESS ACQUISITION (Tables)	3 Months Ended
	Mar. 31, 2023
BUSINESS ACQUISITION
Schedule of pro forma financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (in thousands) ​ ​ 2024 ​ 2023 Revenues ​ $ 377,833 $ 501,468 Net income ​ ​ 27,467 ​ 76,084 ​

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2024
REVENUES
Schedule of contract assets included in accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (in thousands) 2024 2023 Unbilled trade receivables ​ $ 65,642 ​ $ 59,831

DEPRECIATION AND AMORTIZATION (

DEPRECIATION AND AMORTIZATION (Tables)	3 Months Ended
	Mar. 31, 2024
DEPRECIATION AND AMORTIZATION
Schedule of depreciation and amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) ​ 2024 ​ ​ 2023 Cost of revenues ​ $ 27,320 ​ $ 21,780 Selling, general and administrative expenses ​ ​ 2,684 ​ ​ 2,345 Total ​ ​ 30,004 ​ ​ 24,125 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ (in thousands) 2024 2023 ​ Net income available for stockholders ​ $ 27,467 ​ $ 71,524 ​ Less: Adjustments for earnings attributable to participating securities ​ ​ (423) ​ ​ (1,136) ​ Net income used in calculating earnings per share ​ $ 27,044 ​ $ 70,388 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 215,001 ​ 217,152 ​ Adjustment for participating securities ​ (3,310) ​ (3,503) ​ Shares used in calculating basic and diluted earnings per share ​ 211,691 ​ 213,649 ​ ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) 2024 ​ 2023 Pre-tax expense ​ $ 1,926 ​ $ 1,802 After tax expense ​ $ 1,477 ​ $ 1,382
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 three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Shares Grant-Date Fair Value Non-vested shares at January 1, 2024 ​ 3,532,185 ​ $ 7.35 Granted 739,200 ​ 6.64 Vested (1,011,633) ​ 8.15 Forfeited (85,325) ​ 6.76 Non-vested shares at March 31, 2024 3,174,427 ​ $ 6.94 ​

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ (in thousands) 2024 2023 ​ Technical Services: ​ ​ ​ ​ ​ Pressure Pumping ​ $ 176,256 ​ $ 264,801 ​ Downhole Tools ​ ​ 93,794 ​ 107,404 ​ Coiled Tubing ​ ​ 33,168 ​ 40,066 ​ Cementing ​ ​ 27,751 ​ ​ 6,245 ​ Nitrogen ​ ​ 9,550 ​ 12,097 ​ Snubbing ​ ​ 4,856 ​ 7,091 ​ All other ​ ​ 11,019 ​ 14,287 ​ Total Technical Services ​ ​ 356,394 ​ ​ 451,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ Support Services: ​ ​ ​ Rental Tools ​ ​ 15,974 ​ ​ 17,676 ​ All other ​ 5,465 ​ 7,001 ​ Total Support Services ​ ​ 21,439 ​ ​ 24,677 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 377,833 ​ $ 476,668 ​
Schedule of segment reporting information by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (in thousands) 2024 2023 Revenues: ​ ​ Technical Services ​ $ 356,394 ​ $ 451,991 Support Services ​ 21,439 ​ 24,677 Total revenues ​ $ 377,833 ​ $ 476,668 Operating income: ​ ​ ​ ​ Technical Services ​ $ 31,956 ​ $ 103,533 Support Services ​ 3,599 ​ 6,644 Corporate expenses ​ (4,420) ​ (5,081) Pension settlement charges ​ ​ — ​ ​ (17,375) Gain on disposition of assets, net ​ 1,214 ​ 2,936 Total operating income ​ ​ 32,349 ​ ​ 90,657 Interest expense ​ (234) ​ (72) Interest income ​ 2,965 ​ 1,855 Other income, net ​ 767 ​ 761 Income before income taxes ​ $ 35,847 ​ $ 93,201 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ March 31, 2024 Services Services Corporate Total (in thousands) ​ ​ ​ ​ Depreciation and amortization ​ $ 27,170 ​ $ 2,815 ​ $ 19 ​ $ 30,004 Capital expenditures ​ 43,869 ​ 7,813 ​ 1,096 ​ 52,778 Identifiable assets ​ ​ 897,462 ​ ​ 79,763 ​ ​ 320,008 ​ ​ 1,297,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the three months ended ​ Technical ​ Support ​ ​ ​ ​ ​ ​ March 31, 2023 Services Services Corporate Total (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 22,008 ​ $ 2,104 ​ $ 13 ​ $ 24,125 Capital expenditures ​ 63,002 ​ 1,313 ​ 985 ​ 65,300 Identifiable assets ​ ​ 851,689 ​ ​ 82,530 ​ ​ 253,611 ​ ​ 1,187,830 ​
Schedule of revenue by geographical location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ (in thousands) 2024 2023 ​ United States revenues ​ $ 367,938 ​ $ 469,387 ​ International revenues ​ ​ 9,895 ​ 7,281 ​ Total revenues ​ $ 377,833 ​ $ 476,668 ​

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	3 Months Ended
	Mar. 31, 2024
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	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 2023 (in thousands) ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 7,109 ​ $ 7,078 Provision for current expected credit losses ​ ​ (878) ​ 1,074 Write-offs ​ ​ (599) ​ (2,232) Recoveries collected (net of expenses) ​ ​ 2 ​ — Ending balance ​ $ 5,634 ​ $ 5,920 ​

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2024
INVENTORIES
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (in thousands) ​ 2024 ​ 2023 Raw materials and supplies ​ $ 110,736 ​ $ 109,872 Finished goods ​ ​ 1,570 ​ 1,032 Ending balance ​ $ 112,306 ​ $ 110,904 ​

OTHER INTANGIBLES, NET (Tables)

OTHER INTANGIBLES, NET (Tables)	3 Months Ended
	Mar. 31, 2024
OTHER INTANGIBLES, NET
Summary of gross carrying value and accumulated amortization by each major intangible class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 (in thousands) ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Gross ​ ​ Accumulated Amortization Finite-lived Intangibles: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ $ 10,000 ​ $ (750) ​ $ 10,000 ​ $ (500) Trade names and trademarks ​ ​ 3,519 ​ ​ (559) ​ ​ 3,519 ​ ​ (479) Software licenses ​ ​ 2,202 ​ ​ (2,110) ​ ​ 2,202 ​ ​ (1,917) Patents and technology ​ ​ 300 ​ ​ (300) ​ ​ 300 ​ ​ (300) ​ ​ $ 16,021 ​ $ (3,719) ​ $ 16,021 ​ $ (3,196)
Summary of amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, (in thousands) ​ 2024 ​ ​ 2023 Amortization of finite-lived intangible assets ​ ​ $ 523 ​ $ 200

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	3 Months Ended
	Mar. 31, 2024
RETIREMENT PLANS
Schedule of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ (in thousands) ​ ​ 2023 ​ Interest cost $ 40 (1) Amortization of net losses ​ 220 (1) Settlement loss ​ ​ ​ 17,375 ​ Net periodic benefit cost ​ ​ $ 17,635 ​ (1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	3 Months Ended
	Mar. 31, 2024
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 ​ ​ ​ March 31, ​ (in thousands) 2024 2023 Interest incurred ​ $ 73 ​ $ 59 Interest paid ​ ​ 42 ​ ​ 41 ​ ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	Accumulated other comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ ​ ​ (in thousands) ​ Translation ​ Total ​ ​ Balance at December 31, 2023 ​ $ (2,369) ​ $ (2,369) ​ ​ ​ Change during the period: ​ ​ ​ ​ ​ ​ ​ Before-tax amount ​ (113) ​ (113) ​ ​ ​ Balance at March 31, 2024 ​ $ (2,482) ​ $ (2,482) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 4,065 ​ (16) ​ 4,049 Tax expense ​ ​ (935) ​ ​ — ​ ​ (935) Pension settlement charges, net of taxes ​ ​ 13,379 ​ ​ ​ ​ ​ 13,379 Reclassification adjustment, net of taxes: ​ ​ ​ ​ ​ Amortization of net loss (1) ​ 169 ​ — ​ 169 Total activity for the period ​ 16,678 ​ (16) ​ 16,662 Balance at March 31, 2023 ​ $ (629) ​ $ (2,648) ​ $ (3,277) (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)	3 Months Ended
	Mar. 31, 2024
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Schedule of total share repurchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Three months ended ​ ​ March 31, 2024 ​ March 31, 2023 ​ No. of shares ​ Avg. price ​ Total cost No. of shares ​ Avg. price Total cost Shares purchased for withholding taxes ​ ​ 323,012 $ 7.26 $ 2,346,420 ​ ​ 256,003 $ 9.24 $ 2,364,914 Open market purchases ​ ​ 1,010,258 ​ 7.44 ​ 7,511,602 ​ ​ 1,132,364 ​ 7.93 ​ 8,983,973 Total ​ ​ 1,333,270 $ 7.39 $ 9,858,022 ​ ​ 1,388,367 $ 8.17 $ 11,348,887 ​

GENERAL - (Details)

GENERAL - (Details)	3 Months Ended
	Mar. 31, 2024
Affiliated Entity | Director Group | Minimum
Ownership control
Voting power (in percent)	50%

BUSINESS ACQUISITION - Narrativ

BUSINESS ACQUISITION - Narratives (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 01, 2023 USD ($) item facility
BUSINESS ACQUISITIONS
Goodwill	$ 50,824	$ 50,824
Spinnaker
BUSINESS ACQUISITIONS
Number of facilities located | facility			2
Number of full service cementing spreads | item			18
Goodwill			$ 18,700
Other intangibles			$ 13,200

BUSINESS ACQUISITION - Unaudite

BUSINESS ACQUISITION - Unaudited supplemental pro forma financial information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
BUSINESS ACQUISITION
Revenues	$ 377,833	$ 501,468
Net income	$ 27,467	$ 76,084

REVENUES - Payment Terms (Detai

REVENUES - Payment Terms (Details)	3 Months Ended
	Mar. 31, 2024
Minimum
REVENUES
Revenue satisfaction period	30 days
Maximum
REVENUES
Revenue satisfaction period	60 days

REVENUES - Contract balances an

REVENUES - Contract balances and Unearned Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of revenue:
Unearned Revenue	$ 572	$ 15,743
Revenue recognized from unearned revenue balance	15,200
Remaining performance obligation outstanding	572
Accounts receivable
Disaggregation of revenue:
Unbilled trade receivables	$ 65,642	$ 59,831

DEPRECIATION AND AMORTIZATION_2

DEPRECIATION AND AMORTIZATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total	$ 30,004	$ 24,125
Cost of revenues
Total	27,320	21,780
Selling, general and administrative expenses
Total	$ 2,684	$ 2,345

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
EARNINGS PER SHARE
Net income available for stockholders	$ 27,467	$ 71,524
Less: Adjustments for earnings attributable to participating securities	(423)	(1,136)
Net income used in calculating earnings per share	$ 27,044	$ 70,388
Weighted average shares outstanding (including participating securities)	215,001	217,152
Adjustment for participating securities	(3,310)	(3,503)
Shares used in calculating basic earnings per share	211,691	213,649
Shares used in calculating diluted earnings per share	211,691	213,649

STOCK-BASED COMPENSATION - 2014

STOCK-BASED COMPENSATION - 2014 Stock Incentive Plan (Details) - shares	3 Months Ended
	Mar. 31, 2024	Apr. 23, 2024
2024 Stock Incentive Plan | Restricted Shares
Stock-based compensation
Stock authorized (in shares)		8,000,000
2014 Stock Incentive Plan
Stock-based compensation
Vesting period (in years)	3 years
Available for grant (in shares)	258,122

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
STOCK-BASED COMPENSATION
Pre-tax expense	$ 1,926	$ 1,802
After tax expense	$ 1,477	$ 1,382

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested RSU's (Details) - Restricted Shares	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares
Non-vested shares at Beginning | shares	3,532,185
Granted | shares	739,200
Vested | shares	(1,011,633)
Forfeited | shares	(85,325)
Non-vested shares at Ending | shares	3,174,427
Weighted Average Grant-Date Fair Value
Non-vested shares at Beginning | $ / shares	$ 7.35
Granted | $ / shares	6.64
Vested | $ / shares	8.15
Forfeited | $ / shares	6.76
Non-vested shares at Ending | $ / shares	$ 6.94

STOCK-BASED COMPENSATION - Othe

STOCK-BASED COMPENSATION - Other Information (Details) - Restricted Shares - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation
Total fair value of shares vested	$ 7,400	$ 7,400
Tax (expense) benefits for compensation tax deductions in excess of compensation expense	$ 163	$ 133

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Revenues by major service lines (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment information:
Total revenues	$ 377,833	$ 476,668
Operating Segments
Segment information:
Total revenues	377,833	476,668
Technical Services
Segment information:
Total revenues	356,394	451,991
Technical Services | Pressure Pumping
Segment information:
Total revenues	176,256	264,801
Technical Services | Downhole Tools
Segment information:
Total revenues	93,794	107,404
Technical Services | Coiled Tubing
Segment information:
Total revenues	33,168	40,066
Technical Services | Cementing
Segment information:
Total revenues	27,751	6,245
Technical Services | Nitrogen
Segment information:
Total revenues	9,550	12,097
Technical Services | Snubbing
Segment information:
Total revenues	4,856	7,091
Technical Services | All other
Segment information:
Total revenues	11,019	14,287
Technical Services | Operating Segments
Segment information:
Total revenues	356,394	451,991
Support Services
Segment information:
Total revenues	21,439	24,677
Support Services | Rental Tools
Segment information:
Total revenues	15,974	17,676
Support Services | All other
Segment information:
Total revenues	5,465	7,001
Support Services | Operating Segments
Segment information:
Total revenues	$ 21,439	$ 24,677

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Revenues by geographical (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment information:
Total revenues	$ 377,833	$ 476,668
Operating Segments
Segment information:
Total revenues	377,833	476,668
United States
Segment information:
Total revenues	367,938	469,387
International
Segment information:
Total revenues	$ 9,895	$ 7,281

BUSINESS SEGMENT INFORMATION _3

BUSINESS SEGMENT INFORMATION - Summarized financial information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenues:
Revenues	$ 377,833	$ 476,668
Operating income:
Total operating income	32,349	90,657
Pension settlement charges		17,375
Gain on disposition of assets, net	1,214	2,936
Interest expense	(234)	(72)
Interest income	2,965	1,855
Other income, net	767	761
Income before income taxes	35,847	93,201
Depreciation and amortization	30,004	24,125
Capital expenditures	52,778	65,300
Identifiable assets	1,297,233	1,187,830	$ 1,286,845
Technical Services
Revenues:
Revenues	356,394	451,991
Support Services
Revenues:
Revenues	21,439	24,677
Segment reconciling item
Operating income:
Corporate Expense	(4,420)	(5,081)
Pension settlement charges		17,375
Gain on disposition of assets, net	1,214	2,936
Depreciation and amortization	19	13
Capital expenditures	1,096	985
Identifiable assets	320,008	253,611
Operating Segments
Revenues:
Revenues	377,833	476,668
Operating income:
Total operating income	32,349	90,657
Income before income taxes	35,847	93,201
Operating Segments | Technical Services
Revenues:
Revenues	356,394	451,991
Operating income:
Total operating income	31,956	103,533
Depreciation and amortization	27,170	22,008
Capital expenditures	43,869	63,002
Identifiable assets	897,462	851,689
Operating Segments | Support Services
Revenues:
Revenues	21,439	24,677
Operating income:
Total operating income	3,599	6,644
Depreciation and amortization	2,815	2,104
Capital expenditures	7,813	1,313
Identifiable assets	$ 79,763	$ 82,530

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for doubtful accounts rollforward
Beginning balance	$ 7,109	$ 7,078
Provision for current expected credit losses	(878)	1,074
Write-offs	(599)	(2,232)
Recoveries collected (net of expenses)	2
Ending balance	$ 5,634	$ 5,920

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
INVENTORIES
Raw materials and supplies	$ 110,736	$ 109,872
Finished goods	1,570	1,032
Ending balance	$ 112,306	$ 110,904

OTHER INTANGIBLES, NET (Details

OTHER INTANGIBLES, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
OTHER INTANGIBLES, NET
Gross Carrying Amount	$ 16,021	$ 16,021
Accumulated Amortization	(3,719)	(3,196)
Customer relationships
OTHER INTANGIBLES, NET
Gross Carrying Amount	10,000	10,000
Accumulated Amortization	(750)	(500)
Trade names and trademarks
OTHER INTANGIBLES, NET
Gross Carrying Amount	3,519	3,519
Accumulated Amortization	(559)	(479)
Software licenses
OTHER INTANGIBLES, NET
Gross Carrying Amount	2,202	2,202
Accumulated Amortization	(2,110)	(1,917)
Patents and technology
OTHER INTANGIBLES, NET
Gross Carrying Amount	300	300
Accumulated Amortization	$ (300)	$ (300)

OTHER INTANGIBLES, NET - Amorti

OTHER INTANGIBLES, NET - Amortization expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OTHER INTANGIBLES, NET
Amortization of finite-lived intangible assets	$ 523	$ 200

OTHER INTANGIBLES, NET - Estima

OTHER INTANGIBLES, NET - Estimated amortization expenses (Details) $ in Millions	Mar. 31, 2024 USD ($)
Estimated amortization expenses
Remainder of 2024	$ 1.2
2025	1.3
2026	1.3
2027	1.3
2028	1.3
2029	$ 1.3

RETIREMENT PLANS - Components o

RETIREMENT PLANS - Components of net periodic benefit cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
RETIREMENT PLANS
Settlement loss	$ 17,375
Retirement Income Plan
RETIREMENT PLANS
Interest cost	40
Amortization of net losses	220
Settlement loss	17,375
Net periodic benefit cost	$ 17,635
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expenses.
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.

RETIREMENT PLANS - SERP (Detail

RETIREMENT PLANS - SERP (Details) - Non-qualified Supplemental Retirement Plan ("SERP") - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
RETIREMENT PLANS
Fair value of plan assets	$ 28,000		$ 26,800
Trading gains (losses), net	(1,200)	$ 400
Defined benefit plan	24,000		$ 23,700
Selling, general and administrative expenses
RETIREMENT PLANS
Unrealized gains	$ 1,300	$ 417

NOTES PAYABLE TO BANKS - Credit

NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) item Lender	Dec. 31, 2023 USD ($)
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	250
Letters of credit outstanding amount	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
Letters of credit outstanding amount	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
	Mar. 31, 2024	Mar. 31, 2023
Revolving credit facility
Interest incurred	$ 73	$ 59
Interest paid	$ 42	$ 41

INCOME TAXES - (Details)

INCOME TAXES - (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INCOME TAXES
Effective tax rate (as a percent)	23.40%	23.30%

FAIR VALUE DISCLOSURES - Financ

FAIR VALUE DISCLOSURES - Financial instruments measured at fair value on recurring basis (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Fair value on a recurring basis
Assets:
Equity securities	$ 4

FAIR VALUE DISCLOSURES - Additi

FAIR VALUE DISCLOSURES - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI rollforward
Balance	$ (2,369)	$ (19,939)
Change during the period:
Before-tax amount	(113)	4,049
Tax expense		(935)
Pension settlement charges, net of taxes		13,379
Reclassification adjustment, net of taxes:
Amortization of net loss		169
Total activity for the period		16,662
Balance	(2,482)	(3,277)
Pension Adjustment
AOCI rollforward
Balance		(17,307)
Change during the period:
Before-tax amount		4,065
Tax expense		(935)
Pension settlement charges, net of taxes		13,379
Reclassification adjustment, net of taxes:
Amortization of net loss		169
Total activity for the period		16,678
Balance		(629)
Foreign Currency Translation
AOCI rollforward
Balance	(2,369)	(2,632)
Change during the period:
Before-tax amount	(113)	(16)
Reclassification adjustment, net of taxes:
Total activity for the period		(16)
Balance	$ (2,482)	$ (2,648)

CASH PAID FOR COMMON STOCK PU_3

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
No. of shares	1,333,270	1,388,367
Avg. price	$ 7.39	$ 8.17
Total cost	$ 9,858,022	$ 11,348,887
Stock buyback program
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Stock repurchase program	1,010,258		49,578,125
Remaining stock repurchase program	12,768,870
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	323,012	256,003
Avg. price	$ 7.26	$ 9.24
Total cost	$ 2,346,420	$ 2,364,914
Open market purchases
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
No. of shares	1,010,258	1,132,364
Avg. price	$ 7.44	$ 7.93
Total cost	$ 7,511,602	$ 8,983,973

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event	Apr. 23, 2024 $ / shares
SUBSEQUENT EVENTS
Cash dividend payable (in dollars per share)	$ 0.04
Dividends payable, date to be payable	Jun. 10, 2024
Dividend payable, date declared	May 10, 2024

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 27,467	$ 71,524

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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