Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | TETRA TECHNOLOGIES INC | ||
Entity Central Index Key | 844,965 | ||
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 | Accelerated Filer | ||
Entity Public Float | $ 469,749,193 | ||
Entity Common Stock, Shares Outstanding | 80,256,544 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 23,057 | $ 48,384 |
Restricted cash | 6,721 | 8,721 |
Trade accounts receivable, net of allowance for doubtful accounts of $7,847 in 2015 and $2,485 in 2014 | 184,172 | 226,966 |
Inventories | 117,009 | 189,357 |
Assets held for sale | 772 | 2,568 |
Prepaid expenses and other current assets | 23,673 | 24,463 |
Total current assets | 355,404 | 500,459 |
Property, plant, and equipment: | ||
Land and building | 79,462 | 75,200 |
Machinery and equipment | 1,345,969 | 1,292,734 |
Automobiles and trucks | 43,536 | 57,035 |
Chemical plants | 181,014 | 174,108 |
Construction in progress | 6,505 | 21,483 |
Total property, plant, and equipment | 1,656,486 | 1,620,560 |
Less accumulated depreciation | (608,482) | (496,368) |
Net property, plant, and equipment | 1,048,004 | 1,124,192 |
Other assets: | ||
Goodwill | 112,945 | 293,866 |
Patents, trademarks, and other intangible assets, net of accumulated amortization of $44,695 in 2015 and $39,754 in 2014 | 86,375 | 107,167 |
Deferred tax assets | 25 | 2,183 |
Other assets | 53,623 | 54,521 |
Total other assets | 252,968 | 457,737 |
Total assets | 1,656,376 | 2,082,388 |
Current liabilities: | ||
Trade accounts payable | 62,114 | 119,240 |
Unearned income | 27,542 | 70,688 |
Accrued liabilities | 80,970 | 85,700 |
Current portion of long-term debt | 50 | 90,074 |
Decommissioning and other asset retirement obligations, current | 14,570 | 12,758 |
Total current liabilities | 185,246 | 378,460 |
Long-term debt, net | 873,402 | 844,961 |
Deferred income taxes | 9,467 | 11,706 |
Decommissioning and other asset retirement obligations, net | 42,879 | 49,983 |
Other liabilities | 31,202 | 31,677 |
Total long-term and other liabilities | 956,950 | 938,327 |
Equity: | ||
Common stock, par value $.01 per share; 100,000,000 shares authorized; 83,013,971 shares issued at December 31, 2015, and 82,322,876 shares issued at December 31, 2014 | 830 | 823 |
Additional paid-in capital | 256,184 | 241,166 |
Treasury stock, at cost; 2,766,958 shares held at December 31, 2015, and 2,672,930 shares held at December 31, 2014 | (16,837) | (16,419) |
Accumulated other comprehensive income (loss) | (43,135) | (26,215) |
Retained earnings | 44,175 | 170,358 |
Total TETRA stockholders' equity | 241,217 | 369,713 |
Noncontrolling interest | 272,963 | 395,888 |
Total equity | 514,180 | 765,601 |
Total liabilities and equity | $ 1,656,376 | $ 2,082,388 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Trade accounts receivable, allowances for doubtful accounts | $ 7,847 | $ 2,485 |
Other assets: | ||
Patents, trademarks, and other intangible assets, accumulated amortization | $ 44,695 | $ 39,754 |
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 | 83,013,971 | 82,322,876 |
Treasury stock, shares held | 2,766,958 | 2,672,930 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Product sales | $ 457,761 | $ 374,978 | $ 300,145 |
Services and rentals | 672,384 | 702,589 | 609,253 |
Total revenues | 1,130,145 | 1,077,567 | 909,398 |
Cost of revenues: | |||
Cost of product sales | 324,187 | 363,861 | 282,704 |
Cost of services and rentals | 417,549 | 466,908 | 400,739 |
Depreciation, amortization, and accretion | 155,015 | 116,912 | 80,985 |
Impairments of long-lived assets | 44,158 | 34,842 | 9,578 |
Total cost of revenues | 940,909 | 982,523 | 774,006 |
Gross profit | 189,236 | 95,044 | 135,392 |
General and administrative expense | 157,812 | 142,689 | 131,466 |
Impairment of goodwill | 177,006 | 64,295 | 0 |
Interest expense, net | 50,514 | 31,998 | 17,121 |
(Gain) loss on sales of assets | (4,375) | (11) | (5,776) |
Other (income) expense, net | 10,042 | 13,944 | (7,291) |
Income (loss) before taxes and discontinued operations | (201,763) | (157,871) | (128) |
Provision (benefit) for income taxes | 7,704 | 9,704 | (3,454) |
Income (loss) before discontinued operations | (209,467) | (167,575) | 3,326 |
Loss from discontinued operations, net of taxes | 0 | 0 | (1) |
Net income (loss) | (209,467) | (167,575) | 3,325 |
Less: income (loss) attributable to noncontrolling interest | 83,284 | (2,103) | (3,172) |
Net income (loss) attributable to TETRA stockholders | $ (126,183) | $ (169,678) | $ 153 |
Basic net income (loss) per common share: | |||
Net income (loss) attributable to TETRA stockholders | $ (1.59) | $ (2.16) | $ 0 |
Average shares outstanding | 79,169 | 78,600 | 77,954 |
Diluted net income (loss) per common share: | |||
Net income (loss) attributable to TETRA stockholders | $ (1.59) | $ (2.16) | $ 0 |
Average diluted shares outstanding | 79,169 | 78,600 | 78,840 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (209,467) | $ (167,575) | $ 3,325 |
Foreign currency translation loss, net of taxes of $0 in 2015, $3,368 in 2014, and $(1,076) in 2013 | (16,920) | (22,312) | (2,409) |
Comprehensive income (loss) | (226,387) | (189,887) | 916 |
Less: comprehensive income attributable to noncontrolling interest | 87,155 | (2,103) | (3,172) |
Comprehensive income (loss) attributable to TETRA stockholders | $ (139,232) | $ (191,990) | $ (2,256) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, tax | $ 0 | $ 3,368 | $ (1,076) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Total | Common Stock Value [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Translation Adjustment [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2012 | $ 593,308,000 | $ 804,000 | $ 226,954,000 | $ (15,027,000) | $ (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) | |||||
Comprehensive income (loss) | 916,000 | ||||||
Proceeds from issuance of CCLP common units | 1,978,000 | ||||||
Distributions to public unitholders | (462,000) | ||||||
Exercise of common stock options | 6,724,000 | 5,265,000 | |||||
Grants of restricted stock, net | 16,000 | ||||||
Equity compensation expense | (104,000) | (104,000) | |||||
Ending balance at Dec. 31, 2013 | 597,498,000 | 813,000 | 234,360,000 | (15,765,000) | (3,903,000) | 340,036,000 | 41,957,000 |
Stockholders' equity rollforward | |||||||
Net income (loss) | (167,575,000) | (169,678,000) | 2,103,000 | ||||
Translation adjustment, net of taxes | (22,312,000) | (22,312,000) | |||||
Comprehensive income (loss) | (189,887,000) | ||||||
Proceeds from issuance of CCLP common units | 363,149,000 | 363,149,000 | |||||
Distributions to public unitholders | (12,569,000) | 12,569,000 | |||||
Exercise of common stock options | 1,610,000 | 10,000 | 1,678,000 | (78,000) | |||
Grants of restricted stock, net | (576,000) | (576,000) | |||||
Equity compensation expense | 6,775,000 | 5,231,000 | 1,544,000 | ||||
Tax adjustment related to equity-based compensation, net | (103,000) | (103,000) | |||||
Other noncontrolling interests | 296,000 | 296,000 | |||||
Ending balance at Dec. 31, 2014 | 765,601,000 | 823,000 | 241,166,000 | $ (16,419,000) | (26,215,000) | 170,358,000 | 395,888,000 |
Stockholders' equity rollforward | |||||||
Net income (loss) | (209,467,000) | (126,183,000) | (83,284,000) | ||||
Translation adjustment, net of taxes | (20,791,000) | (16,920,000) | |||||
Comprehensive income (loss) | (230,258,000) | ||||||
Distributions to public unitholders | 37,816,000 | 37,816,000 | |||||
Exercise of common stock options | 302,000 | 7,000 | 295,000 | ||||
Grants of restricted stock, net | (418,000) | $ 418,000 | |||||
Equity compensation expense | 16,887,000 | 14,723,000 | 2,164,000 | ||||
Other noncontrolling interests | (118,000) | (118,000) | |||||
Ending balance at Dec. 31, 2015 | $ 514,180,000 | $ 830,000 | $ 256,184,000 | $ (16,837,000) | $ (43,135,000) | $ 44,175,000 | $ 272,963,000 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation adjustment, tax | $ 0 | $ 3,368 | $ (1,076) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income (loss) | $ (209,467) | $ (167,575) | $ 3,325 |
Reconciliation of net income (loss) to cash provided by operating activities: | |||
Depreciation, amortization, and accretion | 155,015 | 116,912 | 80,985 |
Impairments of long-lived assets | 44,158 | 34,842 | 9,578 |
Impairment of goodwill | 177,006 | 64,295 | 0 |
Provision (benefit) for deferred income taxes | (379) | (350) | (9,824) |
Equity-based compensation expense | 16,887 | 6,775 | 6,724 |
Provision for doubtful accounts | 5,387 | 856 | 374 |
Excess decommissioning/abandoning costs | 2,661 | 72,724 | 75,312 |
Other non-cash charges and credits | 4,271 | (3,782) | (11,026) |
Amortization of deferred financing costs | 3,961 | 2,968 | 861 |
Acquisition and transaction financing fees | 0 | 9,869 | |
(Gain) loss on sale of property, plant, and equipment | (4,375) | (11) | (5,776) |
Changes in operating assets and liabilities, net of assets acquired: | |||
Accounts receivable | 38,025 | (7,866) | 14,139 |
Inventories | 70,431 | (21,528) | 3,011 |
Prepaid expenses and other current assets | (1,806) | (197) | 12,281 |
Trade accounts payable and accrued expenses | (98,407) | 67,508 | (16,192) |
Decommissioning liabilities | (10,305) | (63,319) | (114,109) |
Other | 2,888 | (3,476) | (7) |
Net cash provided by operating activities | 195,951 | 108,645 | 49,656 |
Investing activities: | |||
Purchases of property, plant, and equipment | (120,597) | (131,609) | (101,379) |
Acquisition of businesses, net of cash acquired | 0 | (854,031) | 0 |
Proceeds from sale of property, plant, and equipment | 7,135 | 17,527 | 1,794 |
Other investing activities | (1,525) | 374 | (440) |
Net cash provided by (used in) investing activities | (114,987) | (967,739) | (100,025) |
Financing activities: | |||
Proceeds from long-term debt | 535,896 | 837,519 | 140,971 |
Principal payments on long-term debt | (598,070) | (289,900) | (120,664) |
Proceeds from issuance of CCLP common units, net of underwriters' discount | 0 | 363,149 | 0 |
CCLP distributions | (37,816) | (12,569) | (4,846) |
Proceeds from sale of common stock and exercise of stock options | 303 | 1,032 | 2,251 |
Financing costs and other financing activities | (3,750) | (27,587) | (1,978) |
Net cash provided by (used in) financing activities | (103,437) | 871,644 | 15,734 |
Effect of exchange rate changes on cash | (2,854) | (2,920) | (659) |
Increase (decrease) in cash and cash equivalents | (25,327) | 9,630 | (35,294) |
Cash and cash equivalents at beginning of period | 48,384 | 38,754 | 74,048 |
Cash and cash equivalents at end of period | 23,057 | 48,384 | 38,754 |
Supplemental cash flow information: | |||
Interest paid | 52,491 | 33,092 | 17,728 |
Taxes paid (refunded) | $ 6,710 | $ 8,729 | $ 7,438 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Organization and Operations | NOTE A – ORGANIZATION AND OPERATIONS We are a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback, production well testing, offshore rig cooling, compression services and equipment, 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 four divisions – Fluids, Production Testing, Compression, 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 domestic onshore oil and gas operators with comprehensive water management services. Our Production Testing Division provides frac flowback, 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 basins in certain regions in South America, Africa, Europe, the Middle East, and Australia. Our Compression Division is a provider of compression services and equipment for natural gas and oil production, gathering, transportation, processing, and storage. The Compression Division's equipment and parts sales business includes the fabrication and sale of standard compressor packages, custom-designed compressor packages, and oilfield pump systems designed and fabricated at the Division's facilities as well as the sale of compressor package parts and components manufactured by third-party suppliers. The Compression Division's aftermarket services business provides compressor package reconfiguration and maintenance services. The Compression Division provides its services and equipment to a broad base of natural gas and oil exploration and production, midstream, transmission, and storage companies operating throughout many of the onshore producing regions of the United States as well as in a number of foreign countries, including Mexico, Canada, and Argentina. As a result of the August 4, 2014, acquisition of Compressor Systems, Inc. ("CSI") (the "CSI Acquisition"), the scope of our Compression Division was significantly expanded. For further discussion, see Note C - Acquisitions and Dispositions. 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 saturation 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 portion of these services from the Offshore Division’s Offshore Services segment. Throughout 2015 and continuing into early 2016, significant decreases in oil and natural gas commodity prices lowered the capital expenditure and operating plans of many of our customers, creating uncertainty regarding the expected demand for many of our products and services and the resulting cash flows from operating activities for the foreseeable future. In addition, the availability of new borrowings in current capital markets is more limited and costly. Accordingly, we continue to implement cost reduction measures designed to lower our cost structure and have taken other steps to improve our operating cash flows. As a result of the steps taken to improve operating cash flows, we believe that despite the current industry environment and activity levels we will have adequate liquidity to fund our operations and debt obligations and maintain compliance with debt covenants through December 31, 2016. In addition, as further discussed in Note G - Long-Term Debt and Other Borrowings, on November 20, 2015, pursuant to a Note Purchase Agreement (the “2015 Senior Note Purchase Agreement”) with GSO Tetra Holdings LP, an unrelated third party, we issued and sold $ 125.0 million in aggregate principal amount of our 11% Senior Notes due November 5, 2022 (the “Series 2015 Senior Notes”). Immediately after the closing and funding, we applied a portion of the $ 119.7 million net proceeds from the sale of the Series 2015 Senior Notes (consisting of $ 125.0 million aggregate principal amount net of a $ 5.0 million discount and certain financing costs) to repay all of the indebtedness for borrowed money outstanding under our bank credit facility (the "Credit Agreement"). In December 2015, we applied the remaining portion of the proceeds, together with other funds to (i) pay the $ 25.0 million purchase price pursuant to a tender offer which commenced on November 5, 2015 , (the “Tender Offer”) to purchase for cash up to $25.0 million aggregate principal amount of certain of our outstanding Series 2010-A Senior Notes and Series 2010-B Senior Notes (collectively, the “2010 Senior Notes”), (ii) prepay in full all amounts owed in respect of our outstanding Series 2006-A Senior Notes, due April 30, 2016 , and (iii) pay fees and expenses associated with the transactions contemplated under the 2015 Senior Note Purchase Agreement. In addition, we entered into an agreement with Wells Fargo Energy Capital, Inc. that extends the maturity date of the $ 50.0 million of the Senior Secured Notes due April 1, 2017 , (the "Senior Secured Notes") from 2017 to 2019. As a result of these transactions, we have repaid or extended the maturity dates of a significant portion of TETRA's total long-term debt without significantly increasing the amount of TETRA's net borrowings. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Our consolidated financial statements include the accounts of our wholly owned subsidiaries. We consolidate the financial statements of CSI Compressco LP ("CCLP") and its subsidiaries as part of our Compression Division. We control CCLP through our ownership of its general partner. The share of CCLP net assets and earnings that is not owned by us is presented as noncontrolling interest in our consolidated financial statements. Our cash flows from our investment in CCLP are limited to the quarterly distributions we receive or the amounts collected for services performed on behalf of CCLP, as TETRA's capital structure and CCLP's capital structure are separate, as we have no cross default provisions, cross collateralization provisions, or cross guarantees with CCLP's debt, nor does CCLP with TETRA's debt. As of December 31, 2015, our consolidated balance sheet includes $332.2 million of restricted net assets, consisting of the consolidated net assets of CCLP. As our net investment in CCLP's assets exceeds 25.0% of our consolidated net assets, we have provided condensed parent company financial information in a supplemental schedule accompanying these consolidated financial statements. Our interests in oil and gas properties are proportionately consolidated. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") 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, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. Reclassifications and Adjustments Certain 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. During the fourth quarter of 2015, we recorded a correcting adjustment to equity-based compensation expense of approximately $6.7 million . The impact of this adjustment was not significant to the current, or any prior, financial reporting period. 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, 2015 , consists primarily of escrowed cash associated with our July 2011 purchase of a heavy lift derrick barge. The escrowed cash is expected to be released to the sellers in 2016. 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. Payment terms are on a short-term basis. The risk of loss from the inability to collect trade receivables, including certain long-term contractual receivables of our Maritech segment, is heightened during prolonged periods of low oil and natural gas commodity prices. 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. 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 2017 through 2022 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, 2015 , are as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) At beginning of period $ 2,485 $ 1,349 $ 1,085 Activity in the period: Provision for doubtful accounts 5,387 856 374 Account (chargeoffs) recoveries (25 ) 280 (110 ) At end of period $ 7,847 $ 2,485 $ 1,349 Inventories Inventories are stated at the lower of cost or market value. Cost is determined using the weighted average method. Components of inventories as of December 31, 2015 , and December 31, 2014 , are as follows: December 31, 2015 2014 (In Thousands) Finished goods $ 54,587 $ 62,188 Raw materials 1,731 5,005 Parts and supplies 37,379 51,229 Work in progress 23,312 70,935 Total inventories $ 117,009 $ 189,357 Finished goods inventories includes 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. Work in progress inventories consist primarily of new compressor packages located in the CCLP fabrication facility in Midland, Texas. The cost of work in process is determined using the specific identification method. We write down the value of inventory by an amount 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, 2015 , consists of certain compressor equipment assets to be sold during 2016. Assets Held for Sale as of December 31, 2014 , consists of certain equipment assets that were sold during the first quarter of 2015. Property, Plant, and Equipment Property, plant, and equipment are stated at cost. 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 3 – 4 years Chemical plants 15 – 30 years Compressors 12 – 20 years Leasehold improvements are depreciated over the shorter of the remaining term of the associated lease or its useful life. Depreciation expense, excluding long-lived asset impairments for the years ended December 31, 2015 , 2014 , and 2013 was $138.2 million , $109.2 million , and $76.9 million , respectively. Interest capitalized for the years ended December 31, 2015 , 2014 , and 2013 was $0.4 million , $0.8 million , and $1.6 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 2 to 20 years. During 2014, as part of three acquisitions consummated during the year, we acquired intangible assets having a fair value of approximately $92.6 million with estimated useful lives ranging from 2 to 20 years (having a weighted average useful life of 12.5 years). Amortization expense of patents, trademarks, and other intangible assets was $14.8 million , $9.3 million , and $5.0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, and is included in depreciation, amortization and accretion. The estimated future annual amortization expense of patents, trademarks, and other intangible assets is $8.7 million for 2016 , $8.4 million for 2017 , $8.2 million for 2018 , $8.1 million for 2019 , and $8.0 million for 2020 . Intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. In such an event, we will determine the fair value of the asset using an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we will recognize a loss for the difference between the carrying value and the estimated fair value of the intangible asset. During 2014 and 2015, certain intangible assets were impaired. See "Impairments of Long-Lived Assets" section below. 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, due to the significant decrease in oil and natural gas commodity prices and the resulting expected negative impact on demand for the products and services for each of our reporting units, it was “more likely than not” that the fair value of certain of our reporting units were less than their carrying values as of December 31, 2015 . When 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 consists of a two-step accounting test performed on a reporting unit basis. The first step of the impairment test is to compare the estimated fair value with the recorded net book value (including goodwill) of our business. 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. 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. The application of this second step under goodwill impairment testing may also result in impairments of other long-lived assets, including identified intangible assets. See Impairment of Long-Lived Assets section below for a discussion of other asset impairments that were identified as part of the testing of goodwill as of December 31, 2014, and December 31, 2015 . Because quoted market prices for our reporting units other than Compression are not available, our 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. During the last half of 2014 and continuing throughout 2015, global oil and natural gas commodity prices, particularly crude oil, decreased significantly. This decrease in commodity prices has had, and is expected to continue to have, a negative impact on industry drilling and capital expenditure activity, which affects the demand for products and services of each of our reporting units. The accompanying decrease in our stock price during the last half of 2014 resulted in an overall reduction in our market capitalization as of December 31, 2014. As of December 31, 2015 , our market capitalization was above the recorded net book value of our balance sheet, including all goodwill, however, due to decrease in the price per common unit of CCLP during 2015, CCLP's market capitalization as of December 31, 2015, was below the recorded net book value of its balance sheet, including all goodwill. The accounting principles regarding goodwill acknowledge that the observed market prices of individual trades of a company’s stock (and thus its computed market capitalization) may not be representative of the fair value of the company as a whole. Substantial value may arise from the ability to take advantage of synergies and other benefits that flow from control over another entity. Consequently, measuring the fair value of a collection of assets and liabilities that operate together in a controlled entity is different from measuring the fair value of a single share of that entity’s common stock. Therefore, once the fair value of the reporting units was determined, we also added a control premium to the calculations. This control premium is judgmental and is based on observed mergers and acquisitions in our industry. As part of our internal annual business outlook for each of our reporting units that we perform during the fourth quarter of 2014 and 2015, we considered changes in the global economic environment which affected our stock price and market capitalization. As part of the first step of goodwill impairment testing, we updated our assessment of the future cash flows for each of our reporting units, applying expected long-term growth rates, discount rates, and terminal values that we consider reasonable for each reporting unit. Our Maritech reporting unit is excluded because it does not contain goodwill. We have calculated a present value of the respective cash flows for each of the other reporting units to arrive at an estimate of fair value under the income approach, and then used the market approach to corroborate these values. Goodwill Impairment as of December 31, 2015. Throughout 2015 and particularly during the last half of the year, lower oil and natural gas commodity prices have resulted in a decreased demand for many of the products and services of each of our reporting units. However, based on updated assumptions as of December 31, 2015, we determined that the fair value of our Fluids Division was significantly in excess of its carrying value, which includes approximately $6.6 million of goodwill. Our Offshore Services and Maritech Divisions had no remaining goodwill as of December 31, 2015. Specifically to our Compression Division, demand for low-horsepower wellhead compression services and for sales of compressor equipment has decreased significantly and is expected to continue to be decreased for the foreseeable future. Accordingly, the fair value, including the market capitalization for CCLP, for the Compression reporting unit was less than its respective carrying value as of December 31, 2015. For our Production Testing Division, demand for production testing services has decreased in each of the market areas in which we operate, resulting in decreased estimated future cash flows. As a result, the fair value of the Production Testing reporting unit was also less than its respective carrying value as of December 31, 2015. After making the hypothetical purchase price adjustments as part of the second step of the goodwill impairment test, there was $92.4 million residual purchase price to be allocated to the goodwill of the Compression reporting unit and approximately $13.9 million residual purchase price to be allocated to the goodwill of the Production Testing reporting unit. Based on this analysis, we concluded that an impairment of $139.4 million of the $233.6 million of recorded goodwill for Compression and an impairment of $37.6 million of the $51.5 million of recorded goodwill for Production Testing was required. Goodwill Impairments as of December 31, 2014 . Based on the above assumptions as of December 31, 2014, we determined that the fair value of our Fluids Division was significantly in excess of its carrying value, which includes approximately $6.6 million of goodwill. The fair value of our Compression Division exceeded its carrying value by approximately 4%. Throughout 2014, challenging market conditions for our Production Testing and Offshore Services reporting units resulted in both of these reporting units performing below the expectations we had as of December 31, 2013. The late 2014 decrease in commodity prices further weakened these market conditions. Pricing and activity levels in many of the markets that the Production Testing reporting unit serves were affected by increased levels of competition. Our Offshore Services reporting unit experienced decreasing demand for its decommissioning, well abandonment, and contract diving services in the U.S. Gulf of Mexico, the primary market that it serves. Customer delays with regard to significant decommissioning and abandonment projects and the diminished pricing as a result of increased competition for customer projects combined to negatively affect 2014 profitability for the Offshore Services reporting unit. Accordingly, the fair values for the Production Testing and Offshore Services reporting units were less than their respective carrying values as of December 31, 2014. After making the hypothetical purchase price adjustments as part of the second step of the goodwill impairment test, there was $53.7 million residual purchase price to be allocated to the goodwill of Production Testing reporting unit and no residual purchase price to be allocated to the goodwill of Offshore Services. Based on this analysis, we concluded that an impairment of $60.4 million of recorded goodwill for Production Testing was required, and an impairment of the entire $3.9 million of recorded goodwill for Offshore Services was required. Specific uncertainties affecting the estimated fair value of our Compression and Production Testing reporting units include the impact of competition, the trading prices of our common stock and the common unit price of CCLP, the price of oil and natural gas, future overall activity levels in the regions in which we operate, the activity levels of our significant customers, and other factors affecting the rate of future growth of these reporting units. These factors will continue to be reviewed and assessed during future periods. Negative developments with regard to these factors could have a further negative effect on the fair value of our Compression and Production Testing reporting units and could result in future additional impairment of goodwill. Subsequent to December 31, 2015, and as of March 3, 2016 , the prices of our common stock and the common units of CCLP have continued to decline, and as a result future additional impairments are possible. As of December 31, 2015 , the carrying amount of goodwill for the Fluids, Production Testing, Compression, and Offshore Services reporting units are net of $23.8 million , $97.9 million , $139.4 million and $27.2 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, 2015 , are as follows: Fluids Production Testing Compression Offshore Services Maritech Total (In Thousands) 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 Goodwill acquired during the year 6,636 5,809 161,387 173,832 Goodwill adjustments — (64,189 ) — (3,936 ) — (68,125 ) Balance as of December 31, 2014 6,636 53,682 233,548 — — 293,866 Goodwill adjustments — (39,775 ) (141,146 ) — (180,921 ) Balance as of December 31, 2015 $ 6,636 $ 13,907 $ 92,402 $ — $ — $ 112,945 Impairments of Long-Lived Assets Impairments of long-lived assets, including identified intangible 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. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. 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. During the fourth quarter of 2014, our Offshore Services segment recorded impairments of approximately $13.7 million , primarily associated with a portion of the carrying value of certain of its dive services vessels and equipment and other long lived assets due to expected decreased demand. Our Production Testing segment also recorded impairments of approximately $14.5 million , primarily associated with a portion of the carrying value of certain of its production testing equipment and certain identified intangible assets. Our Fluids Division also recorded impairments of approximately $5.2 million associated with certain of its water management business assets. During the fourth quarter of 2015 , our Compression and Production Testing segments recorded impairments of approximately $6.3 million and $12.3 million , respectively, associated with a portion of the carrying value of certain of long-lived assets due to expected decreased demand, and our Compression segment recorded approximately $5.7 million of impairments associated with certain identified intangible assets. Our Fluids Division also recorded impairments of approximately $19.9 million associated with certain of its water management business assets. 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. 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 recorded liability is first reduced by all cash expenses incurred to abandon and decommission the property. If the recorded 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 amount of work performed or estimated to be performed on a Maritech property asset retirement obligation may often exceed amounts previously estimated for numerous reasons. Property conditions encountered, including subsea, geological, or downhole conditions, may be different from those anticipated at the time of estimation due to the age of the property and the quality of information available about the particular property conditions. Additionally, the cost of performing work at locations damaged by hurricanes is particularly difficult to estimate due to the unique conditions encountered, including the uncertainty regarding the extent of physical damage to many of the structures. Lastly, previously plugged and abandoned wells have later exhibited a buildup of pressure, which is evidenced by gas bubbles coming from the plugged well head. Remediation work at previously abandoned well sites is particularly costly due to the lack of a platform from which to base these activities. 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 result in direct charges to earnings. Decommissioning work performed for the years 2015 , 2014 , and 2013 was $10.3 million , $63.3 million , and $119.6 million , respectively. For a further discussion of adjustments and other activity related to Maritech’s decommissioning liabilities, including significant adjustments made during 2015 , 2014 , and 2013 , see Note H – 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 We recognize revenue using the following criteria: (a) persuasive evidence of an exchange arrangement exists; (b) delivery has occurred or services have been rendered; (c) the buyer’s price is fixed or determinable; and (d) 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. 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. Collections associated with progressive billings to customers for the construction of compression equipment by our Compression Division is included in unearned income in the consolidated balance sheets. Services and Rentals Revenues and Costs A portion of our services and rentals revenues consists of lease rental income pursuant to operating lease arrangements for compressors and other equipment assets. The following operating lease revenues and associated costs were included in services and rentals revenues and cost of services and rentals, respectively, in the accompanying consolidated statements of operations for each of the following periods: Year Ended December 31, 2015 2014 2013 (In Thousands) Rental revenue $ 136,384 $ 91,509 $ 20,492 Rental expenses $ 67,718 $ 43,240 $ 8,422 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 certain 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, amortization, and accretion includes depreciation expense for all of our facilities, equipment and vehicles, 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 certain 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. As of December 31, 2015 , the remaining work to be performed consists primarily of decommissioning and debris removal efforts on one of Maritech's production platforms that was destroyed. We estimate that the remaining future decommissioning and debris removal efforts associated with this remaining platform will cost approximately $7.8 million , net to our interest, and has been accrued as |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Acquisitions and Dispositions | NOTE C – ACQUISITIONS Acquisition of Compressor Systems, Inc. On August 4, 2014 , a subsidiary of CCLP acquired all of the outstanding capital stock of CSI for $825.0 million cash (the "CSI Acquisition"). Prior to the acquisition, CSI owned one of the largest fleets of natural gas compressor packages in the United States. Headquartered in Midland, Texas, CSI fabricates, sells, and maintains natural gas compressors and provides a full range of compression products and services that covers compression needs throughout the entire natural gas production and transportation cycle to natural gas and oil producing clients. CSI derives revenues through three primary business lines: compression and related services, equipment and parts sales, and aftermarket services. Strategically, the acquisition affords the Compression Division the opportunity to capture significant synergies associated with its product and service offerings and its fabrication operations, to further penetrate new and existing markets, and to achieve administrative efficiencies and other strategic benefits. Our allocation of the purchase price to the estimated fair value of CSI's net assets is as follows (in thousands): Current assets $ 101,411 Property and equipment 571,706 Intangible assets 68,000 Goodwill 161,387 Total assets acquired 902,504 Current liabilities 77,504 Total liabilities assumed 77,504 Net assets acquired $ 825,000 The allocation of purchase price includes approximately $161.4 million allocated to deductible goodwill recorded and is supported by the strategic benefits discussed above that are expected to be generated from the acquisition. Adjustments to the allocation of purchase price affecting inventory, property, plant and equipment, intangible assets, and other current assets and liabilities have been made and are reflected in the accompanying consolidated balance sheets as of December 31, 2015 and 2014 . The adjustment to the previously presented goodwill balance as of December 31, 2014, was $0.1 million . These adjustments in 2015 to the allocation of purchase price for long-lived assets did not have a material impact on the depreciation and amortization of these assets. The acquired property, plant, and equipment is stated at fair value, and depreciation of the acquired property, plant, and equipment is computed using the straight-line method over the estimated useful lives of each asset. Buildings are depreciated using useful lives of 15 to 30 years. Machinery and equipment is depreciated using useful lives of 2 to 20 years. Automobiles and trucks are depreciated using useful lives of 3 to 4 years. The acquired intangible assets as of the acquisition date represent approximately $33.7 million for the trademark/trade name, approximately $21.4 million for customer relationships, and approximately $12.9 million of other intangible assets that are stated at estimated fair value and are amortized on a straight-line basis over their estimated useful lives, ranging from 2 to 15 years. These identified intangible assets are recorded net of approximately $6.8 million of accumulated amortization as of December 31, 2015 . For the year ended December 31, 2014 , our revenues, depreciation and amortization, and pretax earnings included $152.5 million , $25.2 million , and $15.8 million , respectively, associated with the CSI Acquisition after the closing on August 4, 2014. In addition, CSI Acquisition-related costs of approximately $5.5 million were incurred during the year ended December 31, 2014 , consisting of external legal fees, transaction consulting fees, and due diligence costs. These costs have been recognized in general and administrative expenses in the consolidated statements of operations. Approximately $16.6 million of deferred financing costs related to the CSI Acquisition were incurred as of the acquisition date and included in Other Assets and are being amortized over the term of the related debt. An additional $9.3 million of interim financing costs related to the CSI Acquisition was incurred and is reflected in Other Expense during the year ended December 31, 2014. 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 existing 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 is 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 was paid on 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 remeasured to fair value our existing investment carrying value in TETRA Arabia based on estimated future cash flows which resulted in a calculated fair value of approximately $21.8 million (a level 3 fair value measurement). We allocated this calculated fair value to the applicable consolidated balance sheet line items and recorded a remeasurement gain of approximately $5.7 million . Additionally, we recorded a charge to earnings of approximately $2.9 million associated with a similar fair value measurement related to the termination of our previous relationship with the other shareholder. The charge to earnings and the remeasurement gain were included in other (income) expense in the Consolidated Statement of Operations for the year ended December 31, 2014. We allocated the purchase price as well as the remeasured value of our existing investment based on the fair values of the assets and liabilities acquired or remeasured, which consisted of a total of approximately $ 18.5 million of net working capital (including $ 12.0 million of cash acquired), $ 1.3 million of property, plant, and equipment, approximately $ 22.5 million of certain intangible assets (primarily a customer relationship asset), $ 4.5 million of deferred tax liabilities, and approximately $ 5.8 million of nondeductible goodwill (allocated to the Production Testing Division). For the year ended December 31, 2014, our revenues, depreciation and amortization, and income before taxes included $ 38.0 million , $ 1.5 million , and $ 8.9 million , respectively, associated with the acquired operations of TETRA Arabia after the closing in January 2014. 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, allowing the Fluids Division to serve customers in additional basins in the U.S. We allocated the purchase price to the fair value of the assets and liabilities acquired, which consisted of approximately $ 7.3 million of property, plant and equipment, approximately $ 3.2 million of certain intangible assets, approximately $ 6.6 million of deductible goodwill, and approximately $ 2.3 million of liabilities associated with the contingent purchase price consideration. The fair value of the obligation to pay the contingent purchase price consideration was calculated based on the anticipated earnings for our water management services operations in the South Texas and North Dakota regions over each of the two twelve month periods subsequent to the closing and could increase (to $ 8.0 million ) or decrease (to $0 ) depending on actual and expected earnings in these regions going forward. Increases or decreases in the value of the anticipated contingent purchase price 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. During the year ended December 31, 2014, the liability associated with the contingent consideration was adjusted downward by approximately $ 2.3 million , and this amount was credited to earnings during the period. The $ 6.6 million of goodwill recorded to the Fluids segment as a result of the TD Water Transfer acquisition is supported by the expected strategic benefits discussed above to be generated from the acquisition. Pro Forma Financial Information (Unaudited) The pro forma information presented below has been prepared to give effect to the acquisition of the remaining 50% ownership interest of TETRA Arabia and the acquisition of CSI as if each of the transactions had occurred at the beginning of the periods presented. The pro forma information includes the impacts of the allocation of the acquisition purchase price for each acquisition on depreciation and amortization. The pro forma information also excludes the impact of the remeasurement gain and charge to earnings recorded in connection with the acquisition of the remaining 50% interest in TETRA Arabia as well as the CSI Acquisition and financing costs charged to earnings during the 2014 periods. The pro forma information is presented for illustrative purposes only and is based on estimates and assumptions we deem appropriate. The impact of the acquisition of TD Water Transfer is not significant and is, therefore, not included in the pro forma information below. 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 transactions. Year Ended December 31, 2014 (In Thousands) Revenues $ 1,287,059 Depreciation, amortization, and accretion $ 160,686 Gross profit $ 122,636 Net income (loss) $ (166,468 ) Net income (loss) attributable to TETRA stockholders $ (174,771 ) Per share information: Net income (loss) attributable to TETRA stockholders Basic $ (2.22 ) Diluted $ (2.22 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Leases | NOTE D — 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. 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, 2015 : Capital Lease Operating Leases (In Thousands) 2016 $ 146 $ 21,302 2017 154 11,976 2018 162 8,908 2019 103 7,138 2020 — 6,498 After 2020 — 47,287 Total minimum lease payments $ 565 $ 103,109 Rental expense for all operating leases was $37.1 million , $57.4 million , and $37.7 million in 2015 , 2014 , and 2013 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Income Taxes | NOTE E — INCOME TAXES The income tax provision (benefit) attributable to continuing operations for the years ended December 31, 2015 , 2014 , and 2013 , consists of the following: Year Ended December 31, 2015 2014 2013 (In Thousands) Current Federal $ (1,310 ) $ (69 ) $ 530 State 2,022 (195 ) (225 ) Foreign 7,371 10,318 6,065 8,083 10,054 6,370 Deferred Federal 191 (1,509 ) (6,685 ) State (1,613 ) 3,784 (1,121 ) Foreign 1,043 (2,625 ) (2,018 ) (379 ) (350 ) (9,824 ) Total tax provision (benefit) $ 7,704 $ 9,704 $ (3,454 ) A reconciliation of the provision (benefit) for income taxes attributable to continuing operations, computed by applying the federal statutory rate to income (loss) before income taxes and the reported income taxes, is as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) Income tax provision (benefit) computed at statutory federal income tax rates $ (70,617 ) $ (55,254 ) $ (45 ) State income taxes (net of federal benefit) (608 ) (1,730 ) (608 ) Nondeductible meals and entertainment 909 1,433 1,382 Impact of international operations (1,880 ) (7,408 ) (3,504 ) Goodwill impairments 20,412 7,442 — Valuation allowance 55,392 67,781 (301 ) Other 4,096 (2,560 ) (378 ) Total tax provision (benefit) $ 7,704 $ 9,704 $ (3,454 ) 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 $39.4 million at December 31, 2015 , 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, 2015 2014 2013 (In Thousands) Domestic $ (195,815 ) $ (138,640 ) $ (14,322 ) International (5,948 ) (19,231 ) 14,194 Total $ (201,763 ) $ (157,871 ) $ (128 ) A reconciliation of the beginning and ending amount of our gross unrecognized tax benefit liability is as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) Gross unrecognized tax benefits at beginning of period $ 1,959 $ 2,018 $ 2,327 Decreases in tax positions for prior years — — (118 ) Increases in tax positions for current year 120 191 202 Lapse in statute of limitations (124 ) (250 ) (393 ) Gross unrecognized tax benefits at end of period $ 1,955 $ 1,959 $ 2,018 We recognize interest and penalties related to uncertain tax positions in income tax expense. During the years ended December 31, 2015 , 2014 , and 2013 , we recognized $0.3 million , $0.2 million , and $(0.2) million , respectively, of interest and penalties to the provision for income tax. As of December 31, 2015 and 2014 , we had $2.4 million and $2.1 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 $3.5 million and $2.1 million as of December 31, 2015 and 2014 , 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 2012 United States – State and Local 2002 Non-U.S. jurisdictions 2009 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 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. We considered all available evidence, both positive and negative, in determining whether, based on the weight of that evidence, a valuation allowance is needed for some portion or all of our deferred tax assets. In determining the need for a valuation allowance on our deferred tax assets we placed greater weight on recent and objectively verifiable current information, as compared to more forward-looking information that is used in valuating other assets on the balance sheet. While we have considered 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, 2015 and 2014 , are as follows: December 31, 2015 2014 (In Thousands) Net operating losses $ 91,973 $ 88,867 Foreign tax credits and alternative minimum tax credits 19,772 15,910 Accruals 30,033 35,135 Income recognized for tax not book 2,608 — All other 8,686 2,855 Total deferred tax assets 153,072 142,767 Valuation allowance (126,673 ) (73,696 ) Net deferred tax assets $ 26,399 $ 69,071 December 31, 2015 2014 (In Thousands) Depreciation and amortization for tax in excess of book expense $ 34,146 $ 77,751 All other 1,695 844 Total deferred tax liability 35,841 78,595 Net deferred tax liability $ 9,442 $ 9,524 We believe that it is more likely than not we will not realize all the tax benefits of the deferred tax assets within the allowable carryforward period. Therefore, an appropriate valuation allowance has been provided. The valuation allowance as of December 31, 2015 and 2014, primarily relates to federal deferred tax assets. The increase (decrease) in the valuation allowance during the years ended December 31, 2015 , 2014 , and 2013 , were $53.0 million , $69.9 million , and $(0.3) million , respectively. At December 31, 2015 , we had approximately $92.0 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 2016 through 2035. At December 31, 2015 , we had $18.8 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 2025. In November 2015, the FASB issued ASU 2015-17. The update changes how deferred taxes are classified on the balance sheet, eliminating the existing requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. As permitted by ASU 2015-17, we elected to early adopt this guidance effective December 31, 2015, using the retrospective adoption. The impact of the retrospective adoption of this standard was not material to our consolidated financial statements. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Accrued Liabilities | NOTE F — ACCRUED LIABILITIES Accrued liabilities are detailed as follows: December 31, 2015 2014 (In Thousands) Compensation and employee benefits $ 27,276 $ 20,711 Accrued interest 12,723 14,988 Accrued capital expenditures 6,988 11,280 Other accrued liabilities 33,983 38,721 Total accrued liabilities $ 80,970 $ 85,700 |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Long-Term Debt and Other Borrowings | NOTE G – LONG-TERM DEBT AND OTHER BORROWINGS Our consolidated capital structure changed significantly during 2014 as a result of the CSI Acquisition. Because of the increased level of consolidated debt, it is important to consider TETRA's capital structure and CCLP's capital structure separately, as we have no cross default provisions, cross collateralization provisions, or cross guarantees with CCLP's debt, nor does CCLP with our debt. CCLP is not a restricted subsidiary or guarantor under any of our debt or credit agreements. Long-term debt consists of the following: December 31, December 31, (In Thousands) TETRA Scheduled Maturity Bank revolving line of credit facility September 30, 2019 $ 22,850 $ 90,000 5.90% Senior Notes, Series 2006-A April 30, 2016 — 90,000 6.56% Senior Notes, Series 2008-B April 30, 2015 — 90,000 5.09% Senior Notes, Series 2010-A December 15, 2017 46,944 65,000 5.67% Senior Notes, Series 2010-B December 15, 2020 18,056 25,000 4.00% Senior Notes, Series 2013 April 29, 2020 35,000 35,000 11.00% Senior Notes, Series 2015 (presented net of the unamortized discount of $4.9 million as of December 31, 2015) November 5, 2022 120,071 — Senior Secured Notes April 1, 2019 50,000 — European bank credit facility — — Other 50 74 TETRA total debt 292,971 395,074 Less current portion (50 ) (90,074 ) TETRA total long-term debt $ 292,921 $ 305,000 CCLP — CCLP Bank Credit Facility August 4, 2019 235,000 195,000 CCLP 7.25% Senior Notes (presented net of the unamortized discount of $4.5 million as of December 31, 2015 and $5.0 million as of December 31, 2014) August 15, 2022 345,481 344,961 CCLP total debt 580,481 539,961 Less current portion — — CCLP total long-term debt 580,481 539,961 Consolidated total long-term debt $ 873,402 $ 844,961 Scheduled maturities for the next five years and thereafter are as follows: December 31, 2015 (In Thousands) TETRA CCLP Consolidated 2016 $ — $ — $ — 2017 46,944 — 46,944 2018 — — — 2019 72,850 235,000 307,850 2020 53,056 — 53,056 Thereafter 120,071 345,481 465,552 Total maturities $ 292,921 $ 580,481 $ 873,402 Our Long-Term Debt We are in compliance with all covenants and conditions under our long-term debt agreements as of December 31, 2015. 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. Due to the decreased demand for certain of our products and services by our customers in response to decreased oil and natural gas prices, we have taken strategic cost reduction efforts, including headcount reductions, deferral of wage increases, wage reductions, and other efforts to reduce costs and generate cash to mitigate the reduced demand for our products and services. In addition, certain of our businesses have seen increased activity and profitability levels, despite current oil and natural gas prices. Based on our projections for each of the quarterly periods in 2016 and including the impact of these cost reduction efforts and expected activity levels on future estimated operating cash flows, we anticipate that we will have sufficient liquidity to maintain compliance with the financial covenants under our long-term debt agreements through December 31, 2016. Our Bank Credit Facility On September 30, 2014, we entered into an amendment (the "Third Amendment") of our bank credit facility (the "Credit Agreement"). The Third Amendment amended our credit facility, which was scheduled to expire on October 29, 2015, by extending the maturity date of the credit facility until September 30, 2019 and decreasing the revolving commitment from $ 278 million to $ 225 million . The Third Amendment also revised certain financial covenants and the range of applicable interest rate spreads. The facility remains unsecured and guaranteed by certain of our material domestic subsidiaries. In connection with the reduction of the commitment capacity as part of the Third Amendment, we charged approximately $ 0.1 million of unamortized deferred financing costs to expense. As of December 31, 2015 we had a balance of approximately $22.9 million outstanding on the amended revolving credit facility, as well as $7.6 million in letters of credit and guarantees against the $ 225 million availability under the amended revolving credit facility, leaving a net availability of approximately $194.6 million . Under the Credit Agreement, the revolving credit facility is unsecured and guaranteed by certain of our material U.S. subsidiaries (excluding CCLP and its subsidiaries). Borrowings generally bear interest at the British Bankers Association LIBOR rate plus 1.50% to 2.75%, depending on one of our financial ratios. The weighted average interest rate on borrowings outstanding under the Credit Agreement as of December 31, 2015 , was 3.5% 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, and 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. These financial ratios include a minimum interest charge coverage ratio (ratio of a defined measure of earnings to interest) of 3.0 and a maximum leverage ratio (ratio of debt and letters of credit outstanding to a defined measure of earnings) of 3.25. The maximum leverage ratio decreases to 3.0 as of March 31, 2016. Consolidated net earnings under the credit facility is defined as the aggregate of our net income (or loss) and our consolidated restricted subsidiaries (which does not include CCLP), including cash dividends and distributions (not the return of capital) received from persons other than consolidated restricted subsidiaries (including CCLP) and after allowances for taxes for such period determined on a consolidated basis in accordance with U.S. generally accepted accounting principles ("GAAP"), excluding certain items more specifically described therein. At December 31, 2015, our leverage ratio was 1.86 to 1. Deterioration of these financial ratios could result in a default by us under the Credit Agreement and, if not remedied, could result in termination of the Credit Agreement and acceleration of any outstanding balances. CCLP is an unrestricted subsidiary and is not a borrower or a guarantor under our Credit Agreement. The Credit Agreement includes cross-default provisions relating to any other indebtedness (excluding indebtedness of CCLP) greater than a defined amount. 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. Our Senior Unsecured Notes On November 20, 2015, pursuant to the 2015 Senior Note Purchase Agreement with GSO Tetra Holdings LP, an unrelated third party, we issued and sold $125.0 million in aggregate principal amount of our Series 2015 Senior Notes. Immediately after the closing and funding, we applied a portion of the $ 119.7 million proceeds from the sale of the Series 2015 Senior Notes (consisting of $125.0 million aggregate principal amount net of a $5.0 million discount and certain financing costs) to repay all of the indebtedness for borrowed money outstanding under our Credit Agreement. In December 2015, we applied the remaining portion of the proceeds, together with other funds to (i) pay the $25.0 million purchase price for 2010 Senior Notes accepted for purchase pursuant to the Tender Offer, (ii) prepay in full all amounts owed in respect of the outstanding Series 2006-A Senior Notes due April 30, 2016 , and (iii) pay other fees and expenses associated with the transactions contemplated under the 2015 Senior Note Purchase Agreement. The Series 2015 Senior Notes bear interest at the fixed rate of 11.0% and mature on November 5, 2022 . Interest on the Series 2015 Senior Notes is due quarterly on March 15, June 15, September 15, and December 15 of each year, commencing on March 15, 2016. We may prepay the Series 2015 Senior Notes, in whole or in part at a prepayment price equal to (i) prior to November 20, 2018, 100% of the principal amount so prepaid, plus accrued and unpaid interest and a “make-whole” prepayment amount, (ii) during the period commencing on November 20, 2018, and ending on November 19, 2019, 104% of the principal amount so prepaid, plus accrued and unpaid interest, (iii) during the period commencing on November 20, 2019 and ending on November 19, 2020, 102% of the principal amount so prepaid, plus accrued and unpaid interest, (iv) during the period commencing on November 20, 2020, and ending on November 19, 2021, 101% of the principal amount so prepaid, plus accrued and unpaid interest, and (v) on or after November 20, 2021, 100% of the principal amount so prepaid, plus accrued and unpaid interest. Each of our Senior Notes (the "Senior Unsecured Notes") was sold in the United States to accredited investors pursuant to an exemption from the Securities Act of 1933. The Senior Unsecured Notes are unsecured and are guaranteed by substantially all of our wholly owned U.S. subsidiaries. The 2015 Senior Note Purchase Agreement and the Note Purchase Agreements (together, "the Senior Unsecured Note Purchase Agreements"), contain customary covenants that limit our ability and the ability of certain of our restricted subsidiaries to, among other things: incur or guarantee additional indebtedness; incur or create liens; merge or consolidate or sell substantially all of our assets; engage in a different business; enter into transactions with affiliates; and make certain payments. In addition, the Senior Unsecured Note Purchase Agreements require us to maintain certain financial ratios, including a maximum leverage ratio (ratio of debt and letters of credit outstanding to a defined measure of earnings) of 3.5 . Consolidated net earnings under the Senior Unsecured Note Purchase Agreements is the aggregate of our net income (or loss) and our consolidated restricted subsidiaries, including cash dividends and distributions (not the return of capital) received from persons other than consolidated restricted subsidiaries (such as CCLP) and after allowances for taxes for such period determined on a consolidated basis in accordance with GAAP, excluding certain items more specifically described therein. Under these Senior Unsecured Note Purchase Agreements, the financial ratio requirements include a minimum interest coverage ratio of 2.5 and a maximum leverage ratio of 3.5 . At December 31, 2015, our leverage ratio was 1.86 to 1. The maximum leverage ratio is further defined in our Senior Unsecured Note Purchase Agreements. Deterioration of the financial ratios could result in a default by us under the Senior Unsecured Note Purchase Agreements and, if not remedied, could result in termination of the Senior Unsecured Note Purchase Agreements and acceleration of any outstanding balances. CCLP is an unrestricted subsidiary and is not a borrower or a guarantor under our Senior Unsecured Note Purchase Agreements. The Senior Unsecured Note Purchase Agreements contain the following cross-default provisions. If we or any of our restricted subsidiaries (i) fails to make any payment when due beyond any applicable grace period under any indebtedness of at least $20.0 million, (ii) defaults in the performance of or compliance with any term of any indebtedness in an aggregate outstanding principal amount of at least $20.0 million or of any mortgage, indenture or other agreement relating to such indebtedness or any other condition exists, and as a result of such default or condition such indebtedness is accelerated and declared due and payable before its stated maturity or before its regularly scheduled dates for payment, or (iii) become obligated to purchase or repay indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $20.0 million or one or more persons have the right to require us or any of our subsidiaries to purchase or repay such indebtedness. Upon the occurrence and during the continuation of an event of default under the Senior Unsecured Note Purchase Agreements, the Senior Unsecured Notes may become immediately due and payable, either automatically or by declaration of holders of more than 50% in principal amount of the Senior Unsecured Notes at the time outstanding. We are in compliance with all covenants and conditions of the Senior Unsecured Note Purchase Agreements as of December 31, 2015. In April 2015, we utilized the proceeds from the issuance of the Senior Secured Notes (see discussion below) along with borrowings under our Credit Agreement to repay the 2008-B Senior Notes. In December 2015, we prepaid in full all amounts owed in respect of the outstanding Series 2006-A Senior Notes, due April 30, 2016, including a $1.6 million "make-whole" prepayment premium in accordance with the Master Note Purchase Agreement. In December 2015, and pursuant to a Tender Offer that commenced on November 5, 2015 , we purchased for cash $25.0 million aggregate principal amount of certain of the outstanding 2010 Senior Notes, consisting of $ 18.1 million of the Series 2010-A Senior Notes and $ 6.9 million of the Series 2010-B Senior Notes. The offered consideration for 2010 Senior Notes was an amount of cash equal to $100,000 per $100,000 principal amount of 2010 Senior Notes tendered prior to December 7, 2015, and accepted for purchase by us, plus accrued and unpaid interest. Our Senior Secured Notes On April 30, 2015, and pursuant to a Note Purchase Agreement dated March 18, 2015 , with Wells Fargo Energy Capital, Inc., in its capacity as noteholder representative for the noteholders (the "Noteholder Representative"), and Wells Fargo Energy Capital, Inc., in its capacity as the sole initial purchaser (the "Senior Secured Note Purchase Agreement"), we issued and sold $50.0 million aggregate principal amount of Senior Secured Notes due April 1, 2017 (the "Senior Secured Notes"). In February 2016, we repaid $10.0 million of the amount outstanding under the Senior Secured Notes. The Senior Secured Notes were sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The proceeds from these Senior Secured Notes were used to provide a portion of the funds necessary to repay the $90.0 million principal amount of the Series 2008-B Senior Notes that matured on April 30, 2015 . The Senior Secured Notes are secured by our accounts receivable (excluding CCLP's accounts receivable) and our common units in CCLP, and the related Note Purchase Agreement includes financial covenants consistent with those applicable to our existing bank revolving credit facility. On November 5, 2015, we entered into the Second Amendment (the “Second Amendment”) to the Note Purchase Agreement that, conditioned upon the closing and funding of the issuance of the Series 2015 Senior Notes, (i) provided for the extension of the maturity date of the Senior Secured Notes from April 1, 2017 to April 1, 2019 , (ii) amended certain definitions in the Note Purchase Agreement and (iii) required us to pay an extension fee . The principal portion of each of the Senior Secured Notes consists of tranches that bear interest at LIBOR, as defined in the Note Purchase Agreement, plus an applicable margin ("LIBOR Tranches") and tranches that bear interest at the Base Rate plus an applicable margin ("Base Rate Tranches"), as we may request in accordance with the Note Purchase Agreement. The initial Senior Secured Notes consist of a LIBOR Tranche and the interest rate at closing and as of December 31, 2015 , is 5.75% per annum. We may convert the LIBOR Tranche into a Base Rate Tranche in accordance with the Note Purchase Agreement. The Note Purchase Agreement contains customary covenants and default and cross default provisions consistent with the agreements governing our other TETRA indebtedness. CCLP Long-Term Debt CCLP Bank Credit Facility On August 4, 2014, in connection with the CSI Acquisition, CCLP entered into a credit agreement (the "CCLP Credit Agreement"), and it borrowed $210.0 million, which was used to fund, in part, CCLP's $825.0 million CSI Acquisition purchase price. In addition, the CCLP Credit Agreement borrowings were used to pay fees and expenses related to the CSI Acquisition, the CCLP Senior Notes offering, and the CCLP Credit Agreement, and to repay the $38.1 million balance outstanding under CCLP's previous revolving credit facility dated October 15, 2013, (the "Previous CCLP Credit Agreement"), which was then terminated. As a result, approximately $0.8 million of unamortized deferred financing costs associated with that terminated Previous CCLP Credit Agreement was charged to earnings and reflected in other expense during 2014. Under the CCLP Credit Agreement, CCLP and CSI Compressco Sub Inc. are named as the borrowers, and all obligations under the CCLP Credit Agreement are guaranteed by all of CCLP's existing and future, direct and indirect, domestic restricted subsidiaries (other than domestic subsidiaries that are wholly owned by foreign subsidiaries). We are not a borrower or a guarantor under the CCLP Credit Agreement. The CCLP Credit Agreement includes a maximum credit commitment of $400.0 million and included within such amount is availability for letters of credit (with a sublimit of $20.0 million) and swingline loans (with a sublimit of $60.0 million). The amount of borrowings under the CCLP Credit Agreement is subject to certain limitations, including borrowing limitations as a result of financial covenants. During the year ended December 31, 2014, CCLP incurred financing costs of approximately $7.3 million related to the CCLP Credit Agreement. These costs are included in Other Assets and are being amortized over the term of the CCLP Credit Agreement. As of December 31, 2015, CCLP had a balance outstanding of $235.0 million , had approximately $1.6 million letters of credit and performance bonds, and had availability under the CCLP Credit Agreement of approximately $163.4 million . The CCLP Credit Agreement is available to provide CCLP's working capital needs, letters of credit, and for general partnership purposes, including capital expenditures and potential future expansions or acquisitions. So long as CCLP is not in default, the CCLP Credit Agreement can also be used to fund CCLP’s quarterly distributions at the option of the board of directors of CCLP's general partner (provided, that after giving effect to such distributions, the borrowers will be in compliance with the financial covenants). All obligations under the CCLP Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a first lien security interest in substantially all of CCLP's assets and the assets of its existing and future domestic subsidiaries, and all of the capital stock of its existing and future subsidiaries (limited in the case of foreign subsidiaries, to 65% of the voting stock of first tier foreign subsidiaries). Borrowings under the CCLP Credit Agreement bear interest at a rate per annum equal to, at CCLP's 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 CCLP), plus a leverage-based margin or (b) a base rate plus a leverage-based margin; such base rate shall be determined by reference to the highest of (1) the prime rate of interest per annum announced from time to time by Bank of America, N.A., (2) the Federal Funds rate plus 0.50% per annum, and (3) LIBOR (adjusted to reflect any required bank reserves) for a one month interest period on such day plus 1.00% per annum. LIBOR based loans will have an applicable margin that will range between 1.75% and 2.50% per annum and base rate loans will have an applicable margin that will range between 0.75% and 1.50% per annum, each based on CCLP's consolidated total leverage ratio when financial statements are delivered. The weighted average interest rate on borrowings outstanding under the CCLP Credit Agreement as of December 31, 2015 , was 3.50% per annum. In addition to paying interest on outstanding principal under the CCLP Credit Agreement, CCLP is required to pay a commitment fee in respect of the unutilized commitments of from 0.375% to 0.50% per annum, paid quarterly in arrears, based on CCLP's consolidated total leverage ratio. CCLP is also required to pay a customary letter of credit fee equal to the applicable margin on revolving credit LIBOR loans, fronting fees, and other fees, agreed to with the administrative agent and lenders. The CCLP Credit Agreement requires CCLP to maintain (i) a minimum consolidated interest coverage ratio (ratio of consolidated earnings before interest, taxes, depreciation, and amortization ("EBITDA") to consolidated interest charges) of 3.0 to 1.0, (ii) a maximum consolidated total leverage ratio (ratio of consolidated total indebtedness to consolidated EBITDA) of 5.5 to 1.0 (with step downs to 5.0 to 1.0), and (iii) a maximum consolidated secured leverage ratio (consolidated secured indebtedness to consolidated EBITDA) of 4.0 to 1.0, in each case, as of the last day of each fiscal quarter, calculated on a trailing four quarters basis. At December 31, 2015, CCLP's leverage ratio was 4.56 to 1. In addition, the CCLP Credit Agreement includes customary negative covenants that, among other things, limit CCLP's ability to incur additional debt, incur or permit certain liens to exist, or make certain loans, investments, acquisitions, or other restricted payments. The CCLP Credit Agreement provides that CCLP can make distributions to holders of its common units, but only if there is no default or event of default under the facility. CCLP is in compliance with all covenants and conditions of its Credit Agreement as of December 31, 2015 . CCLP's continuing ability to comply with its financial covenants depends largely upon its ability to generate adequate cash flow. Historically, CCLP's financial performance has been more than adequate to meet these covenants, and CCLP expects this trend to continue. However, given the expected decreased demand for certain of CCLP's products and services by its customers in response to decreased oil and natural gas prices, CCLP has taken strategic cost reduction efforts, including headcount reductions, deferral of wage increases, wage reductions, and other efforts to reduce costs and generate cash in anticipation of the reduced demand for its products and services. Based on CCLP's projections for each of the quarterly periods in 2016 and including the impact of these cost reduction efforts to increase operating cash flows, CCLP anticipates that it will be in compliance with the financial covenants under its Credit Agreement through December 31, 2016. CCLP 7.25% Senior Notes In August 2014, CCLP, and CSI Compressco Finance Inc., a Delaware corporation and indirect wholly owned subsidiary of CCLP (CSI Compressco Finance and, together with CCLP, the "Issuers"), issued $350.0 million aggregate principal amount of the Issuers’ 7.25% Senior Notes due 2022 (the "CCLP Senior Notes") in a private offering (the "Offering") exempt from the registration requirements under the Securities Act of 1933, as amended (the "Securities Act") pursuant to a Note Purchase Agreement dated July 29, 2014. The CCLP Senior Notes were subsequently registered through a public exchange offer that closed on July 20, 2015. The obligations under the CCLP Senior Notes are jointly and severally, and fully and unconditionally, guaranteed on a senior unsecured basis by each of CCLP’s domestic restricted subsidiaries (other than CSI Compressco Finance) that guarantee CCLP’s other indebtedness (the "Guarantors" and together with the Issuers, the "Obligors"). The CCLP Senior Notes and the subsidiary guarantees thereof (together, the "CCLP Securities") were issued pursuant to an indenture described below. The Obligors issued the CCLP Securities pursuant to the Indenture dated as of August 4, 2014, (the "Indenture") by and among the Obligors and U.S. Bank National Association, as trustee (the "Trustee"). The CCLP Senior Notes accrue interest at a rate of 7.25% per annum. Interest on the CCLP Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2015. The CCLP Senior Notes are scheduled to mature on August 15, 2022. The Indenture contains customary covenants restricting CCLP’s ability and the ability of its restricted subsidiaries to: (i) pay dividends and make certain distributions, investments and other restricted payments; (ii) incur additional indebtedness or issue certain preferred shares; (iii) create certain liens; (iv) sell assets; (v) merge, consolidate, sell or otherwise dispose of all or substantially all of its assets; (vi) enter into transactions with affiliates; and (vii) designate its subsidiaries as unrestricted subsidiaries under the Indenture. The Indenture also contains customary events of default and acceleration provisions relating to such events of default, which provide that upon an event of default under the Indenture, the Trustee or the holders of at least 25% in aggregate principal amount of the CCLP Senior Notes then outstanding may declare all amounts owing under the CCLP Senior Notes to be due and payable. |
Decommissioning and Other Asset
Decommissioning and Other Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Decommissioning and Other Asset Retirement Obligations | NOTE H – 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 in these properties and platforms. 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 values of our asset retirement obligations for non-Maritech properties were approximately $9.1 million and $8.4 million as of December 31, 2015 and 2014 , 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. The original 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 these long-lived assets. The costs for non-oil and gas assets are depreciated on a straight-line basis over the lives of those assets. The changes in the values of our asset retirement obligations during the most recent two year period are as follows: Year Ended December 31, 2015 2014 (In Thousands) Beginning balance for the period, as reported $ 62,741 $ 50,904 Activity in the period: Accretion of liability 2,000 728 Retirement obligations incurred — 39,187 Revisions in estimated cash flows 3,341 35,241 Settlement of retirement obligations (10,633 ) (63,319 ) Ending balance $ 57,449 $ 62,741 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 oil and gas industry environment and other factors and may result in additional liabilities to be recorded. We increased the estimated cash flows to decommission these properties by approximately $3.3 million in 2015 and approximately $2.7 million of this amount was charged to cost of product sales during the period. Revisions in estimated cash flows during 2014 resulted in increases of approximately $35.2 million , and this amount was charged to expense during the period. Asset retirement obligations are recorded in accordance with FASB ASC 410, whereby the estimated fair value of a liability for asset retirement obligations is recorded in the period in which it is incurred and in which a reasonable estimate can be made. Such estimates are based on relevant assumptions that we believe are reasonable. The cost estimates for Maritech asset retirement obligations are considered reasonable estimates consistent with current market conditions, and we believe reflect the amount of work legally obligated to be performed in accordance with Bureau of Safety and Environmental Enforcement (BSEE) standards, as revised from time to time. The amount of work performed or estimated to be performed on a Maritech property asset retirement obligation may often exceed amounts previously estimated for numerous reasons. Property conditions encountered, including subsea, geological, or downhole conditions, may be different from those anticipated at the time of estimation due to the age of the property and the quality of information available about the particular property conditions. Maritech’s remaining oil and gas properties and production platforms were drilled and constructed by other operators many years ago, and frequently there is not a great deal of detailed documentation on which to base the estimated asset retirement obligation for these properties. Appropriate underwater surveys are performed to determine the condition of such properties as part of our due diligence in estimating the costs, but not all conditions have been able to be determined prior to the commencement of the actual work. Maritech has one remaining property that was damaged by hurricanes in the past, leaving the production platform toppled on the seabed and production tubing from the wells (which may be under high pressure) bent under the water. While the basic procedures involved in the plugging and abandonment of wells and decommissioning of platforms and pipelines and removal of debris is generally similar for these properties, the cost of performing work at these damaged locations is particularly difficult to estimate due to the unique conditions encountered, including the uncertainty regarding the extent of physical damage to many of the structures. Maritech has this one remaining toppled platform included as part of its asset retirement obligation as of December 31, 2015 . Our estimate of remaining hurricane related decommissioning costs is approximately $7.8 million and has been accrued as part of Maritech’s decommissioning liabilities. During the performance of asset retirement activities, unforeseen weather or other conditions may extend the duration and increase the cost of the projects, which are normally not done on a fixed price basis, thereby resulting in costs in excess of the original estimate. In addition, Maritech has encountered situations where previously plugged and abandoned wells on its properties have later exhibited a buildup of pressure, which is evidenced by gas bubbles coming from the plugged well head. We refer to this situation as “wells under pressure” and this can either be discovered when performing additional work at the property or by notification from a third party. Wells under pressure require Maritech to return to the site to perform additional plug and abandonment procedures that were not originally anticipated and included in the estimate of the asset retirement obligation for such property. Remediation work at previously abandoned well sites is particularly costly, due to the lack of a platform from which to base these activities. During 2014 , Maritech added new decommissioning liabilities for remediation work required on projects previously thought to be completed of approximately $39.2 million for work performed during the year or related to the estimated cost of future work to be performed. This additional amount was directly charged to earnings as an operating expense during these years. Maritech is the last operator of record for its plugged wells, and bears the risk of additional future work required as a result of wells becoming pressurized in the future. 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 2015 and 2014 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. For oil and gas properties previously operated by Maritech, the purchaser of the properties generally became the successor operator and assumed the financial responsibilities associated with the properties’ operations and abandonment and decommissioning. However, to the extent that purchasers of these oil and gas properties fail to perform the abandonment and decommissioning work required and there is insufficient bonding or other security, the previous owners and operators of the properties, including Maritech, may be required to assume responsibility for the abandonment and decommissioning obligations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Commitments and Contingencies | NOTE I – 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 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. While the outcome cannot be predicted with certainty, management does not consider it reasonably possible that a loss in excess of any amounts accrued has been incurred or is expected to have a material adverse impact on our financial condition, results of operations, or liquidity. 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, 2015 , the aggregate amount of the fixed and determinable portion of the purchase obligation pursuant to our Fluids Division’s supply agreements was approximately $135.1 million , including $12.3 million during 2016 , $11.2 million during 2017 , $9.3 million during 2018 , $9.3 million during 2019 , $9.3 million during 2020 , and $83.7 million thereafter, extending through 2029. Amounts purchased under these agreements for each of the years ended December 31, 2015 , 2014 , and 2013 , was $22.0 million , $21.6 million , and $21.3 million , respectively. Other Contingencies During 2011, in connection with the sale of a significant majority of Maritech's oil and gas producing properties, the buyers of the properties assumed the associated decommissioning liabilities pursuant to the purchase and sale agreements. For those oil and gas properties Maritech previously operated, the buyers of the properties assumed the financial responsibilities associated with the properties' operations, including abandonment and decommissioning, and generally became the successor operator. Some buyers of these Maritech properties subsequently sold certain of these properties to other buyers who also assumed these financial responsibilities associated with the properties' operations, and these buyers also typically became the successor operator of the properties. To the extent that a buyer of these properties fails to perform the abandonment and decommissioning work required, the previous owner, including Maritech, may be required to perform the abandonment and decommissioning obligation. A significant portion of the decommissioning liabilities that were assumed by the buyers of the Maritech properties in 2011 remains unperformed, and we believe the amounts of these remaining liabilities are significant. We monitor the financial condition of the buyers of these properties from Maritech, and if current oil and natural gas pricing levels continue, we expect that one or more of these buyers may be unable to perform the decommissioning work required on the properties acquired from Maritech. During 2015, continued low oil and natural gas prices have resulted in reduced revenues and cash flows for all oil and gas producing companies, including those companies that bought Maritech properties in the past. Certain of these oil and gas producing companies that bought Maritech properties are currently experiencing severe financial difficulties. With regard to certain of these properties, Maritech has security in the form of bonds or cash escrows intended to secure the buyers' obligations to perform the decommissioning work. One company that bought, and subsequently sold, Maritech properties filed for Chapter 11 bankruptcy protection in August 2015. Maritech and its legal counsel monitor the status of these companies. As of December 31, 2015 , we do not consider the likelihood of Maritech becoming liable for decommissioning liabilities on sold properties to be probable. Maritech has encountered situations where previously plugged and abandoned wells on its properties have later exhibited a buildup of pressure, which is evidenced by gas bubbles coming from the plugged well head. We refer to this situation as “wells under pressure” and this can either be discovered when performing additional work at the property or by notification from a third party. Wells under pressure require Maritech to return to the site to perform additional plug and abandonment procedures that were not originally anticipated and included in the estimate of the asset retirement obligation for such property. Remediation work at previously abandoned well sites is particularly costly, due to the lack of a platform from which to base these activities. Maritech is the last operator of record for its plugged wells, and bears the risk of additional future work required as a result of wells becoming pressurized in the future. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Capital Stock | NOTE J — 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, 2015 , we had 80,256,670 shares of common stock outstanding, with 2,766,958 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, 2015 , is as follows: Common Shares Outstanding Year Ended December 31, 2015 2014 2013 At beginning of period 79,649,946 78,855,547 78,112,032 Exercise of common stock options, net 67,808 290,369 373,106 Grants of restricted stock, net 538,916 504,030 370,409 At end of period 80,256,670 79,649,946 78,855,547 Treasury Shares Held Year Ended December 31, 2015 2014 2013 At beginning of period 2,672,930 2,478,084 2,334,137 Shares received upon exercise of common stock options 36,818 189,469 119,477 Shares received upon vesting of restricted stock, net 57,210 5,377 24,470 At end of period 2,766,958 2,672,930 2,478,084 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, 2015 , we made no purchases of our common stock pursuant to this authorization. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Equity-Based Compensation | NOTE K — 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. 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, before tax, for the three years ended December 31, 2015, 2014, and 2013, was $16.9 million, $6.8 million, and $6.7 million, respectively, and is included in general and administrative expense. Total equity-based compensation expense, net of taxes, for the three years ended December 31, 2015 , 2014 , and 2013 , was $ 13.9 million , $4.7 million , and $4.8 million , respectively. During 2015, we automated the computation of equity-based compensation expense, converting from a manual calculation of the overall impact of forfeitures and vesting on the amount of expense. As a result of this conversion, and performing a retroactive review of equity-based compensation expense for all periods from 2006 to 2015, we recorded a correcting pre-tax adjustment of $ 6.7 million during the fourth quarter of 2015. Management does not consider the impact of this cumulative adjustment to be material to any individual annual period. Stock Incentive Plans 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 ("CCLP Long Term Incentive Plan") was adopted by the board of directors of CCLP’s general partner. The CCLP 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. Grants of Equity Awards by CCLP During each of the three years ended December 31, 2015, CCLP granted restricted unit, phantom unit, or performance phantom unit awards to certain employees, officers, and directors of its general partner or of our employees. 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. Phantom units are notional units that entitle the grantee to receive a common unit upon the vesting of the award. 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). The following is a summary of CCLP’s equity award activity for the year ended December 31, 2015 : Units Weighted Average Grant Date Fair Value Per Unit (In Thousands) Nonvested units outstanding at December 31, 2014 263 $ 21.89 Units granted (1) 261 21.39 Units cancelled (50 ) 20.49 Units vested (73 ) 22.24 Nonvested units outstanding at December 31, 2015 401 $ 21.77 (1) The number of units granted shown above includes 161,254 performance-based phantom units, which represents the maximum number of common units that would be issued if the maximum level of performance under the awards is achieved. The number of units actually issued under the awards may range from zero to 161,254 . Stock Options The weighted average fair value of options granted during the years ended December 31, 2015 , 2014 , and 2013 , was $3.17 , $4.07 , and $6.00 , respectively, using the Black-Scholes option valuation model with the following weighted average assumptions: Year Ended December 31, 2015 2014 2013 Expected stock price volatility 49% to 51% 44% to 45% 54% to 74% Expected life of options 4.6 years 4.9 years 4.9 years Risk free interest rate 1.41% to 1.51% .01% 0.76% to 1.48% Expected dividend yield — — — The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date for a period commensurate with the estimated expected life of the stock options. Expected volatility is based on the historical volatility of our stock over the period commensurate with the expected life of the stock options and other factors. The dividend yield is based on the current annualized dividend rate in effect during the quarter in which the grant was made. At the time of the stock option grants during each of the years ended December 31, 2015, 2014 and 2013, we had not historically paid any dividends and did not expect to pay any dividends during the expected life of the stock options. The following is a summary of stock option activity for the year ended December 31, 2015 : Shares Under Option Weighted Average Option Price Per Share Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (In Thousands) Outstanding at January 1, 2015 4,196 $ 11.96 Options granted 742 7.14 Options cancelled (438 ) 13.42 Options exercised (68 ) 4.27 Options expired (265 ) $ 9.42 Outstanding at December 31, 2015 4,167 $ 11.23 5.8 $ 2,813 Expected to vest at December 31, 2015 3,937 $ 11.29 5.7 $ 2,734 Exercisable at December 31, 2015 3,050 $ 12.39 4.6 $ 2,422 Intrinsic value is the difference between the market value of our stock option multiplied by the number of stock options outstanding for those stock options where the market value exceeds their exercise price. The total intrinsic value of stock options exercised during December 31, 2015 , 2014 , and 2013 , was approximately $0.2 million , $1.4 million , and $2.2 million , respectively. At December 31, 2015 , total unrecognized compensation cost related to unvested stock options of $2.7 million , is expected to be recognized over a weighted-average remaining service period of 1.82 years. Restricted Stock Restricted stock awards are periodically granted to key employees, including grants for employment inducements, as well as to members of our Board of Directors. Employee awards provide for vesting periods ranging from three to five years. Non-employee director grants vest in full before the first anniversary of the grant. Upon vesting of these grants, shares are issued to award recipients. The following is a summary of activity for our outstanding restricted stock awards for the year ended December 31, 2015 : Shares Weighted Average Grant Date Fair Value Per Share (In Thousands) Nonvested restricted shares outstanding at December 31, 2014 773 $ 10.54 Granted 633 7.15 Vested (493 ) 9.72 Cancelled/Forfeited (35 ) 10.75 Nonvested restricted shares outstanding at December 31, 2015 878 $ 8.54 Total compensation cost recognized for restricted stock awards was $5.4 million , $4.1 million , and $3.8 million for the years ended December 31, 2015 , 2014 , and 2013 respectively. Total unrecognized compensation cost at December 31, 2015, related to restricted stock awards is approximately $4.7 million which is expected to be recognized over a weighted-average remaining amortization period of 1.92 years. During the years ended December 31, 2015 , 2014 ,and 2013 , the total fair value of shares vested was $4.8 million , $4.3 million and $4.2 million , respectively. During 2015 , 2014 , and 2013 , we received 57,336 , 56,071 and 40,163 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, 2015 , net of options previously exercised pursuant to our various equity compensation plans, we have a maximum of 6,587,047 shares of common stock issuable pursuant to awards previously granted and outstanding and awards authorized to be granted in the future. |
401(K) Plan
401(K) Plan | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Description of 401(K) Plan | NOTE L — 401(k) PLAN 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 employee’s 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 , $4.4 million , and $4.2 million in 2015 , 2014 , and 2013 , respectively. |
Deferred Compensation Plan
Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Deferred Compensation Plan | NOTE M — 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 twenty-seven participants in the program at December 31, 2015 . 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, 2015 , the amounts payable under the plan approximated the value of the corresponding assets we owned. |
Hedge Contracts
Hedge Contracts | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Hedge Contracts | NOTE N – MARKET RISKS AND DERIVATIVE AND HEDGE CONTRACTS We are exposed to financial and market risks that affect our businesses. We have concentrations of credit risk as a result of trade receivables owed to us by companies in the energy industry. 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 CCLP, we face market risk exposure related to changes in applicable interest rates. 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. Derivative Contracts Foreign Currency Derivative Contracts . We and CCLP enter 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, 2015 , we and CCLP 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 Settlement Date (In Thousands) Forward purchase euro $ 3,768 1.11 1/19/2016 Forward purchase pounds sterling $ 12,614 1.52 1/19/2016 Forward purchase Mexican peso $ 7,850 17.45 1/19/2016 Forward purchase Saudi Arabia riyal $ 5,040 3.74 1/5/2016 Forward sale Mexican peso $ 4,641 17.45 1/19/2016 As of December 31, 2014 , we and CCLP 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 Settlement Date (In Thousands) Forward purchase pounds sterling $ 7,024 1.57 1/16/2015 Forward sale Brazilian real $ 1,958 2.70 1/16/2015 Forward sale Canadian dollar $ 3,770 1.16 1/16/2015 Forward purchase Mexican peso $ 8,427 14.58 1/16/2015 Forward sale Canadian dollar $ 1,150 1.16 1/16/2015 Under this program, we and CCLP 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 are not 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-2 measurement). The fair values of our foreign currency derivative instruments as of December 31, 2015 and 2014 , are as follows: Foreign currency derivative instruments Balance Sheet Location Fair Value at Fair Value at (In Thousands) Forward purchase contracts Current assets $ — $ — Forward sale contracts Current assets 23 — Forward sale contracts Current liabilities (31 ) (91 ) Forward purchase contracts Current liabilities (354 ) (83 ) Total $ (362 ) $ (174 ) 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, 2015 , 2014 , and 2013, we recognized approximately $ 0.6 million , $1.9 million and $0.03 million of net losses reflected in other expense associated with our foreign currency derivative program. |
Income (Loss) Per Share
Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Income (Loss) Per Share | NOTE O — INCOME (LOSS) PER SHARE The following is a reconciliation of the common shares outstanding with the number of shares used in the computation of income (loss) per common and common equivalent share for each of the following periods: Year Ended December 31, 2015 2014 2013 (In Thousands) Number of weighted average common shares outstanding 79,169 78,600 77,954 Assumed exercise of stock options — — 886 Average diluted shares outstanding 79,169 78,600 78,840 For the year ended December 31, 2015 , the average diluted shares outstanding excludes the impact of all outstanding stock options, as the inclusion of these shares would have been antidilutive due to net loss recorded during the year. For the year ended December 31, 2014 , the average diluted shares outstanding excludes the impact of all outstanding stock options, as the inclusion of these shares would have been antidilutive due to the net loss recorded during the year. 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. |
Industry Segments and Geographi
Industry Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Industry Segments and Geographic Information | NOTE P – INDUSTRY SEGMENTS AND GEOGRAPHIC INFORMATION We manage our operations through five reporting segments organized into four divisions: Fluids, Production Testing, Compression, and Offshore. 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 domestic onshore oil and gas operators with comprehensive water management services. Our Production Testing Division provides frac flowback, 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 basins in certain regions in South America, Africa, Europe, the Middle East, and Australia. The Compression Division is a provider of compression services and equipment for natural gas and oil production, gathering, transportation, processing, and storage. The Compression Division's equipment and parts sales business includes the fabrication and sale of standard compressor packages, custom-designed compressor packages, and oilfield pump systems designed and fabricated at the Division's facilities as well as the sale of compressor package parts and components manufactured by third-party suppliers. The Compression Division's aftermarket services business provides compressor package reconfiguration and maintenance services. The Compression Division provides its services and equipment to a broad base of natural gas and oil exploration and production, midstream, transmission, and storage companies operating throughout many of the onshore producing regions of the United States as well as in a number of foreign countries, including Mexico, Canada, and Argentina. As a result of the August 4, 2014 acquisition of CSI, the scope of our Compression Division was significantly expanded. 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 saturation 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 portion of these services from the 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 is as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) Revenues from external customers Product sales Fluids Division $ 306,307 $ 294,895 $ 281,585 Production Testing Division 6,944 — — Compression Division 141,461 74,827 8,293 Offshore Division Offshore Services 611 534 4,707 Maritech 2,438 4,722 5,560 Total Offshore Division 3,049 5,256 10,267 Consolidated $ 457,761 $ 374,978 $ 300,145 Services and rentals Fluids Division $ 117,459 $ 142,139 $ 101,040 Production Testing Division 122,292 188,528 194,236 Compression Division 316,178 207,679 112,994 Offshore Division Offshore Services 116,455 164,243 200,983 Maritech — — — Intersegment eliminations — — — Total Offshore Division 116,455 164,243 200,983 Corporate overhead — — — Consolidated $ 672,384 $ 702,589 $ 609,253 Interdivision revenues Fluids Division $ 278 $ 327 $ 38 Production Testing Division 4,668 4,296 1,747 Compression Division — — — Offshore Division Offshore Services 5,128 30,595 50,122 Maritech — — — Intersegment eliminations (5,128 ) (30,595 ) (50,122 ) Total Offshore Division — — — Interdivision eliminations (4,946 ) (4,623 ) (1,785 ) Consolidated $ — $ — $ — Total revenues Fluids Division $ 424,044 $ 437,362 $ 382,663 Production Testing Division 133,904 192,824 195,983 Compression Division 457,639 282,505 121,287 Offshore Division Offshore Services 122,194 195,372 255,812 Maritech 2,438 4,722 5,560 Intersegment eliminations (5,128 ) (30,595 ) (50,122 ) Total Offshore Division 119,504 169,499 211,250 Corporate overhead — — — Interdivision eliminations (4,946 ) (4,623 ) (1,785 ) Consolidated $ 1,130,145 $ 1,077,567 $ 909,398 Year Ended December 31, 2015 2014 2013 (In Thousands) Depreciation, amortization, and accretion Fluids Division $ 35,125 $ 31,279 $ 22,508 Production Testing Division 24,080 29,324 27,262 Compression Division 82,024 41,097 14,511 Offshore Division Offshore Services 11,500 13,327 14,254 Maritech 1,375 160 123 Intersegment eliminations — — — Total Offshore Division 12,875 13,487 14,377 Corporate overhead 911 1,725 2,327 Consolidated $ 155,015 $ 116,912 $ 80,985 Interest expense Fluids Division $ 22 $ 21 $ 31 Production Testing Division — 29 16 Compression Division 32,447 13,361 500 Offshore Division Offshore Services — 36 109 Maritech 29 — 11 Intersegment eliminations — — Total Offshore Division 29 36 120 Corporate overhead 18,704 19,297 16,725 Consolidated $ 51,202 $ 32,744 $ 17,392 Income (loss) before taxes Fluids Division $ 80,789 $ 64,705 $ 69,438 Production Testing Division (55,720 ) (66,156 ) 14,093 Compression Division (146,798 ) 7,340 20,200 Offshore Division Offshore Services (195 ) (26,251 ) 22,870 Maritech (3,833 ) (71,154 ) (64,365 ) Intersegment eliminations — — — Total Offshore Division (4,028 ) (97,405 ) (41,495 ) Interdivision eliminations (1 ) — — Corporate overhead (1) (76,005 ) (66,355 ) (62,364 ) Consolidated $ (201,763 ) $ (157,871 ) $ (128 ) Year Ended December 31, 2015 2014 2013 (In Thousands) Total assets Fluids Division $ 370,892 $ 423,989 $ 400,028 Production Testing Division 134,725 241,640 327,413 Compression Division 1,018,584 1,273,580 230,829 Offshore Division Offshore Services 131,916 129,350 181,617 Maritech 18,453 23,479 46,903 Intersegment eliminations — — — Total Offshore Division 150,369 152,829 228,520 Corporate overhead (18,194 ) (9,650 ) 19,743 Consolidated $ 1,656,376 $ 2,082,388 $ 1,206,533 Capital expenditures Fluids Division $ 11,104 $ 41,307 $ 45,238 Production Testing Division 7,843 31,226 26,757 Compression Division 95,586 37,516 24,103 Offshore Division Offshore Services 5,949 20,013 4,207 Maritech 38 — 21 Intersegment eliminations — — — Total Offshore Division 5,987 20,013 4,228 Corporate overhead 77 1,547 1,053 Consolidated $ 120,597 $ 131,609 $ 101,379 (1) Amounts reflected include the following general corporate expenses: 2015 2014 2013 (In Thousands) General and administrative expense $ 52,189 $ 41,139 $ 40,506 Depreciation and amortization 913 1,725 2,327 Interest expense, net 18,654 19,268 16,715 Other general corporate (income) expense, net 4,249 4,223 2,816 Total $ 76,005 $ 66,355 $ 62,364 Summarized financial information concerning the geographic areas of our customers and in which we operate at December 31, 2015 , 2014 , and 2013 , is presented below: Year Ended December 31, 2015 2014 2013 (In Thousands) Revenues from external customers: U.S. $ 896,131 $ 768,688 $ 673,376 Canada and Mexico 44,542 73,632 58,080 South America 26,554 40,719 31,788 Europe 80,432 105,457 102,990 Africa 20,761 22,277 15,127 Asia and other 61,725 66,794 28,037 Total $ 1,130,145 $ 1,077,567 $ 909,398 Transfers between geographic areas: U.S. $ — $ — $ — Canada and Mexico — — — South America — — — Europe 1,252 2,871 112 Africa — — — Asia and other — — — Eliminations (1,252 ) (2,871 ) (112 ) Total revenues $ 1,130,145 $ 1,077,567 $ 909,398 Identifiable assets: U.S. $ 1,427,481 $ 1,778,357 $ 852,483 Canada and Mexico 72,007 97,737 104,831 South America 25,035 32,267 43,326 Europe 64,695 94,209 150,415 Africa 7,541 7,895 9,063 Asia and other 59,617 71,923 46,351 Eliminations and discontinued operations — — 64 Total identifiable assets $ 1,656,376 $ 2,082,388 $ 1,206,533 During each of the three years ended December 31, 2015 , 2014 , and 2013 , no single customer accounted for more than 10% of our consolidated revenues. |
Supplemental Oil and Gas Disclo
Supplemental Oil and Gas Disclosures (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements [Abstract] | |
Supplemental Oil and Gas Disclosures (Unaudited) | NOTE Q — 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. During 2011 and the first quarter of 2012, Maritech sold substantially all of its oil and gas producing property interests. Maritech's current operations consist primarily of the ongoing abandonment and decommissioning associated with its remaining offshore wells and production platforms. Accordingly, information regarding costs incurred in property acquisition, exploration, and development activities, capitalized costs related to oil and gas producing activities, estimated quantities of oil and gas reserves, and standardized measure of discounted future net cash flows relating to oil and gas reserves have not been presented, as such information is immaterial during each of the three years in the period ended December 31, 2015 . 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, 2015 2014 2013 (In Thousands) Oil and gas sales revenues $ 2,438 $ 4,722 $ 5,560 Production (lifting) costs 921 2,002 2,637 Depreciation, depletion, and amortization — 30 37 Excess decommissioning and abandonment costs 2,665 73,194 75,313 Accretion expense 1,375 130 87 Gain on insurance recoveries (6 ) (5,685 ) Pretax income (loss) from producing activities (2,523 ) (70,628 ) (66,829 ) Income tax expense (benefit) — — (23,390 ) Results of oil and gas producing activities $ (2,523 ) $ (70,628 ) $ (43,439 ) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements [Abstract] | |
Quarterly Financial Information (Unaudited) | NOTE R — QUARTERLY FINANCIAL INFORMATION (Unaudited) Summarized quarterly financial data for 2015 and 2014 is as follows: Three Months Ended 2015 March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Amounts) Total revenues $ 251,092 $ 316,319 $ 305,144 $ 257,590 Gross profit (loss) 46,087 69,861 70,534 2,755 Net income (loss) (3,622 ) 15,367 10,736 (231,946 ) Net income (loss) attributable to TETRA stockholders (4,447 ) 14,925 9,755 (146,415 ) Net income (loss) per share before discontinued operations attributable to TETRA stockholders $ (0.06 ) $ 0.19 $ 0.12 $ (1.84 ) Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders $ (0.06 ) $ 0.19 $ 0.12 $ (1.84 ) Three Months Ended 2014 March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Amounts) Total revenues $ 212,857 $ 242,489 $ 306,371 $ 315,850 Gross profit 24,850 35,475 34,744 (1,428 ) Net income (loss) (6,090 ) (1,550 ) (12,467 ) (147,468 ) Net income (loss) attributable to TETRA stockholders (6,934 ) (2,457 ) (10,537 ) (149,750 ) Net income (loss) per share before discontinued operations attributable to TETRA stockholders $ (0.09 ) $ (0.03 ) $ (0.13 ) $ (1.90 ) Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders $ (0.09 ) $ (0.03 ) $ (0.13 ) $ (1.90 ) Gross profit (loss) for the three months ended December 31, 2015, includes the impact of $44.2 million for certain impairments of long-lived assets, and net loss for this period includes the additional impact of $177.0 million for impairment of goodwill. Gross profit (loss) for the three months ended December 31, 2014, includes the impact of $34.8 million for certain impairments of long-lived assets, and net loss for this period includes the additional impact of $60.4 million for impairment of goodwill. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policy Text Block [Abstract] | |
Principles of consolidation policy | Principles of Consolidation Our consolidated financial statements include the accounts of our wholly owned subsidiaries. We consolidate the financial statements of CSI Compressco LP ("CCLP") and its subsidiaries as part of our Compression Division. We control CCLP through our ownership of its general partner. The share of CCLP net assets and earnings that is not owned by us is presented as noncontrolling interest in our consolidated financial statements. Our cash flows from our investment in CCLP are limited to the quarterly distributions we receive or the amounts collected for services performed on behalf of CCLP, as TETRA's capital structure and CCLP's capital structure are separate, as we have no cross default provisions, cross collateralization provisions, or cross guarantees with CCLP's debt, nor does CCLP with TETRA's debt. As of December 31, 2015, our consolidated balance sheet includes $332.2 million of restricted net assets, consisting of the consolidated net assets of CCLP. As our net investment in CCLP's assets exceeds 25.0% of our consolidated net assets, we have provided condensed parent company financial information in a supplemental schedule accompanying these consolidated financial statements. Our interests in oil and gas properties are proportionately consolidated. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of estimates policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") 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, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. |
Reclassifications policy | Reclassifications and Adjustments Certain 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. During the fourth quarter of 2015, we recorded a correcting adjustment to equity-based compensation expense of approximately $6.7 million . The impact of this adjustment was not significant to the current, or any prior, financial reporting period. |
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, 2015 , consists primarily of escrowed cash associated with our July 2011 purchase of a heavy lift derrick barge. The escrowed cash is expected to be released to the sellers in 2016. |
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. Payment terms are on a short-term basis. The risk of loss from the inability to collect trade receivables, including certain long-term contractual receivables of our Maritech segment, is heightened during prolonged periods of low oil and natural gas commodity prices. 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. 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 2017 through 2022 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, 2015 , are as follows: Year Ended December 31, 2015 2014 2013 (In Thousands) At beginning of period $ 2,485 $ 1,349 $ 1,085 Activity in the period: Provision for doubtful accounts 5,387 856 374 Account (chargeoffs) recoveries (25 ) 280 (110 ) At end of period $ 7,847 $ 2,485 $ 1,349 |
Inventories policy | Inventories Inventories are stated at the lower of cost or market value. Cost is determined using the weighted average method. Components of inventories as of December 31, 2015 , and December 31, 2014 , are as follows: December 31, 2015 2014 (In Thousands) Finished goods $ 54,587 $ 62,188 Raw materials 1,731 5,005 Parts and supplies 37,379 51,229 Work in progress 23,312 70,935 Total inventories $ 117,009 $ 189,357 Finished goods inventories includes 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. Work in progress inventories consist primarily of new compressor packages located in the CCLP fabrication facility in Midland, Texas. The cost of work in process is determined using the specific identification method. We write down the value of inventory by an amount equal to the difference between the cost of the inventory and its estimated realizable value. |
Assets held for sale policy | 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, 2015 , consists of certain compressor equipment assets to be sold during 2016. Assets Held for Sale as of December 31, 2014 , consists of certain equipment assets that were sold during the first quarter of 2015. |
Property, plant, and equipment policy | Property, Plant, and Equipment Property, plant, and equipment are stated at cost. 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 3 – 4 years Chemical plants 15 – 30 years Compressors 12 – 20 years Leasehold improvements are depreciated over the shorter of the remaining term of the associated lease or its useful life. Depreciation expense, excluding long-lived asset impairments for the years ended December 31, 2015 , 2014 , and 2013 was $138.2 million , $109.2 million , and $76.9 million , respectively. Interest capitalized for the years ended December 31, 2015 , 2014 , and 2013 was $0.4 million , $0.8 million , and $1.6 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 2 to 20 years. During 2014, as part of three acquisitions consummated during the year, we acquired intangible assets having a fair value of approximately $92.6 million with estimated useful lives ranging from 2 to 20 years (having a weighted average useful life of 12.5 years). Amortization expense of patents, trademarks, and other intangible assets was $14.8 million , $9.3 million , and $5.0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, and is included in depreciation, amortization and accretion. The estimated future annual amortization expense of patents, trademarks, and other intangible assets is $8.7 million for 2016 , $8.4 million for 2017 , $8.2 million for 2018 , $8.1 million for 2019 , and $8.0 million for 2020 . Intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. In such an event, we will determine the fair value of the asset using an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we will recognize a loss for the difference between the carrying value and the estimated fair value of the intangible asset. During 2014 and 2015, certain intangible assets were impaired. See "Impairments of Long-Lived Assets" section below. |
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, due to the significant decrease in oil and natural gas commodity prices and the resulting expected negative impact on demand for the products and services for each of our reporting units, it was “more likely than not” that the fair value of certain of our reporting units were less than their carrying values as of December 31, 2015 . When 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 consists of a two-step accounting test performed on a reporting unit basis. The first step of the impairment test is to compare the estimated fair value with the recorded net book value (including goodwill) of our business. 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. 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. The application of this second step under goodwill impairment testing may also result in impairments of other long-lived assets, including identified intangible assets. See Impairment of Long-Lived Assets section below for a discussion of other asset impairments that were identified as part of the testing of goodwill as of December 31, 2014, and December 31, 2015 . Because quoted market prices for our reporting units other than Compression are not available, our 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. During the last half of 2014 and continuing throughout 2015, global oil and natural gas commodity prices, particularly crude oil, decreased significantly. This decrease in commodity prices has had, and is expected to continue to have, a negative impact on industry drilling and capital expenditure activity, which affects the demand for products and services of each of our reporting units. The accompanying decrease in our stock price during the last half of 2014 resulted in an overall reduction in our market capitalization as of December 31, 2014. As of December 31, 2015 , our market capitalization was above the recorded net book value of our balance sheet, including all goodwill, however, due to decrease in the price per common unit of CCLP during 2015, CCLP's market capitalization as of December 31, 2015, was below the recorded net book value of its balance sheet, including all goodwill. The accounting principles regarding goodwill acknowledge that the observed market prices of individual trades of a company’s stock (and thus its computed market capitalization) may not be representative of the fair value of the company as a whole. Substantial value may arise from the ability to take advantage of synergies and other benefits that flow from control over another entity. Consequently, measuring the fair value of a collection of assets and liabilities that operate together in a controlled entity is different from measuring the fair value of a single share of that entity’s common stock. Therefore, once the fair value of the reporting units was determined, we also added a control premium to the calculations. This control premium is judgmental and is based on observed mergers and acquisitions in our industry. As part of our internal annual business outlook for each of our reporting units that we perform during the fourth quarter of 2014 and 2015, we considered changes in the global economic environment which affected our stock price and market capitalization. As part of the first step of goodwill impairment testing, we updated our assessment of the future cash flows for each of our reporting units, applying expected long-term growth rates, discount rates, and terminal values that we consider reasonable for each reporting unit. Our Maritech reporting unit is excluded because it does not contain goodwill. We have calculated a present value of the respective cash flows for each of the other reporting units to arrive at an estimate of fair value under the income approach, and then used the market approach to corroborate these values. Goodwill Impairment as of December 31, 2015. Throughout 2015 and particularly during the last half of the year, lower oil and natural gas commodity prices have resulted in a decreased demand for many of the products and services of each of our reporting units. However, based on updated assumptions as of December 31, 2015, we determined that the fair value of our Fluids Division was significantly in excess of its carrying value, which includes approximately $6.6 million of goodwill. Our Offshore Services and Maritech Divisions had no remaining goodwill as of December 31, 2015. Specifically to our Compression Division, demand for low-horsepower wellhead compression services and for sales of compressor equipment has decreased significantly and is expected to continue to be decreased for the foreseeable future. Accordingly, the fair value, including the market capitalization for CCLP, for the Compression reporting unit was less than its respective carrying value as of December 31, 2015. For our Production Testing Division, demand for production testing services has decreased in each of the market areas in which we operate, resulting in decreased estimated future cash flows. As a result, the fair value of the Production Testing reporting unit was also less than its respective carrying value as of December 31, 2015. After making the hypothetical purchase price adjustments as part of the second step of the goodwill impairment test, there was $92.4 million residual purchase price to be allocated to the goodwill of the Compression reporting unit and approximately $13.9 million residual purchase price to be allocated to the goodwill of the Production Testing reporting unit. Based on this analysis, we concluded that an impairment of $139.4 million of the $233.6 million of recorded goodwill for Compression and an impairment of $37.6 million of the $51.5 million of recorded goodwill for Production Testing was required. Goodwill Impairments as of December 31, 2014 . Based on the above assumptions as of December 31, 2014, we determined that the fair value of our Fluids Division was significantly in excess of its carrying value, which includes approximately $6.6 million of goodwill. The fair value of our Compression Division exceeded its carrying value by approximately 4%. Throughout 2014, challenging market conditions for our Production Testing and Offshore Services reporting units resulted in both of these reporting units performing below the expectations we had as of December 31, 2013. The late 2014 decrease in commodity prices further weakened these market conditions. Pricing and activity levels in many of the markets that the Production Testing reporting unit serves were affected by increased levels of competition. Our Offshore Services reporting unit experienced decreasing demand for its decommissioning, well abandonment, and contract diving services in the U.S. Gulf of Mexico, the primary market that it serves. Customer delays with regard to significant decommissioning and abandonment projects and the diminished pricing as a result of increased competition for customer projects combined to negatively affect 2014 profitability for the Offshore Services reporting unit. Accordingly, the fair values for the Production Testing and Offshore Services reporting units were less than their respective carrying values as of December 31, 2014. After making the hypothetical purchase price adjustments as part of the second step of the goodwill impairment test, there was $53.7 million residual purchase price to be allocated to the goodwill of Production Testing reporting unit and no residual purchase price to be allocated to the goodwill of Offshore Services. Based on this analysis, we concluded that an impairment of $60.4 million of recorded goodwill for Production Testing was required, and an impairment of the entire $3.9 million of recorded goodwill for Offshore Services was required. Specific uncertainties affecting the estimated fair value of our Compression and Production Testing reporting units include the impact of competition, the trading prices of our common stock and the common unit price of CCLP, the price of oil and natural gas, future overall activity levels in the regions in which we operate, the activity levels of our significant customers, and other factors affecting the rate of future growth of these reporting units. These factors will continue to be reviewed and assessed during future periods. Negative developments with regard to these factors could have a further negative effect on the fair value of our Compression and Production Testing reporting units and could result in future additional impairment of goodwill. Subsequent to December 31, 2015, and as of March 3, 2016 , the prices of our common stock and the common units of CCLP have continued to decline, and as a result future additional impairments are possible. As of December 31, 2015 , the carrying amount of goodwill for the Fluids, Production Testing, Compression, and Offshore Services reporting units are net of $23.8 million , $97.9 million , $139.4 million and $27.2 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, 2015 , are as follows: Fluids Production Testing Compression Offshore Services Maritech Total (In Thousands) 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 Goodwill acquired during the year 6,636 5,809 161,387 173,832 Goodwill adjustments — (64,189 ) — (3,936 ) — (68,125 ) Balance as of December 31, 2014 6,636 53,682 233,548 — — 293,866 Goodwill adjustments — (39,775 ) (141,146 ) — (180,921 ) Balance as of December 31, 2015 $ 6,636 $ 13,907 $ 92,402 $ — $ — $ 112,945 |
Impairment of long-lived assets policy | Impairments of Long-Lived Assets Impairments of long-lived assets, including identified intangible 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. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. 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. During the fourth quarter of 2014, our Offshore Services segment recorded impairments of approximately $13.7 million , primarily associated with a portion of the carrying value of certain of its dive services vessels and equipment and other long lived assets due to expected decreased demand. Our Production Testing segment also recorded impairments of approximately $14.5 million , primarily associated with a portion of the carrying value of certain of its production testing equipment and certain identified intangible assets. Our Fluids Division also recorded impairments of approximately $5.2 million associated with certain of its water management business assets. During the fourth quarter of 2015 , our Compression and Production Testing segments recorded impairments of approximately $6.3 million and $12.3 million , respectively, associated with a portion of the carrying value of certain of long-lived assets due to expected decreased demand, and our Compression segment recorded approximately $5.7 million of impairments associated with certain identified intangible assets. Our Fluids Division also recorded impairments of approximately $19.9 million associated with certain of its water management business assets. |
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. 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 recorded liability is first reduced by all cash expenses incurred to abandon and decommission the property. If the recorded 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 amount of work performed or estimated to be performed on a Maritech property asset retirement obligation may often exceed amounts previously estimated for numerous reasons. Property conditions encountered, including subsea, geological, or downhole conditions, may be different from those anticipated at the time of estimation due to the age of the property and the quality of information available about the particular property conditions. Additionally, the cost of performing work at locations damaged by hurricanes is particularly difficult to estimate due to the unique conditions encountered, including the uncertainty regarding the extent of physical damage to many of the structures. Lastly, previously plugged and abandoned wells have later exhibited a buildup of pressure, which is evidenced by gas bubbles coming from the plugged well head. Remediation work at previously abandoned well sites is particularly costly due to the lack of a platform from which to base these activities. 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 result in direct charges to earnings. Decommissioning work performed for the years 2015 , 2014 , and 2013 was $10.3 million , $63.3 million , and $119.6 million , respectively. For a further discussion of adjustments and other activity related to Maritech’s decommissioning liabilities, including significant adjustments made during 2015 , 2014 , and 2013 , see Note H – 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 We recognize revenue using the following criteria: (a) persuasive evidence of an exchange arrangement exists; (b) delivery has occurred or services have been rendered; (c) the buyer’s price is fixed or determinable; and (d) 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. 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. Collections associated with progressive billings to customers for the construction of compression equipment by our Compression Division is included in unearned income in the consolidated balance sheets. |
Services and rentals revenues and costs policy | Services and Rentals Revenues and Costs A portion of our services and rentals revenues consists of lease rental income pursuant to operating lease arrangements for compressors and other equipment assets. The following operating lease revenues and associated costs were included in services and rentals revenues and cost of services and rentals, respectively, in the accompanying consolidated statements of operations for each of the following periods: Year Ended December 31, 2015 2014 2013 (In Thousands) Rental revenue $ 136,384 $ 91,509 $ 20,492 Rental expenses $ 67,718 $ 43,240 $ 8,422 |
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 certain 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, amortization, and accretion includes depreciation expense for all of our facilities, equipment and vehicles, 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 certain 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. As of December 31, 2015 , the remaining work to be performed consists primarily of decommissioning and debris removal efforts on one of Maritech's production platforms that was destroyed. We estimate that the remaining future decommissioning and debris removal efforts associated with this remaining platform will cost approximately $7.8 million , net to our interest, and has been accrued as part of Maritech’s decommissioning liabilities. The actual cost to complete this hurricane response work could exceed this estimate and 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. 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 2013. Repair costs incurred and the net book value of any destroyed assets which are covered under our insurance policies that are anticipated to be recovered 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. |
Equity-based compensation policy | Equity-Based Compensation We and CCLP 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. Total equity-based compensation expense, net of taxes, for the three years ended December 31, 2015, 2014, and 2013, was $13.9 million , $4.7 million , and $4.8 million , respectively. Equity-based compensation expense during 2015 includes an immaterial correction of approximately $6.7 million . For further discussion of equity-based compensation, see Note K - Equity-Based Compensation. |
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. Beginning in 2014, a portion of the carrying value of certain deferred tax assets is subjected to a valuation allowance. See Note E - Income Taxes for further discussion. |
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 O – 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, the Argentine peso, and the Mexican peso, respectively, as the functional currency for our operations in Finland and Sweden, the United Kingdom, Norway, Canada, Brazil, Argentina, and certain of our operations in Mexico. Effective January 1, 2014, we changed the functional currency in Argentina from the U.S. dollar to the Argentina peso. The U.S. dollar is the designated functional currency for all of our other foreign operations. The cumulative translation effect of translating the applicable accounts from the functional currencies into the U.S. dollar at current exchange rates is included as a separate component of equity. Foreign currency exchange gains and (losses) are included in Other Income (Expense) and totaled $(1.7) million , $(1.2) million , and $(1.8) million for the years ended December 31, 2015, 2014 and 2013, respectively. |
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 (a level 3 fair value measurement). 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 (a level 3 fair value measurement). The fair value of our financial instruments, which include cash, restricted cash, accounts receivable, short-term borrowings, and long-term debt pursuant to our bank credit agreements, approximate their carrying amounts. The aggregate fair values of our long-term Senior Notes and Senior Secured Notes (as such terms are herein defined) at December 31, 2015 and 2014 , were approximately $229.8 million and $310.7 million , respectively, compared to carrying amounts of $385.0 million and $305.0 million , respectively, as current interest rates on those dates were different than the stated interest rates on the Senior Notes and Senior Secured Notes. The fair values of the publicly tradable CCLP Senior Notes (as herein defined) at December 31, 2015 , were approximately $259.9 million (a level 2 fair value measurement). As of December 31, 2014, the fair value of the CCLP Senior Notes was approximately $354.9 million . The fair values of the CCLP Senior Notes compared to a face amount of approximately $350.0 million (See Note C - Long-Term Debt and Other Borrowings, for further discussion), as current rates on those dates were different from the stated interest rates on the CCLP Senior Notes. We calculated the fair values of our Senior Notes, our Senior Secured Notes and the CCLP Senior Notes as of December 31, 2015 and 2014 , (excluding the CCLP Senior Notes as of December 31, 2015 , since they are publicly tradable) internally, using current market conditions and average cost of debt (a level 2 fair value measurement). We calculate the fair value of the liability for our contingent purchase price consideration obligation in accordance with the WIT Water Transfer, LLC (acquired in January 2014 and doing business as TD Water Transfer) share purchase agreement based upon a probability weighted calculation using the actual and anticipated earnings of the acquired operations (a level 3 fair value measurement). The fair value of the liability for the TD Water Transfer contingent purchase price consideration at December 31, 2015 and 2014, was $0 . 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 2 fair value measurement). A summary of these fair value measurements as of December 31, 2015 and 2014 , is as follows: Fair Value Measurements Using Total as of Quoted Prices Significant Significant Description Dec 31, 2015 (Level 1) (Level 2) (Level 3) (In Thousands) Asset for foreign currency derivative contracts $ 23 $ — $ 23 $ — Liability for foreign currency derivative contracts (385 ) — (385 ) — Acquisition contingent consideration liability — — — — Total $ (362 ) A summary of these fair value measurements as of December 31, 2014 , is as follows: Fair Value Measurements Using Total as of Quoted Prices Significant Significant Description Dec 31, 2014 (Level 1) (Level 2) (Level 3) (In Thousands) Asset for foreign currency derivative contracts $ — $ — $ — $ — Liability for foreign currency derivative contracts (174 ) — (174 ) — Acquisition contingent consideration liability — — — — Total $ (174 ) During the fourth quarter of 2015 , in connection with the review of goodwill impairment for our Compression and Production Testing Divisions, these segments recorded total impairment charges of approximately $177.0 million , reflecting the decreased fair value for certain assets. During 2014, in connection with the review of goodwill impairment of our Offshore Services and Production Testing Divisions, these segments recorded total impairment charges of approximately $64.3 million , reflecting the decreased fair value for these assets. For further discussion, see "Goodwill" and "Impairment of Long-Lived Assets" section above. The fair values used in these impairment calculations were estimated based on a variety of measurements, including current replacement cost, current market prices being received for similar vessels, and discounted estimated future cash flows, all of which are 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, 2015 , using the fair value hierarchy is as follows: Fair Value Measurements Using Total as of Quoted Prices Significant (Level 2) Significant (Level 3) Year-to-Date Description Dec 31, 2015 (In Thousands) Compression equipment $ 772 $ — $ — $ 772 $ 6,300 Compression intangible assets — — — — 5,659 Compression goodwill 92,402 — — 92,402 139,444 Production Testing equipment 14,476 — — 14,476 12,310 Production Testing goodwill 13,907 — — 13,907 37,562 Fluids equipment and facilities 6,323 — — 6,323 19,889 Other — — — — — Total $ 127,880 $ 221,164 A summary of these nonrecurring fair value measurements as of December 31, 2014 , using the fair value hierarchy is as follows: Fair Value Measurements Using Total as of Quoted Prices Significant (Level 2) Significant (Level 3) Year-to-Date Description Dec 31, 2014 (In Thousands) Offshore Services assets $ 103,155 $ — $ — $ 103,155 $ 13,308 Offshore Services goodwill — — — — 3,936 Production Testing equipment 94,328 — — 94,328 7,646 Production Testing intangible assets 34,941 — — 34,941 6,831 Production Testing goodwill 53,681 — — 53,681 60,359 Fluids equipment and facilities 1,225 — — 1,225 5,201 Other — — — — 1,856 Total $ 287,330 $ 99,137 |
New accounting pronouncements policy | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers." ASU No. 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition, and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those years, under either full or modified retrospective adoption. We are currently assessing the potential effects of these changes to our consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern.” The ASU provides guidance on management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and in certain circumstances to provide related footnote disclosures. The ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The ASU requires entities that have historically presented debt issuance costs as an asset to present those costs as a direct deduction from the carrying amount of the related debt liability. This presentation will result in the debt issuance costs being presented the same way debt discounts have historically been handled. The ASU does not change the recognition, measurement, or subsequent measurement guidance for debt issuance costs. The ASU is effective for the annual period beginning after December 15, 2015, and interim periods within those annual periods and is to be applied retrospectively. Early adoption is permitted. We plan to adopt this change retrospectively, and do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory,” which simplifies the subsequent measurement of inventory by requiring entities to measure inventory at the lower of cost or net realizable value, except for inventory measured using the last-in, first-out (LIFO) or the retail inventory methods. The ASU requires entities to compare the cost of inventory to one measure - net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The ASU is effective for the annual period beginning after December 15, 2015 and interim periods within those annual periods, with early adoption permitted, and is to be applied prospectively. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement Period Adjustments,” which requires that adjustments to provisional amounts identified during the measurement period of a business combination be recognized in the reporting period in which those adjustments are determined, including the effect on earnings, if any, calculated as if the accounting had been completed at the acquisition date. The ASU eliminates the previous requirement to retrospectively account for such adjustments and requires additional disclosures related to the income statement effects of adjustments to provisional amounts identified during the measurement period. The ASU is effective for the annual period beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted, and is to be applied prospectively. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). The update changes how deferred taxes are classified on the balance sheet, eliminating the existing requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016. As permitted by ASU 2015-17, we elected to early adopt this guidance effective December 31, 2015, using the retrospective adoption. The impact of the retrospective adoption of this standard was not material to our consolidated financial statements. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies (Tables) | |
Allowances for Doubtful Accounts Table | Year Ended December 31, 2015 2014 2013 (In Thousands) At beginning of period $ 2,485 $ 1,349 $ 1,085 Activity in the period: Provision for doubtful accounts 5,387 856 374 Account (chargeoffs) recoveries (25 ) 280 (110 ) At end of period $ 7,847 $ 2,485 $ 1,349 |
Inventories Table | December 31, 2015 2014 (In Thousands) Finished goods $ 54,587 $ 62,188 Raw materials 1,731 5,005 Parts and supplies 37,379 51,229 Work in progress 23,312 70,935 Total inventories $ 117,009 $ 189,357 |
Property, Plant, and Equipment Table | Buildings 15 – 40 years Barges and vessels 5 – 30 years Machinery and equipment 2 – 20 years Automobiles and trucks 3 – 4 years Chemical plants 15 – 30 years Compressors 12 – 20 years |
Goodwill Table | Fluids Production Testing Compression Offshore Services Maritech Total (In Thousands) 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 Goodwill acquired during the year 6,636 5,809 161,387 173,832 Goodwill adjustments — (64,189 ) — (3,936 ) — (68,125 ) Balance as of December 31, 2014 6,636 53,682 233,548 — — 293,866 Goodwill adjustments — (39,775 ) (141,146 ) — (180,921 ) Balance as of December 31, 2015 $ 6,636 $ 13,907 $ 92,402 $ — $ — $ 112,945 |
Services and Rentals Revenues and Costs Table | Year Ended December 31, 2015 2014 2013 (In Thousands) Rental revenue $ 136,384 $ 91,509 $ 20,492 Rental expenses $ 67,718 $ 43,240 $ 8,422 |
Fair Value Measurements on a Recurring Basis Table | Fair Value Measurements Using Total as of Quoted Prices Significant Significant Description Dec 31, 2015 (Level 1) (Level 2) (Level 3) (In Thousands) Asset for foreign currency derivative contracts $ 23 $ — $ 23 $ — Liability for foreign currency derivative contracts (385 ) — (385 ) — Acquisition contingent consideration liability — — — — Total $ (362 ) A summary of these fair value measurements as of December 31, 2014 , is as follows: Fair Value Measurements Using Total as of Quoted Prices Significant Significant Description Dec 31, 2014 (Level 1) (Level 2) (Level 3) (In Thousands) Asset for foreign currency derivative contracts $ — $ — $ — $ — Liability for foreign currency derivative contracts (174 ) — (174 ) — Acquisition contingent consideration liability — — — — Total $ (174 ) |
Fair Value Measurements on a Nonrecurring Basis Table | Fair Value Measurements Using Total as of Quoted Prices Significant (Level 2) Significant (Level 3) Year-to-Date Description Dec 31, 2015 (In Thousands) Compression equipment $ 772 $ — $ — $ 772 $ 6,300 Compression intangible assets — — — — 5,659 Compression goodwill 92,402 — — 92,402 139,444 Production Testing equipment 14,476 — — 14,476 12,310 Production Testing goodwill 13,907 — — 13,907 37,562 Fluids equipment and facilities 6,323 — — 6,323 19,889 Other — — — — — Total $ 127,880 $ 221,164 A summary of these nonrecurring fair value measurements as of December 31, 2014 , using the fair value hierarchy is as follows: Fair Value Measurements Using Total as of Quoted Prices Significant (Level 2) Significant (Level 3) Year-to-Date Description Dec 31, 2014 (In Thousands) Offshore Services assets $ 103,155 $ — $ — $ 103,155 $ 13,308 Offshore Services goodwill — — — — 3,936 Production Testing equipment 94,328 — — 94,328 7,646 Production Testing intangible assets 34,941 — — 34,941 6,831 Production Testing goodwill 53,681 — — 53,681 60,359 Fluids equipment and facilities 1,225 — — 1,225 5,201 Other — — — — 1,856 Total $ 287,330 $ 99,137 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
AcquisitionsandDispositionsNoteTablesAbstract | |
Pro forma financial information table | Year Ended December 31, 2014 (In Thousands) Revenues $ 1,287,059 Depreciation, amortization, and accretion $ 160,686 Gross profit $ 122,636 Net income (loss) $ (166,468 ) Net income (loss) attributable to TETRA stockholders $ (174,771 ) Per share information: Net income (loss) attributable to TETRA stockholders Basic $ (2.22 ) Diluted $ (2.22 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases (Tables) | |
Future Minimum Lease Payments Table | Capital Lease Operating Leases (In Thousands) 2016 $ 146 $ 21,302 2017 154 11,976 2018 162 8,908 2019 103 7,138 2020 — 6,498 After 2020 — 47,287 Total minimum lease payments $ 565 $ 103,109 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes (Tables) | |
Income Tax Provision Table | Year Ended December 31, 2015 2014 2013 (In Thousands) Current Federal $ (1,310 ) $ (69 ) $ 530 State 2,022 (195 ) (225 ) Foreign 7,371 10,318 6,065 8,083 10,054 6,370 Deferred Federal 191 (1,509 ) (6,685 ) State (1,613 ) 3,784 (1,121 ) Foreign 1,043 (2,625 ) (2,018 ) (379 ) (350 ) (9,824 ) Total tax provision (benefit) $ 7,704 $ 9,704 $ (3,454 ) |
Effective Income Tax Rate Reconciliation Table | Year Ended December 31, 2015 2014 2013 (In Thousands) Income tax provision (benefit) computed at statutory federal income tax rates $ (70,617 ) $ (55,254 ) $ (45 ) State income taxes (net of federal benefit) (608 ) (1,730 ) (608 ) Nondeductible meals and entertainment 909 1,433 1,382 Impact of international operations (1,880 ) (7,408 ) (3,504 ) Goodwill impairments 20,412 7,442 — Valuation allowance 55,392 67,781 (301 ) Other 4,096 (2,560 ) (378 ) Total tax provision (benefit) $ 7,704 $ 9,704 $ (3,454 ) |
Domestic and Foreign Income Before Tax Table | Year Ended December 31, 2015 2014 2013 (In Thousands) Domestic $ (195,815 ) $ (138,640 ) $ (14,322 ) International (5,948 ) (19,231 ) 14,194 Total $ (201,763 ) $ (157,871 ) $ (128 ) |
Unrecognized Tax Benefit Liability Rollforward Table | Year Ended December 31, 2015 2014 2013 (In Thousands) Gross unrecognized tax benefits at beginning of period $ 1,959 $ 2,018 $ 2,327 Decreases in tax positions for prior years — — (118 ) Increases in tax positions for current year 120 191 202 Lapse in statute of limitations (124 ) (250 ) (393 ) Gross unrecognized tax benefits at end of period $ 1,955 $ 1,959 $ 2,018 |
Deferred Tax Assets and Liabilities Table | December 31, 2015 2014 (In Thousands) Net operating losses $ 91,973 $ 88,867 Foreign tax credits and alternative minimum tax credits 19,772 15,910 Accruals 30,033 35,135 Income recognized for tax not book 2,608 — All other 8,686 2,855 Total deferred tax assets 153,072 142,767 Valuation allowance (126,673 ) (73,696 ) Net deferred tax assets $ 26,399 $ 69,071 December 31, 2015 2014 (In Thousands) Depreciation and amortization for tax in excess of book expense $ 34,146 $ 77,751 All other 1,695 844 Total deferred tax liability 35,841 78,595 Net deferred tax liability $ 9,442 $ 9,524 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities (Tables) | |
Accrued Liabilities Table | December 31, 2015 2014 (In Thousands) Compensation and employee benefits $ 27,276 $ 20,711 Accrued interest 12,723 14,988 Accrued capital expenditures 6,988 11,280 Other accrued liabilities 33,983 38,721 Total accrued liabilities $ 80,970 $ 85,700 |
Long-Term Debt and Other Borr34
Long-Term Debt and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt (Tables) | |
Long-Term Debt Table | December 31, December 31, (In Thousands) TETRA Scheduled Maturity Bank revolving line of credit facility September 30, 2019 $ 22,850 $ 90,000 5.90% Senior Notes, Series 2006-A April 30, 2016 — 90,000 6.56% Senior Notes, Series 2008-B April 30, 2015 — 90,000 5.09% Senior Notes, Series 2010-A December 15, 2017 46,944 65,000 5.67% Senior Notes, Series 2010-B December 15, 2020 18,056 25,000 4.00% Senior Notes, Series 2013 April 29, 2020 35,000 35,000 11.00% Senior Notes, Series 2015 (presented net of the unamortized discount of $4.9 million as of December 31, 2015) November 5, 2022 120,071 — Senior Secured Notes April 1, 2019 50,000 — European bank credit facility — — Other 50 74 TETRA total debt 292,971 395,074 Less current portion (50 ) (90,074 ) TETRA total long-term debt $ 292,921 $ 305,000 CCLP — CCLP Bank Credit Facility August 4, 2019 235,000 195,000 CCLP 7.25% Senior Notes (presented net of the unamortized discount of $4.5 million as of December 31, 2015 and $5.0 million as of December 31, 2014) August 15, 2022 345,481 344,961 CCLP total debt 580,481 539,961 Less current portion — — CCLP total long-term debt 580,481 539,961 Consolidated total long-term debt $ 873,402 $ 844,961 |
Scheduled Maturities Table | December 31, 2015 (In Thousands) TETRA CCLP Consolidated 2016 $ — $ — $ — 2017 46,944 — 46,944 2018 — — — 2019 72,850 235,000 307,850 2020 53,056 — 53,056 Thereafter 120,071 345,481 465,552 Total maturities $ 292,921 $ 580,481 $ 873,402 |
Decommissioning and Other Ass35
Decommissioning and Other Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Decommissioning and Other Asset Retirement Obligations (Tables) | |
Decommissioning and Other Asset Retirement Obligations Table | Year Ended December 31, 2015 2014 (In Thousands) Beginning balance for the period, as reported $ 62,741 $ 50,904 Activity in the period: Accretion of liability 2,000 728 Retirement obligations incurred — 39,187 Revisions in estimated cash flows 3,341 35,241 Settlement of retirement obligations (10,633 ) (63,319 ) Ending balance $ 57,449 $ 62,741 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Class of Stock Disclosures [Abstract] | |
Common Shares Outstanding and Treasury Shares Held Rollforward Table | Common Shares Outstanding Year Ended December 31, 2015 2014 2013 At beginning of period 79,649,946 78,855,547 78,112,032 Exercise of common stock options, net 67,808 290,369 373,106 Grants of restricted stock, net 538,916 504,030 370,409 At end of period 80,256,670 79,649,946 78,855,547 Treasury Shares Held Year Ended December 31, 2015 2014 2013 At beginning of period 2,672,930 2,478,084 2,334,137 Shares received upon exercise of common stock options 36,818 189,469 119,477 Shares received upon vesting of restricted stock, net 57,210 5,377 24,470 At end of period 2,766,958 2,672,930 2,478,084 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity-Based Compensation (Tables) | |
Partnership Unit Award Activity Table | Units Weighted Average Grant Date Fair Value Per Unit (In Thousands) Nonvested units outstanding at December 31, 2014 263 $ 21.89 Units granted (1) 261 21.39 Units cancelled (50 ) 20.49 Units vested (73 ) 22.24 Nonvested units outstanding at December 31, 2015 401 $ 21.77 |
Stock Option Valuation Assumptions Table | Year Ended December 31, 2015 2014 2013 Expected stock price volatility 49% to 51% 44% to 45% 54% to 74% Expected life of options 4.6 years 4.9 years 4.9 years Risk free interest rate 1.41% to 1.51% .01% 0.76% to 1.48% Expected dividend yield — — — |
Stock Option Award Activity Table | Shares Under Option Weighted Average Option Price Per Share Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (In Thousands) Outstanding at January 1, 2015 4,196 $ 11.96 Options granted 742 7.14 Options cancelled (438 ) 13.42 Options exercised (68 ) 4.27 Options expired (265 ) $ 9.42 Outstanding at December 31, 2015 4,167 $ 11.23 5.8 $ 2,813 Expected to vest at December 31, 2015 3,937 $ 11.29 5.7 $ 2,734 Exercisable at December 31, 2015 3,050 $ 12.39 4.6 $ 2,422 Intrinsic value is the difference between the market value of our stock option multiplied by the number of stock options outstanding for those stock options where the market value exceeds their exercise price. The total intrinsic value of stock options exercised during December 31, 2015 , 2014 , and 2013 , was approximately $0.2 million , $1.4 million , and $2.2 million , respectively. |
Restricted Stock Award Activity Table | Shares Weighted Average Grant Date Fair Value Per Share (In Thousands) Nonvested restricted shares outstanding at December 31, 2014 773 $ 10.54 Granted 633 7.15 Vested (493 ) 9.72 Cancelled/Forfeited (35 ) 10.75 Nonvested restricted shares outstanding at December 31, 2015 878 $ 8.54 |
Hedge Contracts (Tables)
Hedge Contracts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Hedge Contracts (Tables) | |
Schedule of Notional Amounts of Outstanding Derivative Positions Table | Derivative Contracts US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward purchase euro $ 3,768 1.11 1/19/2016 Forward purchase pounds sterling $ 12,614 1.52 1/19/2016 Forward purchase Mexican peso $ 7,850 17.45 1/19/2016 Forward purchase Saudi Arabia riyal $ 5,040 3.74 1/5/2016 Forward sale Mexican peso $ 4,641 17.45 1/19/2016 |
Derivatives Designated as Hedging Instruments Table | Derivative Contracts US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward purchase pounds sterling $ 7,024 1.57 1/16/2015 Forward sale Brazilian real $ 1,958 2.70 1/16/2015 Forward sale Canadian dollar $ 3,770 1.16 1/16/2015 Forward purchase Mexican peso $ 8,427 14.58 1/16/2015 Forward sale Canadian dollar $ 1,150 1.16 1/16/2015 Under this program, we and CCLP 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 are not 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-2 measurement). The fair values of our foreign currency derivative instruments as of December 31, 2015 and 2014 , are as follows: Foreign currency derivative instruments Balance Sheet Location Fair Value at Fair Value at (In Thousands) Forward purchase contracts Current assets $ — $ — Forward sale contracts Current assets 23 — Forward sale contracts Current liabilities (31 ) (91 ) Forward purchase contracts Current liabilities (354 ) (83 ) Total $ (362 ) $ (174 ) |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income (Loss) Per Share (Tables) | |
Weighted Average Shares Outstanding Table | Year Ended December 31, 2015 2014 2013 (In Thousands) Number of weighted average common shares outstanding 79,169 78,600 77,954 Assumed exercise of stock options — — 886 Average diluted shares outstanding 79,169 78,600 78,840 |
Industry Segments and Geograp40
Industry Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Industry Segments and Geographic Information (Tables) | |
Segment Reporting Table | Year Ended December 31, 2015 2014 2013 (In Thousands) Revenues from external customers Product sales Fluids Division $ 306,307 $ 294,895 $ 281,585 Production Testing Division 6,944 — — Compression Division 141,461 74,827 8,293 Offshore Division Offshore Services 611 534 4,707 Maritech 2,438 4,722 5,560 Total Offshore Division 3,049 5,256 10,267 Consolidated $ 457,761 $ 374,978 $ 300,145 Services and rentals Fluids Division $ 117,459 $ 142,139 $ 101,040 Production Testing Division 122,292 188,528 194,236 Compression Division 316,178 207,679 112,994 Offshore Division Offshore Services 116,455 164,243 200,983 Maritech — — — Intersegment eliminations — — — Total Offshore Division 116,455 164,243 200,983 Corporate overhead — — — Consolidated $ 672,384 $ 702,589 $ 609,253 Interdivision revenues Fluids Division $ 278 $ 327 $ 38 Production Testing Division 4,668 4,296 1,747 Compression Division — — — Offshore Division Offshore Services 5,128 30,595 50,122 Maritech — — — Intersegment eliminations (5,128 ) (30,595 ) (50,122 ) Total Offshore Division — — — Interdivision eliminations (4,946 ) (4,623 ) (1,785 ) Consolidated $ — $ — $ — Total revenues Fluids Division $ 424,044 $ 437,362 $ 382,663 Production Testing Division 133,904 192,824 195,983 Compression Division 457,639 282,505 121,287 Offshore Division Offshore Services 122,194 195,372 255,812 Maritech 2,438 4,722 5,560 Intersegment eliminations (5,128 ) (30,595 ) (50,122 ) Total Offshore Division 119,504 169,499 211,250 Corporate overhead — — — Interdivision eliminations (4,946 ) (4,623 ) (1,785 ) Consolidated $ 1,130,145 $ 1,077,567 $ 909,398 Year Ended December 31, 2015 2014 2013 (In Thousands) Depreciation, amortization, and accretion Fluids Division $ 35,125 $ 31,279 $ 22,508 Production Testing Division 24,080 29,324 27,262 Compression Division 82,024 41,097 14,511 Offshore Division Offshore Services 11,500 13,327 14,254 Maritech 1,375 160 123 Intersegment eliminations — — — Total Offshore Division 12,875 13,487 14,377 Corporate overhead 911 1,725 2,327 Consolidated $ 155,015 $ 116,912 $ 80,985 Interest expense Fluids Division $ 22 $ 21 $ 31 Production Testing Division — 29 16 Compression Division 32,447 13,361 500 Offshore Division Offshore Services — 36 109 Maritech 29 — 11 Intersegment eliminations — — Total Offshore Division 29 36 120 Corporate overhead 18,704 19,297 16,725 Consolidated $ 51,202 $ 32,744 $ 17,392 Income (loss) before taxes Fluids Division $ 80,789 $ 64,705 $ 69,438 Production Testing Division (55,720 ) (66,156 ) 14,093 Compression Division (146,798 ) 7,340 20,200 Offshore Division Offshore Services (195 ) (26,251 ) 22,870 Maritech (3,833 ) (71,154 ) (64,365 ) Intersegment eliminations — — — Total Offshore Division (4,028 ) (97,405 ) (41,495 ) Interdivision eliminations (1 ) — — Corporate overhead (1) (76,005 ) (66,355 ) (62,364 ) Consolidated $ (201,763 ) $ (157,871 ) $ (128 ) Year Ended December 31, 2015 2014 2013 (In Thousands) Total assets Fluids Division $ 370,892 $ 423,989 $ 400,028 Production Testing Division 134,725 241,640 327,413 Compression Division 1,018,584 1,273,580 230,829 Offshore Division Offshore Services 131,916 129,350 181,617 Maritech 18,453 23,479 46,903 Intersegment eliminations — — — Total Offshore Division 150,369 152,829 228,520 Corporate overhead (18,194 ) (9,650 ) 19,743 Consolidated $ 1,656,376 $ 2,082,388 $ 1,206,533 Capital expenditures Fluids Division $ 11,104 $ 41,307 $ 45,238 Production Testing Division 7,843 31,226 26,757 Compression Division 95,586 37,516 24,103 Offshore Division Offshore Services 5,949 20,013 4,207 Maritech 38 — 21 Intersegment eliminations — — — Total Offshore Division 5,987 20,013 4,228 Corporate overhead 77 1,547 1,053 Consolidated $ 120,597 $ 131,609 $ 101,379 (1) Amounts reflected include the following general corporate expenses: 2015 2014 2013 (In Thousands) General and administrative expense $ 52,189 $ 41,139 $ 40,506 Depreciation and amortization 913 1,725 2,327 Interest expense, net 18,654 19,268 16,715 Other general corporate (income) expense, net 4,249 4,223 2,816 Total $ 76,005 $ 66,355 $ 62,364 |
Financial Information by Geographic Area Table | Year Ended December 31, 2015 2014 2013 (In Thousands) Revenues from external customers: U.S. $ 896,131 $ 768,688 $ 673,376 Canada and Mexico 44,542 73,632 58,080 South America 26,554 40,719 31,788 Europe 80,432 105,457 102,990 Africa 20,761 22,277 15,127 Asia and other 61,725 66,794 28,037 Total $ 1,130,145 $ 1,077,567 $ 909,398 Transfers between geographic areas: U.S. $ — $ — $ — Canada and Mexico — — — South America — — — Europe 1,252 2,871 112 Africa — — — Asia and other — — — Eliminations (1,252 ) (2,871 ) (112 ) Total revenues $ 1,130,145 $ 1,077,567 $ 909,398 Identifiable assets: U.S. $ 1,427,481 $ 1,778,357 $ 852,483 Canada and Mexico 72,007 97,737 104,831 South America 25,035 32,267 43,326 Europe 64,695 94,209 150,415 Africa 7,541 7,895 9,063 Asia and other 59,617 71,923 46,351 Eliminations and discontinued operations — — 64 Total identifiable assets $ 1,656,376 $ 2,082,388 $ 1,206,533 |
Supplemental Oil and Gas Disc41
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | |
Results of Operations for Producing Activities Table | Year Ended December 31, 2015 2014 2013 (In Thousands) Oil and gas sales revenues $ 2,438 $ 4,722 $ 5,560 Production (lifting) costs 921 2,002 2,637 Depreciation, depletion, and amortization — 30 37 Excess decommissioning and abandonment costs 2,665 73,194 75,313 Accretion expense 1,375 130 87 Gain on insurance recoveries (6 ) (5,685 ) Pretax income (loss) from producing activities (2,523 ) (70,628 ) (66,829 ) Income tax expense (benefit) — — (23,390 ) Results of oil and gas producing activities $ (2,523 ) $ (70,628 ) $ (43,439 ) |
Quarterly Financial Informati42
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Quarterly Financial Information (Unaudited) (Tables) | |
Quarterly Financial Information Table | Three Months Ended 2015 March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Amounts) Total revenues $ 251,092 $ 316,319 $ 305,144 $ 257,590 Gross profit (loss) 46,087 69,861 70,534 2,755 Net income (loss) (3,622 ) 15,367 10,736 (231,946 ) Net income (loss) attributable to TETRA stockholders (4,447 ) 14,925 9,755 (146,415 ) Net income (loss) per share before discontinued operations attributable to TETRA stockholders $ (0.06 ) $ 0.19 $ 0.12 $ (1.84 ) Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders $ (0.06 ) $ 0.19 $ 0.12 $ (1.84 ) Three Months Ended 2014 March 31 June 30 September 30 December 31 (In Thousands, Except Per Share Amounts) Total revenues $ 212,857 $ 242,489 $ 306,371 $ 315,850 Gross profit 24,850 35,475 34,744 (1,428 ) Net income (loss) (6,090 ) (1,550 ) (12,467 ) (147,468 ) Net income (loss) attributable to TETRA stockholders (6,934 ) (2,457 ) (10,537 ) (149,750 ) Net income (loss) per share before discontinued operations attributable to TETRA stockholders $ (0.09 ) $ (0.03 ) $ (0.13 ) $ (1.90 ) Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders $ (0.09 ) $ (0.03 ) $ (0.13 ) $ (1.90 ) |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | ||||||
Asset Retirement Obligation, Cash Paid to Settle | $ 10,305,000 | $ 63,319,000 | $ 114,109,000 | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||
Rental expenses | 417,549,000 | 466,908,000 | 400,739,000 | |||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairments of long-lived assets | 44,158,000 | 34,842,000 | 9,578,000 | |||
Proceeds from sale of heavy lift barge | $ 7,135,000 | 17,527,000 | 1,794,000 | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net [Abstract] | ||||||
Percentage of consolidated net assets comprised of investment in CCLP | 25.00% | 25.00% | ||||
Fair Value Measurements [Line Items] | ||||||
Acquisition contingent consideration liability | $ 0 | $ 0 | ||||
Acquisition contingent consideration liability | 0 | 0 | ||||
Cumulative adjustment to equity based compensation expense | 6,700,000 | |||||
Equity-based compensation expense | 13,900,000 | 4,700,000 | 4,800,000 | |||
Foreign currency exchange gains and losses | (1,700,000) | (1,200,000) | (1,800,000) | |||
Reduction in decommissioning liabilities for work performed | 63,300,000 | 119,600,000 | ||||
Estimated future hurricane repair expenses | 7,800,000 | 7,800,000 | ||||
Insurance gains credited to earnings | 7,600,000 | |||||
Goodwill table (details) | ||||||
Beginning balance | 293,866,000 | 188,159,000 | 189,604,000 | |||
Goodwill adjustments | (180,921,000) | (68,125,000) | (1,445,000) | |||
Goodwill acquired | 173,832,000 | |||||
Ending balance | 112,945,000 | $ 293,866,000 | 112,945,000 | 293,866,000 | 188,159,000 | $ 189,604,000 |
Goodwill impairment | 60,400,000 | 177,006,000 | 64,295,000 | 0 | 0 | |
Allowances for Doubtful Accounts [Table] | ||||||
At beginning of period | 2,485,000 | 1,349,000 | 1,085,000 | |||
Activity in the period: | ||||||
Provision for doubtful accounts | 5,387,000 | 856,000 | 374,000 | |||
Account chargeoffs | (25,000) | 280,000 | (110,000) | |||
At end of period | 7,847,000 | 2,485,000 | 7,847,000 | 2,485,000 | 1,349,000 | 1,085,000 |
Inventories Detail [Table] | ||||||
Finished goods | 54,587,000 | 62,188,000 | 54,587,000 | 62,188,000 | ||
Raw materials | 1,731,000 | 5,005,000 | 1,731,000 | 5,005,000 | ||
Parts and supplies | 37,379,000 | 51,229,000 | 37,379,000 | 51,229,000 | ||
Work in progress | 23,312,000 | 70,935,000 | 23,312,000 | 70,935,000 | ||
Inventories | 117,009,000 | 189,357,000 | 117,009,000 | 189,357,000 | ||
Depreciation expense | 138,200,000 | 109,200,000 | 76,900,000 | |||
Interest capitalized | 400,000 | 800,000 | 1,600,000 | |||
Amortization expense of patents, trademarks, and other intangible assets | 14,800,000 | 9,300,000 | 5,000,000 | |||
Future amortization expense, 2014 | 8,700,000 | 8,700,000 | ||||
Future amortization expense, 2015 | 8,400,000 | 8,400,000 | ||||
Future amortization expense, 2016 | 8,200,000 | 8,200,000 | ||||
Future amortization expense, 2017 | 8,100,000 | 8,100,000 | ||||
Future amortization expense, 2018 | 8,000,000 | 8,000,000 | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Fair value of intangible assets acquired | 92,600,000 | |||||
Fluids Division [Member] | ||||||
Goodwill table (details) | ||||||
Beginning balance | 6,636,000 | 0 | 0 | |||
Goodwill adjustments | 0 | 0 | 0 | |||
Goodwill acquired | 6,636,000 | |||||
Ending balance | 6,636,000 | 6,636,000 | 6,636,000 | 6,636,000 | 0 | 0 |
Goodwill impairment | 5,200,000 | |||||
Accumulated impairment losses | 23,800,000 | 23,800,000 | ||||
Production Testing Division [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 64,300,000 | 64,300,000 | ||||
Goodwill table (details) | ||||||
Beginning balance | 112,062,000 | 113,507,000 | ||||
Goodwill adjustments | (39,775,000) | (64,189,000) | (1,445,000) | |||
Goodwill acquired | 5,809,000 | |||||
Ending balance | 112,062,000 | 113,507,000 | ||||
Goodwill impairment | 14,500,000 | |||||
Accumulated impairment losses | 97,900,000 | 97,900,000 | ||||
Goodwill, gross | 51,500,000 | 51,500,000 | ||||
Residual purchase price to be allocated to goodwill | 13,907,000 | 53,682,000 | 13,907,000 | 53,682,000 | ||
CSI Compressco [Member] | ||||||
Goodwill table (details) | ||||||
Beginning balance | 72,161,000 | 72,161,000 | ||||
Goodwill adjustments | (141,146,000) | 0 | 0 | |||
Goodwill acquired | 161,387,000 | |||||
Ending balance | 72,161,000 | 72,161,000 | ||||
Accumulated impairment losses | 139,400,000 | 139,400,000 | ||||
Goodwill, gross | 233,600,000 | 233,548,000 | 233,600,000 | 233,548,000 | ||
Residual purchase price to be allocated to goodwill | 92,402,000 | 92,402,000 | ||||
Offshore Services [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of heavy lift barge | 9,300,000 | |||||
Proceeds from sale of heavy lift barge | 3,000,000 | |||||
Goodwill table (details) | ||||||
Beginning balance | 0 | 3,936,000 | 3,936,000 | |||
Goodwill adjustments | 0 | (3,936,000) | 0 | |||
Ending balance | 0 | 0 | 0 | 0 | 3,936,000 | 3,936,000 |
Goodwill impairment | 13,700,000 | |||||
Accumulated impairment losses | 27,200,000 | 27,200,000 | ||||
Maritech [Member] | ||||||
Goodwill table (details) | ||||||
Beginning balance | 0 | 0 | 0 | |||
Goodwill adjustments | 0 | 0 | ||||
Ending balance | 0 | 0 | $ 0 | 0 | 0 | $ 0 |
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 | 3 years | |||||
Automobiles and trucks [Member] | Maximum [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 | |||||
Compressors [Member] | Minimum [Member] | ||||||
Property, Plant, and Equipment [Line Items] | ||||||
Property, plant, and equipment, useful life | 12 years | |||||
Compressors [Member] | Maximum [Member] | ||||||
Property, Plant, and Equipment [Line Items] | ||||||
Property, plant, and equipment, useful life | 20 years | |||||
Service Agreements [Member] | ||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||
Rental revenue | $ 136,384 | 91,509 | 20,492 | |||
Rental expenses | 67,718 | 43,240 | $ 8,422 | |||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Asset for foreign currency derivative contracts | 23,000 | 0 | 23,000 | 0 | ||
Liability for foreign currency derivative contracts | (385,000) | (174,000) | (385,000) | (174,000) | ||
Acquisition contingent consideration liability | 0 | 0 | 0 | 0 | ||
Total | (362,000) | (174,000) | (362,000) | (174,000) | ||
Acquisition contingent consideration liability | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Asset for foreign currency derivative contracts | 0 | 0 | 0 | 0 | ||
Liability for foreign currency derivative contracts | 0 | 0 | 0 | 0 | ||
Acquisition contingent consideration liability | 0 | 0 | 0 | 0 | ||
Acquisition contingent consideration liability | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Asset for foreign currency derivative contracts | 23,000 | 23,000 | ||||
Liability for foreign currency derivative contracts | 385,000 | 385,000 | ||||
Acquisition contingent consideration liability | 0 | 0 | ||||
Acquisition contingent consideration liability | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Asset for foreign currency derivative contracts | 0 | 0 | 0 | 0 | ||
Liability for foreign currency derivative contracts | 0 | 0 | 0 | 0 | ||
Acquisition contingent consideration liability | 0 | 0 | 0 | 0 | ||
Acquisition contingent consideration liability | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Other assets | 0 | 0 | 0 | 0 | ||
Total | (127,880,000) | (287,330,000) | (127,880,000) | (287,330,000) | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Other assets | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Other assets | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Other assets | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Accumulated Other-than-Temporary Impairment [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Other assets | 0 | 1,856,000 | 0 | 1,856,000 | ||
Total | (221,164,000) | (99,137,000) | (221,164,000) | (99,137,000) | ||
Fair Value, Measurements, Nonrecurring [Member] | Fluids Division [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 6,323,000 | 1,225,000 | 6,323,000 | 1,225,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fluids Division [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fluids Division [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fluids Division [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 6,323,000 | 1,225,000 | 6,323,000 | 1,225,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fluids Division [Member] | Accumulated Other-than-Temporary Impairment [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 19,889,000 | 5,201,000 | 19,889,000 | 5,201,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Production Testing Division [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 14,476,000 | 94,328,000 | 14,476,000 | 94,328,000 | ||
Intangible assets | 34,941,000 | 34,941,000 | ||||
Goodwill | 13,907,000 | 53,681,000 | 13,907,000 | 53,681,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Production Testing Division [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 0 | 0 | 0 | 0 | ||
Intangible assets | 0 | 0 | ||||
Goodwill | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Production Testing Division [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 0 | 0 | 0 | 0 | ||
Intangible assets | 0 | 0 | ||||
Goodwill | 0 | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Production Testing Division [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 14,476,000 | 94,328,000 | 14,476,000 | 94,328,000 | ||
Intangible assets | 34,941,000 | 34,941,000 | ||||
Goodwill | 13,907,000 | 53,681,000 | 13,907,000 | 53,681,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Production Testing Division [Member] | Accumulated Other-than-Temporary Impairment [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 12,310,000 | 7,646,000 | 12,310,000 | 7,646,000 | ||
Intangible assets | 6,831,000 | 6,831,000 | ||||
Goodwill | 37,562,000 | 60,359,000 | 37,562,000 | 60,359,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | CSI Compressco [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 772,000 | 772,000 | ||||
Intangible assets | 0 | 0 | ||||
Goodwill | 92,402,000 | 92,402,000 | ||||
Fair Value, Measurements, Nonrecurring [Member] | CSI Compressco [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 0 | 0 | ||||
Intangible assets | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | CSI Compressco [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 0 | 0 | ||||
Intangible assets | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | CSI Compressco [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 772,000 | 772,000 | ||||
Intangible assets | 0 | 0 | ||||
Goodwill | 92,402,000 | 92,402,000 | ||||
Fair Value, Measurements, Nonrecurring [Member] | CSI Compressco [Member] | Accumulated Other-than-Temporary Impairment [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 6,300,000 | 6,300,000 | ||||
Intangible assets | 5,659,000 | 5,659,000 | ||||
Goodwill | 139,444,000 | 139,444,000 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Offshore Services [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 103,155,000 | 103,155,000 | ||||
Goodwill | 0 | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Offshore Services [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Offshore Services [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Offshore Services [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 103,155,000 | 103,155,000 | ||||
Goodwill | 0 | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Offshore Services [Member] | Accumulated Other-than-Temporary Impairment [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Long-lived assets | 13,308,000 | 13,308,000 | ||||
Goodwill | 3,936,000 | 3,936,000 | ||||
CSI Compressco Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fair value of Senior Notes | 259,900,000 | 354,900,000 | 259,900,000 | 354,900,000 | ||
Carrying value of Senior Notes | 350,000,000 | 350,000,000 | ||||
TETRA Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fair value of Senior Notes | 229,800,000 | 310,700,000 | 229,800,000 | 310,700,000 | ||
Carrying value of Senior Notes | $ 385,000,000 | $ 305,000,000 | $ 385,000,000 | $ 305,000,000 | ||
Finite-Lived Intangible Assets [Member] | Minimum [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Average useful life of finite-lived intangible asset | 2 years | |||||
Finite-Lived Intangible Assets [Member] | Maximum [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Average useful life of finite-lived intangible asset | 20 years | |||||
Intangible Assets, Amortization Period [Member] | Minimum [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Average useful life of finite-lived intangible asset | 2 years | |||||
Intangible Assets, Amortization Period [Member] | Maximum [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Average useful life of finite-lived intangible asset | 20 years | |||||
Intangible Assets, Amortization Period [Member] | Weighted Average [Member] | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Average useful life of finite-lived intangible asset | 12 years 6 months |
Acquisitions and Dispositions44
Acquisitions and Dispositions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Aug. 04, 2014 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment [Abstract] | |||
Revenues | $ 1,287,059 | ||
Depreciation, depletion, amortization, and accretion | 160,686 | ||
Gross profit | $ 122,636 | ||
Per share information: | |||
Net income attributable to TETRA stockholders (basic) | $ (2.22) | ||
Net income attributable to TETRA stockholders (diluted) | $ (2.22) | ||
Net income | $ (166,468) | ||
Net income attributable to TETRA stockholders | (174,771) | ||
Property, Plant, and Equipment [Line Items] | |||
Value of trademarks/tradenames | $ 33,700 | ||
Value of customer relationships | 21,400 | ||
Value of other intangible assets | $ 12,900 | ||
Patents, trademarks, and other intangible assets, accumulated amortization | $ 44,695 | 39,754 | |
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 | ||
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 | 3 years | ||
Automobiles and trucks [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 4 years | ||
Finite-Lived Intangible Assets [Member] | Minimum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Average useful life of finite-lived intangible asset | 2 years | ||
Finite-Lived Intangible Assets [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Average useful life of finite-lived intangible asset | 20 years | ||
Compressor Systems, Inc. [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Patents, trademarks, and other intangible assets, accumulated amortization | $ 6,800 | ||
Compressor Systems, Inc. [Member] | Minimum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Average useful life of finite-lived intangible asset | 2 years | ||
Compressor Systems, Inc. [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Average useful life of finite-lived intangible asset | 15 years | ||
Compressor Systems, Inc. [Member] | Building [Member] | Minimum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 15 years | ||
Compressor Systems, Inc. [Member] | Building [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 30 years | ||
Compressor Systems, Inc. [Member] | Machinery and equipment [Member] | Minimum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 2 years | ||
Compressor Systems, Inc. [Member] | Machinery and equipment [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 20 years | ||
Compressor Systems, Inc. [Member] | Automobiles and trucks [Member] | Minimum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 3 years | ||
Compressor Systems, Inc. [Member] | Automobiles and trucks [Member] | Maximum [Member] | |||
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 4 years |
Acquisitions and Dispositions A
Acquisitions and Dispositions Acquisitions and Dispositions (Details 2) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Aug. 04, 2014 | Jun. 16, 2014 | Jan. 29, 2014 | Jan. 16, 2014 | |
Business Acquisition [Line Items] | |||||||
Date of acquisition | Aug. 4, 2014 | ||||||
Purchase price | $ 825,000,000 | ||||||
Acquisition and transaction financing fees | $ 0 | 9,869,000 | $ 0 | ||||
Long-term debt | 125,000,000 | ||||||
Maximum borrowing capacity | 225,000,000 | ||||||
Value of trademarks/tradenames | $ 33,700,000 | ||||||
Value of customer relationships | 21,400,000 | ||||||
Value of other intangible assets | 12,900,000 | ||||||
Accumulated amortization, intangible assets acquired | 44,695,000 | $ 39,754,000 | |||||
Joint Venture [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date of acquisition | Jan. 16, 2014 | ||||||
Percentage of ownership interest acquired | 50.00% | ||||||
Purchase price | $ 25,200,000 | ||||||
Fair value of existing investment in acquiree | 21,800,000 | ||||||
Remeasurement gain | 5,700,000 | ||||||
Charge to earnings associated with termination of prior relationship | 2,900,000 | ||||||
Revenues associated with acquired operations | 38,000,000 | ||||||
Depreciation and amortization associated with acquired operations | 1,500,000 | ||||||
Income before taxes associated with acquired operations | 8,900,000 | ||||||
Purchase price allocation, property, plant and equipment | $ 1,300,000 | ||||||
Purchase price allocation, net working capital | 18,500,000 | ||||||
Cash acquired | 12,000,000 | ||||||
Purchase price allocation, deferred tax and other liabilities | 4,500,000 | ||||||
Purchase price allocation, certain intangible assets | $ 23,000,000 | ||||||
Purchase price allocation, nondeductible goodwill | $ 5,800,000 | ||||||
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 | ||||||
TD EnerServ [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date of acquisition | Jan. 29, 2014 | ||||||
Purchase price | $ 15,000,000 | ||||||
Contingent consideration, maximum | $ 8,000,000 | ||||||
Contingent consideration, minimum | 0 | ||||||
Adjustment of liability associated with contingent purchase price | 2,300,000 | ||||||
Purchase price allocation, property, plant and equipment | 7,300,000 | ||||||
Purchase price allocation, certain intangible assets | 3,200,000 | ||||||
Purchase price allocation, nondeductible goodwill | 2,300,000 | ||||||
Purchase price allocation, goodwill | $ 6,600,000 | ||||||
Compressor Systems, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price allocation, current assets | 101,411,000 | ||||||
Purchase price allocation, property, plant and equipment | 571,706,000 | ||||||
Purchase price allocation, certain intangible assets | 68,000,000 | ||||||
Purchase price allocation, goodwill | 161,387,000 | ||||||
Purchase price allocation, total assets acquired | 902,504,000 | ||||||
Purchase price allocation, current liabilities | 77,504,000 | ||||||
Purchase price allocation, total liabilities assumed | 77,504,000 | ||||||
Purchase price allocation, net assets acquired | $ 825,000,000 | ||||||
Accumulated amortization, intangible assets acquired | $ 6,800,000 | ||||||
Minimum [Member] | Compressor Systems, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Average useful life of finite-lived intangible asset | 2 years | ||||||
Maximum [Member] | Compressor Systems, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Average useful life of finite-lived intangible asset | 15 years | ||||||
Segments [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt | 580,481,000 | $ 539,961,000 | |||||
Parent Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt | 292,971,000 | 395,074,000 | |||||
Bank Revolving Line of Credit Facility [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Deferred financing costs | 100,000 | ||||||
Bank Revolving Line of Credit Facility [Member] | Parent Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt | 22,850,000 | $ 90,000,000 | |||||
CSI Compressco Senior Notes [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Carrying value of Senior Notes | $ 350,000,000 | ||||||
Senior Note, stated percentage rate | 7.25% | 7.25% | |||||
CSI Compressco Senior Notes [Member] | Segments [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt | $ 345,481,000 | $ 344,961,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
2014 (operating leases) | $ 21,302 | ||
2015 (operating leases) | 11,976 | ||
2016 (operating leases) | 8,908 | ||
2017 (operating leases) | 7,138 | ||
2018 (operating leases) | 6,498 | ||
After 2018 (operating leases) | 47,287 | ||
Total minimum lease payments (operating leases) | 103,109 | ||
2014 (capital leases) | 146 | ||
2015 (capital leases) | 154 | ||
2016 (capital leases) | 162 | ||
2017 (capital leases) | 103 | ||
2018 (capital leases) | 0 | ||
After 2018 (capital leases) | 0 | ||
Total minimum lease payments (capital leases) | 565 | ||
Rental expense for operating leases | $ 37,100 | $ 57,400 | $ 37,700 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ (1,310) | $ (69) | $ 530 |
State | 2,022 | (195) | (225) |
Foreign | 7,371 | 10,318 | 6,065 |
Total current | 8,083 | 10,054 | 6,370 |
Deferred | |||
Federal | 191 | (1,509) | (6,685) |
State | (1,613) | 3,784 | (1,121) |
Foreign | 1,043 | (2,625) | (2,018) |
Total deferred | (379) | (350) | (9,824) |
Total tax provision (benefit) | 7,704 | 9,704 | (3,454) |
Effective Income Tax Rate Reconciliation Detail [Table] | |||
Income tax provision (benefit) computed at statutory federal income tax rates | (70,617) | (55,254) | (45) |
State income taxes (net of federal benefit) | (608) | (1,730) | (608) |
Nondeductible expenses | 909 | 1,433 | 1,382 |
Impact of international operations | (1,880) | (7,408) | (3,504) |
Goodwill impairments | 20,412 | 7,442 | 0 |
Valuation allowance | 55,392 | 67,781 | (301) |
Other | 4,096 | (2,560) | (378) |
Total tax provision (benefit) | 7,704 | 9,704 | (3,454) |
Undistributed earnings intended for investment | 39,400 | ||
Domestic and Foreign Income Before Tax Detail [Table] | |||
Domestic | (195,815) | (138,640) | (14,322) |
International | (5,948) | (19,231) | 14,194 |
Total | (201,763) | (157,871) | (128) |
Unrecognized Tax Benefit Liability Rollforward Detail [Table] | |||
Gross unrecognized tax benefits at beginning of period | 1,959 | 2,018 | 2,327 |
Decreases in tax positions for prior years | 0 | 0 | 118 |
Increases in tax positions for current year | 120 | 191 | 202 |
Lapse in statute of limitations | (124) | (250) | (393) |
Gross unrecognized tax benefits at end of period | 1,955 | 1,959 | 2,018 |
Recognized interest and penalties | 300 | 200 | (200) |
Accrued potential interest and penalties | 2,400 | 2,100 | |
Amount of unrecognized tax benefits that would affect effective tax rate | 3,500 | 2,100 | |
Deferred tax assets: | |||
Net operating losses | 91,973 | 88,867 | |
Foreign tax credits and alternative minimum tax credits | 19,772 | 15,910 | |
Accruals | 30,033 | 35,135 | |
Income recognized for tax not booked | 2,608 | 0 | |
All other | 8,686 | 2,855 | |
Total deferred tax assets | 153,072 | 142,767 | |
Valuation allowance | (126,673) | (73,696) | |
Net deferred tax assets | 26,399 | 69,071 | |
Deferred tax liabilities: | |||
Excess book over tax basis in property, plant, and equipment | 34,146 | 77,751 | |
All other | 1,695 | 844 | |
Total deferred tax liability | 35,841 | 78,595 | |
Net deferred tax liability | 9,442 | 9,524 | |
Increase (decrease) in valuation allowance | 53,000 | $ 69,900 | $ (300) |
Foreign and state net operating loss carryforwards | 92,000 | ||
Foreign tax credits | $ 18,800 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities Detail [Table] | ||
Compensation and employee benefits | $ 27,276 | $ 20,711 |
Oil and gas producing liabilities | 12,723 | 14,988 |
Unearned income | 6,988 | 11,280 |
Other accrued liabilities | 33,983 | 38,721 |
Accrued liabilities | $ 80,970 | $ 85,700 |
Long-Term Debt and Other Borr49
Long-Term Debt and Other Borrowings (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Nov. 05, 2015USD ($) | Apr. 01, 2015USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 125,000 | ||||
Current portion of long-term debt | (50) | $ (90,074) | |||
Total long-term debt | 873,402 | 844,961 | |||
Borrowing capacity prior to amendment | 278,000 | ||||
Maximum borrowing capacity | 225,000 | ||||
Acquisition and transaction financing fees | 0 | 9,869 | $ 0 | ||
Purchase price | 825,000 | ||||
Purchase price for 2010 Senior Notes | $ 25,000 | $ 25,000 | |||
Debt Instrument, Offering Date | Nov. 5, 2015 | ||||
Scheduled Maturities Detail [Table] | |||||
2,015 | $ 0 | ||||
2,016 | 46,944 | ||||
2,017 | 0 | ||||
2,018 | 307,850 | ||||
2,019 | 53,056 | ||||
Thereafter | 465,552 | ||||
Long-term debt | 125,000 | ||||
Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 292,971 | 395,074 | |||
Current portion of long-term debt | 50 | 90,074 | |||
Total long-term debt | 292,921 | 305,000 | |||
Scheduled Maturities Detail [Table] | |||||
2,015 | 0 | ||||
2,016 | 46,944 | ||||
2,017 | 0 | ||||
2,018 | 72,850 | ||||
2,019 | 53,056 | ||||
Thereafter | 120,071 | ||||
Long-term debt | 292,971 | 395,074 | |||
Segments [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 580,481 | 539,961 | |||
Current portion of long-term debt | 0 | 0 | |||
Total long-term debt | 580,481 | 539,961 | |||
Scheduled Maturities Detail [Table] | |||||
2,015 | 0 | ||||
2,016 | 0 | ||||
2,017 | 0 | ||||
2,018 | 235,000 | ||||
2,019 | 0 | ||||
Thereafter | 345,481 | ||||
Long-term debt | 580,481 | $ 539,961 | |||
Bank Revolving Line of Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Sep. 30, 2019 | ||||
Current borrowing capacity | $ 194,600 | ||||
Weighted average interest rate | 4.00% | ||||
Debt covenants, minimum interest coverage ratio | 0.00225 | ||||
Debt covenants, maximum leverage ratio | 0.0050 | ||||
Deferred financing costs | $ 100 | ||||
Bank Revolving Line of Credit Facility [Member] | Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 22,850 | $ 90,000 | |||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 22,850 | $ 90,000 | |||
Bank Revolving Line of Credit Facility [Member] | TETRA [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Sep. 30, 2019 | ||||
Senior Notes at 5.90% [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 5.90% | ||||
Maturity date | Apr. 30, 2016 | ||||
Senior Notes at 5.90% [Member] | Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 90,000 | ||||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 90,000 | ||||
Senior Notes at 6.56% [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 6.56% | ||||
Maturity date | Apr. 30, 2015 | ||||
Long-term debt | $ 90,000 | ||||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | 90,000 | ||||
Senior Notes at 6.56% [Member] | Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | 90,000 | |||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | 0 | $ 90,000 | |||
Senior Notes at 5.09% [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 5.09% | ||||
Maturity date | Dec. 15, 2017 | ||||
Purchase price for 2010 Senior Notes | 18,100 | ||||
Senior Notes at 5.09% [Member] | Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 46,944 | $ 65,000 | |||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 46,944 | $ 65,000 | |||
Senior Notes at 5.09% [Member] | TETRA [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 5.09% | ||||
Maturity date | Dec. 15, 2017 | ||||
Senior Notes at 5.67% [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 5.67% | ||||
Maturity date | Dec. 15, 2020 | ||||
Purchase price for 2010 Senior Notes | $ 6,900 | ||||
Senior Notes at 5.67% [Member] | Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 18,056 | $ 25,000 | |||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 18,056 | $ 25,000 | |||
Senior Notes at 5.67% [Member] | TETRA [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 5.67% | ||||
Maturity date | Dec. 15, 2020 | ||||
Senior Notes at 4.00% [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 4.00% | ||||
Maturity date | Apr. 29, 2020 | ||||
Long-term debt | $ 50 | ||||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 50 | ||||
Senior Notes at 4.00% [Member] | Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 4.00% | ||||
Long-term debt | $ 35,000 | $ 35,000 | |||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 35,000 | 35,000 | |||
Senior Notes at 4.00% [Member] | TETRA [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Apr. 29, 2020 | ||||
Senior Notes at 11.00% [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 11.00% | ||||
Maturity date | Nov. 5, 2022 | ||||
Long-term debt | $ 120,071 | 0 | |||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 120,071 | $ 0 | |||
Senior Secured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Issuance Date | Mar. 18, 2015 | ||||
Maturity date | Apr. 1, 2019 | Apr. 1, 2017 | |||
Long-term debt | $ 50,000 | $ 0 | $ 50,000 | ||
Deferred financing costs | 5,000 | ||||
Proceeds from sale of Senior Notes | 119,700 | ||||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | 50,000 | 0 | $ 50,000 | ||
European Line of Credit [Member] | Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | 0 | 0 | |||
Other Debt [Member] | Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 74 | ||||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 74 | ||||
CSI Compressco Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Aug. 4, 2019 | ||||
Current amount outstanding | $ 0 | ||||
CSI Compressco Line of Credit [Member] | CSI Compressco [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Aug. 4, 2019 | ||||
CSI Compressco Line of Credit [Member] | Segments [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 235,000 | $ 195,000 | |||
Interest rate description | Borrowings under the CCLP Credit Agreement bear interest at a rate per annum equal to, at CCLP's 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 CCLP), plus a leverage-based margin or (b) a base rate plus a leverage-based margin; such base rate shall be determined by reference to the highest of (1) the prime rate of interest per annum announced from time to time by Bank of America, N.A., (2) the Federal Funds rate plus 0.50% per annum, and (3) LIBOR (adjusted to reflect any required bank reserves) for a one month interest period on such day plus 1.00% per annum. LIBOR based loans will have an applicable margin that will range between 1.75% and 2.50% per annum and base rate loans will have an applicable margin that will range between 0.75% and 1.50% per annum, each based on CCLP's consolidated total leverage ratio when financial statements are delivered. The weighted average interest rate on borrowings outstanding under the CCLP Credit Agreement as of December 31, 2015 , was 3.50% per annum. In addition to paying interest on outstanding principal under the CCLP Credit Agreement, CCLP is required to pay a commitment fee in respect of the unutilized commitments of from 0.375% to 0.50% per annum, paid quarterly in arrears, based on CCLP's consolidated total leverage ratio. CCLP is also required to pay a customary letter of credit fee equal to the applicable margin on revolving credit LIBOR loans, fronting fees, and other fees, agreed to with the administrative agent and lenders. | ||||
Covenant description | The CCLP Credit Agreement requires CCLP to maintain (i) a minimum consolidated interest coverage ratio (ratio of consolidated earnings before interest, taxes, depreciation, and amortization ("EBITDA") to consolidated interest charges) of 3.0 to 1.0, (ii) a maximum consolidated total leverage ratio (ratio of consolidated total indebtedness to consolidated EBITDA) of 5.5 to 1.0 (with step downs to 5.0 to 1.0), and (iii) a maximum consolidated secured leverage ratio (consolidated secured indebtedness to consolidated EBITDA) of 4.0 to 1.0, in each case, as of the last day of each fiscal quarter, calculated on a trailing four quarters basis. At December 31, 2015, CCLP's leverage ratio was 4.56 to 1. In addition, the CCLP Credit Agreement includes customary negative covenants that, among other things, limit CCLP's ability to incur additional debt, incur or permit certain liens to exist, or make certain loans, investments, acquisitions, or other restricted payments. The CCLP Credit Agreement provides that CCLP can make distributions to holders of its common units, but only if there is no default or event of default under the facility. | ||||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 235,000 | $ 195,000 | |||
CSI Compressco Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Note, stated percentage rate | 7.25% | 7.25% | |||
Maturity date | Aug. 15, 2022 | ||||
Senior Note unamortized discount | $ 4,500 | $ 5,000 | |||
CSI Compressco Senior Notes [Member] | CSI Compressco [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Aug. 15, 2022 | ||||
CSI Compressco Senior Notes [Member] | Segments [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 345,481 | 344,961 | |||
Scheduled Maturities Detail [Table] | |||||
Long-term debt | $ 345,481 | $ 344,961 |
Decommissioning and Other Ass50
Decommissioning and Other Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Decommissioning and Other Asset Retirement Obligations Detail [Table] | |||
Beginning balance for the period, as reported | $ 62,741 | $ 50,904 | |
Activity in the period: | |||
Accretion of liability | 2,000 | 728 | |
Retirement obligations incurred | 0 | 39,187 | |
Revisions in estimated cash flows | 35,241 | ||
Settlement of retirement obligations | (10,633) | (63,319) | |
Ending balance at December 31 | 57,449 | 62,741 | $ 50,904 |
Change in estimated cash flows to decommission oil and gas properties | 3,341 | ||
Direct charges to operating expense for increased estimated cash flows | 2,661 | 72,724 | $ 75,312 |
Estimated future hurricane repair expenses | 7,800 | ||
Asset retirement obligations associated with non-operated properties | $ 9,100 | $ 8,400 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Future purchase obligations under Fluids supply agreement, aggregate | $ 135.1 | ||
Future purchase obligations under Fluids supply agreement, 2014 | 12.3 | ||
Future purchase obligations under Fluids supply agreement, 2015 | 11.2 | ||
Future purchase obligations under Fluids supply agreement, 2016 | 9.3 | ||
Future purchase obligations under Fluids supply agreement, 2017 | 9.3 | ||
Future purchase obligations under Fluids supply agreement, 2018 | 9.3 | ||
Future purchase obligations under Fluids supply agreement, after 2018 through 2029 | 83.7 | ||
Purchases under Fluids supply agreement | $ 22 | $ 21.6 | $ 21.3 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 79,649,946 | 78,855,547 | 78,112,032 | 80,256,670 | 79,649,946 |
Treasury stock, shares held | 2,672,930 | 2,478,084 | 2,334,137 | 2,766,958 | 2,672,930 |
Preferred stock, shares issued | 0 | ||||
Common Shares Outstanding and Treasury Shares Held Rollforward [Table] | |||||
Common shares outstanding, beginning balance | 79,649,946 | 78,855,547 | 78,112,032 | ||
Exercise of common stock options, net | 67,808 | 290,369 | 373,106 | ||
Grants of restricted stock, net | 538,916 | 504,030 | 370,409 | ||
Common shares outstanding, ending balance | 80,256,670 | 79,649,946 | 78,855,547 | ||
Treasury stock, beginning balance | 2,672,930 | 2,478,084 | 2,334,137 | ||
Shares received upon exercise of common stock options | 36,818 | 189,469 | 119,477 | ||
Shares received upon vesting of restricted stock, net | 57,210 | 5,377 | 24,470 | ||
Treasury stock, ending balance | 2,766,958 | 2,672,930 | 2,478,084 | ||
Amount authorized under stock repurchase program | $ 20,000,000 | ||||
Amount repurchased under the stock repurchase program in the period | $ 0 |
Equity-Based Compensation (Deta
Equity-Based Compensation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 03, 2013 | |
Restricted Stock/Unit Award Activity Detail [Table] | |||||
Maximum number of performance-based units that may be issued | 161,254 | 161,254 | |||
Stock Option Award Activity Detail [Table] | |||||
Outstanding at beginning of period | 4,196,000 | ||||
Outstanding at beginning of period, weighted average option price per share | $ 11.96 | ||||
Options granted | 742,000 | ||||
Options granted, weighted average option price per share | $ 7.14 | ||||
Options cancelled | (438,000) | ||||
Options cancelled, weighted average option price per share | $ 13.42 | ||||
Options exercised | (68,000) | ||||
Options exercised, weighted average option price per share | $ 4.27 | ||||
Options expired | (265,000) | ||||
Options expired, weighted average option price per share | $ 9.42 | ||||
Outstanding at end of period | 4,167,000 | 4,167,000 | 4,196,000 | ||
Outstanding at end of period, weighted average option price per share | $ 11.23 | $ 11.23 | $ 11.96 | ||
Outstanding at end of period, weighted average remaining contractual life | 5 years 9 months | ||||
Outstanding at end of period, aggregate intrinsic value | $ 2,813,000 | $ 2,813,000 | |||
Options vested and expected to vest | 3,937,000 | 3,937,000 | |||
Options expected to vest, weighted average option price per share | $ 11.29 | $ 11.29 | |||
Options vested and expected to vest, weighted average remaining contractual life | 5 years 8 months | ||||
Options vested and expected to vest, aggregate intrinsic value | $ 2,734,000 | $ 2,734,000 | |||
Options exercisable at period end | 3,050,000 | 3,050,000 | |||
Options exercisable at period end, weighted average option price per share | $ 12.39 | $ 12.39 | |||
Options exercisable, weighted average remaining contractual life | 4 years 7 months | ||||
Options exercisable, aggregate intrinsic value | $ 2,422,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||||
Weighted average fair value of options granted | $ 3.17 | $ 4.07 | $ 6 | ||
Total estimated unrecognized compensation cost | $ 2,700,000 | ||||
Total intrinsic value of options exercised | $ 200,000 | $ 1,400,000 | $ 2,200,000 | ||
Cumulative adjustment to equity based compensation expense | $ 6,700,000 | ||||
Stock Option Valuation Assumptions Detail [Table] | |||||
Expected stock price volatility (minimum) | 49.00% | 44.00% | 54.00% | ||
Expected stock price volatility (maximum) | 51.00% | 45.00% | 74.00% | ||
Expected life of options | 4 years 7 months | 4 years 11 months | 4 years 11 months | ||
Risk free interest rate (minimum) | 1.41% | 0.76% | |||
Risk free interest rate (maximum) | 1.51% | 0.01% | 1.48% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||
Weighted average fair value of options granted | $ 3.17 | $ 4.07 | $ 6 | ||
Weighted average period over which unrecognized compensation cost is expected to be recognized | 1 year 11 months | 1 year 9 months 25 days | |||
Shares surrendered in payment of option exercise | 36,818 | 189,469 | 119,477 | ||
Shares surrendered related to restricted stock vesting | 57,336 | 56,071 | 40,163 | ||
Maximum number of shares issuable under stock options outstanding and stock options authorized for future grants | 6,587,047 | 6,587,047 | |||
Equity-based compensation expense | $ 13,900,000 | $ 4,700,000 | $ 4,800,000 | ||
Grants of restricted shares during the period, aggregate market value | 5,400,000 | 4,100,000 | 3,800,000 | ||
Restricted shares vested during the period, aggregate fair value | $ 4,800,000 | $ 4,300,000 | $ 4,200,000 | ||
TETRA 2006 Equity Incentive Compensation Plan [Member] | |||||
Restricted Stock/Unit Award Activity Detail [Table] | |||||
Maximum number of shares authorized for issuance | 1,300,000 | 1,300,000 | |||
TETRA 2007 Long Term Incentive Compensation Plan [Member] | |||||
Restricted Stock/Unit Award Activity Detail [Table] | |||||
Maximum number of shares authorized for issuance | 5,590,000 | 5,590,000 | |||
TETRA 2011 Long Term Incentive Compensation Plan [Member] | |||||
Restricted Stock/Unit Award Activity Detail [Table] | |||||
Maximum number of shares authorized for issuance | 5,600,000 | 5,600,000 | 2,200,000 | ||
CSI Compressco Long Term Incentive Plan [Member] | |||||
Restricted Stock/Unit Award Activity Detail [Table] | |||||
Maximum number of shares authorized for issuance | 1,537,122 | 1,537,122 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Total expense related to 401(k) plan | $ 4.2 | $ 4.4 | $ 4.2 |
Hedge Contracts (Details)
Hedge Contracts (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Derivative [Line Items] | |||
Net losses associated with foreign currency derivative program | $ 600,000 | $ 1,900,000 | $ 30,000 |
Derivatives [Line Items] | |||
Forward sale contracts | 0 | ||
Total derivatives designated as hedging instruments | (362,000) | (174,000) | |
Forward Sale Contract, Mexican Pesos [Member] | |||
Derivative [Line Items] | |||
U.S. Dollar notional amount | $ 4,641,000 | ||
Traded exchange rate | 17.45 | ||
Value date | Jan. 19, 2016 | ||
Forward Sale Contract, Brazilian real [Member] | |||
Derivative [Line Items] | |||
U.S. Dollar notional amount | $ 1,958,000 | ||
Traded exchange rate | 2.70 | ||
Value date | Jan. 16, 2015 | ||
Forward Sale Contract, Canadian dollar [Member] | |||
Derivative [Line Items] | |||
U.S. Dollar notional amount | $ 3,770,000 | ||
Traded exchange rate | 1.16 | ||
Value date | Jan. 16, 2015 | ||
Forward Sale Contract, Canadian dollar (2) [Member] | |||
Derivative [Line Items] | |||
U.S. Dollar notional amount | $ 1,150,000 | ||
Traded exchange rate | 1.16 | ||
Value date | Jan. 16, 2015 | ||
Forward Purchase Contract, Mexican Pesos [Member] | |||
Derivative [Line Items] | |||
U.S. Dollar notional amount | $ 7,850,000 | $ 8,427,000 | |
Traded exchange rate | 17.45 | 14.58 | |
Value date | Jan. 19, 2016 | Jan. 16, 2015 | |
Forward Purchase Contract, Euros [Member] | |||
Derivative [Line Items] | |||
U.S. Dollar notional amount | $ 3,768,000 | ||
Traded exchange rate | 1.11 | ||
Value date | Jan. 19, 2016 | ||
Forward Purchase Contract, Pounds Sterling [Member] | |||
Derivative [Line Items] | |||
U.S. Dollar notional amount | $ 12,614,000 | $ 7,024,000 | |
Traded exchange rate | 1.52 | 1.57 | |
Value date | Jan. 19, 2016 | Jan. 16, 2015 | |
Forward Purchase Contract, Saudi Arabia riyal [Member] | |||
Derivative [Line Items] | |||
U.S. Dollar notional amount | $ 5,040,000 | ||
Traded exchange rate | 3.74 | ||
Value date | Jan. 5, 2016 | ||
Current Assets [Member] | |||
Derivatives [Line Items] | |||
Forward purchase contracts | $ 0 | $ 0 | |
Forward sale contracts | 23,000 | ||
Current Liabilities [Member] | |||
Derivatives [Line Items] | |||
Forward purchase contracts | (354,000) | (83,000) | |
Forward sale contracts | $ (31,000) | $ (91,000) |
Income (Loss) Per Share (Detail
Income (Loss) Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Shares Outstanding Details [Table] | |||
Number of weighted average common shares outstanding | 79,169,000 | 78,600,000 | 77,954,000 |
Assumed exercise of stock options | 0 | 0 | 886,000 |
Average diluted shares outstanding | 79,169,000 | 78,600,000 | 78,840,000 |
Antidilutive stock options excluded from average diluted shares outstanding | 2,061,534 |
Industry Segments and Geograp57
Industry Segments and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Corporate Overhead Footnote | |||||||||||
General and administrative expense | $ 52,189 | $ 41,139 | $ 40,506 | ||||||||
Depreciation and amortization | 913 | 1,725 | 2,327 | ||||||||
Interest expense | 18,654 | 19,268 | 16,715 | ||||||||
Other general corporate (income) expense | 4,249 | 4,223 | 2,816 | ||||||||
Total | 76,005 | 66,355 | 62,364 | ||||||||
Industry Segments Details [Line Items] | |||||||||||
Product sales | 457,761 | 374,978 | 300,145 | ||||||||
Services and rentals | 672,384 | 702,589 | 609,253 | ||||||||
Intersegment eliminations | 0 | 0 | 0 | ||||||||
Revenues | $ 257,590 | $ 305,144 | $ 316,319 | $ 251,092 | $ 315,850 | $ 306,371 | $ 242,489 | $ 212,857 | 1,130,145 | 1,077,567 | 909,398 |
Depreciation, amortization, and accretion | 155,015 | 116,912 | 80,985 | ||||||||
Interest expense | 51,202 | 32,744 | 17,392 | ||||||||
Income (loss) before taxes and discontinued operations | (201,763) | (157,871) | (128) | ||||||||
Assets | 1,656,376 | 2,082,388 | 1,656,376 | 2,082,388 | 1,206,533 | ||||||
Capital expenditures | 120,597 | 131,609 | 101,379 | ||||||||
Fluids Division [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Product sales | 306,307 | 294,895 | 281,585 | ||||||||
Services and rentals | 117,459 | 142,139 | 101,040 | ||||||||
Intersegment eliminations | 278 | 327 | 38 | ||||||||
Revenues | 424,044 | 437,362 | 382,663 | ||||||||
Depreciation, amortization, and accretion | 35,125 | 31,279 | 22,508 | ||||||||
Interest expense | 22 | 21 | 31 | ||||||||
Income (loss) before taxes and discontinued operations | 80,789 | 64,705 | 69,438 | ||||||||
Assets | 370,892 | 423,989 | 370,892 | 423,989 | 400,028 | ||||||
Capital expenditures | 11,104 | 41,307 | 45,238 | ||||||||
Production Testing Division [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Product sales | 7,111 | 0 | 0 | ||||||||
Services and rentals | 122,292 | 188,528 | 194,236 | ||||||||
Intersegment eliminations | 4,668 | 4,296 | 1,747 | ||||||||
Revenues | 133,904 | 192,824 | 195,983 | ||||||||
Depreciation, amortization, and accretion | 24,080 | 29,324 | 27,262 | ||||||||
Interest expense | 0 | 29 | 16 | ||||||||
Income (loss) before taxes and discontinued operations | (55,720) | (66,156) | 14,093 | ||||||||
Assets | 134,725 | 241,640 | 134,725 | 241,640 | 327,413 | ||||||
Capital expenditures | 7,843 | 31,226 | 26,757 | ||||||||
CSI Compressco [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Product sales | 141,461 | 74,827 | 8,293 | ||||||||
Services and rentals | 316,178 | 207,679 | 112,994 | ||||||||
Intersegment eliminations | 0 | 0 | 0 | ||||||||
Revenues | 457,639 | 282,505 | 121,287 | ||||||||
Depreciation, amortization, and accretion | 82,024 | 41,097 | 14,511 | ||||||||
Interest expense | 32,447 | 13,361 | 500 | ||||||||
Income (loss) before taxes and discontinued operations | (146,798) | 7,340 | 20,200 | ||||||||
Assets | 1,018,584 | 1,273,580 | 1,018,584 | 1,273,580 | 230,829 | ||||||
Capital expenditures | 95,586 | 37,516 | 24,103 | ||||||||
Production Enhancement Division Eliminations [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Income (loss) before taxes and discontinued operations | 0 | 0 | |||||||||
Offshore Services [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Product sales | 611 | 534 | 4,707 | ||||||||
Services and rentals | 116,455 | 164,243 | 200,983 | ||||||||
Intersegment eliminations | 5,128 | 30,595 | 50,122 | ||||||||
Revenues | 122,194 | 195,372 | 255,812 | ||||||||
Depreciation, amortization, and accretion | 11,500 | 13,327 | 14,254 | ||||||||
Interest expense | 0 | 36 | 109 | ||||||||
Income (loss) before taxes and discontinued operations | (195) | (26,251) | 22,870 | ||||||||
Assets | 131,916 | 129,350 | 131,916 | 129,350 | 181,617 | ||||||
Capital expenditures | 5,949 | 20,013 | 4,207 | ||||||||
Maritech [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Product sales | 2,438 | 4,722 | 5,560 | ||||||||
Services and rentals | 0 | 0 | 0 | ||||||||
Intersegment eliminations | 0 | 0 | 0 | ||||||||
Revenues | 2,438 | 4,722 | 5,560 | ||||||||
Depreciation, amortization, and accretion | 1,375 | 160 | 123 | ||||||||
Interest expense | 29 | 0 | 11 | ||||||||
Income (loss) before taxes and discontinued operations | (3,833) | (71,154) | (64,365) | ||||||||
Assets | 18,453 | 23,479 | 18,453 | 23,479 | 46,903 | ||||||
Capital expenditures | 38 | 0 | 21 | ||||||||
Offshore Division Eliminations [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Services and rentals | 0 | 0 | 0 | ||||||||
Intersegment eliminations | (5,128) | (30,595) | (50,122) | ||||||||
Revenues | (5,128) | (30,595) | (50,122) | ||||||||
Depreciation, amortization, and accretion | $ 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | |||||||||
Income (loss) before taxes and discontinued operations | $ 0 | 0 | 0 | ||||||||
Assets | 0 | 0 | 0 | 0 | 0 | ||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Total Offshore Division [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Product sales | 3,049 | 5,256 | 10,267 | ||||||||
Services and rentals | 116,455 | 164,243 | 200,983 | ||||||||
Intersegment eliminations | 0 | 0 | 0 | ||||||||
Revenues | 119,504 | 169,499 | 211,250 | ||||||||
Depreciation, amortization, and accretion | 12,875 | 13,487 | 14,377 | ||||||||
Interest expense | 29 | 36 | 120 | ||||||||
Income (loss) before taxes and discontinued operations | (4,028) | (97,405) | (41,495) | ||||||||
Assets | 150,369 | 152,829 | 150,369 | 152,829 | 228,520 | ||||||
Capital expenditures | 5,987 | 20,013 | 4,228 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Intersegment eliminations | (4,946) | (4,623) | (1,785) | ||||||||
Revenues | (4,946) | (4,623) | (1,785) | ||||||||
Income (loss) before taxes and discontinued operations | (1) | ||||||||||
Corporate Overhead [Member] | |||||||||||
Industry Segments Details [Line Items] | |||||||||||
Services and rentals | 0 | 0 | 0 | ||||||||
Revenues | 0 | 0 | 0 | ||||||||
Depreciation, amortization, and accretion | 911 | 1,725 | 2,327 | ||||||||
Interest expense | 18,704 | 19,297 | 16,725 | ||||||||
Income (loss) before taxes and discontinued operations | (76,005) | (66,355) | (62,364) | ||||||||
Assets | $ (18,194) | $ (9,650) | (18,194) | (9,650) | 19,743 | ||||||
Capital expenditures | $ 77 | $ 1,547 | $ 1,053 |
Industry Segments and Geograp58
Industry Segments and Geographic Information Industry Segments and Geographic Information 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 257,590 | $ 305,144 | $ 316,319 | $ 251,092 | $ 315,850 | $ 306,371 | $ 242,489 | $ 212,857 | $ 1,130,145 | $ 1,077,567 | $ 909,398 |
Transfers between geographic areas | (1,252) | (2,871) | (112) | ||||||||
Identifiable assets | 1,656,376 | 2,082,388 | 1,656,376 | 2,082,388 | 1,206,533 | ||||||
UNITED STATES | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 896,131 | 768,688 | 673,376 | ||||||||
Transfers between geographic areas | 0 | 0 | 0 | ||||||||
Identifiable assets | 1,427,481 | 1,778,357 | 1,427,481 | 1,778,357 | 852,483 | ||||||
Canada and Mexico [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 44,542 | 73,632 | 58,080 | ||||||||
Transfers between geographic areas | 0 | 0 | 0 | ||||||||
Identifiable assets | 72,007 | 97,737 | 72,007 | 97,737 | 104,831 | ||||||
South America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 26,554 | 40,719 | 31,788 | ||||||||
Transfers between geographic areas | 0 | 0 | 0 | ||||||||
Identifiable assets | 25,035 | 32,267 | 25,035 | 32,267 | 43,326 | ||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 80,432 | 105,457 | 102,990 | ||||||||
Transfers between geographic areas | 1,252 | 2,871 | 112 | ||||||||
Identifiable assets | 64,695 | 94,209 | 64,695 | 94,209 | 150,415 | ||||||
Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 20,761 | 22,277 | 15,127 | ||||||||
Transfers between geographic areas | 0 | 0 | 0 | ||||||||
Identifiable assets | 7,541 | 7,895 | 7,541 | 7,895 | 9,063 | ||||||
Asia and other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 61,725 | 66,794 | 28,037 | ||||||||
Transfers between geographic areas | 0 | 0 | 0 | ||||||||
Identifiable assets | 59,617 | 71,923 | 59,617 | 71,923 | 46,351 | ||||||
Eliminations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | $ 0 | $ 0 | $ 0 | $ 0 | $ 64 |
Supplemental Oil and Gas Disc59
Supplemental Oil and Gas Disclosures (Unaudited) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Results of Operations for Producing Activities Detail [Table] | |||
Oil and gas sales revenues | $ 2,438 | $ 4,722 | $ 5,560 |
Production (lifting) costs | 921 | 2,002 | 2,637 |
Depreciation, depletion, and amortization | 0 | 30 | 37 |
Excess decommissioning and abandonment costs | 2,665 | 73,194 | 75,313 |
Accretion expense | $ 1,375 | 130 | 87 |
Gain on insurance recoveries | (6) | (5,685) | |
Pretax income (loss) from producing activities | $ (2,523) | (70,628) | (66,829) |
Income tax expense (benefit) | 0 | 0 | (23,390) |
Results of oil and gas producing activities | $ (2,523) | $ (70,628) | $ (43,439) |
Quarterly Financial Informati60
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Details [Table] | ||||||||||||
Revenues | $ 257,590 | $ 305,144 | $ 316,319 | $ 251,092 | $ 315,850 | $ 306,371 | $ 242,489 | $ 212,857 | $ 1,130,145 | $ 1,077,567 | $ 909,398 | |
Gross profit (loss) | 2,755 | 70,534 | 69,861 | 46,087 | (1,428) | 34,744 | 35,475 | 24,850 | 189,236 | 95,044 | 135,392 | |
Income (loss) before discontinued operations | (147,468) | (12,467) | (1,550) | (6,090) | (209,467) | (167,575) | 3,326 | |||||
Net income (loss) | (231,946) | 10,736 | 15,367 | (3,622) | (149,750) | (10,537) | (2,457) | (6,934) | (209,467) | (167,575) | 3,325 | |
Net income (loss) attributable to TETRA stockholders | $ (146,415) | $ 9,755 | $ 14,925 | $ (4,447) | $ 0 | $ 0 | $ 0 | $ 0 | (126,183) | (169,678) | 153 | |
Net income (loss) per share before discontinued operations attributable to TETRA stockholders | $ (1.84) | $ 0.12 | $ 0.19 | $ (0.06) | $ (1.90) | $ (0.13) | $ (0.03) | $ (0.09) | ||||
Net income (loss) per diluted share before discontinued operations attributable to TETRA stockholders | $ (1.84) | $ 0.12 | $ 0.19 | $ (0.06) | ||||||||
Impairment of long-lived assets | $ 34,800 | |||||||||||
Goodwill impairment | $ 60,400 | $ 177,006 | $ 64,295 | $ 0 | $ 0 |
Supplemental Schedules Suppleme
Supplemental Schedules Supplemental Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | |||
Accounts receivable, net | $ 184,172,000 | $ 226,966,000 | |
Inventories | 117,009,000 | 189,357,000 | |
Total current assets | 355,404,000 | 500,459,000 | |
Property, plant, and equipment | 1,656,486,000 | 1,620,560,000 | |
Less accumulated depreciation | (608,482,000) | (496,368,000) | |
Property, plant and equipment, net | 1,048,004,000 | 1,124,192,000 | |
Total assets | 1,656,376,000 | 2,082,388,000 | $ 1,206,533,000 |
LIABILITIES AND EQUITY | |||
Long-term debt, net | 873,402,000 | 844,961,000 | |
Noncurrent liabilities | 31,202,000 | 31,677,000 | |
Current liabilities | 185,246,000 | 378,460,000 | |
Long-term debt | 125,000,000 | ||
Other liabilities | 31,202,000 | 31,677,000 | |
Accumulated other comprehensive income (loss) | (43,135,000) | (26,215,000) | |
Noncontrolling interest | 272,963,000 | 395,888,000 | |
Total TETRA stockholders' equity | 241,217,000 | 369,713,000 | |
Total liabilities and equity | 1,656,376,000 | 2,082,388,000 | |
Parent Company [Member] | |||
ASSETS | |||
Accounts receivable, net | 54,187,000 | 54,131,000 | |
Inventories | 39,766,000 | 43,073,000 | |
Prepaid expenses | 4,903,000 | 4,963,000 | |
Other current assets | 6,055,000 | 8,365,000 | |
Total current assets | 104,911,000 | 110,532,000 | |
Property, plant, and equipment | 346,622,000 | 358,806,000 | |
Less accumulated depreciation | 171,931,000 | 145,529,000 | |
Property, plant and equipment, net | 174,691,000 | 213,277,000 | |
Other assets, including investment in CCLP | 942,043,000 | 1,063,095,000 | |
Total assets | 1,221,645,000 | 1,386,904,000 | |
LIABILITIES AND EQUITY | |||
Noncurrent liabilities | 630,345,000 | 566,724,000 | |
Total liabilities | 980,428,000 | 1,017,191,000 | |
Current liabilities | 57,162,000 | 145,467,000 | |
Long-term debt | 292,921,000 | 305,000,000 | |
Other liabilities | 630,345,000 | 566,724,000 | |
Total liabilities | 980,428,000 | 1,017,191,000 | |
Common stock | 830,000 | 823,000 | |
Accumulated other comprehensive income (loss) | (43,135,000) | (26,215,000) | |
Noncontrolling interest | 283,522,000 | 395,105,000 | |
Total TETRA stockholders' equity | 241,217,000 | 369,713,000 | |
Total liabilities and equity | $ 1,221,645,000 | $ 1,386,904,000 |
Supplemental Schedules Supple62
Supplemental Schedules Supplemental Condensed Statements of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Cost of revenues | $ 940,909,000 | $ 982,523,000 | $ 774,006,000 | |||||||||
Depreciation, amortization, and accretion | 155,015,000 | 116,912,000 | 80,985,000 | |||||||||
General and administrative expense | 157,812,000 | 142,689,000 | 131,466,000 | |||||||||
Goodwill impairment | $ 60,400,000 | 177,006,000 | 64,295,000 | 0 | $ 0 | |||||||
Interest expense | 50,514,000 | 31,998,000 | 17,121,000 | |||||||||
Other (income) expense, net | 10,042,000 | 13,944,000 | (7,291,000) | |||||||||
Provision (benefit) for income taxes | 7,704,000 | 9,704,000 | (3,454,000) | |||||||||
Loss from discontinued operations, net of taxes | 0 | 0 | (1,000) | |||||||||
Net income (loss) attributable to TETRA stockholders | $ (146,415,000) | $ 9,755,000 | $ 14,925,000 | $ (4,447,000) | 0 | $ 0 | $ 0 | $ 0 | (126,183,000) | (169,678,000) | 153,000 | |
Net income (loss) | $ (231,946,000) | $ 10,736,000 | $ 15,367,000 | $ (3,622,000) | $ (149,750,000) | $ (10,537,000) | $ (2,457,000) | $ (6,934,000) | (209,467,000) | (167,575,000) | 3,325,000 | |
Parent Company [Member] | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Net sales and gross revenues | 314,567 | 303,349 | 280,390 | |||||||||
Cost of revenues | 189,362 | 210,787 | 186,616 | |||||||||
Depreciation, amortization, and accretion | 50,708 | 32,267 | 21,650 | |||||||||
General and administrative expense | 69,925 | 58,978 | 56,816 | |||||||||
Interest expense | 18,726 | 19,217 | 16,724 | |||||||||
Other (income) expense, net | (2,272) | (3,700) | (313) | |||||||||
Income (loss) before taxes and discontinued operations | (208,668) | (162,803) | (4,696) | |||||||||
Provision (benefit) for income taxes | 799 | 4,772 | (8,022) | |||||||||
Net income (loss) attributable to TETRA stockholders | $ (209,467) | $ (167,575) | $ 3,326 |
Supplemental Schedules Supple63
Supplemental Schedules Supplemental Condensed Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 195,951,000 | $ 108,645,000 | $ 49,656,000 |
Investing activities: | |||
Acquisition of businesses, net of cash acquired | 0 | (854,031,000) | 0 |
Purchases of property, plant, and equipment | (120,597,000) | (131,609,000) | (101,379,000) |
Other investing activities | (1,525,000) | 374,000 | (440,000) |
Net cash provided by (used in) investing activities | (114,987,000) | (967,739,000) | (100,025,000) |
Financing activities: | |||
Proceeds from long-term debt | 535,896,000 | 837,519,000 | 140,971,000 |
Principal payments on long-term debt | (598,070,000) | (289,900,000) | (120,664,000) |
CCLP distributions | (37,816,000) | (12,569,000) | (4,846,000) |
Other | (3,750,000) | (27,587,000) | (1,978,000) |
Net cash provided by (used in) financing activities | (103,437,000) | 871,644,000 | 15,734,000 |
Effect of exchange rate changes on cash | (2,854,000) | (2,920,000) | (659,000) |
Increase (decrease) in cash and cash equivalents | (25,327,000) | 9,630,000 | (35,294,000) |
Cash and cash equivalents at beginning of period | 48,384,000 | 38,754,000 | 74,048,000 |
Cash and cash equivalents at end of period | 23,057,000 | 48,384,000 | 38,754,000 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 100,370 | 87,451 | (8,074) |
Investing activities: | |||
Acquisition of businesses, net of cash acquired | 0 | 14,799 | 0 |
Purchases of property, plant, and equipment | (678) | 26,067 | 40,858 |
Purchase of CSI Compressco's common units and additional general partner contribution | (1,626) | (616) | (118) |
Net cash provided by (used in) investing activities | 4,450 | (34,040) | (38,859) |
Financing activities: | |||
Proceeds from long-term debt | 472,896 | 143,188 | 121,062 |
Principal payments on long-term debt | 575,070 | 195,956 | $ 120,664 |
CCLP distributions | (3,742) | 0 | |
Other | 303 | 1,032 | $ 273 |
Net cash provided by (used in) financing activities | (105,613) | (51,736) | 671 |
Increase (decrease) in cash and cash equivalents | (793) | 1,675 | (46,262) |
Cash and cash equivalents at beginning of period | 231 | (1,444) | 44,818 |
Cash and cash equivalents at end of period | $ (562) | $ 231 | $ (1,444) |
Uncategorized Items - tti-20151
Label | Element | Value |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | $ (4,846,000) |
Additional Paid-in Capital [Member] | ||
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 2,245,000 |
Noncontrolling Interest [Member] | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 1,459,000 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | (4,846,000) |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | us-gaap_MinorityInterestDecreaseFromRedemptions | (16,000) |
Treasury Stock [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (462,000) |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | (276,000) |
Common Stock Value [Member] | ||
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | $ 9,000 |
Phantom Share Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 21.89 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 21.77 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 22.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 21.39 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross | 261,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 263,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 401,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited | 50,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 73,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | $ 20.49 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 10.54 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | 8.54 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue | 10.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue | $ 7.15 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized | $ 4,700,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross | 633,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 773,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 878,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited | 493,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod | 35,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue | $ 9.72 |