Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 22, 2016 | |
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 | 217,547,800 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 141,354 | $ 65,196 |
Accounts receivable, net | 130,903 | 232,187 |
Inventories | 115,954 | 128,441 |
Income taxes receivable | 50,565 | 51,392 |
Prepaid expenses | 5,111 | 8,961 |
Other current assets | 5,650 | 6,031 |
Total current assets | 449,537 | 492,208 |
Property, plant and equipment, less accumulated depreciation of $1,520,000 in 2016 and $1,423,000 in 2015 | 584,963 | 688,335 |
Goodwill | 32,150 | 32,150 |
Other assets | 24,627 | 24,401 |
Total assets | 1,091,277 | 1,237,094 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 39,512 | 75,811 |
Accrued payroll and related expenses | 15,681 | 16,654 |
Accrued insurance expenses | 4,292 | 4,296 |
Accrued state, local and other taxes | 6,786 | 2,838 |
Income taxes payable | 8,167 | 7,639 |
Other accrued expenses | 1,608 | 226 |
Total current liabilities | 76,046 | 107,464 |
Long-term accrued insurance expenses | 10,085 | 11,348 |
Long-term pension liabilities | 32,520 | 33,009 |
Deferred income taxes | 95,257 | 115,495 |
Other long-term liabilities | 3,360 | 17,497 |
Total liabilities | 217,268 | 284,813 |
Common stock | 21,755 | 21,699 |
Capital in excess of par value | ||
Retained earnings | 869,122 | 948,551 |
Accumulated other comprehensive loss | (16,868) | (17,969) |
Total stockholders' equity | 874,009 | 952,281 |
Total liabilities and stockholders' equity | $ 1,091,277 | $ 1,237,094 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Accumulated depreciation of property, plant and equipment | $ 1,520,000 | $ 1,423,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenues | $ 142,998 | $ 297,560 | $ 332,093 | $ 703,830 |
Cost of revenues (exclusive of items shown below) | 126,997 | 241,617 | 288,253 | 534,062 |
Selling, general and administrative expenses | 36,458 | 40,208 | 80,004 | 82,640 |
Depreciation and amortization | 56,280 | 69,801 | 116,916 | 135,777 |
Gain on disposition of assets, net | (1,515) | (1,718) | (2,771) | (2,676) |
Operating loss | (75,222) | (52,348) | (150,309) | (45,973) |
Interest expense | (126) | (390) | (451) | (1,081) |
Interest income | 104 | 9 | 127 | 15 |
Other (expense) income, net | (154) | 143 | 188 | 5,727 |
Loss before income taxes | (75,398) | (52,586) | (150,445) | (41,312) |
Income tax benefit | (26,712) | (18,531) | (69,248) | (14,805) |
Net loss | $ (48,686) | $ (34,055) | $ (81,197) | $ (26,507) |
Loss per share | ||||
Basic (in dollars per share) | $ (0.23) | $ (0.16) | $ (0.38) | $ (0.12) |
Diluted (in dollars per share) | $ (0.23) | (0.16) | $ (0.38) | (0.12) |
Dividends per share (in dollars per share) | $ 0.050 | $ 0.155 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income and Comprehensive Income [Abstract] | ||||
Net loss | $ (48,686) | $ (34,055) | $ (81,197) | $ (26,507) |
Other comprehensive (loss) income: | ||||
Pension adjustment and reclassification adjustment, net of taxes | 127 | 125 | 254 | 250 |
Foreign currency translation | 164 | 153 | 856 | (876) |
Unrealized loss on securities, net of taxes | (22) | (9) | (2) | |
Comprehensive loss | $ (48,395) | $ (33,799) | $ (80,096) | $ (27,135) |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2016 - 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, 2015 | $ 21,699 | $ 948,551 | $ (17,969) | $ 952,281 | |
Balance (in shares) at Dec. 31, 2015 | 216,991 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock issued for stock incentive plans, net | $ 85 | $ 4,648 | 4,733 | ||
Stock issued for stock incentive plans, net (in shares) | 851 | ||||
Stock purchased and retired | $ (29) | (4,933) | 1,768 | (3,194) | |
Stock purchased and retired (in shares) | (294) | ||||
Net loss | (81,197) | (81,197) | |||
Pension adjustment, net of taxes | 254 | 254 | |||
Foreign currency translation | 856 | 856 | |||
Unrealized loss on securities, net of taxes | (9) | (9) | |||
Excess tax benefits for share- based payments | $ 285 | 285 | |||
Balance at Jun. 30, 2016 | $ 21,755 | $ 869,122 | $ (16,868) | $ 874,009 | |
Balance (in shares) at Jun. 30, 2016 | 217,548 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (81,197) | $ (26,507) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, amortization and other non-cash charges | 118,799 | 137,914 |
Stock-based compensation expense | 5,362 | 5,109 |
Gain on disposition of assets, net | (2,771) | (2,676) |
Deferred income tax benefit | (21,008) | (26,802) |
Excess tax benefits for share-based payments | (285) | (1,410) |
(Increase) decrease in assets: | ||
Accounts receivable | 103,085 | 334,886 |
Income taxes receivable | 1,112 | (1,767) |
Inventories | 12,827 | 8,076 |
Prepaid expenses | 3,853 | 2,713 |
Other current assets | 302 | 1,234 |
Other non-current assets | (205) | 149 |
Increase (decrease) in liabilities: | ||
Accounts payable | (35,559) | (66,262) |
Income taxes payable | 528 | 3,107 |
Accrued payroll and related expenses | (993) | (25,758) |
Accrued insurance expenses | (4) | 1,246 |
Accrued state, local and other taxes | 3,948 | (854) |
Other accrued expenses | (44) | (244) |
Pension liabilities | (89) | 1,009 |
Long-term accrued insurance expenses | (1,263) | 1,225 |
Other long-term liabilities | (14,137) | (171) |
Net cash provided by operating activities | 92,261 | 344,217 |
INVESTING ACTIVITIES | ||
Capital expenditures | (18,289) | (139,347) |
Proceeds from sale of assets | 5,130 | 6,084 |
Net cash used for investing activities | (13,159) | (133,263) |
FINANCING ACTIVITIES | ||
Payment of dividends | (33,599) | |
Borrowings from notes payable to banks | 464,900 | |
Repayments of notes payable to banks | (634,500) | |
Debt issuance costs for notes payable to banks | (35) | |
Excess tax benefits for share-based payments | 285 | 1,410 |
Cash paid for common stock purchased and retired | (3,194) | (4,093) |
Net cash used for financing activities | (2,944) | (205,882) |
Net increase in cash and cash equivalents | 76,158 | 5,072 |
Cash and cash equivalents at beginning of period | 65,196 | 9,772 |
Cash and cash equivalents at end of period | 141,354 | 14,844 |
Supplemental cash flows disclosure: | ||
Interest paid, net of amounts capitalized | 373 | 967 |
Income taxes (received) paid, net | (36,689) | 9,478 |
Supplemental disclosure of noncash investing activities: | ||
Capital expenditures included in accounts payable | $ 1,648 | $ 5,989 |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2016 | |
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 three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The balance sheet at December 31, 2015 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, 2015. 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. Certain prior year amounts have been reclassified to conform to the presentation in the current year. |
REVENUES
REVENUES | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 | |
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: Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. Accounting Standards Update No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). Accounting Standards Update No. 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. Recently Issued Accounting Pronouncements Not Yet Adopted: Accounting Standards Update No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. Accounting Standards Update No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. Accounting Standards Update No. 2016-09, Compensation —Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. T Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). Accounting Standards Update No. 2016-07, Investments —Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. Accounting Standards Update No. 2016-02 —Leases (Topic 842). Accounting Standards Updates No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). |
(LOSS) EARNINGS PER SHARE
(LOSS) EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2016 | |
EARNINGS PER SHARE | |
(LOSS) EARNINGS PER SHARE | 4. (LOSS) EARNINGS PER SHARE Basic and diluted (loss) 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. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: Three months ended June 30 Six months ended June 30 (In thousands) 2016 2015 2016 2015 Net loss available for stockholders: $ (48,686 ) $ (34,055 ) $ (81,197 ) $ (26,507 ) Less: Adjustments for losses attributable to participating securities - (153 ) - (240 ) Net loss used in calculating losses per share $ (48,686 ) $ (34,208 ) $ (81,197 ) $ (26,747 ) Weighted average shares outstanding (including participating securities) 217,576 212,598 217,501 213,586 Adjustment for participating securities (3,313 ) (4,442 ) (3,314 ) (3,391 ) Shares used in calculating basic losses per share 214,263 208,156 214,187 210,195 Dilutive effect of stock based awards - - - - Shares used in calculating diluted losses per share 214,263 208,156 214,187 210,195 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2016 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 5. 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, 2016, there were 6,231,975 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) 2016 2015 2016 2015 Pre-tax expense $ 2,702 $ 2,586 $ 5,362 $ 5,109 After tax expense $ 1,716 $ 1,642 $ 3,405 $ 3,244 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2016: Shares Weighted Average Non-vested shares at December 31, 2015 3,312,175 $ 13.17 Granted 920,100 10.77 Vested (878,288 ) 11.56 Forfeited (69,312 ) 13.23 Non-vested shares at June 30, 2016 3,284,675 $ 12.92 The total fair value of shares vested during the six months ended June 30, 2016 was $9,534,000 and during the six months ended June 30, 2015 was $12,727,000. Tax benefits for compensation tax deductions in excess of compensation expense for restricted shares totaled $285,000 for the six months ended June 30, 2016 and $1,410,000 for the six months ended June 30, 2015. These tax benefits were credited to capital in excess of par value and classified as financing activities in the consolidated statements of cash flows. As of June 30, 2016, total unrecognized compensation cost related to non-vested restricted shares was $43,529,000 which is expected to be recognized over a weighted-average period of 3.9 years. |
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2016 | |
BUSINESS SEGMENT INFORMATION | |
BUSINESS SEGMENT INFORMATION | 6. 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 s e 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 Argentina, Canada, Gabon, Bolivia 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: 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) 2016 2015 2016 2015 Revenues: Technical Services $ 131,217 $ 275,806 $ 306,689 $ 653,899 Support Services 11,781 21,754 25,404 49,931 Total revenues $ 142,998 $ 297,560 $ 332,093 $ 703,830 Operating (loss) profit: Technical Services $ (65,690 ) $ (49,253 ) $ (128,954 ) $ (43,391 ) Support Services (7,163 ) (1,458 ) (13,799 ) 2,449 Corporate (3,884 ) (3,355 ) (10,327 ) (7,707 ) Gain on disposition of assets, net 1,515 1,718 2,771 2,676 Total operating loss $ (75,222 ) $ (52,348 ) $ (150,309 ) $ (45,973 ) Interest expense (126 ) (390 ) (451 ) (1,081 ) Interest income 104 9 127 15 Other (expense) income, net (154 ) 143 188 5,727 Loss before income taxes $ (75,398 ) $ (52,586 ) $ (150,445 ) $ (41,312 ) As of and for the six months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 103,227 $ 13,452 $ 237 $ 116,916 Capital expenditures 15,213 1,557 1,519 18,289 Identifiable assets $ 778,075 $ 86,588 $ 226,614 $ 1,091,277 As of and for the six months ended June Technical Support 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 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2016 | |
INVENTORIES | |
INVENTORIES | 7. INVENTORIES Inventories of $115,954,000 at June 30, 2016 and $128,441,000 at December 31, 2015 consist of raw materials, parts and supplies. |
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN | 6 Months Ended |
Jun. 30, 2016 | |
EMPLOYEE BENEFIT PLAN | |
EMPLOYEE BENEFIT PLAN | 8. 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) 2016 2015 2016 2015 Interest cost $ 502 $ 474 $ 1,004 $ 948 Expected return on plan assets (532 ) (565 ) (1,066 ) (1,130 ) Amortization of net losses 199 198 399 396 Net periodic benefit cost $ 169 $ 107 $ 337 $ 214 The Company contributions to this plan were $900,000 during the six months ended June 30, 2016 and $850,000 during the six months ended June 30, 2015. 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 $16,477,000 as of June 30, 2016 and $16,081,000 as of December 31, 2015. 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 compensation cost in selling, general and administrative expenses. Trading gains (losses) related to the SERP assets were approximately as follows: Three months ended June 30 Six months ended June 30 (in thousands) 2016 2015 2016 2015 Trading gains, net $ 63 $ 190 $ (264 ) $ 394 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, 2016 | |
NOTES PAYABLE TO BANKS | |
NOTES PAYABLE TO BANKS | 9. NOTES PAYABLE TO BANKS The Company has a revolving credit facility with Banc of America Securities, LLC, SunTrust Robinson Humphrey, Inc., and Regions Capital Markets as Joint Lead Arrangers and Joint Book Managers, and a syndicate of four other lenders. The facility has a general term of five years ending January 17, 2019 and provides for an unsecured line of credit of up to $125 million, including a $50 million letter of credit subfacility, and a $35 million swingline subfacility. The revolving credit facility contains customary terms and conditions, including restrictions on indebtedness, dividend payments, business combinations and other related items. The revolving credit facility includes a full and unconditional guarantee by the Company's 100 percent owned domestic subsidiaries whose assets equal substantially all of the consolidated assets of the Company and its subsidiaries. Certain of the Company’s minor subsidiaries are not guarantors. On June 30, 2016, the Company amended the revolving credit facility to (1) establish a borrowing base to be the lesser of (a) $125 million or (b) the difference between (i) a specified percentage (ranging from 70% to 80%) of eligible accounts receivable less (ii) the amount of any outstanding letters of credit, (2) secure payment obligations under the credit facility with a security interest in the consolidated accounts receivable, and (3) replace the financial covenants related to minimum leverage and debt service coverage ratios with a covenant to maintain a minimum tangible net worth of not less than $700 million. As of June 30, 2016, the Company was in compliance with this covenant. Revolving loans under the amended revolving credit facility bear interest at one of the following two rates at the Company’s election: · 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,” and (c) the Eurodollar Rate plus 1.00%; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly consolidated leverage ratio calculation; or · the Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”); 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 consolidated leverage ratio calculation, on the unused portion of the credit facility. The Company has incurred loan origination fees and other debt related costs associated with the revolving credit facility in the aggregate of approximately $3.0 million. These costs, net of amounts written off as a result of a reduction in the size of the revolving credit facility in 2015, are being amortized to interest expense over the remaining term of the five-year loan, and the remaining net balance of $0.3 million at June 30, 2016 is classified as part of non-current other assets. On January 4, 2016, the Company entered into a separate one year $35 million uncommitted letter of credit facility with Bank of America, N.A. Under the terms of the letter of credit facility, the Company will pay 0.75% per annum on outstanding letters of credit. No origination fees were incurred in connection with this facility. Letters of credit outstanding under this facility totaled $29.7 million as of June 30, 2016. As of June 30, 2016, RPC had no outstanding borrowings under the revolving credit facility. Interest incurred and paid on the credit facility, interest capitalized related to facilities and equipment under construction, and the related weighted average interest rates were as follows for the periods indicated: Three months ended June 30 Six months ended June 30 2016 2015 2016 2015 (in thousands except interest rate data) Interest incurred $ 110 $ 518 $ 219 $ 1,363 Capitalized interest $ - $ 131 $ - $ 310 Weighted average interest rate N/A 2.32 % N/A 1.80 % |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2016 | |
INCOME TAXES | |
INCOME TAXES | 10. 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, 2016, the income tax benefit reflects an effective tax rate of 35.4 percent compared to an effective tax rate of 35.2 percent for the comparable period in the prior year. For the six months ended June 30, 2016, the income tax benefit reflects an effective tax rate of 46.0 percent compared to an effective tax rate of 35.8 percent for the comparable period in the prior year. The six-month effective tax rate includes a discrete income tax benefit of $15.7 million recognized during the first quarter of 2016 related to the favorable resolution of uncertain state income tax positions. As a result of this adjustment, the balance of unrecognized tax benefits as of June 30, 2016 was approximately $2.2 million. The Company adopted the provisions of Accounting Standards Update 2015-17 as of the year ended December 31, 2015 that requires all deferred tax balances to be classified as non-current. Accordingly, the net deferred tax balance has been reflected as a non-current liability in the accompanying balance sheet as of June 30, 2016. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Jun. 30, 2016 | |
FAIR VALUE DISCLOSURES | |
FAIR VALUE DISCLOSURES | 11. 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, 2016 and December 31, 2015: Fair value measurements at June 30, 2016 with: (in thousands) Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 16,477 $ - Available-for-sale securities 246 - - Fair value measurements at December 31, 2015 with: (in thousands) Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 16,081 $ - Available-for-sale securities 259 - - 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. There were no outstanding borrowings on the revolving credit facility at June 30, 2016 and December 31, 2015. The fair value of borrowings is based on quotes from the lender (level 2 inputs). The borrowings under the Company’s revolving credit facility bear interest at the variable rate described in Note 9. 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, 2016 | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 12. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income consists of the following (in thousands): Pension Unrealized Foreign Total Balance at December 31, 2015 $ (14,715 ) $ 36 $ (3,290 ) $ (17,969 ) Change during the period: Before-tax amount - (14 ) 856 842 Tax benefit - 5 - 5 Reclassification adjustment, net of taxes: Amortization of net loss (1) 254 - - 254 Total activity for the period 254 (9 ) 856 1,101 Balance at June 30, 2016 $ (14,461 ) $ 27 $ (2,434 ) $ (16,868 ) (1) Reported as part of selling, general and administrative expenses. 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. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board (FASB) issued the following applicable Accounting Standards Updates (ASU): Recently Adopted Accounting Pronouncements: Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. Accounting Standards Update No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). Accounting Standards Update No. 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. Recently Issued Accounting Pronouncements Not Yet Adopted: Accounting Standards Update No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. Accounting Standards Update No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. Accounting Standards Update No. 2016-09, Compensation —Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. T Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). Accounting Standards Update No. 2016-07, Investments —Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. Accounting Standards Update No. 2016-02 —Leases (Topic 842). Accounting Standards Updates No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). |
(LOSS) EARNINGS PER SHARE (Tabl
(LOSS) EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
EARNINGS PER SHARE | |
Schedule of reconciliation of weighted average shares outstanding | Three months ended June 30 Six months ended June 30 (In thousands) 2016 2015 2016 2015 Net loss available for stockholders: $ (48,686 ) $ (34,055 ) $ (81,197 ) $ (26,507 ) Less: Adjustments for losses attributable to participating securities - (153 ) - (240 ) Net loss used in calculating losses per share $ (48,686 ) $ (34,208 ) $ (81,197 ) $ (26,747 ) Weighted average shares outstanding (including participating securities) 217,576 212,598 217,501 213,586 Adjustment for participating securities (3,313 ) (4,442 ) (3,314 ) (3,391 ) Shares used in calculating basic losses per share 214,263 208,156 214,187 210,195 Dilutive effect of stock based awards - - - - Shares used in calculating diluted losses per share 214,263 208,156 214,187 210,195 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
STOCK-BASED COMPENSATION | |
Schedule of stock-based employee compensation expense | Three months ended Six months ended June 30, June 30 (in thousands) 2016 2015 2016 2015 Pre-tax expense $ 2,702 $ 2,586 $ 5,362 $ 5,109 After tax expense $ 1,716 $ 1,642 $ 3,405 $ 3,244 |
Schedule of summary of changes in non-vested restricted shares | Shares Weighted Average Non-vested shares at December 31, 2015 3,312,175 $ 13.17 Granted 920,100 10.77 Vested (878,288 ) 11.56 Forfeited (69,312 ) 13.23 Non-vested shares at June 30, 2016 3,284,675 $ 12.92 |
BUSINESS SEGMENT INFORMATION (T
BUSINESS SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
BUSINESS SEGMENT INFORMATION | |
Schedule of segment reporting information by segment | Three months ended June 30 Six months ended June 30 (in thousands) 2016 2015 2016 2015 Revenues: Technical Services $ 131,217 $ 275,806 $ 306,689 $ 653,899 Support Services 11,781 21,754 25,404 49,931 Total revenues $ 142,998 $ 297,560 $ 332,093 $ 703,830 Operating (loss) profit: Technical Services $ (65,690 ) $ (49,253 ) $ (128,954 ) $ (43,391 ) Support Services (7,163 ) (1,458 ) (13,799 ) 2,449 Corporate (3,884 ) (3,355 ) (10,327 ) (7,707 ) Gain on disposition of assets, net 1,515 1,718 2,771 2,676 Total operating loss $ (75,222 ) $ (52,348 ) $ (150,309 ) $ (45,973 ) Interest expense (126 ) (390 ) (451 ) (1,081 ) Interest income 104 9 127 15 Other (expense) income, net (154 ) 143 188 5,727 Loss before income taxes $ (75,398 ) $ (52,586 ) $ (150,445 ) $ (41,312 ) As of and for the six months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 103,227 $ 13,452 $ 237 $ 116,916 Capital expenditures 15,213 1,557 1,519 18,289 Identifiable assets $ 778,075 $ 86,588 $ 226,614 $ 1,091,277 As of and for the six months ended June Technical Support 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 |
EMPLOYEE BENEFIT PLAN (Tables)
EMPLOYEE BENEFIT PLAN (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
EMPLOYEE BENEFIT PLAN | |
Schedule of net periodic benefit cost and related components | Three months ended June 30 Six months ended June 30 (in thousands) 2016 2015 2016 2015 Interest cost $ 502 $ 474 $ 1,004 $ 948 Expected return on plan assets (532 ) (565 ) (1,066 ) (1,130 ) Amortization of net losses 199 198 399 396 Net periodic benefit cost $ 169 $ 107 $ 337 $ 214 |
Schedule of trading gains (losses) related to SERP assets | Three months ended June 30 Six months ended June 30 (in thousands) 2016 2015 2016 2015 Trading gains, net $ 63 $ 190 $ (264 ) $ 394 |
NOTES PAYABLE TO BANKS (Tables)
NOTES PAYABLE TO BANKS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 2016 2015 2016 2015 (in thousands except interest rate data) Interest incurred $ 110 $ 518 $ 219 $ 1,363 Capitalized interest $ - $ 131 $ - $ 310 Weighted average interest rate N/A 2.32 % N/A 1.80 % |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
FAIR VALUE DISCLOSURES | |
Schedule of valuation of financial instruments measured at fair value on a recurring basis | Fair value measurements at June 30, 2016 with: (in thousands) Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 16,477 $ - Available-for-sale securities 246 - - Fair value measurements at December 31, 2015 with: (in thousands) Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 16,081 $ - Available-for-sale securities 259 - - |
ACCUMULATED OTHER COMPREHENSI27
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | |
Schedule of accumulated other comprehensive (loss) income | Pension Unrealized Foreign Total Balance at December 31, 2015 $ (14,715 ) $ 36 $ (3,290 ) $ (17,969 ) Change during the period: Before-tax amount - (14 ) 856 842 Tax benefit - 5 - 5 Reclassification adjustment, net of taxes: Amortization of net loss (1) 254 - - 254 Total activity for the period 254 (9 ) 856 1,101 Balance at June 30, 2016 $ (14,461 ) $ 27 $ (2,434 ) $ (16,868 ) (1) Reported as part of selling, general and administrative expenses. 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. |
EARNINGS PER SHARE - Reconcilia
EARNINGS PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
EARNINGS PER SHARE | ||||
Net loss available for stockholders: | $ (48,686) | $ (34,055) | $ (81,197) | $ (26,507) |
Less: Adjustments for losses attributable to participating securities | (153) | (240) | ||
Net loss used in calculating losses per share | $ (48,686) | $ (34,208) | $ (81,197) | $ (26,747) |
Weighted average shares outstanding (including participating securities) | 217,576 | 212,598 | 217,501 | 213,586 |
Adjustment for participating securities | (3,313) | (4,442) | (3,314) | (3,391) |
Shares used in calculating basic losses per share | 214,263 | 208,156 | 214,187 | 210,195 |
Dilutive effect of stock based awards | ||||
Shares used in calculating diluted losses per share | 214,263 | 208,156 | 214,187 | 210,195 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock-based employee compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
STOCK-BASED COMPENSATION | ||||
Pre-tax expense | $ 2,702 | $ 2,586 | $ 5,362 | $ 5,109 |
After tax expense | $ 1,716 | $ 1,642 | $ 3,405 | $ 3,244 |
STOCK-BASED COMPENSATION - Non-
STOCK-BASED COMPENSATION - Non-vested restricted shares activity (Details 1) - Restricted Stock | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Shares | |
Non-vested shares at December 31, 2015 | shares | 3,312,175 |
Granted | shares | 920,100 |
Vested | shares | (878,288) |
Forfeited | shares | (69,312) |
Non-vested shares at June 30, 2016 | shares | 3,284,675 |
Weighted Average Grant-Date Fair Value | |
Non-vested shares at December 31, 2015 | $ / shares | $ 13.17 |
Granted | $ / shares | 10.77 |
Vested | $ / shares | 11.56 |
Forfeited | $ / shares | 13.23 |
Non-vested shares at June 30, 2016 | $ / shares | $ 12.92 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail Textuals) - 2014 Stock Incentive Plan - shares | 1 Months Ended | |
Apr. 30, 2014 | Jun. 30, 2016 | |
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 | 6,231,975 |
STOCK-BASED COMPENSATION (Det32
STOCK-BASED COMPENSATION (Detail Textuals 1) - Restricted Stock - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total fair value of shares vested | $ 9,534,000 | $ 12,727,000 |
Tax benefits for compensation expense for restricted stock | 285,000 | $ 1,410,000 |
Unrecognized compensation cost related to non-vested restricted shares | $ 43,529,000 | |
Unrecognized compensation cost related to non-vested restricted shares recognized period | 3.9 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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Revenues: | |||||
Revenues | $ 142,998 | $ 297,560 | $ 332,093 | $ 703,830 | |
Operating (loss) profit: | |||||
Total operating loss | (75,222) | (52,348) | (150,309) | (45,973) | |
Interest expense | (126) | (390) | (451) | (1,081) | |
Interest income | 104 | 9 | 127 | 15 | |
Other (expense) income, net | (154) | 143 | 188 | 5,727 | |
Loss before income taxes | (75,398) | (52,586) | (150,445) | (41,312) | |
Depreciation and amortization | 56,280 | 69,801 | 116,916 | 135,777 | |
Capital expenditures | 18,289 | 139,347 | |||
Identifiable assets | 1,091,277 | 1,091,277 | $ 1,237,094 | ||
Operating Segments | |||||
Revenues: | |||||
Revenues | 142,998 | 297,560 | 332,093 | 703,830 | |
Operating (loss) profit: | |||||
Total operating loss | (75,222) | (52,348) | (150,309) | (45,973) | |
Interest expense | (126) | (390) | (451) | (1,081) | |
Interest income | 104 | 9 | 127 | 15 | |
Other (expense) income, net | (154) | 143 | 188 | 5,727 | |
Loss before income taxes | (75,398) | (52,586) | (150,445) | (41,312) | |
Depreciation and amortization | 116,916 | 135,777 | |||
Capital expenditures | 18,289 | 139,347 | |||
Identifiable assets | 1,091,277 | 1,383,782 | 1,091,277 | 1,383,782 | |
Operating Segments | Technical Services | |||||
Revenues: | |||||
Revenues | 131,217 | 275,806 | 306,689 | 653,899 | |
Operating (loss) profit: | |||||
Total operating loss | (65,690) | (49,253) | (128,954) | (43,391) | |
Depreciation and amortization | 103,227 | 119,052 | |||
Capital expenditures | 15,213 | 130,562 | |||
Identifiable assets | 778,075 | 1,164,373 | 778,075 | 1,164,373 | |
Operating Segments | Support Services | |||||
Revenues: | |||||
Revenues | 11,781 | 21,754 | 25,404 | 49,931 | |
Operating (loss) profit: | |||||
Total operating loss | (7,163) | (1,458) | (13,799) | 2,449 | |
Depreciation and amortization | 13,452 | 16,469 | |||
Capital expenditures | 1,557 | 8,256 | |||
Identifiable assets | 86,588 | 126,689 | 86,588 | 126,689 | |
Corporate | |||||
Operating (loss) profit: | |||||
Total operating loss | (3,884) | (3,355) | (10,327) | (7,707) | |
Depreciation and amortization | 237 | 256 | |||
Capital expenditures | 1,519 | 529 | |||
Identifiable assets | 226,614 | 92,720 | 226,614 | 92,720 | |
Gain on disposition of assets, net | |||||
Operating (loss) profit: | |||||
Total operating loss | $ 1,515 | $ 1,718 | $ 2,771 | $ 2,676 |
BUSINESS SEGMENT INFORMATION (D
BUSINESS SEGMENT INFORMATION (Detail Textuals) | 3 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, 2016 | Dec. 31, 2015 |
INVENTORIES | ||
Raw materials, parts and supplies of inventories | $ 115,954 | $ 128,441 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 502 | $ 474 | $ 1,004 | $ 948 |
Expected return on plan assets | (532) | (565) | (1,066) | (1,130) |
Amortization of net losses | 199 | 198 | 399 | 396 |
Net periodic benefit cost | $ 169 | $ 107 | $ 337 | $ 214 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Non-qualified Supplemental Retirement Plan ("SERP") | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Trading gains, net | $ 63 | $ 190 | $ (264) | $ 394 |
EMPLOYEE BENEFIT PLAN (Detail T
EMPLOYEE BENEFIT PLAN (Detail Textuals) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Multiple Employers Retirement Income Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution by employer for retirement income plan | $ 900,000 | $ 850,000 | |
Non-qualified Supplemental Retirement Plan ("SERP") | |||
Defined Benefit Plan Disclosure [Line Items] | |||
SERP assets | $ 16,477,000 | $ 16,081,000 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Line of Credit Facility [Line Items] | ||||
Interest incurred | $ 110 | $ 518 | $ 219 | $ 1,363 |
Capitalized interest | $ 131 | $ 310 | ||
Weighted average interest rate | 2.32% | 1.80% |
NOTES PAYABLE TO BANKS (Detail
NOTES PAYABLE TO BANKS (Detail Textuals) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Nov. 30, 2015 | Jun. 30, 2016 | |
Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Amount of credit facility | $ 125 | |
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 | $ 0.3 | |
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 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,” and (c) the Eurodollar Rate plus 1.00%; in each case plus a margin that ranges from 0.125% to 1.125% based on a quarterly consolidated leverage ratio calculation; or · the Eurodollar Rate, which is the rate per annum equal to the London Interbank Offering Rate (“LIBOR”); plus, a margin ranging from 1.125% to 2.125%, based upon a quarterly debt covenant calculation. | |
Borrowing capacity description | Company amended the revolving credit facility to (1) establish a borrowing base to be the lesser of (a) $125 million or (b) the difference between (i) a specified percentage (ranging from 70% to 80%) of eligible accounts receivable less (ii) the amount of any outstanding letters of credit, (2) secure payment obligations under the credit facility with a security interest in the consolidated accounts receivable, and (3) replace the financial covenants related to minimum leverage and debt service coverage ratios with a covenant to maintain a minimum tangible net worth of not less than $700 million. | |
Borrowing base of line of credit | $ 125 | |
Minimum tangible net worth | $ 700 | |
Revolving credit facility | Minimum | ||
Line of Credit Facility [Line Items] | ||
Fees on unused portion of facility | 0.225% | |
Account receivable percentage for line of credit determination | 70.00% | |
Revolving credit facility | Maximum | ||
Line of Credit Facility [Line Items] | ||
Fees on unused portion of facility | 0.325% | |
Account receivable percentage for line of credit determination | 80.00% | |
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] | ||
Basis spread on variable rate | 0.125% | |
Revolving credit facility | Option 1 A | Maximum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.125% | |
Revolving credit facility | Option 1 B | ||
Line of Credit Facility [Line Items] | ||
Description of reference rate basis | Prime rate | |
Revolving credit facility | Option 1 C | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Description of reference rate basis | Eurodollar Rate | |
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 (Detai41
NOTES PAYABLE TO BANKS (Detail Textuals 1) - Revolving credit facility - Option 2 - Eurodollar Borrowings | 6 Months Ended |
Jun. 30, 2016 | |
Line of Credit Facility [Line Items] | |
Description of reference rate basis | London Interbank Offering Rate ("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 (Detai42
NOTES PAYABLE TO BANKS (Detail Textuals 2) - Uncommitted letter of credit facility - USD ($) $ in Millions | Jan. 04, 2016 | Jun. 30, 2016 |
Line Of Credit Facility [Line Items] | ||
Amount of credit facility | $ 35 | |
Term of letter of credit facility | 1 year | |
Commitment fee percentage, per annum on outstanding letters of credit | 0.75% | |
Origination fees | $ 0 | |
Letters of credit outstanding relating to self-insurance programs and contract bids | $ 29.7 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
INCOME TAXES | ||||
Effective tax rate | 35.40% | 35.20% | 46.00% | 35.80% |
Discrete income tax benefit for resolution of uncertain state income tax positions | $ 15.7 | |||
Unrecognized Tax Benefits | $ 2.2 | $ 2.2 |
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, 2016 | Dec. 31, 2015 |
Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Trading securities | ||
Available-for-sale securities | 246 | 259 |
Significant other observable inputs (Level 2) | ||
Assets: | ||
Trading securities | 16,477 | 16,081 |
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 Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Outstanding borrowings under the facility | $ 0 | $ 0 |
ACCUMULATED OTHER COMPREHENSI46
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Summary of components of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Balance at December 31 | $ (17,969) | $ (17,833) | |
Change during the period: | |||
Before-tax amount | 842 | (879) | |
Tax benefit | 5 | 1 | |
Reclassification adjustment, net of taxes: | |||
Amortization of net loss | [1] | 254 | 250 |
Total activity for the period | 1,101 | (628) | |
Balance at June 30 | (16,868) | (18,461) | |
Pension Adjustment | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Balance at December 31 | (14,715) | (16,246) | |
Change during the period: | |||
Before-tax amount | |||
Tax benefit | |||
Reclassification adjustment, net of taxes: | |||
Amortization of net loss | [1] | 254 | 250 |
Total activity for the period | 254 | 250 | |
Balance at June 30 | (14,461) | (15,996) | |
Unrealized Gain (Loss) On Securities | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Balance at December 31 | 36 | (98) | |
Change during the period: | |||
Before-tax amount | (14) | (3) | |
Tax benefit | 5 | 1 | |
Reclassification adjustment, net of taxes: | |||
Amortization of net loss | [1] | ||
Total activity for the period | (9) | (2) | |
Balance at June 30 | 27 | (100) | |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income Loss [Roll Forward] | |||
Balance at December 31 | (3,290) | (1,489) | |
Change during the period: | |||
Before-tax amount | 856 | (876) | |
Tax benefit | |||
Reclassification adjustment, net of taxes: | |||
Amortization of net loss | [1] | ||
Total activity for the period | 856 | (876) | |
Balance at June 30 | $ (2,434) | $ (2,365) | |
[1] | Reported as part of selling, general and administrative expenses. |