RPC (RES) 10-Q24 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 18, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Securities Act 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		214,972,351
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000742278
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 276,888	$ 223,310
Accounts receivable, net of allowance for credit losses of $6,831 in 2024 and $7,109 in 2023	275,456	324,915
Inventories	113,489	110,904
Income taxes receivable	937	52,269
Prepaid expenses	8,493	12,907
Other current assets	2,517	2,768
Total current assets	677,780	727,073
Property, plant and equipment, less accumulated depreciation of $853,912 in 2024 and $810,933 in 2023	509,292	435,139
Operating lease right-of-use assets	28,905	24,537
Finance lease right-of-use assets	4,524	1,036
Goodwill	50,824	50,824
Other intangibles, net	14,436	12,825
Retirement plan assets	30,677	26,772
Other assets	14,159	8,639
Total assets	1,330,597	1,286,845
LIABILITIES
Accounts payable	86,640	85,036
Accrued payroll and related expenses	20,519	30,956
Accrued insurance expenses	5,662	5,340
Accrued state, local and other taxes	6,068	4,461
Income taxes payable	223	275
Unearned revenue		15,743
Current portion of operating lease liabilities	7,186	7,367
Current portion of finance lease liabilities and finance obligations	3,617	375
Accrued expenses and other liabilities	4,690	2,304
Total current liabilities	134,605	151,857
Long-term accrued insurance expenses	11,331	10,202
Retirement plan liabilities	24,444	23,724
Deferred income taxes	55,161	51,290
Long-term operating lease liabilities	22,862	18,600
Long-term finance lease liabilities	671	819
Other long-term liabilities	9,182	7,840
Total liabilities	258,256	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, 214,972,351 and 215,026,458 shares issued and outstanding in 2024 and 2023, respectively	21,497	21,502
Capital in excess of par value	0	0
Retained earnings	1,053,318	1,003,380
Accumulated other comprehensive loss	(2,474)	(2,369)
Total stockholders' equity	1,072,341	1,022,513
Total liabilities and stockholders' equity	$ 1,330,597	$ 1,286,845

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 6,831	$ 7,109
Accumulated depreciation	$ 853,912	$ 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)	214,972,351	215,026,458
Common stock, shares outstanding (in shares)	214,972,351	215,026,458

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 337,652	$ 330,417	$ 1,079,638	$ 1,222,943
Cost of revenues (exclusive of depreciation and amortization shown separately below)	247,507	239,084	786,400	810,120
Selling, general and administrative expenses	37,697	42,012	115,188	127,813
Pension settlement charges				18,286
Depreciation and amortization	35,034	28,388	97,371	78,716
Gain on disposition of assets, net	(1,790)	(1,778)	(6,342)	(7,729)
Operating income	19,204	22,711	87,021	195,737
Interest expense	(261)	(101)	(594)	(246)
Interest income	3,523	1,450	9,831	6,003
Other income, net	1,005	804	2,504	2,196
Income before income taxes	23,471	24,864	98,762	203,690
Income tax provision	4,675	6,547	20,080	48,836
Net income	$ 18,796	$ 18,317	$ 78,682	$ 154,854
Earnings per share
Basic (in dollars per share)	$ 0.09	$ 0.08	$ 0.37	$ 0.71
Diluted (in dollars per share)	$ 0.09	$ 0.08	$ 0.37	$ 0.71

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 18,796	$ 18,317	$ 78,682	$ 154,854
Other comprehensive income:
Pension settlement and adjustment, net of tax				17,254
Foreign currency translation	61	(101)	(105)	322
Comprehensive income	$ 18,857	$ 18,216	$ 78,577	$ 172,430

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 [Roll Forward]
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
Cash dividends ($0.04 per share)			(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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
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 [Roll Forward]
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
Cash dividends ($0.04 per share)			(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 [Roll Forward]
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
Cash dividends ($0.04 per share)			(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
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 [Roll Forward]
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
Cash dividends ($0.04 per share)			(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
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 [Roll Forward]
Net income					$ 78,682
Foreign currency translation					(105)
Balance at Sep. 30, 2024	$ 21,497		1,053,318	(2,474)	$ 1,072,341
Balance (in shares) at Sep. 30, 2024	214,972,000				214,972,351
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 67	2,615			2,682
Stock issued for stock incentive plans, net (in shares)	662,000
Stock purchased and retired		(2,615)	2,615
Net income			32,419		32,419
Cash dividends ($0.04 per share)			(8,582)		(8,582)
Foreign currency translation				(53)	(53)
Balance at Jun. 30, 2024	$ 21,501		1,040,790	(2,535)	1,059,756
Balance (in shares) at Jun. 30, 2024	215,009,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ (3)	2,382			2,379
Stock issued for stock incentive plans, net (in shares)	(28,000)
Stock purchased and retired	$ (1)	$ (2,382)	2,313		(70)
Stock purchased and retired (in shares)	(9,000)
Net income			18,796		18,796
Cash dividends ($0.04 per share)			(8,581)		(8,581)
Foreign currency translation				61	61
Balance at Sep. 30, 2024	$ 21,497		$ 1,053,318	$ (2,474)	$ 1,072,341
Balance (in shares) at Sep. 30, 2024	214,972,000				214,972,351

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Cash dividend (per share)	$ 0.04	$ 0.04	$ 0.04	$ 0.04	$ 0.04	$ 0.04

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 78,682	$ 154,854
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	97,371	78,716
Stock-based compensation expense	6,987	6,033
Gain on disposition of assets, net	(6,342)	(7,729)
Gain due to benefit plan financing arrangement	(1,151)
Deferred income tax provision	3,871	7,845
Pension settlement charges		18,286
Other non-cash adjustments	149	42
Decrease (increase) in assets:
Accounts receivable	49,419	102,591
Income taxes receivable	51,332	(20,486)
Inventories	(2,658)	(11,506)
Prepaid expenses	6,067	6,437
Other current assets	96	(167)
Other non-current assets	(3,419)	(2,341)
Increase (decrease) in liabilities:
Accounts payable	3,167	(31,569)
Income taxes payable	(52)	(240)
Unearned revenue	(15,743)
Accrued payroll and related expenses	(10,426)	(5,245)
Accrued insurance expenses	322	3,528
Accrued state, local and other taxes	1,607	1,900
Other accrued expenses	(6,050)	(4,385)
Pension and retirement plan liabilities	720	(6,696)
Long-term accrued insurance expenses	1,129	2,340
Other long-term liabilities	137	6,934
Net cash provided by operating activities	255,215	299,142
INVESTING ACTIVITIES
Capital expenditures	(179,460)	(148,816)
Proceeds from sale of assets	14,127	12,569
Purchase of business		(78,798)
Proceeds from benefit plan financing arrangement	2,380
Re-investment in benefit plan financing arrangement	(2,380)
Net cash used for investing activities	(165,333)	(215,045)
FINANCING ACTIVITIES
Payment of dividends	(25,784)	(25,948)
Cash paid for common stock purchased and retired	(9,928)	(12,445)
Cash paid for finance lease and finance obligations	(592)	(254)
Net cash used for financing activities	(36,304)	(38,647)
Net increase in cash and cash equivalents	53,578	45,450
Cash and cash equivalents at beginning of period	223,310	126,424
Cash and cash equivalents at end of period	276,888	171,874
Supplemental cash flows disclosure:
Income tax (refund) payments, net	(32,920)	61,484
Interest paid	127	124
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 7,451	$ 9,527

GENERAL

GENERAL	9 Months Ended
GENERAL	Sep. 30, 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 and nine months ended September 30, 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	9 Months Ended
RECENT ACCOUNTING STANDARDS	Sep. 30, 2024
RECENT ACCOUNTING STANDARDS
RECENT ACCOUNTING STANDARDS	2. RECENT ACCOUNTING STANDARDS Recently Issued Accounting Standards Not Yet Adopted: Accounting Standards Update (ASU) No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: reportable segments and is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures: Securities and Exchange Commission (SEC) Final Rules: Climate related Disclosure: T he SEC adopted final rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The new rules require disclosures relating to climate-related risks and risk management as well as the board and management’s governance of such risks. In addition, the rules include requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements and disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement. On April 4, 2024, the SEC stayed its climate disclosure rules to “facilitate the orderly judicial resolution” of pending legal challenges. If litigation is resolved in favor of the SEC, a majority of the final rules are effective for RPC beginning in the year 2026.

BUSINESS ACQUISITION

BUSINESS ACQUISITION	9 Months Ended
BUSINESS ACQUISITION	Sep. 30, 2024
BUSINESS ACQUISITION
BUSINESS ACQUISITION	3. BUSINESS ACQUISITION Effective July 1, 2023, the Company completed its acquisition of all of the outstanding equity interests in Spinnaker Oilwell Services, LLC (Spinnaker), pursuant to a 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. 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 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. The following table provides unaudited supplemental pro forma financial information as if the acquisition had occurred on January 1, 2023. Nine months ended September 30, (in thousands) 2023 Revenues $ 1,274,700 Net income 163,951

REVENUES

REVENUES	9 Months Ended
REVENUES	Sep. 30, 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: September 30, December 31, (in thousands) 2024 2023 Unbilled trade receivables $ 54,811 $ 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. All of the $15.7 million recorded as unearned revenue as of December 31, 2023, has been recognized as revenues during the nine months ended September 30, 2024.

DEPRECIATION AND AMORTIZATION

DEPRECIATION AND AMORTIZATION	9 Months Ended
DEPRECIATION AND AMORTIZATION	Sep. 30, 2024
DEPRECIATION AND AMORTIZATION
DEPRECIATION AND AMORTIZATION	5. DEPRECIATION AND AMORTIZATION Three months ended Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Cost of revenues $ 31,820 $ 25,590 $ 88,664 $ 71,249 Selling, general and administrative expenses 3,214 2,798 8,707 7,467 Total $ 35,034 $ 28,388 $ 97,371 $ 78,716

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 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 Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Net income available for stockholders $ 18,796 $ 18,317 $ 78,682 $ 154,854 Less: Adjustments for earnings attributable to participating securities (308) (279) (1,219) (2,477) Net income used in calculating earnings per share $ 18,488 $ 18,038 $ 77,463 $ 152,377 Weighted average shares outstanding (including participating securities) 214,976 216,333 214,940 216,631 Adjustment for participating securities (3,728) (3,543) (3,341) (3,549) Shares used in calculating basic and diluted earnings per share 211,248 212,790 211,599 213,082

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 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. As of September 30, 2024, there were shares available for grant under the Company’s 2024 Stock Incentive Plan.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
BUSINESS SEGMENT INFORMATION	Sep. 30, 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 our 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, fishing and water management. 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 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) 2024 2023 2024 2023 Technical Services: Pressure Pumping $ 129,579 $ 110,622 $ 452,991 $ 585,243 Downhole Tools 97,954 96,261 292,418 305,254 Coiled Tubing 29,761 36,820 101,913 115,241 Cementing 26,972 26,731 82,761 38,995 Nitrogen 9,151 12,211 27,047 37,027 Snubbing 8,949 5,669 19,083 20,432 All other 11,126 14,755 35,157 42,886 Total Technical Services 313,492 303,069 1,011,370 1,145,078 Support Services: Rental Tools 17,475 20,119 50,871 56,129 All other 6,685 7,229 17,397 21,736 Total Support Services 24,160 27,348 68,268 77,865 Total revenues $ 337,652 $ 330,417 $ 1,079,638 $ 1,222,943 The following summarizes revenues for the United States and separately for all international locations combined for the three and nine months ended September 30, 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 Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 United States revenues $ 326,963 $ 323,159 $ 1,048,379 $ 1,201,977 International revenues 10,689 7,258 31,259 20,966 Total revenues $ 337,652 $ 330,417 $ 1,079,638 $ 1,222,943 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, 2024, and 2023 are shown in the following table: Three months ended Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Revenues: Technical Services $ 313,492 $ 303,069 $ 1,011,370 $ 1,145,078 Support Services 24,160 27,348 68,268 77,865 Total revenues $ 337,652 $ 330,417 $ 1,079,638 $ 1,222,943 Operating income: Technical Services $ 16,344 $ 18,912 $ 78,498 $ 199,462 Support Services 5,286 6,861 13,264 21,425 Corporate expenses (4,216) (4,840) (11,083) (14,593) Pension settlement charges — — — (18,286) Gain on disposition of assets, net 1,790 1,778 6,342 7,729 Total operating income 19,204 22,711 87,021 195,737 Interest expense (261) (101) (594) (246) Interest income 3,523 1,450 9,831 6,003 Other income, net 1,005 804 2,504 2,196 Income before income taxes $ 23,471 $ 24,864 $ 98,762 $ 203,690 As of and for the nine months ended Technical Support September 30, 2024 Services Services Corporate Total (in thousands) Depreciation and amortization $ 88,272 $ 9,041 $ 58 $ 97,371 Capital expenditures 159,743 17,751 1,966 179,460 Identifiable assets 896,021 88,757 345,819 1,330,597 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

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	9 Months Ended
CURRENT EXPECTED CREDIT LOSSES	Sep. 30, 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: Nine months ended September 30, 2024 2023 (in thousands) Beginning balance $ 7,109 $ 7,078 Provision for current expected credit losses 438 2,449 Write-offs (747) (2,736) Recoveries collected (net of expenses) 31 119 Ending balance $ 6,831 $ 6,910

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 30, 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 the first-in, first-out method or the weighted average cost method. September 30, December 31, (in thousands) 2024 2023 Raw materials and supplies $ 111,250 $ 109,872 Finished goods 2,239 1,032 Ending balance $ 113,489 $ 110,904

OTHER INTANGIBLES, NET

OTHER INTANGIBLES, NET	9 Months Ended
OTHER INTANGIBLES, NET	Sep. 30, 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 September 30, 2024, and December 31, 2023: September 30, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Accumulated Amortization Finite-lived Intangibles: Customer relationships $ 10,000 $ (1,250) $ 10,000 $ (500) Trade names and trademarks 3,519 (719) 3,519 (479) Software licenses 5,350 (2,464) 2,202 (1,917) Patents and technology 300 (300) 300 (300) $ 19,169 $ (4,733) $ 16,021 $ (3,196) Amortization expense for each of the periods presented follows: Three months ended Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Amortization of finite-lived intangible assets $ 592 $ 530 $ 1,537 $ 931 Estimated amortization expense based on balances as of September 30, 2024, were as follows: $592 thousand for the remainder of 2024; $2.4 million 2029

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 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	9 Months Ended
RETIREMENT PLANS	Sep. 30, 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 and nine months ended September 30, 2023, are disclosed below: Three months ended Nine months ended (in thousands) September 30 2023, September 30 2023, Interest cost $ — $ 41 (1) Amortization of net losses 1 225 (1) Settlement loss — 18,286 Net periodic benefit cost $ 1 $ 18,552 (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 $30.7 million as of September 30, 2024, and $26.8 million as of December 31, 2023. Trading gains related to the SERP assets totaled $1.0 million during the three months ended September 30, 2024, compared to trading losses of $305 thousand during the three months ended September 30, 2023. Trading gains related to the SERP assets totaled $2.7 million during the nine months ended September 30, 2024, compared to trading gains of $903 thousand during the nine months ended September 30, 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. During 2024 the Company received $2.4 million in proceeds related to Company-owned life insurance policy claims that have been reinvested into mutual funds and disclosed as part of the investing activities section in the Consolidated Statements of Cashflows. The SERP liabilities include participant deferrals, net of distributions, and are stated at fair value of approximately $24.4 million as of September 30, 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 $1.1 million due to unrealized gains on participant balances during the three months ended September 30, 2024, compared to a decrease of $262 thousand due to unrealized loss on participant deferrals during the three months ended September 30, 2023. Changes in the fair value of the SERP liabilities resulted in unrealized gains of $2.8 million during the nine months ended September 30, 2024, compared to unrealized gains of $1.0 million during the nine months ended September 30, 2023. Effective October 22, 2024, the termination of the SERP was approved by the Board of Directors. The Internal Revenue Service (IRS) rules require a 12 month waiting period before liquidating the SERP after termination has been approved. The participant balances are expected to be distributed in the fourth quarter of 2025.

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	9 Months Ended
NOTES PAYABLE TO BANKS	Sep. 30, 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 September 30, 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 $201 thousand as of September 30, 2024, is classified as part of non-current Other assets. As of September 30, 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 $16.5 million; therefore, a total of $83.5 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) 2024 2023 2024 2023 Interest incurred $ 73 $ 61 $ 220 $ 181 Interest paid 43 41 127 124

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 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, at the end of each successive interim period to the Company’s current annual estimated tax rate. For the three months ended September 30, 2024, the effective rate reflects a provision of 19.9% compared to a provision of 26.3% for the comparable period in the prior year. For the nine months ended September 30, 2024, the effective rate reflects a provision of 20.3% compared to a provision of 24.0% for the comparable period in the prior year. The decrease in the 2024 effective tax rate is primarily due to a favorable change in permanent adjustments and favorable discrete adjustments, mainly resulting from provision to tax return entries.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
FAIR VALUE DISCLOSURES	Sep. 30, 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 September 30, 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 September 30, 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	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Sep. 30, 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 (105) (105) Balance at September 30, 2024 $ (2,474) $ (2,474) 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.

CASH PAID FOR COMMON STOCK PURC

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED	9 Months Ended
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED	Sep. 30, 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. Nine months ended Nine months ended September 30, 2024 September 30, 2023 (in thousands except per share data) No. of shares Avg. price Total cost No. of shares Avg. price Total cost Shares purchased for withholding taxes 332 $ 7.28 $ 2,416 256 $ 9.24 $ 2,367 Open market purchases 1,010 7.44 7,512 1,269 7.94 10,078 Total 1,342 $ 7.40 $ 9,928 1,525 $ 8.16 $ 12,445

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	19. On October 22, 2024, the Board of Directors approved the following actions: ● Termination of the SERP; see Note titled Retirement Plans for additional information; and ● Declaration of a regular quarterly dividend of $0.04 per share payable December 10, 2024 , to common shareholders of record at the close of business on November 11, 2024 . Also, effective October 22, 2024, the Executive Committee of the Board of Directors approved the formation of a wholly owned captive insurance company, as part of the Company’s enterprise-wide multi-year insurance strategy to more efficiently manage its insurance costs.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 18,796	$ 32,419	$ 27,467	$ 18,317	$ 65,013	$ 71,524	$ 78,682	$ 154,854

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

RECENT ACCOUNTING STANDARDS (Po

RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
RECENT ACCOUNTING STANDARDS (Policies)	Sep. 30, 2024
RECENT ACCOUNTING STANDARDS
Recently Adopted Accounting Standards	Recently Issued Accounting Standards Not Yet Adopted: Accounting Standards Update (ASU) No. 2023-07: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: reportable segments and is currently evaluating the impact of adopting these provisions on its consolidated financial statements. ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures: Securities and Exchange Commission (SEC) Final Rules: Climate related Disclosure: T he SEC adopted final rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The new rules require disclosures relating to climate-related risks and risk management as well as the board and management’s governance of such risks. In addition, the rules include requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements and disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement. On April 4, 2024, the SEC stayed its climate disclosure rules to “facilitate the orderly judicial resolution” of pending legal challenges. If litigation is resolved in favor of the SEC, a majority of the final rules are effective for RPC beginning in the year 2026.
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)	9 Months Ended
BUSINESS ACQUISITION (Tables)	Sep. 30, 2024
BUSINESS ACQUISITION
Schedule of pro forma financial information	Nine months ended September 30, (in thousands) 2023 Revenues $ 1,274,700 Net income 163,951

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
REVENUES (Tables)	Sep. 30, 2024
REVENUES
Schedule of contract assets included in accounts receivable	September 30, December 31, (in thousands) 2024 2023 Unbilled trade receivables $ 54,811 $ 59,831

DEPRECIATION AND AMORTIZATION (

DEPRECIATION AND AMORTIZATION (Tables)	9 Months Ended
DEPRECIATION AND AMORTIZATION (Tables)	Sep. 30, 2024
DEPRECIATION AND AMORTIZATION
Schedule of depreciation and amortization	Three months ended Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Cost of revenues $ 31,820 $ 25,590 $ 88,664 $ 71,249 Selling, general and administrative expenses 3,214 2,798 8,707 7,467 Total $ 35,034 $ 28,388 $ 97,371 $ 78,716

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2024
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	Three months ended Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Net income available for stockholders $ 18,796 $ 18,317 $ 78,682 $ 154,854 Less: Adjustments for earnings attributable to participating securities (308) (279) (1,219) (2,477) Net income used in calculating earnings per share $ 18,488 $ 18,038 $ 77,463 $ 152,377 Weighted average shares outstanding (including participating securities) 214,976 216,333 214,940 216,631 Adjustment for participating securities (3,728) (3,543) (3,341) (3,549) Shares used in calculating basic and diluted earnings per share 211,248 212,790 211,599 213,082

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
BUSINESS SEGMENT INFORMATION (Tables)	Sep. 30, 2024
BUSINESS SEGMENT INFORMATION
Schedule of operating segment revenues by major service lines	Three months ended Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Technical Services: Pressure Pumping $ 129,579 $ 110,622 $ 452,991 $ 585,243 Downhole Tools 97,954 96,261 292,418 305,254 Coiled Tubing 29,761 36,820 101,913 115,241 Cementing 26,972 26,731 82,761 38,995 Nitrogen 9,151 12,211 27,047 37,027 Snubbing 8,949 5,669 19,083 20,432 All other 11,126 14,755 35,157 42,886 Total Technical Services 313,492 303,069 1,011,370 1,145,078 Support Services: Rental Tools 17,475 20,119 50,871 56,129 All other 6,685 7,229 17,397 21,736 Total Support Services 24,160 27,348 68,268 77,865 Total revenues $ 337,652 $ 330,417 $ 1,079,638 $ 1,222,943
Schedule of segment reporting information by segment	Three months ended Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Revenues: Technical Services $ 313,492 $ 303,069 $ 1,011,370 $ 1,145,078 Support Services 24,160 27,348 68,268 77,865 Total revenues $ 337,652 $ 330,417 $ 1,079,638 $ 1,222,943 Operating income: Technical Services $ 16,344 $ 18,912 $ 78,498 $ 199,462 Support Services 5,286 6,861 13,264 21,425 Corporate expenses (4,216) (4,840) (11,083) (14,593) Pension settlement charges — — — (18,286) Gain on disposition of assets, net 1,790 1,778 6,342 7,729 Total operating income 19,204 22,711 87,021 195,737 Interest expense (261) (101) (594) (246) Interest income 3,523 1,450 9,831 6,003 Other income, net 1,005 804 2,504 2,196 Income before income taxes $ 23,471 $ 24,864 $ 98,762 $ 203,690 As of and for the nine months ended Technical Support September 30, 2024 Services Services Corporate Total (in thousands) Depreciation and amortization $ 88,272 $ 9,041 $ 58 $ 97,371 Capital expenditures 159,743 17,751 1,966 179,460 Identifiable assets 896,021 88,757 345,819 1,330,597 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
Schedule of revenue by geographical location	Three months ended Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 United States revenues $ 326,963 $ 323,159 $ 1,048,379 $ 1,201,977 International revenues 10,689 7,258 31,259 20,966 Total revenues $ 337,652 $ 330,417 $ 1,079,638 $ 1,222,943

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	9 Months Ended
CURRENT EXPECTED CREDIT LOSSES (Tables)	Sep. 30, 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	Nine months ended September 30, 2024 2023 (in thousands) Beginning balance $ 7,109 $ 7,078 Provision for current expected credit losses 438 2,449 Write-offs (747) (2,736) Recoveries collected (net of expenses) 31 119 Ending balance $ 6,831 $ 6,910

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Sep. 30, 2024
INVENTORIES
Schedule of inventory	September 30, December 31, (in thousands) 2024 2023 Raw materials and supplies $ 111,250 $ 109,872 Finished goods 2,239 1,032 Ending balance $ 113,489 $ 110,904

OTHER INTANGIBLES, NET (Tables)

OTHER INTANGIBLES, NET (Tables)	9 Months Ended
OTHER INTANGIBLES, NET (Tables)	Sep. 30, 2024
OTHER INTANGIBLES, NET
Summary of gross carrying value and accumulated amortization by each major intangible class	September 30, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Accumulated Amortization Finite-lived Intangibles: Customer relationships $ 10,000 $ (1,250) $ 10,000 $ (500) Trade names and trademarks 3,519 (719) 3,519 (479) Software licenses 5,350 (2,464) 2,202 (1,917) Patents and technology 300 (300) 300 (300) $ 19,169 $ (4,733) $ 16,021 $ (3,196)
Summary of amortization expense	Three months ended Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Amortization of finite-lived intangible assets $ 592 $ 530 $ 1,537 $ 931

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	9 Months Ended
RETIREMENT PLANS (Tables)	Sep. 30, 2024
RETIREMENT PLANS
Schedule of net periodic benefit cost	Three months ended Nine months ended (in thousands) September 30 2023, September 30 2023, Interest cost $ — $ 41 (1) Amortization of net losses 1 225 (1) Settlement loss — 18,286 Net periodic benefit cost $ 1 $ 18,552 (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)	9 Months Ended
NOTES PAYABLE TO BANKS (Tables)	Sep. 30, 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 Nine months ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Interest incurred $ 73 $ 61 $ 220 $ 181 Interest paid 43 41 127 124

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Sep. 30, 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 (105) (105) Balance at September 30, 2024 $ (2,474) $ (2,474) 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.

CASH PAID FOR COMMON STOCK PU_2

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED (Tables)	9 Months Ended
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED (Tables)	Sep. 30, 2024
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Schedule of total share repurchases	Nine months ended Nine months ended September 30, 2024 September 30, 2023 (in thousands except per share data) No. of shares Avg. price Total cost No. of shares Avg. price Total cost Shares purchased for withholding taxes 332 $ 7.28 $ 2,416 256 $ 9.24 $ 2,367 Open market purchases 1,010 7.44 7,512 1,269 7.94 10,078 Total 1,342 $ 7.40 $ 9,928 1,525 $ 8.16 $ 12,445

GENERAL - (Details)

GENERAL - (Details)	9 Months Ended
GENERAL - (Details)	Sep. 30, 2024
Affiliated Entity \| Director Group \| Minimum
Ownership control
Voting power (in percent)	50%

RECENT ACCOUNTING STANDARDS (De

RECENT ACCOUNTING STANDARDS (Details)	9 Months Ended
RECENT ACCOUNTING STANDARDS (Details)	Sep. 30, 2024 segment
RECENT ACCOUNTING STANDARDS
Number of Reportable Segments	2

BUSINESS ACQUISITION - Unaudite

BUSINESS ACQUISITION - Unaudited supplemental pro forma financial information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
BUSINESS ACQUISITION
Revenues	$ 1,274,700
Net income	$ 163,951

REVENUES - Payment Terms (Detai

REVENUES - Payment Terms (Details)	9 Months Ended
REVENUES - Payment Terms (Details)	Sep. 30, 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	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of revenue:
Unearned Revenue		$ 15,743
Accounts receivable
Disaggregation of revenue:
Unbilled trade receivables	$ 54,811	$ 59,831

DEPRECIATION AND AMORTIZATION_2

DEPRECIATION AND AMORTIZATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total	$ 35,034	$ 28,388	$ 97,371	$ 78,716
Cost of revenues
Total	31,820	25,590	88,664	71,249
Selling, general and administrative expenses
Total	$ 3,214	$ 2,798	$ 8,707	$ 7,467

EARNINGS PER SHARE - (Details)

EARNINGS PER SHARE - (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
EARNINGS PER SHARE
Net income available for stockholders	$ 18,796	$ 32,419	$ 27,467	$ 18,317	$ 65,013	$ 71,524	$ 78,682	$ 154,854
Less: Adjustments for earnings attributable to participating securities	(308)			(279)			(1,219)	(2,477)
Net income used in calculating earnings per share	$ 18,488			$ 18,038			$ 77,463	$ 152,377
Weighted average shares outstanding (including participating securities)	214,976			216,333			214,940	216,631
Adjustment for participating securities	(3,728)			(3,543)			(3,341)	(3,549)
Shares used in calculating basic earnings per share	211,248			212,790			211,599	213,082
Shares used in calculating diluted earnings per share	211,248			212,790			211,599	213,082

STOCK-BASED COMPENSATION - 2014

STOCK-BASED COMPENSATION - 2014 Stock Incentive Plan (Details)	Sep. 30, 2024 shares
2024 Stock Incentive Plan
Stock-based compensation
Available for grant (in shares)	7,324,824

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Revenues by major service lines (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment information:
Total revenues	$ 337,652	$ 330,417	$ 1,079,638	$ 1,222,943
Operating segments
Segment information:
Total revenues	337,652	330,417	1,079,638	1,222,943
Technical Services
Segment information:
Total revenues	313,492	303,069	1,011,370	1,145,078
Technical Services \| Pressure Pumping
Segment information:
Total revenues	129,579	110,622	452,991	585,243
Technical Services \| Downhole Tools
Segment information:
Total revenues	97,954	96,261	292,418	305,254
Technical Services \| Coiled Tubing
Segment information:
Total revenues	29,761	36,820	101,913	115,241
Technical Services \| Cementing
Segment information:
Total revenues	26,972	26,731	82,761	38,995
Technical Services \| Nitrogen
Segment information:
Total revenues	9,151	12,211	27,047	37,027
Technical Services \| Snubbing
Segment information:
Total revenues	8,949	5,669	19,083	20,432
Technical Services \| Product and Service, Other [Member]
Segment information:
Total revenues	11,126	14,755	35,157	42,886
Technical Services \| Operating segments
Segment information:
Total revenues	313,492	303,069	1,011,370	1,145,078
Support Services
Segment information:
Total revenues	24,160	27,348	68,268	77,865
Support Services \| Rental Tools
Segment information:
Total revenues	17,475	20,119	50,871	56,129
Support Services \| Product and Service, Other [Member]
Segment information:
Total revenues	6,685	7,229	17,397	21,736
Support Services \| Operating segments
Segment information:
Total revenues	$ 24,160	$ 27,348	$ 68,268	$ 77,865

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Revenues by geographical (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment information:
Total revenues	$ 337,652	$ 330,417	$ 1,079,638	$ 1,222,943
Operating segments
Segment information:
Total revenues	337,652	330,417	1,079,638	1,222,943
United States revenues
Segment information:
Total revenues	326,963	323,159	1,048,379	1,201,977
International revenues
Segment information:
Total revenues	$ 10,689	$ 7,258	$ 31,259	$ 20,966

BUSINESS SEGMENT INFORMATION _3

BUSINESS SEGMENT INFORMATION - Summarized financial information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues:
Revenues	$ 337,652	$ 330,417	$ 1,079,638	$ 1,222,943
Operating income:
Total operating income	19,204	22,711	87,021	195,737
Pension settlement charges				18,286
Gain on disposition of assets, net	1,790	1,778	6,342	7,729
Interest expense	(261)	(101)	(594)	(246)
Interest income	3,523	1,450	9,831	6,003
Other income, net	1,005	804	2,504	2,196
Income before income taxes	23,471	24,864	98,762	203,690
Depreciation and amortization	35,034	28,388	97,371	78,716
Capital expenditures			179,460	148,816
Identifiable assets	1,330,597	1,247,373	1,330,597	1,247,373	$ 1,286,845
Technical Services
Revenues:
Revenues	313,492	303,069	1,011,370	1,145,078
Support Services
Revenues:
Revenues	24,160	27,348	68,268	77,865
Corporate expenses
Operating income:
Corporate Expense	(4,216)	(4,840)	(11,083)	(14,593)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]
Operating income:
Pension settlement charges				18,286
Gain on disposition of assets, net	1,790	1,778	6,342	7,729
Depreciation and amortization			58	38
Capital expenditures			1,966	3,420
Identifiable assets	345,819	289,398	345,819	289,398
Operating segments
Revenues:
Revenues	337,652	330,417	1,079,638	1,222,943
Operating income:
Total operating income	19,204	22,711	87,021	195,737
Interest expense	(261)	(101)	(594)	(246)
Interest income	3,523	1,450	9,831	6,003
Other income, net	1,005	804	2,504	2,196
Income before income taxes	23,471	24,864	98,762	203,690
Operating segments \| Technical Services
Revenues:
Revenues	313,492	303,069	1,011,370	1,145,078
Operating income:
Total operating income	16,344	18,912	78,498	199,462
Depreciation and amortization			88,272	71,175
Capital expenditures			159,743	136,237
Identifiable assets	896,021	873,819	896,021	873,819
Operating segments \| Support Services
Revenues:
Revenues	24,160	27,348	68,268	77,865
Operating income:
Total operating income	5,286	6,861	13,264	21,425
Depreciation and amortization			9,041	7,503
Capital expenditures			17,751	9,159
Identifiable assets	$ 88,757	$ 84,156	$ 88,757	$ 84,156

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Allowance for doubtful accounts rollforward
Beginning balance	$ 7,109	$ 7,078
Provision for current expected credit losses	438	2,449
Write-offs	(747)	(2,736)
Recoveries collected (net of expenses)	31	119
Ending balance	$ 6,831	$ 6,910

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
INVENTORIES
Raw materials and supplies	$ 111,250	$ 109,872
Finished goods	2,239	1,032
Ending balance	$ 113,489	$ 110,904

OTHER INTANGIBLES, NET (Details

OTHER INTANGIBLES, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
OTHER INTANGIBLES, NET
Gross Carrying Amount	$ 19,169	$ 16,021
Accumulated Amortization	(4,733)	(3,196)
Customer relationships
OTHER INTANGIBLES, NET
Gross Carrying Amount	10,000	10,000
Accumulated Amortization	(1,250)	(500)
Trade names and trademarks
OTHER INTANGIBLES, NET
Gross Carrying Amount	3,519	3,519
Accumulated Amortization	(719)	(479)
Software licenses
OTHER INTANGIBLES, NET
Gross Carrying Amount	5,350	2,202
Accumulated Amortization	(2,464)	(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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
OTHER INTANGIBLES, NET
Amortization of finite-lived intangible assets	$ 592	$ 530	$ 1,537	$ 931

OTHER INTANGIBLES, NET - Estima

OTHER INTANGIBLES, NET - Estimated amortization expenses (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Estimated amortization expenses
Remainder of 2024	$ 592
2025	2,400
2026	2,400
2027	1,800
2028	1,300
2029	$ 1,300

RETIREMENT PLANS - Components o

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

RETIREMENT PLANS - SERP (Detail

RETIREMENT PLANS - SERP (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
RETIREMENT PLANS - SERP (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
RETIREMENT PLANS
Tax-free gains related to life insurance policy claims			$ 2,380
Supplemental Retirement Plan ('SERP')
RETIREMENT PLANS
Fair value of plan assets	$ 30,700		30,700		$ 26,800
Trading gains (losses), net	1,000	$ (305)	2,700	$ 903
Defined benefit plan	24,400		24,400		$ 23,700
Supplemental Retirement Plan ('SERP') \| Selling, general and administrative expenses
RETIREMENT PLANS
Unrealized gains (loss)	$ 1,100	$ (262)	$ 2,800	$ 1,000

NOTES PAYABLE TO BANKS - Credit

NOTES PAYABLE TO BANKS - Credit Facility (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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	201
Letters of credit outstanding amount	0	$ 0
Available credit facility	$ 83,500
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 \| First rate \| SOFR \| Minimum
Revolving credit facility
Basis points added	1.25%
Revolving credit facility \| Amendment \| First rate \| SOFR \| Maximum
Revolving credit facility
Basis points added	2.25%
Revolving credit facility \| Amendment \| Second Rate \| Minimum
Revolving credit facility
Basis points added	0.25%
Revolving credit facility \| Amendment \| Second Rate \| Maximum
Revolving credit facility
Basis points added	1.25%
Revolving credit facility \| Amendment \| Second Rate \| SOFR
Revolving credit facility
Basis points added	1%
Revolving credit facility \| Amendment \| Second Rate \| Federal Funds Rate
Revolving credit facility
Basis points added	0.50%
Revolving credit facility \| Letter of credit subfacility
Revolving credit facility
Maximum borrowing capacity	$ 35,000
Letters of credit outstanding amount	16,500
Revolving credit facility \| Letter of credit subfacility \| 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revolving credit facility
Interest incurred	$ 73	$ 61	$ 220	$ 181
Interest paid	$ 43	$ 41	$ 127	$ 124

INCOME TAXES - (Details)

INCOME TAXES - (Details)	3 Months Ended		9 Months Ended
INCOME TAXES - (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INCOME TAXES
Effective tax rate (as a percent)	19.90%	26.30%	20.30%	24%

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	Sep. 30, 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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI rollforward
Balance	$ (2,369)	$ (19,939)
Change during the period:
Before-tax amount	(105)	4,219
Tax expense		(896)
Pension settlement charges, net of taxes		14,080
Reclassification adjustment, net of taxes:
Amortization of net loss		173
Total activity for the period		17,576
Balance	(2,474)	(2,363)
Pension Adjustment
AOCI rollforward
Balance		(17,307)
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
Total activity for the period		17,254
Balance		(53)
Foreign Currency Translation
AOCI rollforward
Balance	(2,369)	(2,632)
Change during the period:
Before-tax amount	(105)	322
Reclassification adjustment, net of taxes:
Total activity for the period		322
Balance	$ (2,474)	$ (2,310)

CASH PAID FOR COMMON STOCK PU_3

CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Stock repurchase program	0
No. of shares	1,342	1,525
Avg. price	$ 7.40	$ 8.16
Total cost	$ 9,928	$ 12,445
Stock buyback program
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
Stock repurchase program		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	332	256
Avg. price	$ 7.28	$ 9.24
Total cost	$ 2,416	$ 2,367
Open market purchases
CASH PAID FOR COMMON STOCK PURCHASED AND RETIRED
No. of shares	1,010	1,269
Avg. price	$ 7.44	$ 7.94
Total cost	$ 7,512	$ 10,078

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares				3 Months Ended
SUBSEQUENT EVENTS (Details) - $ / shares	Dec. 10, 2024	Nov. 09, 2024	Oct. 22, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
SUBSEQUENT EVENTS
Regular quarterly dividend declared				$ 0.04	$ 0.04	$ 0.04	$ 0.04	$ 0.04	$ 0.04
Subsequent Events \| O2024 Q4 Dividends
SUBSEQUENT EVENTS
Dividend payable, date declared			Oct. 22, 2024
Regular quarterly dividend declared			$ 0.04
Dividends payable, date to be payable	Dec. 10, 2024
Dividends payable, date of record		Nov. 11, 2024