Parker Drilling (PKDC) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PKD
Entity Registrant Name	PARKER DRILLING CO /DE/
Entity Central Index Key	76,321
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		137,830,679

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 149,688	$ 119,691
Accounts and Notes Receivable, net of allowance for bad debts of $8,019 at March 31, 2017 and $8,259 at December 31, 2016.	118,114	113,231
Rig materials and supplies	35,053	32,354
Other current assets	23,092	21,042
Total current assets	325,947	286,318
Property, plant and equipment, net of accumulated depreciation of $1,286,705 at March 31, 2017 and $1,320,644 at December 31, 2016.	676,881	693,439
Goodwill	6,708	6,708
Intangible assets, net	9,200	9,928
Deferred income taxes	74,416	70,309
Other noncurrent assets	36,403	36,849
Total assets	1,129,555	1,103,551
Current liabilities:
Accounts payable and accrued liabilities	88,199	98,841
Accrued income taxes	5,510	4,080
Total current liabilities	93,709	102,921
Long-term debt, net of unamortized debt issuance costs of $8,272 at March 31, 2017 and $8,674 at December 31, 2016.	576,728	576,326
Other long-term liabilities	12,828	15,836
Deferred tax liability	72,849	69,333
Stockholders’ equity:
Preferred Stock, Value, Issued	500	0
Common Stock, $0.16 2/3 par value, 280,000,000 shares authorized; 137,578,742 shares issued and outstanding (125,118,365 shares in 2016)	22,914	20,837
Capital in excess of par value	745,886	675,194
Accumulated deficit	(389,861)	(350,052)
Accumulated other comprehensive income (loss)	(5,998)	(6,844)
Total stockholders’ equity	373,441	339,135
Total liabilities and stockholders’ equity	$ 1,129,555	$ 1,103,551

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for bad debts	$ 8,019	$ 8,259
Accumulated depreciation and amortization on property, plant and equipment	1,286,705	1,320,644
Debt Issuance Costs	$ 8,272	$ 8,674

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenues	$ 98,271	$ 130,503
Expenses:
Operating expenses	85,814	108,117
Depreciation and amortization	32,202	35,814
Total expenses	118,016	143,931
Total operating gross margin (loss)	(19,745)	(13,428)
General and administration expense	(7,040)	(9,781)
Provision for reduction in carrying value of certain assets	0
Gain (loss) on disposition of assets, net	(352)	(60)
Total operating income (loss)	(27,137)	(23,269)
Other income (expense):
Interest expense	(10,870)	(11,562)
Interest income	10	7
Other	530	2,485
Total other income (expense)	(10,330)	(9,070)
Income (loss) before income taxes	(37,467)	(32,339)
Income tax expense (benefit)	2,342	63,496
Net income (loss)	(39,809)	(95,835)
Net income (loss) attributable to controlling interest	(39,809)	(95,835)
Preferred Stock Dividends, Income Statement Impact	0	0
Net Income (Loss) Available to Common Stockholders, Basic	$ (39,809)	$ (95,835)
Basic income (loss) per common share	$ (0.31)	$ (0.78)
Diluted income (loss) per common share	$ (0.31)	$ (0.78)
Number of common shares used in computing earnings per share:
Basic	130,142,527	123,090,238
Diluted	130,142,527	123,090,238

CONSOLIDATED CONDENSED STATEME5

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Comprehensive income (loss):
Net income (loss)	$ (39,809)	$ (95,835)
Other comprehensive income (loss), net of tax:
Currency translation difference on related borrowings	83	502
Currency translation difference on foreign currency net investments	763	(1,538)
Total other comprehensive income (loss), net of tax:	846	(1,036)
Comprehensive income (loss)	(38,963)	$ (96,871)
Comprehensive income (loss) attributable to controlling interest	$ (38,963)

CONSOLIDATED CONDENSED STATEME6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ (39,809)	$ (95,835)
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	32,202	35,814
Accretion of contingent consideration	0	419
Provision for reduction in carrying value of certain assets	0
(Gain) loss on disposition of assets	352	60
Deferred income tax expense (benefit)	(642)	63,411
Expenses not requiring cash	2,150	(109)
Accounts and notes receivable	(4,874)	(381)
Other assets	(2,692)	(304)
Accounts payable and accrued liabilities	(15,937)	(14,437)
Accrued income taxes	1,665	(3,600)
Net cash provided by (used in) operating activities	(27,585)	(15,715)
Cash flows from investing activities:
Capital expenditures	(14,451)	(7,889)
Proceeds from the sale of assets	46	54
Net cash provided by (used in) investing activities	(14,405)	(7,835)
Cash flows from financing activities:
Payments of contingent consideration	0	(2,000)
Proceeds from Issuance of Common Stock	25,200	0
Proceeds from Issuance of Preferred Stock and Preference Stock	50,000	0
Payments of Stock Issuance Costs	(2,861)	0
Payments Related to Tax Withholding for Share-based Compensation	(352)	(317)
Excess tax (expense) from stock based compensation	0	(753)
Net cash provided by (used in) financing activities	71,987	(2,317)
Net increase (decrease) in cash and cash equivalents	29,997	(25,867)
Cash and cash equivalents, beginning of year	119,691	134,294
Cash and cash equivalents, end of period	149,688	108,427
Supplemental cash flow information:
Interest paid	20,588	20,588
Income taxes paid	$ 1,551	$ 4,734

CONSOLIDATED CONDENSED STATEME7

CONSOLIDATED CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Preferred Stock [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]
Common Stock, Value, Issued	$ 20,837
Capital in excess of par value	675,194
Preferred Stock, Value, Issued	0
Shares, Outstanding		125,118,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	339,135	$ 21,007	$ 0	$ (170)	$ (350,052)	$ 675,194	$ (6,844)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures		461,000
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	(402)	$ 77		0		(479)
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition	1,332					1,332
Net income (loss)	(39,809)				(39,809)
Other Comprehensive Income (Loss), Net of Tax	$ 846						846
Common Stock, Shares, Issued	12,000,000
Common Stock, Value, Issued	$ 22,914	$ 2,000		0
Common Stocks, Including Additional Paid in Capital	24,060
Capital in excess of par value	$ 745,886					22,060
Preferred Stock, Shares Issued	500,000
Preferred Stock, Value, Issued	$ 500		500
Additional Paid in Capital, Preferred Stock						47,779
Preferred Stock, Including Additional Paid in Capital	48,279
Shares, Outstanding		138,079,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 373,441	$ 23,084	$ 500	$ (170)	$ (389,861)	$ 745,886	$ (5,998)

General

General	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
General	General The Consolidated Condensed Financial Statements as of March 31, 2017 and for the three months ended March 31, 2017 and 2016 are unaudited. In the opinion of Parker Drilling Company (Parker Drilling or the Company), these financial statements include all adjustments, which, unless otherwise disclosed, are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and stockholders’ equity for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year. The financial statements presented herein should be read in connection with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 . Nature of Operations — Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. We report our Drilling Services business as two reportable segments: (1) U.S. (Lower 48) Drilling and (2) International & Alaska Drilling. We report our Rental Tools Services business as two reportable segments: (1) U.S. Rental Tools and (2) International Rental Tools. In our Drilling Services business, we drill oil, natural gas and geothermal wells for customers in both the U.S. and international markets. We provide this service with both Company-owned rigs and customer-owned rigs. We refer to the provision of drilling services with customer-owned rigs as our operations and management (O&M) service in which operators own their own drilling rigs but choose Parker Drilling to operate and manage the rigs for them. The nature and scope of activities involved in drilling an oil and natural gas well is similar whether it is drilled with a Company-owned rig (as part of a traditional drilling contract) or a customer-owned rig (as part of an O&M contract). In addition, we provide project-related services, such as engineering, procurement, project management and commissioning of customer-owned drilling facility projects. We have extensive experience and expertise in drilling geologically difficult wells and in managing the logistical and technological challenges of operating in remote, harsh and ecologically sensitive areas. In our Rental Tools Services business, we provide premium rental equipment and services to exploration and production (E&P) companies, drilling contractors and service companies on land and offshore in the U.S. and international markets. Tools we provide include standard and heavy-weight drill pipe, all of which are available with standard or high-torque connections, tubing, drill collars, pressure control equipment, including blow-out preventers (BOPs), and more. We also provide well construction services, which include tubular running services and downhole tool rentals, and well intervention services, which include whipstock, fishing and related services, as well as inspection and machine shop support. Rental tools are used during drilling and/or workover programs and are requested by the customer when they are needed, requiring us to keep a broad inventory of rental tools in stock. Rental tools are usually rented on a daily or monthly basis. Consolidation — The consolidated financial statements include the accounts of the Company and subsidiaries in which we exercise control or have a controlling financial interest, including entities, if any, in which the Company is allocated a majority of the entity’s losses or returns, regardless of ownership percentage. If a subsidiary of Parker Drilling has a 50 percent interest in an entity but Parker Drilling’s interest in the subsidiary or the entity does not meet the consolidation criteria described above, then that interest is accounted for under the equity method. Noncontrolling Interest — We apply accounting standards related to noncontrolling interests for ownership interests in our subsidiaries held by parties other than Parker Drilling. We report noncontrolling interest as equity on the consolidated balance sheets and report net income (loss) attributable to controlling interest and to noncontrolling interest separately on the consolidated condensed statements of operations. Reclassifications — Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not materially affect our consolidated financial results. Revenue Recognition — Drilling revenues and expenses, comprised of daywork drilling contracts, call-outs against master service agreements and engineering and related project service contracts, are recognized as services are performed and collection is reasonably assured. For certain contracts, we receive payments contractually designated for the mobilization of rigs and other drilling equipment. Mobilization payments received, and direct costs incurred for the mobilization, are deferred and recognized over the primary term of the related drilling contract; however, costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. For contracts that are terminated prior to the specified term, early termination payments received by us are recognized as revenues when all contractual requirements are met. Revenues from rental activities are recognized ratably over the rental term, which is generally less than six months. Our project-related services contracts include engineering, consulting, and project management scopes of work and revenue is typically recognized on a time and materials basis. Reimbursable Revenues — The Company recognizes reimbursements received for out-of-pocket expenses incurred as revenues and accounts for out-of-pocket expenses as direct operating costs. Such amounts totaled $15.3 million and $19.0 million for the three months ended March 31, 2017 and 2016 , respectively. Additionally, the Company typically receives a nominal handling fee, which is recognized as earned in revenues in our consolidated statement of operations. Use of Estimates — The preparation of financial statements in accordance with accounting policies generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the date of the financial statements, and our revenues and expenses during the periods reported. Estimates are typically used when accounting for certain significant items such as legal or contractual liability accruals, mobilization and deferred mobilization, self-insured medical/dental plans, income taxes and valuation allowance, and other items requiring the use of estimates. Estimates are based on a number of variables which may include third party valuations, historical experience, where applicable, and assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ from management estimates. Purchase Price Allocation — We allocate the purchase price of an acquired business to its identifiable assets and liabilities in accordance with the acquisition method based on estimated fair values at the transaction date. Transaction and integration costs associated with an acquisition are expensed as incurred. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. We use all available information to estimate fair values, including quoted market prices, the carrying value of acquired assets, and widely accepted valuation techniques such as discounted cash flows. We typically engage third-party appraisal firms to assist in fair value determination of inventories, identifiable intangible assets, and any other significant assets or liabilities. Judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. Goodwill — We perform our annual goodwill impairment review during the fourth quarter, as of October 1, and more frequently if negative conditions or other triggering events arise. The quantitative impairment test we perform for goodwill utilizes certain assumptions, including forecasted revenues and costs assumptions. See Note 2 - Goodwill and Intangible Assets for further discussion. Intangible Assets — Our intangible assets are related to trade names, customer relationships, and developed technology, which were acquired through acquisition and are classified as definite lived intangibles, that are generally amortized over a weighted average period of approximately three to six years. We assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as an impairment loss. See Note 2 - Goodwill and Intangible Assets for further discussion. Impairment — We evaluate the carrying amounts of long-lived assets for potential impairment when events occur or circumstances change that indicate the carrying values of such assets may not be recoverable. We evaluate recoverability by determining the undiscounted estimated future net cash flows for the respective asset groups identified. If the sum of the estimated undiscounted cash flows is less than the carrying value of the asset group, we measure the impairment as the amount by which the assets’ carrying value exceeds the fair value of such assets. Management considers a number of factors such as estimated future cash flows from the assets, appraisals and current market value analysis in determining fair value. Assets are written down to fair value if the final estimate of current fair value is below the net carrying value. The assumptions used in the impairment evaluation are inherently uncertain and require management judgment. Concentrations of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade receivables with a variety of national and international oil and natural gas companies. We generally do not require collateral on our trade receivables. We depend on a limited number of significant customers. Our largest customer, Exxon Neftegas Limited (ENL) , constituted approximately 34.9 percent of our consolidated revenues for the three months ended March 31, 2017 . Excluding reimbursable revenues of $13.0 million , ENL constituted approximately 25.7 percent of our total consolidated revenues for the three months ended March 31, 2017 . Our second largest customer, BP Exploration Alaska, Inc. (BP), constituted approximately 11.3 percent of our consolidated revenues for the three months ended March 31, 2017 . At March 31, 2017 and December 31, 2016 , we had deposits in domestic banks in excess of federally insured limits of approximately $110.4 million and $81.4 million , respectively. In addition, we had uninsured deposits in foreign banks as of March 31, 2017 and December 31, 2016 of $39.4 million and $39.7 million , respectively. Income Taxes — Income taxes are accounted for under the asset and liability method and have been provided for based upon tax laws and rates in effect in the countries in which operations are conducted and income or losses are generated. There is little or no expected relationship between the provision for or benefit from income taxes and income or loss before income taxes as the countries in which we operate have taxation regimes that vary not only with respect to nominal rate, but also in terms of the availability of deductions, credits, and other benefits. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled and the effect of changes in tax rates is recognized in income in the period in which the change is enacted. Valuation allowances are established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In order to determine the amount of deferred tax assets or liabilities, as well as the valuation allowances, we must make estimates and assumptions regarding future taxable income, where rigs will be deployed and other matters. Changes in these estimates and assumptions, including changes in tax laws and other changes impacting our ability to recognize the underlying deferred tax assets, could require us to adjust the valuation allowances. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized and changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Earnings (Loss) Per Share (EPS) — Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. The effects of dilutive securities, stock options, unvested restricted stock, convertible debt and equity are included in the diluted EPS calculation, when applicable. Legal and Investigation Matters — We accrue estimates of the probable and estimable costs for the resolution of certain legal and investigation matters. We do not accrue any amounts for other matters for which the liability is not probable and reasonably estimable. Generally, the estimate of probable costs related to these matters is developed in consultation with our legal advisors. The estimates take into consideration factors such as the complexity of the issues, litigation risks and settlement costs. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, our future financial results may be adversely affected.

Goodwill and Intangible Assets

Goodwill and Intangible Assets Goodwill and Intangible Assets (Notes)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	Goodwill and Intangible Assets We account for business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, plus the value of any noncontrolling interests, is recognized as goodwill. We perform our annual goodwill impairment review during the fourth quarter, as of October 1, and more frequently if negative conditions or other triggering events arise. Should current market conditions worsen or persist for an extended period of time, an impairment of the carrying value of our goodwill could occur. All of the Company’s goodwill and intangible assets are allocated to the International Rental Tools segment. Goodwill The change in the carrying amount of goodwill for the period ended March 31, 2017 is as follows: Dollars in thousands Goodwill Balance at December 31, 2016 $ 6,708 Additions — Balance at March 31, 2017 $ 6,708 Of the total amount of goodwill recognized, zero is expected to be deductible for income tax purposes. Intangible Assets Intangible Assets consist of the following: Balance at March 31, 2017 Dollars in thousands Estimated Useful Life (Years) Gross Carrying Amount Write-off Due to Disposal Accumulated Amortization Net Carrying Amount Amortized intangible assets: Developed technology 6 $ 11,630 $ — $ (3,877 ) $ 7,753 Customer relationships 3 5,400 (264 ) (5,136 ) — Trade names 5 4,940 (332 ) (3,161 ) 1,447 Total amortized intangible assets $ 21,970 $ (596 ) $ (12,174 ) $ 9,200 Amortization expense was $0.7 million and $1.2 million for the three months ended March 31, 2017 and 2016 , respectively. Our remaining intangibles amortization expense for the next five years is presented below: Dollars in thousands Expected future intangible amortization expense 2017 $ 2,073 2018 $ 2,306 2019 $ 2,306 2020 $ 2,030 2021 $ 485

Earnings per share (EPS)

Earnings per share (EPS)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings per share (EPS)	Earnings (Loss) Per Share (EPS) Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. The effects of dilutive securities, stock options, unvested restricted stock, convertible debt and equity are included in the diluted EPS calculation, when applicable. The following table represents the computation of earnings per share for the three months ended March 31, 2017 and 2016 , respectively: Three Months Ended March 31, 2017 Net Income (Loss) Available to Common Stockholders (Numerator) Shares (Denominator) Per-Share Amount Basic earnings (loss) per common share $ (39,809,000 ) 130,142,527 $ (0.31 ) Effect of dilutive securities: Restricted stock units (1) — — — Mandatory convertible preferred stock (2) $ — — — Diluted earnings (loss) per common share $ (39,809,000 ) 130,142,527 $ (0.31 ) Three Months Ended March 31, 2016 Net Income (Loss) Available to Common Stockholders (Numerator) Shares (Denominator) Per-Share Amount Basic earnings (loss) per common share $ (95,835,000 ) 123,090,238 $ (0.78 ) Effect of dilutive securities: Restricted stock units (1) — — — Mandatory convertible preferred stock (2) $ — — — Diluted earnings (loss) per common share $ (95,835,000 ) 123,090,238 $ (0.78 ) (1) For the three months ended March 31, 2017 and 2016 , respectively, all common shares potentially issuable in connection with outstanding restricted stock unit awards have been excluded from the calculation of diluted EPS as the company incurred losses during the periods, therefore, inclusion of such potential common shares would be anti-dilutive. (2) Weighted average common shares issuable upon the assumed conversion of our Mandatory Convertible Preferred Stock totaling 23,809,500 shares were excluded from the computation of diluted EPS as such shares would be anti-dilutive.

Common and Preferred Stock Issu

Common and Preferred Stock Issuance (Notes)	3 Months Ended
	Mar. 31, 2017
Class of Stock [Line Items]
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]	Common and Preferred Stock Issuances In February 2017, we issued 12,000,000 shares of common stock, par value $0.16 2/3 per share, at the public offering price of $2.10 per share, and 500,000 shares of 7.25% Series A Mandatory Convertible Preferred Stock (Convertible Preferred Stock), par value $1.00 per share, with a liquidation preference of $100 per share, for total net proceeds of $72.3 million , after underwriting discount and offering expenses. The dividends on our Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by our board of directors, or an authorized committee of our board of directors, at an annual rate of 7.25 percent of the liquidation preference of $100 per share . We may pay declared dividends in cash or, subject to certain limitations, in shares of our common stock, or in any combination of cash and shares of our common stock on March 31, June 30, September 30 and December 31 of each year, commencing on June 30, 2017 and ending on, and including, March 31, 2020. Unless converted earlier, each share of our Convertible Preferred Stock will automatically convert into between 41.4079 and 47.6190 shares of our common stock (respectively, the “minimum conversion rate” and “maximum conversion rate”), subject to anti-dilution adjustments. The number of shares of our common stock issuable on conversion will be determined based on the volume weighted-average price, of our common stock over the 20 consecutive trading day period beginning on, and including, the 23rd scheduled trading day immediately preceding March 31, 2020. Except in limited circumstances, at any time prior to March 31, 2020, a holder may convert Convertible Preferred Stock into shares of our common stock at the minimum conversion rate of 41.4079 shares of common stock per share of Convertible Preferred Stock, subject to anti-dilution adjustments.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive loss consisted of the following: Dollars in thousands Foreign Currency Items December 31, 2016 $ (6,844 ) Current period other comprehensive income (loss) 846 March 31, 2017 $ (5,998 ) There were no amounts reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2017 .

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. We report our Drilling Services business as two reportable segments: (1) U.S. (Lower 48) Drilling and (2) International & Alaska Drilling. We report our Rental Tools Services business as two reportable segments: (1) U.S. Rental Tools and (2) International Rental Tools. Within the four reportable segments, we have aggregated our Arctic, Eastern Hemisphere and Latin America business units under International & Alaska Drilling, one business unit under U.S. (Lower 48) Drilling, one business unit under U.S. Rental Tools and one business unit under International Rental Tools, for a total of six business units. The Company has aggregated each of its business units in one of the four reporting segments based on the guidelines of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic No. 280, Segment Reporting. We eliminate inter-segment revenues and expenses. We disclose revenues under the four reportable segments based on the similarity of the use and markets for the groups of products and services within each segment. Drilling Services Business In our Drilling Services business, we drill oil, natural gas and geothermal wells for customers in both the U.S. and international markets. We provide this service with both Company-owned rigs and customer-owned rigs. We refer to the provision of drilling services with customer-owned rigs as our O&M service in which operators own their own drilling rigs but choose Parker Drilling to operate and manage the rigs for them. The nature and scope of activities involved in drilling an oil and natural gas well is similar whether it is drilled with a Company-owned rig (as part of a traditional drilling contract) or a customer-owned rig (as part of an O&M contract). In addition, we provide project-related services, such as engineering, procurement, project management and commissioning of customer-owned drilling facility projects. We have extensive experience and expertise in drilling geologically difficult wells and in managing the logistical and technological challenges of operating in remote, harsh and ecologically sensitive areas. U.S. (Lower 48) Drilling Our U.S. (Lower 48) Drilling segment provides drilling services with our Gulf of Mexico (GOM) barge drilling rig fleet, and markets our U.S. (Lower 48) based O&M services. Our GOM barge drilling fleet operates barge rigs that drill for oil and natural gas in shallow waters in and along the inland waterways and coasts of Louisiana, Alabama and Texas. The majority of these wells are drilled in shallow water depths ranging from 6 to 12 feet. Our rigs are suitable for a variety of drilling programs, from inland coastal waters requiring shallow draft barges, to open water drilling on both state and federal water projects requiring more robust capabilities. The barge drilling industry in the GOM is characterized by cyclical activity where utilization and dayrates are typically driven by oil and natural gas prices and our customers’ access to project financing. Contract terms typically consist of well-to-well and multi-well programs, most commonly ranging from 20 to 180 days. International & Alaska Drilling Our International & Alaska Drilling segment provides drilling services, using both Company-owned rigs and O&M contracts, and project-related services. The drilling markets in which this segment operates have one or more of the following characteristics: • customers that typically are major, independent or national oil and natural gas companies or integrated service providers; • drilling programs in remote locations with little infrastructure, requiring a large inventory of spare parts and other ancillary equipment and self-supported service capabilities; • complex wells and/or harsh environments (such as high pressures, deep depths, hazardous or geologically challenging conditions and sensitive environments) requiring specialized equipment and considerable experience to drill; and • drilling and O&M contracts that generally cover periods of one year or more. Rental Tools Services Business In our Rental Tools Services business, we provide premium rental equipment and services to E&P companies, drilling contractors and service companies on land and offshore in the U.S. and select international markets. Tools we provide include standard and heavy-weight drill pipe, all of which are available with standard or high-torque connections, tubing, drill collars, pressure control equipment, including BOPs and more. We also provide well construction services, which include tubular running services and downhole tool rentals, and well intervention services, which include whipstock, fishing and related services, as well as inspection and machine shop support. Rental tools are used during drilling and/or workover programs and are requested by the customer when they are needed, requiring us to keep a broad inventory of rental tools in stock. Rental tools are usually rented on a daily or monthly basis. U.S. Rental Tools Our U.S. rental tools segment is headquartered in New Iberia, Louisiana. We maintain an inventory of rental tools for deepwater, drilling, completion, workover, and production applications at facilities in Louisiana, Texas, Oklahoma, Wyoming, North Dakota and West Virginia. Our largest single market for rental tools is U.S. land drilling, a cyclical market driven primarily by oil and natural gas prices and our customers' access to project financing. A portion of our U.S. rental tools business is supplying tubular goods and other equipment to offshore GOM customers. International Rental Tools Our international rental tools segment is headquartered in Dubai, United Arab Emirates. We maintain an inventory of rental tools and provide well construction, well intervention, and surface and tubular services to our customers in the Middle East, Latin America, United Kingdom, Europe, and Asia-Pacific regions. The following table represents the results of operations by reportable segment: Three Months Ended Dollars in thousands 2017 2016 Revenues: (1) Drilling Services: U.S. (Lower 48) Drilling $ 1,215 $ 2,085 International & Alaska Drilling 63,213 88,619 Total Drilling Services 64,428 90,704 Rental Tools Services: U.S. Rental Tools 20,231 22,555 International Rental Tools 13,612 17,244 Total Rental Tools Services 33,843 39,799 Total revenues 98,271 130,503 Operating gross margin: (2) Drilling Services: U.S. (Lower 48) Drilling (7,226 ) (8,558 ) International & Alaska Drilling (1,785 ) 5,077 Total Drilling Services (9,011 ) (3,481 ) Rental Tools Services: U.S. Rental Tools (3,773 ) (3,949 ) International Rental Tools (6,961 ) (5,998 ) Total Rental Tools Services (10,734 ) (9,947 ) Total operating gross margin (19,745 ) (13,428 ) General and administrative expense (7,040 ) (9,781 ) Gain (loss) on disposition of assets, net (352 ) (60 ) Total operating income (loss) (27,137 ) (23,269 ) Interest expense (10,870 ) (11,562 ) Interest income 10 7 Other income (loss) 530 2,485 Income (loss) from continuing operations before income taxes $ (37,467 ) $ (32,339 ) (1) For the three months ended March 31, 2017 , our largest customer, ENL , constituted approximately 34.9 percent of our total consolidated revenues and approximately 54.3 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $13.0 million , ENL constituted approximately 25.7 percent of our total consolidated revenues and approximately 44.4 percent of our International & Alaska Drilling segment revenues. Our second largest customer, BP, constituted 11.3 percent of our total consolidated revenues and approximately 17.6 percent of our International & Alaska Drilling segment revenues. For the three months ended March 31, 2016 , our largest customer, ENL , constituted approximately 39.2 percent of our total consolidated revenues and approximately 57.8 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $18.3 million , ENL constituted approximately 29.5 percent of our total consolidated revenues and approximately 47.2 percent of our International & Alaska Drilling segment revenues. (2) Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

Accounting for Uncertainty in I

Accounting for Uncertainty in Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Accounting for Uncertainty in Income Taxes	Accounting for Uncertainty in Income Taxes We apply the accounting guidance related to accounting for uncertainty in income taxes. This guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. At March 31, 2017 , we had a liability for unrecognized tax benefits of $4.9 million , primarily related to foreign operations, $4.7 million of which would favorably impact our effective tax rate upon recognition. At December 31, 2016 , we had a liability for unrecognized tax benefits of $4.6 million , all of which would favorably impact our effective tax rate upon recognition, and for which no payments were made in 2016. In addition, we recognize interest and penalties that could be applied to uncertain tax positions in periodic income tax expense. As of March 31, 2017 and December 31, 2016 , we had approximately $2.0 million and $1.9 million , respectively, of accrued interest and penalties related to uncertain tax positions.

Income Tax Benefit_Expense

Income Tax Benefit/Expense	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Tax Benefit/Expense	Income Tax Expense (Benefit) During the first quarter of 2017 , we had income tax expense of $2.3 million compared with income tax expense of $63.5 million during the first quarter of 2016 . Despite the pre-tax loss for the first quarter of 2017 , we recognized income tax expense due to the jurisdictional mix of income and loss during the quarter, along with our continued inability to recognize the benefits associated with certain losses as a result of valuation allowances. During the 2016 first quarter, we recognized income tax expense as a result of recording a valuation allowance of $73.1 million against our U.S. domestic deferred tax assets, which primarily consist of U.S. federal net operating losses.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table illustrates the Company’s current debt portfolio as of March 31, 2017 and December 31, 2016 : Dollars in thousands March 31, December 31, 6.75% Senior Notes, due July 2022 $ 360,000 $ 360,000 7.50% Senior Notes, due August 2020 225,000 225,000 Total principal 585,000 585,000 Less: unamortized debt issuance costs (8,272 ) (8,674 ) Total long-term debt $ 576,728 $ 576,326 6.75% Senior Notes, due July 2022 On January 22, 2014 , we issued $360.0 million aggregate principal amount of 6.75% Senior Notes due July 2022 (6.75% Notes) pursuant to an Indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Net proceeds from the 6.75% Notes offering plus a $40.0 million term loan draw under the Amended and Restated Senior Secured Credit Agreement (2012 Secured Credit Agreement) and cash on hand were utilized to purchase $416.2 million aggregate principal amount of our outstanding 9.125% Senior Notes due 2018 pursuant to a tender and consent solicitation offer commenced on January 7, 2014. The 6.75% Notes are general unsecured obligations of the Company and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 6.75% Notes are jointly and severally guaranteed by all of our subsidiaries that guarantee indebtedness under the Second Amended and Restated Senior Secured Credit Agreement, as amended from time-to-time (2015 Secured Credit Agreement) and our 7.50% Senior Notes, due August 2020 (7.50% Notes, and collectively with the 6.75% Notes, the Senior Notes). Interest on the 6.75% Notes is payable on January 15 and July 15 of each year, beginning July 15, 2014. Debt issuance costs related to the 6.75% Notes of approximately $7.6 million ( $5.3 million net of amortization as of March 31, 2017 ) are being amortized over the term of the notes using the effective interest rate method. At any time prior to January 15, 2017, we were able to redeem up to 35 percent of the aggregate principal amount of the 6.75% Notes at a redemption price of 106.75 percent of the principal amount, plus accrued and unpaid interest to the redemption date, with the net cash proceeds of certain equity offerings by us. No redemptions were made utilizing this provision. On and after January 15, 2018, we may redeem all or a part of the 6.75% Notes upon appropriate notice, at a redemption price of 103.375 percent of the principal amount, and at redemption prices decreasing each year thereafter to par beginning January 15, 2020. If we experience certain changes in control, we must offer to repurchase the 6.75% Notes at 101.0 percent of the aggregate principal amount, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase. The Indenture limits our ability and the ability of certain subsidiaries to: (i) sell assets, (ii) pay dividends or make other distributions on capital stock or redeem or repurchase capital stock or subordinated indebtedness, (iii) make investments, (iv) incur or guarantee additional indebtedness, (v) create or incur liens, (vi) enter into sale and leaseback transactions, (vii) incur dividend or other payment restrictions affecting subsidiaries, (viii) merge or consolidate with other entities, (ix) enter into transactions with affiliates, and (x) engage in certain business activities. Additionally, the Indenture contains certain restrictive covenants designating certain events as Events of Default. These covenants are subject to a number of important exceptions and qualifications. 7.50% Senior Notes, due August 2020 On July 30, 2013 , we issued $225.0 million aggregate principal amount of the 7.50% Notes pursuant to an Indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Net proceeds from the 7.50% Notes offering were primarily used to repay the $125.0 million aggregate principal amount of a term loan used to initially finance the acquisition of ITS in April, 2013, to repay $45.0 million of term loan borrowings under the 2012 Secured Credit Agreement, and for general corporate purposes. The 7.50% Notes are general unsecured obligations of the Company and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 7.50% Notes are jointly and severally guaranteed by all of our subsidiaries that guarantee indebtedness under the 2015 Secured Credit Agreement and the 6.75% Notes. Interest on the 7.50% Notes is payable on February 1 and August 1 of each year, beginning February 1, 2014. Debt issuance costs related to the 7.50% Notes of approximately $5.6 million ( $3.0 million , net of amortization as of March 31, 2017 ) are being amortized over the term of the notes using the effective interest rate method. We may redeem all or a part of the 7.50% Notes upon appropriate notice, at redemption prices decreasing each year after August 1, 2016 to par beginning August 1, 2018. As of March 31, 2017, the redemption price is 103.75 percent and we have not made any redemptions to date. If we experience certain changes in control, we must offer to repurchase the 7.50% Notes at 101.0 percent of the aggregate principal amount, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase. The Indenture limits our ability and the ability of certain subsidiaries to: (i) sell assets, (ii) pay dividends or make other distributions on capital stock or redeem or repurchase capital stock or subordinated indebtedness, (iii) make investments, (iv) incur or guarantee additional indebtedness, (v) create or incur liens, (vi) enter into sale and leaseback transactions, (vii) incur dividend or other payment restrictions affecting subsidiaries, (viii) merge or consolidate with other entities, (ix) enter into transactions with affiliates, and (x) engage in certain business activities. Additionally, the Indenture contains certain restrictive covenants designating certain events as Events of Default. These covenants are subject to a number of important exceptions and qualifications. 2015 Secured Credit Agreement On January 26, 2015 we entered into the 2015 Secured Credit Agreement, which amended and restated the 2012 Secured Credit Agreement. The 2015 Secured Credit Agreement was originally comprised of a $200.0 million revolving credit facility (Revolver) set to mature on January 26, 2020. Four amendments to the 2015 Secured Credit Agreement have been executed, which have, among other things, reduced the size of the revolver to $100 million , suspended the Leverage Ratio, Consolidated Interest Coverage Ratio, Senior Secured Leverage Ratio, and Asset Coverage Ratio covenants during specific time periods, increased the Applicable Rate for certain higher levels of consolidated leverage to a maximum of 4.00 percent per annum for Eurodollar Rate loans and to a maximum of 3.00 percent per annum for Base Rate loans, established anti-hoarding language restricting our ability to retain more than $50 million in U.S. bank accounts when there are outstanding borrowings under the Revolver, and established a $75 million Junior Lien Debt capacity. The maximum permitted Senior Secured Leverage Ratio was 2.80:1.00 for the fiscal quarter ending March 31, 2017 , decreases to 2.20:1.00 in the second quarter of 2017, to 1.75:1.00 in the third quarter of 2017, and to 1.50:1.00 in the fourth quarter of 2017 and remains at 1.50:1.00 thereafter. The Asset Coverage Ratio, currently at 1.10:1.00, increases to 1.25: 1.00 in the fourth quarter of 2017 and remains at 1.25:1.00 thereafter. The Consolidated Interest Coverage Ratio covenant will be reinstated in the fourth quarter of 2017 with the ratio established at 1.00:1.00, which increases by 0.25 each subsequent quarter until reaching 2.00:1.00 in the fourth quarter of 2018, and remains at 2.00:1.00 thereafter. The Leverage Ratio covenant will be reinstated in the fourth quarter of 2018 with the ratio established at 4.25:1.00. On February 21, 2017, we executed the fourth amendment to the 2015 Secured Credit Agreement which, among other things, permits the sale and issuance of certain equity interests of the Company, including the Convertible Preferred Stock, and permits the Company to pay dividends on the Convertible Preferred Stock, up to certain aggregate amounts specified therein. The debt issuance costs incurred relating to the fourth amendment were nominal. Debt issuance costs remaining as of March 31, 2017 were $1.1 million which are being amortized through January 2020 on a straight line basis. Our obligations under the 2015 Secured Credit Agreement are guaranteed by substantially all of our direct and indirect domestic subsidiaries, other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, each of which has executed guaranty agreements, and are secured by first priority liens on our accounts receivable, specified rigs including barge rigs in the GOM and land rigs in Alaska, certain U.S.-based rental equipment of the Company and its subsidiary guarantors and the equity interests of certain of the Company’s subsidiaries. The 2015 Secured Credit Agreement contains customary affirmative and negative covenants, such as limitations on indebtedness, liens, restrictions on entry into certain affiliate transactions and payments (including payment of dividends) and maintenance of certain ratios and coverage tests. As of March 31, 2017 , we were in compliance with all covenants contained in the 2015 Secured Credit Agreement though our ability to access the full $100 million of the Revolver was restricted to $92.8 million due to $5.8 million in letters of credit outstanding and $1.4 million related to a cap imposed by our Senior Secured Leverage Ratio covenant calculation. Our Revolver is available for general corporate purposes and to support letters of credit. Interest on Revolver loans accrues at a Base Rate plus an Applicable Rate or LIBOR plus an Applicable Rate. Revolving loans are available subject to a quarterly asset coverage ratio calculation based on the Orderly Liquidation Value of certain specified rigs including barge rigs in the GOM and land rigs in Alaska, and certain U.S.-based rental equipment of the Company and its subsidiary guarantors and a percentage of eligible domestic accounts receivable. Letters of credit outstanding against the Revolver as of March 31, 2017 totaled $5.8 million . There were no amounts drawn on the Revolver as of March 31, 2017 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Certain of our assets and liabilities are required to be measured at fair value on a recurring basis. For purposes of recording fair value adjustments for certain financial and non-financial assets and liabilities, and determining fair value disclosures, we estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. The fair value measurement and disclosure requirements of FASB ASC Topic No. 820, Fair Value Measurement and Disclosures requires inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows: • Level 1 — Unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 — Direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets; and • Level 3 — Unobservable inputs that require significant judgment for which there is little or no market data. When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the entire measurement even though we may also have utilized significant inputs that are more readily observable. The amounts reported in our consolidated balance sheets for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value. Fair value of our debt instruments is determined using Level 2 inputs. Fair values and related carrying values of our debt instruments were as follows for the periods indicated: March 31, 2017 December 31, 2016 Dollars in thousands Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt 6.75% Notes $ 360,000 $ 320,400 $ 360,000 $ 311,400 7.50% Notes 225,000 210,375 225,000 201,375 Total principal $ 585,000 $ 530,775 $ 585,000 $ 512,775 Market conditions could cause an instrument to be reclassified from Level 1 to Level 2, or Level 2 to Level 3. There were no transfers between levels of the fair value hierarchy or any changes in the valuation techniques used during the three months ended March 31, 2017 .

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies We are a party to various lawsuits and claims arising out of the ordinary course of business. We estimate the range of our liability related to pending litigation when we believe the amount or range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ significantly from our estimates. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The standard simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. This standard is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Effective January 1, 2017, we adopted ASU 2017-04 and it did not have a material impact on our consolidated statements of financial position, results of operations, cash flows, and on the disclosures contained in our notes to the consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory. The ASU requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The standard becomes effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, but only at the beginning of the annual period for which no financial statements have been issued or been made available for issuance. Effective January 1, 2017, we adopted ASU 2016-16 prospectively and it did not have a material impact on our consolidated statements of financial position, results of operations and cash flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU is intended to reduce diversity in current practice regarding the manner in which certain cash receipts and cash payments are presented and classified in the cash flow statement. The standard becomes effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Effective January 1, 2017, we adopted ASU 2016-15 retrospectively and it did not have a material impact on our statement of cash flows. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718). The objective of this update is to simplify several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard became effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Effective January 1, 2017, we adopted ASU 2016-09. The adoption did not have a material impact on our consolidated statements of financial position, results of operations or cash flows. In accordance with the ASU requirements, we adopted certain aspects of the ASU as follows: • Accounting for excess tax benefits and certain tax deficiencies - The guidance requires all excess tax benefits, and certain tax deficiencies to be recorded through the income statement instead of additional paid in capital, where the activity was historically recorded. We adopted this change prospectively. There is no cumulative effect of the adoption as we have no unrecognized excess tax benefits or minimum withholding requirements that impact the income statement and, accordingly, prior periods have not been adjusted. • Cash flow presentation of excess tax benefits and certain tax deficiencies - We adopted this change retrospectively. Tax related cash flows from share based payments are to be presented as operating activities in the statement of cash flows. Consequently, activity of $0.8 million for the three month period ended March 31, 2016, recorded through equity, has been reclassified from financing activities to operating activities in the statement of cash flows. • Accounting for forfeitures - We have made an entity-wide accounting policy election to continue to estimate forfeitures and adjust the estimate when it is likely to change. This election does not change our current policy and, accordingly, there is no impact on our consolidated statements of financial position, results of operations or cash flows. • Cash paid to a tax authority when shares are withheld to satisfy the employer’s statutory income tax withholding obligation - We adopted this change retrospectively. The activity is now required to be presented as financing activities in the statement of cash flows. For the three-month period ended March 31, 2016, we have reclassified $0.3 million from operating activities to financing activities. In March 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Effective no later than January 1, 2019, we will adopt this accounting standards update that (a) requires lessees to recognize a right to use asset and a lease liability for virtually all leases, and (b) updates previous accounting standards for lessors to align certain requirements with the updates to lessee accounting standards and the revenue recognition accounting standards. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, although early adoption is permitted. This update establishes a new lease accounting model for lessees. Upon adoption, a modified retrospective approach is required for leases that exist, or are entered into, after the beginning of the earliest comparative period presented. Under the updated accounting standard, we have determined that our drilling contracts may contain a lease component; therefore, our adoption of the standard could require that we separately recognize revenues associated with the lease and service components. Given the interaction between this update and the accounting standards update to revenue contracts with customers, we expect to adopt the updates concurrently, effective January 1, 2018, and we expect to apply the modified retrospective approach. Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances, and such effect could introduce variability to the timing of our revenue recognition relative to current accounting standards. We are evaluating the requirements to determine the effect such requirements may have on our consolidated statements of financial position, results of operations, cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2016-02. Depending on the results of the evaluation our ultimate conclusions may vary. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in ASC 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time we expect to apply the modified retrospective approach; however, we are evaluating the requirements to determine the effect such requirements may have on our consolidated statements of financial position, results of operations, cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2014-09. Depending on the results of the evaluation our ultimate conclusions may vary. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40). The objective of this update is to provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and provide footnote disclosures. The amendments in this update become effective for public companies for the annual period after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Effective January 1, 2017, we adopted ASU 2014-15 prospectively and it did not have a material impact on our consolidated statements of financial position, results of operations, cash flows, and on the disclosures contained in our notes to the consolidated financial statements.

Parent, Guarantor, Non-Guaranto

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements	Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements Set forth on the following pages are the consolidating condensed financial statements of Parker Drilling. The 2015 Secured Credit Agreement and Senior Notes are fully and unconditionally guaranteed by substantially all of our direct and indirect domestic subsidiaries, other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, subject to the following customary release provisions: • in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; • in connection with any sale of such amount of capital stock as would result in such guarantor no longer being a subsidiary to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; • if the Company designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary; • if the guarantee by a guarantor of all other indebtedness of the Company or any other guarantor is released, terminated or discharged, except by, or as a result of, payment under such guarantee; or • upon legal defeasance or covenant defeasance (satisfaction and discharge of the indenture). There are currently no restrictions on the ability of the restricted subsidiaries to transfer funds to Parker Drilling in the form of cash dividends, loans or advances. Parker Drilling is a holding company with no operations, other than through its subsidiaries. Separate financial statements for each guarantor company are not provided as the Company complies with Rule 3-10(f) of Regulation S-X. All guarantor subsidiaries are owned 100 percent by the parent company. We are providing unaudited consolidating condensed financial information of the parent, Parker Drilling, the guarantor subsidiaries, and the non-guarantor subsidiaries as of March 31, 2017 and December 31, 2016 and for the three months ended March 31, 2017 and 2016 , respectively. The consolidating condensed financial statements present investments in both consolidated and unconsolidated subsidiaries using the equity method of accounting. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) March 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 96,539 $ 13,035 $ 40,114 $ — $ 149,688 Accounts and notes receivable, net — 19,442 98,672 — 118,114 Rig materials and supplies — (4,957 ) 40,010 — 35,053 Other current assets (68,300 ) 59,147 32,245 — 23,092 Total current assets 28,239 86,667 211,041 — 325,947 Property, plant and equipment, net (19 ) 458,497 218,403 — 676,881 Goodwill — 6,708 — — 6,708 Intangible assets, net — 8,857 343 — 9,200 Investment in subsidiaries and intercompany advances 2,963,194 2,943,361 3,728,142 (9,634,697 ) — Other noncurrent assets (248,095 ) 299,529 540,245 (480,860 ) 110,819 Total assets $ 2,743,319 $ 3,803,619 $ 4,698,174 $ (10,115,557 ) $ 1,129,555 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ (44,947 ) $ 167,258 $ 583,421 $ (617,533 ) $ 88,199 Accrued income taxes (5,783 ) 8,631 2,662 — 5,510 Total current liabilities (50,730 ) 175,889 586,083 (617,533 ) 93,709 Long-term debt, net 576,728 — — — 576,728 Other long-term liabilities 2,867 6,145 3,816 — 12,828 Deferred tax liability (8 ) 75,920 (3,063 ) — 72,849 Intercompany payables 1,837,985 1,445,569 2,211,999 (5,495,553 ) — Total liabilities 2,366,842 1,703,523 2,798,835 (6,113,086 ) 756,114 Total equity 376,477 2,100,096 1,899,339 (4,002,471 ) 373,441 Total liabilities and stockholders’ equity $ 2,743,319 $ 3,803,619 $ 4,698,174 $ (10,115,557 ) $ 1,129,555 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) December 31, 2016 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 65,000 $ 14,365 $ 40,326 $ — $ 119,691 Accounts and notes receivable, net — 15,749 97,482 — 113,231 Rig materials and supplies — (5,369 ) 37,723 — 32,354 Other current assets (50,296 ) 41,304 30,034 — 21,042 Total current assets 14,704 66,049 205,565 — 286,318 Property, plant and equipment, net (19 ) 469,927 223,531 — 693,439 Goodwill — 6,708 — — 6,708 Intangible assets, net — 9,434 494 — 9,928 Investment in subsidiaries and intercompany advances 2,979,413 2,932,375 3,676,402 (9,588,190 ) — Other noncurrent assets (253,679 ) 301,771 539,877 (480,811 ) 107,158 Total assets $ 2,740,419 $ 3,786,264 $ 4,645,869 $ (10,069,001 ) $ 1,103,551 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ (10,080 ) $ 149,210 $ 577,188 $ (617,477 ) $ 98,841 Accrued income taxes — 1,576 2,504 — 4,080 Total current liabilities (10,080 ) 150,786 579,692 (617,477 ) 102,921 Long-term debt, net 576,326 — — — 576,326 Other long-term liabilities 2,867 9,338 3,631 — 15,836 Deferred tax liability (28 ) 73,039 (3,678 ) — 69,333 Intercompany payables 1,828,317 1,437,417 2,161,864 (5,427,598 ) — Total liabilities 2,397,402 1,670,580 2,741,509 (6,045,075 ) 764,416 Total equity 343,017 2,115,684 1,904,360 (4,023,926 ) 339,135 Total liabilities and stockholders’ equity $ 2,740,419 $ 3,786,264 $ 4,645,869 $ (10,069,001 ) $ 1,103,551 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 27,893 $ 88,237 $ (17,859 ) $ 98,271 Operating expenses — 20,950 82,723 (17,859 ) 85,814 Depreciation and amortization — 21,188 11,014 — 32,202 Total operating gross margin (loss) — (14,245 ) (5,500 ) — (19,745 ) General and administration expense (1) (78 ) (6,870 ) (92 ) — (7,040 ) Gain (loss) on disposition of assets, net — (216 ) (136 ) — (352 ) Total operating income (loss) (78 ) (21,331 ) (5,728 ) — (27,137 ) Other income (expense): Interest expense (11,669 ) (45 ) (1,942 ) 2,786 (10,870 ) Interest income 149 179 2,468 (2,786 ) 10 Other — 32 498 — 530 Equity in net earnings of subsidiaries (21,780 ) — — 21,780 — Total other income (expense) (33,300 ) 166 1,024 21,780 (10,330 ) Income (loss) before income taxes (33,378 ) (21,165 ) (4,704 ) 21,780 (37,467 ) Total income tax expense (benefit) 6,430 (5,577 ) 1,489 — 2,342 Net income (loss) $ (39,808 ) $ (15,588 ) $ (6,193 ) $ 21,780 $ (39,809 ) Mandatory convertible preferred stock dividend $ — $ — $ — $ — $ — Net income (loss) available to common stockholders $ (39,808 ) $ (15,588 ) $ (6,193 ) $ 21,780 $ (39,809 ) (1) General and administration expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2016 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 47,382 $ 106,477 $ (23,356 ) $ 130,503 Operating expenses — 32,835 98,638 (23,356 ) 108,117 Depreciation and amortization — 23,125 12,689 — 35,814 Total operating gross margin (loss) — (8,578 ) (4,850 ) — (13,428 ) General and administration expense (1) (87 ) (9,613 ) (81 ) — (9,781 ) Gain (loss) on disposition of assets, net — (56 ) (4 ) — (60 ) Total operating income (loss) (87 ) (18,247 ) (4,935 ) — (23,269 ) Other income (expense): Interest expense (11,857 ) (437 ) (2,859 ) 3,591 (11,562 ) Interest income 204 179 3,215 (3,591 ) 7 Other — 485 2,000 — 2,485 Equity in net earnings of subsidiaries (16,225 ) — — 16,225 — Total other income (expense) (27,878 ) 227 2,356 16,225 (9,070 ) Income (loss) before income taxes (27,965 ) (18,020 ) (2,579 ) 16,225 (32,339 ) Income tax expense (benefit) 67,870 (3,707 ) (667 ) — 63,496 Net income (loss) (95,835 ) (14,313 ) (1,912 ) 16,225 (95,835 ) (1) General and administration expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (39,808 ) $ (15,588 ) $ (6,193 ) $ 21,780 $ (39,809 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 83 — 83 Currency translation difference on foreign currency net investments — — 763 — 763 Total other comprehensive income (loss), net of tax: — — 846 — 846 Comprehensive income (loss) $ (39,808 ) $ (15,588 ) $ (5,347 ) $ 21,780 $ (38,963 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2016 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (95,835 ) $ (14,313 ) $ (1,912 ) $ 16,225 $ (95,835 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 502 — 502 Currency translation difference on foreign currency net investments — — (1,538 ) — (1,538 ) Total other comprehensive income (loss), net of tax: — — (1,036 ) — (1,036 ) Comprehensive income (loss) (95,835 ) (14,313 ) (2,948 ) 16,225 (96,871 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (39,808 ) $ (15,588 ) $ (6,193 ) $ 21,780 $ (39,809 ) Adjustments to reconcile net income (loss): Depreciation and amortization — 21,188 11,014 — 32,202 (Gain) loss on disposition of assets — 216 136 — 352 Deferred income tax expense (benefit) (5,641 ) 5,165 (166 ) — (642 ) Excess tax benefit from stock-based compensation — — — — — Expenses not requiring cash 1,781 91 278 — 2,150 Equity in net earnings of subsidiaries 21,780 — — (21,780 ) — Change in assets and liabilities: Accounts and notes receivable — (3,668 ) (1,206 ) — (4,874 ) Other assets 17,984 (18,296 ) (2,380 ) — (2,692 ) Accounts payable and accrued liabilities (34,867 ) 15,591 3,339 — (15,937 ) Accrued income taxes (5,783 ) 7,055 393 — 1,665 Net cash provided by (used in) operating activities (44,554 ) 11,754 5,215 — (27,585 ) Cash flows from investing activities: Capital expenditures — (10,994 ) (3,457 ) — (14,451 ) Proceeds from the sale of assets — — 46 — 46 Net cash provided by (used in) investing activities — (10,994 ) (3,411 ) — (14,405 ) Cash flows from financing activities: Proceeds from the issuance of common stock 25,200 — — — 25,200 Proceeds from the issuance of mandatory convertible preferred stock 50,000 — — — 50,000 Payment of equity issuance costs (2,861 ) — — — (2,861 ) Shares surrendered in lieu of tax (352 ) — — — (352 ) Intercompany advances, net 4,106 (2,090 ) (2,016 ) — — Net cash provided by (used in) financing activities 76,093 (2,090 ) (2,016 ) — 71,987 Net change in cash and cash equivalents 31,539 (1,330 ) (212 ) — 29,997 Cash and cash equivalents at beginning of year 65,000 14,365 40,326 — 119,691 Cash and cash equivalents at end of year $ 96,539 $ 13,035 $ 40,114 $ — $ 149,688 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2016 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (95,835 ) $ (14,313 ) $ (1,912 ) $ 16,225 $ (95,835 ) Adjustments to reconcile net income (loss) Depreciation and amortization — 23,125 12,689 — 35,814 Accretion of contingent consideration — 419 — — 419 (Gain) loss on disposition of assets — 56 4 — 60 Deferred income tax expense (benefit) 57,677 5,185 549 — 63,411 Excess tax benefit from stock-based compensation (753 ) — — — (753 ) Expenses not requiring cash 2,057 33 (2,199 ) — (109 ) Equity in net earnings of subsidiaries 16,225 — — (16,225 ) — Change in assets and liabilities: Accounts and notes receivable — (6,637 ) 6,256 — (381 ) Other assets (37,191 ) 33,904 2,983 — (304 ) Accounts payable and accrued liabilities (9,521 ) (799 ) (4,117 ) — (14,437 ) Accrued income taxes 10,680 (8,905 ) (5,375 ) — (3,600 ) Net cash provided by (used in) operating activities (56,661 ) 32,068 8,878 — (15,715 ) Cash flows from investing activities: Capital expenditures — (3,521 ) (4,368 ) — (7,889 ) Proceeds from the sale of assets — 28 26 — 54 Net cash provided by (used in) investing activities — (3,493 ) (4,342 ) — (7,835 ) Cash flows from financing activities: Payment of contingent consideration — (2,000 ) — — (2,000 ) Shares surrendered in lieu of tax (317 ) — — — (317 ) Intercompany advances, net 28,815 (27,187 ) (1,628 ) — — Net cash provided by (used in) financing activities 28,498 (29,187 ) (1,628 ) — (2,317 ) Net change in cash and cash equivalents (28,163 ) (612 ) 2,908 — (25,867 ) Cash and cash equivalents at beginning of year 73,985 13,854 46,455 — 134,294 Cash and cash equivalents at end of year $ 45,822 $ 13,242 $ 49,363 $ — $ 108,427

General (Policies)

General (Policies) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Income Tax, Policy [Policy Text Block]	Income Taxes —
Nature of Operations	Nature of Operations — Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. We report our Drilling Services business as two reportable segments: (1) U.S. (Lower 48) Drilling and (2) International & Alaska Drilling. We report our Rental Tools Services business as two reportable segments: (1) U.S. Rental Tools and (2) International Rental Tools.
Consolidation	Consolidation — The consolidated financial statements include the accounts of the Company and subsidiaries in which we exercise control or have a controlling financial interest, including entities, if any, in which the Company is allocated a majority of the entity’s losses or returns, regardless of ownership percentage. If a subsidiary of Parker Drilling has a 50 percent
Noncontrolling Interest	Noncontrolling Interest — We apply accounting standards related to noncontrolling interests for ownership interests in our subsidiaries held by parties other than Parker Drilling. We report noncontrolling interest as equity on the consolidated balance sheets and report net income (loss) attributable to controlling interest and to noncontrolling interest separately on the consolidated condensed statements of operations.
Reclassifications [Text Block]	Reclassifications — Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not materially affect our consolidated financial results.
Revenue Recognition	Revenue Recognition — Drilling revenues and expenses, comprised of daywork drilling contracts, call-outs against master service agreements and engineering and related project service contracts, are recognized as services are performed and collection is reasonably assured. For certain contracts, we receive payments contractually designated for the mobilization of rigs and other drilling equipment. Mobilization payments received, and direct costs incurred for the mobilization, are deferred and recognized over the primary term of the related drilling contract; however, costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. For contracts that are terminated prior to the specified term, early termination payments received by us are recognized as revenues when all contractual requirements are met. Revenues from rental activities are recognized ratably over the rental term, which is generally less than six months. Our project-related services contracts include engineering, consulting, and project management scopes of work and revenue is typically recognized on a time and materials basis.
Reimbursable Costs Policy [Text Block]	Reimbursable Revenues — The Company recognizes reimbursements received for out-of-pocket expenses incurred as revenues and accounts for out-of-pocket expenses as direct operating costs. Such amounts totaled $15.3 million and $19.0 million for the three months ended March 31, 2017 and 2016 , respectively. Additionally, the Company typically receives a nominal handling fee, which is recognized as earned in revenues in our consolidated statement of operations.
Reimbursable Costs	$ 15.3	$ 19
Use of Estimates	Use of Estimates —
Business Combination Disclosure [Text Block]	Purchase Price Allocation — We allocate the purchase price of an acquired business to its identifiable assets and liabilities in accordance with the acquisition method based on estimated fair values at the transaction date. Transaction and integration costs associated with an acquisition are expensed as incurred. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. We use all available information to estimate fair values, including quoted market prices, the carrying value of acquired assets, and widely accepted valuation techniques such as discounted cash flows. We typically engage third-party appraisal firms to assist in fair value determination of inventories, identifiable intangible assets, and any other significant assets or liabilities. Judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations.
Goodwill Disclosure [Text Block]	Goodwill — We perform our annual goodwill impairment review during the fourth quarter, as of October 1, and more frequently if negative conditions or other triggering events arise. The quantitative impairment test we perform for goodwill utilizes certain assumptions, including forecasted revenues and costs assumptions. See Note 2 - Goodwill and Intangible Assets for further discussion.
Intangible Assets	Intangible Assets — Our intangible assets are related to trade names, customer relationships, and developed technology, which were acquired through acquisition and are classified as definite lived intangibles, that are generally amortized over a weighted average period of approximately three to six years. We assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as an impairment loss. See Note 2 - Goodwill and Intangible Assets for further discussion.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment —
Concentrations of Credit Risk	Concentrations of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade receivables with a variety of national and international oil and natural gas companies. We generally do not require collateral on our trade receivables. We depend on a limited number of significant customers. Our largest customer, Exxon Neftegas Limited (ENL) , constituted approximately 34.9 percent of our consolidated revenues for the three months ended March 31, 2017 . Excluding reimbursable revenues of $13.0 million , ENL constituted approximately 25.7 percent of our total consolidated revenues for the three months ended March 31, 2017 . Our second largest customer, BP Exploration Alaska, Inc. (BP), constituted approximately 11.3 percent of our consolidated revenues for the three months ended March 31, 2017 . At March 31, 2017 and December 31, 2016 , we had deposits in domestic banks in excess of federally insured limits of approximately $110.4 million and $81.4 million , respectively. In addition, we had uninsured deposits in foreign banks as of March 31, 2017 and December 31, 2016 of $39.4 million and $39.7 million , respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The standard simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. This standard is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Effective January 1, 2017, we adopted ASU 2017-04 and it did not have a material impact on our consolidated statements of financial position, results of operations, cash flows, and on the disclosures contained in our notes to the consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory. The ASU requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The standard becomes effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, but only at the beginning of the annual period for which no financial statements have been issued or been made available for issuance. Effective January 1, 2017, we adopted ASU 2016-16 prospectively and it did not have a material impact on our consolidated statements of financial position, results of operations and cash flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU is intended to reduce diversity in current practice regarding the manner in which certain cash receipts and cash payments are presented and classified in the cash flow statement. The standard becomes effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Effective January 1, 2017, we adopted ASU 2016-15 retrospectively and it did not have a material impact on our statement of cash flows. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718). The objective of this update is to simplify several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard became effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Effective January 1, 2017, we adopted ASU 2016-09. The adoption did not have a material impact on our consolidated statements of financial position, results of operations or cash flows. In accordance with the ASU requirements, we adopted certain aspects of the ASU as follows: • Accounting for excess tax benefits and certain tax deficiencies - The guidance requires all excess tax benefits, and certain tax deficiencies to be recorded through the income statement instead of additional paid in capital, where the activity was historically recorded. We adopted this change prospectively. There is no cumulative effect of the adoption as we have no unrecognized excess tax benefits or minimum withholding requirements that impact the income statement and, accordingly, prior periods have not been adjusted. • Cash flow presentation of excess tax benefits and certain tax deficiencies - We adopted this change retrospectively. Tax related cash flows from share based payments are to be presented as operating activities in the statement of cash flows. Consequently, activity of $0.8 million for the three month period ended March 31, 2016, recorded through equity, has been reclassified from financing activities to operating activities in the statement of cash flows. • Accounting for forfeitures - We have made an entity-wide accounting policy election to continue to estimate forfeitures and adjust the estimate when it is likely to change. This election does not change our current policy and, accordingly, there is no impact on our consolidated statements of financial position, results of operations or cash flows. • Cash paid to a tax authority when shares are withheld to satisfy the employer’s statutory income tax withholding obligation - We adopted this change retrospectively. The activity is now required to be presented as financing activities in the statement of cash flows. For the three-month period ended March 31, 2016, we have reclassified $0.3 million from operating activities to financing activities. In March 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Effective no later than January 1, 2019, we will adopt this accounting standards update that (a) requires lessees to recognize a right to use asset and a lease liability for virtually all leases, and (b) updates previous accounting standards for lessors to align certain requirements with the updates to lessee accounting standards and the revenue recognition accounting standards. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, although early adoption is permitted. This update establishes a new lease accounting model for lessees. Upon adoption, a modified retrospective approach is required for leases that exist, or are entered into, after the beginning of the earliest comparative period presented. Under the updated accounting standard, we have determined that our drilling contracts may contain a lease component; therefore, our adoption of the standard could require that we separately recognize revenues associated with the lease and service components. Given the interaction between this update and the accounting standards update to revenue contracts with customers, we expect to adopt the updates concurrently, effective January 1, 2018, and we expect to apply the modified retrospective approach. Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances, and such effect could introduce variability to the timing of our revenue recognition relative to current accounting standards. We are evaluating the requirements to determine the effect such requirements may have on our consolidated statements of financial position, results of operations, cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2016-02. Depending on the results of the evaluation our ultimate conclusions may vary. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in ASC 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time we expect to apply the modified retrospective approach; however, we are evaluating the requirements to determine the effect such requirements may have on our consolidated statements of financial position, results of operations, cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2014-09. Depending on the results of the evaluation our ultimate conclusions may vary. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40). The objective of this update is to provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and provide footnote disclosures. The amendments in this update become effective for public companies for the annual period after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Effective January 1, 2017, we adopted ASU 2014-15 prospectively and it did not have a material impact on our consolidated statements of financial position, results of operations, cash flows, and on the disclosures contained in our notes to the consolidated financial statements.
Legal Costs, Policy [Policy Text Block]	Legal and Investigation Matters —

Earnings per share (EPS) (Table

Earnings per share (EPS) (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2017 Net Income (Loss) Available to Common Stockholders (Numerator) Shares (Denominator) Per-Share Amount Basic earnings (loss) per common share $ (39,809,000 ) 130,142,527 $ (0.31 ) Effect of dilutive securities: Restricted stock units (1) — — — Mandatory convertible preferred stock (2) $ — — — Diluted earnings (loss) per common share $ (39,809,000 ) 130,142,527 $ (0.31 ) Three Months Ended March 31, 2016 Net Income (Loss) Available to Common Stockholders (Numerator) Shares (Denominator) Per-Share Amount Basic earnings (loss) per common share $ (95,835,000 ) 123,090,238 $ (0.78 ) Effect of dilutive securities: Restricted stock units (1) — — — Mandatory convertible preferred stock (2) $ — — — Diluted earnings (loss) per common share $ (95,835,000 ) 123,090,238 $ (0.78 ) (1) For the three months ended March 31, 2017 and 2016 , respectively, all common shares potentially issuable in connection with outstanding restricted stock unit awards have been excluded from the calculation of diluted EPS as the company incurred losses during the periods, therefore, inclusion of such potential common shares would be anti-dilutive. (2) Weighted average common shares issuable upon the assumed conversion of our Mandatory Convertible Preferred Stock totaling 23,809,500 shares were excluded from the computation of diluted EPS as such shares would be anti-dilutive.

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of accumulated other comprehensive income	Accumulated other comprehensive loss consisted of the following: Dollars in thousands Foreign Currency Items December 31, 2016 $ (6,844 ) Current period other comprehensive income (loss) 846 March 31, 2017 $ (5,998 )

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Results of Operations by Reportable Segment	The following table represents the results of operations by reportable segment: Three Months Ended Dollars in thousands 2017 2016 Revenues: (1) Drilling Services: U.S. (Lower 48) Drilling $ 1,215 $ 2,085 International & Alaska Drilling 63,213 88,619 Total Drilling Services 64,428 90,704 Rental Tools Services: U.S. Rental Tools 20,231 22,555 International Rental Tools 13,612 17,244 Total Rental Tools Services 33,843 39,799 Total revenues 98,271 130,503 Operating gross margin: (2) Drilling Services: U.S. (Lower 48) Drilling (7,226 ) (8,558 ) International & Alaska Drilling (1,785 ) 5,077 Total Drilling Services (9,011 ) (3,481 ) Rental Tools Services: U.S. Rental Tools (3,773 ) (3,949 ) International Rental Tools (6,961 ) (5,998 ) Total Rental Tools Services (10,734 ) (9,947 ) Total operating gross margin (19,745 ) (13,428 ) General and administrative expense (7,040 ) (9,781 ) Gain (loss) on disposition of assets, net (352 ) (60 ) Total operating income (loss) (27,137 ) (23,269 ) Interest expense (10,870 ) (11,562 ) Interest income 10 7 Other income (loss) 530 2,485 Income (loss) from continuing operations before income taxes $ (37,467 ) $ (32,339 ) (1) For the three months ended March 31, 2017 , our largest customer, ENL , constituted approximately 34.9 percent of our total consolidated revenues and approximately 54.3 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $13.0 million , ENL constituted approximately 25.7 percent of our total consolidated revenues and approximately 44.4 percent of our International & Alaska Drilling segment revenues. Our second largest customer, BP, constituted 11.3 percent of our total consolidated revenues and approximately 17.6 percent of our International & Alaska Drilling segment revenues. For the three months ended March 31, 2016 , our largest customer, ENL , constituted approximately 39.2 percent of our total consolidated revenues and approximately 57.8 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $18.3 million , ENL constituted approximately 29.5 percent of our total consolidated revenues and approximately 47.2 percent of our International & Alaska Drilling segment revenues. (2) Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Company's Current Debt Portfolio	The following table illustrates the Company’s current debt portfolio as of March 31, 2017 and December 31, 2016 : Dollars in thousands March 31, December 31, 6.75% Senior Notes, due July 2022 $ 360,000 $ 360,000 7.50% Senior Notes, due August 2020 225,000 225,000 Total principal 585,000 585,000 Less: unamortized debt issuance costs (8,272 ) (8,674 ) Total long-term debt $ 576,728 $ 576,326

Fair Value of Financial Instr26

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Values and Related Carrying Values of Debt Instruments	March 31, 2017 December 31, 2016 Dollars in thousands Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt 6.75% Notes $ 360,000 $ 320,400 $ 360,000 $ 311,400 7.50% Notes 225,000 210,375 225,000 201,375 Total principal $ 585,000 $ 530,775 $ 585,000 $ 512,775

Parent, Guarantor, Non-Guaran27

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidating Condensed Balance Sheet	PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) December 31, 2016 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 65,000 $ 14,365 $ 40,326 $ — $ 119,691 Accounts and notes receivable, net — 15,749 97,482 — 113,231 Rig materials and supplies — (5,369 ) 37,723 — 32,354 Other current assets (50,296 ) 41,304 30,034 — 21,042 Total current assets 14,704 66,049 205,565 — 286,318 Property, plant and equipment, net (19 ) 469,927 223,531 — 693,439 Goodwill — 6,708 — — 6,708 Intangible assets, net — 9,434 494 — 9,928 Investment in subsidiaries and intercompany advances 2,979,413 2,932,375 3,676,402 (9,588,190 ) — Other noncurrent assets (253,679 ) 301,771 539,877 (480,811 ) 107,158 Total assets $ 2,740,419 $ 3,786,264 $ 4,645,869 $ (10,069,001 ) $ 1,103,551 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ (10,080 ) $ 149,210 $ 577,188 $ (617,477 ) $ 98,841 Accrued income taxes — 1,576 2,504 — 4,080 Total current liabilities (10,080 ) 150,786 579,692 (617,477 ) 102,921 Long-term debt, net 576,326 — — — 576,326 Other long-term liabilities 2,867 9,338 3,631 — 15,836 Deferred tax liability (28 ) 73,039 (3,678 ) — 69,333 Intercompany payables 1,828,317 1,437,417 2,161,864 (5,427,598 ) — Total liabilities 2,397,402 1,670,580 2,741,509 (6,045,075 ) 764,416 Total equity 343,017 2,115,684 1,904,360 (4,023,926 ) 339,135 Total liabilities and stockholders’ equity $ 2,740,419 $ 3,786,264 $ 4,645,869 $ (10,069,001 ) $ 1,103,551 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) March 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 96,539 $ 13,035 $ 40,114 $ — $ 149,688 Accounts and notes receivable, net — 19,442 98,672 — 118,114 Rig materials and supplies — (4,957 ) 40,010 — 35,053 Other current assets (68,300 ) 59,147 32,245 — 23,092 Total current assets 28,239 86,667 211,041 — 325,947 Property, plant and equipment, net (19 ) 458,497 218,403 — 676,881 Goodwill — 6,708 — — 6,708 Intangible assets, net — 8,857 343 — 9,200 Investment in subsidiaries and intercompany advances 2,963,194 2,943,361 3,728,142 (9,634,697 ) — Other noncurrent assets (248,095 ) 299,529 540,245 (480,860 ) 110,819 Total assets $ 2,743,319 $ 3,803,619 $ 4,698,174 $ (10,115,557 ) $ 1,129,555 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $ (44,947 ) $ 167,258 $ 583,421 $ (617,533 ) $ 88,199 Accrued income taxes (5,783 ) 8,631 2,662 — 5,510 Total current liabilities (50,730 ) 175,889 586,083 (617,533 ) 93,709 Long-term debt, net 576,728 — — — 576,728 Other long-term liabilities 2,867 6,145 3,816 — 12,828 Deferred tax liability (8 ) 75,920 (3,063 ) — 72,849 Intercompany payables 1,837,985 1,445,569 2,211,999 (5,495,553 ) — Total liabilities 2,366,842 1,703,523 2,798,835 (6,113,086 ) 756,114 Total equity 376,477 2,100,096 1,899,339 (4,002,471 ) 373,441 Total liabilities and stockholders’ equity $ 2,743,319 $ 3,803,619 $ 4,698,174 $ (10,115,557 ) $ 1,129,555
Consolidating Condensed Statement of Operations	Three Months Ended March 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 27,893 $ 88,237 $ (17,859 ) $ 98,271 Operating expenses — 20,950 82,723 (17,859 ) 85,814 Depreciation and amortization — 21,188 11,014 — 32,202 Total operating gross margin (loss) — (14,245 ) (5,500 ) — (19,745 ) General and administration expense (1) (78 ) (6,870 ) (92 ) — (7,040 ) Gain (loss) on disposition of assets, net — (216 ) (136 ) — (352 ) Total operating income (loss) (78 ) (21,331 ) (5,728 ) — (27,137 ) Other income (expense): Interest expense (11,669 ) (45 ) (1,942 ) 2,786 (10,870 ) Interest income 149 179 2,468 (2,786 ) 10 Other — 32 498 — 530 Equity in net earnings of subsidiaries (21,780 ) — — 21,780 — Total other income (expense) (33,300 ) 166 1,024 21,780 (10,330 ) Income (loss) before income taxes (33,378 ) (21,165 ) (4,704 ) 21,780 (37,467 ) Total income tax expense (benefit) 6,430 (5,577 ) 1,489 — 2,342 Net income (loss) $ (39,808 ) $ (15,588 ) $ (6,193 ) $ 21,780 $ (39,809 ) Mandatory convertible preferred stock dividend $ — $ — $ — $ — $ — Net income (loss) available to common stockholders $ (39,808 ) $ (15,588 ) $ (6,193 ) $ 21,780 $ (39,809 ) (1) General and administration expenses for field operations are included in operating expenses.
Consolidating Condensed Statements of Comprehensive Income (Loss)	PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (39,808 ) $ (15,588 ) $ (6,193 ) $ 21,780 $ (39,809 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 83 — 83 Currency translation difference on foreign currency net investments — — 763 — 763 Total other comprehensive income (loss), net of tax: — — 846 — 846 Comprehensive income (loss) $ (39,808 ) $ (15,588 ) $ (5,347 ) $ 21,780 $ (38,963 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2016 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income (loss): Net income (loss) $ (95,835 ) $ (14,313 ) $ (1,912 ) $ 16,225 $ (95,835 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 502 — 502 Currency translation difference on foreign currency net investments — — (1,538 ) — (1,538 ) Total other comprehensive income (loss), net of tax: — — (1,036 ) — (1,036 ) Comprehensive income (loss) (95,835 ) (14,313 ) (2,948 ) 16,225 (96,871 )
Consolidated Condensed Statements of Cash Flows	ARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (39,808 ) $ (15,588 ) $ (6,193 ) $ 21,780 $ (39,809 ) Adjustments to reconcile net income (loss): Depreciation and amortization — 21,188 11,014 — 32,202 (Gain) loss on disposition of assets — 216 136 — 352 Deferred income tax expense (benefit) (5,641 ) 5,165 (166 ) — (642 ) Excess tax benefit from stock-based compensation — — — — — Expenses not requiring cash 1,781 91 278 — 2,150 Equity in net earnings of subsidiaries 21,780 — — (21,780 ) — Change in assets and liabilities: Accounts and notes receivable — (3,668 ) (1,206 ) — (4,874 ) Other assets 17,984 (18,296 ) (2,380 ) — (2,692 ) Accounts payable and accrued liabilities (34,867 ) 15,591 3,339 — (15,937 ) Accrued income taxes (5,783 ) 7,055 393 — 1,665 Net cash provided by (used in) operating activities (44,554 ) 11,754 5,215 — (27,585 ) Cash flows from investing activities: Capital expenditures — (10,994 ) (3,457 ) — (14,451 ) Proceeds from the sale of assets — — 46 — 46 Net cash provided by (used in) investing activities — (10,994 ) (3,411 ) — (14,405 ) Cash flows from financing activities: Proceeds from the issuance of common stock 25,200 — — — 25,200 Proceeds from the issuance of mandatory convertible preferred stock 50,000 — — — 50,000 Payment of equity issuance costs (2,861 ) — — — (2,861 ) Shares surrendered in lieu of tax (352 ) — — — (352 ) Intercompany advances, net 4,106 (2,090 ) (2,016 ) — — Net cash provided by (used in) financing activities 76,093 (2,090 ) (2,016 ) — 71,987 Net change in cash and cash equivalents 31,539 (1,330 ) (212 ) — 29,997 Cash and cash equivalents at beginning of year 65,000 14,365 40,326 — 119,691 Cash and cash equivalents at end of year $ 96,539 $ 13,035 $ 40,114 $ — $ 149,688 Three Months Ended March 31, 2017 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (39,808 ) $ (15,588 ) $ (6,193 ) $ 21,780 $ (39,809 ) Adjustments to reconcile net income (loss): Depreciation and amortization — 21,188 11,014 — 32,202 (Gain) loss on disposition of assets — 216 136 — 352 Deferred income tax expense (benefit) (5,641 ) 5,165 (166 ) — (642 ) Excess tax benefit from stock-based compensation — — — — — Expenses not requiring cash 1,781 91 278 — 2,150 Equity in net earnings of subsidiaries 21,780 — — (21,780 ) — Change in assets and liabilities: Accounts and notes receivable — (3,668 ) (1,206 ) — (4,874 ) Other assets 17,984 (18,296 ) (2,380 ) — (2,692 ) Accounts payable and accrued liabilities (34,867 ) 15,591 3,339 — (15,937 ) Accrued income taxes (5,783 ) 7,055 393 — 1,665 Net cash provided by (used in) operating activities (44,554 ) 11,754 5,215 — (27,585 ) Cash flows from investing activities: Capital expenditures — (10,994 ) (3,457 ) — (14,451 ) Proceeds from the sale of assets — — 46 — 46 Net cash provided by (used in) investing activities — (10,994 ) (3,411 ) — (14,405 ) Cash flows from financing activities: Proceeds from the issuance of common stock 25,200 — — — 25,200 Proceeds from the issuance of mandatory convertible preferred stock 50,000 — — — 50,000 Payment of equity issuance costs (2,861 ) — — — (2,861 ) Shares surrendered in lieu of tax (352 ) — — — (352 ) Intercompany advances, net 4,106 (2,090 ) (2,016 ) — — Net cash provided by (used in) financing activities 76,093 (2,090 ) (2,016 ) — 71,987 Net change in cash and cash equivalents 31,539 (1,330 ) (212 ) — 29,997 Cash and cash equivalents at beginning of year 65,000 14,365 40,326 — 119,691 Cash and cash equivalents at end of year $ 96,539 $ 13,035 $ 40,114 $ — $ 149,688 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Three Months Ended March 31, 2016 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (95,835 ) $ (14,313 ) $ (1,912 ) $ 16,225 $ (95,835 ) Adjustments to reconcile net income (loss) Depreciation and amortization — 23,125 12,689 — 35,814 Accretion of contingent consideration — 419 — — 419 (Gain) loss on disposition of assets — 56 4 — 60 Deferred income tax expense (benefit) 57,677 5,185 549 — 63,411 Excess tax benefit from stock-based compensation (753 ) — — — (753 ) Expenses not requiring cash 2,057 33 (2,199 ) — (109 ) Equity in net earnings of subsidiaries 16,225 — — (16,225 ) — Change in assets and liabilities: Accounts and notes receivable — (6,637 ) 6,256 — (381 ) Other assets (37,191 ) 33,904 2,983 — (304 ) Accounts payable and accrued liabilities (9,521 ) (799 ) (4,117 ) — (14,437 ) Accrued income taxes 10,680 (8,905 ) (5,375 ) — (3,600 ) Net cash provided by (used in) operating activities (56,661 ) 32,068 8,878 — (15,715 ) Cash flows from investing activities: Capital expenditures — (3,521 ) (4,368 ) — (7,889 ) Proceeds from the sale of assets — 28 26 — 54 Net cash provided by (used in) investing activities — (3,493 ) (4,342 ) — (7,835 ) Cash flows from financing activities: Payment of contingent consideration — (2,000 ) — — (2,000 ) Shares surrendered in lieu of tax (317 ) — — — (317 ) Intercompany advances, net 28,815 (27,187 ) (1,628 ) — — Net cash provided by (used in) financing activities 28,498 (29,187 ) (1,628 ) — (2,317 ) Net change in cash and cash equivalents (28,163 ) (612 ) 2,908 — (25,867 ) Cash and cash equivalents at beginning of year 73,985 13,854 46,455 — 134,294 Cash and cash equivalents at end of year $ 45,822 $ 13,242 $ 49,363 $ — $ 108,427

General - Additional Informatio

General - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Revenue, Major Customer [Line Items]
Number of Reportable Segments | segment	4
Payments to Acquire Property, Plant, and Equipment | $	$ 14,451	$ 7,889
Percentage accounted for under the equity method	50.00%
Reimbursable Costs | $	$ 15,300	$ 19,000
Deposits in domestic bank | $	110,400		$ 81,400
Deposits, Foreign | $	$ 39,400		$ 39,700
Exxon Neftegas Limited [Member]
Revenue, Major Customer [Line Items]
Percentage of revenue from major customer	34.90%	39.20%
Reimbursement Revenue | $	$ 13,000	$ 18,300
Concentration Risk, Other Risk	0.257	0.295
BP Exploration Alaska, Inc. [Member]
Revenue, Major Customer [Line Items]
Percentage of revenue from major customer	11.30%
Drilling Services [Member] | U.S. Operations [Member]
Revenue, Major Customer [Line Items]
Number of Reportable Segments | segment	2
Drilling Services [Member] | International Operations [Member]
Revenue, Major Customer [Line Items]
Number of Reportable Segments | segment	2
Drilling Services [Member] | International Operations [Member] | Exxon Neftegas Limited [Member]
Revenue, Major Customer [Line Items]
Percentage of revenue from major customer	54.30%	57.80%
Concentration Risk, Other Risk	0.444	0.472
Drilling Services [Member] | International Operations [Member] | BP Exploration Alaska, Inc. [Member]
Revenue, Major Customer [Line Items]
Percentage of revenue from major customer	17.60%
Rental Tools [Member] | U.S. Operations [Member]
Revenue, Major Customer [Line Items]
Number of Reportable Segments | segment	2
Rental Tools [Member] | International Operations [Member]
Revenue, Major Customer [Line Items]
Number of Reportable Segments | segment	2

Goodwill and Intangible Asset29

Goodwill and Intangible Assets Goodwill and Intangible Assets - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 6,708	$ 6,708
Goodwill, Acquired During Period	$ 0

Goodwill and Intangible Asset30

Goodwill and Intangible Assets Goodwill (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Business Acquisition, Goodwill, Expected Tax Deductible Amount	$ 0
Goodwill	6,708,000	$ 6,708,000
Goodwill, Acquired During Period	$ 0

Goodwill and Intangible Asset31

Goodwill and Intangible Assets Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ (596)
Intangible Assets, Gross (Excluding Goodwill)	21,970
Finite-Lived Intangible Assets, Accumulated Amortization	(12,174)
Finite-Lived Intangible Assets, Net	$ 9,200
Developed Technology Rights [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	6 years
Amortization of Intangible Assets	$ 0
Intangible Assets, Gross (Excluding Goodwill)	11,630
Finite-Lived Intangible Assets, Accumulated Amortization	3,877
Finite-Lived Intangible Assets, Net	$ 7,753
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Amortization of Intangible Assets	$ (264)
Intangible Assets, Gross (Excluding Goodwill)	5,400
Finite-Lived Intangible Assets, Accumulated Amortization	5,136
Finite-Lived Intangible Assets, Net	$ 0
Trademarks and Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Amortization of Intangible Assets	$ (332)
Intangible Assets, Gross (Excluding Goodwill)	4,940
Finite-Lived Intangible Assets, Accumulated Amortization	3,161
Finite-Lived Intangible Assets, Net	$ 1,447

Goodwill and Intangible Asset32

Goodwill and Intangible Assets Expected Future Intangibles Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 700	$ 1,200
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	2
Finite-Lived Intangible Assets, Amortization Expense, Year Three	2
Finite-Lived Intangible Assets, Amortization Expense, Year Four	2
Finite-Lived Intangible Assets, Amortization Expense, Year Five	0
Finite-Lived Intangible Assets, Amortization Expense, Year Two	2
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 0

Earnings Per Share (EPS) - Summ

Earnings Per Share (EPS) - Summary of Earnings Per Share (EPS) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net loss attributable to controlling interest	$ (39,809)	$ (95,835)
Basic	130,142,527	123,090,238
Basic income (loss) per common share	$ (0.31)	$ (0.78)
Diluted	130,142,527	123,090,238
Diluted income (loss) per common share	$ (0.31)	$ (0.78)
Stock Options And Restricted Stock	0	0
Stock Options and Restricted Stock, Price per Share	$ 0	$ 0

Common and Preferred Stock Is34

Common and Preferred Stock Issuance (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Class of Stock [Line Items]
Common Stock, Shares, Issued | shares	12,000,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.16
Preferred Stock, Value, Issued | $ / shares	$ 2.10
Preferred Stock, Shares Issued | shares	500,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 1
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 100
Proceeds from Issuance of Common Stock and Preferred Stock | $	$ 72.3
Preferred Stock, Dividend Rate, Percentage	7.25%
Minimum [Member]
Class of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion | shares	41.4079
Maximum [Member]
Class of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion | shares	47.6190

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Equity [Abstract]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 0
Accumulated Other Comprehensive Income Reclassifications [Roll Forward]
Beginning balance	(6,844)
Current period other comprehensive income (loss)	846
Ending balance	$ (5,998)

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017segment
Segment Information [Line Items]
Number of Reportable Segments	4
Drilling Services [Member] | U.S. Operations [Member]
Segment Information [Line Items]
Number of Reportable Segments	2
Drilling Services [Member] | International Operations [Member]
Segment Information [Line Items]
Number of Reportable Segments	2
Rental Tools [Member] | U.S. Operations [Member]
Segment Information [Line Items]
Number of Reportable Segments	2
Rental Tools [Member] | International Operations [Member]
Segment Information [Line Items]
Number of Reportable Segments	2

Reportable Segments - Results o

Reportable Segments - Results of Operations by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Revenues	$ 98,271	$ 130,503
Operating gross margin:
Total operating gross margin	(19,745)	(13,428)
General and administration expense	(7,040)	(9,781)
Provision for reduction in carrying value of certain assets	0
Gain (loss) on disposition of assets, net	(352)	(60)
Total operating income (loss)	(27,137)	(23,269)
Interest expense	(10,870)	(11,562)
Interest income	10	7
Other	530	2,485
Income (loss) before income taxes	$ (37,467)	$ (32,339)
Exxon Neftegas Limited [Member]
Segment Reporting Information [Line Items]
Concentration Risk, Other Risk	0.257	0.295
Percentage of revenue from major customer	34.90%	39.20%
Reimbursement Revenue	$ 13,000	$ 18,300
BP Exploration Alaska, Inc. [Member]
Segment Reporting Information [Line Items]
Percentage of revenue from major customer	11.30%
Drilling Services [Member]
Revenues:
Revenues	$ 64,428	90,704
Operating gross margin:
Total operating gross margin	(9,011)	(3,481)
Drilling Services [Member] | U.S. Operations [Member]
Revenues:
Revenues	1,215	2,085
Operating gross margin:
Total operating gross margin	(7,226)	(8,558)
Drilling Services [Member] | International Operations [Member]
Revenues:
Revenues	63,213	88,619
Operating gross margin:
Total operating gross margin	$ (1,785)	$ 5,077
Drilling Services [Member] | Exxon Neftegas Limited [Member] | International Operations [Member]
Segment Reporting Information [Line Items]
Concentration Risk, Other Risk	0.444	0.472
Percentage of revenue from major customer	54.30%	57.80%
Drilling Services [Member] | BP Exploration Alaska, Inc. [Member] | International Operations [Member]
Segment Reporting Information [Line Items]
Percentage of revenue from major customer	17.60%
Rental Tools [Member]
Revenues:
Revenues	$ 33,843	$ 39,799
Operating gross margin:
Total operating gross margin	(10,734)	(9,947)
Rental Tools [Member] | U.S. Operations [Member]
Revenues:
Revenues	20,231	22,555
Operating gross margin:
Total operating gross margin	(3,773)	(3,949)
Rental Tools [Member] | International Operations [Member]
Revenues:
Revenues	13,612	17,244
Operating gross margin:
Total operating gross margin	$ (6,961)	$ (5,998)

Accounting for Uncertainty in38

Accounting for Uncertainty in Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Liability for unrecognized tax	$ 4.9	$ 4.6
Unrecognized tax favorable impact on effective tax rate	4.7
Accrued interest and penalties applied to uncertain tax positions	$ 2	$ 1.9

Income Tax Benefit_Expense - Ad

Income Tax Benefit/Expense - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,342	$ 63,496
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		$ 73,100

Long-Term Debt - Summary of Com

Long-Term Debt - Summary of Company's Current Debt Portfolio (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term Debt	$ 585,000	$ 585,000
Less: unamortized debt issuance costs	(8,272)	(8,674)
Long-term Debt, Excluding Current Maturities	576,728	576,326
6.75% Senior Notes, due July 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt	360,000	360,000
7.50% Senior Notes, due August 2020 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 225,000	$ 225,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Jan. 22, 2014	Jul. 30, 2013	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jan. 26, 2015	Apr. 18, 2013
Debt Instrument [Line Items]
Senior secured credit facility			$ 92,800,000
Consolidated Leverage Covenant - Eurodollar Rate			4.00%
Consolidated Leverage Covenant - Base Rate			3.00%
Line of Credit Facility, Maximum Borrowing Capacity			$ 50,000,000
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust			75,000,000
Interest Expense			10,870,000	$ 11,562,000
Long-term Debt			585,000,000		$ 585,000,000
2015 Secured Credit Agreement [Member]
Debt Instrument [Line Items]
Deferred acquisition costs			1,100,000
Senior secured credit facility			100,000,000			$ 200,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of credit outstanding			5,800,000
6.75% Senior Notes, due July 2022 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 360,000,000
Percentage of notes guaranteed by restricted subsidiaries	6.75%
Redemption amount percentage of principal		35.00%
Debt instrument, Redemption Price Percent		106.75%
Redemption price after year three	103.375%
Redemption price afer year five	101.00%
Debt issuance costs			7,600,000
Debt issuance cost, Net of amortization			5,300,000
Long-term Debt			$ 360,000,000		360,000,000
9.125% Senior Notes, due April 2018 [Member]
Debt Instrument [Line Items]
Percentage of notes guaranteed by restricted subsidiaries			9.125%
Repayments of long term debt	$ 416,200,000
Term Loan [Member]
Debt Instrument [Line Items]
Increase in the amount of term loan or revolving credit facility		$ 45,000,000
Revolving loan outstanding	$ 40,000,000
7.50% Senior Notes, due August 2020 [Member]
Debt Instrument [Line Items]
Aggregate principal amount		$ 225,000,000
Percentage of notes guaranteed by restricted subsidiaries		7.50%
Deferred acquisition costs		$ 5,600,000	$ 3,000,000
Redemption price afer year five		101.00%
Long-term Debt			$ 225,000,000		$ 225,000,000
Secured Debt [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount							$ 125,000,000

Fair Value of Financial Instr42

Fair Value of Financial Instruments - Fair Values and Related Carrying Values of Debt Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying Amount [Member]
Long-term Debt
Long term debt Fair value	$ 585,000	$ 585,000
Carrying Amount [Member] | 6.75% Senior Notes, due July 2022 [Member]
Long-term Debt
Long term debt Fair value	360,000	360,000
Carrying Amount [Member] | 7.50% Senior Notes, due August 2020 [Member]
Long-term Debt
Long term debt Fair value	225,000	225,000
Fair Value [Member]
Long-term Debt
Long term debt Fair value	530,775	512,775
Fair Value [Member] | 6.75% Senior Notes, due July 2022 [Member]
Long-term Debt
Long term debt Fair value	320,400	311,400
Fair Value [Member] | 7.50% Senior Notes, due August 2020 [Member]
Long-term Debt
Long term debt Fair value	$ 210,375	$ 201,375

Parent, Guarantor, Non-Guaran43

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017	Jul. 30, 2013
Supplemental Guarantor Financial Information [Line Items]
Percentage of guaranteed subsidiaries by the parent companies	100.00%
9.125% Senior Notes, due April 2018 [Member]
Supplemental Guarantor Financial Information [Line Items]
Percentage of notes guaranteed by restricted subsidiaries	9.125%
7.50% Senior Notes, due August 2020 [Member]
Supplemental Guarantor Financial Information [Line Items]
Percentage of notes guaranteed by restricted subsidiaries		7.50%

Parent, Guarantor, Non-Guaran44

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 149,688	$ 119,691	$ 108,427	$ 134,294
Accounts and notes receivable, net	118,114	113,231
Rig materials and supplies	35,053	32,354
Other current assets	23,092	21,042
Total current assets	325,947	286,318
Property, plant and equipment, net	676,881	693,439
Goodwill	6,708	6,708
Intangible assets, net	9,200	9,928
Investment in subsidiaries and intercompany advances	0	0
Other noncurrent assets	110,819
Deferred Income Taxes and Other Assets, Noncurrent		107,158
Total assets	1,129,555	1,103,551
Current liabilities:
Deferred tax liability	72,849	69,333
Total liabilities	756,114	764,416
Total equity	373,441	339,135
Total liabilities and stockholders’ equity	1,129,555	1,103,551
Accounts payable and accrued liabilities	88,199	98,841
Accrued income taxes	5,510	4,080
Intercompany Payables	0	0
Liabilities, Current	93,709	102,921
Long-term Debt, Excluding Current Maturities	576,728	576,326
Other long-term liabilities	12,828	15,836
Common Stock, $0.16 2/3 par value, 280,000,000 shares authorized; 137,578,742 shares issued and outstanding (125,118,365 shares in 2016)	22,914	20,837
Capital in excess of par value	745,886	675,194
Accumulated deficit	(389,861)	(350,052)
Accumulated other comprehensive income (loss)	(5,998)	(6,844)
Stockholders' Equity Attributable to Parent	373,441	339,135
Parent [Member]
Current assets:
Cash and cash equivalents	96,539	65,000	45,822	73,985
Accounts and notes receivable, net	0	0
Rig materials and supplies	0	0
Other current assets	(68,300)	(50,296)
Total current assets	28,239	14,704
Property, plant and equipment, net	(19)	(19)
Goodwill	0	0
Intangible assets, net	0	0
Investment in subsidiaries and intercompany advances	2,963,194	2,979,413
Other noncurrent assets	(248,095)
Deferred Income Taxes and Other Assets, Noncurrent		(253,679)
Total assets	2,743,319	2,740,419
Current liabilities:
Deferred tax liability	(8)	(28)
Total liabilities	2,366,842	2,397,402
Total equity	376,477	343,017
Total liabilities and stockholders’ equity	2,743,319	2,740,419
Accounts payable and accrued liabilities	(44,947)	(10,080)
Accrued income taxes	(5,783)	0
Intercompany Payables	1,837,985	1,828,317
Liabilities, Current	(50,730)	(10,080)
Long-term Debt, Excluding Current Maturities	576,728	576,326
Other long-term liabilities	2,867	2,867
Guarantor [Member]
Current assets:
Cash and cash equivalents	13,035	14,365	13,242	13,854
Accounts and notes receivable, net	19,442	15,749
Rig materials and supplies	(4,957)	(5,369)
Other current assets	59,147	41,304
Total current assets	86,667	66,049
Property, plant and equipment, net	458,497	469,927
Goodwill	6,708	6,708
Intangible assets, net	8,857	9,434
Investment in subsidiaries and intercompany advances	2,943,361	2,932,375
Other noncurrent assets	299,529
Deferred Income Taxes and Other Assets, Noncurrent		301,771
Total assets	3,803,619	3,786,264
Current liabilities:
Deferred tax liability	75,920	73,039
Total liabilities	1,703,523	1,670,580
Total equity	2,100,096	2,115,684
Total liabilities and stockholders’ equity	3,803,619	3,786,264
Accounts payable and accrued liabilities	167,258	149,210
Accrued income taxes	8,631	1,576
Intercompany Payables	1,445,569	1,437,417
Liabilities, Current	175,889	150,786
Long-term Debt, Excluding Current Maturities	0	0
Other long-term liabilities	6,145	9,338
Non-Guarantor [Member]
Current assets:
Cash and cash equivalents	40,114	40,326	49,363	46,455
Accounts and notes receivable, net	98,672	97,482
Rig materials and supplies	40,010	37,723
Other current assets	32,245	30,034
Total current assets	211,041	205,565
Property, plant and equipment, net	218,403	223,531
Goodwill	0	0
Intangible assets, net	343	494
Investment in subsidiaries and intercompany advances	3,728,142	3,676,402
Other noncurrent assets	540,245
Deferred Income Taxes and Other Assets, Noncurrent		539,877
Total assets	4,698,174	4,645,869
Current liabilities:
Deferred tax liability	(3,063)	(3,678)
Total liabilities	2,798,835	2,741,509
Total equity	1,899,339	1,904,360
Total liabilities and stockholders’ equity	4,698,174	4,645,869
Accounts payable and accrued liabilities	583,421	577,188
Accrued income taxes	2,662	2,504
Intercompany Payables	2,211,999	2,161,864
Liabilities, Current	586,083	579,692
Long-term Debt, Excluding Current Maturities	0	0
Other long-term liabilities	3,816	3,631
Consolidation, Eliminations [Member]
Current assets:
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts and notes receivable, net	0	0
Rig materials and supplies	0	0
Other current assets	0	0
Total current assets	0	0
Property, plant and equipment, net	0	0
Goodwill	0	0
Intangible assets, net	0	0
Investment in subsidiaries and intercompany advances	(9,634,697)	(9,588,190)
Other noncurrent assets	(480,860)
Deferred Income Taxes and Other Assets, Noncurrent		(480,811)
Total assets	(10,115,557)	(10,069,001)
Current liabilities:
Deferred tax liability	0	0
Total liabilities	(6,113,086)	(6,045,075)
Total equity	(4,002,471)	(4,023,926)
Total liabilities and stockholders’ equity	(10,115,557)	(10,069,001)
Accounts payable and accrued liabilities	(617,533)	(617,477)
Accrued income taxes	0	0
Intercompany Payables	(5,495,553)	(5,427,598)
Liabilities, Current	(617,533)	(617,477)
Long-term Debt, Excluding Current Maturities	0	0
Other long-term liabilities	$ 0	$ 0

Parent, Guarantor, Non-Guaran45

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements [Line Items]
Total revenues	$ 98,271	$ 130,503
Operating expenses	85,814	108,117
Depreciation and amortization	32,202	35,814
Total operating gross margin (loss)	(19,745)	(13,428)
General and administration expense	(7,040)	(9,781)
Provision for reduction in carrying value of certain assets	0
Gain (loss) on disposition of assets, net	(352)	(60)
Total operating income (loss)	(27,137)	(23,269)
Other income (expense):
Interest expense	(10,870)	(11,562)
Interest income	10	7
Other	530	2,485
Equity in net earnings of subsidiaries	0	0
Total other income (expense)	(10,330)	(9,070)
Loss before income taxes	(37,467)	(32,339)
Income tax expense (benefit)	2,342	63,496
Deferred income tax expense (benefit)	(642)	63,411
Net income (loss)	(39,809)	(95,835)
Net loss attributable to controlling interest	(39,809)	(95,835)
Preferred Stock Dividends, Income Statement Impact	0	0
Net Income (Loss) Available to Common Stockholders, Basic	(39,809)	(95,835)
Parent [Member]
Condensed Financial Statements [Line Items]
Total revenues	0	0
Operating expenses	0	0
Depreciation and amortization	0	0
Total operating gross margin (loss)	0	0
General and administration expense	(78)	(87)
Provision for reduction in carrying value of certain assets	0
Gain (loss) on disposition of assets, net	0	0
Total operating income (loss)	(78)	(87)
Other income (expense):
Interest expense	(11,669)	(11,857)
Interest income	149	204
Other	0	0
Equity in net earnings of subsidiaries	(21,780)	(16,225)
Total other income (expense)	(33,300)	(27,878)
Loss before income taxes	(33,378)	(27,965)
Income tax expense (benefit)	6,430	67,870
Deferred income tax expense (benefit)	(5,641)	57,677
Net income (loss)	(39,808)	(95,835)
Net loss attributable to controlling interest	(39,808)
Preferred Stock Dividends, Income Statement Impact	0
Net Income (Loss) Available to Common Stockholders, Basic	(39,808)
Guarantor [Member]
Condensed Financial Statements [Line Items]
Total revenues	27,893	47,382
Operating expenses	20,950	32,835
Depreciation and amortization	21,188	23,125
Total operating gross margin (loss)	(14,245)	(8,578)
General and administration expense	(6,870)	(9,613)
Provision for reduction in carrying value of certain assets	0
Gain (loss) on disposition of assets, net	(216)	(56)
Total operating income (loss)	(21,331)	(18,247)
Other income (expense):
Interest expense	(45)	(437)
Interest income	179	179
Other	32	485
Equity in net earnings of subsidiaries	0	0
Total other income (expense)	166	227
Loss before income taxes	(21,165)	(18,020)
Income tax expense (benefit)	(5,577)	(3,707)
Deferred income tax expense (benefit)	5,165	5,185
Net income (loss)	(15,588)	(14,313)
Net loss attributable to controlling interest	(15,588)
Preferred Stock Dividends, Income Statement Impact	0
Net Income (Loss) Available to Common Stockholders, Basic	(15,588)
Non-Guarantor [Member]
Condensed Financial Statements [Line Items]
Total revenues	88,237	106,477
Operating expenses	82,723	98,638
Depreciation and amortization	11,014	12,689
Total operating gross margin (loss)	(5,500)	(4,850)
General and administration expense	(92)	(81)
Provision for reduction in carrying value of certain assets	0
Gain (loss) on disposition of assets, net	(136)	(4)
Total operating income (loss)	(5,728)	(4,935)
Other income (expense):
Interest expense	(1,942)	(2,859)
Interest income	2,468	3,215
Other	498	2,000
Equity in net earnings of subsidiaries	0	0
Total other income (expense)	1,024	2,356
Loss before income taxes	(4,704)	(2,579)
Income tax expense (benefit)	1,489	(667)
Deferred income tax expense (benefit)	(166)	549
Net income (loss)	(6,193)	(1,912)
Net loss attributable to controlling interest	(6,193)
Preferred Stock Dividends, Income Statement Impact	0
Net Income (Loss) Available to Common Stockholders, Basic	(6,193)
Consolidation, Eliminations [Member]
Condensed Financial Statements [Line Items]
Total revenues	(17,859)	(23,356)
Operating expenses	(17,859)	(23,356)
Depreciation and amortization	0	0
Total operating gross margin (loss)	0	0
General and administration expense	0	0
Provision for reduction in carrying value of certain assets	0
Gain (loss) on disposition of assets, net	0	0
Total operating income (loss)	0	0
Other income (expense):
Interest expense	2,786	3,591
Interest income	(2,786)	(3,591)
Other	0	0
Equity in net earnings of subsidiaries	21,780	16,225
Total other income (expense)	21,780	16,225
Loss before income taxes	21,780	16,225
Income tax expense (benefit)	0	0
Deferred income tax expense (benefit)	0	0
Net income (loss)	21,780	$ 16,225
Net loss attributable to controlling interest	21,780
Preferred Stock Dividends, Income Statement Impact	0
Net Income (Loss) Available to Common Stockholders, Basic	$ 21,780

Parent, Guarantor, Non-Guaran46

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	$ (39,809)	$ (95,835)
Currency translation difference on related borrowings	83	502
Currency translation difference on foreign currency net investments	763	(1,538)
Other Comprehensive Income (Loss), Net of Tax	846	(1,036)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(38,963)
Comprehensive loss	(38,963)	(96,871)
Parent [Member]
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	(39,808)	(95,835)
Currency translation difference on related borrowings	0	0
Currency translation difference on foreign currency net investments	0	0
Other Comprehensive Income (Loss), Net of Tax	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(39,808)
Comprehensive loss		(95,835)
Guarantor [Member]
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	(15,588)	(14,313)
Currency translation difference on related borrowings	0	0
Currency translation difference on foreign currency net investments	0	0
Other Comprehensive Income (Loss), Net of Tax	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(15,588)
Comprehensive loss		(14,313)
Non-Guarantor [Member]
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	(6,193)	(1,912)
Currency translation difference on related borrowings	83	502
Currency translation difference on foreign currency net investments	763	(1,538)
Other Comprehensive Income (Loss), Net of Tax	846	(1,036)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(5,347)
Comprehensive loss		(2,948)
Consolidation, Eliminations [Member]
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	21,780	16,225
Currency translation difference on related borrowings	0	0
Currency translation difference on foreign currency net investments	0	0
Other Comprehensive Income (Loss), Net of Tax	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 21,780
Comprehensive loss		$ 16,225

Parent, Guarantor, Non-Guaran47

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidated Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ (39,809)	$ (95,835)
Adjustments to reconcile net income (loss)
Depreciation and amortization	32,202	35,814
Accretion of contingent consideration	0	419
Provision for reduction in carrying value of certain assets	0
(Gain) loss on disposition of assets	352	60
Deferred income tax expense (benefit)	(642)	63,411
Expenses not requiring cash	2,150	(109)
Equity in net earnings of subsidiaries	0	0
Accounts and notes receivable	(4,874)	(381)
Other assets	(2,692)	(304)
Accounts payable and accrued liabilities	(15,937)	(14,437)
Accrued income taxes	1,665	(3,600)
Net cash provided by operating activities	(27,585)	(15,715)
Cash flows from investing activities:
Capital expenditures	(14,451)	(7,889)
Proceeds from the sale of assets	46	54
Net cash used in investing activities	(14,405)	(7,835)
Cash flows from financing activities:
Payments of contingent consideration	0	(2,000)
Proceeds from Issuance of Common Stock	25,200	0
Proceeds from Issuance of Preferred Stock and Preference Stock	50,000	0
Payments of Stock Issuance Costs	(2,861)	0
Payments Related to Tax Withholding for Share-based Compensation	(352)	(317)
Excess tax benefit from stock-based compensation	0	(753)
Intercompany advances, net	0	0
Net cash used in financing activities	71,987	(2,317)
Net increase (decrease) in cash and cash equivalents	29,997	(25,867)
Cash and cash equivalents, beginning of year	119,691	134,294
Cash and cash equivalents, end of period	149,688	108,427
Parent [Member]
Cash flows from operating activities:
Net income (loss)	(39,808)	(95,835)
Adjustments to reconcile net income (loss)
Depreciation and amortization	0	0
Accretion of contingent consideration	0	0
Provision for reduction in carrying value of certain assets	0
(Gain) loss on disposition of assets	0	0
Deferred income tax expense (benefit)	(5,641)	57,677
Expenses not requiring cash	1,781	2,057
Equity in net earnings of subsidiaries	21,780	16,225
Accounts and notes receivable	0	0
Other assets	17,984	(37,191)
Accounts payable and accrued liabilities	(34,867)	(9,521)
Accrued income taxes	(5,783)	10,680
Net cash provided by operating activities	(44,554)	(56,661)
Cash flows from investing activities:
Capital expenditures	0	0
Proceeds from the sale of assets	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Payments of contingent consideration	0
Proceeds from Issuance of Common Stock	25,200
Proceeds from Issuance of Preferred Stock and Preference Stock	50,000
Payments of Stock Issuance Costs	2,861
Payments Related to Tax Withholding for Share-based Compensation	352	317
Excess tax benefit from stock-based compensation	0	(753)
Intercompany advances, net	4,106	28,815
Net cash used in financing activities	76,093	28,498
Net increase (decrease) in cash and cash equivalents	31,539	(28,163)
Cash and cash equivalents, beginning of year	65,000	73,985
Cash and cash equivalents, end of period	96,539	45,822
Guarantor [Member]
Cash flows from operating activities:
Net income (loss)	(15,588)	(14,313)
Adjustments to reconcile net income (loss)
Depreciation and amortization	21,188	23,125
Accretion of contingent consideration	0	419
Provision for reduction in carrying value of certain assets	0
(Gain) loss on disposition of assets	216	56
Deferred income tax expense (benefit)	5,165	5,185
Expenses not requiring cash	91	33
Equity in net earnings of subsidiaries	0	0
Accounts and notes receivable	(3,668)	(6,637)
Other assets	(18,296)	33,904
Accounts payable and accrued liabilities	15,591	(799)
Accrued income taxes	7,055	(8,905)
Net cash provided by operating activities	11,754	32,068
Cash flows from investing activities:
Capital expenditures	(10,994)	(3,521)
Proceeds from the sale of assets	0	28
Net cash used in investing activities	(10,994)	(3,493)
Cash flows from financing activities:
Payments of contingent consideration	(2,000)
Proceeds from Issuance of Common Stock	0
Proceeds from Issuance of Preferred Stock and Preference Stock	0
Payments of Stock Issuance Costs	0
Payments Related to Tax Withholding for Share-based Compensation	0	0
Excess tax benefit from stock-based compensation	0	0
Intercompany advances, net	(2,090)	(27,187)
Net cash used in financing activities	(2,090)	(29,187)
Net increase (decrease) in cash and cash equivalents	(1,330)	(612)
Cash and cash equivalents, beginning of year	14,365	13,854
Cash and cash equivalents, end of period	13,035	13,242
Non-Guarantor [Member]
Cash flows from operating activities:
Net income (loss)	(6,193)	(1,912)
Adjustments to reconcile net income (loss)
Depreciation and amortization	11,014	12,689
Accretion of contingent consideration	0	0
Provision for reduction in carrying value of certain assets	0
(Gain) loss on disposition of assets	136	4
Deferred income tax expense (benefit)	(166)	549
Expenses not requiring cash	278	(2,199)
Equity in net earnings of subsidiaries	0	0
Accounts and notes receivable	(1,206)	6,256
Other assets	(2,380)	2,983
Accounts payable and accrued liabilities	3,339	(4,117)
Accrued income taxes	393	(5,375)
Net cash provided by operating activities	5,215	8,878
Cash flows from investing activities:
Capital expenditures	(3,457)	(4,368)
Proceeds from the sale of assets	46	26
Net cash used in investing activities	(3,411)	(4,342)
Cash flows from financing activities:
Payments of contingent consideration	0
Proceeds from Issuance of Common Stock	0
Proceeds from Issuance of Preferred Stock and Preference Stock	0
Payments of Stock Issuance Costs	0
Payments Related to Tax Withholding for Share-based Compensation	0	0
Excess tax benefit from stock-based compensation	0	0
Intercompany advances, net	(2,016)	(1,628)
Net cash used in financing activities	(2,016)	(1,628)
Net increase (decrease) in cash and cash equivalents	(212)	2,908
Cash and cash equivalents, beginning of year	40,326	46,455
Cash and cash equivalents, end of period	40,114	49,363
Consolidation, Eliminations [Member]
Cash flows from operating activities:
Net income (loss)	21,780	16,225
Adjustments to reconcile net income (loss)
Depreciation and amortization	0	0
Accretion of contingent consideration	0	0
Provision for reduction in carrying value of certain assets	0
(Gain) loss on disposition of assets	0	0
Deferred income tax expense (benefit)	0	0
Expenses not requiring cash	0	0
Equity in net earnings of subsidiaries	(21,780)	(16,225)
Accounts and notes receivable	0	0
Other assets	0	0
Accounts payable and accrued liabilities	0	0
Accrued income taxes	0	0
Net cash provided by operating activities	0	0
Cash flows from investing activities:
Capital expenditures	0	0
Proceeds from the sale of assets	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Payments of contingent consideration	0
Proceeds from Issuance of Common Stock	0
Proceeds from Issuance of Preferred Stock and Preference Stock	0
Payments of Stock Issuance Costs	0
Payments Related to Tax Withholding for Share-based Compensation	0	0
Excess tax benefit from stock-based compensation	0	0
Intercompany advances, net	0	0
Net cash used in financing activities	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of year	0	0
Cash and cash equivalents, end of period	$ 0	$ 0