RPC (RES) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 24, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	RPC INC
Entity Central Index Key	742,278
Trading Symbol	res
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		217,017,482
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 14,844	$ 9,772
Accounts receivable, net	299,550	634,730
Inventories	146,945	155,611
Deferred income taxes	9,027	9,422
Income taxes receivable	32,292	29,115
Prepaid expenses	6,417	9,135
Other current assets	2,530	3,843
Total current assets	511,605	851,628
Property, plant and equipment, less accumulated depreciation of $1,347,146 in 2015 and $1,239,163 in 2014	813,993	849,383
Goodwill	32,150	32,150
Other assets	26,034	26,197
Total assets	1,383,782	1,759,358
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	75,606	175,416
Accrued payroll and related expenses	24,070	49,798
Accrued insurance expenses	6,878	5,632
Accrued state, local and other taxes	5,967	6,821
Income taxes payable	4,051	944
Other accrued expenses	157	401
Total current liabilities	116,729	239,012
Long-term accrued insurance expenses	11,324	10,099
Notes payable to banks	54,900	224,500
Long-term pension liabilities	35,014	34,399
Deferred income taxes	130,002	156,977
Other long-term liabilities	15,818	15,989
Total liabilities	363,787	680,976
Common stock	$ 21,702	$ 21,654
Capital in excess of par value
Retained earnings	$ 1,016,754	$ 1,074,561
Accumulated other comprehensive loss	(18,461)	(17,833)
Total stockholders' equity	1,019,995	1,078,382
Total liabilities and stockholders' equity	$ 1,383,782	$ 1,759,358

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Accumulated depreciation of property, plant and equipment	$ 1,347,146	$ 1,239,163

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenues	$ 297,560	$ 582,831	$ 703,830	$ 1,084,523
Cost of revenues (exclusive of items shown below)	241,617	374,275	534,062	704,290
Selling, general and administrative expenses	40,397	47,603	83,034	96,311
Depreciation and amortization	69,801	56,517	135,777	112,022
(Gain) loss on disposition of assets, net	(1,718)	1,405	(2,676)	3,637
Operating (loss) profit	(52,537)	103,031	(46,367)	168,263
Interest expense	(390)	(49)	(1,081)	(386)
Interest income	9	6	15	10
Other income, net	332	831	6,121	911
(Loss) income before income taxes	(52,586)	103,819	(41,312)	168,798
Income tax (benefit) provision	(18,531)	40,536	(14,805)	66,127
Net (loss) income	$ (34,055)	$ 63,283	$ (26,507)	$ 102,671
(Loss) earnings per share
Basic (in dollars per share)	$ (0.16)	$ 0.29	$ (0.12)	$ 0.48
Diluted (in dollars per share)	(0.16)	0.29	(0.12)	0.47
Dividends per share (in dollars per share)	$ 0.050	$ 0.105	$ 0.155	$ 0.210
Weighted average shares outstanding
Basic (in shares)	212,598	215,224	213,586	215,199
Diluted (in shares)	212,598	216,238	213,586	216,280

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Income and Comprehensive Income [Abstract]
Net (loss) income	$ (34,055)	$ 63,283	$ (26,507)	$ 102,671
Other comprehensive (loss) income:
Pension adjustment and reclassification adjustment, net of taxes	125	84	250	168
Foreign currency translation	153	467	(876)	(4)
Unrealized (loss) gain on securities, net of taxes	(22)	38	(2)	2
Comprehensive (loss) income	$ (33,799)	$ 63,872	$ (27,135)	$ 102,837

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2014	$ 21,654		$ 1,074,561	$ (17,833)	$ 1,078,382
Balance (in shares) at Dec. 31, 2014	216,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 82	$ 4,948			5,030
Stock issued for stock incentive plans, net (in shares)	818
Stock purchased and retired	$ (34)	(6,358)	2,299		(4,093)
Stock purchased and retired (in shares)	(339)
Net loss			(26,507)		(26,507)
Pension adjustment, net of taxes				250	250
Foreign currency translation				(876)	(876)
Unrealized loss on securities, net of taxes				(2)	(2)
Dividends declared			(33,599)		(33,599)
Excess tax benefits for share- based payments		$ 1,410			1,410
Balance at Jun. 30, 2015	$ 21,702		$ 1,016,754	$ (18,461)	$ 1,019,995
Balance (in shares) at Jun. 30, 2015	217,018

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net (loss) income	$ (26,507)	$ 102,671
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	137,914	113,308
Stock-based compensation expense	5,109	4,717
(Gain) loss on disposition of assets, net	(2,676)	3,637
Deferred income tax benefit	(26,802)	(23,255)
Excess tax benefits for share-based payments	(1,410)	(4,416)
(Increase) decrease in assets:
Accounts receivable	334,886	(128,862)
Income taxes receivable	(1,767)	(6,738)
Inventories	8,076	(12,261)
Prepaid expenses	2,713	3,049
Other current assets	1,234	(3,342)
Other non-current assets	149	(467)
Increase (decrease) in liabilities:
Accounts payable	(66,262)	33,231
Income taxes payable	3,107	535
Accrued payroll and related expenses	(25,758)	1,048
Accrued insurance expenses	1,246	552
Accrued state, local and other taxes	(854)	3,409
Other accrued expenses	(244)	139
Pension liabilities	1,009	1,167
Long-term accrued insurance expenses	1,225	1,187
Other long-term liabilities	(171)	2,179
Net cash provided by operating activities	344,217	91,488
INVESTING ACTIVITIES
Capital expenditures	(139,347)	(112,804)
Proceeds from sale of assets	6,084	11,958
Net cash used for investing activities	(133,263)	(100,846)
FINANCING ACTIVITIES
Payment of dividends	(33,599)	(45,883)
Borrowings from notes payable to banks	464,900	537,400
Repayments of notes payable to banks	(634,500)	(459,300)
Debt issue costs for notes payable to banks		(667)
Excess tax benefits for share-based payments	1,410	4,416
Cash paid for common stock purchased and retired	(4,093)	(13,144)
Net cash (used for) provided by financing activities	(205,882)	22,822
Net increase in cash and cash equivalents	5,072	13,464
Cash and cash equivalents at beginning of period	9,772	8,700
Cash and cash equivalents at end of period	14,844	22,164
Supplemental cash flows disclosure:
Interest paid, net of amounts capitalized	967	443
Income taxes paid, net	9,478	93,108
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 5,989	$ 18,205

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2015
General [Abstract]
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (“RPC” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation” and Rule 3A-02(a) of Regulation S-X. In accordance with ASC Topic 810 and Rule 3A-02 (a) of Regulation S-X, the Company’s policy is to consolidate all subsidiaries and investees where it has voting control. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The balance sheet at December 31, 2014 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, 2014. A group that includes the Company’s Chairman of the Board, R. Randall Rollins, and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2015
REVENUES
REVENUES	2. REVENUES RPC’s revenues are generated principally from providing services and the related equipment. Revenues are recognized when the services are rendered and collectability is reasonably assured. Revenues from services and equipment are based on fixed or determinable priced purchase orders or contracts with the customer and do not include the right of return. Rates for services and equipment are priced on a per day, per unit of measure, per man hour or similar basis. Sales tax charged to customers is presented on a net basis within the consolidated statement of operations and excluded from revenues.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2015
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	3. RECENT ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board (FASB) issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Pronouncements: · ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Recently Issued Accounting Pronouncements Not Yet Adopted: · ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. · ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. i. Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. ii. Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE) and changing consolidation conclusions in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015, with early adoption permitted. The Company plans to adopt these provisions in the first quarter of 2016 and currently does not expect the adoption to have a material impact on its consolidated financial statements. · ASU 2015-01, Income Statement —Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. · ASU 2014-15, Presentation of Financial Statements —Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. · ASU 2014-09, Revenue from Contracts with Customers (Topic 606).

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
EARNINGS PER SHARE
EARNINGS PER SHARE	4. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net (loss) income by the weighted average number of shares outstanding during the respective periods. The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. A reconciliation of weighted average shares outstanding is as follows: Three months ended June 30 Six months ended June 30 (In thousands except per share data ) 2015 2014 2015 2014 Net (loss) income available for stockholders: $ (34,055 ) $ 63,283 $ (26,507 ) $ 102,671 Less: Dividends paid (10,837 ) (22,898 ) (33,599 ) (45,883 ) (Over distributed loss) Undistributed earnings $ (44,892 ) $ 40,385 $ (60,106 ) $ 56,788 Basic shares outstanding: Common stock 208,156 211,611 210,195 211,522 Restricted shares of common stock 4,442 3,613 3,391 3,677 212,598 215,224 213,586 215,199 Diluted shares outstanding: Common stock 208,156 211,611 210,195 211,522 Dilutive effect of stock based awards - 1,014 - 1,081 208,156 212,625 210,195 212,603 Restricted shares of common stock 4,442 3,613 3,391 3,677 212,598 216,238 213,586 216,280 The dilutive effect of the Company’s restricted shares as shown below have been excluded from the computation of diluted (loss) earnings per share for the following periods, as their effect would have been anti-dilutive: Three months ended Six months ended (in thousands) 2015 2014 2015 2014 Restricted shares of common stock 835 - 200 - (Loss) earnings per share attributable to common stock and restricted shares of common stock (participating securities) is as follows: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 Basic (loss) earnings per share Common stock $ (0.16 ) $ 0.29 $ (0.12 ) $ 0.48 Restricted shares of common stock $ (0.13 ) $ 0.28 $ (0.13 ) $ 0.44

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2015
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	5. PROPERTY, PLANT AND EQUIPMENT Effective January 1, 2015, the Company reassessed the useful life of a specific component of its pressure pumping equipment. Prior to January 1, 2015, this component was recorded as property, plant and equipment and depreciated over an expected useful life of 18 months. As a result of this reassessment, the Company has concluded that this component is no longer a long-lived asset, but instead a consumable supply inventory item. Accordingly, effective January 1, 2015, the cost of this component is being expensed as repairs and maintenance as part of cost of revenues at the time of installation. Management deemed the change preferable because it more closely reflects the pattern of consumption of this component as a result of continual increases in wear and tear resulting from harsher geological environments. This change was accounted for as a change in accounting estimate effected by a change in accounting principle. The net impact of this change in accounting estimate effected by a change in accounting principle on operating income and net income is not material. The change has resulted in an increase in the cost of revenues of approximately $11.5 million during the second quarter of 2015 and approximately $19.4 million during the six months ended June 30, 2015, while loss on dispositions and depreciation expense relating to this component decreased by a comparable amount during these periods. Additionally, due to the change in accounting estimate effected by a change in accounting principle, purchases and deployment of this component will no longer be reflected as a capital expenditure under the investing activities section in the consolidated statement of cash flows, but instead will be reflected within cash flows from operating activities. The remaining net book value of these components at December 31, 2014 was approximately $16.4 million and is being depreciated over an estimated weighted average remaining useful life of approximately 12 months. Loss on disposition related to this component totaled approximately $5.9 million in the second quarter of 2014 and approximately $10.3 million in the six months ended June 30, 2014.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	6. STOCK-BASED COMPENSATION In April 2014, the Company reserved 8,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of 10 years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted shares. As of June 30, 2015, there were 7,115,275 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: Three months ended Six months ended June 30 June 30 (in thousands) 2015 2014 2015 2014 Pre-tax expense $ 2,586 $ 2,397 $ 5,109 $ 4,717 After tax expense $ 1,642 $ 1,522 $ 3,244 $ 2,995 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2015: Shares Weighted Average Grant-Date Fair Value Non-vested shares at December 31, 2014 3,575,150 $ 12.04 Granted 895,725 12.30 Vested (1,054,625 ) 8.66 Forfeited (77,950 ) 12.87 Non-vested shares at June 30, 2015 3,338,300 $ 13.16 The total fair value of shares vested during the six months ended June 30, 2015 was $12,727,000 and during the six months ended June 30, 2014 was $20,634,000. Tax benefits for compensation tax deductions in excess of compensation expense for restricted shares totaled $1,410,000 for the six months ended June 30, 2015 and $4,416,000 for the six months ended June 30, 2014. These tax benefits were credited to capital in excess of par value and classified as financing cash flows. As of June 30, 2015, total unrecognized compensation cost related to non-vested restricted shares was $43,833,000 which is expected to be recognized over a weighted-average period of 3.7 years.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2015
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION RPC’s service lines have been aggregated into two reportable oil and gas services segments, Technical Services and Support Services, because of the similarities between the financial performance and approach to managing the service lines within each of the segments, as well as the economic and business conditions impacting their business activity levels. Corporate includes selected administrative costs incurred by the Company that are not allocated to business units. Gains or losses on disposition of assets are reviewed by the Company’s chief decision maker on a consolidated basis, and accordingly the Company does not report these gains or losses at the segment level. Technical Services include RPC’s oil and gas service lines that utilize people and equipment to perform value-added completion, production and maintenance services directly to a customer’s well. These services include pressure pumping services, snubbing, coiled tubing, nitrogen pumping, well control consulting and firefighting, downhole tools, wireline, and fluid pumping services. These Technical Services are primarily used in the completion, production and maintenance of oil and gas wells. The principal markets for this segment include the United States, including the Gulf of Mexico, the mid-continent, southwest, Rocky Mountain and Appalachian regions, and international locations including primarily Africa, Australia, Canada, China and Mexico. Customers include major multi-national and independent oil and gas producers, and selected nationally-owned oil companies. Support Services include RPC’s oil and gas service lines that primarily provide equipment for customer use or services to assist customer operations. The equipment and services include drill pipe and related tools, pipe handling, inspection and storage services and oilfield training services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The principal markets for this segment include the United States, including the Gulf of Mexico and the mid-continent regions, and selected international locations. Customers include domestic operations of major multi-national and independent oil and gas producers, and selected nationally-owned oil companies. 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. Certain information with respect to RPC’s business segments is set forth in the following tables: Three months ended June 30 Six months ended June 30 (in thousands) 2015 2014 2015 2014 Revenues: Technical Services $ 275,806 $ 544,392 $ 653,899 $ 1,011,362 Support Services 21,754 38,439 49,931 73,161 Total revenues $ 297,560 $ 582,831 $ 703,830 $ 1,084,523 Operating (loss) profit: Technical Services $ (49,253 ) $ 99,717 $ (43,391 ) $ 164,613 Support Services (1,458 ) 8,998 2,449 16,455 Corporate (3,544 ) (4,279 ) (8,101 ) (9,168 ) Gain (loss) on disposition of assets, net 1,718 (1,405 ) 2,676 (3,637 ) Total operating (loss) profit $ (52,537 ) $ 103,031 $ (46,367 ) $ 168,263 Interest expense (390 ) (49 ) (1,081 ) (386 ) Interest income 9 6 15 10 Other income, net 332 831 6,121 911 (Loss) income before income taxes $ (52,586 ) $ 103,819 $ (41,312 ) $ 168,798 As of and six months ended June 30, 2015 Technical Services Support Services Corporate Total (in thousands) Depreciation and amortization $ 119,052 $ 16,469 $ 256 $ 135,777 Capital expenditures 130,562 8,256 529 139,347 Identifiable assets $ 1,164,373 $ 126,689 $ 92,720 $ 1,383,782 As of and six months ended June 30, 2014 Technical Services Support Corporate Total (in thousands) Depreciation and amortization $ 95,839 $ 15,863 $ 320 $ 112,022 Capital expenditures 92,820 19,417 567 112,804 Identifiable assets $ 1,284,577 $ 161,572 $ 84,712 $ 1,530,861

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2015
INVENTORIES
INVENTORIES	8. INVENTORIES Inventories of $146,945,000 at June 30, 2015 and $155,611,000 at December 31, 2014 consist of raw materials, parts and supplies.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	6 Months Ended
	Jun. 30, 2015
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	9. EMPLOYEE BENEFIT PLAN The following represents the net periodic benefit cost and related components of the Company’s multiple employers Retirement Income Plan: Three months ended June 30 Six months ended June 30 (in thousands) 2015 2014 2015 2014 Interest cost $ 474 $ 487 $ 948 $ 973 Expected return on plan assets (565 ) (560 ) (1,130 ) (1,120 ) Amortization of net losses 198 133 396 266 Net periodic benefit cost $ 107 $ 60 $ 214 $ 119 The Company contributions to this plan were $850,000 during the six months ended June 30, 2015 and $765,000 during the six months ended June 30, 2014. The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The SERP assets are marked to market and totaled $16,884,000 as of June 30, 2015 and $16,491,000 as of December 31, 2014. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as part of other income (expense), net. Trading gains (losses) related to the SERP assets were approximately as follows: Three months ended June 30 Six months ended June 30 (in thousands) 2015 2014 2015 2014 Trading gains, net $ 190 $ 453 $ 394 $ 637 The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.

NOTES PAYABLE TO BANKS

NOTES PAYABLE TO BANKS	6 Months Ended
	Jun. 30, 2015
NOTES PAYABLE TO BANKS
NOTES PAYABLE TO BANKS	10. NOTES PAYABLE TO BANKS The Company has a $350 million revolving credit facility with Bank of America Securities, LLC, SunTrust Robinson Humphrey, Inc, and Regions Capital Markets as Joint Lead Arrangers and Joint Book Managers, and a syndicate of other lenders. The facility includes a full and unconditional guarantee by the Company’s 100% owned domestic subsidiaries whose assets equal substantially all of the consolidated assets of RPC and its subsidiaries. The subsidiaries of the Company that are not guarantors are considered minor. The facility has a general term of five years with a maturity date of January 17, 2019 and provides for an unsecured line of credit of up to $350 million, which includes a $50 million letter of credit subfacility, and a $35 million swingline subfacility. The Company incurred loan origination fees and other debt related costs associated with the facility in the aggregate of approximately $3.0 million. These costs are being amortized to interest expense over the remaining term of the five year loan, and the net amount of $1.0 million at June 30, 2015 is classified as non-current other assets. Revolving loans under the Revolving Credit Agreement bear interest at one of the following two rates, at the Company’s election: · the Base Rate, which is the highest of Bank of America’s “prime rate” for the day of the borrowing, a fluctuating rate per annum equal to the Federal Funds Rate plus 0.50%, and a rate per annum equal to the one (1) month LIBOR rate plus 1.00%; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly debt covenant calculation; or · with respect to any Eurodollar borrowings, Adjusted LIBOR (which equals LIBOR as increased to account for the maximum reserve percentages established by the U.S. Federal Reserve) plus a margin ranging from 1.125% to 2.125%, based upon a quarterly debt covenant calculation. In addition, the Company pays an annual fee ranging from 0.225% to 0.325%, based on a quarterly debt covenant calculation, of the unused portion of the credit facility. The facility contains customary terms and conditions, including certain financial covenants and restrictions on indebtedness, dividend payments, business combinations and other related items. Further, the facility contains financial covenants limiting the ratio of the Company’s consolidated debt-to-EBITDA to no more than 2.5 to 1, and limiting the ratio of the Company’s consolidated EBITDA to interest expense to no less than 2 to 1. The Company was in compliance with these covenants for the six months ended June 30, 2015. At June 30, 2015, the Company had outstanding borrowings of $54.9 million under the facility, and letters of credit outstanding relating to self-insurance programs and contract bids totaling $29.3 million; therefore, a total of $265.8 million of the facility was available. Interest incurred on the credit facility, interest capitalized related to facilities and equipment under construction, and the related weighted average interest rates were as follows for the periods indicated: Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands except interest rate data) Interest incurred $ 518 $ 472 $ 1,363 $ 886 Capitalized interest $ 131 $ 115 $ 310 $ 212 Weighted average interest rate 2.32 % 2.67 % 1.80 % 2.97 %

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
INCOME TAXES
INCOME TAXES	11. INCOME TAXES The Company determines its periodic income tax benefit or expense based upon the current period income and the annual estimated tax rate for the Company adjusted for any change to prior period estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. For the three months ended June 30, 2015, the income tax (benefit) provision reflects an effective tax rate of 35.2 percent compared to an effective tax rate of 39.0 percent for the comparable period in the prior year. For the six months ended June 30, 2015, the income tax (benefit) provision reflects an effective tax rate of 35.8 percent compared to an effective tax rate of 39.2 percent for the comparable period in the prior year.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2015
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	12. FAIR VALUE DISCLOSURES The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis in the balance sheets as of June 30, 2015 and December 31, 2014: Fair value measurements at June 30, 2015 with: (in thousands Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 16,884 $ - Available for sale securities 272 - - Fair value measurements at December 31, 2014 with: (in thousands Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 16,491 $ - Available for sale securities 275 - - The Company determines the fair value of the marketable securities that are available-for-sale through quoted market prices. The total fair value is the final closing price, as defined by the exchange in which the asset is actively traded, on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Significant observable inputs in addition to quoted market prices were used to value trading securities. As a result, the Company classified these investments as using level 2 inputs. The outstanding balance on the Revolving Credit Agreement was $54.9 million at June 30, 2015 and $224.5 million at December 31, 2014 which approximates fair value. The fair value of these borrowings was based on quotes from the lender (level 2 inputs). The borrowings under the Company’s revolving credit agreement bear interest at the variable rate described in Note 10. The Company is subject to interest rate risk on the variable component of the interest rate. The carrying amounts of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	6 Months Ended
	Jun. 30, 2015
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	13. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income consists of the following (in thousands): Pension Unrealized Foreign Total Balance at December 31, 2014 $ (16,246 ) $ (98 ) $ (1,489 ) $ (17,833 ) Change during the period: Before-tax amount - (3 ) (876 ) (879 ) Tax benefit - 1 - 1 Reclassification adjustment, net of taxes: Amortization of net loss (1) 250 - - 250 Total activity for the period 250 (2 ) (876 ) (628 ) Balance at June 30, 2015 $ (15,996 ) $ (100 ) $ (2,365 ) $ (18,461 ) (1) Reported as part of selling, general and administrative expenses. Pension Adjustment Unrealized Gain (Loss) On Securities Foreign Total Balance at December 31, 2013 $ (9,760 ) $ 10 $ (365 ) $ (10,115 ) Change during the period: Before-tax amount - 3 (4 ) (1 ) Tax benefit (expense) - (1 ) - (1 ) Reclassification adjustment, net of taxes: Amortization of net loss (1) 168 - - 168 Total activity for the period 168 2 (4 ) 166 Balance at June 30, 2014 $ (9,592 ) $ 12 $ (369 ) $ (9,949 )

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2015
SUBSEQUENT EVENT
SUBSEQUENT EVENT	14. SUBSEQUENT EVENT On July 28, 2015, the Board of Directors voted to temporarily suspend RPC’s quarterly dividend to common stockholders.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	Three months ended June 30 Six months ended June 30 (In thousands except per share data ) 2015 2014 2015 2014 Net (loss) income available for stockholders: $ (34,055 ) $ 63,283 $ (26,507 ) $ 102,671 Less: Dividends paid (10,837 ) (22,898 ) (33,599 ) (45,883 ) (Over distributed loss) Undistributed earnings $ (44,892 ) $ 40,385 $ (60,106 ) $ 56,788 Basic shares outstanding: Common stock 208,156 211,611 210,195 211,522 Restricted shares of common stock 4,442 3,613 3,391 3,677 212,598 215,224 213,586 215,199 Diluted shares outstanding: Common stock 208,156 211,611 210,195 211,522 Dilutive effect of stock based awards - 1,014 - 1,081 208,156 212,625 210,195 212,603 Restricted shares of common stock 4,442 3,613 3,391 3,677 212,598 216,238 213,586 216,280
Schedule of restricted shares excluded from the computation of diluted (loss) earnings per share	Three months ended Six months ended (in thousands) 2015 2014 2015 2014 Restricted shares of common stock 835 - 200 -
Schedule of (loss) earnings per share attributable to common stock and restricted shares of common stock	Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 Basic (loss) earnings per share Common stock $ (0.16 ) $ 0.29 $ (0.12 ) $ 0.48 Restricted shares of common stock $ (0.13 ) $ 0.28 $ (0.13 ) $ 0.44

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	Three months ended Six months ended June 30 June 30 (in thousands) 2015 2014 2015 2014 Pre-tax expense $ 2,586 $ 2,397 $ 5,109 $ 4,717 After tax expense $ 1,642 $ 1,522 $ 3,244 $ 2,995
Schedule of summary of changes in non-vested restricted shares	Shares Weighted Average Grant-Date Fair Value Non-vested shares at December 31, 2014 3,575,150 $ 12.04 Granted 895,725 12.30 Vested (1,054,625 ) 8.66 Forfeited (77,950 ) 12.87 Non-vested shares at June 30, 2015 3,338,300 $ 13.16

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2015
BUSINESS SEGMENT INFORMATION
Schedule of segment reporting information by segment	Three months ended June 30 Six months ended June 30 (in thousands) 2015 2014 2015 2014 Revenues: Technical Services $ 275,806 $ 544,392 $ 653,899 $ 1,011,362 Support Services 21,754 38,439 49,931 73,161 Total revenues $ 297,560 $ 582,831 $ 703,830 $ 1,084,523 Operating (loss) profit: Technical Services $ (49,253 ) $ 99,717 $ (43,391 ) $ 164,613 Support Services (1,458 ) 8,998 2,449 16,455 Corporate (3,544 ) (4,279 ) (8,101 ) (9,168 ) Gain (loss) on disposition of assets, net 1,718 (1,405 ) 2,676 (3,637 ) Total operating (loss) profit $ (52,537 ) $ 103,031 $ (46,367 ) $ 168,263 Interest expense (390 ) (49 ) (1,081 ) (386 ) Interest income 9 6 15 10 Other income, net 332 831 6,121 911 (Loss) income before income taxes $ (52,586 ) $ 103,819 $ (41,312 ) $ 168,798 As of and six months ended June 30, 2015 Technical Services Support Services Corporate Total (in thousands) Depreciation and amortization $ 119,052 $ 16,469 $ 256 $ 135,777 Capital expenditures 130,562 8,256 529 139,347 Identifiable assets $ 1,164,373 $ 126,689 $ 92,720 $ 1,383,782 As of and six months ended June 30, 2014 Technical Services Support Corporate Total (in thousands) Depreciation and amortization $ 95,839 $ 15,863 $ 320 $ 112,022 Capital expenditures 92,820 19,417 567 112,804 Identifiable assets $ 1,284,577 $ 161,572 $ 84,712 $ 1,530,861

EMPLOYEE BENEFIT PLAN (Tables)

EMPLOYEE BENEFIT PLAN (Tables)	6 Months Ended
	Jun. 30, 2015
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost and related components	Three months ended June 30 Six months ended June 30 (in thousands) 2015 2014 2015 2014 Interest cost $ 474 $ 487 $ 948 $ 973 Expected return on plan assets (565 ) (560 ) (1,130 ) (1,120 ) Amortization of net losses 198 133 396 266 Net periodic benefit cost $ 107 $ 60 $ 214 $ 119
Schedule of trading gains (losses) related to SERP assets	Three months ended June 30 Six months ended June 30 (in thousands) 2015 2014 2015 2014 Trading gains, net $ 190 $ 453 $ 394 $ 637

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	6 Months Ended
	Jun. 30, 2015
NOTES PAYABLE TO BANKS
Schedule of interest incurred on the credit facility, interest capitalized related to facilities and equipment under construction and the related weighted average interest rates	Three months ended June 30 Six months ended June 30 2015 2014 2015 2014 (in thousands except interest rate data) Interest incurred $ 518 $ 472 $ 1,363 $ 886 Capitalized interest $ 131 $ 115 $ 310 $ 212 Weighted average interest rate 2.32 % 2.67 % 1.80 % 2.97 %

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2015
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	Fair value measurements at June 30, 2015 with: (in thousands Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 16,884 $ - Available for sale securities 272 - - Fair value measurements at December 31, 2014 with: (in thousands Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 16,491 $ - Available for sale securities 275 - -

ACCUMULATED OTHER COMPREHENSI28

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	6 Months Ended
	Jun. 30, 2015
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of accumulated other comprehensive (loss) income	Pension Unrealized Foreign Total Balance at December 31, 2014 $ (16,246 ) $ (98 ) $ (1,489 ) $ (17,833 ) Change during the period: Before-tax amount - (3 ) (876 ) (879 ) Tax benefit - 1 - 1 Reclassification adjustment, net of taxes: Amortization of net loss (1) 250 - - 250 Total activity for the period 250 (2 ) (876 ) (628 ) Balance at June 30, 2015 $ (15,996 ) $ (100 ) $ (2,365 ) $ (18,461 ) (1) Reported as part of selling, general and administrative expenses. Pension Adjustment Unrealized Gain (Loss) On Securities Foreign Total Balance at December 31, 2013 $ (9,760 ) $ 10 $ (365 ) $ (10,115 ) Change during the period: Before-tax amount - 3 (4 ) (1 ) Tax benefit (expense) - (1 ) - (1 ) Reclassification adjustment, net of taxes: Amortization of net loss (1) 168 - - 168 Total activity for the period 168 2 (4 ) 166 Balance at June 30, 2014 $ (9,592 ) $ 12 $ (369 ) $ (9,949 )

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
EARNINGS PER SHARE
Net (loss) income available for stockholders:	$ (34,055)	$ 63,283	$ (26,507)	$ 102,671
Less: Dividends paid	(10,837)	(22,898)	(33,599)	(45,883)
(Over distributed loss) Undistributed earnings	$ (44,892)	$ 40,385	$ (60,106)	$ 56,788
Basic shares outstanding:
Common stock	208,156	211,611	210,195	211,522
Restricted shares of common stock	4,442	3,613	3,391	3,677
Basic shares outstanding, Total	212,598	215,224	213,586	215,199
Diluted shares outstanding:
Common stock	208,156	211,611	210,195	211,522
Dilutive effect of stock based awards		1,014		1,081
Diluted shares outstanding excluding restricted shares of common stock, Total	208,156	212,625	210,195	212,603
Restricted shares of common stock	4,442	3,613	3,391	3,677
Diluted shares outstanding, Total	212,598	216,238	213,586	216,280

EARNINGS PER SHARE - Restricted

EARNINGS PER SHARE - Restricted shares excluded from computation of diluted (loss) earnings per share (Details 1) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restricted Stock
Earnings Per Share [Line Items]
Restricted shares of common stock	835		200

EARNINGS PER SHARE - Earnings p

EARNINGS PER SHARE - Earnings per share attributable to common stock and restricted shares (Details 2) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic (loss) earnings per share
Basic (in dollars per share)	$ (0.16)	$ 0.29	$ (0.12)	$ 0.48
Common Stock
Basic (loss) earnings per share
Basic (in dollars per share)	(0.16)	0.29	(0.12)	0.48
Restricted shares of common stock
Basic (loss) earnings per share
Basic (in dollars per share)	$ (0.13)	$ 0.28	$ (0.13)	$ 0.44

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Detail Textuals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
PROPERTY, PLANT AND EQUIPMENT
Increase in cost of revenues	$ 11.5		$ 19.4
Remaining net book value of components in service					$ 16.4
Estimated weighted average remaining useful life					12 months
Loss on disposition of components		$ 5.9		$ 10.3

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based employee compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
STOCK-BASED COMPENSATION
Pre-tax expense	$ 2,586	$ 2,397	$ 5,109	$ 4,717
After tax expense	$ 1,642	$ 1,522	$ 3,244	$ 2,995

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested restricted shares activity (Details 1) - 6 months ended Jun. 30, 2015 - Restricted Stock - $ / shares	Total
Shares
Non-vested shares at December 31, 2014	3,575,150
Granted	895,725
Vested	(1,054,625)
Forfeited	(77,950)
Non-vested shares at June 30, 2015	3,338,300
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2014	$ 12.04
Granted	12.30
Vested	8.66
Forfeited	12.87
Non-vested shares at June 30, 2015	$ 13.16

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Detail Textuals) - 2014 Stock Incentive Plan - shares	1 Months Ended
	Apr. 22, 2014	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares of common stock	8,000,000
Term of reserved shares	10 years
Shares available for grant		7,115,275

STOCK-BASED COMPENSATION (Det36

STOCK-BASED COMPENSATION (Detail Textuals 1) - Restricted Stock - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 12,727,000	$ 20,634,000
Tax benefits for compensation expense for restricted stock	1,410,000	$ 4,416,000
Unrecognized compensation cost related to non-vested restricted shares	$ 43,833,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3.7 years

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Summary of information with respect to RPC's business segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Revenues	$ 297,560	$ 582,831	$ 703,830	$ 1,084,523
Operating (loss) profit:
Total operating (loss) profit	(52,537)	103,031	(46,367)	168,263
Interest expense	(390)	(49)	(1,081)	(386)
Interest income	9	6	15	10
Other income, net	332	831	6,121	911
(Loss) income before income taxes	(52,586)	103,819	(41,312)	168,798
Depreciation and amortization	69,801	56,517	135,777	112,022
Capital expenditures			139,347	112,804
Operating Segments
Revenues:
Revenues	297,560	582,831	703,830	1,084,523
Operating (loss) profit:
Total operating (loss) profit	(52,537)	103,031	(46,367)	168,263
Interest expense	(3,544)	(49)	(1,081)	(386)
Interest income	9	6	15	10
Other income, net	332	831	6,121	911
(Loss) income before income taxes	(52,586)	103,819	(41,312)	168,798
Depreciation and amortization			135,777	112,022
Capital expenditures			139,347	112,804
Identifiable assets	1,383,782	1,530,861	1,383,782	1,530,861
Operating Segments | Technical Services
Revenues:
Revenues	275,806	544,392	653,899	1,011,362
Operating (loss) profit:
Total operating (loss) profit	(49,253)	99,717	(43,391)	164,613
Depreciation and amortization			119,052	95,839
Capital expenditures			130,562	92,820
Identifiable assets	1,164,373	1,284,577	1,164,373	1,284,577
Operating Segments | Support Services
Revenues:
Revenues	21,754	38,439	49,931	73,161
Operating (loss) profit:
Total operating (loss) profit	(1,458)	8,998	2,449	16,455
Depreciation and amortization			16,469	15,863
Capital expenditures			8,256	19,417
Identifiable assets	126,689	161,572	126,689	161,572
Corporate
Operating (loss) profit:
Total operating (loss) profit	(3,544)	(4,279)	(8,101)	(9,168)
Depreciation and amortization			256	320
Capital expenditures			529	567
Identifiable assets	92,720	84,712	92,720	84,712
Gain (loss) on disposition of assets, net
Operating (loss) profit:
Total operating (loss) profit	$ 1,718	$ (1,405)	$ 2,676	$ (3,637)

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Detail Textuals)	6 Months Ended
	Jun. 30, 2015Reportable_Segment
BUSINESS SEGMENT INFORMATION
Number of reportable segments	2

INVENTORIES (Detail Textuals)

INVENTORIES (Detail Textuals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
INVENTORIES
Raw materials, parts and supplies of inventories	$ 146,945	$ 155,611

EMPLOYEE BENEFIT PLAN - Net per

EMPLOYEE BENEFIT PLAN - Net periodic benefit cost and related components (Details) - Multiple Employers Retirement Income Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 474	$ 487	$ 948	$ 973
Expected return on plan assets	(565)	(560)	(1,130)	(1,120)
Amortization of net losses	198	133	396	266
Net periodic benefit cost	$ 107	$ 60	$ 214	$ 119

EMPLOYEE BENEFIT PLAN - Trading

EMPLOYEE BENEFIT PLAN - Trading results related to SERP (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
Trading gains, net	$ 190	$ 453	$ 394	$ 637

EMPLOYEE BENEFIT PLAN (Detail T

EMPLOYEE BENEFIT PLAN (Detail Textuals) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Multiple Employers Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer for retirement income plan	$ 850,000	$ 765,000
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
SERP assets	$ 16,884,000		$ 16,491,000

NOTES PAYABLE TO BANKS - Intere

NOTES PAYABLE TO BANKS - Interest incurred on credit facility, interest capitalized related to facilities and equipment under construction, and related weighted average interest rates (Details) - Revolving credit facility - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Line of Credit Facility [Line Items]
Interest incurred	$ 518	$ 472	$ 1,363	$ 886
Capitalized interest	$ 131	$ 115	$ 310	$ 212
Weighted average interest rate	2.32%	2.67%	1.80%	2.97%

NOTES PAYABLE TO BANKS (Detail

NOTES PAYABLE TO BANKS (Detail Textuals) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Revolving credit facility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 350
Percentage of ownership	100.00%
Term of line of credit facility	5 years
Loan origination fees and other debt related costs	$ 3
Non-current other assets net	$ 1
Description of variable rate basis of debt instrument	Revolving loans under the Revolving Credit Agreement bear interest at one of the following two rates, at the Company's election: the Base Rate, which is the highest of Bank of America’s "prime rate" for the day of the borrowing, a fluctuating rate per annum equal to the Federal Funds Rate plus 0.50%, and a rate per annum equal to the one (1) month LIBOR rate plus 1.00%; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly debt covenant calculation; or with respect to any Eurodollar borrowings, Adjusted LIBOR (which equals LIBOR as increased to account for the maximum reserve percentages established by the U.S. Federal Reserve) plus a margin ranging from 1.125% to 2.125%, based upon a quarterly debt covenant calculation.
Revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Fees on unused portion of facility	0.225%
Revolving credit facility | Maximum
Line of Credit Facility [Line Items]
Fees on unused portion of facility	0.325%
Revolving credit facility | Option 1 A
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Description of reference rate basis	Federal Funds Rate
Revolving credit facility | Option 1 A | Minimum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	0.125%
Revolving credit facility | Option 1 A | Maximum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	1.125%
Revolving credit facility | Option 1 B
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Description of reference rate basis	LIBOR rate
Revolving credit facility | Option 1 B | Minimum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	0.125%
Revolving credit facility | Option 1 B | Maximum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	1.125%
Letter of credit subfacility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 50
Swingline subfacility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 35

NOTES PAYABLE TO BANKS (Detai45

NOTES PAYABLE TO BANKS (Detail Textuals 1) - 6 months ended Jun. 30, 2015 - Revolving credit facility - Option 2 - Eurodollar Borrowings	Total
Line of Credit Facility [Line Items]
Description of reference rate basis	Adjusted LIBOR
Minimum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	1.125%
Maximum
Line of Credit Facility [Line Items]
Range of margin based on quarterly debt covenant calculation	2.125%

NOTES PAYABLE TO BANKS (Detai46

NOTES PAYABLE TO BANKS (Detail Textuals 2) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Threshold limit of ratio of debt to earnings before interest taxes depreciation and amortization	no more than 2.5 to 1
Debt-to-EBITDA ratio (in times)	2.5
Threshold limit of ratio of earnings before interest taxes depreciation and amortization to interest expenses	no less than 2 to 1
EBITDA to interest expense ratio (in times)	2
Revolving credit facility
Line of Credit Facility [Line Items]
Outstanding borrowings under the facility	$ 54.9	$ 224.5
Remaining borrowing capacity	265.8
Letter of credit subfacility
Line of Credit Facility [Line Items]
Outstanding borrowings under the facility	$ 29.3

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
INCOME TAXES
Effective tax rate	35.20%	39.00%	35.80%	39.20%

FAIR VALUE DISCLOSURES - Valuat

FAIR VALUE DISCLOSURES - Valuation of financial instruments measured at fair value on a recurring basis (Details) - Fair value on a recurring basis - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Quoted prices in active markets for identical assets (Level 1)
Assets:
Trading securities
Available for sale securities	$ 272	$ 275
Significant other observable inputs (Level 2)
Assets:
Trading securities	$ 16,884	$ 16,491
Available for sale securities
Significant unobservable inputs (Level 3)
Assets:
Trading securities
Available for sale securities

FAIR VALUE DISCLOSURES (Detail

FAIR VALUE DISCLOSURES (Detail Textuals) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Revolving credit facility
Line of Credit Facility [Line Items]
Outstanding borrowings under the facility	$ 54.9	$ 224.5

ACCUMULATED OTHER COMPREHENSI50

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Summary of components of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance at December 31		$ (17,833)	$ (10,115)
Change during the period:
Before-tax amount		(879)	(1)
Tax benefit		1	(1)
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	250	168
Total activity for the period		(628)	166
Balance at June 30		(18,461)	(9,949)
Pension Adjustment
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance at December 31		$ (16,246)	$ (9,760)
Change during the period:
Before-tax amount
Tax benefit
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	$ 250	$ 168
Total activity for the period		250	168
Balance at June 30		(15,996)	(9,592)
Unrealized Gain (Loss) On Securities
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance at December 31		(98)	10
Change during the period:
Before-tax amount		(3)	3
Tax benefit		$ 1	$ (1)
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]
Total activity for the period		$ (2)	$ 2
Balance at June 30		(100)	12
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance at December 31		(1,489)	(365)
Change during the period:
Before-tax amount		$ (876)	$ (4)
Tax benefit
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]
Total activity for the period		$ (876)	$ (4)
Balance at June 30		$ (2,365)	$ (369)
[1]	Reported as part of selling, general and administrative expenses.