Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document Line Items [Abstract] | ' | ' | ' |
Entity Registrant Name | 'TETRA TECHNOLOGIES INC | ' | ' |
Entity Central Index Key | '0000844965 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $784,876,118 |
Entity Common Stock, Shares Outstanding | ' | 78,898,214 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $38,754 | $74,048 |
Restricted cash | 9,067 | 5,571 |
Trade accounts receivable, net of allowance for doubtful accounts of $1,349 in 2013 and $1,085 in 2012 | 180,659 | 176,352 |
Deferred tax asset | 14,740 | 29,789 |
Inventories | 100,792 | 103,041 |
Assets held for sale | 5,541 | 12,009 |
Prepaid expenses and other current assets | 24,386 | 34,299 |
Total current assets | 373,939 | 435,109 |
Property, plant, and equipment: | ' | ' |
Land and building | 42,954 | 41,153 |
Machinery and equipment | 682,836 | 589,725 |
Automobiles and trucks | 57,588 | 57,708 |
Chemical plants | 175,494 | 161,565 |
Construction in progress | 14,170 | 40,452 |
Total property, plant, and equipment | 973,042 | 890,603 |
Less accumulated depreciation | -400,426 | -337,889 |
Net property, plant, and equipment | 572,616 | 552,714 |
Other assets: | ' | ' |
Goodwill | 188,159 | 189,604 |
Patents, trademarks, and other intangible assets, net of accumulated amortization of $31,956 in 2013 and $27,044 in 2012 | 31,980 | 36,735 |
Deferred tax assets | 2,170 | 594 |
Other assets | 37,669 | 47,062 |
Total other assets | 259,978 | 273,995 |
Total assets | 1,206,533 | 1,261,818 |
Current liabilities: | ' | ' |
Trade accounts payable | 69,220 | 67,453 |
Accrued liabilities | 65,017 | 73,254 |
Current portion of long-term debt | 89 | 35,441 |
Decommissioning and other asset retirement obligations, current | 38,700 | 80,667 |
Total current liabilities | 173,026 | 256,815 |
Long-term debt, net | 387,727 | 331,268 |
Deferred income taxes | 17,651 | 41,910 |
Decommissioning and other asset retirement obligations, net | 12,204 | 14,254 |
Other liabilities | 18,427 | 24,263 |
Total long-term and other liabilities | 436,009 | 411,695 |
Equity: | ' | ' |
Common stock, par value $.01 per share; 100,000,000 shares authorized; 81,333,631 shares issued at December 31, 2013 and 80,446,169 shares issued at December 31, 2012 | 813 | 804 |
Additional paid-in capital | 234,360 | 226,954 |
Treasury stock, at cost; 2,478,084 shares held at December 31, 2013 and 2,334,137 shares held at December 31, 2012 | -15,765 | -15,027 |
Accumulated other comprehensive income (loss) | -3,903 | -1,494 |
Retained earnings | 340,036 | 339,883 |
Total TETRA stockholders' equity | 555,541 | 551,120 |
Noncontrolling interest | 41,957 | 42,188 |
Total equity | 597,498 | 593,308 |
Total liabilities and equity | $1,206,533 | $1,261,818 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Trade accounts receivable, allowances for doubtful accounts | $1,349 | $1,085 |
Other assets: | ' | ' |
Patents, trademarks, and other intangible assets, accumulated amortization | $31,956 | $27,044 |
Equity: | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 81,333,631 | 80,446,169 |
Treasury stock, shares held | 2,478,084 | 2,334,137 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Product sales | $300,145 | $276,155 | $329,489 |
Services and rentals | 609,253 | 604,676 | 515,786 |
Total revenues | 909,398 | 880,831 | 845,275 |
Cost of revenues: | ' | ' | ' |
Cost of product sales | 282,704 | 242,297 | 306,953 |
Cost of services and rentals | 400,739 | 387,047 | 338,703 |
Depreciation, depletion, amortization, and accretion | 80,985 | 75,747 | 94,839 |
Impairments of long-lived assets | 9,578 | 8,360 | 15,738 |
Total cost of revenues | 774,006 | 713,451 | 756,233 |
Gross profit | 135,392 | 167,380 | 89,042 |
General and administrative expense | 131,466 | 131,649 | 111,805 |
Interest expense, net | 17,121 | 17,080 | 16,439 |
(Gain) loss on sales of assets | -5,776 | -4,916 | -58,674 |
Other (income) expense, net | -7,291 | -4,616 | 13,239 |
Income (loss) before taxes and discontinued operations | -128 | 28,183 | 6,233 |
Provision (benefit) for income taxes | -3,454 | 9,429 | 751 |
Income (loss) before discontinued operations | 3,326 | 18,754 | 5,482 |
Discontinued operations: | ' | ' | ' |
Income (loss) from discontinued operations, net of taxes | -1 | 3 | -64 |
Net income (loss) | 3,325 | 18,757 | 5,418 |
Less: income attributable to noncontrolling interest | -3,172 | -2,797 | -1,271 |
Net income (loss) attributable to TETRA stockholders | $153 | $15,960 | $4,147 |
Basic net income (loss) per common share: | ' | ' | ' |
Income (loss) before discontinued operations attributable to TETRA stockholders | $0 | $0.21 | $0.05 |
Income (loss) from discontinued operations attributable to TETRA stockholders | $0 | $0 | $0 |
Net income (loss) attributable to TETRA stockholders | $0 | $0.21 | $0.05 |
Average shares outstanding | 77,954 | 77,293 | 76,616 |
Diluted net income (loss) per common share: | ' | ' | ' |
Income (loss) before discontinued operations attributable to TETRA stockholders | $0 | $0.20 | $0.05 |
Income (loss) from discontinued operations attributable to TETRA stockholders | $0 | $0 | $0 |
Net income (loss) attributable to TETRA stockholders | $0 | $0.20 | $0.05 |
Average diluted shares outstanding | 78,840 | 77,963 | 77,991 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | $3,325 | $18,757 | $5,418 |
Foreign currency translation adjustment, net of taxes of $(1,076) in 2013, $(951) in 2012, and $(1,828) in 2011 | -2,409 | 1,383 | -6,647 |
Net change in derivative fair value, net of taxes of $1,578 in 2011 | 0 | 0 | 2,663 |
Comprehensive income (loss) | 916 | 20,140 | 1,434 |
Less: comprehensive income attributable to noncontrolling interest | -3,172 | -2,797 | -1,271 |
Comprehensive income (loss) attributable to TETRA stockholders | ($2,256) | $17,343 | $163 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Foreign currency translation adjustment, tax | ($1,076) | ($951) | ($1,828) |
Net change in derivative fair value, tax | $0 | $0 | $1,578 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock Value [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Translation Adjustment [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2010 | $516,323,000 | $778,000 | $203,044,000 | ($8,382,000) | ($2,663,000) | $3,770,000 | $319,776,000 | $0 |
Stockholders' equity rollforward | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 5,418,000 | ' | ' | ' | ' | ' | 4,147,000 | 1,271,000 |
Translation adjustment, net of taxes | -6,647,000 | ' | ' | ' | ' | -6,647,000 | ' | ' |
Net change in derivative fair value, net of tax | 2,663,000 | ' | ' | ' | 2,663,000 | ' | ' | ' |
Comprehensive income (loss) | 1,434,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of Compressco Partners common units, net of offering costs | 42,177,000 | ' | ' | ' | ' | ' | ' | 42,177,000 |
Distributions to public unitholders | -1,182,000 | ' | ' | ' | ' | ' | ' | -1,182,000 |
Exercise of common stock options | 4,181,000 | 19,000 | 9,965,000 | -5,803,000 | ' | ' | ' | ' |
Grants of restricted stock, net | 656,000 | ' | ' | -656,000 | ' | ' | ' | ' |
Equity compensation expense | 6,288,000 | ' | 5,801,000 | ' | ' | ' | ' | 487,000 |
Tax benefit related to equity-based compensation, net | 1,334,000 | ' | 1,334,000 | ' | ' | ' | ' | ' |
Other noncontrolling interests | -811,000 | ' | ' | ' | ' | ' | ' | -811,000 |
Ending balance at Dec. 31, 2011 | 569,088,000 | 797,000 | 220,144,000 | -14,841,000 | 0 | -2,877,000 | 323,923,000 | 41,942,000 |
Stockholders' equity rollforward | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 18,757,000 | ' | ' | ' | ' | ' | 15,960,000 | 2,797,000 |
Translation adjustment, net of taxes | 1,383,000 | ' | ' | ' | ' | 1,383,000 | ' | ' |
Net change in derivative fair value, net of tax | 0 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | 20,140,000 | ' | ' | ' | ' | ' | ' | ' |
Distributions to public unitholders | -4,489,000 | ' | ' | ' | ' | ' | ' | 4,489,000 |
Exercise of common stock options | 931,000 | 7,000 | 943,000 | -19,000 | ' | ' | ' | ' |
Grants of restricted stock, net | -167,000 | ' | ' | -167,000 | ' | ' | ' | ' |
Equity compensation expense | 9,441,000 | ' | 7,536,000 | ' | ' | ' | ' | 1,905,000 |
Tax benefit related to equity-based compensation, net | -1,669,000 | ' | -1,669,000 | ' | ' | ' | ' | ' |
Other noncontrolling interests | -33,000 | ' | ' | ' | ' | ' | ' | -33,000 |
Ending balance at Dec. 31, 2012 | 593,308,000 | 804,000 | 226,954,000 | -15,027,000 | 0 | -1,494,000 | 339,883,000 | 42,188,000 |
Stockholders' equity rollforward | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 3,325,000 | ' | ' | ' | ' | ' | 153,000 | 3,172,000 |
Translation adjustment, net of taxes | -2,409,000 | ' | ' | ' | ' | -2,409,000 | ' | ' |
Net change in derivative fair value, net of tax | 0 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | 916,000 | ' | ' | ' | ' | ' | ' | ' |
Distributions to public unitholders | 4,846,000 | ' | ' | ' | ' | ' | ' | 4,846,000 |
Exercise of common stock options | 1,978,000 | 9,000 | 2,245,000 | -276,000 | ' | ' | ' | ' |
Grants of restricted stock, net | -462,000 | ' | ' | 462,000 | ' | ' | ' | ' |
Equity compensation expense | 6,724,000 | ' | 5,265,000 | ' | ' | ' | ' | 1,459,000 |
Tax benefit related to equity-based compensation, net | -104,000 | ' | -104,000 | ' | ' | ' | ' | ' |
Other noncontrolling interests | -16,000 | ' | ' | ' | ' | ' | ' | -16,000 |
Ending balance at Dec. 31, 2013 | $597,498,000 | $813,000 | $234,360,000 | ($15,765,000) | $0 | ($3,903,000) | $340,036,000 | $41,957,000 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Net change in derivative fair value, tax | $0 | $0 | $1,578 |
Foreign currency translation adjustment, tax | ($1,076) | ($951) | ($1,828) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income (loss) | $3,325 | $18,757 | $5,418 |
Reconciliation of net income (loss) to cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion, amortization, and accretion | 80,985 | 75,747 | 94,839 |
Impairments of long-lived assets | 9,578 | 8,360 | 15,738 |
Provision (benefit) for deferred income taxes | -9,824 | -2,012 | -5,757 |
Equity-based compensation expense | 6,724 | 9,441 | 6,288 |
Provision for doubtful accounts | 374 | -237 | 973 |
(Gain) loss on sale of property, plant, and equipment | -5,776 | -4,916 | -58,674 |
Excess decommissioning/abandoning costs | 75,312 | 40,767 | 78,382 |
Other non-cash charges and credits | -10,165 | -6,527 | -6,149 |
Changes in operating assets and liabilities, net of assets acquired: | ' | ' | ' |
Accounts receivable | 14,139 | -31,229 | 16,129 |
Inventories | 3,011 | -3,749 | 2,158 |
Prepaid expenses and other current assets | 12,281 | -1,335 | 23,447 |
Trade accounts payable and accrued expenses | -16,192 | 7,291 | -29,984 |
Decommissioning liabilities | -114,109 | -94,419 | -101,920 |
Other | -7 | 1,730 | 2,899 |
Net cash provided by operating activities | 49,656 | 17,669 | 43,787 |
Investing activities: | ' | ' | ' |
Purchases of property, plant, and equipment | -101,379 | -107,524 | -123,604 |
Business combinations, net of cash acquired | 0 | -163,305 | -1,500 |
Proceeds from sale of property, plant, and equipment | 1,794 | 59,325 | 188,273 |
Other investing activities | -440 | 4,817 | -16,330 |
Net cash provided by (used in) investing activities | -100,025 | -206,687 | 46,839 |
Financing activities: | ' | ' | ' |
Proceeds from long-term debt | 140,971 | 88,426 | 0 |
Principal payments on long-term debt | -120,664 | -28,597 | 0 |
Excess tax benefit from equity-based compensation | 0 | 198 | 1,334 |
Proceeds from issuance of Compressco Partners' common units, net of underwriters' discount | 0 | 0 | 50,234 |
Compressco Partners' offering costs | 0 | 0 | -2,747 |
Compressco Partners' distributions | -4,846 | -4,513 | -1,159 |
Proceeds from sale of common stock and exercise of stock options | 2,251 | 784 | 3,418 |
Deferred financing costs | -1,978 | 0 | -347 |
Net cash provided by (used in) financing activities | 15,734 | 56,298 | 50,733 |
Effect of exchange rate changes on cash | -659 | 2,356 | -2,307 |
Increase (decrease) in cash and cash equivalents | -35,294 | -130,364 | 139,052 |
Cash and cash equivalents at beginning of period | 74,048 | 204,412 | 65,360 |
Cash and cash equivalents at end of period | 38,754 | 74,048 | 204,412 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid | 17,728 | 18,711 | 18,145 |
Taxes paid (refunded) | 7,438 | 8,020 | -12,649 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' | ' |
Adjustment of fair value of decommissioning liabilities capitalized to oil and gas properties | $0 | $0 | $1,804 |
Organization_and_Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Organization and Operations | ' |
NOTE A – ORGANIZATION AND OPERATIONS | |
We are geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, after-frac flow back, production well testing, offshore rig cooling, compression-based production enhancement, and selected offshore services including well plugging and abandonment, decommissioning, and diving. We also have a limited domestic oil and gas production business. We were incorporated in Delaware in 1981 and are composed of five reporting segments organized into three divisions – Fluids, Production Enhancement, and Offshore. Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its consolidated subsidiaries on a consolidated basis. | |
Our Fluids Division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa. The Division also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of markets outside the energy industry. The Fluids Division also provides North American onshore oil and gas operators with comprehensive water management services. | |
Our Production Enhancement Division consists of two operating segments: Production Testing and Compressco. The Production Testing segment provides after-frac flow back, production well testing, offshore rig cooling, and other associated services in many of the major oil and gas producing basins in the United States, Mexico and Canada, as well as in certain basins in certain regions in South America, Africa, Europe, the Middle East, and Australia. | |
The Compressco segment provides compression-based production enhancement services, which are used in both conventional wellhead compression applications and unconventional compression applications, and, in certain circumstances, well monitoring and sand separation services. The Compressco segment provides these services throughout many of the onshore oil and gas producing regions of the United States, as well as certain basins in Mexico, Canada, and certain countries in South America, Europe, and the Asia-Pacific region. Beginning June 20, 2011, following the initial public offering of Compressco Partners, L.P. (Compressco Partners), we allocate and charge certain corporate and divisional direct and indirect administrative costs to Compressco Partners. | |
Our Offshore Division consists of two operating segments: Offshore Services and Maritech. The Offshore Services segment provides (1) downhole and subsea services such well plugging and abandonment and workover services, (2) decommissioning and certain construction services utilizing heavy lift barges and various cutting technologies with regard to offshore oil and gas production platforms and pipelines, and (3) conventional and saturated air diving services. | |
The Maritech segment is a limited oil and gas production operation. During 2011 and the first quarter of 2012, Maritech sold substantially all of its oil and gas producing property interests. Maritech’s operations consist primarily of the ongoing abandonment and decommissioning associated with its remaining offshore wells and production platforms. Maritech intends to acquire a significant portion of the services necessary to abandon and decommission these properties from the Offshore Division’s Offshore Services segment. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||
The consolidated financial statements include the accounts of our wholly owned subsidiaries. Investments in unconsolidated joint ventures in which we participate are accounted for using the equity method. Our interests in oil and gas properties are proportionately consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||
Beginning with the three month period ended September 30, 2013, certain ad valorem tax expenses for operating equipment of our Compressco segment have been reclassified as cost of revenues instead of being included in general and administrative expense as reported in prior periods. Prior period amounts have been reclassified to conform to the current year period's presentation. The amount of such reclassification is $1.5 million and $1.5 million for the year ended December 31, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Certain other previously reported financial information has been reclassified to conform to the current year's presentation. The impact of such reclassifications was not significant to the prior year's overall presentation. | |||||||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||
We consider all highly liquid cash investments, with a maturity of three months or less when purchased, to be cash equivalents. | |||||||||||||||||||||||||
Restricted Cash | |||||||||||||||||||||||||
Restricted cash is classified as a current asset when it is expected to be repaid or settled in the next twelve month period. Restricted cash reported on our balance sheet as of December 31, 2013, consists primarily of escrowed cash associated with our July 2011 purchase of a heavy lift derrick barge. The escrowed cash will be released to the sellers in accordance with the terms of the escrow agreement. | |||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||
Financial instruments that subject us to concentrations of credit risk consist principally of trade receivables with companies in the energy industry. Our policy is to evaluate, prior to providing goods or services, each customer's financial condition and to determine the amount of open credit to be extended. We generally require appropriate, additional collateral as security for credit amounts in excess of approved limits. Our customers consist primarily of major, well-established oil and gas producers and independent oil and gas companies. Prior to April 2011, our risk management activities involved the use of derivative financial instruments, such as oil and gas swap contracts, to hedge the impact of commodity market price risk exposures related to a portion of our oil and gas production cash flow. All of our oil and gas swap contracts were liquidated in April 2011 in connection with the sales of Maritech oil and gas producing properties. | |||||||||||||||||||||||||
We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. Beginning in 2013, our risk management activities include the use of foreign currency forward purchase and sale derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected international operations. | |||||||||||||||||||||||||
As a result of the outstanding balances under our variable rate revolving credit facilities, we face market risk exposure related to changes in applicable interest rates. Although we have no interest rate swap contracts outstanding to hedge this potential risk exposure, we have entered into certain fixed interest rate notes, which are scheduled to mature at various dates from 2015 through 2020 and which mitigate this risk on our total outstanding borrowings. | |||||||||||||||||||||||||
Allowances for Doubtful Accounts | |||||||||||||||||||||||||
Allowances for doubtful accounts are determined generally and on a specific identification basis when we believe that the collection of specific amounts owed to us is not probable. The changes in allowances for doubtful accounts for the three year period ended December 31, 2013, are as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
At beginning of period | $ | 1,085 | $ | 1,849 | $ | 2,590 | |||||||||||||||||||
Activity in the period: | |||||||||||||||||||||||||
Provision for doubtful accounts | 374 | (237 | ) | 973 | |||||||||||||||||||||
Account chargeoffs | (110 | ) | (527 | ) | (1,714 | ) | |||||||||||||||||||
At end of period | $ | 1,349 | $ | 1,085 | $ | 1,849 | |||||||||||||||||||
Inventories | |||||||||||||||||||||||||
Inventories are stated at the lower of cost or market value and consist primarily of finished goods. Cost is determined using the weighted average method. Significant components of inventories as of December 31, 2013, and December 31, 2012, are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Finished goods | $ | 73,515 | $ | 72,312 | |||||||||||||||||||||
Raw materials | 3,894 | 5,396 | |||||||||||||||||||||||
Parts and supplies | 22,668 | 24,497 | |||||||||||||||||||||||
Work in progress | 715 | 836 | |||||||||||||||||||||||
Total inventories | $ | 100,792 | $ | 103,041 | |||||||||||||||||||||
Finished goods inventories include newly manufactured clear brine fluids as well as recycled brines that are repurchased from certain customers. Recycled brines are recorded at cost, using the weighted average method. We provide a reserve for estimated unrealizable inventory equal to the difference between the cost of the inventory and its estimated realizable value. | |||||||||||||||||||||||||
Assets Held for Sale | |||||||||||||||||||||||||
Assets are classified as held for sale when, among other factors, they are identified and marketed for sale in their present condition, management is committed to their disposal, and the sale of the asset is probable within one year. Assets Held for Sale as of December 31, 2013, consists primarily of the estimated fair value of a heavy lift barge from our Offshore Services segment that was reclassified to Assets Held for Sale during late 2012 and was sold in January 2014. In addition, Assets Held for Sale as of December 31, 2013, includes the carrying value of an international Production Testing facility location that was reclassified during 2013. | |||||||||||||||||||||||||
Property, Plant, and Equipment | |||||||||||||||||||||||||
Property, plant, and equipment are stated at the cost of assets acquired. Expenditures that increase the useful lives of assets are capitalized. The cost of repairs and maintenance is charged to operations as incurred. For financial reporting purposes, we provide for depreciation using the straight-line method over the estimated useful lives of assets, which are generally as follows: | |||||||||||||||||||||||||
Buildings | 15 – 40 years | ||||||||||||||||||||||||
Barges and vessels | 5 – 30 years | ||||||||||||||||||||||||
Machinery and equipment | 2 – 20 years | ||||||||||||||||||||||||
Automobiles and trucks | 4 years | ||||||||||||||||||||||||
Chemical plants | 15 – 30 years | ||||||||||||||||||||||||
Leasehold improvements are depreciated over the shorter of the remaining term of the associated lease or its useful life. Prior to being reclassified to assets held for sale in June 2011, oil and gas property leasehold costs were depleted on a unit of production method based on the estimated remaining equivalent proved oil and gas reserves of each field. Oil and gas property well costs were depleted on a unit of production method based on the estimated remaining equivalent proved developed oil and gas reserves of each field. Depreciation and depletion expense, excluding long-lived asset impairments and dry hole costs, for the years ended December 31, 2013, 2012, and 2011 was $76.9 million, $70.7 million, and $87.7 million, respectively. | |||||||||||||||||||||||||
In December 2012, we sold our corporate headquarters facility pursuant to a sale and leaseback transaction. For further discussion of the terms of this transaction, see Note E – Leases. | |||||||||||||||||||||||||
Interest capitalized for the years ended December 31, 2013, 2012, and 2011 was $1.6 million, $2.0 million, and $1.2 million, respectively. | |||||||||||||||||||||||||
Intangible Assets other than Goodwill | |||||||||||||||||||||||||
Patents, trademarks, and other intangible assets are recorded on the basis of cost and are amortized on a straight-line basis over their estimated useful lives, ranging from 3 to 20 years. During 2012, as part of three acquisitions consummated during the year, we acquired intangible assets having a fair value of approximately $27.3 million with estimated useful lives ranging from 3 to 20 years (having a weighted average useful life of 12.1 years). During 2011, as a part of an acquisition consummated during the year, we acquired intangible assets having a fair value of approximately $1.4 million with estimated useful lives ranging from 3 to 6 years (having a weighted average useful life of 5.6 years). Amortization expense of patents, trademarks, and other intangible assets was $5.0 million, $4.5 million, and $2.8 million for the twelve months ended December 31, 2013, 2012, and 2011, respectively, and is included in depreciation, depletion, amortization and accretion. The estimated future annual amortization expense of patents, trademarks, and other intangible assets is $3.7 million for 2014, $3.4 million for 2015, $3.2 million for 2016, $3.0 million for 2017, and $2.9 million for 2018. | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Goodwill represents the excess of cost over the fair value of the net assets of businesses acquired in purchase transactions. We perform a goodwill impairment test on an annual basis or whenever indicators of impairment are present. We perform the annual test of goodwill impairment following the fourth quarter of each year. The annual assessment for goodwill impairment begins with a qualitative assessment of whether it is “more likely than not” that the fair value of each reporting unit is less than its carrying value. This qualitative assessment requires the evaluation, based on the weight of evidence, of the significance of all identified events and circumstances for each reporting unit. Based on this qualitative assessment, we determined that it was not “more likely than not” that the fair values of any of our reporting units were less than their carrying values as of December 31, 2013. If the qualitative analysis indicates that it is “more likely than not” that a reporting unit’s fair value is less than its carrying value, the resulting goodwill impairment test would consist of a two-step accounting test performed on a reporting unit basis. For purposes of this impairment test, the reporting units are our five reporting segments: Fluids, Production Testing, Compressco, Offshore Services, and Maritech. The first step of the impairment test, if required, is to compare the estimated fair value of any reporting units that have recorded goodwill with the recorded net book value (including goodwill) of the reporting unit. If the estimated fair value of the reporting unit is higher than the recorded net book value, no impairment is deemed to exist and no further testing is required. If, however, the estimated fair value of the reporting unit is below the recorded net book value, then a second step must be performed to determine the goodwill impairment required, if any. In this second step, the estimated fair value from the first step is used as the purchase price in a hypothetical acquisition of the reporting unit. Purchase business combination accounting rules are followed to determine a hypothetical purchase price allocation to the reporting unit’s assets and liabilities. The residual amount of goodwill that results from this hypothetical purchase price allocation is compared to the recorded amount of goodwill for the reporting unit, and the recorded amount is written down to the hypothetical amount, if lower. | |||||||||||||||||||||||||
Because quoted market prices for our reporting units are not available, management must apply judgment in determining the estimated fair value of these reporting units for purposes of performing the goodwill impairment test. Management uses all available information to make these fair value determinations, including the present value of expected future cash flows using discount rates commensurate with the risks involved in the assets. The resultant fair values calculated for the reporting units are then compared to observable metrics for other companies in our industry or on mergers and acquisitions in our industry, to determine whether those valuations, in our judgment, appear reasonable. | |||||||||||||||||||||||||
The carrying amount of goodwill for the Fluids and Offshore Services reporting units are net of $23.9 million and $23.2 million, respectively, of accumulated impairment losses. The changes in the carrying amount of goodwill by reporting unit for the three year period ended December 31, 2013, are as follows: | |||||||||||||||||||||||||
Fluids | Production Testing | Compressco | Offshore Services | Maritech | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | — | $ | 23,035 | $ | 72,161 | $ | 3,809 | $ | — | $ | 99,005 | |||||||||||||
Goodwill adjustments | — | — | — | 127 | — | 127 | |||||||||||||||||||
Balance as of December 31, 2011 | — | 23,035 | 72,161 | 3,936 | — | 99,132 | |||||||||||||||||||
Goodwill acquired during the year | — | 90,472 | — | — | — | 90,472 | |||||||||||||||||||
Balance as of December 31, 2012 | — | 113,507 | 72,161 | 3,936 | — | 189,604 | |||||||||||||||||||
Goodwill adjustments | — | (1,445 | ) | — | — | — | (1,445 | ) | |||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | 112,062 | $ | 72,161 | $ | 3,936 | $ | — | $ | 188,159 | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||||||
Impairments of long-lived assets are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, an impairment is recognized for the excess of the carrying value over its fair value. The assessment of oil and gas properties for impairment is based on the risk adjusted future estimated cash flows from our proved, probable, and possible reserves. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. | |||||||||||||||||||||||||
During the fourth quarter of 2012, the Offshore Services segment began pursuing the sale of the TETRA DB-1 heavy lift barge due to decreased demand in the shallow waters of the Outer Continental Shelf of the Gulf of Mexico, where it historically operated. In connection with this decision, an impairment of approximately $7.7 million was recorded to reduce the carrying value of the TETRA DB-1 to its estimated fair value, less estimated cost to sell. | |||||||||||||||||||||||||
During the first quarter of 2014, the Offshore Services segment sold the TETRA DB-1 heavy lift barge for a sales price of $3.0 million. As a result, an additional impairment of approximately $9.3 million was recorded in December 2013 to reduce the carrying value of the TETRA DB-1 to the sales price. | |||||||||||||||||||||||||
Impairments of Oil and Gas Properties | |||||||||||||||||||||||||
During 2011, we identified impairments totaling approximately $15.2 million, net of intercompany eliminations, of the net carrying value of certain Maritech oil and gas properties. The oil and gas property impairments during 2011 were primarily associated with Maritech’s plans to sell its remaining oil and gas producing properties and the reduction in their carrying values to fair value less cost to sell. | |||||||||||||||||||||||||
Decommissioning Liabilities | |||||||||||||||||||||||||
Related to Maritech’s remaining oil and gas property decommissioning liabilities, we estimate the third-party fair values (including an estimated profit) to plug and abandon wells, decommission the pipelines and platforms, and clear the sites, and we use these estimates to record Maritech’s decommissioning liabilities, net of amounts allocable to joint interest owners, and any amounts contractually agreed to be paid in the future by the previous owners of the properties. In some cases, previous owners of acquired oil and gas properties are | |||||||||||||||||||||||||
contractually obligated to pay Maritech a fixed amount for the future well abandonment and decommissioning work on these properties as such work is performed. As of December 31, 2013 and 2012, our Maritech subsidiary’s decommissioning liabilities were net of approximately $0.0 million and $7.0 million, respectively, of such future reimbursements from these previous owners. | |||||||||||||||||||||||||
In estimating the decommissioning liabilities, we perform detailed estimating procedures, analysis, and engineering studies. Whenever practical and cost effective, Maritech will utilize the services of its affiliated companies to perform well abandonment and decommissioning work. When these services are performed by an affiliated company, all recorded intercompany revenues are eliminated in the consolidated financial statements. The recorded decommissioning liability associated with a specific property is fully extinguished when the property is completely abandoned. The liability is first reduced by all cash expenses incurred to abandon and decommission the property. If the liability exceeds (or is less than) our actual out-of-pocket costs, the difference is credited (or charged) to earnings in the period in which the work is performed. We review the adequacy of our decommissioning liabilities whenever indicators suggest that the estimated cash flows underlying the liabilities have changed materially. The timing and amounts of these cash flows are subject to changes in the energy industry environment and may result in additional liabilities to be recorded, which, in turn, would increase the carrying values of the related properties or result in direct charges to earnings. Primarily as a result of decommissioning work performed, we recorded total reductions to the decommissioning liabilities for the years 2013, 2012, and 2011 of $119.6 million, $87.4 million, and $94.7 million, respectively. For a further discussion of adjustments and other activity related to Maritech’s decommissioning liabilities, including significant adjustments made during 2013, 2012, and 2011, see Note I – Decommissioning and Other Asset Retirement Obligations. | |||||||||||||||||||||||||
Environmental Liabilities | |||||||||||||||||||||||||
Environmental expenditures that result in additions to property and equipment are capitalized, while other environmental expenditures are expensed. Environmental remediation liabilities are recorded on an undiscounted basis when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Estimates of future environmental remediation expenditures often consist of a range of possible expenditure amounts, a portion of which may be in excess of amounts of liabilities recorded. In such an instance, we disclose the full range of amounts reasonably possible of being incurred. Any changes or developments in environmental remediation efforts are accounted for and disclosed each quarter as they occur. Any recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. | |||||||||||||||||||||||||
Complexities involving environmental remediation efforts can cause estimates of the associated liability to be imprecise. Factors that cause uncertainties regarding the estimation of future expenditures include, but are not limited to, the effectiveness of the anticipated work plans in achieving targeted results and changes in the desired remediation methods and outcomes as prescribed by regulatory agencies. Uncertainties associated with environmental remediation contingencies are pervasive and often result in wide ranges of reasonably possible outcomes. Estimates developed in the early stages of remediation can vary significantly. Normally, a finite estimate of cost does not become fixed and determinable at a specific point in time. Rather, the costs associated with environmental remediation become estimable as the work is performed and the range of ultimate cost becomes more defined. It is possible that cash flows and results of operations could be materially affected by the impact of the ultimate resolution of these contingencies. | |||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||
Revenues are recognized when finished products are shipped or services have been provided to unaffiliated customers and only when collectability is reasonably assured. Sales terms for our products are FOB shipping point, with title transferring at the point of shipment. Revenue is recognized at the point of transfer of title. We recognize oil and gas product sales revenues from our Maritech subsidiary’s interests in producing wells as oil and gas is produced and sold from those wells. Oil and gas sold is not significantly different from Maritech’s share of production. With regard to longer-term lump-sum contracts, revenues are recognized using the percentage-of-completion method based on the ratio of costs incurred to total estimated costs at completion. Total project revenue and cost estimates for lump-sum contracts are reviewed periodically as work progresses, and adjustments are reflected in the period in which such estimates are revised. Provisions for estimated losses on such contracts are made in the period such losses are determined. Occasionally we have contracts that contain multiple deliverables, and for such contracts the recognition of revenue is determined based on the realized market values received by the customer as well as the timing of collections under the contract. | |||||||||||||||||||||||||
Operating Costs | |||||||||||||||||||||||||
Cost of product sales includes direct and indirect costs of manufacturing and producing our products, including raw materials, fuel, utilities, labor, overhead, repairs and maintenance, materials, services, transportation, warehousing, equipment rentals, insurance, and taxes. In addition, cost of product sales includes oil and gas operating expense. Cost of services and rentals includes operating expenses we incur in delivering our services, including labor, equipment rental, fuel, repair and maintenance, transportation, overhead, insurance, and certain taxes. We include in product sales revenues the reimbursements we receive from customers for shipping and handling costs. Shipping and handling costs are included in cost of product sales. Amounts we incur for “out-of-pocket” expenses in the delivery of our services are recorded as cost of services and rentals. Reimbursements for “out-of-pocket” expenses we incur in the delivery of our services are recorded as service revenues. Depreciation, depletion, amortization, and accretion includes depreciation expense for all of our facilities, equipment and vehicles, depletion and dry hole expense on our oil and gas properties, amortization expense on our intangible assets, and accretion expense related to our decommissioning and other asset retirement obligations. | |||||||||||||||||||||||||
We include in general and administrative expense all costs not identifiable to our specific product or service operations, including divisional and general corporate overhead, professional services, corporate office costs, sales and marketing expenses, insurance, and taxes. | |||||||||||||||||||||||||
Repair Costs and Insurance Recoveries | |||||||||||||||||||||||||
Our Maritech subsidiary incurred significant damage to the majority of its offshore oil and gas producing platforms as a result of Hurricane Ike during 2008 and Hurricanes Katrina and Rita during 2005. This damage included the destruction of six of its offshore platforms. Hurricane damage response efforts consist of (1) the assessment and repair of damaged facilities and equipment; (2) the well intervention, abandonment, decommissioning, and debris removal associated with destroyed offshore platforms; and (3) the construction of replacement platforms and facilities and the redrilling of destroyed wells. The cost to repair and restore damaged assets, including the cost for damage assessment, is expensed as incurred. The estimated cost of expected well intervention, abandonment, decommissioning, and debris removal efforts associated with destroyed offshore platforms is accounted for as part of Maritech’s decommissioning liabilities. The cost to replace destroyed platforms and facilities and redrill destroyed wells is capitalized as incurred as part of oil and gas properties. Subsequent to these storms, Maritech has substantially completed the required hurricane damage response efforts, and, as of December 31, 2013, the remaining work to be performed consists primarily of decommissioning and debris removal efforts on three of the destroyed platforms. We estimate that the remaining future decommissioning and debris removal efforts associated with these remaining platforms will cost approximately $7.7 million, net to our interest, and has been accrued as part of Maritech’s decommissioning liabilities. Actual hurricane response costs could exceed these estimates and, depending on the nature of the cost, could result in significant charges to earnings in future periods. | |||||||||||||||||||||||||
When it is economical to purchase, we typically maintain insurance protection that we believe to be customary and in amounts sufficient to reimburse us for a majority of our casualty losses. Our insurance coverage is subject to certain overall coverage limits and deductibles. With regard to costs incurred that we believe will qualify for coverage under our various insurance policies, we recognize anticipated insurance recoveries when collection is deemed probable. Any recognition of anticipated insurance recoveries is used to offset the original charge to which the insurance recovery relates. The amount of anticipated insurance recoveries as of December 31, 2013 and 2012, is included in accounts receivable in the accompanying consolidated balance sheets. Anticipated insurance recoveries that have been reflected as insurance receivables were $0 million as of December 31, 2013, and $1.1 million at December 31, 2012. | |||||||||||||||||||||||||
During December 2010, we initiated legal proceedings against one of Maritech’s underwriters that had disputed that certain hurricane damage related costs incurred or to be incurred qualified as covered costs pursuant to Maritech's windstorm insurance policies. In February 2013, we entered into a settlement agreement with the underwriter, whereby we received $7.6 million, a portion of which was credited to operating expenses during the year ended December 31, 2013 | |||||||||||||||||||||||||
Repair costs incurred and the net book value of any destroyed assets which are covered under our insurance policies are anticipated insurance recoveries which are included in accounts receivable. Repair costs not considered probable of collection are charged to earnings. Insurance recoveries in excess of destroyed asset carrying values and repair costs incurred are credited to earnings when received. | |||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||
We account for our discontinued businesses as discontinued operations and reclassify prior period financial statements to exclude these businesses from continuing operations. | |||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
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 basis amounts. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized as income or expense in the period that includes the enactment date. | |||||||||||||||||||||||||
Income (Loss) per Common Share | |||||||||||||||||||||||||
The calculation of basic earnings per share excludes any dilutive effects of options. The calculation of diluted earnings per share includes the dilutive effect of stock options, which is computed using the treasury stock method during the periods such options were outstanding. A reconciliation of the common shares used in the computations of income (loss) per common and common equivalent shares is presented in Note P – Income (Loss) Per Share. | |||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||
We have designated the euro, the British pound, the Norwegian krone, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currency for our operations in Finland and Sweden, the United Kingdom, Norway, Canada, Brazil, and certain of our operations in Mexico, respectively. The U.S. dollar is the designated functional currency for all of our other foreign operations. The cumulative translation effects of translating the accounts from the functional currencies into the U.S. dollar at current exchange rates are included as a separate component of equity. | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that may differ from the transaction price or market price of the asset or liability. | |||||||||||||||||||||||||
Under generally accepted accounting principles, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entity’s own judgments about the assumptions market participants would utilize in pricing the asset or liability. | |||||||||||||||||||||||||
We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized in the allocation of purchase consideration for acquisition transactions to the assets and liabilities acquired, including intangible assets and goodwill. In addition, we utilize fair value measurements in the initial recording of our decommissioning and other asset retirement obligations. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets, including goodwill. The fair value of our financial instruments, which may include cash, temporary investments, accounts receivable, short-term borrowings, and long-term debt pursuant to our bank credit agreement, approximate their carrying amounts. The fair value of our long-term Senior Notes at December 31, 2013 and 2012, was approximately $318.4 million and $327.4 million, respectively, compared to a carrying amount of approximately $305.0 million, as current rates as of those dates were more favorable than the Senior Note interest rates. We calculate the fair value of our Senior Notes internally, using current market conditions and average cost of debt (a Level 2 fair value measurement). | |||||||||||||||||||||||||
We also utilize fair value measurements on a recurring basis in the accounting for our foreign currency forward sale derivative contracts. For these fair value measurements, we utilize the quoted value as determined by our counterparty financial institution (a Level 1 measurement). A summary of these fair value measurements as of December 31, 2013, is as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Total as of | Quoted Prices | Significant | Significant | ||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
or Liabilities | |||||||||||||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Asset for foreign currency derivative contracts | $ | 104 | $ | 104 | — | — | |||||||||||||||||||
Liability for foreign currency derivative contracts | (52 | ) | (52 | ) | — | — | |||||||||||||||||||
Total | $ | 52 | |||||||||||||||||||||||
During 2013 and 2012, our Offshore Services segment recorded total impairment charges of approximately $9.3 million and $8.4 million, respectively, primarily associated with the decision to sell a heavy lift derrick barge, the TETRA DB-1. Accordingly, the carrying value of this vessel was adjusted to estimated fair value less estimated cost to sell, and reclassified as Assets Held for Sale. The fair value is estimated based on current market prices being received for similar vessels, which is based on significant unobservable inputs (Level 3) in accordance with the fair value hierarchy. A summary of these nonrecurring fair value measurements as of December 31, 2013, using the fair value hierarchy is as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Total as of | Quoted Prices | Significant | Significant | Year-to-Date | |||||||||||||||||||||
in Active | Other | Unobservable | Impairment | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
or Liabilities | |||||||||||||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | Losses | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Offshore Services assets | $ | 3,000 | $ | — | $ | — | $ | 3,000 | $ | 9,285 | |||||||||||||||
Other | — | — | — | — | 293 | ||||||||||||||||||||
Total | $ | 3,000 | $ | 9,578 | |||||||||||||||||||||
A summary of these nonrecurring fair value measurements as of December 31, 2012, using the fair value hierarchy is as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Total as of | Quoted Prices | Significant | Significant | Year-to-Date | |||||||||||||||||||||
in Active | Other | Unobservable | Impairment | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
or Liabilities | |||||||||||||||||||||||||
Description | Dec 31, 2012 | (Level 1) | (Level 2) | (Level 3) | Losses | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Offshore Services assets | $ | 14,000 | $ | — | $ | — | $ | 14,000 | $ | 8,360 | |||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||||||||
In June 2011, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2011-05, “Comprehensive Income (Topic 220), Presentation of Comprehensive Income” (ASU 2011-05), with the stated objective of improving the comparability, consistency, and transparency of financial reporting and increasing the prominence of items reported in other comprehensive income. As part of ASU 2011-05, the FASB eliminated the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. The ASU 2011-05 amendments require that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The ASU 2011-05 amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and the amendments are applied retrospectively. In December 2011, with the issuance of ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05,” the FASB announced that it has deferred certain aspects of ASU 2011-05. In February 2013, the FASB issued ASU 2013-2, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” with the stated objective of improving the reporting of reclassifications out of accumulated other comprehensive income. The amendments in ASU 2013-2 are effective during interim and annual periods beginning after December 31, 2012. The adoption of ASU 2011-05, 2011-12 and 2013-2 regarding comprehensive income have not had a significant impact on the accounting or disclosures in our financial statements. | |||||||||||||||||||||||||
In December 2011, the FASB published ASU 2011-11, “Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11), which requires an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective of ASU 2011-11 is to make financial statements that are prepared under U.S. generally accepted accounting principles more comparable to those prepared under International Financial Reporting Standards. The new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB published ASU 2013-01, “Balance Sheet (Topic 210), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (ASU 2013-01), with the stated objective of clarifying the scope of offsetting disclosures and address any unintended consequences of ASU 2011-11. ASU 2011-11 and ASU 2013-01 are effective for interim and annual reporting period beginning after January 1, 2013 and will be applied on a retrospective basis. The adoption of ASU 2011-11 and ASU 2013-01 did not have a material impact on our financial condition, results of operations, or liquidity. | |||||||||||||||||||||||||
In July 2013, the FASB published ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" (ASU 2013-11). The amendments in this ASU provide guidance on presentation of unrecognized tax benefits and are expected to reduce diversity in practice and better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this ASU are effective prospectively for interim and annual periods beginning after December 15, 2013, with early adoption and retrospective application permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
Compressco_Partners_LP_Initial
Compressco Partners, L.P. Initial Public Offering | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Compressco Partners, L.P. Initial Public Offering | ' |
NOTE C — COMPRESSCO PARTNERS, L.P. INITIAL PUBLIC OFFERING | |
On June 20, 2011, our Compressco Partners subsidiary completed its initial public offering of 2,670,000 common units (representing a 17.3% limited partner interest) in exchange for $53.4 million of gross proceeds (the Offering). Following the issuance of an additional 400,500 units to us in July 2011 as a result of the expiration of an underwriters’ option to purchase additional common units, our ownership in Compressco Partners was increased to 83.2%, including common units, subordinated units, and a 2.0% general partner interest. In connection with the Offering, certain of our wholly owned subsidiaries, including Compressco Partners GP Inc. (the General Partner), contributed substantially all of our Compressco segment’s wellhead compression-based production enhancement service business, operations, and related assets and liabilities to Compressco Partners and its wholly owned subsidiaries. In exchange, including the additional units issued in July 2011, Compressco Partners issued to us 6,427,257 common units (representing a 40.6% limited partner interest), 6,273,970 subordinated units (representing a 39.6% limited partner interests), an aggregate 2.0% general partner interest, and incentive distribution rights. Also, certain directors, executive officers, and other employees of the General Partner were then issued 157,870 restricted units (representing a 1.0% limited partner interest) granted pursuant to a long-term incentive plan. The issuance of the 2,670,000 common units in the Offering at a $20 per unit Offering Price resulted in Compressco Partners receiving $53.4 million of gross proceeds, $32.2 million of which was distributed to us to repay an intercompany loan balance. Approximately $11.2 million of the Offering proceeds was used to satisfy Offering expenses, including underwriters’ discount and approximately $8.0 million that was paid to us by Compressco Partners to reimburse us for costs we incurred on their behalf. The contribution transactions described above represent transactions between entities under common control. Consequently, the contributed assets were recorded at our carrying value. | |
The contributions of the majority of the operations and related assets and liabilities of our Compressco segment were effected pursuant to the terms of a Contribution, Conveyance and Assumption Agreement (the Contribution Agreement). Compressco Partners is governed by the First Amended and Restated Agreement of Limited Partnership (the Partnership Agreement). The Partnership Agreement requires Compressco Partners to distribute all of its available cash, as defined in the Partnership Agreement, to the holders of the common units, subordinated units, 2.0% general partner interest, and incentive distribution rights in accordance with the terms of the Partnership Agreement. The Partnership Agreement also provides for the management of Compressco Partners by the General Partner. The reimbursement of direct and indirect costs incurred by us in providing personnel and services on behalf of Compressco Partners, as well as other transactions between us and Compressco Partners, is governed by the terms of an Omnibus Agreement between us and Compressco Partners. | |
Following the Offering, and the subsequent granting and vesting of director, officer, and employee equity awards, approximately 17.7% and 17.2% of Compressco Partners is owned by public unitholders as of December 31, 2013 and 2012, respectively, and reflected as a noncontrolling interest in our consolidated financial statements. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Notes to Financial Statements [Abstract] | ' | |||
Acquisitions and Dispositions | ' | |||
NOTE D – ACQUISITIONS AND DISPOSITIONS | ||||
Acquisition of Limited Liability Company Interest | ||||
On January 16, 2014, we finalized the purchase of the remaining 50% ownership interest of Ahmad Albinali & TETRA Arabia Company Ltd. (TETRA Arabia, a Saudi Arabian limited liability company) for consideration of $25.2 million. The closing of this transaction was pursuant to the terms of the Share Sale and Purchase Agreement entered into as of October 1, 2013, with the outside shareholder in TETRA Arabia. TETRA Arabia is a provider of production testing services, offshore rig cooling services, and clear brine fluids products and related services to its primary customer in Saudi Arabia. The acquisition of the remaining 50% interest of TETRA Arabia results in the Production Testing and Fluids segments owning a 100% interest in its Saudi Arabian operations, which it will operate directly through the TETRA Arabia entity. Prior to the transaction, our 50% ownership interest in TETRA Arabia was accounted for under the equity method of accounting, whereby our investment was classified as Other Assets in our consolidated balance sheets, and our share of company earnings was classified as Other Income in the consolidated statements of operations. Following the acquisition, TETRA Arabia will be consolidated as a wholly owned subsidiary. The $25.2 million purchase price for the 50% ownership interest includes $15.0 million that was paid at closing, and an additional $10.2 million that will be payable June 16, 2014. | ||||
As a result of the purchase of the remaining 50% ownership interest of TETRA Arabia, during the first quarter of 2014, we will remeasure to fair value our existing investment carrying value in TETRA Arabia and allocate this value to the consolidated balance sheet line items and record a remeasurement gain. Fair value measurements will also be used to record a charge to earnings associated with the termination of our existing relationship with the previous shareholder. As of March 3, 2014, a preliminary allocation of the fair value of the existing investment and the purchase price of the acquired interest in TETRA Arabia had yet to be calculated, but will be determined during the first quarter of 2014. Accordingly, disclosure of the allocation of the purchase price to the applicable TETRA Arabia balance sheet line items and the pro forma presentation reflecting the impact of the acquisition of the remaining interest will be presented in subsequent filings. | ||||
Acquisition of TD Water Transfer | ||||
On January 29, 2014, we acquired the assets and operations of WIT Water Transfer, LLC (doing business as TD Water Transfer) for a cash purchase price of $15.0 million paid at closing. In addition, additional contingent consideration of up to $8.0 million may be paid, depending on a defined measure of earnings over each of the two years subsequent to closing. TD Water Transfer is a provider of water management services to oil and gas operators in the South Texas and North Dakota regions, and the acquisition represented a strategic geographic expansion of our Fluids segment operations, allowing it to serve customers in additional basins in the U.S. As of March 3, 2014, a preliminary allocation of the TD Water Transfer purchase price had yet to be calculated, but will be determined during the first half of 2014. Accordingly, disclosure of the allocation of the purchase price to the applicable TD Water Transfer balance sheet line items and the pro forma presentation reflecting the impact of the TD Water Transfer acquisition will be presented in subsequent filings. | ||||
Acquisition of OPTIMA | ||||
On March 9, 2012, we acquired 100% of the outstanding common stock of Optima Solutions Holdings Limited (OPTIMA), a provider of offshore oil and gas rig cooling services and associated products that suppress heat generated by high-rate flaring of hydrocarbons during offshore oil and gas well test operations. The acquisition of OPTIMA, which is based in Aberdeen, Scotland, enables our Production Testing segment to provide its customers with a broader range of associated services and expands the segment’s presence in many significant global markets. Including the impact of additional working capital received and other adjustments to the purchase price, we paid 41.2 million pounds sterling (approximately $65.0 million equivalent at the time of closing) in cash as the purchase price for the OPTIMA stock at closing and may pay up to an additional 4 million pounds sterling in contingent consideration, depending on a defined measure of earnings for OPTIMA over each of the two years subsequent to the closing. | ||||
We allocated the purchase price to the fair value of the assets and liabilities acquired, which consisted of approximately $3.0 million of net working capital; $16.8 million of property, plant, and equipment; $20.4 million of certain intangible assets; $7.2 million of deferred and other tax liabilities; $3.5 million of other liabilities associated with the contingent consideration; and $35.6 million of nondeductible goodwill. The fair value of the obligation to pay the contingent consideration was calculated based on the anticipated earnings for OPTIMA over each of the two twelve month periods subsequent to the closing and could increase (up to 4 million pounds sterling) or decrease (to zero) depending on OPTIMA’s actual and expected earnings going forward. Increases or decreases in the value of the anticipated contingent consideration liability due to changes in the amounts paid or expected to be paid will be charged or credited to earnings in the period in which such changes occur. Subsequent to the acquisition, the liability associated with the contingent consideration was adjusted downward by approximately $2.4 million (approximately $1.2 million of which was adjusted during the year ended December 31, 2013), and this amount was credited to earnings. The $35.6 million of goodwill recorded to our Production Testing segment as a result of the OPTIMA acquisition is supported by the expected strategic benefits discussed above to be generated from the acquisition. For the year ended December 31, 2012, our revenues, depreciation and amortization, and income before taxes included $20.2 million, $3.1 million, and $2.5 million, respectively, associated with the acquired operations of OPTIMA after the closing in March 2012. In addition to the above impact on our results of operations, transaction costs associated with the acquisition of OPTIMA of approximately $1.3 million were also charged to general and administrative expense during the year ended December 31, 2012. | ||||
Acquisition of ERS | ||||
On April 23, 2012, we acquired the assets and operations of Eastern Reservoir Services (ERS), a division of Patterson-UTI Energy, Inc., for a cash purchase price of $42.5 million. ERS was a provider of production testing and after-frac flow back services to oil and gas operators in the Appalachian and U.S. Rocky Mountain regions, and the acquisition represented a strategic geographic expansion of our existing Production Testing segment operations, allowing it to serve customers in additional basins in the U.S. | ||||
We allocated the purchase price to the fair value of the assets acquired, which consisted of approximately $18.5 million of property, plant, and equipment, approximately $3.4 million of certain intangible assets, and approximately $20.6 million of nondeductible goodwill. The $20.6 million of goodwill recorded to our Production Testing segment as a result of the ERS acquisition is supported by the strategic benefits discussed above to be generated from the acquisition. For the year ended December 31, 2012, our revenues, depreciation and amortization, and income before taxes included $24.6 million, $3.0 million, and $5.4 million, respectively, associated with the acquired operations of ERS after the closing in April 2012. In addition to the above impact on our results of operations, transaction costs associated with the ERS acquisition of approximately $0.5 million were also charged to general and administrative expense during the year ended December 31, 2012. | ||||
Acquisition of Greywolf | ||||
On July 31, 2012, we acquired the assets and operations of Greywolf Production Systems Inc. and GPS Ltd. (together, Greywolf) for a cash purchase price of approximately $55.5 million. Greywolf was a provider of production testing and after-frac flow back services to oil and gas operators in western Canada and the U.S. Williston Basin (including the Bakken formation) and the Niobrara Shale formation of the U.S. Rocky Mountain region. This acquisition represented an additional strategic geographic expansion of our existing Production Testing segment operations. | ||||
We allocated the purchase price to the fair value of the assets acquired, which consisted of approximately $17.7 million of property, plant, and equipment, approximately $3.5 million of certain intangible assets, and approximately $34.3 million of nondeductible goodwill. The $34.3 million of goodwill recorded to our Production Testing segment as a result of the Greywolf acquisition is supported by the strategic benefits discussed above to be generated from the acquisition. For the year ended December 31, 2012, our revenues, depreciation and amortization, and income before taxes included $17.3 million, $1.0 million, and $1.1 million, respectively, associated with the acquired operations of Greywolf after the closing in July 2012. In addition to the above impact on our results of operations, transaction costs associated with the Greywolf acquisition of approximately $1.0 million were also charged to general and administrative expense during the year ended December 31, 2012. | ||||
Pro Forma Financial Information (Unaudited) | ||||
The pro forma information presented below has been prepared to give effect to the acquisitions of OPTIMA, ERS, and Greywolf as if they had occurred at the beginning of the period presented and include the impact from the allocation of the purchase price on depreciation and amortization. This pro forma information does not include the impact of the January 2014 acquisitions of TD Water Transfer or the limited liability company interest of TETRA Arabia, as the initial allocation of the purchase price for these acquisitions has yet to be calculated. The aggregate pro forma impact of the sale of equipment and oil and gas producing properties described below is not material and is not included in the following pro forma information. The pro forma information is presented for illustrative purposes only and is based on estimates and assumptions we deemed appropriate. The following pro forma information is not necessarily indicative of the historical results that would have been achieved if the acquisition transactions had occurred in the past, and our operating results may have been different from those reflected in the pro forma information below. Therefore, the pro forma information should not be relied upon as an indication of the operating results that we would have achieved if the transactions had occurred at the beginning of the periods presented or the future results that we will achieve after the acquisitions. | ||||
Year Ended | ||||
31-Dec-12 | ||||
(In Thousands) | ||||
Revenues | $ | 924,795 | ||
Depreciation, depletion, amortization, and accretion | $ | 78,826 | ||
Gross profit | $ | 179,143 | ||
Income before discontinued operations | $ | 25,858 | ||
Net income | $ | 25,861 | ||
Net income attributable to TETRA stockholders | $ | 23,064 | ||
Per share information: | ||||
Income before discontinued operations attributable to TETRA stockholders | ||||
Basic | $ | 0.3 | ||
Diluted | $ | 0.29 | ||
Net income attributable to TETRA stockholders | ||||
Basic | $ | 0.3 | ||
Diluted | $ | 0.29 | ||
Other Acquisitions | ||||
On July 20, 2011, we purchased a new heavy lift derrick barge (which we have named the TETRA Hedron) with a 1,600-metric-ton lift capacity, fully revolving crane. The vessel was purchased from Wison (Nantong) Heavy Industry Co., Ltd. and Nantong MLC Tongbao Shipbuilding Co., Ltd. for $62.8 million. Approximately $20.8 million of the purchase price was initially held in certain escrow accounts, and the remaining escrow amount is to be released in accordance with the terms of the escrow agreements. The amount of remaining cash in escrow will be included in restricted cash on our consolidated balance sheet until the final release of escrow cash on April 30, 2014. The vessel was transported to the Gulf of Mexico during the third quarter and was placed into service during the fourth quarter of 2011 following final outfitting and sea trials. | ||||
In March 2011, we acquired a project management and engineering consulting services business that provides liability and risk assessment services for domestic and international offshore well abandonment and decommissioning projects. The purchase price for this acquisition was $1.5 million, and the assets acquired consist primarily of intangible assets. | ||||
Sale of Equipment | ||||
During 2012, our Offshore Services segment sold certain wireline and abandonment equipment for cash of approximately $10.7 million. As a result of these sales, we recognized gains on disposal of approximately $6.8 million, which is included in gain on sale of assets. | ||||
Sale of Maritech Producing Properties | ||||
In late 2010, we began to decrease our investment in Maritech by suspending oil and gas property acquisitions, decreasing our development activities, exploring strategic alternatives to our ownership of Maritech and its oil and gas properties, and reviewing opportunities to sell Maritech oil and gas property packages. As part of this overall effort, in February and March 2011, Maritech sold certain properties, along with the associated decommissioning liabilities. As part of these transactions, Maritech paid an aggregate of approximately $2.8 million at closing after normal purchase price adjustments. These sold properties, in the aggregate, accounted for approximately 12% of Maritech’s proved reserves as of December 31, 2010. | ||||
On May 31, 2011, Maritech completed the sale of approximately 79% of its proved oil and gas reserves as of December 31, 2010, to Tana Exploration Company LLC (Tana), a subsidiary of TRT Holdings, Inc. (TRT), pursuant to a Purchase and Sale Agreement dated April 1, 2011. The sale was made to Tana for a base purchase price of $222.3 million. At the closing of the sale, Tana assumed approximately $72.7 million of associated asset retirement obligations, and Maritech received $173.3 million cash at closing, representing the base purchase price less $11.1 million that consisted of a deposit that was paid in April 2011 and purchase price adjustments, including those adjustments reflecting cash flows subsequent to the January 1, 2011, effective date. The proceeds were subject to additional post-closing adjustments. As a result of the sale, we recorded a consolidated gain on sale of assets of $56.8 million. Due to Maritech’s continuing efforts to sell its remaining oil and gas properties, such properties were reclassified to Assets Held for Sale, and their net book values have been adjusted to fair value, less cost to dispose. In connection with the sale of Maritech oil and gas producing properties, during the second quarter of 2011, we charged to general and administrative expenses approximately $2.7 million of employee retention and incentive benefits paid in connection with these sales. | ||||
In August 2011, Maritech sold an additional remaining oil and gas property in exchange for the purchaser assuming the associated decommissioning liability. The sold property represents approximately 3% of Maritech’s December 31, 2010, oil and gas reserves. | ||||
In March 2012, Maritech sold its interest in certain onshore oil and gas producing properties for cash consideration of approximately $4.4 million. Following this transaction, Maritech’s remaining oil and gas reserves and production are negligible, and its operations consist primarily of the remaining well abandonment and decommissioning of its offshore oil and gas platforms and facilities. |
Leases
Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||
Leases | ' | ||||||||
NOTE E — LEASES | |||||||||
We lease some of our transportation equipment, office space, warehouse space, operating locations, and machinery and equipment. Certain facility storage tanks being constructed are leased pursuant to a ten year term, which is classified as a capital lease. Capitalized costs pursuant to a capital lease are depreciated over the term of the lease. The office, warehouse, and operating location leases, which vary from one to twenty-five year terms that expire at various dates through 2027 and are generally renewable for three and five year periods on similar terms, are classified as operating leases. Transportation equipment leases expire at various dates through 2020 and are also classified as operating leases. The office, warehouse, and operating location leases, and machinery and equipment leases generally require us to pay all maintenance and insurance costs. | |||||||||
Our corporate headquarters facility located in The Woodlands, Texas, was sold on December 31, 2012, pursuant to a sale and leaseback transaction. Pursuant to the transaction, we sold the building, parking garage, and land to an unaffiliated third party for a sale price of $43.8 million, before transaction costs and other deductions. As a condition to the consummation of the purchase and sale of the facility, the parties entered into a lease agreement for the facility having an initial lease term of 15 years, which is classified as an operating lease. Under the terms of the lease agreement, we have the ability to extend the lease for five successive five year periods at base rental rates to be determined at the time of each extension. The lease is on a net basis and the aggregate base rental payable during the initial fifteen year terms is approximately $52.9 million. We are also responsible for the payment of all related taxes, utilities, insurance, and certain maintenance and improvement costs. Pursuant to sale and leaseback accounting, the approximately $8.3 million gain on the sale of the facility has been deferred and will be recognized over the initial lease term. | |||||||||
Future minimum lease payments by year and in the aggregate, under non-cancelable capital and operating leases with terms of one year or more, and including the headquarters facility lease discussed above, consist of the following at December 31, 2013: | |||||||||
Capital Lease | Operating Leases | ||||||||
(In Thousands) | |||||||||
2014 | $ | 76 | $ | 12,537 | |||||
2015 | 76 | 8,613 | |||||||
2016 | 76 | 6,157 | |||||||
2017 | 76 | 5,335 | |||||||
2018 | 76 | 4,936 | |||||||
After 2018 | 76 | 36,805 | |||||||
Total minimum lease payments | $ | 456 | $ | 74,383 | |||||
Rental expense for all operating leases was $37.7 million, $23.9 million, and $18.5 million in 2013, 2012, and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
NOTE F — INCOME TAXES | |||||||||||||
The income tax provision (benefit) attributable to continuing operations for the years ended December 31, 2013, 2012, and 2011, consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Current | |||||||||||||
Federal | $ | 530 | $ | 1,362 | $ | (1,661 | ) | ||||||
State | (225 | ) | 683 | 1,294 | |||||||||
Foreign | 6,065 | 9,396 | 6,875 | ||||||||||
6,370 | 11,441 | 6,508 | |||||||||||
Deferred | |||||||||||||
Federal | (6,685 | ) | (361 | ) | (7,053 | ) | |||||||
State | (1,121 | ) | (495 | ) | (2,258 | ) | |||||||
Foreign | (2,018 | ) | (1,156 | ) | 3,554 | ||||||||
(9,824 | ) | (2,012 | ) | (5,757 | ) | ||||||||
Total tax provision (benefit) | $ | (3,454 | ) | $ | 9,429 | $ | 751 | ||||||
A reconciliation of the provision (benefit) for income taxes attributable to continuing operations, computed by applying the federal statutory rate for the years ended December 31, 2013, 2012, and 2011, to income before income taxes and the reported income taxes, is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Income tax provision (benefit) computed at statutory federal income tax rates | $ | (45 | ) | $ | 9,864 | $ | 2,182 | ||||||
State income taxes (net of federal benefit) | (875 | ) | 122 | (627 | ) | ||||||||
Nondeductible meals and entertainment | 1,382 | 1,460 | 1,046 | ||||||||||
Impact of international operations | (3,538 | ) | (2,377 | ) | (1,229 | ) | |||||||
Other | (378 | ) | 360 | (621 | ) | ||||||||
Total tax provision (benefit) | $ | (3,454 | ) | $ | 9,429 | $ | 751 | ||||||
The provision (benefit) for income taxes includes amounts related to the anticipated repatriation of certain earnings of our non-U.S. subsidiaries. Undistributed earnings above the amounts upon which taxes have been provided, which was $48.9 million at December 31, 2013, are intended to be permanently invested. It is not practicable to determine the amount of applicable taxes that would be incurred if any such earnings were repatriated. | |||||||||||||
Income (loss) before taxes and discontinued operations includes the following components: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Domestic | $ | (14,322 | ) | $ | 2,206 | $ | (9,167 | ) | |||||
International | 14,194 | 25,977 | 15,400 | ||||||||||
Total | $ | (128 | ) | $ | 28,183 | $ | 6,233 | ||||||
A reconciliation of the beginning and ending amount of our gross unrecognized tax benefit liability is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Gross unrecognized tax benefits at beginning of period | $ | 2,327 | $ | 1,552 | $ | 1,849 | |||||||
Additions related to acquisitions | — | 742 | — | ||||||||||
Increases in tax positions for prior years | — | — | — | ||||||||||
Decreases in tax positions for prior years | (118 | ) | — | — | |||||||||
Increases in tax positions for current year | 202 | 313 | — | ||||||||||
Settlements | — | — | — | ||||||||||
Lapse in statute of limitations | (393 | ) | (280 | ) | (297 | ) | |||||||
Gross unrecognized tax benefits at end of period | $ | 2,018 | $ | 2,327 | $ | 1,552 | |||||||
We recognize interest and penalties related to uncertain tax positions in income tax expense. During the years ended December 31, 2013, 2012, and 2011, we recognized $(0.2) million, $0.3 million, and $0.3 million, respectively, of interest and penalties to the provision for income tax. As of December 31, 2013 and 2012, we had $2.1 million and $2.3 million, respectively, of accrued potential interest and penalties associated with these uncertain tax positions. The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized is $2.1 million and $2.6 million as of December 31, 2013 and 2012, respectively. We do not expect a significant change to the unrecognized tax benefits during the next twelve months. | |||||||||||||
We file tax returns in the U.S. and in various state, local, and non-U.S. jurisdictions. The following table summarizes the earliest tax years that remain subject to examination by taxing authorities in any major jurisdiction in which we operate: | |||||||||||||
Jurisdiction | Earliest Open Tax Period | ||||||||||||
United States – Federal | 2010 | ||||||||||||
United States – State and Local | 2002 | ||||||||||||
Non-U.S. jurisdictions | 2007 | ||||||||||||
We use the liability method for reporting income taxes, under which current and deferred tax assets and liabilities are recorded in accordance with enacted tax laws and rates. Under this method, at the end of each period, the amounts of deferred tax assets and liabilities are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. We will establish a valuation allowance to reduce the deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. While we have considered future taxable income and ongoing tax planning strategies in assessing the need for the valuation allowance, there can be no guarantee that we will be able to realize all of our deferred tax assets. Significant components of our deferred tax assets and liabilities as of December 31, 2013 and 2012, are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Net operating losses | $ | 51,130 | $ | 20,888 | |||||||||
Foreign tax credits and alternative minimum tax credits | 10,233 | 6,976 | |||||||||||
Accruals | 30,057 | 46,259 | |||||||||||
All other | 2,856 | 2,130 | |||||||||||
Total deferred tax assets | 94,276 | 76,253 | |||||||||||
Valuation allowance | (3,747 | ) | (4,048 | ) | |||||||||
Net deferred tax assets | $ | 90,529 | $ | 72,205 | |||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Excess book over tax basis in property, plant, and equipment | $ | 85,035 | $ | 78,614 | |||||||||
All other | 8,414 | 7,506 | |||||||||||
Total deferred tax liability | 93,449 | 86,120 | |||||||||||
Net deferred tax liability | $ | 2,920 | $ | 13,915 | |||||||||
The change in the valuation allowance during 2013 primarily relates to the utilization and expiration of certain state net operating losses that were previously fully valued. The increase (decrease) in the valuation allowance during the years ended December 31, 2013, 2012, and 2011 were ($0.3) million, ($0.7) million, and ($2.4) million, respectively. We believe the ability to generate sufficient taxable income may not allow us to realize all the tax benefits of the deferred tax assets within the allowable carryforward period. Therefore, an appropriate valuation allowance has been provided. | |||||||||||||
At December 31, 2013, we had approximately $242.3 million of federal, foreign and state net operating loss carryforwards. In those countries and states in which net operating losses are subject to an expiration period, our loss carryforwards, if not utilized, will expire at various dates from 2014 through 2033. At December 31, 2013, we had $9.4 million of foreign tax credits available to offset future payment of federal income taxes. The foreign tax credits expire in varying amounts from 2020 through 2023. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
NOTE G — ACCRUED LIABILITIES | |||||||||
Accrued liabilities are detailed as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Compensation and employee benefits | $ | 15,221 | $ | 15,248 | |||||
Accrued interest | 2,473 | 2,740 | |||||||
Accrued capital expenditures | 11,496 | 8,130 | |||||||
Deferred tax liability | 2,177 | 2,388 | |||||||
Other accrued liabilities | 33,650 | 44,748 | |||||||
Total accrued liabilities | $ | 65,017 | $ | 73,254 | |||||
LongTerm_Debt_and_Other_Borrow
Long-Term Debt and Other Borrowings | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||
Long-Term Debt and Other Borrowings | ' | ||||||||||
NOTE H – LONG-TERM DEBT AND OTHER BORROWINGS | |||||||||||
Long-term debt consists of the following: | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
(In Thousands) | |||||||||||
Scheduled Maturity | |||||||||||
Bank revolving line of credit facility | October 29, 2015 | $ | 52,768 | $ | 51,218 | ||||||
Compressco Partners' bank credit facility | October 15, 2017 | 29,959 | 10,050 | ||||||||
5.90% Senior Notes, Series 2006-A | April 30, 2016 | 90,000 | 90,000 | ||||||||
6.30% Senior Notes, Series 2008-A | April 30, 2013 | — | 35,000 | ||||||||
6.56% Senior Notes, Series 2008-B | April 30, 2015 | 90,000 | 90,000 | ||||||||
5.09% Senior Notes, Series 2010-A | December 15, 2017 | 65,000 | 65,000 | ||||||||
5.67% Senior Notes, Series 2010-B | December 15, 2020 | 25,000 | 25,000 | ||||||||
4.0% Senior Notes, Series 2013 | April 29, 2020 | 35,000 | — | ||||||||
European bank credit facility | — | — | |||||||||
Other | 89 | 441 | |||||||||
Total debt | 387,816 | 366,709 | |||||||||
Less current portion | (89 | ) | (35,441 | ) | |||||||
Total long-term debt | $ | 387,727 | $ | 331,268 | |||||||
Scheduled maturities for the next five years and thereafter are as follows: | |||||||||||
Year Ending December 31, | |||||||||||
(In Thousands) | |||||||||||
2014 | $ | 89 | |||||||||
2015 | 172,727 | ||||||||||
2016 | 90,000 | ||||||||||
2017 | 65,000 | ||||||||||
2018 | — | ||||||||||
Thereafter | 60,000 | ||||||||||
Total maturities | $ | 387,816 | |||||||||
Bank Credit Facilities | |||||||||||
Our Bank Credit Facility | |||||||||||
On October 29, 2010, we amended our existing bank revolving credit facility agreement with a syndicate of banks, whereby the credit facility was decreased from $300 million to $278 million and its scheduled maturity was extended from June 2011 to October 2015. In addition, the amended credit facility agreement (the Credit Agreement) allows us to increase the facility by $150 million up to a $428 million limit upon the agreement of the lenders and the satisfaction of certain conditions. As of December 31, 2013, we had a balance of approximately $52.8 million outstanding on the amended revolving credit facility, as well as $9.5 million in letters of credit and guarantees against the $278 million availability under the amended revolving credit facility, leaving a net availability of approximately $215.7 million. | |||||||||||
Under the Credit Agreement, which matures on October 29, 2015, the revolving credit facility is unsecured and guaranteed by certain of our material U.S. subsidiaries (excluding Compressco). Borrowings generally bear interest at the British Bankers Association LIBOR rate plus 1.5% to 2.5%, depending on one of our financial ratios. The weighted average interest rate on borrowings outstanding as of December 31, 2013, was 2.4% per annum. We pay a commitment fee ranging from 0.225% to 0.500% on unused portions of the facility. The Credit Agreement contains customary covenants and other restrictions, including certain financial ratio covenants based on our levels of debt and interest cost compared to a defined measure of our operating cash flows over a twelve month period. In addition, the Credit Agreement includes limitations on aggregate asset sales, individual acquisitions, aggregate annual acquisitions, and capital expenditures. Access to our revolving credit line is dependent upon our compliance with the financial ratio covenants set forth in the Credit Agreement, as discussed above. Significant deterioration of the financial ratios could result in a default under the Credit Agreement and, if not remedied, could result in termination of the Credit Agreement and acceleration of any outstanding balances. In June 2011, associated with the contribution of the majority of the operations and related assets and liabilities of our Compressco segment into Compressco Partners, Compressco Partners was designated as an unrestricted subsidiary and is no longer a borrower or a guarantor under our bank credit facility. | |||||||||||
The Credit Agreement includes cross-default provisions relating to any other indebtedness greater than a defined amount. If any such indebtedness is not paid or is accelerated and such event is not remedied in a timely manner, a default will occur under the Credit Agreement. Our Credit Agreement also contains a covenant that restricts us from paying dividends in the event of a default or if such payment would result in an event of default. We are in compliance with all covenants and conditions of our Credit Agreement as of December 31, 2013. Our continuing ability to comply with these financial covenants depends largely upon our ability to generate adequate cash flow. Historically, our financial performance has been more than adequate to meet these covenants, and we expect this trend to continue. | |||||||||||
Our European Credit Agreement | |||||||||||
We also have a bank line of credit agreement covering the day to day working capital needs of certain of our European operations (the European Credit Agreement). The European Credit Agreement provides borrowing capacity of up to 5 million euros (approximately $6.9 million equivalent as of December 31, 2013), with interest computed on any outstanding borrowings at a rate equal to the lender’s Basis Rate plus 0.75%. The European Credit Agreement is cancellable by either party with 14 business days notice and contains standard provisions in the event of default. As of December 31, 2013, we had no borrowings pursuant to the European Credit Agreement. | |||||||||||
Compressco Partners’ Bank Credit Facility | |||||||||||
On June 24, 2011, Compressco Partners entered into a credit agreement with JPMorgan Chase Bank, N.A., which was amended on December 4, 2012, and May 14, 2013 (as amended, the Previous Partnership Credit Agreement), whereby, among other modifications, the maximum credit commitment under the credit facility was increased from $20.0 million to $40.0 million. Under the Previous Partnership Credit Agreement, Compressco Partners, along with certain of its subsidiaries, were named as borrowers, and all obligations under the Previous Partnership Credit Agreement were guaranteed by all of its existing and future, direct and indirect, domestic subsidiaries. The Previous Partnership Credit Agreement included a maximum credit commitment of $40.0 million and was available for letters of credit (with a sublimit of $5.0 million) and included an uncommitted $20.0 million expansion feature. The Previous Partnership Credit Agreement was available to be used to fund Compressco Partners' working capital needs, letters of credit, and for general partnership purposes, including capital expenditures and potential future acquisitions. So long as Compressco Partners was not in default, the Previous Partnership Credit Agreement could also be used to fund quarterly distributions. Borrowings under the Previous Partnership Credit Agreement were subject to the satisfaction of customary conditions, including the absence of a default. The maturity date of the Previous Partnership Credit Agreement was June 24, 2015. Borrowings under the Previous Partnership Credit Agreement bore interest at a rate equal to three month British Bankers Association LIBOR (adjusted to reflect any required bank reserves) plus a margin of 2.25% per annum. | |||||||||||
On October 15, 2013, Compressco Partners entered into a new asset-based revolving credit agreement with a syndicate of lenders including JPMorgan Chase Bank, N.A. as administrative agent (the New Partnership Credit Agreement), which replaced the Previous Partnership Credit Agreement. Under the New Partnership Credit Agreement, Compressco Partners, along with certain of its subsidiaries, are named as borrowers, and all obligations under the New Partnership Credit Agreement are guaranteed by all of its existing and future, direct and indirect, domestic subsidiaries. The New Partnership Credit Agreement includes a maximum credit commitment of $100.0 million that is available for letters of credit (with a sublimit of $20.0 million), and includes an uncommitted $30.0 million expansion feature. The actual maximum credit availability under the New Partnership Credit Agreement varies from time to time and is determined by calculating the applicable borrowing base, which is based upon applicable percentages of the values of eligible accounts receivable, inventory, and equipment, minus reserves as determined necessary by the Administrative Agent. As of December 31, 2013, Compressco Partners had a balance outstanding under the New Partnership Credit Agreement of $30.0 million and had availability under the New Partnership Credit Agreement of $37.0 million, based upon a $67.4 million borrowing base and the $30 million outstanding balance. | |||||||||||
The New Partnership Credit Agreement may be used to fund Compressco Partners' working capital needs, letters of credit, and for general partnership purposes, including the repayment of the indebtedness under the Previous Partnership Credit Agreement, capital expenditures, and potential future expansions or acquisitions. So long as Compressco Partners is not in default, the New Partnership Credit Agreement could also be used to fund its quarterly distributions at the option of the board of directors of its general partner (provided, that after giving effect to such distributions, Compressco Partners will be in compliance with the financial covenants). The initial borrowings under the New Partnership Credit Agreement were used to repay in full all amounts outstanding under the Previous Partnership Credit Agreement. Borrowings under the New Partnership Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default. The maturity date of the New Partnership Credit Agreement is October 15, 2017. | |||||||||||
Borrowings under the New Partnership Credit Agreement bear interest at a rate per annum equal to, at Compressco Partners' option, either (a) LIBOR (adjusted to reflect any required bank reserves) for an interest period equal to one, two, three or six months (as selected by us), plus a margin of 2.25% per annum or (b) a base rate determined by reference to the highest of (1) the prime rate of interest per annum announced from time to time by JPMorgan Chase Bank, N.A. or (2) LIBOR (adjusted to reflect any required bank reserves) for a one-month interest period on such day plus 2.50% per annum. The weighted average interest rate on borrowings outstanding as of December 31, 2013, was 2.5625% per annum. In addition to paying interest on outstanding principal under the New Partnership Credit Agreement, Compressco Partners is required to pay a commitment fee, in respect of the unutilized commitments thereunder, of 0.375% per annum, paid quarterly in arrears. Compressco Partners is also required to pay a customary letter of credit fee equal to the applicable margin on revolving credit LIBOR loans and fronting fees. | |||||||||||
The New Partnership Credit Agreement requires Compressco Partners to maintain a minimum interest coverage ratio (ratio of earnings before interest and taxes to interest) of 4.0 to 1.0 as of the last day of any fiscal quarter, calculated on a trailing four quarters basis. In addition, the New Partnership Credit Agreement includes customary negative covenants, which, among other things, limits Compressco Partners' ability to incur additional debt, incur or permit certain liens to exist, or make certain loans, investments, acquisitions, or other restricted payments. The New Partnership Credit Agreement provides that Compressco Partners can make distributions to holders of its common and subordinated units, but only if there is no default or event of default under the facility. | |||||||||||
All obligations under the New Partnership Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a first lien security interest in substantially all of Compressco Partners' assets (excluding real property) and its existing and future, direct and indirect domestic subsidiaries, and all of the capital stock of its existing and future, direct and indirect subsidiaries (limited, in the case of foreign subsidiaries, to 65% of the capital stock of first tier foreign subsidiaries). | |||||||||||
Senior Notes | |||||||||||
Each of our issuances of senior notes (collectively, the Senior Notes) are governed by the terms of the Master Note Purchase Agreement dated September 2004, as supplemented, the Note Purchase Agreements dated April 2008 and April 2013, or the Master Note Purchase Agreement dated September 23, 2010, (collectively, the Note Purchase Agreements). We may prepay the Senior Notes, in whole or in part, at any time at a price equal to 100% of the principal amount outstanding, plus accrued and unpaid interest and a “make-whole” prepayment premium. The Senior Notes are unsecured and are guaranteed by substantially all of our wholly owned U.S. subsidiaries. The Note Purchase Agreements, as supplemented, contain customary covenants and restrictions, require us to maintain certain financial ratios, and contain customary default provisions, as well as a cross-default provision relating to any other of our indebtedness of $20.0 million or more. We are in compliance with all covenants and conditions of the Note Purchase Agreements as of December 31, 2013. Upon the occurrence and during the continuation of an event of default under the Note Purchase Agreements, the Senior Notes may become immediately due and payable, either automatically or by declaration of holders of more than 50% in principal amount of the Senior Notes outstanding at the time. | |||||||||||
In April 2013, we issued $35.0 million in aggregate principal amount of Series 2013 Senior Notes pursuant to a Note Purchase Agreement dated April 29, 2013. On April 30, 2013, we utilized the proceeds from the issuance to repay the 2008-A Senior Notes. The Series 2013 Senior Notes bear interest at the fixed rate of 4.00% and mature on April 29, 2020. Interest on the Series 2013 Senior Notes is due semiannually on April 29 and October 29 of each year. The Senior Notes were sold in the United States to accredited investors pursuant to an exemption from the Securities Act of 2033. |
Decommissioning_and_Other_Asse
Decommissioning and Other Asset Retirement Obligations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||
Decommissioning and Other Asset Retirement Obligations | ' | ||||||||
NOTE I – DECOMMISSIONING AND OTHER ASSET RETIREMENT OBLIGATIONS | |||||||||
The large majority of our asset retirement obligations consists of the remaining future well abandonment and decommissioning costs for offshore oil and gas properties and platforms owned by our Maritech subsidiary, including the decommissioning and debris removal costs associated with its remaining offshore platforms previously destroyed by hurricanes. The amount of decommissioning liabilities recorded by Maritech is reduced by amounts allocable to joint interest owners and any contractual amounts to be paid by the previous owners of the oil and gas properties when the liabilities are satisfied. We also operate facilities in various U.S. and foreign locations that are used in the manufacture, storage, and sale of our products, inventories, and equipment. These facilities are a combination of owned and leased assets. The value of our asset retirement obligations for non-Maritech properties was approximately $7.6 million and $7.5 million as of December 31, 2013 and 2012, respectively. We are required to take certain actions in connection with the retirement of these assets. We have reviewed our obligations in this regard in detail and estimated the cost of these actions. These estimates are the fair values that have been recorded for retiring these long-lived assets. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The costs for non-oil and gas assets are depreciated on a straight-line basis over the life of the asset. | |||||||||
The changes in the asset retirement obligations during the most recent two year period are as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Beginning balance for the period, as reported | $ | 94,921 | $ | 139,835 | |||||
Activity in the period: | |||||||||
Accretion of liability | 673 | 1,536 | |||||||
Retirement obligations incurred | — | — | |||||||
Revisions in estimated cash flows | 74,946 | 40,986 | |||||||
Settlement of retirement obligations | (119,636 | ) | (87,436 | ) | |||||
Ending balance | $ | 50,904 | $ | 94,921 | |||||
We review the adequacy of our decommissioning liabilities whenever indicators suggest that the estimated cash flows underlying the liabilities have changed. For our Maritech segment, the timing and amounts of these cash flows are subject to changes in the energy industry environment and other factors and may result in additional liabilities to be recorded. During 2013 and 2012, we increased the estimated cash flows to decommission these properties by approximately $75.0 million and $41.0 million, respectively, which resulted in approximately $75.3 million and $40.8 million, respectively, of direct charges to expense during these years. These increased estimates are included in the revisions in estimated cash flows in the table above. A portion of the excess decommissioning costs recorded during 2013 and 2012 was associated with properties not operated by Maritech and also include additional work incurred and anticipated to be required, including remediation work required on certain wells that had been previously plugged. | |||||||||
Our estimate of remaining hurricane related decommissioning costs is approximately $7.7 million and has been accrued as part of Maritech’s decommissioning liabilities. Settlements of asset retirement obligations during 2013 include approximately $5.3 million of obligations associated with oil and gas properties that were sold by Maritech during the year. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE J – COMMITMENTS AND CONTINGENCIES | |
Litigation | |
We are named defendants in several lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity. | |
Environmental | |
One of our subsidiaries, TETRA Micronutrients, Inc. (TMI), previously owned and operated a production facility located in Fairbury, Nebraska. TMI is subject to an Administrative Order on Consent issued to American Microtrace, Inc. (n/k/a/ TETRA Micronutrients, Inc.) in the proceeding styled In the Matter of American Microtrace Corporation, EPA I.D. No. NED00610550, Respondent, Docket No. VII-98-H-0016, dated September 25, 1998 (the Consent Order), with regard to the Fairbury facility. TMI is liable for future remediation costs and ongoing environmental monitoring at the Fairbury facility under the Consent Order; however, the current owner of the Fairbury facility is responsible for costs associated with the closure of that facility. | |
Product Purchase Obligations | |
In the normal course of our Fluids Division operations, we enter into supply agreements with certain manufacturers of various raw materials and finished products. Some of these agreements have terms and conditions that specify a minimum or maximum level of purchases over the term of the agreement. Other agreements require us to purchase the entire output of the raw material or finished product produced by the manufacturer. Our purchase obligations under these agreements apply only with regard to raw materials and finished products that meet specifications set forth in the agreements. We recognize a liability for the purchase of such products at the time we receive them. As of December 31, 2013, the aggregate amount of the fixed and determinable portion of the purchase obligation pursuant to our Fluids Division’s supply agreements was approximately $205.9 million, including $14.3 million during 2014, $14.3 million during 2015, $14.3 million during 2016, $14.3 million during 2017, $12.4 million during 2018, and $136.4 million thereafter, extending through 2029. Amounts purchased under these agreements for each of the years ended December 31, 2013, 2012, and 2011, was $21.3 million, $17.7 million, and $15.3 million, respectively. |
Capital_Stock
Capital Stock | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||
Capital Stock | ' | |||||||||
NOTE K — CAPITAL STOCK | ||||||||||
Our Restated Certificate of Incorporation authorizes us to issue 100,000,000 shares of common stock, par value $.01 per share, and 5,000,000 shares of preferred stock, par value $.01 per share. As of December 31, 2013, we had 78,855,547 shares of common stock outstanding, with 2,478,084 shares held in treasury, and no shares of preferred stock outstanding. The voting, dividend, and liquidation rights of the holders of common stock are subject to the rights of the holders of preferred stock. The holders of common stock are entitled to one vote for each share held. There is no cumulative voting. Dividends may be declared and paid on common stock as determined by our Board of Directors, subject to any preferential dividend rights of any then outstanding preferred stock. A summary of the activity of our common shares outstanding and treasury shares held for the three year period ending December 31, 2013, is as follows: | ||||||||||
Common Shares Outstanding | Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | ||||||||
At beginning of period | 78,112,032 | 77,423,415 | 76,291,745 | |||||||
Exercise of common stock options, net | 373,106 | 580,097 | 858,727 | |||||||
Grants of restricted stock, net | 370,409 | 108,520 | 272,943 | |||||||
At end of period | 78,855,547 | 78,112,032 | 77,423,415 | |||||||
Treasury Shares Held | Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | ||||||||
At beginning of period | 2,334,137 | 2,249,959 | 1,533,653 | |||||||
Shares received upon exercise of common stock options | 119,477 | 81,616 | 592,992 | |||||||
Shares received upon vesting of restricted stock, net | 24,470 | 2,562 | 123,314 | |||||||
At end of period | 2,478,084 | 2,334,137 | 2,249,959 | |||||||
Our Board of Directors is empowered, without approval of the stockholders, to cause shares of preferred stock to be issued in one or more series and to establish the number of shares to be included in each such series and the rights, powers, preferences, and limitations of each series. Because the Board of Directors has the power to establish the preferences and rights of each series, it may afford the holders of any series of preferred stock preferences, powers and rights, voting or otherwise, senior to the rights of holders of common stock. The issuance of the preferred stock could have the effect of delaying or preventing a change in control of the Company. | ||||||||||
Upon our dissolution or liquidation, whether voluntary or involuntary, holders of our common stock will be entitled to receive all of our assets available for distribution to our stockholders, subject to any preferential rights of any then outstanding preferred stock. | ||||||||||
In January 2004, our Board of Directors authorized the repurchase of up to $20.0 million of our common stock. During the three years ending December 31, 2013, we made no purchases of our common stock pursuant to this authorization. |
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||
Equity-Based Compensation | ' | |||||||||
NOTE L — EQUITY-BASED COMPENSATION | ||||||||||
We have various equity incentive compensation plans which provide for the granting of restricted common stock, options for the purchase of our common stock, and other performance-based, equity-based compensation awards to our executive officers, key employees, nonexecutive officers, consultants, and directors. Incentive stock options are exercisable for periods of up to ten years. Compensation cost for all share-based payments is based on the grant date fair value and is recognized in earnings over the requisite service period. Total equity-based compensation expense, net of taxes, for the three years ended December 31, 2013, 2012, and 2011 was $4.4 million, $6.1 million, and $4.1 million, respectively. | ||||||||||
The Black-Scholes option-pricing model is used to estimate option fair values. This option-pricing model requires a number of assumptions, of which the most significant are: expected stock price volatility, the expected pre-vesting forfeiture rate, and the expected option term (the amount of time from the grant date until the options are exercised or expire). Expected volatility was calculated based upon actual historical stock price movements over the most recent periods ending December 31, 2013, equal to the expected option term. Expected pre-vesting forfeitures were estimated based on actual historical pre-vesting forfeitures over the most recent periods ending December 31, 2013, for the expected option term. | ||||||||||
The TETRA Technologies, Inc. 1990 Stock Option Plan (the 1990 Plan) was initially adopted in 1985 and subsequently amended to change the name, the number, and the type of options that could be granted, as well as the time period for granting stock options. As of December 31, 2004, no further options may be granted under the 1990 Plan. We granted performance stock options under the 1990 Plan to certain executive officers. These granted options have an exercise price per share of not less than the market value at the date of issuance and are fully vested and exercisable. | ||||||||||
During 1996, we adopted the 1996 Stock Option Plan for Nonexecutive Employees and Consultants (the Nonqualified Plan) to enable us to award nonqualified stock options to nonexecutive employees and consultants who are key to our performance. As of May 2, 2006, no further options may be granted under the Nonqualified Plan. | ||||||||||
In May 2006, our stockholders approved the adoption of the TETRA Technologies, Inc. 2006 Equity Incentive Compensation Plan. Pursuant to the TETRA Technologies, Inc. 2006 Equity Incentive Compensation Plan, we were authorized to grant up to 1,300,000 shares in the form of stock options (including incentive stock options and nonqualified stock options); restricted stock; bonus stock; stock appreciation rights; and performance awards to employees, consultants, and non-employee directors. As a result of the May 2006 adoption and approval of the TETRA Technologies, Inc. 2006 Equity Incentive Compensation Plan, no further awards may be granted under our other previously existing plans. As of May 4, 2008, no further awards may be granted under the TETRA Technologies, Inc. 2006 Equity Incentive Compensation Plan. | ||||||||||
In May 2007, our stockholders approved the adoption of the TETRA Technologies, Inc. 2007 Equity Incentive Compensation Plan. In May 2008, our stockholders approved the adoption of the TETRA Technologies, Inc. Amended and Restated 2007 Equity Incentive Compensation Plan, which among other changes, resulted in an increase in the maximum number of shares authorized for issuance. In May 2010, our stockholders approved further amendments to the TETRA Technologies, Inc. Amended and Restated 2007 Equity Incentive Compensation Plan (renamed as the 2007 Long Term Incentive Compensation Plan) which, among other changes, resulted in an additional increase in the maximum number of shares authorized for issuance. Pursuant to the 2007 Long Term Incentive Compensation Plan, we are authorized to grant up to 5,590,000 shares in the form of stock options (including incentive stock options and nonqualified stock options); restricted stock; bonus stock; stock appreciation rights; and performance awards to employees, consultants, and non-employee directors. | ||||||||||
In May 2011, our stockholders approved the adoption of the TETRA Technologies, Inc. 2011 Long Term Incentive Compensation Plan. Pursuant to this plan, we were authorized to grant up to 2,200,000 shares in the form of stock options, restricted stock, bonus stock, stock appreciation rights, and performance awards to employees, consultants, and non-employee directors. On May 3, 2013, shareholders approved the TETRA Technologies, Inc. 2011 Long Term Incentive Compensation Plan which, among other things, increased the number of authorized shares to 5,600,000. | ||||||||||
In June 2011, the Compressco Partners, L.P. 2011 Long Term Incentive Plan (Compressco Partners Long Term Incentive Plan) was adopted by the board of directors of Compressco Partners’ general partner. The plan is intended to promote Compressco Partners’ interests by providing to employees, consultants, and directors of its general partner incentive compensation based on common units, to encourage superior performance. The Compressco Partners Long Term Incentive Plan provides for grants of restricted units, phantom units, unit awards and other unit-based awards up to a plan maximum of 1,537,122 common units. The plan is also intended to attract and retain the services of individuals who are essential for the growth and profitability of Compressco Partners and its affiliates. | ||||||||||
Grants of Restricted Common Stock | ||||||||||
During each of the three years ended December 31, 2013, we granted to certain officers, directors and employees restricted shares, which generally vest over a three to five year period. During 2013, we granted a total of 490,684 restricted shares, having an average market value (equal to the closing price of the common stock on the dates of grant) of $10.37 per share, or an aggregate market value of $5.1 million. During 2012, we granted a total of 523,096 restricted shares, having an average market value (equal to the closing price of the common stock on the dates of grant) of $6.83 per share, or an aggregate market value of $3.6 million. During 2011, we granted a total of 397,907 restricted shares, having an average market value (equal to the quoted closing price of the common stock on the dates of grant) of $12.43 per share, or an aggregate market value of $4.9 million, at the date of grant. The fair value of awards vesting during 2013, 2012, and 2011, was approximately $3.6 million, $4.8 million, and $5.2 million, respectively. | ||||||||||
The following is a summary of restricted stock activity for the year ended December 31, 2013: | ||||||||||
Shares | Weighted Average | |||||||||
Grant Date Fair | ||||||||||
Value Per Share | ||||||||||
(In Thousands) | ||||||||||
Nonvested restricted shares outstanding at December 31, 2012 | 621 | $ | 8.49 | |||||||
Shares granted | 490 | 10.37 | ||||||||
Shares cancelled | (76 | ) | 9.1 | |||||||
Shares vested | (391 | ) | 9.11 | |||||||
Nonvested restricted shares outstanding at December 31, 2013 | 644 | $ | 9.47 | |||||||
Grants of Equity Awards by Compressco Partners | ||||||||||
During 2012, Compressco Partners granted restricted unit, phantom unit and performance phantom unit awards to certain employees, officers, and directors of its general partner. Awards of restricted units and phantom units generally vest over a three year period. Awards of performance phantom units cliff vest at the end of a performance period and are settled based on achievement of related performance measures over the performance period. Each of the phantom unit and performance phantom unit awards includes distribution equivalent rights that enable the recipient to receive additional units equal in value to the accumulated cash distributions made on the units subject to the award from the date of grant. Accumulated distributions associated with each underlying unit are payable upon settlement of the related phantom unit award (and are forfeited if the related award is forfeited). Restricted units are common units subject to time-based vesting restrictions. Phantom units are notional units that entitle the grantee to receive a common unit upon the vesting of the award. | ||||||||||
The following is a summary of Compressco Partners’ equity award activity for the year ended December 31, 2013: | ||||||||||
Units | Weighted Average | |||||||||
Grant Date Fair | ||||||||||
Value Per Unit | ||||||||||
(In Thousands) | ||||||||||
Nonvested units outstanding at December 31, 2012 | 153 | $ | 16.07 | |||||||
Units granted | 74 | 20.28 | ||||||||
Units cancelled | (18 | ) | 15.65 | |||||||
Units vested | (76 | ) | 16.43 | |||||||
Nonvested units outstanding at December 31, 2013 | 133 | $ | 18.25 | |||||||
Grants of Options to Purchase Common Stock | ||||||||||
The following is a summary of stock option activity for the year ended December 31, 2013: | ||||||||||
Shares Under Option | Weighted Average | |||||||||
Option Price | ||||||||||
Per Share | ||||||||||
(In Thousands) | ||||||||||
Outstanding at December 31, 2012 | 4,333 | $ | 11.85 | |||||||
Options granted | 695 | 10.38 | ||||||||
Options cancelled | (339 | ) | 14 | |||||||
Options exercised | (397 | ) | 5.48 | |||||||
Outstanding at December 31, 2013 | 4,292 | $ | 12.03 | |||||||
Expected to vest | 1,000 | $ | 9.47 | |||||||
Exercisable, end of year | 3,293 | $ | 12.81 | |||||||
Available for grant, end of year | 4,289 | |||||||||
The total intrinsic value, or the difference between the exercise price and the market price on the date of exercise, of all options exercised during the three years ended December 31, 2013, 2012, and 2011, was approximately $0.7 million, $0.6 million, and $2.5 million, respectively. The intrinsic value of options outstanding as of December 31, 2013, was $13.7 million, the intrinsic value of options expected to vest as of December 31, 2013 was $2.9 million, and the intrinsic value of options exercisable as of December 31, 2013, was $10.8 million. Cash received from stock options exercised during the three years ended December 31, 2013, 2012, and 2011, was $2.3 million, $0.9 million, and $3.4 million, respectively. Recognized excess tax benefits (adjustments) related to the exercise of stock options during the three years ended December 31, 2013, 2012, and 2011, were $(0.1) million, $(1.7) million, and $1.3 million, respectively. | ||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions used for each of the three years ended December 31, 2013: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Expected stock price volatility | 54% to 74% | 74% to 75% | 72% to 75% | |||||||
Expected life of options | 4.9 years | 4.8 years | 4.7 years | |||||||
Risk free interest rate | 0.76% to 1.48% | 0.62% to 1.03% | 0.87% to 2.24% | |||||||
Expected dividend yield | — | — | — | |||||||
The weighted average fair value of options granted during the years ended December 31, 2013, 2012, and 2011 using the Black-Scholes model was $6.00, $4.06, and $7.55 per share, respectively. Total estimated unrecognized compensation cost from unvested stock options and restricted stock as of December 31, 2013, was approximately $8.4 million, which is expected to be recognized over a weighted average period of approximately 1.5 years. | ||||||||||
During 2013, 2012, and 2011, we received 40,163, 24,121 and 52,065 shares, respectively, of our common stock related to the vesting of certain employee restricted stock. Such surrendered shares received by us are included in treasury stock. At December 31, 2013, net of options previously exercised pursuant to our various equity compensation plans, we have a maximum of 6,178,178 shares of common stock issuable pursuant to awards previously granted and outstanding and awards authorized to be granted in the future. |
401K_Plan
401(K) Plan | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Description of 401(K) Plan | 'NOTE M b 401(k) PLANB We have a 401(k) retirement plan (the Plan) that covers substantially all employees and entitles them to contribute up to 70% of their annual compensation, subject to maximum limitations imposed by the Internal Revenue Code. We have historically matched 50% of each employeebs contribution up to 6% of annual compensation, subject to certain limitations as outlined in the Plan. In addition, we can make discretionary contributions which are allocable to participants in accordance with the Plan. Total expense related to our 401(k) plan was $4.2 million, $3.5 million, and $3.3 million in 2013, 2012, and 2011, respectively. |
Deferred_Compensation_Plan
Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Deferred Compensation Plan | ' |
NOTE N — DEFERRED COMPENSATION PLAN | |
We provide our officers, directors, and certain key employees with the opportunity to participate in an unfunded, deferred compensation program. There were thirty participants in the program at December 31, 2013. Under the program, participants may defer up to 100% of their yearly total cash compensation. The amounts deferred remain our sole property, and we use a portion of the proceeds to purchase life insurance policies on the lives of certain of the participants. The insurance policies, which also remain our sole property, are payable to us upon the death of the insured. We separately contract with the participant to pay to the participant the amount of deferred compensation, as adjusted for gains or losses, invested in participant-selected investment funds. Participants may elect to receive deferrals and earnings at termination, death, or at a specified future date while still employed. Distributions while employed must be at least three years after the deferral election. The program is not qualified under Section 401 of the Internal Revenue Code. At December 31, 2013, the amounts payable under the plan approximated the value of the corresponding assets we owned. |
Hedge_Contracts
Hedge Contracts | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Hedge Contracts | ' | ||||||||||||
NOTE O – MARKET RISKS AND DERIVATIVE AND HEDGE CONTRACTS | |||||||||||||
We are exposed to financial and market risks that affect our businesses. We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. As a result of our variable rate bank credit facilities, including the variable rate credit facility of Compressco Partners, we face market risk exposure related to changes in applicable interest rates. We have concentrations of credit risk as a result of trade receivables owed to us by companies in the energy industry. In addition, we have market risk exposure in the sales prices we receive for the remainder of our oil and gas production. Our financial risk management activities may at times involve, among other measures, the use of derivative financial instruments, such as swap and collar agreements, to hedge the impact of market price risk exposures. Prior to the execution of the purchase and sale agreement in April 2011 pursuant to which we sold substantially all of our remaining Maritech oil and gas properties in May 2011, we utilized cash flow commodity hedge transactions to reduce our exposure related to the volatility of oil and gas prices. As indicated below, these cash flow commodity hedge contracts were liquidated in the second quarter of 2011. For these and other hedge contracts qualifying for hedge accounting treatment, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objectives, our strategies for undertaking various hedge transactions, and our methods for assessing and testing correlation and hedge ineffectiveness. All hedging instruments are linked to the hedged asset, liability, firm commitment, or forecasted transaction. We also assess, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in these hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. | |||||||||||||
Derivative Contracts | |||||||||||||
Foreign Currency Derivative Contracts. In October 2013, we and Compressco Partners began entering into 30-day foreign currency forward derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries. As of December 31, 2013, we and Compressco Partners had the following foreign currency derivative contracts outstanding relating to a portion of our foreign operations: | |||||||||||||
Derivative Contracts | US Dollar Notional Amount | Traded Exchange Rate | Value Date | ||||||||||
(In Thousands) | |||||||||||||
Forward sale Mexican pesos | $ | 10,332 | 13.01 | 1/17/14 | |||||||||
Forward purchase Mexican pesos | $ | 5,928 | 13.01 | 1/17/14 | |||||||||
Forward purchase euros | $ | 7,984 | 1.38 | 1/17/14 | |||||||||
Forward purchase pounds sterling | $ | 3,149 | 1.63 | 1/17/14 | |||||||||
Under this program, we and Compressco Partners may enter into similar derivative contracts from time to time. Although contracts pursuant to this program will serve as an economic hedge of the cash flow of our currency exchange risk exposure, they will not be formally designated as hedge contracts or qualify for hedge accounting treatment. Accordingly, any change in the fair value of these derivative instruments during a period will be included in the determination of earnings for that period. | |||||||||||||
The fair value of foreign currency derivative instruments are based on quoted market values as reported to us by our counterparty (a Level 1 measurement) . The fair values of our foreign currency derivative instruments as of December 31, 2013, are as follows: | |||||||||||||
Foreign currency derivative instruments | Balance Sheet Location | Fair Value at | |||||||||||
31-Dec-13 | |||||||||||||
(In Thousands) | |||||||||||||
Forward purchase contracts | Current assets | $ | 72 | ||||||||||
Forward sale contracts | Current assets | 32 | |||||||||||
Forward purchase contracts | Current liabilities | (52 | ) | ||||||||||
Total | $ | 52 | |||||||||||
None of the foreign currency derivative contracts contain credit risk related contingent features that would require us to post assets or collateral for contracts that are classified as liabilities. During the year ended December 31, 2013, we recognized approximately $34,000 of net losses associated with our foreign currency derivative program. | |||||||||||||
Oil and gas commodity derivative contracts. In April 2011, following the execution of the purchase and sale agreement pursuant to which Maritech agreed to sell approximately 79% of its proved reserves as of December 31, 2011, we liquidated our remaining oil hedge contracts and paid $14.2 million to the counterparty. Therefore, from April 2011 forward, we have no remaining cash flow hedging swap contracts outstanding associated with our Maritech subsidiary’s oil or gas production. | |||||||||||||
Prior to their liquidation during 2011, we believe that our swap agreements were “highly effective cash flow hedges” in managing the volatility of future cash flows associated with Maritech’s oil production. The effective portion of the change in the derivative’s fair value (i.e., that portion of the change in the derivative’s fair value that offsets the corresponding change in the cash flows of the hedged transaction) was initially reported as a component of accumulated other comprehensive income, which was classified within equity. This component of accumulated other comprehensive income associated with cash flow hedge derivative contracts, including any derivative contracts which have been liquidated, was subsequently reclassified into product sales revenues, utilizing the specific identification method, when the hedged exposure affected earnings (i.e., when hedged oil and gas production volumes were reflected in revenues). Any “ineffective” portion of the change in the derivative’s fair value was recognized in earnings immediately. | |||||||||||||
As the hedge contracts were highly effective, the effective portion of the gain, net of taxes, from changes in contract fair value, including the gain on the liquidated oil swap contracts, is included in accumulated other comprehensive income within stockholders’ equity as of December 31, 2011. Pretax gains and losses associated with oil and gas derivative swap contracts for the year ended December 31, 2011, are summarized below: | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Derivative swap contracts | Oil | Natural Gas | Total | ||||||||||
(In Thousands) | |||||||||||||
Amount of pretax gain reclassified from accumulated other comprehensive income into product sales revenue (effective portion) | $ | 1,177 | $ | — | $ | 1,177 | |||||||
Amount of pretax gain (loss) from change in derivative fair value recognized in other comprehensive income | (7,854 | ) | — | (7,854 | ) | ||||||||
Amount of pretax gain (loss) recognized in other income (expense) (ineffective portion) | (13,947 | ) | — | (13,947 | ) | ||||||||
Other Hedge Contracts | |||||||||||||
Transaction gains and losses attributable to a foreign currency transaction that is designated as, and is effective as, an economic hedge of a net investment in a foreign entity is subject to the same accounting as translation adjustments. As such, the effect of a rate change on a foreign currency hedge is the same as the accounting for the effect of the rate change on the net foreign investment; both are recorded in the cumulative translation account, a component of stockholders’ equity, and are partially or fully offsetting. In July 2012, we borrowed 10.0 million euros (approximately $13.8 million equivalent as of December 31, 2013) and designated the borrowing as a hedge of our net investment in our European operations. Changes in the foreign currency exchange rate have resulted in a cumulative change to the cumulative translation adjustment account of $1.1 million net of taxes, at December 31, 2013, with no ineffectiveness recorded. |
Income_Loss_Per_Share
Income (Loss) Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||
Income (Loss) Per Share | ' | |||||||||
NOTE P — INCOME PER SHARE | ||||||||||
The following is a reconciliation of the common shares outstanding with the number of shares used in the computation of income per common and common equivalent share: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In Thousands) | ||||||||||
Number of weighted average common shares outstanding | 77,954 | 77,293 | 76,616 | |||||||
Assumed exercise of stock options | 886 | 670 | 1,375 | |||||||
Average diluted shares outstanding | 78,840 | 77,963 | 77,991 | |||||||
For the year ended December 31, 2013, the average diluted shares outstanding excludes the impact of 2,061,534 of average outstanding stock options that have exercise prices in excess of the average market price, as the inclusion of these shares would have been antidilutive. For the year ended December 31, 2012, the average diluted shares outstanding excludes the impact of 2,832,192 of average outstanding stock options that have exercise prices in excess of the average market price, as the inclusion of these shares would have been antidilutive. For the year ended December 31, 2011, the average diluted shares outstanding excludes the impact of 2,831,118 of average outstanding stock options that have exercise prices in excess of the average market price, as the inclusion of these shares would have been antidilutive. |
Industry_Segments_and_Geograph
Industry Segments and Geographic Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Industry Segments and Geographic Information | ' | ||||||||||||
NOTE Q – INDUSTRY SEGMENTS AND GEOGRAPHIC INFORMATION | |||||||||||||
We manage our operations through five operating segments: Fluids, Production Testing, Compressco, Offshore Services, and Maritech. | |||||||||||||
Our Fluids Division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa. The Division also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of markets outside the energy industry. The Fluids Division also provides North American onshore oil and gas operators with comprehensive water management services. | |||||||||||||
Our Production Enhancement Division consists of two operating segments: Production Testing and Compressco. The Production Testing segment provides after-frac flow back, production well testing, offshore rig cooling, and other associated services in many of the major oil and gas producing regions in the United States, Mexico, and Canada, as well as in certain basins in certain regions in South America, Africa, Europe, the Middle East, and Australia. | |||||||||||||
The Compressco segment provides compression-based production enhancement services, which are used in both conventional wellhead compression applications and unconventional compression applications, and, in certain circumstances, well monitoring and sand separation services. The Compressco segment provides these services throughout many of the onshore oil and gas producing regions of the United States, as well as certain basins in Mexico, Canada, and certain countries in South America, Europe, and the Asia-Pacific region. Beginning June 20, 2011, following the initial public offering of Compressco Partners, we allocate and charge certain corporate and divisional direct and indirect administrative costs to Compressco Partners. | |||||||||||||
Our Offshore Division consists of two operating segments: Offshore Services and Maritech. The Offshore Services segment provides (1) downhole and subsea services such as well plugging and abandonment and workover services, (2) decommissioning and certain construction services utilizing heavy lift barges and various cutting technologies with regard to offshore oil and gas production platforms and pipelines, and (3) conventional and saturated air diving services. | |||||||||||||
The Maritech segment is a limited oil and gas production operation. During 2011 and the first quarter of 2012, Maritech sold substantially all of its oil and gas producing property interests. Maritech’s operations consist primarily of the ongoing abandonment and decommissioning associated with its remaining offshore wells and production platforms. Maritech intends to acquire a significant portion of these services from the Offshore Division’s Offshore Services segment. | |||||||||||||
We generally evaluate the performance of and allocate resources to our segments based on profit or loss from their operations before income taxes and nonrecurring charges, return on investment, and other criteria. Transfers between segments and geographic areas are priced at the estimated fair value of the products or services as negotiated between the operating units. “Corporate overhead” includes corporate general and administrative expenses, corporate depreciation and amortization, interest income and expense, and other income and expense. | |||||||||||||
Summarized financial information concerning the business segments from continuing operations is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Revenues from external customers | |||||||||||||
Product sales | |||||||||||||
Fluids Division | $ | 281,585 | $ | 257,558 | $ | 229,426 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | — | — | — | ||||||||||
Compressco | 8,293 | 6,322 | 13,201 | ||||||||||
Total Production Enhancement Division | 8,293 | 6,322 | 13,201 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 4,707 | 6,267 | 4,921 | ||||||||||
Maritech | 5,560 | 6,008 | 81,941 | ||||||||||
Total Offshore Division | 10,267 | 12,275 | 86,862 | ||||||||||
Consolidated | $ | 300,145 | $ | 276,155 | $ | 329,489 | |||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Services and rentals | |||||||||||||
Fluids Division | $ | 101,040 | $ | 76,858 | $ | 75,032 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 195,983 | 207,984 | 139,755 | ||||||||||
Compressco | 112,994 | 103,144 | 82,567 | ||||||||||
Intersegment eliminations | (1,747 | ) | (2,354 | ) | — | ||||||||
Total Production Enhancement Division | 307,230 | 308,774 | 222,322 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 200,983 | 218,477 | 217,341 | ||||||||||
Maritech | — | 150 | 799 | ||||||||||
Intersegment eliminations | — | — | — | ||||||||||
Total Offshore Division | 200,983 | 218,627 | 218,140 | ||||||||||
Corporate overhead | — | 417 | 292 | ||||||||||
Consolidated | $ | 609,253 | $ | 604,676 | $ | 515,786 | |||||||
Intersegment revenues | |||||||||||||
Fluids Division | $ | 38 | $ | 132 | $ | 78 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | — | — | 1 | ||||||||||
Compressco | — | — | — | ||||||||||
Total Production Enhancement Division | — | — | 1 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 50,122 | 41,199 | 65,038 | ||||||||||
Maritech | — | — | — | ||||||||||
Intersegment eliminations | (50,122 | ) | (41,199 | ) | (65,036 | ) | |||||||
Total Offshore Division | — | — | 2 | ||||||||||
Intersegment eliminations | (38 | ) | (132 | ) | (81 | ) | |||||||
Consolidated | $ | — | $ | — | $ | — | |||||||
Total revenues | |||||||||||||
Fluids Division | $ | 382,663 | $ | 334,548 | $ | 304,536 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 195,983 | 207,984 | 139,756 | ||||||||||
Compressco | 121,287 | 109,466 | 95,768 | ||||||||||
Intersegment eliminations | (1,747 | ) | (2,354 | ) | — | ||||||||
Total Production Enhancement Division | 315,523 | 315,096 | 235,524 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 255,812 | 265,943 | 287,300 | ||||||||||
Maritech | 5,560 | 6,158 | 82,740 | ||||||||||
Intersegment eliminations | (50,122 | ) | (41,199 | ) | (65,036 | ) | |||||||
Total Offshore Division | 211,250 | 230,902 | 305,004 | ||||||||||
Corporate overhead | — | 417 | 292 | ||||||||||
Intersegment eliminations | (38 | ) | (132 | ) | (81 | ) | |||||||
Consolidated | $ | 909,398 | $ | 880,831 | $ | 845,275 | |||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Depreciation, depletion, amortization, and accretion | |||||||||||||
Fluids Division | $ | 22,508 | $ | 19,034 | $ | 19,596 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 27,262 | 22,261 | 13,893 | ||||||||||
Compressco | 14,511 | 13,398 | 12,791 | ||||||||||
Total Production Enhancement Division | 41,773 | 35,659 | 26,684 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 14,254 | 16,650 | 14,502 | ||||||||||
Maritech | 123 | 1,039 | 31,314 | ||||||||||
Intersegment eliminations | — | — | (174 | ) | |||||||||
Total Offshore Division | 14,377 | 17,689 | 45,642 | ||||||||||
Corporate overhead | 2,327 | 3,365 | 2,917 | ||||||||||
Consolidated | $ | 80,985 | $ | 75,747 | $ | 94,839 | |||||||
Interest expense | |||||||||||||
Fluids Division | $ | 37 | $ | 77 | $ | 121 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 19 | 13 | 32 | ||||||||||
Compressco | 500 | 81 | (20 | ) | |||||||||
Total Production Enhancement Division | 519 | 94 | 12 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 109 | 109 | 45 | ||||||||||
Maritech | 11 | 98 | 78 | ||||||||||
Intersegment eliminations | — | — | — | ||||||||||
Total Offshore Division | 120 | 207 | 123 | ||||||||||
Corporate overhead | 16,741 | 17,000 | 16,939 | ||||||||||
Consolidated | $ | 17,417 | $ | 17,378 | $ | 17,195 | |||||||
Income (loss) before taxes and discontinued operations | |||||||||||||
Fluids Division | $ | 69,438 | $ | 50,830 | $ | 32,076 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 14,093 | 39,847 | 35,969 | ||||||||||
Compressco | 20,200 | 20,598 | 15,799 | ||||||||||
Intersegment eliminations | (105 | ) | — | — | |||||||||
Total Production Enhancement Division | 34,188 | 60,445 | 51,768 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 22,870 | 21,706 | 18,455 | ||||||||||
Maritech | (64,365 | ) | (42,790 | ) | (26,275 | ) | |||||||
Intersegment eliminations | — | — | 1,802 | ||||||||||
Total Offshore Division | (41,495 | ) | (21,084 | ) | (6,018 | ) | |||||||
Corporate overhead(1) | (62,259 | ) | (62,008 | ) | (71,593 | ) | |||||||
Consolidated | $ | (128 | ) | $ | 28,183 | $ | 6,233 | ||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Total assets | |||||||||||||
Fluids Division | $ | 400,028 | $ | 387,034 | $ | 375,741 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 327,413 | 337,208 | 119,311 | ||||||||||
Compressco | 230,829 | 219,838 | 210,754 | ||||||||||
Total Production Enhancement Division | 558,242 | 557,046 | 330,065 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 181,617 | 188,034 | 216,927 | ||||||||||
Maritech | 46,903 | 75,383 | 63,294 | ||||||||||
Intersegment eliminations | — | — | — | ||||||||||
Total Offshore Division | 228,520 | 263,417 | 280,221 | ||||||||||
Corporate overhead | 19,743 | 54,321 | 217,283 | ||||||||||
Consolidated | $ | 1,206,533 | $ | 1,261,818 | $ | 1,203,310 | |||||||
Capital expenditures | |||||||||||||
Fluids Division | $ | 45,238 | $ | 31,839 | $ | 17,922 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 26,757 | 40,025 | 19,925 | ||||||||||
Compressco | 24,103 | 22,215 | 12,471 | ||||||||||
Total Production Enhancement Division | 50,860 | 62,240 | 32,396 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 4,207 | 12,050 | 64,420 | ||||||||||
Maritech | 21 | 343 | 7,924 | ||||||||||
Intersegment eliminations | — | — | (66 | ) | |||||||||
Total Offshore Division | 4,228 | 12,393 | 72,278 | ||||||||||
Corporate overhead | 1,053 | 1,052 | 1,008 | ||||||||||
Consolidated | $ | 101,379 | $ | 107,524 | $ | 123,604 | |||||||
(1) | Amounts reflected include the following general corporate expenses: | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
General and administrative expense | $ | 40,506 | $ | 40,005 | $ | 36,694 | |||||||
Depreciation and amortization | 2,327 | 3,365 | 2,917 | ||||||||||
Interest expense | 16,715 | 17,000 | 16,939 | ||||||||||
Other general corporate (income) expense, net | 2,711 | 1,638 | 15,043 | ||||||||||
Total | $ | 62,259 | $ | 62,008 | $ | 71,593 | |||||||
Summarized financial information concerning the geographic areas of our customers and in which we operate at December 31, 2013, 2012, and 2011, is presented below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Revenues from external customers: | |||||||||||||
U.S. | $ | 673,376 | $ | 625,885 | $ | 671,926 | |||||||
Canada and Mexico | 58,080 | 85,133 | 49,314 | ||||||||||
South America | 31,788 | 42,482 | 28,765 | ||||||||||
Europe | 102,990 | 92,882 | 75,033 | ||||||||||
Africa | 15,127 | 20,194 | 13,877 | ||||||||||
Asia and other | 28,037 | 14,255 | 6,360 | ||||||||||
Total | $ | 909,398 | $ | 880,831 | $ | 845,275 | |||||||
Transfers between geographic areas: | |||||||||||||
U.S. | $ | — | $ | — | $ | — | |||||||
Canada and Mexico | — | — | — | ||||||||||
South America | — | — | — | ||||||||||
Europe | 112 | 172 | 322 | ||||||||||
Africa | — | — | — | ||||||||||
Asia and other | — | — | — | ||||||||||
Eliminations | (112 | ) | (172 | ) | (322 | ) | |||||||
Total revenues | $ | 909,398 | $ | 880,831 | $ | 845,275 | |||||||
Identifiable assets: | |||||||||||||
U.S. | $ | 852,483 | $ | 913,080 | $ | 994,151 | |||||||
Canada and Mexico | 104,831 | 116,059 | 62,558 | ||||||||||
South America | 43,326 | 51,858 | 43,295 | ||||||||||
Europe | 150,415 | 135,219 | 78,974 | ||||||||||
Africa | 9,063 | 13,700 | 11,653 | ||||||||||
Asia and other | 46,351 | 31,902 | 12,679 | ||||||||||
Eliminations and discontinued operations | 64 | — | — | ||||||||||
Total identifiable assets | $ | 1,206,533 | $ | 1,261,818 | $ | 1,203,310 | |||||||
During each of the three years ended December 31, 2013, 2012, and 2011, no single customer accounted for more than 10% of our consolidated revenues. |
Supplemental_Oil_and_Gas_Discl
Supplemental Oil and Gas Disclosures (Unaudited) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Supplemental Oil and Gas Disclosures (Unaudited) | ' | ||||||||||||
NOTE R — SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) | |||||||||||||
As part of the Offshore Division activities, Maritech and its subsidiaries previously acquired oil and gas reserves and operated the properties in exchange for assuming the proportionate share of the well abandonment and decommissioning obligations associated with such properties. Accordingly, our Maritech segment is included within our Offshore Division. | |||||||||||||
Costs Incurred in Property Acquisition, Exploration, and Development Activities | |||||||||||||
The following table reflects the costs incurred in oil and gas property acquisition, exploration, and development activities during the years indicated. Consideration given for the acquisition of proved properties includes the assumption, and any subsequent revision, of the amount of the proportionate share of the well abandonment and decommissioning obligations associated with the properties. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Acquisition | $ | — | $ | — | $ | 141 | |||||||
Exploration | — | — | — | ||||||||||
Development | — | — | 5,798 | ||||||||||
Total costs incurred | $ | — | $ | — | $ | 5,939 | |||||||
Capitalized Costs Related to Oil and Gas Producing Activities | |||||||||||||
In connection with our decision during 2011 to sell Maritech’s oil and gas properties, beginning June 30, 2011, we reclassified Maritech’s remaining oil and gas properties to Assets Held for Sale in our consolidated balance sheet, and have recorded their value at fair value, less cost to dispose. | |||||||||||||
Results of Operations for Oil and Gas Producing Activities | |||||||||||||
Results of operations for oil and gas producing activities excludes general and administrative and interest expenses directly related to such activities as well as any allocation of corporate or divisional overhead. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Oil and gas sales revenues | $ | 5,560 | $ | 6,158 | $ | 81,941 | |||||||
Production (lifting) costs | 2,637 | 3,749 | 33,496 | ||||||||||
Depreciation, depletion, and amortization | 37 | 60 | 27,640 | ||||||||||
Impairments of properties | — | — | 15,233 | ||||||||||
Excess decommissioning and abandonment costs | 75,313 | 40,767 | 78,382 | ||||||||||
Exploration expenses | — | — | 77 | ||||||||||
Accretion expense | 87 | 979 | 3,705 | ||||||||||
Dry hole costs | — | — | (32 | ) | |||||||||
Gain on insurance recoveries | (5,685 | ) | — | — | |||||||||
Pretax income (loss) from producing activities | (66,829 | ) | (39,397 | ) | (76,560 | ) | |||||||
Income tax expense (benefit) | (23,390 | ) | (13,789 | ) | (26,797 | ) | |||||||
Results of oil and gas producing activities | $ | (43,439 | ) | $ | (25,608 | ) | $ | (49,763 | ) | ||||
Estimated Quantities of Proved Oil and Gas Reserves (Unaudited) | |||||||||||||
Proved oil and gas reserves are defined as the estimated quantities of crude oil, natural gas, and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Reservoirs are considered proved if economic productibility is supported by either actual production or conclusive formation tests. The area of a reservoir considered proved includes (a) that portion delineated by drilling and defined by gas-oil and/or gas-water contacts, if any, and (b) the immediately adjoining portions not yet drilled, but which can be reasonably judged as economically productive on the basis of available geological and engineering data. Reserves which can be produced economically through the application of improved recovery techniques are included in the “proved” classification when successful testing by a pilot project or the operation of an installed program in the reservoir provides support for the engineering analysis on which the project or program was based. | |||||||||||||
The reliability of reserve information is considerably affected by several factors. Reserve information is imprecise due to the inherent uncertainties in, and the limited nature of, the database upon which the estimating of reserve information is predicated. Moreover, the methods and data used in estimating reserve information are often necessarily indirect or analogical in character, rather than direct or deductive. Furthermore, estimating reserve information involves numerous judgments. The extent and significance of the judgments to be made are, in themselves, sufficient to render reserve information inherently imprecise. | |||||||||||||
Following the 2011 and 2012 sales of substantially all of Maritech’s proved oil and gas reserves, Maritech’s remaining oil and gas reserves are negligible. The reserve values and cash flow amounts reflected in the following reserve disclosures as of December 31, 2011 and 2010, are based on the average price of oil and natural gas during the twelve month period then ended, determined as an unweighted arithmetic average of the first-day-of-the-month for each month within the period. All of Maritech’s reserves are located in U. S. state and federal offshore waters of the Gulf of Mexico and onshore Texas and Louisiana. Proved oil and gas reserve quantities as of December 31, 2011, reflect the 2011 sale of approximately 95% of such reserves. | |||||||||||||
Reserve Quantity Information | Oil | NGL | Gas | ||||||||||
(MBbls) | (MBbls) | (MMcf) | |||||||||||
31-Dec-11 | |||||||||||||
Proved developed reserves | 95 | 40 | 676 | ||||||||||
Proved undeveloped reserves | 107 | 60 | 480 | ||||||||||
Total proved reserves at December 31, 2011 | 202 | 100 | 1,156 | ||||||||||
31-Dec-12 | |||||||||||||
Proved developed reserves | — | — | — | ||||||||||
Proved undeveloped reserves | — | — | — | ||||||||||
Total proved reserves at December 31, 2012 | — | — | — | ||||||||||
31-Dec-13 | |||||||||||||
Proved developed reserves | — | — | — | ||||||||||
Proved undeveloped reserves | — | — | — | ||||||||||
Total proved reserves at December 31, 2013 | — | — | — | ||||||||||
Oil | NGL | Gas | |||||||||||
(MBbls) | (MBbls) | (MMcf) | |||||||||||
Total proved reserves at December 31, 2010 | 6,772 | 489 | 25,585 | ||||||||||
Revisions of previous estimates | (88 | ) | 22 | (1,903 | ) | ||||||||
Production | (612 | ) | (88 | ) | (3,322 | ) | |||||||
Extensions and discoveries | — | — | — | ||||||||||
Purchases of reserves in place | — | — | — | ||||||||||
Sales of reserves in place | (5,870 | ) | (323 | ) | (19,204 | ) | |||||||
Total proved reserves at December 31, 2011 | 202 | 100 | 1,156 | ||||||||||
Revisions of previous estimates | (8 | ) | 39 | (52 | ) | ||||||||
Production | (23 | ) | (39 | ) | (311 | ) | |||||||
Extensions and discoveries | — | — | — | ||||||||||
Purchases of reserves in place | — | — | — | ||||||||||
Sales of reserves in place | (171 | ) | (100 | ) | (793 | ) | |||||||
Total proved reserves at December 31, 2012 | — | — | — | ||||||||||
Revisions of previous estimates | — | — | — | ||||||||||
Production | — | — | — | ||||||||||
Extensions and discoveries | — | — | — | ||||||||||
Purchases of reserves in place | — | — | — | ||||||||||
Sales of reserves in place | — | — | — | ||||||||||
Total proved reserves at December 31, 2013 | — | — | — | ||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | |||||||||||||
“Standardized measure” relates to the estimated discounted future net cash flows and major components of that calculation relating to proved reserves at the end of the year in the aggregate, based on SEC prescribed prices and costs, using statutory tax rates and using a 10% annual discount rate. The standardized measure is not an estimate of the fair value of proved oil and gas reserves. Probable and possible reserves, which may become proved in the future, are excluded from these calculations. Furthermore, prices used to determine the standardized measure are prior to the impact of hedge derivatives and are influenced by seasonal demand and other factors and may not be representative in estimating future revenues or reserve data. | |||||||||||||
Changes in Standardized Measure of Discounted Future Net Cash Flows | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Standardized measure, beginning of year | $ | — | $ | 6,475 | $ | 133,269 | |||||||
Sales, net of production costs | — | (2,409 | ) | (48,445 | ) | ||||||||
Net change in prices, net of production costs | — | — | (11,916 | ) | |||||||||
Changes in future development and abandonment costs | — | — | 43,792 | ||||||||||
Development and abandonment costs incurred | — | — | 25,083 | ||||||||||
Accretion of discount | — | — | 17,909 | ||||||||||
Net change in income taxes | — | — | 44,612 | ||||||||||
Purchases of reserves in place | — | — | — | ||||||||||
Extensions and discoveries | — | — | — | ||||||||||
Sales of reserves in place | — | (7,918 | ) | (198,324 | ) | ||||||||
Net change due to revision in quantity estimates | — | — | (10,814 | ) | |||||||||
Changes in production rates (timing) and other | — | 3,852 | 11,309 | ||||||||||
Subtotal | — | (6,475 | ) | (126,794 | ) | ||||||||
Standardized measure, end of year | $ | — | $ | — | $ | 6,475 | |||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||
NOTE S — QUARTERLY FINANCIAL INFORMATION (Unaudited) | |||||||||||||||||
Summarized quarterly financial data for 2013 and 2012 is as follows: | |||||||||||||||||
Three Months Ended 2013 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||||||
Total revenues | $ | 208,559 | $ | 221,101 | $ | 254,303 | $ | 225,435 | |||||||||
Gross profit | 38,359 | 31,050 | 47,442 | 18,541 | |||||||||||||
Income (loss) before discontinued operations | 2,100 | (2,508 | ) | 12,854 | (9,120 | ) | |||||||||||
Net income (loss) | 2,100 | (2,508 | ) | 12,854 | (9,121 | ) | |||||||||||
Net income (loss) attributable to TETRA stockholders | 1,303 | (2,931 | ) | 12,110 | (10,329 | ) | |||||||||||
Net income (loss) per share before discontinued operations attributable to TETRA stockholders | $ | 0.02 | $ | (0.04 | ) | $ | 0.16 | $ | (0.13 | ) | |||||||
Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders | $ | 0.02 | $ | (0.04 | ) | $ | 0.15 | $ | (0.13 | ) | |||||||
Three Months Ended 2012 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||||||
Total revenues | $ | 180,796 | $ | 234,909 | $ | 233,986 | $ | 231,140 | |||||||||
Gross profit (loss) | 31,997 | 52,710 | 50,447 | 32,226 | |||||||||||||
Income (loss) before discontinued operations | 1,148 | 12,178 | 8,601 | (3,173 | ) | ||||||||||||
Net income (loss) | 1,147 | 12,181 | 8,602 | (3,173 | ) | ||||||||||||
Net income (loss) attributable to TETRA stockholders | 681 | 11,574 | 7,713 | (4,008 | ) | ||||||||||||
Net income (loss) per share before discontinued operations attributable to TETRA stockholders | $ | 0.01 | $ | 0.15 | $ | 0.1 | $ | (0.05 | ) | ||||||||
Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders | $ | 0.01 | $ | 0.15 | $ | 0.1 | $ | (0.05 | ) | ||||||||
Beginning with the three month period ended September 30, 2013, certain ad valorem tax expenses for operating equipment for our Compressco segment have been reclassified as cost of revenues instead of being included in general and administrative expense as previously reported. Gross profit for the reporting periods prior to the three month period ended September 30, 2013 has been adjusted to reflect this reclassification. This reclassification had no effect on net income for any of the periods presented. |
Stockholders_Rights_Plan
Stockholders' Rights Plan | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Stockholders' Rights Plan | ' |
NOTE T — STOCKHOLDERS’ RIGHTS PLAN | |
On October 27, 1998, the Board of Directors adopted a stockholders’ rights plan (the Rights Plan) designed to assure that all of our stockholders receive fair and equal treatment in the event of a proposed takeover. The Rights Plan, as amended on November 6, 2008, was formed to help guard against partial tender offers, open market accumulations, and other abusive tactics to gain control of our company without paying an adequate and fair price in any takeover attempt, and was scheduled to expire on November 6, 2018. In March 2013, the Board of Directors approved an amendment to the Rights Plan whereby its expiration was accelerated to March 13, 2013. As a result of its expiration, the rights issued pursuant to the Rights Plan expired and are no longer outstanding. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Policy Text Block [Abstract] | ' | ||||||||||||||||||||||||
Principles of consolidation policy | ' | ||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||
The consolidated financial statements include the accounts of our wholly owned subsidiaries. Investments in unconsolidated joint ventures in which we participate are accounted for using the equity method. Our interests in oil and gas properties are proportionately consolidated. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
Use of estimates policy | ' | ||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||||||
Reclassifications policy | ' | ||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||
Beginning with the three month period ended September 30, 2013, certain ad valorem tax expenses for operating equipment of our Compressco segment have been reclassified as cost of revenues instead of being included in general and administrative expense as reported in prior periods. Prior period amounts have been reclassified to conform to the current year period's presentation. The amount of such reclassification is $1.5 million and $1.5 million for the year ended December 31, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Certain other previously reported financial information has been reclassified to conform to the current year's presentation. The impact of such reclassifications was not significant to the prior year's overall presentation. | |||||||||||||||||||||||||
Cash and cash equivalents policy | ' | ||||||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||
We consider all highly liquid cash investments, with a maturity of three months or less when purchased, to be cash equivalents. | |||||||||||||||||||||||||
Restricted cash policy | ' | ||||||||||||||||||||||||
Restricted Cash | |||||||||||||||||||||||||
Restricted cash is classified as a current asset when it is expected to be repaid or settled in the next twelve month period. Restricted cash reported on our balance sheet as of December 31, 2013, consists primarily of escrowed cash associated with our July 2011 purchase of a heavy lift derrick barge. The escrowed cash will be released to the sellers in accordance with the terms of the escrow agreement. | |||||||||||||||||||||||||
Financial instruments policy | ' | ||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||
Financial instruments that subject us to concentrations of credit risk consist principally of trade receivables with companies in the energy industry. Our policy is to evaluate, prior to providing goods or services, each customer's financial condition and to determine the amount of open credit to be extended. We generally require appropriate, additional collateral as security for credit amounts in excess of approved limits. Our customers consist primarily of major, well-established oil and gas producers and independent oil and gas companies. Prior to April 2011, our risk management activities involved the use of derivative financial instruments, such as oil and gas swap contracts, to hedge the impact of commodity market price risk exposures related to a portion of our oil and gas production cash flow. All of our oil and gas swap contracts were liquidated in April 2011 in connection with the sales of Maritech oil and gas producing properties. | |||||||||||||||||||||||||
We have currency exchange rate risk exposure related to transactions denominated in a foreign currency as well as to investments in certain of our international operations. Beginning in 2013, our risk management activities include the use of foreign currency forward purchase and sale derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected international operations. | |||||||||||||||||||||||||
As a result of the outstanding balances under our variable rate revolving credit facilities, we face market risk exposure related to changes in applicable interest rates. Although we have no interest rate swap contracts outstanding to hedge this potential risk exposure, we have entered into certain fixed interest rate notes, which are scheduled to mature at various dates from 2015 through 2020 and which mitigate this risk on our total outstanding borrowings. | |||||||||||||||||||||||||
Allowances for doubtful accounts policy | ' | ||||||||||||||||||||||||
Allowances for Doubtful Accounts | |||||||||||||||||||||||||
Allowances for doubtful accounts are determined generally and on a specific identification basis when we believe that the collection of specific amounts owed to us is not probable. The changes in allowances for doubtful accounts for the three year period ended December 31, 2013, are as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
At beginning of period | $ | 1,085 | $ | 1,849 | $ | 2,590 | |||||||||||||||||||
Activity in the period: | |||||||||||||||||||||||||
Provision for doubtful accounts | 374 | (237 | ) | 973 | |||||||||||||||||||||
Account chargeoffs | (110 | ) | (527 | ) | (1,714 | ) | |||||||||||||||||||
At end of period | $ | 1,349 | $ | 1,085 | $ | 1,849 | |||||||||||||||||||
Inventories policy | ' | ||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||
Inventories are stated at the lower of cost or market value and consist primarily of finished goods. Cost is determined using the weighted average method. Significant components of inventories as of December 31, 2013, and December 31, 2012, are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Finished goods | $ | 73,515 | $ | 72,312 | |||||||||||||||||||||
Raw materials | 3,894 | 5,396 | |||||||||||||||||||||||
Parts and supplies | 22,668 | 24,497 | |||||||||||||||||||||||
Work in progress | 715 | 836 | |||||||||||||||||||||||
Total inventories | $ | 100,792 | $ | 103,041 | |||||||||||||||||||||
Finished goods inventories include newly manufactured clear brine fluids as well as recycled brines that are repurchased from certain customers. Recycled brines are recorded at cost, using the weighted average method. We provide a reserve for estimated unrealizable inventory equal to the difference between the cost of the inventory and its estimated realizable value. | |||||||||||||||||||||||||
Assets held for sale policy | 'Assets Held for SaleB Assets are classified as held for sale when, among other factors, they are identified and marketed for sale in their present condition, management is committed to their disposal, and the sale of the asset is probable within one year. Assets Held for Sale as of DecemberB 31, 2013, consists primarily of the estimated fair value of a heavy lift barge from our Offshore Services segment that was reclassified to Assets Held for Sale during late 2012 and was sold in January 2014. In addition, Assets Held for Sale as of December 31, 2013, includes the carrying value of an international Production Testing facility location that was reclassified during 2013. | ||||||||||||||||||||||||
Property, plant, and equipment policy | ' | ||||||||||||||||||||||||
Property, Plant, and Equipment | |||||||||||||||||||||||||
Property, plant, and equipment are stated at the cost of assets acquired. Expenditures that increase the useful lives of assets are capitalized. The cost of repairs and maintenance is charged to operations as incurred. For financial reporting purposes, we provide for depreciation using the straight-line method over the estimated useful lives of assets, which are generally as follows: | |||||||||||||||||||||||||
Buildings | 15 – 40 years | ||||||||||||||||||||||||
Barges and vessels | 5 – 30 years | ||||||||||||||||||||||||
Machinery and equipment | 2 – 20 years | ||||||||||||||||||||||||
Automobiles and trucks | 4 years | ||||||||||||||||||||||||
Chemical plants | 15 – 30 years | ||||||||||||||||||||||||
Leasehold improvements are depreciated over the shorter of the remaining term of the associated lease or its useful life. Prior to being reclassified to assets held for sale in June 2011, oil and gas property leasehold costs were depleted on a unit of production method based on the estimated remaining equivalent proved oil and gas reserves of each field. Oil and gas property well costs were depleted on a unit of production method based on the estimated remaining equivalent proved developed oil and gas reserves of each field. Depreciation and depletion expense, excluding long-lived asset impairments and dry hole costs, for the years ended December 31, 2013, 2012, and 2011 was $76.9 million, $70.7 million, and $87.7 million, respectively. | |||||||||||||||||||||||||
In December 2012, we sold our corporate headquarters facility pursuant to a sale and leaseback transaction. For further discussion of the terms of this transaction, see Note E – Leases. | |||||||||||||||||||||||||
Interest capitalized for the years ended December 31, 2013, 2012, and 2011 was $1.6 million, $2.0 million, and $1.2 million, respectively. | |||||||||||||||||||||||||
Intangible assets other than goodwill policy | ' | ||||||||||||||||||||||||
Intangible Assets other than Goodwill | |||||||||||||||||||||||||
Patents, trademarks, and other intangible assets are recorded on the basis of cost and are amortized on a straight-line basis over their estimated useful lives, ranging from 3 to 20 years. During 2012, as part of three acquisitions consummated during the year, we acquired intangible assets having a fair value of approximately $27.3 million with estimated useful lives ranging from 3 to 20 years (having a weighted average useful life of 12.1 years). During 2011, as a part of an acquisition consummated during the year, we acquired intangible assets having a fair value of approximately $1.4 million with estimated useful lives ranging from 3 to 6 years (having a weighted average useful life of 5.6 years). Amortization expense of patents, trademarks, and other intangible assets was $5.0 million, $4.5 million, and $2.8 million for the twelve months ended December 31, 2013, 2012, and 2011, respectively, and is included in depreciation, depletion, amortization and accretion. The estimated future annual amortization expense of patents, trademarks, and other intangible assets is $3.7 million for 2014, $3.4 million for 2015, $3.2 million for 2016, $3.0 million for 2017, and $2.9 million for 2018. | |||||||||||||||||||||||||
Goodwill policy | ' | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Goodwill represents the excess of cost over the fair value of the net assets of businesses acquired in purchase transactions. We perform a goodwill impairment test on an annual basis or whenever indicators of impairment are present. We perform the annual test of goodwill impairment following the fourth quarter of each year. The annual assessment for goodwill impairment begins with a qualitative assessment of whether it is “more likely than not” that the fair value of each reporting unit is less than its carrying value. This qualitative assessment requires the evaluation, based on the weight of evidence, of the significance of all identified events and circumstances for each reporting unit. Based on this qualitative assessment, we determined that it was not “more likely than not” that the fair values of any of our reporting units were less than their carrying values as of December 31, 2013. If the qualitative analysis indicates that it is “more likely than not” that a reporting unit’s fair value is less than its carrying value, the resulting goodwill impairment test would consist of a two-step accounting test performed on a reporting unit basis. For purposes of this impairment test, the reporting units are our five reporting segments: Fluids, Production Testing, Compressco, Offshore Services, and Maritech. The first step of the impairment test, if required, is to compare the estimated fair value of any reporting units that have recorded goodwill with the recorded net book value (including goodwill) of the reporting unit. If the estimated fair value of the reporting unit is higher than the recorded net book value, no impairment is deemed to exist and no further testing is required. If, however, the estimated fair value of the reporting unit is below the recorded net book value, then a second step must be performed to determine the goodwill impairment required, if any. In this second step, the estimated fair value from the first step is used as the purchase price in a hypothetical acquisition of the reporting unit. Purchase business combination accounting rules are followed to determine a hypothetical purchase price allocation to the reporting unit’s assets and liabilities. The residual amount of goodwill that results from this hypothetical purchase price allocation is compared to the recorded amount of goodwill for the reporting unit, and the recorded amount is written down to the hypothetical amount, if lower. | |||||||||||||||||||||||||
Because quoted market prices for our reporting units are not available, management must apply judgment in determining the estimated fair value of these reporting units for purposes of performing the goodwill impairment test. Management uses all available information to make these fair value determinations, including the present value of expected future cash flows using discount rates commensurate with the risks involved in the assets. The resultant fair values calculated for the reporting units are then compared to observable metrics for other companies in our industry or on mergers and acquisitions in our industry, to determine whether those valuations, in our judgment, appear reasonable. | |||||||||||||||||||||||||
The carrying amount of goodwill for the Fluids and Offshore Services reporting units are net of $23.9 million and $23.2 million, respectively, of accumulated impairment losses. The changes in the carrying amount of goodwill by reporting unit for the three year period ended December 31, 2013, are as follows: | |||||||||||||||||||||||||
Fluids | Production Testing | Compressco | Offshore Services | Maritech | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | — | $ | 23,035 | $ | 72,161 | $ | 3,809 | $ | — | $ | 99,005 | |||||||||||||
Goodwill adjustments | — | — | — | 127 | — | 127 | |||||||||||||||||||
Balance as of December 31, 2011 | — | 23,035 | 72,161 | 3,936 | — | 99,132 | |||||||||||||||||||
Goodwill acquired during the year | — | 90,472 | — | — | — | 90,472 | |||||||||||||||||||
Balance as of December 31, 2012 | — | 113,507 | 72,161 | 3,936 | — | 189,604 | |||||||||||||||||||
Goodwill adjustments | — | (1,445 | ) | — | — | — | (1,445 | ) | |||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | 112,062 | $ | 72,161 | $ | 3,936 | $ | — | $ | 188,159 | |||||||||||||
Impairment of long-lived assets policy | ' | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||||||||
Impairments of long-lived assets are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, an impairment is recognized for the excess of the carrying value over its fair value. The assessment of oil and gas properties for impairment is based on the risk adjusted future estimated cash flows from our proved, probable, and possible reserves. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. | |||||||||||||||||||||||||
During the fourth quarter of 2012, the Offshore Services segment began pursuing the sale of the TETRA DB-1 heavy lift barge due to decreased demand in the shallow waters of the Outer Continental Shelf of the Gulf of Mexico, where it historically operated. In connection with this decision, an impairment of approximately $7.7 million was recorded to reduce the carrying value of the TETRA DB-1 to its estimated fair value, less estimated cost to sell. | |||||||||||||||||||||||||
During the first quarter of 2014, the Offshore Services segment sold the TETRA DB-1 heavy lift barge for a sales price of $3.0 million. As a result, an additional impairment of approximately $9.3 million was recorded in December 2013 to reduce the carrying value of the TETRA DB-1 to the sales price. | |||||||||||||||||||||||||
Impairments of Oil and Gas Properties | |||||||||||||||||||||||||
During 2011, we identified impairments totaling approximately $15.2 million, net of intercompany eliminations, of the net carrying value of certain Maritech oil and gas properties. The oil and gas property impairments during 2011 were primarily associated with Maritech’s plans to sell its remaining oil and gas producing properties and the reduction in their carrying values to fair value less cost to sell. | |||||||||||||||||||||||||
Decommissioning liabilities policy | ' | ||||||||||||||||||||||||
Decommissioning Liabilities | |||||||||||||||||||||||||
Related to Maritech’s remaining oil and gas property decommissioning liabilities, we estimate the third-party fair values (including an estimated profit) to plug and abandon wells, decommission the pipelines and platforms, and clear the sites, and we use these estimates to record Maritech’s decommissioning liabilities, net of amounts allocable to joint interest owners, and any amounts contractually agreed to be paid in the future by the previous owners of the properties. In some cases, previous owners of acquired oil and gas properties are | |||||||||||||||||||||||||
contractually obligated to pay Maritech a fixed amount for the future well abandonment and decommissioning work on these properties as such work is performed. As of December 31, 2013 and 2012, our Maritech subsidiary’s decommissioning liabilities were net of approximately $0.0 million and $7.0 million, respectively, of such future reimbursements from these previous owners. | |||||||||||||||||||||||||
In estimating the decommissioning liabilities, we perform detailed estimating procedures, analysis, and engineering studies. Whenever practical and cost effective, Maritech will utilize the services of its affiliated companies to perform well abandonment and decommissioning work. When these services are performed by an affiliated company, all recorded intercompany revenues are eliminated in the consolidated financial statements. The recorded decommissioning liability associated with a specific property is fully extinguished when the property is completely abandoned. The liability is first reduced by all cash expenses incurred to abandon and decommission the property. If the liability exceeds (or is less than) our actual out-of-pocket costs, the difference is credited (or charged) to earnings in the period in which the work is performed. We review the adequacy of our decommissioning liabilities whenever indicators suggest that the estimated cash flows underlying the liabilities have changed materially. The timing and amounts of these cash flows are subject to changes in the energy industry environment and may result in additional liabilities to be recorded, which, in turn, would increase the carrying values of the related properties or result in direct charges to earnings. Primarily as a result of decommissioning work performed, we recorded total reductions to the decommissioning liabilities for the years 2013, 2012, and 2011 of $119.6 million, $87.4 million, and $94.7 million, respectively. For a further discussion of adjustments and other activity related to Maritech’s decommissioning liabilities, including significant adjustments made during 2013, 2012, and 2011, see Note I – Decommissioning and Other Asset Retirement Obligations. | |||||||||||||||||||||||||
Environmental liabilities policy | ' | ||||||||||||||||||||||||
Environmental Liabilities | |||||||||||||||||||||||||
Environmental expenditures that result in additions to property and equipment are capitalized, while other environmental expenditures are expensed. Environmental remediation liabilities are recorded on an undiscounted basis when environmental assessments or cleanups are probable and the costs can be reasonably estimated. Estimates of future environmental remediation expenditures often consist of a range of possible expenditure amounts, a portion of which may be in excess of amounts of liabilities recorded. In such an instance, we disclose the full range of amounts reasonably possible of being incurred. Any changes or developments in environmental remediation efforts are accounted for and disclosed each quarter as they occur. Any recoveries of environmental remediation costs from other parties are recorded as assets when their receipt is deemed probable. | |||||||||||||||||||||||||
Complexities involving environmental remediation efforts can cause estimates of the associated liability to be imprecise. Factors that cause uncertainties regarding the estimation of future expenditures include, but are not limited to, the effectiveness of the anticipated work plans in achieving targeted results and changes in the desired remediation methods and outcomes as prescribed by regulatory agencies. Uncertainties associated with environmental remediation contingencies are pervasive and often result in wide ranges of reasonably possible outcomes. Estimates developed in the early stages of remediation can vary significantly. Normally, a finite estimate of cost does not become fixed and determinable at a specific point in time. Rather, the costs associated with environmental remediation become estimable as the work is performed and the range of ultimate cost becomes more defined. It is possible that cash flows and results of operations could be materially affected by the impact of the ultimate resolution of these contingencies. | |||||||||||||||||||||||||
Revenue recognition policy | ' | ||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||
Revenues are recognized when finished products are shipped or services have been provided to unaffiliated customers and only when collectability is reasonably assured. Sales terms for our products are FOB shipping point, with title transferring at the point of shipment. Revenue is recognized at the point of transfer of title. We recognize oil and gas product sales revenues from our Maritech subsidiary’s interests in producing wells as oil and gas is produced and sold from those wells. Oil and gas sold is not significantly different from Maritech’s share of production. With regard to longer-term lump-sum contracts, revenues are recognized using the percentage-of-completion method based on the ratio of costs incurred to total estimated costs at completion. Total project revenue and cost estimates for lump-sum contracts are reviewed periodically as work progresses, and adjustments are reflected in the period in which such estimates are revised. Provisions for estimated losses on such contracts are made in the period such losses are determined. Occasionally we have contracts that contain multiple deliverables, and for such contracts the recognition of revenue is determined based on the realized market values received by the customer as well as the timing of collections under the contract. | |||||||||||||||||||||||||
Operating costs policy | ' | ||||||||||||||||||||||||
Operating Costs | |||||||||||||||||||||||||
Cost of product sales includes direct and indirect costs of manufacturing and producing our products, including raw materials, fuel, utilities, labor, overhead, repairs and maintenance, materials, services, transportation, warehousing, equipment rentals, insurance, and taxes. In addition, cost of product sales includes oil and gas operating expense. Cost of services and rentals includes operating expenses we incur in delivering our services, including labor, equipment rental, fuel, repair and maintenance, transportation, overhead, insurance, and certain taxes. We include in product sales revenues the reimbursements we receive from customers for shipping and handling costs. Shipping and handling costs are included in cost of product sales. Amounts we incur for “out-of-pocket” expenses in the delivery of our services are recorded as cost of services and rentals. Reimbursements for “out-of-pocket” expenses we incur in the delivery of our services are recorded as service revenues. Depreciation, depletion, amortization, and accretion includes depreciation expense for all of our facilities, equipment and vehicles, depletion and dry hole expense on our oil and gas properties, amortization expense on our intangible assets, and accretion expense related to our decommissioning and other asset retirement obligations. | |||||||||||||||||||||||||
We include in general and administrative expense all costs not identifiable to our specific product or service operations, including divisional and general corporate overhead, professional services, corporate office costs, sales and marketing expenses, insurance, and taxes. | |||||||||||||||||||||||||
Repair costs and insurance recoveries policy | ' | ||||||||||||||||||||||||
Repair Costs and Insurance Recoveries | |||||||||||||||||||||||||
Our Maritech subsidiary incurred significant damage to the majority of its offshore oil and gas producing platforms as a result of Hurricane Ike during 2008 and Hurricanes Katrina and Rita during 2005. This damage included the destruction of six of its offshore platforms. Hurricane damage response efforts consist of (1) the assessment and repair of damaged facilities and equipment; (2) the well intervention, abandonment, decommissioning, and debris removal associated with destroyed offshore platforms; and (3) the construction of replacement platforms and facilities and the redrilling of destroyed wells. The cost to repair and restore damaged assets, including the cost for damage assessment, is expensed as incurred. The estimated cost of expected well intervention, abandonment, decommissioning, and debris removal efforts associated with destroyed offshore platforms is accounted for as part of Maritech’s decommissioning liabilities. The cost to replace destroyed platforms and facilities and redrill destroyed wells is capitalized as incurred as part of oil and gas properties. Subsequent to these storms, Maritech has substantially completed the required hurricane damage response efforts, and, as of December 31, 2013, the remaining work to be performed consists primarily of decommissioning and debris removal efforts on three of the destroyed platforms. We estimate that the remaining future decommissioning and debris removal efforts associated with these remaining platforms will cost approximately $7.7 million, net to our interest, and has been accrued as part of Maritech’s decommissioning liabilities. Actual hurricane response costs could exceed these estimates and, depending on the nature of the cost, could result in significant charges to earnings in future periods. | |||||||||||||||||||||||||
When it is economical to purchase, we typically maintain insurance protection that we believe to be customary and in amounts sufficient to reimburse us for a majority of our casualty losses. Our insurance coverage is subject to certain overall coverage limits and deductibles. With regard to costs incurred that we believe will qualify for coverage under our various insurance policies, we recognize anticipated insurance recoveries when collection is deemed probable. Any recognition of anticipated insurance recoveries is used to offset the original charge to which the insurance recovery relates. The amount of anticipated insurance recoveries as of December 31, 2013 and 2012, is included in accounts receivable in the accompanying consolidated balance sheets. Anticipated insurance recoveries that have been reflected as insurance receivables were $0 million as of December 31, 2013, and $1.1 million at December 31, 2012. | |||||||||||||||||||||||||
During December 2010, we initiated legal proceedings against one of Maritech’s underwriters that had disputed that certain hurricane damage related costs incurred or to be incurred qualified as covered costs pursuant to Maritech's windstorm insurance policies. In February 2013, we entered into a settlement agreement with the underwriter, whereby we received $7.6 million, a portion of which was credited to operating expenses during the year ended December 31, 2013 | |||||||||||||||||||||||||
Repair costs incurred and the net book value of any destroyed assets which are covered under our insurance policies are anticipated insurance recoveries which are included in accounts receivable. Repair costs not considered probable of collection are charged to earnings. Insurance recoveries in excess of destroyed asset carrying values and repair costs incurred are credited to earnings when received. | |||||||||||||||||||||||||
Discontinued operations policy | ' | ||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||
We account for our discontinued businesses as discontinued operations and reclassify prior period financial statements to exclude these businesses from continuing operations. | |||||||||||||||||||||||||
Income tax policy | ' | ||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
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 basis amounts. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates is recognized as income or expense in the period that includes the enactment date. | |||||||||||||||||||||||||
Income (loss) per common share policy | ' | ||||||||||||||||||||||||
Income (Loss) per Common Share | |||||||||||||||||||||||||
The calculation of basic earnings per share excludes any dilutive effects of options. The calculation of diluted earnings per share includes the dilutive effect of stock options, which is computed using the treasury stock method during the periods such options were outstanding. A reconciliation of the common shares used in the computations of income (loss) per common and common equivalent shares is presented in Note P – Income (Loss) Per Share. | |||||||||||||||||||||||||
Foreign currency translation policy | ' | ||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||
We have designated the euro, the British pound, the Norwegian krone, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currency for our operations in Finland and Sweden, the United Kingdom, Norway, Canada, Brazil, and certain of our operations in Mexico, respectively. The U.S. dollar is the designated functional currency for all of our other foreign operations. The cumulative translation effects of translating the accounts from the functional currencies into the U.S. dollar at current exchange rates are included as a separate component of equity. | |||||||||||||||||||||||||
Fair value measurements policy | ' | ||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that may differ from the transaction price or market price of the asset or liability. | |||||||||||||||||||||||||
Under generally accepted accounting principles, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entity’s own judgments about the assumptions market participants would utilize in pricing the asset or liability. | |||||||||||||||||||||||||
We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized in the allocation of purchase consideration for acquisition transactions to the assets and liabilities acquired, including intangible assets and goodwill. In addition, we utilize fair value measurements in the initial recording of our decommissioning and other asset retirement obligations. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets, including goodwill. The fair value of our financial instruments, which may include cash, temporary investments, accounts receivable, short-term borrowings, and long-term debt pursuant to our bank credit agreement, approximate their carrying amounts. The fair value of our long-term Senior Notes at December 31, 2013 and 2012, was approximately $318.4 million and $327.4 million, respectively, compared to a carrying amount of approximately $305.0 million, as current rates as of those dates were more favorable than the Senior Note interest rates. We calculate the fair value of our Senior Notes internally, using current market conditions and average cost of debt (a Level 2 fair value measurement). | |||||||||||||||||||||||||
We also utilize fair value measurements on a recurring basis in the accounting for our foreign currency forward sale derivative contracts. For these fair value measurements, we utilize the quoted value as determined by our counterparty financial institution (a Level 1 measurement). A summary of these fair value measurements as of December 31, 2013, is as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Total as of | Quoted Prices | Significant | Significant | ||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
or Liabilities | |||||||||||||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Asset for foreign currency derivative contracts | $ | 104 | $ | 104 | — | — | |||||||||||||||||||
Liability for foreign currency derivative contracts | (52 | ) | (52 | ) | — | — | |||||||||||||||||||
Total | $ | 52 | |||||||||||||||||||||||
During 2013 and 2012, our Offshore Services segment recorded total impairment charges of approximately $9.3 million and $8.4 million, respectively, primarily associated with the decision to sell a heavy lift derrick barge, the TETRA DB-1. Accordingly, the carrying value of this vessel was adjusted to estimated fair value less estimated cost to sell, and reclassified as Assets Held for Sale. The fair value is estimated based on current market prices being received for similar vessels, which is based on significant unobservable inputs (Level 3) in accordance with the fair value hierarchy. A summary of these nonrecurring fair value measurements as of December 31, 2013, using the fair value hierarchy is as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Total as of | Quoted Prices | Significant | Significant | Year-to-Date | |||||||||||||||||||||
in Active | Other | Unobservable | Impairment | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
or Liabilities | |||||||||||||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | Losses | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Offshore Services assets | $ | 3,000 | $ | — | $ | — | $ | 3,000 | $ | 9,285 | |||||||||||||||
Other | — | — | — | — | 293 | ||||||||||||||||||||
Total | $ | 3,000 | $ | 9,578 | |||||||||||||||||||||
A summary of these nonrecurring fair value measurements as of December 31, 2012, using the fair value hierarchy is as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Total as of | Quoted Prices | Significant | Significant | Year-to-Date | |||||||||||||||||||||
in Active | Other | Unobservable | Impairment | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
or Liabilities | |||||||||||||||||||||||||
Description | Dec 31, 2012 | (Level 1) | (Level 2) | (Level 3) | Losses | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Offshore Services assets | $ | 14,000 | $ | — | $ | — | $ | 14,000 | $ | 8,360 | |||||||||||||||
New accounting pronouncements policy | ' | ||||||||||||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||||||||
In June 2011, the Financial Accounting Standards Board (FASB) published Accounting Standards Update (ASU) 2011-05, “Comprehensive Income (Topic 220), Presentation of Comprehensive Income” (ASU 2011-05), with the stated objective of improving the comparability, consistency, and transparency of financial reporting and increasing the prominence of items reported in other comprehensive income. As part of ASU 2011-05, the FASB eliminated the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. The ASU 2011-05 amendments require that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The ASU 2011-05 amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and the amendments are applied retrospectively. In December 2011, with the issuance of ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05,” the FASB announced that it has deferred certain aspects of ASU 2011-05. In February 2013, the FASB issued ASU 2013-2, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” with the stated objective of improving the reporting of reclassifications out of accumulated other comprehensive income. The amendments in ASU 2013-2 are effective during interim and annual periods beginning after December 31, 2012. The adoption of ASU 2011-05, 2011-12 and 2013-2 regarding comprehensive income have not had a significant impact on the accounting or disclosures in our financial statements. | |||||||||||||||||||||||||
In December 2011, the FASB published ASU 2011-11, “Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11), which requires an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective of ASU 2011-11 is to make financial statements that are prepared under U.S. generally accepted accounting principles more comparable to those prepared under International Financial Reporting Standards. The new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB published ASU 2013-01, “Balance Sheet (Topic 210), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (ASU 2013-01), with the stated objective of clarifying the scope of offsetting disclosures and address any unintended consequences of ASU 2011-11. ASU 2011-11 and ASU 2013-01 are effective for interim and annual reporting period beginning after January 1, 2013 and will be applied on a retrospective basis. The adoption of ASU 2011-11 and ASU 2013-01 did not have a material impact on our financial condition, results of operations, or liquidity. | |||||||||||||||||||||||||
In July 2013, the FASB published ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" (ASU 2013-11). The amendments in this ASU provide guidance on presentation of unrecognized tax benefits and are expected to reduce diversity in practice and better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The amendments in this ASU are effective prospectively for interim and annual periods beginning after December 15, 2013, with early adoption and retrospective application permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Summary of Significant Accounting Policies (Tables) | ' | ||||||||||||||||||||||||
Allowances for Doubtful Accounts Table | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
At beginning of period | $ | 1,085 | $ | 1,849 | $ | 2,590 | |||||||||||||||||||
Activity in the period: | |||||||||||||||||||||||||
Provision for doubtful accounts | 374 | (237 | ) | 973 | |||||||||||||||||||||
Account chargeoffs | (110 | ) | (527 | ) | (1,714 | ) | |||||||||||||||||||
At end of period | $ | 1,349 | $ | 1,085 | $ | 1,849 | |||||||||||||||||||
Inventories Table | ' | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Finished goods | $ | 73,515 | $ | 72,312 | |||||||||||||||||||||
Raw materials | 3,894 | 5,396 | |||||||||||||||||||||||
Parts and supplies | 22,668 | 24,497 | |||||||||||||||||||||||
Work in progress | 715 | 836 | |||||||||||||||||||||||
Total inventories | $ | 100,792 | $ | 103,041 | |||||||||||||||||||||
Property, Plant, and Equipment Table | ' | ||||||||||||||||||||||||
Buildings | 15 – 40 years | ||||||||||||||||||||||||
Barges and vessels | 5 – 30 years | ||||||||||||||||||||||||
Machinery and equipment | 2 – 20 years | ||||||||||||||||||||||||
Automobiles and trucks | 4 years | ||||||||||||||||||||||||
Chemical plants | 15 – 30 years | ||||||||||||||||||||||||
Goodwill Table | ' | ||||||||||||||||||||||||
Fluids | Production Testing | Compressco | Offshore Services | Maritech | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | — | $ | 23,035 | $ | 72,161 | $ | 3,809 | $ | — | $ | 99,005 | |||||||||||||
Goodwill adjustments | — | — | — | 127 | — | 127 | |||||||||||||||||||
Balance as of December 31, 2011 | — | 23,035 | 72,161 | 3,936 | — | 99,132 | |||||||||||||||||||
Goodwill acquired during the year | — | 90,472 | — | — | — | 90,472 | |||||||||||||||||||
Balance as of December 31, 2012 | — | 113,507 | 72,161 | 3,936 | — | 189,604 | |||||||||||||||||||
Goodwill adjustments | — | (1,445 | ) | — | — | — | (1,445 | ) | |||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | 112,062 | $ | 72,161 | $ | 3,936 | $ | — | $ | 188,159 | |||||||||||||
Fair Value Measurements on a Recurring Basis Table | ' | ||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Total as of | Quoted Prices | Significant | Significant | ||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
or Liabilities | |||||||||||||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Asset for foreign currency derivative contracts | $ | 104 | $ | 104 | — | — | |||||||||||||||||||
Liability for foreign currency derivative contracts | (52 | ) | (52 | ) | — | — | |||||||||||||||||||
Total | $ | 52 | |||||||||||||||||||||||
Fair Value Measurements on a Nonrecurring Basis Table | ' | ||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Total as of | Quoted Prices | Significant | Significant | Year-to-Date | |||||||||||||||||||||
in Active | Other | Unobservable | Impairment | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
or Liabilities | |||||||||||||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | Losses | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Offshore Services assets | $ | 3,000 | $ | — | $ | — | $ | 3,000 | $ | 9,285 | |||||||||||||||
Other | — | — | — | — | 293 | ||||||||||||||||||||
Total | $ | 3,000 | $ | 9,578 | |||||||||||||||||||||
A summary of these nonrecurring fair value measurements as of December 31, 2012, using the fair value hierarchy is as follows: | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Total as of | Quoted Prices | Significant | Significant | Year-to-Date | |||||||||||||||||||||
in Active | Other | Unobservable | Impairment | ||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||
Identical | Inputs | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
or Liabilities | |||||||||||||||||||||||||
Description | Dec 31, 2012 | (Level 1) | (Level 2) | (Level 3) | Losses | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Offshore Services assets | $ | 14,000 | $ | — | $ | — | $ | 14,000 | $ | 8,360 | |||||||||||||||
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
AcquisitionsandDispositionsNoteTablesAbstract | ' | |||
Pro forma financial information table | ' | |||
Year Ended | ||||
31-Dec-12 | ||||
(In Thousands) | ||||
Revenues | $ | 924,795 | ||
Depreciation, depletion, amortization, and accretion | $ | 78,826 | ||
Gross profit | $ | 179,143 | ||
Income before discontinued operations | $ | 25,858 | ||
Net income | $ | 25,861 | ||
Net income attributable to TETRA stockholders | $ | 23,064 | ||
Per share information: | ||||
Income before discontinued operations attributable to TETRA stockholders | ||||
Basic | $ | 0.3 | ||
Diluted | $ | 0.29 | ||
Net income attributable to TETRA stockholders | ||||
Basic | $ | 0.3 | ||
Diluted | $ | 0.29 | ||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases (Tables) | ' | ||||||||
Future Minimum Lease Payments Table | ' | ||||||||
Capital Lease | Operating Leases | ||||||||
(In Thousands) | |||||||||
2014 | $ | 76 | $ | 12,537 | |||||
2015 | 76 | 8,613 | |||||||
2016 | 76 | 6,157 | |||||||
2017 | 76 | 5,335 | |||||||
2018 | 76 | 4,936 | |||||||
After 2018 | 76 | 36,805 | |||||||
Total minimum lease payments | $ | 456 | $ | 74,383 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes (Tables) | ' | ||||||||||||
Income Tax Provision Table | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Current | |||||||||||||
Federal | $ | 530 | $ | 1,362 | $ | (1,661 | ) | ||||||
State | (225 | ) | 683 | 1,294 | |||||||||
Foreign | 6,065 | 9,396 | 6,875 | ||||||||||
6,370 | 11,441 | 6,508 | |||||||||||
Deferred | |||||||||||||
Federal | (6,685 | ) | (361 | ) | (7,053 | ) | |||||||
State | (1,121 | ) | (495 | ) | (2,258 | ) | |||||||
Foreign | (2,018 | ) | (1,156 | ) | 3,554 | ||||||||
(9,824 | ) | (2,012 | ) | (5,757 | ) | ||||||||
Total tax provision (benefit) | $ | (3,454 | ) | $ | 9,429 | $ | 751 | ||||||
Effective Income Tax Rate Reconciliation Table | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Income tax provision (benefit) computed at statutory federal income tax rates | $ | (45 | ) | $ | 9,864 | $ | 2,182 | ||||||
State income taxes (net of federal benefit) | (875 | ) | 122 | (627 | ) | ||||||||
Nondeductible meals and entertainment | 1,382 | 1,460 | 1,046 | ||||||||||
Impact of international operations | (3,538 | ) | (2,377 | ) | (1,229 | ) | |||||||
Other | (378 | ) | 360 | (621 | ) | ||||||||
Total tax provision (benefit) | $ | (3,454 | ) | $ | 9,429 | $ | 751 | ||||||
Domestic and Foreign Income Before Tax Table | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Domestic | $ | (14,322 | ) | $ | 2,206 | $ | (9,167 | ) | |||||
International | 14,194 | 25,977 | 15,400 | ||||||||||
Total | $ | (128 | ) | $ | 28,183 | $ | 6,233 | ||||||
Unrecognized Tax Benefit Liability Rollforward Table | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Gross unrecognized tax benefits at beginning of period | $ | 2,327 | $ | 1,552 | $ | 1,849 | |||||||
Additions related to acquisitions | — | 742 | — | ||||||||||
Increases in tax positions for prior years | — | — | — | ||||||||||
Decreases in tax positions for prior years | (118 | ) | — | — | |||||||||
Increases in tax positions for current year | 202 | 313 | — | ||||||||||
Settlements | — | — | — | ||||||||||
Lapse in statute of limitations | (393 | ) | (280 | ) | (297 | ) | |||||||
Gross unrecognized tax benefits at end of period | $ | 2,018 | $ | 2,327 | $ | 1,552 | |||||||
Deferred Tax Assets and Liabilities Table | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Net operating losses | $ | 51,130 | $ | 20,888 | |||||||||
Foreign tax credits and alternative minimum tax credits | 10,233 | 6,976 | |||||||||||
Accruals | 30,057 | 46,259 | |||||||||||
All other | 2,856 | 2,130 | |||||||||||
Total deferred tax assets | 94,276 | 76,253 | |||||||||||
Valuation allowance | (3,747 | ) | (4,048 | ) | |||||||||
Net deferred tax assets | $ | 90,529 | $ | 72,205 | |||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Excess book over tax basis in property, plant, and equipment | $ | 85,035 | $ | 78,614 | |||||||||
All other | 8,414 | 7,506 | |||||||||||
Total deferred tax liability | 93,449 | 86,120 | |||||||||||
Net deferred tax liability | $ | 2,920 | $ | 13,915 | |||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities (Tables) | ' | ||||||||
Accrued Liabilities Table | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Compensation and employee benefits | $ | 15,221 | $ | 15,248 | |||||
Accrued interest | 2,473 | 2,740 | |||||||
Accrued capital expenditures | 11,496 | 8,130 | |||||||
Deferred tax liability | 2,177 | 2,388 | |||||||
Other accrued liabilities | 33,650 | 44,748 | |||||||
Total accrued liabilities | $ | 65,017 | $ | 73,254 | |||||
LongTerm_Debt_and_Other_Borrow1
Long-Term Debt and Other Borrowings (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Long-Term Debt (Tables) | ' | ||||||||||
Long-Term Debt Table | ' | ||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
(In Thousands) | |||||||||||
Scheduled Maturity | |||||||||||
Bank revolving line of credit facility | October 29, 2015 | $ | 52,768 | $ | 51,218 | ||||||
Compressco Partners' bank credit facility | October 15, 2017 | 29,959 | 10,050 | ||||||||
5.90% Senior Notes, Series 2006-A | April 30, 2016 | 90,000 | 90,000 | ||||||||
6.30% Senior Notes, Series 2008-A | April 30, 2013 | — | 35,000 | ||||||||
6.56% Senior Notes, Series 2008-B | April 30, 2015 | 90,000 | 90,000 | ||||||||
5.09% Senior Notes, Series 2010-A | December 15, 2017 | 65,000 | 65,000 | ||||||||
5.67% Senior Notes, Series 2010-B | December 15, 2020 | 25,000 | 25,000 | ||||||||
4.0% Senior Notes, Series 2013 | April 29, 2020 | 35,000 | — | ||||||||
European bank credit facility | — | — | |||||||||
Other | 89 | 441 | |||||||||
Total debt | 387,816 | 366,709 | |||||||||
Less current portion | (89 | ) | (35,441 | ) | |||||||
Total long-term debt | $ | 387,727 | $ | 331,268 | |||||||
Scheduled Maturities Table | ' | ||||||||||
Year Ending December 31, | |||||||||||
(In Thousands) | |||||||||||
2014 | $ | 89 | |||||||||
2015 | 172,727 | ||||||||||
2016 | 90,000 | ||||||||||
2017 | 65,000 | ||||||||||
2018 | — | ||||||||||
Thereafter | 60,000 | ||||||||||
Total maturities | $ | 387,816 | |||||||||
Decommissioning_and_Other_Asse1
Decommissioning and Other Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Decommissioning and Other Asset Retirement Obligations (Tables) | ' | ||||||||
Decommissioning and Other Asset Retirement Obligations Table | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Beginning balance for the period, as reported | $ | 94,921 | $ | 139,835 | |||||
Activity in the period: | |||||||||
Accretion of liability | 673 | 1,536 | |||||||
Retirement obligations incurred | — | — | |||||||
Revisions in estimated cash flows | 74,946 | 40,986 | |||||||
Settlement of retirement obligations | (119,636 | ) | (87,436 | ) | |||||
Ending balance | $ | 50,904 | $ | 94,921 | |||||
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Class of Stock Disclosures [Abstract] | ' | |||||||||
Common Shares Outstanding and Treasury Shares Held Rollforward Table | ' | |||||||||
Common Shares Outstanding | Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | ||||||||
At beginning of period | 78,112,032 | 77,423,415 | 76,291,745 | |||||||
Exercise of common stock options, net | 373,106 | 580,097 | 858,727 | |||||||
Grants of restricted stock, net | 370,409 | 108,520 | 272,943 | |||||||
At end of period | 78,855,547 | 78,112,032 | 77,423,415 | |||||||
Treasury Shares Held | Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | ||||||||
At beginning of period | 2,334,137 | 2,249,959 | 1,533,653 | |||||||
Shares received upon exercise of common stock options | 119,477 | 81,616 | 592,992 | |||||||
Shares received upon vesting of restricted stock, net | 24,470 | 2,562 | 123,314 | |||||||
At end of period | 2,478,084 | 2,334,137 | 2,249,959 | |||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity-Based Compensation (Tables) | ' | |||||||||
Restricted Stock Award Activity Table | ' | |||||||||
Shares | Weighted Average | |||||||||
Grant Date Fair | ||||||||||
Value Per Share | ||||||||||
(In Thousands) | ||||||||||
Nonvested restricted shares outstanding at December 31, 2012 | 621 | $ | 8.49 | |||||||
Shares granted | 490 | 10.37 | ||||||||
Shares cancelled | (76 | ) | 9.1 | |||||||
Shares vested | (391 | ) | 9.11 | |||||||
Nonvested restricted shares outstanding at December 31, 2013 | 644 | $ | 9.47 | |||||||
Partnership Unit Award Activity Table | ' | |||||||||
Units | Weighted Average | |||||||||
Grant Date Fair | ||||||||||
Value Per Unit | ||||||||||
(In Thousands) | ||||||||||
Nonvested units outstanding at December 31, 2012 | 153 | $ | 16.07 | |||||||
Units granted | 74 | 20.28 | ||||||||
Units cancelled | (18 | ) | 15.65 | |||||||
Units vested | (76 | ) | 16.43 | |||||||
Nonvested units outstanding at December 31, 2013 | 133 | $ | 18.25 | |||||||
Stock Option Award Activity Table | ' | |||||||||
Shares Under Option | Weighted Average | |||||||||
Option Price | ||||||||||
Per Share | ||||||||||
(In Thousands) | ||||||||||
Outstanding at December 31, 2012 | 4,333 | $ | 11.85 | |||||||
Options granted | 695 | 10.38 | ||||||||
Options cancelled | (339 | ) | 14 | |||||||
Options exercised | (397 | ) | 5.48 | |||||||
Outstanding at December 31, 2013 | 4,292 | $ | 12.03 | |||||||
Expected to vest | 1,000 | $ | 9.47 | |||||||
Exercisable, end of year | 3,293 | $ | 12.81 | |||||||
Available for grant, end of year | 4,289 | |||||||||
Stock Option Valuation Assumptions Table | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Expected stock price volatility | 54% to 74% | 74% to 75% | 72% to 75% | |||||||
Expected life of options | 4.9 years | 4.8 years | 4.7 years | |||||||
Risk free interest rate | 0.76% to 1.48% | 0.62% to 1.03% | 0.87% to 2.24% | |||||||
Expected dividend yield | — | — | — | |||||||
Hedge_Contracts_Tables
Hedge Contracts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Hedge Contracts (Tables) | ' | ||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions Table | ' | ||||||||||||
Derivative Contracts | US Dollar Notional Amount | Traded Exchange Rate | Value Date | ||||||||||
(In Thousands) | |||||||||||||
Forward sale Mexican pesos | $ | 10,332 | 13.01 | 1/17/14 | |||||||||
Forward purchase Mexican pesos | $ | 5,928 | 13.01 | 1/17/14 | |||||||||
Forward purchase euros | $ | 7,984 | 1.38 | 1/17/14 | |||||||||
Forward purchase pounds sterling | $ | 3,149 | 1.63 | 1/17/14 | |||||||||
Derivatives Designated as Hedging Instruments Table | ' | ||||||||||||
Foreign currency derivative instruments | Balance Sheet Location | Fair Value at | |||||||||||
31-Dec-13 | |||||||||||||
(In Thousands) | |||||||||||||
Forward purchase contracts | Current assets | $ | 72 | ||||||||||
Forward sale contracts | Current assets | 32 | |||||||||||
Forward purchase contracts | Current liabilities | (52 | ) | ||||||||||
Total | $ | 52 | |||||||||||
Pretax Gain (Loss) on Derivative Instruments Table | ' | ||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Derivative swap contracts | Oil | Natural Gas | Total | ||||||||||
(In Thousands) | |||||||||||||
Amount of pretax gain reclassified from accumulated other comprehensive income into product sales revenue (effective portion) | $ | 1,177 | $ | — | $ | 1,177 | |||||||
Amount of pretax gain (loss) from change in derivative fair value recognized in other comprehensive income | (7,854 | ) | — | (7,854 | ) | ||||||||
Amount of pretax gain (loss) recognized in other income (expense) (ineffective portion) | (13,947 | ) | — | (13,947 | ) | ||||||||
Income_Loss_Per_Share_Tables
Income (Loss) Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income (Loss) Per Share (Tables) | ' | |||||||||
Weighted Average Shares Outstanding Table | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In Thousands) | ||||||||||
Number of weighted average common shares outstanding | 77,954 | 77,293 | 76,616 | |||||||
Assumed exercise of stock options | 886 | 670 | 1,375 | |||||||
Average diluted shares outstanding | 78,840 | 77,963 | 77,991 | |||||||
Industry_Segments_and_Geograph1
Industry Segments and Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Industry Segments and Geographic Information (Tables) | ' | ||||||||||||
Segment Reporting Table | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Revenues from external customers | |||||||||||||
Product sales | |||||||||||||
Fluids Division | $ | 281,585 | $ | 257,558 | $ | 229,426 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | — | — | — | ||||||||||
Compressco | 8,293 | 6,322 | 13,201 | ||||||||||
Total Production Enhancement Division | 8,293 | 6,322 | 13,201 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 4,707 | 6,267 | 4,921 | ||||||||||
Maritech | 5,560 | 6,008 | 81,941 | ||||||||||
Total Offshore Division | 10,267 | 12,275 | 86,862 | ||||||||||
Consolidated | $ | 300,145 | $ | 276,155 | $ | 329,489 | |||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Services and rentals | |||||||||||||
Fluids Division | $ | 101,040 | $ | 76,858 | $ | 75,032 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 195,983 | 207,984 | 139,755 | ||||||||||
Compressco | 112,994 | 103,144 | 82,567 | ||||||||||
Intersegment eliminations | (1,747 | ) | (2,354 | ) | — | ||||||||
Total Production Enhancement Division | 307,230 | 308,774 | 222,322 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 200,983 | 218,477 | 217,341 | ||||||||||
Maritech | — | 150 | 799 | ||||||||||
Intersegment eliminations | — | — | — | ||||||||||
Total Offshore Division | 200,983 | 218,627 | 218,140 | ||||||||||
Corporate overhead | — | 417 | 292 | ||||||||||
Consolidated | $ | 609,253 | $ | 604,676 | $ | 515,786 | |||||||
Intersegment revenues | |||||||||||||
Fluids Division | $ | 38 | $ | 132 | $ | 78 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | — | — | 1 | ||||||||||
Compressco | — | — | — | ||||||||||
Total Production Enhancement Division | — | — | 1 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 50,122 | 41,199 | 65,038 | ||||||||||
Maritech | — | — | — | ||||||||||
Intersegment eliminations | (50,122 | ) | (41,199 | ) | (65,036 | ) | |||||||
Total Offshore Division | — | — | 2 | ||||||||||
Intersegment eliminations | (38 | ) | (132 | ) | (81 | ) | |||||||
Consolidated | $ | — | $ | — | $ | — | |||||||
Total revenues | |||||||||||||
Fluids Division | $ | 382,663 | $ | 334,548 | $ | 304,536 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 195,983 | 207,984 | 139,756 | ||||||||||
Compressco | 121,287 | 109,466 | 95,768 | ||||||||||
Intersegment eliminations | (1,747 | ) | (2,354 | ) | — | ||||||||
Total Production Enhancement Division | 315,523 | 315,096 | 235,524 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 255,812 | 265,943 | 287,300 | ||||||||||
Maritech | 5,560 | 6,158 | 82,740 | ||||||||||
Intersegment eliminations | (50,122 | ) | (41,199 | ) | (65,036 | ) | |||||||
Total Offshore Division | 211,250 | 230,902 | 305,004 | ||||||||||
Corporate overhead | — | 417 | 292 | ||||||||||
Intersegment eliminations | (38 | ) | (132 | ) | (81 | ) | |||||||
Consolidated | $ | 909,398 | $ | 880,831 | $ | 845,275 | |||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Depreciation, depletion, amortization, and accretion | |||||||||||||
Fluids Division | $ | 22,508 | $ | 19,034 | $ | 19,596 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 27,262 | 22,261 | 13,893 | ||||||||||
Compressco | 14,511 | 13,398 | 12,791 | ||||||||||
Total Production Enhancement Division | 41,773 | 35,659 | 26,684 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 14,254 | 16,650 | 14,502 | ||||||||||
Maritech | 123 | 1,039 | 31,314 | ||||||||||
Intersegment eliminations | — | — | (174 | ) | |||||||||
Total Offshore Division | 14,377 | 17,689 | 45,642 | ||||||||||
Corporate overhead | 2,327 | 3,365 | 2,917 | ||||||||||
Consolidated | $ | 80,985 | $ | 75,747 | $ | 94,839 | |||||||
Interest expense | |||||||||||||
Fluids Division | $ | 37 | $ | 77 | $ | 121 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 19 | 13 | 32 | ||||||||||
Compressco | 500 | 81 | (20 | ) | |||||||||
Total Production Enhancement Division | 519 | 94 | 12 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 109 | 109 | 45 | ||||||||||
Maritech | 11 | 98 | 78 | ||||||||||
Intersegment eliminations | — | — | — | ||||||||||
Total Offshore Division | 120 | 207 | 123 | ||||||||||
Corporate overhead | 16,741 | 17,000 | 16,939 | ||||||||||
Consolidated | $ | 17,417 | $ | 17,378 | $ | 17,195 | |||||||
Income (loss) before taxes and discontinued operations | |||||||||||||
Fluids Division | $ | 69,438 | $ | 50,830 | $ | 32,076 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 14,093 | 39,847 | 35,969 | ||||||||||
Compressco | 20,200 | 20,598 | 15,799 | ||||||||||
Intersegment eliminations | (105 | ) | — | — | |||||||||
Total Production Enhancement Division | 34,188 | 60,445 | 51,768 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 22,870 | 21,706 | 18,455 | ||||||||||
Maritech | (64,365 | ) | (42,790 | ) | (26,275 | ) | |||||||
Intersegment eliminations | — | — | 1,802 | ||||||||||
Total Offshore Division | (41,495 | ) | (21,084 | ) | (6,018 | ) | |||||||
Corporate overhead(1) | (62,259 | ) | (62,008 | ) | (71,593 | ) | |||||||
Consolidated | $ | (128 | ) | $ | 28,183 | $ | 6,233 | ||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Total assets | |||||||||||||
Fluids Division | $ | 400,028 | $ | 387,034 | $ | 375,741 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 327,413 | 337,208 | 119,311 | ||||||||||
Compressco | 230,829 | 219,838 | 210,754 | ||||||||||
Total Production Enhancement Division | 558,242 | 557,046 | 330,065 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 181,617 | 188,034 | 216,927 | ||||||||||
Maritech | 46,903 | 75,383 | 63,294 | ||||||||||
Intersegment eliminations | — | — | — | ||||||||||
Total Offshore Division | 228,520 | 263,417 | 280,221 | ||||||||||
Corporate overhead | 19,743 | 54,321 | 217,283 | ||||||||||
Consolidated | $ | 1,206,533 | $ | 1,261,818 | $ | 1,203,310 | |||||||
Capital expenditures | |||||||||||||
Fluids Division | $ | 45,238 | $ | 31,839 | $ | 17,922 | |||||||
Production Enhancement Division | |||||||||||||
Production Testing | 26,757 | 40,025 | 19,925 | ||||||||||
Compressco | 24,103 | 22,215 | 12,471 | ||||||||||
Total Production Enhancement Division | 50,860 | 62,240 | 32,396 | ||||||||||
Offshore Division | |||||||||||||
Offshore Services | 4,207 | 12,050 | 64,420 | ||||||||||
Maritech | 21 | 343 | 7,924 | ||||||||||
Intersegment eliminations | — | — | (66 | ) | |||||||||
Total Offshore Division | 4,228 | 12,393 | 72,278 | ||||||||||
Corporate overhead | 1,053 | 1,052 | 1,008 | ||||||||||
Consolidated | $ | 101,379 | $ | 107,524 | $ | 123,604 | |||||||
(1) | Amounts reflected include the following general corporate expenses: | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
General and administrative expense | $ | 40,506 | $ | 40,005 | $ | 36,694 | |||||||
Depreciation and amortization | 2,327 | 3,365 | 2,917 | ||||||||||
Interest expense | 16,715 | 17,000 | 16,939 | ||||||||||
Other general corporate (income) expense, net | 2,711 | 1,638 | 15,043 | ||||||||||
Total | $ | 62,259 | $ | 62,008 | $ | 71,593 | |||||||
Financial Information by Geographic Area Table | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Revenues from external customers: | |||||||||||||
U.S. | $ | 673,376 | $ | 625,885 | $ | 671,926 | |||||||
Canada and Mexico | 58,080 | 85,133 | 49,314 | ||||||||||
South America | 31,788 | 42,482 | 28,765 | ||||||||||
Europe | 102,990 | 92,882 | 75,033 | ||||||||||
Africa | 15,127 | 20,194 | 13,877 | ||||||||||
Asia and other | 28,037 | 14,255 | 6,360 | ||||||||||
Total | $ | 909,398 | $ | 880,831 | $ | 845,275 | |||||||
Transfers between geographic areas: | |||||||||||||
U.S. | $ | — | $ | — | $ | — | |||||||
Canada and Mexico | — | — | — | ||||||||||
South America | — | — | — | ||||||||||
Europe | 112 | 172 | 322 | ||||||||||
Africa | — | — | — | ||||||||||
Asia and other | — | — | — | ||||||||||
Eliminations | (112 | ) | (172 | ) | (322 | ) | |||||||
Total revenues | $ | 909,398 | $ | 880,831 | $ | 845,275 | |||||||
Identifiable assets: | |||||||||||||
U.S. | $ | 852,483 | $ | 913,080 | $ | 994,151 | |||||||
Canada and Mexico | 104,831 | 116,059 | 62,558 | ||||||||||
South America | 43,326 | 51,858 | 43,295 | ||||||||||
Europe | 150,415 | 135,219 | 78,974 | ||||||||||
Africa | 9,063 | 13,700 | 11,653 | ||||||||||
Asia and other | 46,351 | 31,902 | 12,679 | ||||||||||
Eliminations and discontinued operations | 64 | — | — | ||||||||||
Total identifiable assets | $ | 1,206,533 | $ | 1,261,818 | $ | 1,203,310 | |||||||
Supplemental_Oil_and_Gas_Discl1
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | ' | ||||||||||||
Costs Incurred in Acquisition, Exploration, and Development Activities Table | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Acquisition | $ | — | $ | — | $ | 141 | |||||||
Exploration | — | — | — | ||||||||||
Development | — | — | 5,798 | ||||||||||
Total costs incurred | $ | — | $ | — | $ | 5,939 | |||||||
Results of Operations for Producing Activities Table | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Oil and gas sales revenues | $ | 5,560 | $ | 6,158 | $ | 81,941 | |||||||
Production (lifting) costs | 2,637 | 3,749 | 33,496 | ||||||||||
Depreciation, depletion, and amortization | 37 | 60 | 27,640 | ||||||||||
Impairments of properties | — | — | 15,233 | ||||||||||
Excess decommissioning and abandonment costs | 75,313 | 40,767 | 78,382 | ||||||||||
Exploration expenses | — | — | 77 | ||||||||||
Accretion expense | 87 | 979 | 3,705 | ||||||||||
Dry hole costs | — | — | (32 | ) | |||||||||
Gain on insurance recoveries | (5,685 | ) | — | — | |||||||||
Pretax income (loss) from producing activities | (66,829 | ) | (39,397 | ) | (76,560 | ) | |||||||
Income tax expense (benefit) | (23,390 | ) | (13,789 | ) | (26,797 | ) | |||||||
Results of oil and gas producing activities | $ | (43,439 | ) | $ | (25,608 | ) | $ | (49,763 | ) | ||||
Reserve Quantity Information Table | ' | ||||||||||||
Reserve Quantity Information | Oil | NGL | Gas | ||||||||||
(MBbls) | (MBbls) | (MMcf) | |||||||||||
31-Dec-11 | |||||||||||||
Proved developed reserves | 95 | 40 | 676 | ||||||||||
Proved undeveloped reserves | 107 | 60 | 480 | ||||||||||
Total proved reserves at December 31, 2011 | 202 | 100 | 1,156 | ||||||||||
31-Dec-12 | |||||||||||||
Proved developed reserves | — | — | — | ||||||||||
Proved undeveloped reserves | — | — | — | ||||||||||
Total proved reserves at December 31, 2012 | — | — | — | ||||||||||
31-Dec-13 | |||||||||||||
Proved developed reserves | — | — | — | ||||||||||
Proved undeveloped reserves | — | — | — | ||||||||||
Total proved reserves at December 31, 2013 | — | — | — | ||||||||||
Oil | NGL | Gas | |||||||||||
(MBbls) | (MBbls) | (MMcf) | |||||||||||
Total proved reserves at December 31, 2010 | 6,772 | 489 | 25,585 | ||||||||||
Revisions of previous estimates | (88 | ) | 22 | (1,903 | ) | ||||||||
Production | (612 | ) | (88 | ) | (3,322 | ) | |||||||
Extensions and discoveries | — | — | — | ||||||||||
Purchases of reserves in place | — | — | — | ||||||||||
Sales of reserves in place | (5,870 | ) | (323 | ) | (19,204 | ) | |||||||
Total proved reserves at December 31, 2011 | 202 | 100 | 1,156 | ||||||||||
Revisions of previous estimates | (8 | ) | 39 | (52 | ) | ||||||||
Production | (23 | ) | (39 | ) | (311 | ) | |||||||
Extensions and discoveries | — | — | — | ||||||||||
Purchases of reserves in place | — | — | — | ||||||||||
Sales of reserves in place | (171 | ) | (100 | ) | (793 | ) | |||||||
Total proved reserves at December 31, 2012 | — | — | — | ||||||||||
Revisions of previous estimates | — | — | — | ||||||||||
Production | — | — | — | ||||||||||
Extensions and discoveries | — | — | — | ||||||||||
Purchases of reserves in place | — | — | — | ||||||||||
Sales of reserves in place | — | — | — | ||||||||||
Total proved reserves at December 31, 2013 | — | — | — | ||||||||||
Discounted Future Net Cash Flows and Changes in Discounted Future Net Cash Flows Table | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Standardized measure, beginning of year | $ | — | $ | 6,475 | $ | 133,269 | |||||||
Sales, net of production costs | — | (2,409 | ) | (48,445 | ) | ||||||||
Net change in prices, net of production costs | — | — | (11,916 | ) | |||||||||
Changes in future development and abandonment costs | — | — | 43,792 | ||||||||||
Development and abandonment costs incurred | — | — | 25,083 | ||||||||||
Accretion of discount | — | — | 17,909 | ||||||||||
Net change in income taxes | — | — | 44,612 | ||||||||||
Purchases of reserves in place | — | — | — | ||||||||||
Extensions and discoveries | — | — | — | ||||||||||
Sales of reserves in place | — | (7,918 | ) | (198,324 | ) | ||||||||
Net change due to revision in quantity estimates | — | — | (10,814 | ) | |||||||||
Changes in production rates (timing) and other | — | 3,852 | 11,309 | ||||||||||
Subtotal | — | (6,475 | ) | (126,794 | ) | ||||||||
Standardized measure, end of year | $ | — | $ | — | $ | 6,475 | |||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information (Unaudited) (Tables) | ' | ||||||||||||||||
Quarterly Financial Information Table | ' | ||||||||||||||||
Three Months Ended 2013 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||||||
Total revenues | $ | 208,559 | $ | 221,101 | $ | 254,303 | $ | 225,435 | |||||||||
Gross profit | 38,359 | 31,050 | 47,442 | 18,541 | |||||||||||||
Income (loss) before discontinued operations | 2,100 | (2,508 | ) | 12,854 | (9,120 | ) | |||||||||||
Net income (loss) | 2,100 | (2,508 | ) | 12,854 | (9,121 | ) | |||||||||||
Net income (loss) attributable to TETRA stockholders | 1,303 | (2,931 | ) | 12,110 | (10,329 | ) | |||||||||||
Net income (loss) per share before discontinued operations attributable to TETRA stockholders | $ | 0.02 | $ | (0.04 | ) | $ | 0.16 | $ | (0.13 | ) | |||||||
Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders | $ | 0.02 | $ | (0.04 | ) | $ | 0.15 | $ | (0.13 | ) | |||||||
Three Months Ended 2012 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||||||
Total revenues | $ | 180,796 | $ | 234,909 | $ | 233,986 | $ | 231,140 | |||||||||
Gross profit (loss) | 31,997 | 52,710 | 50,447 | 32,226 | |||||||||||||
Income (loss) before discontinued operations | 1,148 | 12,178 | 8,601 | (3,173 | ) | ||||||||||||
Net income (loss) | 1,147 | 12,181 | 8,602 | (3,173 | ) | ||||||||||||
Net income (loss) attributable to TETRA stockholders | 681 | 11,574 | 7,713 | (4,008 | ) | ||||||||||||
Net income (loss) per share before discontinued operations attributable to TETRA stockholders | $ | 0.01 | $ | 0.15 | $ | 0.1 | $ | (0.05 | ) | ||||||||
Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders | $ | 0.01 | $ | 0.15 | $ | 0.1 | $ | (0.05 | ) | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Prior period reclassification of ad valorem tax expenses | ' | $1,500,000 | $1,500,000 |
Allowances for Doubtful Accounts [Table] | ' | ' | ' |
At beginning of period | 1,085,000 | 1,849,000 | 2,590,000 |
Activity in the period: | ' | ' | ' |
Provision for doubtful accounts | 374,000 | -237,000 | 973,000 |
Account chargeoffs | -110,000 | -527,000 | -1,714,000 |
At end of period | 1,349,000 | 1,085,000 | 1,849,000 |
Inventories Detail [Table] | ' | ' | ' |
Finished goods | 73,515,000 | 72,312,000 | ' |
Raw materials | 3,894,000 | 5,396,000 | ' |
Parts and supplies | 22,668,000 | 24,497,000 | ' |
Work in progress | 715,000 | 836,000 | ' |
Inventories | 100,792,000 | 103,041,000 | ' |
Depreciation and depletion expense | 76,900,000 | 70,700,000 | 87,700,000 |
Interest capitalized | 1,600,000 | 2,000,000 | 1,200,000 |
Amortization expense of patents, trademarks, and other intangible assets | 5,000,000 | 4,500,000 | 2,800,000 |
Future amortization expense, 2014 | 3,700,000 | ' | ' |
Future amortization expense, 2015 | 3,400,000 | ' | ' |
Future amortization expense, 2016 | 3,200,000 | ' | ' |
Future amortization expense, 2017 | 3,000,000 | ' | ' |
Future amortization expense, 2018 | 2,900,000 | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Fair value of acquired intangible assets | ' | $27,300,000 | $1,400,000 |
Minimum [Member] | Finite-Lived Intangible Assets [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Average useful life of finite-lived intangible asset | '3 years | '3 years | '3 years |
Maximum [Member] | Finite-Lived Intangible Assets [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Average useful life of finite-lived intangible asset | '20 years | '20 years | '6 years |
Weighted Average [Member] | Finite-Lived Intangible Assets [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Average useful life of finite-lived intangible asset | ' | '12 years 36 days | '5 years 219 days |
Building [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, useful life | '15 years | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, useful life | '40 years | ' | ' |
Barges and vessels [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, useful life | '5 years | ' | ' |
Barges and vessels [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, useful life | '30 years | ' | ' |
Machinery and equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, useful life | '2 years | ' | ' |
Machinery and equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, useful life | '20 years | ' | ' |
Automobiles and trucks [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, useful life | '4 years | ' | ' |
Chemical plants [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, useful life | '15 years | ' | ' |
Chemical plants [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant, and Equipment [Line Items] | ' | ' | ' |
Property, plant, and equipment, useful life | '30 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill table (details) | ' | ' | ' |
Beginning balance | $189,604,000 | $99,132,000 | $99,005,000 |
Goodwill adjustments | -1,445,000 | ' | 127,000 |
Goodwill acquired | ' | 90,472,000 | ' |
Ending balance | 188,159,000 | 189,604,000 | 99,132,000 |
Fluids Goodwill [Member] | ' | ' | ' |
Goodwill table (details) | ' | ' | ' |
Beginning balance | 0 | 0 | 0 |
Goodwill adjustments | 0 | ' | 0 |
Goodwill acquired | ' | 0 | ' |
Ending balance | 0 | 0 | 0 |
Accumulated impairment losses | 23,900,000 | ' | ' |
Offshore Services Goodwill [Member] | ' | ' | ' |
Goodwill table (details) | ' | ' | ' |
Beginning balance | 3,936,000 | 3,936,000 | 3,809,000 |
Goodwill adjustments | 0 | ' | 127,000 |
Goodwill acquired | ' | 0 | ' |
Ending balance | 3,936,000 | 3,936,000 | 3,936,000 |
Accumulated impairment losses | 23,200,000 | ' | ' |
Maritech Goodwill [Member] | ' | ' | ' |
Goodwill table (details) | ' | ' | ' |
Beginning balance | 0 | 0 | 0 |
Goodwill adjustments | 0 | ' | 0 |
Goodwill acquired | ' | 0 | ' |
Ending balance | 0 | 0 | 0 |
Production Testing Goodwill [Member] | ' | ' | ' |
Goodwill table (details) | ' | ' | ' |
Beginning balance | 113,507,000 | 23,035,000 | 23,035,000 |
Goodwill adjustments | -1,445,000 | ' | 0 |
Goodwill acquired | ' | 90,472,000 | ' |
Ending balance | 112,062,000 | 113,507,000 | 23,035,000 |
Compressco Goodwill [Member] | ' | ' | ' |
Goodwill table (details) | ' | ' | ' |
Beginning balance | 72,161,000 | 72,161,000 | 72,161,000 |
Goodwill adjustments | 0 | ' | 0 |
Goodwill acquired | ' | 0 | ' |
Ending balance | $72,161,000 | $72,161,000 | $72,161,000 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Impairments of oil and gas properties | ' | ' | ' | ' | $15,200,000 |
Impairment of long lived assets | ' | ' | 9,300,000 | 8,400,000 | ' |
Impairment of heavy lift barge | ' | 9,300,000 | ' | 7,700,000 | ' |
Future reimbursement of decommissioning liabilities | ' | ' | 0 | 7,000,000 | ' |
Reduction in decommissioning liabilities for work performed | ' | ' | 119,600,000 | 87,400,000 | 94,700,000 |
Proceeds from sale of heavy lift barge | $3,000,000 | ' | $1,794,000 | $59,325,000 | $188,273,000 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Estimated future hurricane repair expenses | $7.70 | ' | ' |
Anticipated insurance recoveries reflected as receivables | 0 | 1.1 | ' |
Insurance gains credited to earnings | 7.6 | ' | ' |
Fair value of Senior Notes | 318.4 | 327.4 | ' |
Carrying value of Senior Notes | 305 | 305 | ' |
Cash paid for liquidation of hedge contract | ' | ' | 14.2 |
Impairments of oil and gas properties | ' | ' | 15.2 |
Impairment of long lived assets | $9.30 | $8.40 | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Asset for foreign currency derivative contracts | $104,000 | ' |
Liability for foreign currency derivative contracts | -52,000 | ' |
Total | 52,000 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Asset for foreign currency derivative contracts | 104,000 | ' |
Liability for foreign currency derivative contracts | -52,000 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Asset for foreign currency derivative contracts | 0 | ' |
Liability for foreign currency derivative contracts | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Asset for foreign currency derivative contracts | 0 | ' |
Liability for foreign currency derivative contracts | 0 | ' |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Offshore Services assets | 3,000,000 | 14,000,000 |
Other | 0 | ' |
Total | 3,000,000 | ' |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Offshore Services assets | 0 | 0 |
Other | 0 | ' |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Offshore Services assets | 0 | 0 |
Other | 0 | ' |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Offshore Services assets | 3,000,000 | 14,000,000 |
Other | 0 | ' |
Fair Value, Measurements, Nonrecurring [Member] | Accumulated Other-than-Temporary Impairment [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Offshore Services assets | 9,285,000 | 8,360,000 |
Other | 293,000 | ' |
Total | $9,578,000 | ' |
Compressco_Partners_LP_Initial1
Compressco Partners, L.P. Initial Public Offering (Details) (USD $) | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 20, 2011 |
Compressco Partners IPO date | 20-Jun-11 | ' | ' | ' |
No. of units issued to noncontrolling holders at IPO | ' | ' | ' | 2,670,000 |
Gross proceeds from IPO of units | $53.40 | ' | ' | ' |
Units subject to underwriters' option | ' | ' | ' | 400,500 |
Percentage interest of parent | ' | ' | ' | 83.20% |
General partner interest | ' | ' | ' | 2.00% |
No. of common units issued to parent in connection with IPO | ' | ' | ' | 6,427,257 |
Percentage of interest represented by common units issued to parent in connection with IPO | ' | ' | ' | 40.60% |
No. of subordinated units issued to parent in connection with IPO | ' | ' | ' | 6,273,970 |
Percentage of interest represented by subordinated units issued to parent in connection with IPO | ' | ' | ' | 39.60% |
No. of restricted units issued under incentive plan in connection with IPO | ' | ' | ' | 157,870 |
Percentage of interest represented by restricted units issued under incentive plan in connection with IPO | ' | ' | ' | 1.00% |
Per unit offering price | ' | ' | ' | $20 |
Amount of proceeds used to repay debt | ' | ' | ' | 32.2 |
Amount of proceeds used to pay offering expenses | ' | ' | ' | 11.2 |
Amount of proceeds used to reimburse parent | ' | ' | ' | $8 |
Percentage interest of noncontrolling holders | ' | 17.70% | 17.20% | 17.30% |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Details) | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Mar. 31, 2014 | Jan. 16, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Dec. 31, 2012 | Apr. 23, 2012 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2011 | Jul. 20, 2011 | Dec. 31, 2011 | |
USD ($) | USD ($) | USD ($) | Limited Partnership Interest [Member] | Limited Partnership Interest [Member] | TD EnerServ [Member] | TD EnerServ [Member] | Optima Solutions [Member] | Optima Solutions [Member] | Optima Solutions [Member] | Optima Solutions [Member] | Optima Solutions [Member] | Optima Solutions [Member] | Eastern Reservoir Services [Member] | Eastern Reservoir Services [Member] | Greywolf Production Systems [Member] | Greywolf Production Systems [Member] | Heavy Lift Derrick Barge [Member] | Heavy Lift Derrick Barge [Member] | Project Management Business [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
USD ($) | USD ($) | |||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | 16-Jan-14 | ' | 29-Jan-14 | ' | ' | 9-Mar-12 | 9-Mar-12 | ' | ' | ' | 23-Apr-12 | ' | 31-Jul-12 | ' | 20-Jul-11 | ' | ' |
Percentage of ownership interest acquired | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | $25,200,000 | ' | $15,000,000 | ' | ' | $65,000,000 | £ 41,200,000 | ' | ' | ' | $42,500,000 | ' | $55,500,000 | ' | $62,800,000 | ' | $1,500,000 |
Contingent consideration, maximum | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment of liability associated with contingent purchase price | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total adjustment to liability associated with contingent consideration | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of purchase price held in escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,800,000 | ' |
Revenues associated with acquired operations | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000 | ' | ' | ' | ' | 24,600,000 | ' | 17,300,000 | ' | ' | ' | ' |
Depreciation and amortization associated with acquired operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | 3,000,000 | ' | 1,000,000 | ' | ' | ' | ' |
Income before taxes associated with acquired operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | 5,400,000 | ' | 1,100,000 | ' | ' | ' | ' |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | 500,000 | ' | 1,000,000 | ' | ' | ' |
Purchase price allocation, property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 16,800,000 | ' | ' | ' | ' | 18,500,000 | ' | 17,700,000 | ' | ' | ' | ' |
Purchase price allocation, net working capital | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price allocation, other liabilities associated with contingent purchase price | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price allocation, deferred tax and other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price allocation, certain intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 20,400,000 | ' | ' | ' | ' | 3,400,000 | ' | 3,500,000 | ' | ' | ' | ' |
Purchase price allocation, nondeductible goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 35,600,000 | ' | ' | ' | ' | 20,600,000 | ' | 34,300,000 | ' | ' | ' | ' |
Total ownership interest resulting from acquisition | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest immediately prior to acquisition | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid at closing | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional consideration payable at a later date | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due date of second payment | ' | ' | ' | 16-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of proved reserves sold in February and March 2011 | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of wireline and abandonment assets | 10,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on disposal of assets | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of proved reserves sold as of May 31, 2011 | ' | ' | 79.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base sale price of oil and gas properties | ' | ' | 222,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset retirement obligations assumed by buyer of oil and gas properties | ' | ' | 72,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of oil and gas properties | ' | ' | 173,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buyer's prepayment on sale of oil and gas properties | ' | ' | 11,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded amount of net gain on sale of oil and gas properties | ' | ' | 56,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee retention and incentive benefits paid in connection with sale of oil and gas properties | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of proved reserves sold in August 2011 | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received on sale of oil and gas properties | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid in connection with the sale of oil and gas properties | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 924,795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, depletion, amortization, and accretion | 78,826,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | 179,143,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before discontinued operations | 25,858,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 25,861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to TETRA stockholders | $23,064,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before discontinued operations attributable to TETRA stockholders (basic) | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before discontinued operations attributable to TETRA stockholders (diluted) | $0.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to TETRA stockholders (basic) | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to TETRA stockholders (diluted) | $0.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases [Abstract] | ' | ' | ' |
2014 (operating leases) | $12,537,000 | ' | ' |
2015 (operating leases) | 8,613,000 | ' | ' |
2016 (operating leases) | 6,157,000 | ' | ' |
2017 (operating leases) | 5,335,000 | ' | ' |
2018 (operating leases) | 4,936,000 | ' | ' |
After 2018 (operating leases) | 36,805,000 | ' | ' |
Total minimum lease payments (operating leases) | 74,383,000 | ' | ' |
2014 (capital leases) | 76,000 | ' | ' |
2015 (capital leases) | 76,000 | ' | ' |
2016 (capital leases) | 76,000 | ' | ' |
2017 (capital leases) | 76,000 | ' | ' |
2018 (capital leases) | 76,000 | ' | ' |
After 2018 (capital leases) | 76,000 | ' | ' |
Total minimum lease payments (capital leases) | 456,000 | ' | ' |
Rental expense for operating leases | 37,700,000 | 23,900,000 | 18,500,000 |
Sale Leaseback Transaction, Gross Proceeds | ' | 43,800,000 | ' |
Sale Leaseback Transaction, Lease Terms | ' | 'P15Y | ' |
Minimum Lease Payments, Sale Leaseback Transactions | ' | 52,900,000 | ' |
Sale Leaseback Transaction, Deferred Gain, Gross | ' | $8,300,000 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current | ' | ' | ' |
Federal | $530,000 | $1,362,000 | ($1,661,000) |
State | -225,000 | 683,000 | 1,294,000 |
Foreign | 6,065,000 | 9,396,000 | 6,875,000 |
Total current | 6,370,000 | 11,441,000 | 6,508,000 |
Deferred | ' | ' | ' |
Federal | -6,685,000 | -361,000 | -7,053,000 |
State | -1,121,000 | -495,000 | -2,258,000 |
Foreign | -2,018,000 | -1,156,000 | 3,554,000 |
Total deferred | -9,824,000 | -2,012,000 | -5,757,000 |
Total tax provision (benefit) | -3,454,000 | 9,429,000 | 751,000 |
Effective Income Tax Rate Reconciliation Detail [Table] | ' | ' | ' |
Income tax provision (benefit) computed at statutory federal income tax rates | -45,000 | 9,864,000 | 2,182,000 |
State income taxes (net of federal benefit) | -875,000 | 122,000 | -627,000 |
Nondeductible expenses | 1,382,000 | 1,460,000 | 1,046,000 |
Impact of international operations | -3,538,000 | -2,377,000 | -1,229,000 |
Other | -378,000 | 360,000 | -621,000 |
Total tax provision (benefit) | -3,454,000 | 9,429,000 | 751,000 |
Undistributed earnings intended for investment | 48,900,000 | ' | ' |
Domestic and Foreign Income Before Tax Detail [Table] | ' | ' | ' |
Domestic | -14,322,000 | 2,206,000 | -9,167,000 |
International | 14,194,000 | 25,977,000 | 15,400,000 |
Total | -128,000 | 28,183,000 | 6,233,000 |
Unrecognized Tax Benefit Liability Rollforward Detail [Table] | ' | ' | ' |
Gross unrecognized tax benefits at beginning of period | 2,327,000 | 1,552,000 | 1,849,000 |
Additions related to acquisitions | 0 | 742,000 | 0 |
Increases in tax positions for prior years | 0 | 0 | 0 |
Decreases in tax positions for prior years | -118,000 | 0 | 0 |
Increases in tax positions for current year | 202,000 | 313,000 | 0 |
Settlements | 0 | 0 | 0 |
Lapse in statute of limitations | -393,000 | -280,000 | -297,000 |
Gross unrecognized tax benefits at end of period | 2,018,000 | 2,327,000 | 1,552,000 |
Recognized interest and penalties | -200,000 | 300,000 | 300,000 |
Accrued potential interest and penalties | 2,100,000 | 2,300,000 | ' |
Amount of unrecognized tax benefits that would affect effective tax rate | 2,100,000 | 2,600,000 | ' |
Deferred tax assets: | ' | ' | ' |
Net operating losses | 51,130,000 | 20,888,000 | ' |
Foreign tax credits and alternative minimum tax credits | 10,233,000 | 6,976,000 | ' |
Accruals | 30,057,000 | 46,259,000 | ' |
All other | 2,856,000 | 2,130,000 | ' |
Total deferred tax assets | 94,276,000 | 76,253,000 | ' |
Valuation allowance | -3,747,000 | -4,048,000 | ' |
Net deferred tax assets | 90,529,000 | 72,205,000 | ' |
Deferred tax liabilities: | ' | ' | ' |
Excess book over tax basis in property, plant, and equipment | 85,035,000 | 78,614,000 | ' |
All other | 8,414,000 | 7,506,000 | ' |
Total deferred tax liability | 93,449,000 | 86,120,000 | ' |
Net deferred tax liability | 2,920,000 | 13,915,000 | ' |
Foreign and state net operating loss carryforwards | 242,300,000 | ' | ' |
Foreign tax credits | $9,400,000 | ' | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities Detail [Table] | ' | ' |
Compensation and employee benefits | $15,221 | $15,248 |
Oil and gas producing liabilities | 2,473 | 2,740 |
Unearned income | 11,496 | 8,130 |
Deferred tax liability | 2,177 | 2,388 |
Other accrued liabilities | 33,650 | 44,748 |
Accrued liabilities | $65,017 | $73,254 |
LongTerm_Debt_and_Other_Borrow2
Long-Term Debt and Other Borrowings (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2014 | 14-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | Domestic Line of Credit [Member] | Domestic Line of Credit [Member] | Senior Notes at 5.90% [Member] | Senior Notes at 5.90% [Member] | Senior Notes at 6.30% [Member] | Senior Notes at 6.30% [Member] | Senior Notes at 6.56% [Member] | Senior Notes at 6.56% [Member] | Senior Notes at 5.09% [Member] | Senior Notes at 5.09% [Member] | Senior Notes at 5.67% [Member] | Senior Notes at 5.67% [Member] | Senior Notes at 4.00% [Member] | Senior Notes at 4.00% [Member] | Partnership Line of Credit [Member] | Partnership Line of Credit [Member] | Partnership Line of Credit [Member] | Partnership Line of Credit [Member] | European Line of Creidt [Member] | European Line of Creidt [Member] | European Line of Creidt [Member] | Other Debt [Member] | Other Debt [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Note, stated percentage rate | ' | ' | ' | ' | 5.90% | ' | 6.30% | ' | 6.56% | ' | 5.09% | ' | 5.67% | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | 29-Oct-15 | ' | 30-Apr-16 | ' | 30-Apr-13 | ' | 30-Apr-15 | ' | 15-Dec-17 | ' | 15-Dec-20 | ' | 29-Apr-20 | ' | 15-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $387,816,000 | $366,709,000 | $52,768,000 | $51,218,000 | $90,000,000 | $90,000,000 | $0 | $35,000,000 | $90,000,000 | $90,000,000 | $65,000,000 | $65,000,000 | $25,000,000 | $25,000,000 | $35,000,000 | $0 | ' | ' | ' | $10,050,000 | $0 | ' | $0 | $89,000 | $441,000 |
Current portion of long-term debt | -89,000 | -35,441,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 387,727,000 | 331,268,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing capacity | ' | ' | 278,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,400,000 | ' | 40,000,000 | ' | 6.9 | 5,000,000 | ' | ' | ' |
Borrowing capacity prior to amendment | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' |
Increased borrowing capacity available | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | 428,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Current amount outstanding | ' | ' | 52,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,959,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' |
Net availability | ' | ' | 215,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate description | ' | ' | 'British Bankers Association LIBOR rate plus 1.5% to 2.5% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.56% | ' | ' | ' | ' | ' | ' | ' | ' |
Sublimit applicable to letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Uncommitted expansion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | 20,000,000 | ' | ' | ' | ' | ' | ' |
Covenant description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20.0 | ' | '4.0 to 1.0 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum interest rate premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | 2.25% | ' | 0.75% | 0.75% | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum interest rate premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Limitation on percentage of foreign subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee, maximum | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee, minimum | ' | ' | 0.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit and guarantees | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled Maturities Detail [Table] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 89,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 172,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $387,816,000 | $366,709,000 | $52,768,000 | $51,218,000 | $90,000,000 | $90,000,000 | $0 | $35,000,000 | $90,000,000 | $90,000,000 | $65,000,000 | $65,000,000 | $25,000,000 | $25,000,000 | $35,000,000 | $0 | ' | ' | ' | $10,050,000 | $0 | ' | $0 | $89,000 | $441,000 |
Decommissioning_and_Other_Asse2
Decommissioning and Other Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Decommissioning and Other Asset Retirement Obligations Detail [Table] | ' | ' | ' |
Beginning balance for the period, as reported | $94,921,000 | $139,835,000 | ' |
Activity in the period: | ' | ' | ' |
Accretion of liability | 673,000 | 1,536,000 | ' |
Retirement obligations incurred | 0 | 0 | ' |
Revisions in estimated cash flows | 74,946,000 | 40,986,000 | ' |
Settlement of retirement obligations | -119,636,000 | -87,436,000 | ' |
Ending balance at December 31 | 50,904,000 | 94,921,000 | 139,835,000 |
Change in estimated cash flows to decommission oil and gas properties | 75,000,000 | 41 | ' |
Direct charges to operating expense for increased estimated cash flows | 75,312,000 | 40,767,000 | 78,382,000 |
Aggregate amount of asset retirement obligations assumed by buyers of oil and gas properties | 5,300,000 | ' | ' |
Estimated future hurricane repair expenses | 7,700,000 | ' | ' |
Asset retirement obligations associated with non-operated properties | $7,600,000 | $7,500,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Future purchase obligations under Fluids supply agreement, aggregate | $205.90 | ' | ' |
Future purchase obligations under Fluids supply agreement, 2014 | 14.3 | ' | ' |
Future purchase obligations under Fluids supply agreement, 2015 | 14.3 | ' | ' |
Future purchase obligations under Fluids supply agreement, 2016 | 14.3 | ' | ' |
Future purchase obligations under Fluids supply agreement, 2017 | 14.3 | ' | ' |
Future purchase obligations under Fluids supply agreement, 2018 | 12.4 | ' | ' |
Future purchase obligations under Fluids supply agreement, after 2018 through 2029 | 136.4 | ' | ' |
Purchases under Fluids supply agreement | $21.30 | $17.70 | $15.30 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' |
Preferred stock, shares authorized | 5,000,000 | ' | ' |
Preferred stock, par value | $0.01 | ' | ' |
Common Stock, Shares, Outstanding | 78,855,547 | 78,112,032 | 77,423,415 |
Treasury stock, shares held | 2,478,084 | 2,334,137 | 2,249,959 |
Preferred stock, shares issued | 0 | ' | ' |
Common Shares Outstanding and Treasury Shares Held Rollforward [Table] | ' | ' | ' |
Common shares outstanding, beginning balance | 78,112,032 | 77,423,415 | 76,291,745 |
Exercise of common stock options, net | 373,106 | 580,097 | 858,727 |
Grants of restricted stock, net | 370,409 | 108,520 | 272,943 |
Common shares outstanding, ending balance | 78,855,547 | 78,112,032 | 77,423,415 |
Treasury stock, beginning balance | 2,334,137 | 2,249,959 | 1,533,653 |
Shares received upon exercise of common stock options | 119,477 | 81,616 | 592,992 |
Shares received upon vesting of restricted stock, net | 24,470 | 2,562 | 123,314 |
Treasury stock, ending balance | 2,478,084 | 2,334,137 | 2,249,959 |
Amount authorized under stock repurchase program | $20,000,000 | ' | ' |
Amount repurchased under the stock repurchase program in the period | $0 | ' | ' |
EquityBased_Compensation_Detai
Equity-Based Compensation (Details 1) | Dec. 31, 2013 | 3-May-13 |
TETRA 2011 Long Term Incentive Compensation Plan [Member] | ' | ' |
Share-based Compensation Arrangements [Line Items] | ' | ' |
Maximum number of shares authorized for issuance | 5,600,000 | 2,200,000 |
TETRA 2007 Long Term Incentive Compensation Plan [Member] | ' | ' |
Share-based Compensation Arrangements [Line Items] | ' | ' |
Maximum number of shares authorized for issuance | 5,590,000 | ' |
TETRA 2006 Equity Incentive Compensation Plan [Member] | ' | ' |
Share-based Compensation Arrangements [Line Items] | ' | ' |
Maximum number of shares authorized for issuance | 1,300,000 | ' |
Compressco Partners Long Term Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangements [Line Items] | ' | ' |
Maximum number of shares authorized for issuance | 1,537,122 | ' |
EquityBased_Compensation_Detai1
Equity-Based Compensation (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Equity-based compensation expense | $4,400,000 | $6,100,000 | $4,100,000 |
Grants of restricted shares during the period, average per share market value | $10.37 | $6.83 | $12.43 |
Grants of restricted shares during the period, aggregate market value | 5,100,000 | 3,600,000 | 4,900,000 |
Restricted shares vested during the period, aggregate fair value | $3,600,000 | $4,800,000 | $5,200,000 |
Restricted Stock/Unit Award Activity Detail [Table] | ' | ' | ' |
Shares/units granted | 490,684 | 523,096 | 397,907 |
TETRA Restricted Stock [Member] | ' | ' | ' |
Restricted Stock/Unit Award Activity Detail [Table] | ' | ' | ' |
Nonvested restricted shares/units outstanding at December 31, 2012 | 621,000 | ' | ' |
Nonvested restricted shares/units at December 31, 2012, weighted average grant date fair value per share | $8.49 | ' | ' |
Shares/units granted | 490,000 | ' | ' |
Shares/units granted, weighted average grant date fair value per share | $10.37 | ' | ' |
Shares/units cancelled | -76,000 | ' | ' |
Shares/units cancelled, weighted average grant date fair value per share | $9.10 | ' | ' |
Shares/units vested | -391,000 | ' | ' |
Shares/units vested, weighted average grant date fair value per share | $9.11 | ' | ' |
Nonvested restricted shares/units outstanding at December 31, 2013 | 644,000 | ' | ' |
Nonvested restricted shares/units at December 31, 2013, weighted average grant date fair value per share | $9.47 | ' | ' |
Compressco Restricted Units [Member] | ' | ' | ' |
Restricted Stock/Unit Award Activity Detail [Table] | ' | ' | ' |
Nonvested restricted shares/units outstanding at December 31, 2012 | 153,000 | ' | ' |
Nonvested restricted shares/units at December 31, 2012, weighted average grant date fair value per share | $16.07 | ' | ' |
Shares/units granted | 74,000 | ' | ' |
Shares/units granted, weighted average grant date fair value per share | $20.28 | ' | ' |
Shares/units cancelled | -18,000 | ' | ' |
Shares/units cancelled, weighted average grant date fair value per share | $15.65 | ' | ' |
Shares/units vested | -76,000 | ' | ' |
Shares/units vested, weighted average grant date fair value per share | $16.43 | ' | ' |
Nonvested restricted shares/units outstanding at December 31, 2013 | 133,000 | ' | ' |
Nonvested restricted shares/units at December 31, 2013, weighted average grant date fair value per share | $18.25 | ' | ' |
EquityBased_Compensation_Detai2
Equity-Based Compensation (Details 3) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Option Award Activity Detail [Table] | ' | ' | ' |
Outstanding at December 31, 2012 | 4,333,000 | ' | ' |
Outstanding at December 31, 2012, weighted average option price per share | $11.85 | ' | ' |
Options granted | 695,000 | ' | ' |
Options granted, weighted average option price per share | $10.38 | ' | ' |
Options cancelled | -339,000 | ' | ' |
Options cancelled, weighted average option price per share | $14 | ' | ' |
Options exercised | -397,000 | ' | ' |
Options exercised, weighted average option price per share | $5.48 | ' | ' |
Outstanding at December 31, 2013 | 4,292,000 | 4,333,000 | ' |
Outstanding at December 31, 2013, weighted average option price per share | $12.03 | $11.85 | ' |
Options expected to vest | 1,000,000 | ' | ' |
Options expected to vest, weighted average option price per share | $9.47 | ' | ' |
Options exercisable at period end | 3,293,000 | ' | ' |
Options exercisable at period end, weighted average option price per share | $12.81 | ' | ' |
Available for grant, period end | 4,289,000 | ' | ' |
Total intrinsic value of options exercised | $0.70 | $0.60 | $2.50 |
Intrinsic value of options outstanding | 13.7 | ' | ' |
Intrinsic value of options expected to vest | 2.9 | ' | ' |
Intrinsic value of options exercisable | 10.8 | ' | ' |
Cash received from options exercised | 2.3 | 0.9 | 3.4 |
Recognized excess tax benefit from the exercise of stock options | -0.1 | -1.7 | 1.3 |
Stock Option Valuation Assumptions Detail [Table] | ' | ' | ' |
Expected stock price volatility (minimum) | 54.00% | 74.00% | 72.00% |
Expected stock price volatility (maximum) | 74.00% | 75.00% | 75.00% |
Expected life of options | '4 years 328 days | '4 years 292 days | '4 years 255 days |
Risk free interest rate (minimum) | 0.76% | 0.62% | 0.87% |
Risk free interest rate (maximum) | 1.48% | 1.03% | 2.24% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value of options granted | $6 | $4.06 | $7.55 |
Total estimated unrecognized compensation cost | $8.40 | ' | ' |
Weighted average period over which unrecognized compensation cost is expected to be recognized | '1 year 182 days | ' | ' |
Shares surrendered in payment of option exercise | 119,477 | 81,616 | 592,992 |
Shares surrendered related to restricted stock vesting | 40,163 | 24,121 | 52,065 |
Maximum number of shares issuable under stock options outstanding and stock options authorized for future grants | 6,178,178 | ' | ' |
401k_Plan_Details
401(k) Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Total expense related to 401(k) plan | $4.20 | $3.50 | $3.30 |
Hedge_Contracts_Details
Hedge Contracts (Details) | 12 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | EUR (€) | USD ($) | Current Assets [Member] | Current Liabilities [Member] | Oil Swap Contract [Member] | Natural Gas Swap Contract [Member] | Forward Sale Contract, Mexican Pesos [Member] | Forward Purchase Contract, Mexican Pesos [Member] | Forward Purchase Contract, Euros [Member] | Forward Purchase Contract, Pounds Sterling [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. Dollar notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,332,000 | $5,928,000 | $7,984,000 | $3,149,000 |
Traded exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.01 | 13.01 | 1.38 | 1.63 |
Value date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17-Jan-14 | 17-Jan-14 | 17-Jan-14 | 17-Jan-14 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of pretax gain reclassified from accumulated other comprehensive income into product sales revenue (effective portion) | ' | ' | ' | 1,177,000 | ' | ' | ' | 1,177,000 | 0 | ' | ' | ' | ' |
Amount of pretax gain (loss) from change in derivative fair value recognized in other comprehensive income | ' | ' | ' | -7,854,000 | ' | ' | ' | -7,854,000 | 0 | ' | ' | ' | ' |
Amount of pretax gain (loss) recognized in other income (expense) (ineffective portion) | ' | ' | ' | -13,947,000 | ' | ' | ' | -13,947,000 | 0 | ' | ' | ' | ' |
Net losses associated with foreign currency derivative program | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative translation adjustment for investment hedge, net of tax | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of proved reserves sold as of May 31, 2011 | ' | ' | ' | ' | 79.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for liquidation of hedge contract | ' | ' | ' | 14,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forward purchase contracts | ' | ' | ' | ' | ' | 72,000 | -52,000 | ' | ' | ' | ' | ' | ' |
Forward sale contracts | ' | ' | ' | ' | ' | ' | 32,000 | ' | ' | ' | ' | ' | ' |
Total derivatives designated as hedging instruments | 52,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings designated as a hedge of net investment in foreign subsidiary | ' | $13,800,000 | € 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Loss_Per_Share_Details
Income (Loss) Per Share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted Average Shares Outstanding Details [Table] | ' | ' | ' |
Number of weighted average common shares outstanding | 77,954,000 | 77,293,000 | 76,616,000 |
Assumed exercise of stock options | 886,000 | 670,000 | 1,375,000 |
Average diluted shares outstanding | 78,840,000 | 77,963,000 | 77,991,000 |
Antidilutive stock options excluded from average diluted shares outstanding | 2,061,534 | 2,832,192 | 2,831,118 |
Industry_Segments_and_Geograph2
Industry Segments and Geographic Information (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Corporate Overhead Footnote | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | $40,506 | $40,005 | $36,694 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,327 | 3,365 | 2,917 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,715 | 17,000 | 16,939 |
Other general corporate (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,711 | 1,638 | 15,043 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 62,259 | 62,008 | 71,593 |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 300,145 | 276,155 | 329,489 |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 609,253 | 604,676 | 515,786 |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Revenues | 225,435 | 254,303 | 221,101 | 208,559 | 231,140 | 233,986 | 234,909 | 180,796 | 909,398 | 880,831 | 845,275 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 80,985 | 75,747 | 94,839 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 17,417 | 17,378 | 17,195 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -128 | 28,183 | 6,233 |
Assets | 1,206,533 | ' | ' | ' | 1,261,818 | ' | ' | ' | 1,206,533 | 1,261,818 | 1,203,310 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 101,379 | 107,524 | 123,604 |
Fluids Division [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 281,585 | 257,558 | 229,426 |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 101,040 | 76,858 | 75,032 |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | 38 | 132 | 78 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 382,663 | 334,548 | 304,536 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 22,508 | 19,034 | 19,596 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 37 | 77 | 121 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 69,438 | 50,830 | 32,076 |
Assets | 400,028 | ' | ' | ' | 387,034 | ' | ' | ' | 400,028 | 387,034 | 375,741 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 45,238 | 31,839 | 17,922 |
Production Testing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 195,983 | 207,984 | 139,755 |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 195,983 | 207,984 | 139,756 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 27,262 | 22,261 | 13,893 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 13 | 32 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 14,093 | 39,847 | 35,969 |
Assets | 327,413 | ' | ' | ' | 337,208 | ' | ' | ' | 327,413 | 337,208 | 119,311 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 26,757 | 40,025 | 19,925 |
Compressco [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,293 | 6,322 | 13,201 |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 112,994 | 103,144 | 82,567 |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 121,287 | 109,466 | 95,768 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 14,511 | 13,398 | 12,791 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 81 | -20 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 20,200 | 20,598 | 15,799 |
Assets | 230,829 | ' | ' | ' | 219,838 | ' | ' | ' | 230,829 | 219,838 | 210,754 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 24,103 | 22,215 | 12,471 |
Production Enhancement Division Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | -1,747 | -2,354 | 0 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,747 | -2,354 | 0 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -105 | 0 | 0 |
Total Production Enhancement Division [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,293 | 6,322 | 13,201 |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 307,230 | 308,774 | 222,322 |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 315,523 | 315,096 | 235,524 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 41,773 | 35,659 | 26,684 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 519 | 94 | 12 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 34,188 | 60,445 | 51,768 |
Assets | 558,242 | ' | ' | ' | 557,046 | ' | ' | ' | 558,242 | 557,046 | 330,065 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 50,860 | 62,240 | 32,396 |
Offshore Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,707 | 6,267 | 4,921 |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 200,983 | 218,477 | 217,341 |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | 50,122 | 41,199 | 65,038 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 255,812 | 265,943 | 287,300 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 14,254 | 16,650 | 14,502 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 109 | 109 | 45 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 22,870 | 21,706 | 18,455 |
Assets | 181,617 | ' | ' | ' | 188,034 | ' | ' | ' | 181,617 | 188,034 | 216,927 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,207 | 12,050 | 64,420 |
Maritech [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,560 | 6,008 | 81,941 |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 150 | 799 |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,560 | 6,158 | 82,740 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 123 | 1,039 | 31,314 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 98 | 78 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -64,365 | -42,790 | -26,275 |
Assets | 46,903 | ' | ' | ' | 75,383 | ' | ' | ' | 46,903 | 75,383 | 63,294 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 21 | 343 | 7,924 |
Offshore Division Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | -50,122 | -41,199 | -65,036 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -50,122 | -41,199 | -65,036 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -174 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,802 |
Assets | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -66 |
Total Offshore Division [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 10,267 | 12,275 | 86,862 |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 200,983 | 218,627 | 218,140 |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 211,250 | 230,902 | 305,004 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 14,377 | 17,689 | 45,642 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 120 | 207 | 123 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -41,495 | -21,084 | -6,018 |
Assets | 228,520 | ' | ' | ' | 263,417 | ' | ' | ' | 228,520 | 263,417 | 280,221 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,228 | 12,393 | 72,278 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intersegment eliminations | ' | ' | ' | ' | ' | ' | ' | ' | -38 | -132 | -81 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -38 | -132 | -81 |
Corporate Overhead [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Industry Segments Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Services and rentals | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 417 | 292 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 417 | 292 |
Depreciation, depletion, amortization, and accretion | ' | ' | ' | ' | ' | ' | ' | ' | 2,327 | 3,365 | 2,917 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,741 | 17,000 | 16,939 |
Income (loss) before taxes and discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -62,259 | -62,008 | -71,593 |
Assets | 19,743 | ' | ' | ' | 54,321 | ' | ' | ' | 19,743 | 54,321 | 217,283 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $1,053 | $1,052 | $1,008 |
Industry_Segments_and_Geograph3
Industry Segments and Geographic Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $225,435 | $254,303 | $221,101 | $208,559 | $231,140 | $233,986 | $234,909 | $180,796 | $909,398 | $880,831 | $845,275 |
Transfers between geographic areas | ' | ' | ' | ' | ' | ' | ' | ' | -112 | -172 | -322 |
Identifiable assets | 1,206,533 | ' | ' | ' | 1,261,818 | ' | ' | ' | 1,206,533 | 1,261,818 | 1,203,310 |
US [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 673,376 | 625,885 | 671,926 |
Transfers between geographic areas | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Identifiable assets | 852,483 | ' | ' | ' | 913,080 | ' | ' | ' | 852,483 | 913,080 | 994,151 |
Canada and Mexico [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 58,080 | 85,133 | 49,314 |
Transfers between geographic areas | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Identifiable assets | 104,831 | ' | ' | ' | 116,059 | ' | ' | ' | 104,831 | 116,059 | 62,558 |
South America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 31,788 | 42,482 | 28,765 |
Transfers between geographic areas | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Identifiable assets | 43,326 | ' | ' | ' | 51,858 | ' | ' | ' | 43,326 | 51,858 | 43,295 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 102,990 | 92,882 | 75,033 |
Transfers between geographic areas | ' | ' | ' | ' | ' | ' | ' | ' | 112 | 172 | 322 |
Identifiable assets | 150,415 | ' | ' | ' | 135,219 | ' | ' | ' | 150,415 | 135,219 | 78,974 |
Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 15,127 | 20,194 | 13,877 |
Transfers between geographic areas | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Identifiable assets | 9,063 | ' | ' | ' | 13,700 | ' | ' | ' | 9,063 | 13,700 | 11,653 |
Asia and other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 28,037 | 14,255 | 6,360 |
Transfers between geographic areas | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Identifiable assets | 46,351 | ' | ' | ' | 31,902 | ' | ' | ' | 46,351 | 31,902 | 12,679 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identifiable assets | $64 | ' | ' | ' | $0 | ' | ' | ' | $64 | $0 | $0 |
Supplemental_Oil_and_Gas_Discl2
Supplemental Oil and Gas Disclosures (Unaudited) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Costs Incurred in Acquisition, Exploration, and Development Activities Detail [Table] | ' | ' | ' |
Acquisition | $0 | $0 | $141 |
Exploration | 0 | 0 | 0 |
Development | 0 | 0 | 5,798 |
Total costs incurred | 0 | 0 | 5,939 |
Results of Operations for Producing Activities Detail [Table] | ' | ' | ' |
Oil and gas sales revenues | 5,560 | 6,158 | 81,941 |
Production (lifting) costs | 2,637 | 3,749 | 33,496 |
Depreciation, depletion, and amortization | 37 | 60 | 27,640 |
Impairments of properties | 0 | 0 | 15,233 |
Excess decommissioning and abandonment costs | 75,313 | 40,767 | 78,382 |
Exploration expenses | 0 | 0 | 77 |
Accretion expense | 87 | 979 | 3,705 |
Dry hole costs | 0 | 0 | -32 |
Gain on insurance recoveries | -5,685 | 0 | 0 |
Pretax income (loss) from producing activities | -66,829 | -39,397 | -76,560 |
Income tax expense (benefit) | -23,390 | -13,789 | -26,797 |
Results of oil and gas producing activities | ($43,439) | ($25,608) | ($49,763) |
Supplemental_Oil_and_Gas_Discl3
Supplemental Oil and Gas Disclosures (Unaudited) (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MBbls | MBbls | MBbls | |
Oil [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Proved developed reserves | 0 | 0 | 95,000 |
Proved undeveloped reserves | 0 | 0 | 107,000 |
Total proved reserves at period end | 0 | 0 | 202,000 |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Total proved reserves, beginning balance | 0 | 202,000 | 6,772,000 |
Revisions of previous estimates | 0 | -8,000 | -88,000 |
Production | 0 | -23,000 | -612,000 |
Extensions and discoveries | 0 | 0 | 0 |
Purchases of reserves in place | 0 | 0 | 0 |
Sales of reserves in place | 0 | -171,000 | -5,870,000 |
Total proved reserves at period end | 0 | 0 | 202,000 |
Natural Gas Liquids [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Proved developed reserves | 0 | 0 | 40,000 |
Proved undeveloped reserves | 0 | 0 | 60,000 |
Total proved reserves at period end | 0 | 0 | 100,000 |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Total proved reserves, beginning balance | 0 | 100,000 | 489,000 |
Revisions of previous estimates | 0 | 39,000 | 22,000 |
Production | 0 | -39,000 | -88,000 |
Extensions and discoveries | 0 | 0 | 0 |
Purchases of reserves in place | 0 | 0 | 0 |
Sales of reserves in place | 0 | -100,000 | -323,000 |
Total proved reserves at period end | 0 | 0 | 100,000 |
Natural Gas [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Proved developed reserves | 0 | 0 | 676,000 |
Proved undeveloped reserves | 0 | 0 | 480,000 |
Total proved reserves at period end | 0 | 0 | 1,156,000 |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Total proved reserves, beginning balance | 0 | 1,156,000 | 25,585,000 |
Revisions of previous estimates | 0 | -52,000 | -1,903,000 |
Production | 0 | -311,000 | -3,322,000 |
Extensions and discoveries | 0 | 0 | 0 |
Purchases of reserves in place | 0 | 0 | 0 |
Sales of reserves in place | 0 | -793,000 | -19,204,000 |
Total proved reserves at period end | 0 | 0 | 1,156,000 |
Supplemental_Oil_and_Gas_Discl4
Supplemental Oil and Gas Disclosures (Unaudited) (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in Discounted Future Net Cash Flows Detail [Table] | ' | ' | ' |
Standardized measure, beginning of year | $0 | $6,475 | $133,269 |
Sales, net of production costs | 0 | -2,409 | -48,445 |
Net change in prices, net of production costs | 0 | 0 | -11,916 |
Changes in future development and abandonment costs | 0 | 0 | 43,792 |
Development and abandonment costs incurred | 0 | 0 | 25,083 |
Accretion of discount | 0 | 0 | 17,909 |
Net change in income taxes | 0 | 0 | 44,612 |
Purchases of reserves in place | 0 | 0 | 0 |
Extensions and discoveries | 0 | 0 | 0 |
Sales of reserves in place | 0 | -7,918 | -198,324 |
Net change due to revision in quantity estimates | 0 | 0 | -10,814 |
Changes in production rates (timing) and other | 0 | 3,852 | 11,309 |
Subtotal | 0 | -6,475 | -126,794 |
Standardized measure, end of year | $0 | $0 | $6,475 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Details [Table] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $225,435 | $254,303 | $221,101 | $208,559 | $231,140 | $233,986 | $234,909 | $180,796 | $909,398 | $880,831 | $845,275 |
Gross profit (loss) | 18,541 | 47,442 | 31,050 | 38,359 | 32,226 | 50,447 | 52,710 | 31,997 | 135,392 | 167,380 | 89,042 |
Income (loss) before discontinued operations | -9,120 | 12,854 | -2,508 | 2,100 | -3,173 | 8,601 | 12,178 | 1,148 | 3,326 | 18,754 | 5,482 |
Net income (loss) | -9,121 | 12,854 | -2,508 | 2,100 | -3,173 | 8,602 | 12,181 | 1,147 | 3,325 | 18,757 | 5,418 |
Net income (loss) attributable to TETRA stockholders | ($10,329) | $12,110 | ($2,931) | $1,303 | ($4,008) | $7,713 | $11,574 | $681 | $153 | $15,960 | $4,147 |
Net income (loss) per share before discontinued operations attributable to TETRA stockholders | ($0.13) | $0.16 | ($0.04) | $0.02 | ($0.05) | $0.10 | $0.15 | $0.01 | $0 | $0.21 | $0.05 |
Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders | ($0.13) | $0.15 | ($0.04) | $0.02 | ($0.05) | $0.10 | $0.15 | $0.01 | $0 | $0.20 | $0.05 |