RPC (RES) 10-Q 31 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 21, 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		217,522,209
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 139,087	$ 65,196
Accounts receivable, net	144,785	232,187
Inventories	110,868	128,441
Income taxes receivable	50,264	51,392
Prepaid expenses	4,528	8,961
Other current assets	6,274	6,031
Total current assets	455,806	492,208
Property, plant and equipment, less accumulated depreciation of $1,562,000 in 2016 and $1,423,000 in 2015	539,270	688,335
Goodwill	32,150	32,150
Other assets	25,666	24,401
Total assets	1,052,892	1,237,094
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	54,822	75,811
Accrued payroll and related expenses	14,606	16,654
Accrued insurance expenses	4,932	4,296
Accrued state, local and other taxes	6,992	2,838
Income taxes payable	4,026	7,639
Other accrued expenses	1,706	226
Total current liabilities	87,084	107,464
Long-term accrued insurance expenses	9,706	11,348
Long-term pension liabilities	30,289	33,009
Deferred income taxes	84,665	115,495
Other long-term liabilities	3,338	17,497
Total liabilities	215,082	284,813
Common stock	21,752	21,699
Capital in excess of par value
Retained earnings	832,937	948,551
Accumulated other comprehensive loss	(16,879)	(17,969)
Total stockholders' equity	837,810	952,281
Total liabilities and stockholders' equity	$ 1,052,892	$ 1,237,094

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Accumulated depreciation of property, plant and equipment	$ 1,562,000	$ 1,423,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenues	$ 175,884	$ 291,924	$ 507,977	$ 995,754
Cost of revenues (exclusive of items shown below)	146,615	234,640	434,868	768,702
Selling, general and administrative expenses	34,859	37,345	114,863	119,985
Depreciation and amortization	51,975	69,047	168,891	204,824
(Gain) loss on disposition of assets, net	(1,148)	3,791	(3,919)	1,115
Operating loss	(56,417)	(52,899)	(206,726)	(98,872)
Interest expense	(115)	(250)	(566)	(1,331)
Interest income	169	5	296	20
Other income (expense), net	86	(795)	274	4,932
Loss before income taxes	(56,277)	(53,939)	(206,722)	(95,251)
Income tax benefit	(17,335)	(18,766)	(86,583)	(33,571)
Net loss	$ (38,942)	$ (35,173)	$ (120,139)	$ (61,680)
Loss per share
Basic (in dollars per share)	$ (0.18)	$ (0.16)	$ (0.56)	$ (0.29)
Diluted (in dollars per share)	$ (0.18)	$ (0.16)	$ (0.56)	(0.29)
Dividends per share (in dollars per share)				$ 0.155

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement Of Income and Comprehensive Income [Abstract]
Net loss	$ (38,942)	$ (35,173)	$ (120,139)	$ (61,680)
Other comprehensive (loss) income:
Pension adjustment and reclassification adjustment, net of taxes	126	126	380	376
Foreign currency translation	(144)	(598)	712	(1,474)
Unrealized gain (loss) on securities, net of taxes	7	(27)	(2)	(29)
Comprehensive loss	$ (38,953)	$ (35,672)	$ (119,049)	$ (62,807)

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 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	$ 83	$ 7,353			7,436
Stock issued for stock incentive plans, net (in shares)	827
Stock purchased and retired	$ (30)	(7,713)	4,525		(3,218)
Stock purchased and retired (in shares)	(296)
Net loss			(120,139)		(120,139)
Pension adjustment, net of taxes				380	380
Foreign currency translation				712	712
Unrealized loss on securities, net of taxes				(2)	(2)
Excess tax benefits for share- based payments		$ 360			360
Balance at Sep. 30, 2016	$ 21,752		$ 832,937	$ (16,879)	$ 837,810
Balance (in shares) at Sep. 30, 2016	217,522

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
OPERATING ACTIVITIES
Net loss	$ (120,139)	$ (61,680)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	171,642	208,420
Stock-based compensation expense	8,065	7,695
(Gain) loss on disposition of assets, net	(3,919)	1,115
Deferred income tax benefit	(31,677)	(52,038)
Excess tax benefits for share-based payments	(360)	(1,410)
(Increase) decrease in assets:
Accounts receivable	89,173	348,939
Income taxes receivable	1,488	3,447
Inventories	17,843	18,629
Prepaid expenses	4,436	3,089
Other current assets	(378)	(4,666)
Other non-current assets	(1,251)	1,691
Increase (decrease) in liabilities:
Accounts payable	(21,603)	(63,200)
Income taxes payable	(3,613)	5,017
Accrued payroll and related expenses	(2,067)	(28,743)
Accrued insurance expenses	636	(902)
Accrued state, local and other taxes	4,154	499
Other accrued expenses	52	(249)
Pension liabilities	(2,121)	(146)
Long-term accrued insurance expenses	(1,642)	775
Other long-term liabilities	(14,159)	3
Net cash provided by operating activities	94,560	386,285
INVESTING ACTIVITIES
Capital expenditures	(24,917)	(155,202)
Proceeds from sale of assets	7,141	7,935
Net cash used for investing activities	(17,776)	(147,267)
FINANCING ACTIVITIES
Payment of dividends		(33,599)
Borrowings from notes payable to banks		588,400
Repayments of notes payable to banks		(793,400)
Debt issuance costs for notes payable to banks	(35)
Excess tax benefits for share-based payments	360	1,410
Cash paid for common stock purchased and retired	(3,218)	(4,093)
Net cash used for financing activities	(2,893)	(241,282)
Net increase (decrease) in cash and cash equivalents	73,891	(2,264)
Cash and cash equivalents at beginning of period	65,196	9,772
Cash and cash equivalents at end of period	139,087	7,508
Supplemental cash flows disclosure:
Interest paid, net of amounts capitalized	373	1,124
Income taxes (received) paid, net	(39,333)	8,535
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 3,002	$ 5,349

GENERAL

GENERAL	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. 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 PER SHARE

LOSS PER SHARE	9 Months Ended
	Sep. 30, 2016
EARNINGS PER SHARE
LOSS PER SHARE	4. LOSS PER SHARE Basic and diluted loss per share are computed by dividing net loss 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 Nine months ended (In thousands) 2016 2015 2016 2015 Net loss available for stockholders: $ (38,942 ) $ (35,173 ) $ (120,139 ) $ (61,680 ) Less: Adjustments for losses attributable to participating securities - - - (240 ) Net loss used in calculating losses per share $ (38,942 ) $ (35,173 ) $ (120,139 ) $ (61,920 ) Weighted average shares outstanding (including participating securities) 217,531 213,679 217,511 213,617 Adjustment for participating securities (3,265 ) (3,337 ) (3,298 ) (3,373 ) Shares used in calculating basic losses per share 214,266 210,342 214,213 210,244 Dilutive effect of stock based awards - - - - Shares used in calculating diluted losses per share 214,266 210,342 214,213 210,244

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 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 September 30, 2016, there were 6,238,000 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: Three months ended Nine months ended September 30, September 30 (in thousands) 2016 2015 2016 2015 Pre-tax expense $ 2,703 $ 2,586 $ 8,065 $ 7,695 After tax expense $ 1,716 $ 1,642 $ 5,121 $ 4,886 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2016: Shares Weighted Average Non-vested shares at December 31, 2015 3,312,175 $ 13.17 Granted 920,100 10.77 Vested (883,201 ) 11.57 Forfeited (93,399 ) 13.27 Non-vested shares at September 30, 2016 3,255,675 $ 12.92 The total fair value of shares vested during the nine months ended September 30, 2016 was $9,611,000 and during the nine months ended September 30, 2015 was $12,727,000. Tax benefits for compensation tax deductions in excess of compensation expense for restricted shares totaled $360,000 for the nine months ended September 30, 2016 and $1,410,000 for the nine months ended September 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 September 30, 2016, total unrecognized compensation cost related to non-vested restricted shares was $40,826,000 which is expected to be recognized over a weighted-average period of 3.6 years.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 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, 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: Certain information with respect to RPC’s business segments is set forth in the following tables: Three months ended Nine months ended (in thousands) 2016 2015 2016 2015 Revenues: Technical Services $ 163,331 $ 271,346 $ 470,020 $ 925,245 Support Services 12,553 20,578 37,957 70,509 Total revenues $ 175,884 $ 291,924 $ 507,977 $ 995,754 Operating loss: Technical Services $ (48,627 ) $ (44,240 ) $ (177,581 ) $ (87,631 ) Support Services (5,541 ) (1,850 ) (19,340 ) 599 Corporate (3,397 ) (3,018 ) (13,724 ) (10,725 ) Gain (loss) on disposition of assets, net 1,148 (3,791 ) 3,919 (1,115 ) Total operating loss $ (56,417 ) $ (52,899 ) $ (206,726 ) $ (98,872 ) Interest expense (115 ) (250 ) (566 ) (1,331 ) Interest income 169 5 296 20 Other income (expense), net 86 (795 ) 274 4,932 Loss before income taxes $ (56,277 ) $ (53,939 ) $ (206,722 ) $ (95,251 ) As of and for the nine months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 148,880 $ 19,657 $ 354 $ 168,891 Capital expenditures 20,596 1,953 2,368 24,917 Identifiable assets $ 749,721 $ 78,471 $ 224,700 $ 1,052,892 As of and nine months ended September Technical Support Corporate Total (in thousands) Depreciation and amortization $ 179,778 $ 24,667 $ 379 $ 204,824 Capital expenditures 144,715 9,732 755 155,202 Identifiable assets $ 1,094,802 $ 116,890 $ 76,399 $ 1,288,091

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2016
INVENTORIES
INVENTORIES	7. INVENTORIES Inventories of $110,868,000 at September 30, 2016 and $128,441,000 at December 31, 2015 consist of raw materials, parts and supplies.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	9 Months Ended
	Sep. 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 September 30 Nine months ended September 30 (in thousands) 2016 2015 2016 2015 Interest cost $ 502 $ 474 $ 1,505 $ 1,422 Expected return on plan assets (533 ) (565 ) (1,599 ) (1,695 ) Amortization of net losses 200 198 599 594 Net periodic benefit cost $ 169 $ 107 $ 505 $ 321 The Company contributions to this plan were $4,300,000 during the nine months ended September 30, 2016 and $850,000 during the nine months ended September 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 $17,785,000 as of September 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 September 30 Nine months ended September 30 (in thousands) 2016 2015 2016 2015 Trading gains (losses), net $ 977 $ (1,424 ) $ 713 $ (1,030 ) 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	9 Months Ended
	Sep. 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 a 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 September 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 September 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 $17.7 million as of September 30, 2016 and $29.3 million as of December 31, 2015. As of September 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 September 30 Nine months ended September 30 2016 2015 2016 2015 (in thousands except interest rate data) Interest incurred $ 115 $ 376 $ 334 $ 1,738 Capitalized interest $ - $ 145 $ - $ 455 Weighted average interest rate N/A 4.3 % N/A 2.1 %

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 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 September 30, 2016, the income tax benefit reflects an effective tax rate of 30.8 percent compared to an effective tax rate of 34.8 percent for the comparable period in the prior year. For the nine months ended September 30, 2016, the income tax benefit reflects an effective tax rate of 41.9 percent compared to an effective tax rate of 35.2 percent for the comparable period in the prior year. The nine-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 September 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 September 30, 2016.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015: Fair value measurements at September 30, 2016 with: (in thousands) Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 17,785 $ - Available-for-sale securities 257 - - 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 September 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	9 Months Ended
	Sep. 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 - (3 ) 712 709 Tax benefit - 1 - 1 Reclassification adjustment, net of taxes: Amortization of net loss (1) 380 - - 380 Total activity for the period 380 (2 ) 712 1,090 Balance at September 30, 2016 $ (14,335 ) $ 34 $ (2,578 ) $ (16,879 ) (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 - (46 ) (1,474 ) (1,520 ) Tax benefit - 17 - 17 Reclassification adjustment, net of taxes: Amortization of net loss (1) 376 - - 376 Total activity for the period 376 (29 ) (1,474 ) (1,127 ) Balance at September 30, 2015 $ (15,870 ) $ (127 ) $ (2,963 ) $ (18,960 ) (1) Reported as part of selling, general and administrative expenses.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT On October 25, 2016, the Board of Directors approved a $0.05 per share cash dividend payable December 9, 2016 to stockholders of record at the close of business November 10, 2016.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. 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 PER SHARE (Tables)

LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2016
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	Three months ended Nine months ended (In thousands) 2016 2015 2016 2015 Net loss available for stockholders: $ (38,942 ) $ (35,173 ) $ (120,139 ) $ (61,680 ) Less: Adjustments for losses attributable to participating securities - - - (240 ) Net loss used in calculating losses per share $ (38,942 ) $ (35,173 ) $ (120,139 ) $ (61,920 ) Weighted average shares outstanding (including participating securities) 217,531 213,679 217,511 213,617 Adjustment for participating securities (3,265 ) (3,337 ) (3,298 ) (3,373 ) Shares used in calculating basic losses per share 214,266 210,342 214,213 210,244 Dilutive effect of stock based awards - - - - Shares used in calculating diluted losses per share 214,266 210,342 214,213 210,244

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2016
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	Three months ended Nine months ended September 30, September 30 (in thousands) 2016 2015 2016 2015 Pre-tax expense $ 2,703 $ 2,586 $ 8,065 $ 7,695 After tax expense $ 1,716 $ 1,642 $ 5,121 $ 4,886
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 (883,201 ) 11.57 Forfeited (93,399 ) 13.27 Non-vested shares at September 30, 2016 3,255,675 $ 12.92

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2016
BUSINESS SEGMENT INFORMATION
Schedule of segment reporting information by segment	Three months ended Nine months ended (in thousands) 2016 2015 2016 2015 Revenues: Technical Services $ 163,331 $ 271,346 $ 470,020 $ 925,245 Support Services 12,553 20,578 37,957 70,509 Total revenues $ 175,884 $ 291,924 $ 507,977 $ 995,754 Operating loss: Technical Services $ (48,627 ) $ (44,240 ) $ (177,581 ) $ (87,631 ) Support Services (5,541 ) (1,850 ) (19,340 ) 599 Corporate (3,397 ) (3,018 ) (13,724 ) (10,725 ) Gain (loss) on disposition of assets, net 1,148 (3,791 ) 3,919 (1,115 ) Total operating loss $ (56,417 ) $ (52,899 ) $ (206,726 ) $ (98,872 ) Interest expense (115 ) (250 ) (566 ) (1,331 ) Interest income 169 5 296 20 Other income (expense), net 86 (795 ) 274 4,932 Loss before income taxes $ (56,277 ) $ (53,939 ) $ (206,722 ) $ (95,251 ) As of and for the nine months ended Technical Support Corporate Total (in thousands) Depreciation and amortization $ 148,880 $ 19,657 $ 354 $ 168,891 Capital expenditures 20,596 1,953 2,368 24,917 Identifiable assets $ 749,721 $ 78,471 $ 224,700 $ 1,052,892 As of and nine months ended September Technical Support Corporate Total (in thousands) Depreciation and amortization $ 179,778 $ 24,667 $ 379 $ 204,824 Capital expenditures 144,715 9,732 755 155,202 Identifiable assets $ 1,094,802 $ 116,890 $ 76,399 $ 1,288,091

EMPLOYEE BENEFIT PLAN (Tables)

EMPLOYEE BENEFIT PLAN (Tables)	9 Months Ended
	Sep. 30, 2016
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost and related components	Three months ended September 30 Nine months ended September 30 (in thousands) 2016 2015 2016 2015 Interest cost $ 502 $ 474 $ 1,505 $ 1,422 Expected return on plan assets (533 ) (565 ) (1,599 ) (1,695 ) Amortization of net losses 200 198 599 594 Net periodic benefit cost $ 169 $ 107 $ 505 $ 321
Schedule of trading gains (losses) related to SERP assets	Three months ended September 30 Nine months ended September 30 (in thousands) 2016 2015 2016 2015 Trading gains (losses), net $ 977 $ (1,424 ) $ 713 $ (1,030 )

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	9 Months Ended
	Sep. 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 September 30 Nine months ended September 30 2016 2015 2016 2015 (in thousands except interest rate data) Interest incurred $ 115 $ 376 $ 334 $ 1,738 Capitalized interest $ - $ 145 $ - $ 455 Weighted average interest rate N/A 4.3 % N/A 2.1 %

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2016
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	Fair value measurements at September 30, 2016 with: (in thousands) Quoted prices in Significant other Significant (Level 1) (Level 2) (Level 3) Assets: Trading securities $ - $ 17,785 $ - Available-for-sale securities 257 - - 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 COMPREHENSI28

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	9 Months Ended
	Sep. 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 - (3 ) 712 709 Tax benefit - 1 - 1 Reclassification adjustment, net of taxes: Amortization of net loss (1) 380 - - 380 Total activity for the period 380 (2 ) 712 1,090 Balance at September 30, 2016 $ (14,335 ) $ 34 $ (2,578 ) $ (16,879 ) (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 - (46 ) (1,474 ) (1,520 ) Tax benefit - 17 - 17 Reclassification adjustment, net of taxes: Amortization of net loss (1) 376 - - 376 Total activity for the period 376 (29 ) (1,474 ) (1,127 ) Balance at September 30, 2015 $ (15,870 ) $ (127 ) $ (2,963 ) $ (18,960 ) (1) Reported as part of selling, general and administrative expenses.

LOSS PER SHARE - Reconciliation

LOSS PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
EARNINGS PER SHARE
Net loss available for stockholders:	$ (38,942)	$ (35,173)	$ (120,139)	$ (61,680)
Less: Adjustments for losses attributable to participating securities				(240)
Net loss used in calculating losses per share	$ (38,942)	$ (35,173)	$ (120,139)	$ (61,920)
Weighted average shares outstanding (including participating securities)	217,531	213,679	217,511	213,617
Adjustment for participating securities	(3,265)	(3,337)	(3,298)	(3,373)
Shares used in calculating basic losses per share	214,266	210,342	214,213	210,244
Dilutive effect of stock based awards
Shares used in calculating diluted losses per share	214,266	210,342	214,213	210,244

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based employee compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
STOCK-BASED COMPENSATION
Pre-tax expense	$ 2,703	$ 2,586	$ 8,065	$ 7,695
After tax expense	$ 1,716	$ 1,642	$ 5,121	$ 4,886

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested restricted shares activity (Details 1) - Restricted Stock	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Shares
Non-vested shares at December 31, 2015 | shares	3,312,175
Granted | shares	920,100
Vested | shares	(883,201)
Forfeited | shares	(93,399)
Non-vested shares at September 30, 2016 | shares	3,255,675
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2015 | $ / shares	$ 13.17
Granted | $ / shares	10.77
Vested | $ / shares	11.57
Forfeited | $ / shares	13.27
Non-vested shares at September 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	Sep. 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		6,238,000

STOCK-BASED COMPENSATION (Det33

STOCK-BASED COMPENSATION (Detail Textuals 1) - Restricted Stock - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 9,611,000	$ 12,727,000
Tax benefits for compensation expense for restricted stock	360,000	$ 1,410,000
Unrecognized compensation cost related to non-vested restricted shares	$ 40,826,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3.6 years

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Summary of information with respect to RPC's business segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Revenues:
Revenues	$ 175,884	$ 291,924	$ 507,977	$ 995,754
Operating (loss) profit:
Total operating loss	(56,417)	(52,899)	(206,726)	(98,872)
Interest expense	(115)	(250)	(566)	(1,331)
Interest income	169	5	296	20
Other (expense) income, net	86	(795)	274	4,932
Loss before income taxes	(56,277)	(53,939)	(206,722)	(95,251)
Depreciation and amortization	51,975	69,047	168,891	204,824
Capital expenditures			24,917	155,202
Identifiable assets	1,052,892		1,052,892		$ 1,237,094
Operating Segments
Revenues:
Revenues	175,884	291,924	507,977	995,754
Operating (loss) profit:
Total operating loss	(56,417)	(52,899)	(206,726)	(98,872)
Interest expense	(115)	(250)	(566)	(1,331)
Interest income	169	5	296	20
Other (expense) income, net	86	(795)	274	4,932
Loss before income taxes	(56,277)	(53,939)	(206,722)	(95,251)
Depreciation and amortization			168,891	204,824
Capital expenditures			24,917	155,202
Identifiable assets	1,052,892	1,288,091	1,052,892	1,288,091
Operating Segments | Technical Services
Revenues:
Revenues	163,331	271,346	470,020	925,245
Operating (loss) profit:
Total operating loss	(48,627)	(44,240)	(177,581)	(87,631)
Depreciation and amortization			148,880	179,778
Capital expenditures			20,596	144,715
Identifiable assets	749,721	1,094,802	749,721	1,094,802
Operating Segments | Support Services
Revenues:
Revenues	12,553	20,578	37,957	70,509
Operating (loss) profit:
Total operating loss	(5,541)	(1,850)	(19,340)	599
Depreciation and amortization			19,657	24,667
Capital expenditures			1,953	9,732
Identifiable assets	78,471	116,890	78,471	116,890
Corporate
Operating (loss) profit:
Total operating loss	(3,397)	(3,018)	(13,724)	(10,725)
Depreciation and amortization			354	379
Capital expenditures			2,368	755
Identifiable assets	224,700	76,399	224,700	76,399
Gain on disposition of assets, net
Operating (loss) profit:
Total operating loss	$ 1,148	$ (3,791)	$ 3,919	$ (1,115)

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Detail Textuals)	9 Months Ended
	Sep. 30, 2016Reportable_Segment
BUSINESS SEGMENT INFORMATION
Number of reportable segments	2

INVENTORIES (Detail Textuals)

INVENTORIES (Detail Textuals) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
INVENTORIES
Raw materials, parts and supplies of inventories	$ 110,868	$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 502	$ 474	$ 1,505	$ 1,422
Expected return on plan assets	(533)	(565)	(1,599)	(1,695)
Amortization of net losses	200	198	599	594
Net periodic benefit cost	$ 169	$ 107	$ 505	$ 321

EMPLOYEE BENEFIT PLAN - Trading

EMPLOYEE BENEFIT PLAN - Trading results related to SERP (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
Trading gains (losses), net	$ 977	$ (1,424)	$ 713	$ (1,030)

EMPLOYEE BENEFIT PLAN (Detail T

EMPLOYEE BENEFIT PLAN (Detail Textuals) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Multiple Employers Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer for retirement income plan	$ 4,300,000	$ 850,000
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
SERP assets	$ 17,785,000		$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Line of Credit Facility [Line Items]
Interest incurred	$ 115	$ 376	$ 334	$ 1,738
Capitalized interest		$ 145		$ 455
Weighted average interest rate		4.30%		2.10%

NOTES PAYABLE TO BANKS (Detail

NOTES PAYABLE TO BANKS (Detail Textuals) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Nov. 30, 2015	Sep. 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 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.
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 (Detai42

NOTES PAYABLE TO BANKS (Detail Textuals 1) - Revolving credit facility - Option 2 - Eurodollar Borrowings	9 Months Ended
	Sep. 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 (Detai43

NOTES PAYABLE TO BANKS (Detail Textuals 2) - Uncommitted letter of credit facility - USD ($) $ in Millions	Jan. 04, 2016	Sep. 30, 2016	Dec. 31, 2015
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		$ 17.7	$ 29.3

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
INCOME TAXES
Effective tax rate	30.80%	34.80%	41.90%	35.20%
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	Sep. 30, 2016	Dec. 31, 2015
Quoted prices in active markets for identical assets (Level 1)
Assets:
Trading securities
Available-for-sale securities	257	259
Significant other observable inputs (Level 2)
Assets:
Trading securities	17,785	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	Sep. 30, 2016	Dec. 31, 2015
Revolving credit facility
Line of Credit Facility [Line Items]
Outstanding borrowings under the facility	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSI47

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Summary of components of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		$ (17,969)	$ (17,833)
Change during the period:
Before-tax amount		709	(1,520)
Tax benefit		1	17
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	380	376
Total activity for the period		1,090	(1,127)
Balance		(16,879)	(18,960)
Pension Adjustment
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		(14,715)	(16,246)
Change during the period:
Before-tax amount
Tax benefit
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	380	376
Total activity for the period		380	376
Balance		(14,335)	(15,870)
Unrealized Gain (Loss) On Securities
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		36	(98)
Change during the period:
Before-tax amount		(3)	(46)
Tax benefit		1	17
Reclassification adjustment, net of taxes:
Amortization of net loss
Total activity for the period		(2)	(29)
Balance		34	(127)
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		(3,290)	(1,489)
Change during the period:
Before-tax amount		712	(1,474)
Tax benefit
Reclassification adjustment, net of taxes:
Amortization of net loss
Total activity for the period		712	(1,474)
Balance		$ (2,578)	$ (2,963)
[1]	Reported as part of selling, general and administrative expenses.

SUBSEQUENT EVENT (Detail Textua

SUBSEQUENT EVENT (Detail Textuals) - Subsequent event	1 Months Ended
	Oct. 25, 2016$ / shares
Subsequent Event [Line Items]
Dividend payable declared date	Oct. 25, 2016
Cash dividend payable (in dollars per share)	$ 0.05
Dividend payable date to be paid	Dec. 9, 2016
Dividend payable record date	Nov. 10, 2016