RPC (RES) 10-Q 31 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 21, 2017
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		217,352,497
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 125,812	$ 131,835
Accounts receivable, net of allowance for doubtful accounts of $4,163 in 2017 and $2,553 in 2016	343,299	169,166
Inventories	112,658	108,316
Income taxes receivable	8,926	57,174
Prepaid expenses	5,410	6,718
Other current assets	5,573	5,848
Total current assets	601,678	479,057
Property, plant and equipment, less accumulated depreciation of $1,649,266 in 2017 and $1,595,508 in 2016	443,555	497,986
Goodwill	32,150	32,150
Other assets	28,502	26,259
Total assets	1,105,885	1,035,452
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	103,801	70,536
Accrued payroll and related expenses	16,882	12,130
Accrued insurance expenses	4,351	4,099
Accrued state, local and other taxes	6,641	3,094
Income taxes payable	15,206	4,929
Other accrued expenses	1,463	6,680
Total current liabilities	148,344	101,468
Long-term accrued insurance expenses	9,926	9,537
Long-term pension liabilities	34,918	32,864
Deferred income taxes	60,849	81,466
Other long-term liabilities	3,537	3,318
Total liabilities	257,574	228,653
Common stock	21,735	21,749
Capital in excess of par value
Retained earnings	844,198	803,152
Accumulated other comprehensive loss	(17,622)	(18,102)
Total stockholders' equity	848,311	806,799
Total liabilities and stockholders' equity	$ 1,105,885	$ 1,035,452

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4,163	$ 2,553
Accumulated depreciation of property, plant and equipment	$ 1,649,266	$ 1,595,508

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenues	$ 398,810	$ 142,998	$ 696,929	$ 332,093
Cost of revenues (exclusive of items shown below)	254,016	126,997	470,258	288,253
Selling, general and administrative expenses	40,288	36,458	77,445	80,004
Depreciation and amortization	41,263	56,280	85,926	116,916
Gain on disposition of assets, net	(3,759)	(1,515)	(5,276)	(2,771)
Operating income (loss)	67,002	(75,222)	68,576	(150,309)
Interest expense	(114)	(126)	(217)	(451)
Interest income	411	104	540	127
Other income (expense), net	2,010	(154)	2,222	188
Income (loss) before income taxes	69,309	(75,398)	71,121	(150,445)
Income tax provision (benefit)	25,469	(26,712)	23,647	(69,248)
Net income (loss)	$ 43,840	$ (48,686)	$ 47,474	$ (81,197)
Earnings (loss) per share
Basic (in dollars per share)	$ 0.20	$ (0.23)	$ 0.22	$ (0.38)
Diluted (in dollars per share)	0.20	(0.23)	0.22	(0.38)
Dividends per share (in dollars per share)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement Of Income and Comprehensive Income [Abstract]
Net income (loss)	$ 43,840	$ (48,686)	$ 47,474	$ (81,197)
Other comprehensive income (loss):
Pension adjustment and reclassification adjustment, net of taxes	135	127	270	254
Foreign currency translation	189	164	231	856
Unrealized loss on securities, net of taxes	(6)		(21)	(9)
Comprehensive income (loss)	$ 44,158	$ (48,395)	$ 47,954	$ (80,096)

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2017 - 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, 2016	$ 21,749		$ 803,152	$ (18,102)	$ 806,799
Balance (in shares) at Dec. 31, 2016	217,489
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 50	$ 5,962			6,012
Stock issued for stock incentive plans, net (in shares)	499
Stock purchased and retired	$ (64)	$ (5,962)	(6,428)		(12,454)
Stock purchased and retired (in shares)	(636)
Net income			47,474		47,474
Pension adjustment, net of taxes				270	270
Foreign currency translation				231	231
Unrealized loss on securities, net of taxes				(21)	(21)
Balance at Jun. 30, 2017	$ 21,735		$ 844,198	$ (17,622)	$ 848,311
Balance (in shares) at Jun. 30, 2017	217,352

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES
Net income (loss)	$ 47,474	$ (81,197)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and other non-cash charges	87,379	118,799
Stock-based compensation expense	6,012	5,362
Gain on disposition of assets, net	(5,276)	(2,771)
Deferred income tax benefit	(20,759)	(21,008)
Excess tax benefits for share-based payments		(285)
(Increase) decrease in assets:
Accounts receivable	(174,220)	103,085
Income taxes receivable	48,248	1,112
Inventories	(4,193)	12,827
Prepaid expenses	1,309	3,853
Other current assets	310	302
Other non-current assets	(2,256)	(205)
Increase (decrease) in liabilities:
Accounts payable	27,760	(35,559)
Income taxes payable	10,277	528
Accrued payroll and related expenses	4,742	(993)
Accrued insurance expenses	252	(4)
Accrued state, local and other taxes	3,547	3,948
Other accrued expenses	(5,024)	(44)
Pension liabilities	2,479	(89)
Long-term accrued insurance expenses	389	(1,263)
Other long-term liabilities	219	(14,137)
Net cash provided by operating activities	28,669	92,261
INVESTING ACTIVITIES
Capital expenditures	(30,645)	(18,289)
Proceeds from sale of assets	8,407	5,130
Net cash used for investing activities	(22,238)	(13,159)
FINANCING ACTIVITIES
Debt issuance costs for notes payable to banks		(35)
Excess tax benefits for share-based payments		285
Cash paid for common stock purchased and retired	(12,454)	(3,194)
Net cash used for financing activities	(12,454)	(2,944)
Net (decrease) increase in cash and cash equivalents	(6,023)	76,158
Cash and cash equivalents at beginning of period	131,835	65,196
Cash and cash equivalents at end of period	125,812	141,354
Supplemental cash flows disclosure:
Interest paid, net of amounts capitalized	72	373
Income taxes received, net	(14,119)	(36,689)
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 8,866	$ 1,648

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2017
General [Abstract]
GENERAL	1. GENERAL The accompanying unaudited consolidated financial statements include the accounts of RPC, Inc. and its wholly-owned subsidiaries (“RPC” or the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These consolidated financial statements have been prepared in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation” and Rule 3A-02(a) of Regulation S-X. In accordance with ASC Topic 810 and Rule 3A-02 (a) of Regulation S-X, the Company’s policy is to consolidate all subsidiaries and investees where it has voting control. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The balance sheet at December 31, 2016 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, 2016. A group that includes the Company’s Chairman of the Board, R. Randall Rollins, and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2017
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, 2017
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 (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Recently Issued Accounting Pronouncements Not Yet Adopted: To be adopted in 2018: REVENUE RECOGNITION: The Financial Accounting Standards Board and International Accounting Standards Board issued their converged standard on revenue recognition in May 2014. The standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today's revenue recognition guidance. The various ASUs related to Revenue from Contracts with Customers (Topic 606) · ASU No. 2014-09, · ASU No. 2015-14, · ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net). · ASU No. 2016-10, Identifying Performance Obligations and Licensing. · ASU No. 2016-11, 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. · ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients. · ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. Current status of implementation: The Company is currently analyzing the effect of the standard across all of its revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. ASU No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ASU No. 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting. To be adopted in 2019 and later: ASU No. 2016-02, Leases (Topic 842). ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2017
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE	4. EARNINGS (LOSS) PER SHARE Basic and diluted earnings (loss) per share are computed by dividing net income (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 Six months ended (In thousands) 2017 2016 2017 2016 Net income (loss) available for stockholders: $ 43,840 $ (48,686 ) $ 47,474 $ (81,197 ) Less: Adjustments for earnings attributable to participating securities (592 ) — (652 ) — Net income (loss) used in calculating losses per share $ 43,248 $ (48,686 ) $ 46,822 $ (81,197 ) Weighted average shares outstanding (including participating securities) 217,530 217,576 217,622 217,501 Adjustment for participating securities (2,936 ) (3,313 ) (2,989 ) (3,314 ) Shares used in calculating basic and diluted earnings (loss) per share 214,594 214,263 214,633 214,187

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2017
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, 2017, there were 5,729,632 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) 2017 2016 2017 2016 Pre-tax expense $ 3,325 $ 2,702 $ 6,012 $ 5,362 After tax expense $ 2,112 $ 1,716 $ 3,818 $ 3,405 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2017: Shares Weighted Average Non-vested shares at December 31, 2016 3,217,075 $ 12.91 Granted 563,065 21.66 Vested 886,542 13.34 Forfeited 64,133 14.08 Non-vested shares at June 30, 2017 2,829,465 $ 14.49 The total fair value of shares vested was approximately $19,271,000 during the six months ended June 30, 2017 and $9,534,000 during the six months ended June 30, 2016. Excess tax benefits realized from tax compensation deductions in excess of compensation expense have been reflected as follows: · $2,562,000 for the six months ended June 30, 2017 has been recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows; and · $285,000 for the six months ended June 30, 2016 were credited to capital in excess of par value and classified within financing activities as an inflow in addition to being disclosed as an outflow within operating activities in the consolidated statements of cash flows. The change in classification for the first quarter of 2017 was in accordance with the amendments of ASU 2016-09. As of June 30, 2017, total unrecognized compensation cost related to non-vested restricted shares was $44,857,000, which is expected to be recognized over a weighted-average period of 3.8 years

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2017
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	6. BUSINESS SEGMENT INFORMATION RPC’s reportable segments are the same as its operating segments. RPC manages its business as either services offered on the well site with equipment and personnel (Technical Services) or services and equipment offered off the well site (Support Services). Selected overhead including certain centralized support services and regulatory compliance are classified under Corporate. Technical Services include RPC’s oil and gas services that utilize people and equipment to perform value-added completion, production and maintenance services directly to a customer’s well. The demand for these services is generally influenced by customers’ decisions to invest capital toward initiating production in a new oil or natural gas well, improving production flows in an existing well, or to address well control issues. This operating segment consists primarily of pressure pumping, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline and fishing. The services offered under Technical Services are high capital and personnel intensive businesses. The common drivers of operational and financial success of these services include diligent equipment maintenance, strong logistical processes, and appropriately trained personnel who function well in a team environment. The Company considers all of these service to be closely integrated oil and gas well servicing businesses, and makes resource allocation and performance assessment decisions based on this operating segment as a whole across these various services. 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, Colombia and the Middle East. Customers include major multi-national and independent oil and gas producers, and selected nationally-owned oil companies. Support Services include all of the services that provide (i) equipment for customers’ use on the well site without RPC personnel and (ii) services that are provided in support of customer operations off the well site such as classroom and computer training, and other consulting services. The primary drivers of operational success for equipment provided for customers’ use on the well site without RPC personnel are offering safe, high quality and in-demand equipment appropriate for the well design characteristics. The drivers of operational success for the other Support Services relate to meeting customer needs off the well site and competitive marketing of such services. The equipment and services offered include drill pipe and related tools, pipe handling, pipe inspection and storage services, and oilfield training and consulting services. The demand for these services tends to be influenced primarily by customer drilling-related activity levels. The equipment and services offered include drill pipe and related tools, pipe handling, inspection and storage services, and oilfield training services. The principal markets for this segment include the United States, including the Gulf of Mexico, the mid-continent and Appalachian 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. The Company’s Chief Operating Decision Maker (“CODM”) assesses performance and makes resource allocation decisions regarding, among others, staffing, growth and maintenance capital expenditures and key initiatives based on operating segments outlined above. RPC evaluates the performance of its segments based on revenues, operating profits and return on invested capital. Gains or losses on disposition of assets are reviewed by the CODM on a consolidated basis, and accordingly the Company does not report gains or losses on disposition of assets at the segment level. Inter-segment revenues are generally recorded in segment operating results at prices that management believes approximate prices for arm’s length transactions and are not material to operating results. Summarized financial information with respect RPC’s reportable segments for the six months ended June 30, 2017 and 2016 are shown in the following table: Three months ended Six months ended (in thousands) 2017 2016 2017 2016 Revenues: Technical Services $ 385,462 $ 131,217 $ 671,660 $ 306,689 Support Services 13,348 11,781 25,269 25,404 Total revenues $ 398,810 $ 142,998 $ 696,929 $ 332,093 Operating income (loss): Technical Services $ 70,901 $ (65,690 ) $ 80,106 $ (128,954 ) Support Services (3,339 ) (7,163 ) (8,560 ) (13,799 ) Corporate (4,319 ) (3,884 ) (8,246 ) (10,327 ) Gain on disposition of assets, net 3,759 1,515 5,276 2,771 Total operating income (loss) $ 67,002 $ (75,222 ) $ 68,576 $ (150,309 ) Interest expense (114 ) (126 ) (217 ) (451 ) Interest income 411 104 540 127 Other income (expense), net 2,010 (154 ) 2,222 188 Income (loss) before income taxes $ 69,309 $ (75,398 ) $ 71,121 $ (150,445 ) As of and for the six months ended June Technical Support Corporate Total (in thousands) Depreciation and amortization $ 76,242 $ 9,451 $ 233 $ 85,926 Capital expenditures 25,282 5,165 198 30,645 Identifiable assets $ 857,482 $ 75,117 $ 173,286 $ 1,105,885 As of and for the six months ended June 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

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2017
INVENTORIES
INVENTORIES	7. INVENTORIES Inventories of $112,658,000 at June 30, 2017 and $108,316,000 at December 31, 2016 consist of raw materials, parts and supplies.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	6 Months Ended
	Jun. 30, 2017
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 Six months ended (in thousands) 2017 2016 2017 2016 Interest cost $ 483 $ 502 $ 966 $ 1,004 Expected return on plan assets (589 ) (532 ) (1,178 ) (1,066 ) Amortization of net losses 213 199 425 399 Net periodic benefit cost $ 107 $ 169 $ 213 $ 337 The Company did not make a contribution to this plan during the six months ended June 30, 2017; however, a contribution of $900,000 was made during the six months ended June 30, 2016. 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 $20,859,000 as of June 30, 2017 and $18,367,000 as of December 31, 2016. 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 Six months ended (in thousands) 2017 2016 2017 2016 Trading gains (losses), net $ 936 $ 63 $ 1,552 $ (264 ) 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, 2017
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 June 30, 2017, 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 $0.2 million at June 30, 2017 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 paid 0.75% per annum on outstanding letters of credit. This letter of credit facility expired on January 3, 2017. All letters of credit are currently issued under RPC’s $125 million credit facility. Letters of credit outstanding totaled $19.1 million as of June 30, 2017 and December 31, 2016. As of June 30, 2017, RPC had no outstanding borrowings under the revolving credit facility. Interest incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan costs, was as follows: Three months ended Six months ended 2017 2016 2017 2016 (in thousands except interest rate data) Interest incurred $ 104 $ 110 $ 207 $ 219

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
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, 2017, the effective tax rate reflects an income tax provision of 36.7 percent compared to an income tax benefit of 35.4 percent for the comparable period in the prior year. For the six months ended June 30, 2017, the effective tax rate reflects an income tax provision of 33.2 percent compared to an effective tax benefit rate of 46.0 percent for the comparable period in the prior year. The Company adopted the provisions of ASU 2016-09 in the first quarter of 2017 that requires excess tax benefits and deficiencies to be recognized as a component of income tax expense rather than stockholders’ equity. Accordingly, the excess tax benefit of $2.6 million was recorded as a beneficial discrete adjustment to the provision for income taxes for the six months ended June 30, 2017. The 2016 income tax benefit and associated benefit rate was the result of operational losses and the one-time beneficial impact of a resolution of a tax matter with a state taxing authority totaling $15.7 million, offset by the detrimental effect of non-deductible permanent items

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2017
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, 2017 and December 31, 2016: Fair Value Measurements at June 30, 2017 with: (in thousands) Total Quoted prices Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities – equity securities $ 275 $ 275 $ — $ — Investments measured at net asset value – trading securities $ 20,859 Fair Value Measurements at December 31, 2016 (in thousands) Total Quoted prices Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities – equity securities $ 264 $ 264 $ — $ — Investments measured at net asset value – trading securities $ 18,367 The Company determines the fair value of marketable securities classified as 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. Marketable securities classified as trading are comprised of the SERP assets, as described in Note 8, and are recorded primarily at their net cash surrender values, calculated using their net asset values, which approximates fair value, as provided by the issuing insurance company. Significant observable inputs, in addition to quoted market prices, were used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the period ended June 30, 2017, there were no significant transfers in or out of levels 1, 2 or 3. Under the Company’s revolving credit facility, there was no balance outstanding at June 30, 2017 and December 31, 2016. Borrowings under our revolving credit facility are typically based on the quote from the lender (level 2 inputs), which approximates fair value, and bear variable interest rates as described in 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 maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether it will elect this option for financial instruments acquired in the future.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	6 Months Ended
	Jun. 30, 2017
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, 2016 $ (15,503 ) $ 39 $ (2,638 ) $ (18,102 ) Change during the period: Before-tax amount — (33 ) 231 198 Tax benefit — 12 — 12 Reclassification adjustment, net of taxes: Amortization of net loss (1) 270 — — 270 Total activity for the period 270 (21 ) 231 480 Balance at June 30, 2017 $ (15,233 ) $ 18 $ (2,407 ) $ (17,622 ) (1) Reported as part of selling, general and administrative expenses. 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.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT On July 25, 2017, the Board of Directors approved a $0.06 per share cash dividend payable September 11, 2017 to stockholders of record at the close of business August 10, 2017.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
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 (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. Recently Issued Accounting Pronouncements Not Yet Adopted: To be adopted in 2018: REVENUE RECOGNITION: The Financial Accounting Standards Board and International Accounting Standards Board issued their converged standard on revenue recognition in May 2014. The standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today's revenue recognition guidance. The various ASUs related to Revenue from Contracts with Customers (Topic 606) · ASU No. 2014-09, · ASU No. 2015-14, · ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net). · ASU No. 2016-10, Identifying Performance Obligations and Licensing. · ASU No. 2016-11, 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. · ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients. · ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. Current status of implementation: The Company is currently analyzing the effect of the standard across all of its revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. ASU No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ASU No. 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting. To be adopted in 2019 and later: ASU No. 2016-02, Leases (Topic 842). ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2017
EARNINGS (LOSS) PER SHARE
Schedule of reconciliation of weighted average shares outstanding	Three months ended Six months ended (In thousands) 2017 2016 2017 2016 Net income (loss) available for stockholders: $ 43,840 $ (48,686 ) $ 47,474 $ (81,197 ) Less: Adjustments for earnings attributable to participating securities (592 ) — (652 ) — Net income (loss) used in calculating losses per share $ 43,248 $ (48,686 ) $ 46,822 $ (81,197 ) Weighted average shares outstanding (including participating securities) 217,530 217,576 217,622 217,501 Adjustment for participating securities (2,936 ) (3,313 ) (2,989 ) (3,314 ) Shares used in calculating basic and diluted earnings (loss) per share 214,594 214,263 214,633 214,187

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2017
STOCK-BASED COMPENSATION
Schedule of stock-based employee compensation expense	Three months ended Six months ended June 30, June 30 (in thousands) 2017 2016 2017 2016 Pre-tax expense $ 3,325 $ 2,702 $ 6,012 $ 5,362 After tax expense $ 2,112 $ 1,716 $ 3,818 $ 3,405
Schedule of summary of changes in non-vested restricted shares	Shares Weighted Average Non-vested shares at December 31, 2016 3,217,075 $ 12.91 Granted 563,065 21.66 Vested 886,542 13.34 Forfeited 64,133 14.08 Non-vested shares at June 30, 2017 2,829,465 $ 14.49

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2017
BUSINESS SEGMENT INFORMATION
Schedule of segment reporting information by segment	Three months ended Six months ended (in thousands) 2017 2016 2017 2016 Revenues: Technical Services $ 385,462 $ 131,217 $ 671,660 $ 306,689 Support Services 13,348 11,781 25,269 25,404 Total revenues $ 398,810 $ 142,998 $ 696,929 $ 332,093 Operating income (loss): Technical Services $ 70,901 $ (65,690 ) $ 80,106 $ (128,954 ) Support Services (3,339 ) (7,163 ) (8,560 ) (13,799 ) Corporate (4,319 ) (3,884 ) (8,246 ) (10,327 ) Gain on disposition of assets, net 3,759 1,515 5,276 2,771 Total operating income (loss) $ 67,002 $ (75,222 ) $ 68,576 $ (150,309 ) Interest expense (114 ) (126 ) (217 ) (451 ) Interest income 411 104 540 127 Other income (expense), net 2,010 (154 ) 2,222 188 Income (loss) before income taxes $ 69,309 $ (75,398 ) $ 71,121 $ (150,445 ) As of and for the six months ended June Technical Support Corporate Total (in thousands) Depreciation and amortization $ 76,242 $ 9,451 $ 233 $ 85,926 Capital expenditures 25,282 5,165 198 30,645 Identifiable assets $ 857,482 $ 75,117 $ 173,286 $ 1,105,885 As of and for the six months ended June 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

EMPLOYEE BENEFIT PLAN (Tables)

EMPLOYEE BENEFIT PLAN (Tables)	6 Months Ended
	Jun. 30, 2017
EMPLOYEE BENEFIT PLAN
Schedule of net periodic benefit cost and related components	Three months ended Six months ended (in thousands) 2017 2016 2017 2016 Interest cost $ 483 $ 502 $ 966 $ 1,004 Expected return on plan assets (589 ) (532 ) (1,178 ) (1,066 ) Amortization of net losses 213 199 425 399 Net periodic benefit cost $ 107 $ 169 $ 213 $ 337
Schedule of trading gains (losses) related to SERP assets	Three months ended Six months ended (in thousands) 2017 2016 2017 2016 Trading gains (losses), net $ 936 $ 63 $ 1,552 $ (264 )

NOTES PAYABLE TO BANKS (Tables)

NOTES PAYABLE TO BANKS (Tables)	6 Months Ended
	Jun. 30, 2017
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 Six months ended 2017 2016 2017 2016 (in thousands except interest rate data) Interest incurred $ 104 $ 110 $ 207 $ 219

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2017
FAIR VALUE DISCLOSURES
Schedule of valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at June 30, 2017 with: (in thousands) Total Quoted prices Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities – equity securities $ 275 $ 275 $ — $ — Investments measured at net asset value – trading securities $ 20,859 Fair Value Measurements at December 31, 2016 (in thousands) Total Quoted prices Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities – equity securities $ 264 $ 264 $ — $ — Investments measured at net asset value – trading securities $ 18,367

ACCUMULATED OTHER COMPREHENSI28

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	6 Months Ended
	Jun. 30, 2017
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of accumulated other comprehensive (loss) income	Pension Unrealized Foreign Total Balance at December 31, 2016 $ (15,503 ) $ 39 $ (2,638 ) $ (18,102 ) Change during the period: Before-tax amount — (33 ) 231 198 Tax benefit — 12 — 12 Reclassification adjustment, net of taxes: Amortization of net loss (1) 270 — — 270 Total activity for the period 270 (21 ) 231 480 Balance at June 30, 2017 $ (15,233 ) $ 18 $ (2,407 ) $ (17,622 ) (1) Reported as part of selling, general and administrative expenses. 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.

EARNINGS (LOSS) PER SHARE - Rec

EARNINGS (LOSS) PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
EARNINGS (LOSS) PER SHARE
Net income (loss) available for stockholders:	$ 43,840	$ (48,686)	$ 47,474	$ (81,197)
Less: Adjustments for earnings attributable to participating securities	(592)		(652)
Net income (loss) used in calculating losses per share	$ 43,248	$ (48,686)	$ 46,822	$ (81,197)
Weighted average shares outstanding (including participating securities)	217,530	217,576	217,622	217,501
Adjustment for participating securities	(2,936)	(3,313)	(2,989)	(3,314)
Shares used in calculating basic and diluted earnings (loss) per share	214,594	214,263	214,633	214,187

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based employee compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
STOCK-BASED COMPENSATION
Pre-tax expense	$ 3,325	$ 2,702	$ 6,012	$ 5,362
After tax expense	$ 2,112	$ 1,716	$ 3,818	$ 3,405

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-vested restricted shares activity (Details 1) - Restricted Stock	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Shares
Non-vested shares at December 31, 2016 | shares	3,217,075
Granted | shares	563,065
Vested | shares	886,542
Forfeited | shares	64,133
Non-vested shares at June 30, 2017 | shares	2,829,465
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2016 | $ / shares	$ 12.91
Granted | $ / shares	21.66
Vested | $ / shares	13.34
Forfeited | $ / shares	14.08
Non-vested shares at June 30, 2017 | $ / shares	$ 14.49

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Detail Textuals) - 2014 Stock Incentive Plan - shares	1 Months Ended
	Apr. 30, 2014	Jun. 30, 2017
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		5,729,632

STOCK-BASED COMPENSATION (Det33

STOCK-BASED COMPENSATION (Detail Textuals 1) - Restricted Stock - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 19,271,000	$ 9,534,000
Tax benefits for compensation expense for restricted stock	2,562,000	$ 285,000
Unrecognized compensation cost related to non-vested restricted shares	$ 44,857,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3.8 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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Revenues:
Total revenues	$ 398,810	$ 142,998	$ 696,929	$ 332,093
Operating income (loss):
Total operating income (loss)	67,002	(75,222)	68,576	(150,309)
Interest expense	(114)	(126)	(217)	(451)
Interest income	411	104	540	127
Other income (expense), net	2,010	(154)	2,222	188
Income (loss) before income taxes	69,309	(75,398)	71,121	(150,445)
Depreciation and amortization	41,263	56,280	85,926	116,916
Capital expenditures			30,645	18,289
Identifiable assets	1,105,885		1,105,885		$ 1,035,452
Operating Segments
Revenues:
Total revenues	398,810	142,998	696,929	332,093
Operating income (loss):
Total operating income (loss)	67,002	(75,222)	68,576	(150,309)
Interest expense	(114)	(126)	(217)	(451)
Interest income	411	104	540	127
Other income (expense), net	2,010	(154)	2,222	188
Income (loss) before income taxes	69,309	(75,398)	71,121	(150,445)
Depreciation and amortization			85,926	116,916
Capital expenditures			30,645	18,289
Identifiable assets	1,105,885	1,091,277	1,105,885	1,091,277
Operating Segments | Technical Services
Revenues:
Total revenues	385,462	131,217	671,660	306,689
Operating income (loss):
Total operating income (loss)	70,901	(65,690)	80,106	(128,954)
Depreciation and amortization			76,242	103,227
Capital expenditures			25,282	15,213
Identifiable assets	857,482	778,075	857,482	778,075
Operating Segments | Support Services
Revenues:
Total revenues	13,348	11,781	25,269	25,404
Operating income (loss):
Total operating income (loss)	(3,339)	(7,163)	(8,560)	(13,799)
Depreciation and amortization			9,451	13,452
Capital expenditures			5,165	1,557
Identifiable assets	75,117	86,588	75,117	86,588
Corporate
Operating income (loss):
Total operating income (loss)	(4,319)	(3,884)	(8,246)	(10,327)
Depreciation and amortization			233	237
Capital expenditures			198	1,519
Identifiable assets	173,286	226,614	173,286	226,614
Gain on disposition of assets, net
Operating income (loss):
Total operating income (loss)	$ 3,759	$ 1,515	$ 5,276	$ 2,771

INVENTORIES (Detail Textuals)

INVENTORIES (Detail Textuals) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
INVENTORIES
Raw materials, parts and supplies of inventories	$ 112,658	$ 108,316

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 483	$ 502	$ 966	$ 1,004
Expected return on plan assets	(589)	(532)	(1,178)	(1,066)
Amortization of net losses	213	199	425	399
Net periodic benefit cost	$ 107	$ 169	$ 213	$ 337

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
Trading gains (losses), net	$ 936	$ 63	$ 1,552	$ (264)

EMPLOYEE BENEFIT PLAN (Detail T

EMPLOYEE BENEFIT PLAN (Detail Textuals) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Multiple Employers Retirement Income Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer for retirement income plan	$ 900,000
Non-qualified Supplemental Retirement Plan ("SERP")
Defined Benefit Plan Disclosure [Line Items]
SERP assets		$ 20,859,000	$ 18,367,000

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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revolving credit facility
Line of Credit Facility [Line Items]
Interest incurred	$ 104	$ 110	$ 207	$ 219

NOTES PAYABLE TO BANKS (Detail

NOTES PAYABLE TO BANKS (Detail Textuals) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
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	$ 0.2
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 base of line of credit	$ 125
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. As of June 30, 2017, the Company was in compliance with this covenant.
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
Revolving credit facility | Option 1 C | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Revolving credit facility | Option 1 C | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Letter of credit subfacility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 50
Swingline subfacility
Line of Credit Facility [Line Items]
Amount of credit facility	$ 35

NOTES PAYABLE TO BANKS (Detai41

NOTES PAYABLE TO BANKS (Detail Textuals 1) - Revolving credit facility - Option 2 - Eurodollar Borrowings	6 Months Ended
	Jun. 30, 2017
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, 2017	Dec. 31, 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%
Available borrowing under the facility	$ 125
Letters of credit outstanding amount		$ 19.1	$ 19.1

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
INCOME TAXES
Effective tax rate provision (benefit)	36.70%	35.40%	33.20%	46.00%
Discrete income tax benefit for adjustment in the provision for income taxes			$ 2.6

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, 2017	Dec. 31, 2016
Assets:
Available-for-sale securities - equity securities	$ 275	$ 264
Investments measured at net asset value - trading securities	20,859	18,367
Quoted prices in active markets for identical assets (Level 1)
Assets:
Available-for-sale securities - equity securities	275	264
Significant other observable inputs (Level 2)
Assets:
Available-for-sale securities - equity securities
Significant unobservable inputs (Level 3)
Assets:
Available-for-sale securities - equity securities

FAIR VALUE DISCLOSURES (Detail

FAIR VALUE DISCLOSURES (Detail Textuals) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
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, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		$ (18,102)	$ (17,969)
Change during the period:
Before-tax amount		198	842
Tax benefit		12	5
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	270	254
Total activity for the period		480	1,101
Balance		(17,622)	(16,868)
Pension Adjustment
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		(15,503)	(14,715)
Change during the period:
Before-tax amount
Tax benefit
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]	270	254
Total activity for the period		270	254
Balance		(15,233)	(14,461)
Unrealized Gain (Loss) On Securities
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		39	36
Change during the period:
Before-tax amount		(33)	(14)
Tax benefit		12	5
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]
Total activity for the period		(21)	(9)
Balance		18	27
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		(2,638)	(3,290)
Change during the period:
Before-tax amount		231	856
Tax benefit
Reclassification adjustment, net of taxes:
Amortization of net loss	[1]
Total activity for the period		231	856
Balance		$ (2,407)	$ (2,434)
[1]	Reported as part of selling, general and administrative expenses.

SUBSEQUENT EVENT (Detail Textua

SUBSEQUENT EVENT (Detail Textuals) - SUBSEQUENT EVENT	1 Months Ended
	Jul. 25, 2017$ / shares
Subsequent Event [Line Items]
Dividends payable date declared	Jul. 25, 2017
Cash dividend payable (in dollars per share)	$ 0.06
Dividends payable date	Sep. 11, 2017
Dividends payable record date	Aug. 10, 2017