Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 02, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-13455 | |
Entity Registrant Name | TETRA Technologies, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 74-2148293 | |
Entity Address, Address Line One | 24955 Interstate 45 North | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, Postal Zip Code | 77380 | |
Entity Address, State or Province | TX | |
City Area Code | 281 | |
Local Phone Number | 367-1983 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | TTI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 125,976,728 | |
Entity Central Index Key | 0000844965 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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. Contingencies of Discontinued Operations In early 2018, we closed the Maritech Asset Purchase and Sale Agreement with Orinoco Natural Resources, LLC (“Orinoco”) that provided for the purchase by Orinoco of Maritech’s remaining oil and gas properties and related assets. Shortly thereafter, we closed the Maritech Membership Interest Purchase and Sale Agreement with Orinoco that provided for the purchase by Orinoco of all of the outstanding membership interests in Maritech. As a result of these transactions, we have effectively exited the business of our former Maritech segment. Under the Maritech Asset Purchase and Sale Agreement, Orinoco assumed all of Maritech’s decommissioning liabilities related to the leases sold to Orinoco (the “Orinoco Lease Liabilities”) and, under the Maritech Membership Interest Purchase and Sale Agreement, Orinoco assumed all other liabilities of Maritech, including the decommissioning liabilities associated with the oil and gas properties previously sold by Maritech (the “Legacy Liabilities”), subject to certain limited exceptions unrelated to the decommissioning liabilities. To the extent that Maritech or Orinoco fails to satisfy decommissioning liabilities associated with any of the Orinoco Lease Liabilities or the Legacy Liabilities, we may be required to satisfy such liabilities under third party indemnity agreements and corporate guarantees that we previously provided to the US Department of the Interior and other parties, respectively. Pursuant to a Bonding Agreement entered into as part of these transactions (the “Bonding Agreement”), Orinoco provided non-revocable performance bonds in an aggregate amount of $46.8 million to cover the performance by Orinoco and Maritech of the asset retirement obligations of Maritech (the “Initial Bonds”) and agreed to replace, within 90 days following the closing, the Initial Bonds with other non-revocable performance bonds, meeting certain requirements, in the aggregate sum of $47.0 million (collectively, the “Interim Replacement Bonds”). Orinoco further agreed to replace, within 180 days following the closing, the Interim Replacement Bonds with a maximum of three non-revocable performance bonds in the aggregate sum of $47.0 million, meeting certain requirements (the “Final Bonds”). Among the other requirements of the Final Bonds was that they must provide coverage for all of the asset retirement obligations of Maritech instead of only relating to specific properties. In the event Orinoco did not provide the Interim Replacement Bonds or the Final Bonds, Orinoco was required to make certain cash escrow payments to us. The payment obligations of Orinoco under the Bonding Agreement were guaranteed by Thomas M. Clarke and Ana M. Clarke pursuant to a separate guaranty agreement (the “Clarke Bonding Guaranty Agreement”). Orinoco has not delivered such replacement bonds and neither it nor the Clarkes has made any of the agreed upon cash escrow payments and we filed a lawsuit against Orinoco and the Clarkes to enforce the terms of the Bonding Agreement and the Clarke Bonding Guaranty Agreement. A summary judgment was initially granted in favor of Orinoco and the Clarkes which dismissed our claims against Orinoco under the Bonding Agreement and against the Clarkes under the Clarke Bonding Guaranty Agreement. We filed an appeal and also asked the trial court to grant a new trial on the summary judgment or to modify the judgment because we believe this judgment should not have been granted. On November 5, 2019, the trial court signed an order granting our motion for new trial and vacating the prior order granting summary judgment for Orinoco and the Clarkes. The parties are awaiting direction from the court on a new scheduling order and/or trial setting. The Initial Bonds, which are non-revocable, remain in effect. If we become liable in the future for any decommissioning liability associated with any property covered by either an Initial Bond or an Interim Replacement Bond while such bonds are outstanding and the payment made to us under such bond is not sufficient to satisfy such liability, the Bonding Agreement provides that Orinoco will pay us an amount equal to such deficiency and if Orinoco fails to pay any such amount, such amount must be paid by the Clarkes under the Clarke Bonding Guaranty Agreement. However, if the Final Bonds or the full amount of the escrowed cash have been provided, neither Orinoco nor the Clarkes would be liable to pay us for any such deficiency. Our financial condition and results of operations may be negatively affected if Orinoco is unable to cover any such deficiency or if we become liable for a significant portion of the decommissioning liabilities. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | $ 152,601 | $ 245,947 | $ 567,984 | $ 778,471 |
Cost of Goods and Services Sold [Abstract] | ||||
Depreciation, amortization, and accretion | 29,604 | 30,867 | 88,906 | 93,312 |
Impairment and other charges | 97 | 849 | 14,445 | 3,306 |
Insurance recoveries associated with damaged equipment | 52 | 1,042 | 643 | 1,392 |
Total cost of revenues | 132,631 | 200,987 | 488,276 | 648,935 |
Gross profit | 19,970 | 44,960 | 79,708 | 129,536 |
General and administrative expense | 25,256 | 34,926 | 89,807 | 105,498 |
Interest expense, net | 17,631 | 18,146 | 53,073 | 55,054 |
Fair Value Adjustment Of Warrants, Income Statement | 0 | 78 | (327) | (1,035) |
Preferred, Fair Value Adjustment | 0 | 0 | 0 | 1,309 |
Other (income) expense, net | (2,137) | (690) | 2,141 | (1,014) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (20,780) | (7,500) | (64,986) | (30,276) |
Provision for income taxes | 645 | 1,579 | 3,800 | 5,678 |
Income (loss) before taxes | (21,425) | (9,079) | (68,786) | (35,954) |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (173) | (9,130) | (155) | (9,901) |
Net income (loss) | (21,598) | (18,209) | (68,941) | (45,855) |
(Income) loss attributable to noncontrolling interest | 8,296 | 2,378 | 32,833 | 12,273 |
Net income (loss) attributable to TETRA stockholders | $ (13,302) | $ (15,831) | $ (36,108) | $ (33,582) |
Basic net income per common share: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.10) | $ (0.06) | $ (0.29) | $ (0.19) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | (0.07) | 0 | (0.08) |
Net income (loss) attributable to TETRA stockholders | $ (0.10) | $ (0.13) | $ (0.29) | $ (0.27) |
Weighted Average Number of Shares Outstanding, Basic | 125,893 | 125,568 | 125,789 | 125,620 |
Diluted net income per common share: | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ (0.10) | $ (0.06) | $ (0.29) | $ (0.19) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | (0.07) | 0 | (0.08) |
Net income (loss) attributable to TETRA stockholders | $ (0.10) | $ (0.13) | $ (0.29) | $ (0.27) |
Weighted Average Number of Shares Outstanding, Diluted | 125,893 | 125,568 | 125,789 | 125,620 |
Product sales | ||||
Revenues | $ 68,810 | $ 93,377 | $ 252,016 | $ 320,508 |
Cost of Goods and Services Sold [Abstract] | ||||
Cost of product sales | 50,541 | 71,957 | 184,512 | 254,798 |
Services | ||||
Revenues | 83,791 | 152,570 | 315,968 | 457,963 |
Cost of Goods and Services Sold [Abstract] | ||||
Cost of product sales | $ 52,441 | $ 98,356 | $ 201,056 | $ 298,911 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (21,598) | $ (18,209) | $ (68,941) | $ (45,855) |
Foreign currency translation adjustment, net of taxes of $0 in 2020 and 2019 | 2,874 | (3,742) | (2,498) | (3,300) |
Comprehensive income | (18,724) | (21,951) | (71,439) | (49,155) |
Comprehensive (income) loss attributable to noncontrolling interest | 8,229 | 2,358 | 32,880 | 11,994 |
Comprehensive income (loss) attributable to TETRA stockholders | (10,495) | (19,593) | (38,559) | (37,161) |
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 75,165 | $ 17,704 |
Restricted cash | 59 | 64 |
Trade accounts receivable, net of allowances | 108,222 | 175,918 |
Inventories | 113,020 | 136,510 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 |
Prepaid expenses and other current assets | 21,176 | 21,158 |
Total current assets | 317,642 | 351,354 |
Property, plant, and equipment: | ||
Land and building | 39,534 | 60,586 |
Machinery and equipment | 1,341,905 | 1,335,157 |
Automobiles and trucks | 26,581 | 31,681 |
Chemical plants | 60,195 | 57,692 |
Construction in progress | 10,819 | 34,393 |
Total property, plant, and equipment | 1,479,034 | 1,519,509 |
Less accumulated depreciation | (804,466) | (760,872) |
Net property, plant, and equipment | 674,568 | 758,637 |
Other assets: | ||
Patents, trademarks and other intangible assets, net of accumulated amortization | 68,350 | 74,199 |
Deferred tax assets, net | 24 | 24 |
Operating lease right-of-use assets | 78,867 | 68,131 |
Other assets | 22,089 | 19,577 |
Total other assets | 169,330 | 161,931 |
Total assets | 1,161,540 | 1,271,922 |
Current liabilities: | ||
Trade accounts payable | 42,406 | 88,917 |
Unearned income | 7,310 | 9,831 |
Accrued liabilities | 80,500 | 87,877 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 1,852 | 2,098 |
Total current liabilities | 132,068 | 188,723 |
Long-term debt, net | 843,216 | 842,871 |
Deferred income taxes | 3,421 | 2,988 |
Decommissioning and other asset retirement obligations, net | 12,973 | 12,762 |
Warranty Liability | 123 | 449 |
Operating lease liabilities | 64,200 | 53,919 |
Other liabilities | 10,364 | 7,384 |
Total long-term liabilities | 934,297 | 920,373 |
Equity: | ||
Common stock, par value $0.01 per share | 1,289 | 1,283 |
Additional paid-in capital | 471,146 | 466,959 |
Treasury stock, at cost | (19,484) | (19,164) |
Accumulated other comprehensive income (loss) | (54,634) | (52,183) |
Retained earnings | (398,630) | (362,522) |
Total TETRA stockholders' equity | (313) | 34,373 |
Noncontrolling interests | 95,488 | 128,453 |
Total equity | 95,175 | 162,826 |
Total liabilities and equity | 1,161,540 | 1,271,922 |
Trade accounts receivable, allowances for doubtful accounts | 7,742 | 5,262 |
Patents, trademarks, and other intangible assets, accumulated amortization | $ 93,976 | $ 88,422 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 128,930,704 | 128,304,354 |
Treasury stock, shares held | 2,953,976 | 2,823,191 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Net income (loss) | $ (68,941) | $ (45,855) |
Reconciliation of net income (loss) to cash provided by (used in) operating activities: | ||
Depreciation, amortization, and accretion | 88,906 | 93,364 |
Impairment and other charges | 14,445 | 3,306 |
Benefit for deferred income taxes | 550 | 545 |
Equity-based compensation expense | 4,847 | 6,260 |
Provision for doubtful accounts | 5,907 | 3,351 |
Loss on disposition of business | 0 | 7,500 |
Amortization of deferred financing costs | 3,698 | 4,614 |
Insurance recoveries associated with damaged equipment | 643 | 1,392 |
Equipment received in lieu of cash | 725 | 0 |
Debt exchange expenses | 4,777 | 0 |
Liabilities, Fair Value Adjustment | 0 | 3,574 |
Warrants fair value adjustment | (326) | (1,035) |
Contingent consideration liability fair value adjustment | 0 | (800) |
Gain on sale of assets | (4,340) | (1,583) |
Changes in operating assets and liabilities, net of assets acquired: | ||
Accounts receivable | 61,314 | 13,309 |
Inventories | 11,780 | (6,847) |
Prepaid expenses and other current assets | (916) | (1,831) |
Trade accounts payable and accrued expenses | (57,844) | 10,344 |
Other | 888 | (3,234) |
Net cash provided by (used in) operating activities | 64,827 | 83,590 |
Investing activities: | ||
Purchases of property, plant, and equipment, net | 22,011 | 89,192 |
Proceeds on sale of property, plant, and equipment | 24,704 | 2,152 |
Proceeds from Insurance Settlement, Investing Activities | 643 | 1,392 |
Other investing activities | (576) | (890) |
Net cash provided by (used in) investing activities | 2,760 | (98,562) |
Financing activities: | ||
Proceeds from long-term debt | 404,060 | 246,090 |
Principal payments on long-term debt | (408,666) | (204,718) |
CCLP distributions | (932) | (924) |
Redemptions of CCLP Series A Preferred | 0 | (28,049) |
Tax remittances on equity based compensation | (341) | (571) |
Debt issuance costs and other financing activities | (3,897) | (373) |
Net cash provided by (used in) financing activities | (9,776) | 11,455 |
Effect of exchange rate changes on cash | (355) | (606) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 57,456 | (4,123) |
Cash, cash equivalents, and restricted cash | 75,224 | 35,979 |
Supplemental cash flow information: | ||
Interest paid | 42,199 | 49,073 |
Income taxes paid | 4,692 | 6,226 |
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 12,024 |
Consolidated Statement of Equit
Consolidated Statement of Equity Statement - USD ($) $ in Thousands | Total | Common Stock Par Value | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Deficit | Noncontrolling Interest | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Deficit |
Cumulative effect adjustment | $ 312,749 | $ 1,285 | $ 460,680 | $ (18,950) | $ (51,663) | $ (217,952) | $ 139,349 | $ 2,843 | $ 2,843 |
Balance at beginning of period at Dec. 31, 2018 | 312,749 | 1,285 | 460,680 | (18,950) | (51,663) | (217,952) | 139,349 | 2,843 | 2,843 |
Net Income (Loss) Attributable to Parent | (10,838) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (19,100) | (8,262) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (406) | (582) | 176 | ||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (19,506) | ||||||||
Distributions to public unitholders | (307) | 307 | |||||||
Equity award activity | (1) | (1) | |||||||
Treasury stock activity, net | (155) | (155) | |||||||
Equity compensation expense | 1,939 | 1,628 | 311 | ||||||
Conversions of CCLP Series A Preferred | 2,539 | 2,539 | |||||||
Cumulative effect adjustment | 300,110 | 1,284 | 462,241 | (19,105) | (52,245) | (225,947) | 133,882 | 2,843 | 2,843 |
Other | 9 | (67) | 76 | ||||||
Balance at end of period at Mar. 31, 2019 | 300,110 | 1,284 | 462,241 | (19,105) | (52,245) | (225,947) | 133,882 | ||
Translation adjustment, tax | 0 | ||||||||
Balance at beginning of period at Dec. 31, 2018 | 312,749 | 1,285 | 460,680 | (18,950) | (51,663) | (217,952) | 139,349 | 2,843 | 2,843 |
Net Income (Loss) Attributable to Parent | (33,582) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (45,855) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (49,155) | ||||||||
Cumulative effect adjustment | 273,528 | 1,284 | 465,615 | (19,164) | (55,242) | (248,691) | 129,726 | $ 2,843 | $ 2,843 |
Balance at end of period at Sep. 30, 2019 | 273,528 | 1,284 | 465,615 | (19,164) | (55,242) | (248,691) | 129,726 | ||
Cumulative effect adjustment | 300,110 | 1,284 | 462,241 | (19,105) | (52,245) | (225,947) | 133,882 | ||
Balance at beginning of period at Mar. 31, 2019 | 300,110 | 1,284 | 462,241 | (19,105) | (52,245) | (225,947) | 133,882 | ||
Net Income (Loss) Attributable to Parent | (6,913) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (8,546) | (1,633) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 848 | 765 | 83 | ||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (7,698) | ||||||||
Distributions to public unitholders | (308) | 308 | |||||||
Treasury stock activity, net | (11) | (11) | |||||||
Equity compensation expense | 2,667 | 2,100 | 567 | ||||||
Cumulative effect adjustment | 294,691 | 1,284 | 464,305 | (19,116) | (51,480) | (232,860) | 132,558 | ||
Other | (69) | (36) | (33) | ||||||
Balance at end of period at Jun. 30, 2019 | 294,691 | 1,284 | 464,305 | (19,116) | (51,480) | (232,860) | 132,558 | ||
Translation adjustment, tax | 0 | ||||||||
Cumulative effect adjustment | 294,691 | 1,284 | 464,305 | (19,116) | (51,480) | (232,860) | 132,558 | ||
Net Income (Loss) Attributable to Parent | (15,831) | (15,831) | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (18,209) | (2,378) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (3,742) | (3,762) | 20 | ||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (21,951) | ||||||||
Distributions to public unitholders | (309) | 309 | |||||||
Equity award activity | 0 | 0 | |||||||
Treasury stock activity, net | (48) | (48) | |||||||
Equity compensation expense | 1,105 | 1,316 | (211) | ||||||
Cumulative effect adjustment | 273,528 | 1,284 | 465,615 | (19,164) | (55,242) | (248,691) | 129,726 | ||
Other | 40 | (6) | 46 | ||||||
Balance at end of period at Sep. 30, 2019 | 273,528 | 1,284 | 465,615 | (19,164) | (55,242) | (248,691) | 129,726 | ||
Translation adjustment, tax | 0 | ||||||||
Cumulative effect adjustment | 273,528 | 1,284 | 465,615 | (19,164) | (55,242) | (248,691) | 129,726 | ||
Cumulative effect adjustment | 162,826 | 1,283 | 466,959 | (19,164) | (52,183) | (362,522) | 128,453 | ||
Balance at beginning of period at Dec. 31, 2019 | 162,826 | 1,283 | 466,959 | (19,164) | (52,183) | (362,522) | 128,453 | ||
Net Income (Loss) Attributable to Parent | (1,551) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (10,376) | (8,825) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (6,467) | (6,238) | (229) | ||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (16,843) | ||||||||
Distributions to public unitholders | (309) | (309) | |||||||
Equity award activity | 4 | 4 | 0 | ||||||
Treasury stock activity, net | (89) | (89) | |||||||
Equity compensation expense | 1,373 | 1,145 | 228 | ||||||
Cumulative effect adjustment | 146,931 | 1,287 | 468,088 | (19,253) | (58,421) | (364,073) | 119,303 | ||
Other | (31) | (16) | (15) | ||||||
Balance at end of period at Mar. 31, 2020 | 146,931 | 1,287 | 468,088 | (19,253) | (58,421) | (364,073) | 119,303 | ||
Translation adjustment, tax | 0 | ||||||||
Balance at beginning of period at Dec. 31, 2019 | 162,826 | 1,283 | 466,959 | (19,164) | (52,183) | (362,522) | 128,453 | ||
Net Income (Loss) Attributable to Parent | (36,108) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (68,941) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (71,439) | ||||||||
Cumulative effect adjustment | 162,826 | 1,289 | 471,146 | (19,484) | (54,634) | (398,630) | 95,488 | ||
Balance at end of period at Sep. 30, 2020 | 95,175 | 1,289 | 471,146 | (19,484) | (54,634) | (398,630) | 95,488 | ||
Cumulative effect adjustment | 146,931 | 1,287 | 468,088 | (19,253) | (58,421) | (364,073) | 119,303 | ||
Balance at beginning of period at Mar. 31, 2020 | 146,931 | 1,287 | 468,088 | (19,253) | (58,421) | (364,073) | 119,303 | ||
Net Income (Loss) Attributable to Parent | (21,255) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (36,967) | (15,712) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 1,095 | 980 | 115 | ||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (35,872) | ||||||||
Distributions to public unitholders | (311) | (311) | |||||||
Equity award activity | 1 | 1 | 0 | ||||||
Treasury stock activity, net | (181) | (181) | |||||||
Equity compensation expense | 2,134 | 1,685 | 449 | ||||||
Cumulative effect adjustment | 112,686 | 1,288 | 469,777 | (19,434) | (57,441) | (385,328) | 103,824 | ||
Other | (16) | 4 | (20) | ||||||
Balance at end of period at Jun. 30, 2020 | 112,686 | 1,288 | 469,777 | (19,434) | (57,441) | (385,328) | 103,824 | ||
Translation adjustment, tax | 0 | ||||||||
Cumulative effect adjustment | 112,686 | 1,288 | 469,777 | (19,434) | (57,441) | (385,328) | 103,824 | ||
Net Income (Loss) Attributable to Parent | (13,302) | (13,302) | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (21,598) | (8,296) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 2,874 | 2,807 | 67 | ||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (18,724) | ||||||||
Distributions to public unitholders | (312) | (312) | |||||||
Equity award activity | 1 | 1 | 0 | ||||||
Treasury stock activity, net | (50) | (50) | |||||||
Equity compensation expense | 1,595 | 1,363 | 232 | ||||||
Cumulative effect adjustment | 112,686 | 1,289 | 471,146 | (19,484) | (54,634) | (398,630) | 95,488 | ||
Other | (21) | 6 | (27) | ||||||
Balance at end of period at Sep. 30, 2020 | 95,175 | 1,289 | 471,146 | (19,484) | (54,634) | (398,630) | 95,488 | ||
Translation adjustment, tax | 0 | ||||||||
Cumulative effect adjustment | $ 95,175 | $ 1,289 | $ 471,146 | $ (19,484) | $ (54,634) | $ (398,630) | $ 95,488 |
Organization, Basis of Presenta
Organization, Basis of Presentation, and Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation, and Significant Accounting Policies | ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Organization 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 and offshore rig cooling services, and compression services and equipment. We were incorporated in Delaware in 1981. We are composed of three divisions – Completion Fluids & Products, Water & Flowback Services, and Compression. 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. Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended September 30, 2020 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2020. We consolidate the financial statements of our CSI Compressco LP subsidiary (“CCLP”) as part of our Compression Division, as we determined that CCLP is a variable interest entity and we are the primary beneficiary. We control the financial interests of CCLP and have the ability to direct the activities of CCLP that most significantly impact its economic performance 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 on our CCLP common units and general partner interest (including incentive distribution rights) and the amounts collected for services we perform on behalf of CCLP, as TETRA’s capital structure and CCLP’s capital structure are separate, and do not include cross default provisions or cross guarantees. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and notes thereto included in our Annual Report on Form 10-K , which we filed with the SEC on March 16, 2020. Significant Accounting Policies Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2019 included in our Annual Report on Form 10-K . There have been no significant changes in our accounting policies or the application thereof during the third quarter of 2020. Use of Estimates The preparation of financial statements in conformity with U.S. 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 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. Impairments and Other Charges 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 judgment as to the future undiscounted operating cash flows to be generated from the relevant assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related assets, an impairment is recognized for the excess of the carrying value over fair value. Fair value of intangible assets is generally determined using the discounted present value of future cash flows using discount rates commensurate with the risks inherent with the specific assets. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. See Note 3 - “Impairments and Other Charges” for additional discussion of recorded impairments. Revenue Recognition Performance Obligations. Revenue is generally recognized when we transfer control of our products or services to our customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products or providing services to our customers. We receive cash equal to the invoice price for most sales of product and services and payment terms typically range from 30 to 60 days from the date we invoice our customer. Since the period between when we deliver products or services and when the customer pays for such products or services is not expected to exceed one year, we have elected not to calculate or disclose a financing component for our customer contracts. Depending on the terms of the arrangement, we may also defer the recognition of revenue for a portion of the consideration received because we have to satisfy a future performance obligation. For example, consideration received from customers during the fabrication of new compressor packages is typically deferred until control of the compressor package is transferred to our customer. For any arrangements with multiple performance obligations, we use management’s estimated selling price to determine the stand-alone selling price for separate performance obligations. For revenue associated with mobilization of service equipment as part of a service contract arrangement, such revenue, if significant, is deferred and amortized over the estimated service period. Product Sales. Product sales revenues are generally recognized when we ship products from our facility to our customer. The product sales for our Completion Fluids & Products Division consist primarily of clear brine fluids (“CBFs”), additives, and associated manufactured products. Product sales for our Water & Flowback Services Division are typically attributed to specific performance obligations within certain production testing service arrangements. Parts and equipment sales comprise the product sales for the Compression Division. Services . Service revenues represent revenue recognized over time, as our customer arrangements typically provide agreed upon day-rates (monthly service rates for compression services) and we recognize service revenue based upon the number of days services have been performed. Service revenue recognized over time is associated with a majority of our Water & Flowback Services Division arrangements, compression service and aftermarket service contracts within our Compression Division, and a small portion of Completion Fluids & Products Division revenue that is associated with completion fluid service arrangements. With the exception of the initial terms of the compression services contracts for medium- and high-horsepower compressor packages of our Compression Division, our customer contracts are generally for terms of one year or less. The majority of the service arrangements in the Water & Flowback Services Division are for a period of 90 days or less. Sales taxes, value added taxes, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. We have elected to recognize the cost for freight and shipping costs as part of cost of product sales when control over our products (i.e. delivery) has transferred to the customer. Use of Estimates. In recognizing revenue for variable consideration arrangements, the amount of variable consideration recognized is limited so that it is probable that significant amounts of revenues will not be reversed in future periods when the uncertainty is resolved. For products returned by the customer, we estimate the expected returns based on an analysis of historical experience. For volume discounts earned by the customer, we estimate the discount (if any) based on our estimate of the total expected volume of products sold or services to be provided to the customer during the discount period. In certain contracts for the sale of CBFs, we may agree to issue credits for the repurchase of reclaimable used fluids from certain customers at an agreed price that is based on the condition of the fluids. Contract Assets and Liabilities. We consider contract assets to be trade accounts receivable when we have an unconditional right to consideration and only the passage of time is required before payment is due. In certain instances, particularly those requiring customer specific documentation prior to invoicing, our invoicing of the customer is delayed until certain documentation requirements are met. In those cases, we recognize a contract asset rather than a billed trade accounts receivable until we are able to invoice the customer. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. We classify contract liabilities as unearned income in our consolidated balance sheets. Such deferred revenue typically results from advance payments received on orders for new compressor equipment prior to the time such equipment is completed and transferred to the customer in accordance with the customer contract. New equipment sales orders generally take less than twelve months to build and deliver. Bill-and-Hold Arrangements. We design and fabricate compressor packages based on our customer’s specifications. In some cases, the customer will request us to hold the equipment, upon completion of the unit, until the job site is ready to receive the equipment. When this occurs, we along with the customer sign a bill-and-hold agreement, which outlines that the customer has title to the equipment, the equipment is ready for delivery, we cannot use the equipment or direct it to another customer, and we have a present right to payment. When those criteria have been met and the agreement is executed, we recognize the revenue on the equipment because control of the equipment has passed to our customer and our performance obligations are complete. Entering into these arrangements is something we have done as a courtesy for certain customers for many years. The equipment subject to the bill-and-hold agreements has generally been invoiced and paid for through progressive billings such that at the time the bill-and-hold agreement is executed, the majority of the contractual cash obligation of the customer has been received by us. 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. Cost of services 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. 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. Foreign Currency Translation We have designated the Euro, the British pound, the Norwegian krone, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Norway, Canada, Brazil, and certain of our operations in Mexico, respectively. The U.S. dollar is the designated functional currency for all of our other foreign operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the U.S. dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $(0.8) million and $(3.2) million during the three and nine months ended September 30, 2020, respectively, and $(1.7) million and $(2.2) million during the three and nine months ended September 30, 2019, respectively. Fair Value Measurements We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized on a recurring basis in the determination of the carrying values of certain liabilities, including the liabilities for the warrants to purchase 11.2 million shares of our common stock (the “Warrants”) and our foreign currency derivative contracts. See Note 9 - “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis in certain circumstances, such as 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), the initial recording of our asset retirement obligations, and for the impairment of long-lived assets, including goodwill (a Level 3 fair value measurement). New Accounting Pronouncements Standards adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. We are continuing to work through our implementation plan which includes evaluating the impact on our allowance for doubtful accounts methodology, identifying new reporting requirements, and implementing changes to business processes, systems, and controls to support adoption of the standard. Upon adoption, the allowance for doubtful accounts is expected to increase with an offsetting adjustment to retained earnings. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 has an effective date of the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for us the first quarter of fiscal 2021. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. We are currently evaluating the impacts of the provisions of ASU 2020-04 on our consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE FROM CONTRACTS WITH CUSTOMERS As of September 30, 2020, we had $47.1 million of remaining contractual performance obligations for compression services. As a practical expedient, this amount does not reflect revenue for compression service contracts whose original expected duration is less than twelve months and does not consider the effects of the time value of money. Expected revenue to be recognized in the future as of September 30, 2020 for completion of performance obligations of compression service contracts are as follows: 2020 2021 2022 2023 2024 Total (In Thousands) Compression service contracts remaining performance obligations $ 13,939 $ 26,608 $ 5,785 $ 703 $ 56 $ 47,091 For sales of CBFs where we have agreed to issue credits for the repurchase of reclaimable used fluids at an agreed price based on the condition of the fluid upon return, we adjust the revenue recognized in the period of shipment by an estimated amount, based on historical experience, of the credit expected to be issued. As of September 30, 2020, the amount of remaining credits expected to be issued for the repurchase of reclaimable used fluids was $1.1 million recorded in inventory (right of return asset) and either accounts payable or as a reduction to accounts receivable . T here were no material differences between amounts recognized during the three and nine month period ended September 30, 2020, compared to estimates made in a prior period from these variable consideration arrangements. Our contract asset balances, primarily associated with customer documentation requirements, were $17.2 million and $34.9 million as of September 30, 2020 and December 31, 2019, respectively. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. Collections primarily associated with progressive billings to customers for the construction of compression equipment is included in unearned income in the consolidated balance sheets. The following table reflects the changes in unearned income in our consolidated balance sheets for the periods indicated: Nine Months Ended 2020 2019 (In Thousands) Unearned Income, beginning of period $ 9,678 $ 25,333 Additional unearned income 38,979 106,744 Revenue recognized (41,624) (105,486) Unearned income, end of period $ 7,033 $ 26,591 During the nine month period ended September 30, 2020, we recognized product sales revenue of $9.4 million from unearned income that was deferred as of December 31, 2019. During the nine months ended September 30, 2019, we recognized product sales revenue of $22.2 million from unearned income that was deferred as of December 31, 2018. As of September 30, 2020, contract costs were immaterial. We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our three reportable segments in Note 12. In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (In Thousands) Completion Fluids & Products U.S. 15,013 31,480 $ 85,073 $ 100,622 International 36,937 27,860 113,460 100,066 51,950 59,340 198,533 200,688 Water & Flowback Services U.S. 19,767 68,052 97,016 209,663 International 1,767 4,789 6,708 14,980 21,534 72,841 103,724 224,643 Compression U.S. 71,478 105,153 240,661 324,792 International 7,639 8,613 25,066 28,348 79,117 113,766 265,727 353,140 Total Revenue U.S. 106,258 204,685 422,750 635,077 International 46,343 41,262 145,234 143,394 152,601 245,947 $ 567,984 $ 778,471 |
Impairments and Other Charges (
Impairments and Other Charges (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Asset Impairment Charges [Abstract] | |
Impairments and Other Charges | IMPAIRMENTS AND OTHER CHARGES Impairments of Long-Lived Assets During the first nine months of 2020, the COVID-19 pandemic and decline in oil and gas prices had a significant impact on our customers and industry. These events led to a significant reduction in the operations of our customers resulting in a decrease in demand in certain of our service lines. During the first quarter of 2020, we started to see our customers revise their capital budgets downwards and adjust their operations accordingly, which led to a decline in orders for new compression equipment to be fabricated and sold to third parties. We concluded that these events were indicators of impairment for all our asset groups within our Compression Division and certain asset groups within our Completion Fluids & Products Division. We performed recoverability analyses on the relevant asset groups within these divisions. Based upon these recoverability analyses, we determined that the carrying values of our Midland manufacturing facility and related new unit sales inventory in our Compression Division exceeded their respective fair values. Therefore, we recorded impairments of approximately $5.4 million related to these assets. Fair value was estimated based on a market approach. During the second quarter of 2020, primarily as a result of continued negative impacts on our compression fleet associated with the COVID-19 pandemic and declines in oil and gas prices, our Compression Division recorded impairments and other charges of approximately $9.0 million associated with non-core used compressor equipment that we have held for sale, the low-horsepower class of our compression fleet, and field inventory for compression and related services. During the third quarter of 2020, no further impairments were recorded. Impairment charges are reflected in impairment and other charges in our consolidated statements of operations. Fair value used to determine impairments was estimated based on a market approach. Given the dynamic nature of the events, we are not able to reasonably estimate how long our operations will be adversely impacted and the full impact these events will have on our operations. As a result, we could have indicators of impairment again in future periods resulting in additional asset impairments. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Components of inventories as of September 30, 2020 and December 31, 2019 are as follows: September 30, 2020 December 31, 2019 (In Thousands) Finished goods $ 70,452 $ 70,135 Raw materials 3,744 4,125 Parts and supplies 32,340 47,793 Work in progress 6,484 14,457 Total inventories $ 113,020 $ 136,510 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | LEASES We have operating leases for some of our transportation equipment, office space, warehouse space, operating locations, and machinery and equipment. We have finance leases for certain storage tanks and equipment rentals. These finance leases are not material to our financial statements. Our leases have remaining lease terms ranging from 1 to 16 years. Some of our leases have options to extend for various periods, while some have termination options with prior notice of generally 30 days or six months. The office space, warehouse space, operating location leases, and machinery and equipment leases generally require us to pay all maintenance and insurance costs. During the fourth quarter of 2019, CCLP entered into a lease agreement commitment for 14 compressor packages. The leases are for an initial term of seven years and commenced upon the completion of the equipment fabrication. During the first quarter, CCLP took delivery of eight compressor packages. During the second quarter, CCLP took delivery of the remaining six compressor packages. We have no other lease commitments that have not yet commenced that create significant rights and obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Variable rent expense was not material. Our corporate headquarters facility located in The Woodlands, Texas, was sold on December 31, 2012, pursuant to a sale and leaseback transaction. As a condition to the completion of the purchase and sale of the facility, the parties entered into a lease agreement for the facility having an initial lease term of 15 years, which is classified as an operating lease. Under the terms of the lease agreement, we have the ability to extend the lease for five successive five-year periods at base rental rates to be determined at the time of each extension. Components of lease expense, included in either cost of revenues or general and administrative expense based on the use of the underlying asset, are as follows (inclusive of lease expense for leases not included on our consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In Thousands) Operating lease expense $ 5,822 $ 5,075 $ 17,839 $ 15,106 Short-term lease expense 3,758 9,556 17,061 30,269 Total lease expense $ 9,580 $ 14,631 $ 34,900 $ 45,375 Supplemental cash flow information: Nine Months Ended September 30, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 17,861 $ 14,868 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 24,201 $ 7,631 Supplemental balance sheet information: September 30, 2020 December 31, 2019 (In Thousands) Operating leases: Operating lease right-of-use assets $ 78,867 $ 68,131 Accrued liabilities and other $ 16,362 $ 15,850 Operating lease liabilities 64,200 53,919 Total operating lease liabilities $ 80,562 $ 69,769 Additional operating lease information: September 30, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 6.09 years 6.43 years Weighted average discount rate: Operating leases 9.33 % 9.46 % Future minimum lease payments by year and in the aggregate, under non-cancellable operating leases with terms in excess of one year consist of the following at September 30, 2020: Operating Leases (In Thousands) Remainder of 2020 $ 5,809 2021 22,322 2022 18,896 2023 15,803 2024 12,067 Thereafter 32,611 Total lease payments 107,508 Less imputed interest (26,946) Total lease liabilities $ 80,562 |
Leases | LEASES We have operating leases for some of our transportation equipment, office space, warehouse space, operating locations, and machinery and equipment. We have finance leases for certain storage tanks and equipment rentals. These finance leases are not material to our financial statements. Our leases have remaining lease terms ranging from 1 to 16 years. Some of our leases have options to extend for various periods, while some have termination options with prior notice of generally 30 days or six months. The office space, warehouse space, operating location leases, and machinery and equipment leases generally require us to pay all maintenance and insurance costs. During the fourth quarter of 2019, CCLP entered into a lease agreement commitment for 14 compressor packages. The leases are for an initial term of seven years and commenced upon the completion of the equipment fabrication. During the first quarter, CCLP took delivery of eight compressor packages. During the second quarter, CCLP took delivery of the remaining six compressor packages. We have no other lease commitments that have not yet commenced that create significant rights and obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Variable rent expense was not material. Our corporate headquarters facility located in The Woodlands, Texas, was sold on December 31, 2012, pursuant to a sale and leaseback transaction. As a condition to the completion of the purchase and sale of the facility, the parties entered into a lease agreement for the facility having an initial lease term of 15 years, which is classified as an operating lease. Under the terms of the lease agreement, we have the ability to extend the lease for five successive five-year periods at base rental rates to be determined at the time of each extension. Components of lease expense, included in either cost of revenues or general and administrative expense based on the use of the underlying asset, are as follows (inclusive of lease expense for leases not included on our consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In Thousands) Operating lease expense $ 5,822 $ 5,075 $ 17,839 $ 15,106 Short-term lease expense 3,758 9,556 17,061 30,269 Total lease expense $ 9,580 $ 14,631 $ 34,900 $ 45,375 Supplemental cash flow information: Nine Months Ended September 30, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 17,861 $ 14,868 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 24,201 $ 7,631 Supplemental balance sheet information: September 30, 2020 December 31, 2019 (In Thousands) Operating leases: Operating lease right-of-use assets $ 78,867 $ 68,131 Accrued liabilities and other $ 16,362 $ 15,850 Operating lease liabilities 64,200 53,919 Total operating lease liabilities $ 80,562 $ 69,769 Additional operating lease information: September 30, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 6.09 years 6.43 years Weighted average discount rate: Operating leases 9.33 % 9.46 % Future minimum lease payments by year and in the aggregate, under non-cancellable operating leases with terms in excess of one year consist of the following at September 30, 2020: Operating Leases (In Thousands) Remainder of 2020 $ 5,809 2021 22,322 2022 18,896 2023 15,803 2024 12,067 Thereafter 32,611 Total lease payments 107,508 Less imputed interest (26,946) Total lease liabilities $ 80,562 |
Long-Term Debt and Other Borrow
Long-Term Debt and Other Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowings | LONG-TERM DEBT AND OTHER BORROWINGS We believe our capital structure, excluding CCLP, (“TETRA”) and CCLP’s capital structure should be considered separately, as there are no cross default provisions or cross guarantees between CCLP’s debt and TETRA’s debt. Consolidated long-term debt as of September 30, 2020 and December 31, 2019, consists of the following: September 30, 2020 December 31, 2019 (In Thousands) TETRA Scheduled Maturity Asset-based credit agreement (presented net of unamortized deferred financing costs of $0 million as of September 30, 2020 and $1.0 million as of December 31, 2019) September 10, 2023 $ — $ — Term credit agreement (presented net of the unamortized discount of $5.7 million as of September 30, 2020 and $6.4 million as of December 31, 2019 and net of unamortized deferred financing costs of $8.5 million as of September 30, 2020 and $9.5 million as of December 31, 2019) September 10, 2025 206,273 204,633 TETRA total long-term debt $ 206,273 $ 204,633 CCLP CCLP asset-based credit agreement (presented net of unamortized deferred financing costs of $0 million as of September 30, 2020 and $0.9 million of December 31, 2019) June 29, 2023 — 2,622 CCLP 7.25% Senior Notes (presented net of the unamortized discount of $0.3 million as of September 30, 2020 and $1.7 million as of December 31, 2019 and net of unamortized deferred financing costs of $0.5 million as of September 30, 2020 and $2.8 million as of December 31, 2019) August 15, 2022 79,893 291,444 CCLP 7.50% First Lien Notes (presented net of unamortized deferred financing costs of $5.4 million as of September 30, 2020 and $5.8 million as of December 31, 2019, net of the unamortized discount of $0.2 million as of September 30, 2020, and net of deferred restructuring gain of $5.3 million as of September 30, 2020) April 1, 2025 399,640 344,172 CCLP 10.00%/10.75% Second Lien Notes (presented net of the unamortized discount of $0.8 million as of September 30, 2020, net of unamortized deferred financing costs of $1.2 million as of September 30, 2020, and net of deferred restructuring gain of $3.9 million as of September 30, 2020) April 1, 2026 157,410 — CCLP total long-term debt $ 636,943 $ 638,238 Consolidated total long-term debt $ 843,216 $ 842,871 As of September 30, 2020, TETRA had no outstanding balance and $6.4 million in letters of credit against its asset-based credit agreement (“ABL Credit Agreement”). Because there was no outstanding balance on this Credit Agreement, associated deferred financing costs of $1.1 million as of September 30, 2020, were classified as other long-term assets on the accompanying consolidated balance sheet. As of September 30, 2020, subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, TETRA had an availability of $25.8 million under this agreement. As of September 30, 2020, CCLP had no balance outstanding and $2.5 million in letters of credit against its asset-based credit agreement (“CCLP Credit Agreement”). Because there was no outstanding balance under the CCLP Credit Agreement, associated deferred financing costs of $0.7 million were classified as other long-term assets on the accompanying consolidated balance sheet. As of September 30, 2020, and subject to compliance with the covenants, borrowing base, and other provisions of the CCLP Credit Agreement that may limit borrowings, CCLP had availability of $14.5 million. TETRA and CCLP credit and senior note agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. TETRA and CCLP are both in compliance with all covenants of their respective credit and senior note agreements as of September 30, 2020. Second Amendment to Credit Agreement On June 11, 2020, CSI Compressco, LP and CSI Compressco Sub Inc (the “Borrowers”) entered into the Second Amendment to Loan and Security Agreement (the “Amendment”) amending the Loan and Security Agreement dated June 29, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) with Bank of America, N.A., in its capacity as administrative agent, issuing bank and swing line issuer (“Administrative Agent”), and the other lenders and loan parties party thereto. The Amendment provided for changes and modifications to the Credit Agreement which include, among other things, changes to certain terms of the Credit Agreement as follows: (i) resizing of the maximum credit commitment under the Credit Agreement from $50,000,000 to $35,000,000; (ii) the inclusion of a $5,000,000 reserve with respect to the Borrowing Base (as defined in the Credit Agreement) thereunder, which would result in reduced borrowing availability; (iii) the removal of the financial covenant compliance test with respect to the Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement); (iv) an increase in the applicable margin related to (x) LIBOR Rate Loans (as defined in the Credit Agreement) to a range between 3.00% and 3.50% and (y) Base Rate Loans (as defined in the Credit Agreement) to a range between 2.00% and 2.50%, in each case, which shall be determined according to average daily excess availability under the Credit Agreement; and (v) an increase in the rate used to calculate the commitment fee in respect of the unutilized commitments under the Credit Agreement to 0.50%. In connection to this amendment, $0.2 million of financing costs were incurred by CCLP and deferred against the carrying value of the amount outstanding, if any. Additionally, $0.2 million of financing fees were charged to other (income) expense, net during the nine month period ended September 30, 2020. First Supplemental Indenture for the Old Notes On June 11, 2020, CSI Compressco, LP and CSI Compressco Finance Inc. (the “Issuers”) announced that they had accepted for exchange $215,208,000, or approximately 72.7%, of their outstanding 7.25% Senior Notes due 2022 (the “Old Notes”) that were validly tendered (and not validly withdrawn) by 11:59 p.m., New York City time, on June 10, 2020, for (i) $50,000,000 of the Issuers’ 7.50% Senior Secured First Lien Notes due 2025 (the “7.50% First Lien Notes”) and (ii) $155,529,000 aggregate principal amount of new 10.00%/10.75% Senior Secured Second Lien Notes due 2026 (the “10.00%/10.75% Second Lien Notes” and, together with the 7.50% First Lien Notes, the “New Notes”), pursuant to its previously announced exchange offer and consent solicitation (the “Exchange Offer”), which commenced on April 17, 2020. In connection with the exchange offer, CCLP incurred financing fees of $4.6 million which were charged to other (income) expense, net during the nine month period ended September 30, 2020. On June 12, 2020, following receipt of the requisite consents of the holders of the Old Notes, the Issuers entered into the First Supplemental Indenture (the “First Supplemental Indenture”), by and among the Issuers, the subsidiary guarantors named therein and U.S. Bank National Association, as trustee, to the Indenture, dated as of August 4, 2014 (the “Unsecured Indenture”), by and among the Issuers, the subsidiary guarantors named therein and U.S. Bank National Association, as trustee. The First Supplemental Indenture eliminated substantially all of the restrictive covenants and certain of the default provisions in the Unsecured Indenture and became operative upon the consummation by the Issuers of the Exchange Offer. On June 12, 2020, the Issuers issued $50,000,000 in aggregate principal amount of New First Lien Notes to certain holders of the Old Notes pursuant to the terms of the Exchange Offer. In March 2018, the Issuers had issued $350,000,000 in aggregate principal amount of 7.50% Senior Secured Notes due 2025 (the “Existing First Lien Notes” and, together with the New First Lien Notes, the “7.50% First Lien Notes”) pursuant to the First Lien Base Indenture. The New First Lien Notes were issued as “additional notes” under the First Lien Base Indenture and will be treated as a single class with such notes but will not trade fungibly with the Existing First Lien Notes. Second Lien Notes Indenture On June 12, 2020, the Issuers issued $155,529,000 in aggregate principal amount of the 10.00%/10.75% Second Lien Notes to certain holders of the Old Notes pursuant to the terms of the Exchange Offer. The Issuers issued the 10.00%/10.75% Second Lien Notes pursuant to an indenture, dated June 12, 2020 (the “Second Lien Notes Indenture”),by and among the Issuers, the subsidiary guarantors named therein and U.S. Bank National Association, as trustee (the “Second Lien Trustee”). In connection with the payment of PIK Interest (as defined below), if any, in respect of the 10.00%/10.75% Second Lien Notes, the Issuers will be entitled, without the consent of the Holders, to increase the outstanding aggregate principal amount of the 10.00%/10.75% Second Lien Notes or issue additional notes (“PIK notes”) under the Second Lien Notes Indenture on the same terms and conditions as the 10.00%/10.75% Second Lien Notes offered hereby (each such increase or issuance, a “PIK Payment”). The Issuers may issue additional 10.00%/10.75% Second Lien Notes under the Second Lien Notes Indenture from time to time. Any issuance of additional 10.00%/10.75% Second Lien Notes (including PIK notes) is subject to all of the covenants in the Second Lien Notes Indenture. The 10.00%/10.75% Second Lien Notes and any additional 10.00%/10.75% Second Lien Notes subsequently issued under the indenture, will be treated as a single class for all purposes under the indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase. Subject to the making of PIK Payments, the Issuers will issue 10.00%/10.75% Second Lien Notes in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000; provided that PIK Payments may result in 10.00%/10.75% Second Lien Notes being issued in denominations of $1.00 and integral multiples of $1.00. The 10.00%/10.75% Second Lien Notes will mature on April 1, 2026. Interest on the 10.00%/10.75% Second Lien Notes will be payable semi-annually in arrears on April 1 and October 1, commencing on October 1, 2020. The Issuers will make each interest payment to the holders of record on March 15 and September 15 immediately preceding each interest payment date. Interest will accrue at (1) the annual rate of 7.250% payable in cash, plus (2) at the election of the Issuers (made by delivering a notice to the Second Lien Trustee not less than five business days prior to the record date), the annual rate of (i) 2.750% payable in cash (together with the annual rate set forth in clause (1), the “Cash Interest Rate”) or (ii) 3.500% payable by increasing the principal amount of the outstanding 10.00%/10.75% Second Lien Notes or by issuing additional PIK notes, in each case rounding up to the nearest $1.00 (such increased principal amount or additional PIK notes, the “PIK Interest”). In the absence of an interest payment election made by the Issuers as set forth above, interest on the notes will be payable as if the Issuers had elected to pay PIK Interest with respect to the portion of interest payable pursuant to clause (2) above. The 10.00%/10.75% Second Lien Notes are jointly and severally, and fully and unconditionally, guaranteed (the “Guarantees”) on a senior secured basis initially by each of the Partnership’s domestic restricted subsidiaries (other than Finance Corp, certain immaterial subsidiaries and certain other excluded domestic subsidiaries, the “Guarantors”) and will be secured by a second-priority security interest in substantially all of the Issuers’ and the Guarantors’ assets (other than certain excluded assets) (the “Collateral”) as collateral security for their obligations under the 10.00%/10.75% Second Lien Notes, subject to certain permitted encumbrances and exceptions. At any time prior to April 1, 2023, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 10.00%/10.75% Second Lien Notes issued under the Second Lien Notes Indenture at a redemption price of 110.000% of the principal amount of the 10.00%/10.75% Second Lien Notes, plus accrued and unpaid interest to the redemption date, with an amount of cash equal to the net cash proceeds of certain equity offerings. On or after April 1, 2023, the Issuers may redeem all or part of the 10.00%/10.75% Second Lien Notes at redemption prices (expressed as percentages of the principal amount) equal to (i) 107.500% for the twelve month period beginning on April 1, 2023; (ii) 105.000% for the twelve-month period beginning on April 1, 2024 and (iii) 100.000% at any time thereafter, plus accrued and unpaid interest up to, but not including, the redemption date. In addition, at any time prior to April 1, 2023, the Company may redeem all or a part of the 10.00%/10.75% Second Lien Notes at a redemption price equal to 100% of the principal amount of the 10.00%/10.75% Second Lien Notes to be redeemed plus a make-whole premium, plus accrued and unpaid interest up to, but not including, the redemption date. The Second Lien Notes Indenture contains customary covenants restricting the Partnership’s ability and the ability of its restricted subsidiaries to: (i) pay distributions on, purchase or redeem its common units or purchase or redeem its subordinated debt; (ii) incur or guarantee additional indebtedness or issue certain kinds of preferred equity securities; (iii) create or incur certain liens securing indebtedness; (iv) sell assets, including dispositions of the Collateral; (v) consolidate, merge or transfer all or substantially all of its assets; (vi) enter into transactions with affiliates; and (vii) enter into agreements that restrict distributions or other payments from its restricted subsidiaries to the Partnership. These covenants are subject to a number of important limitations and exceptions, including certain provisions permitting the Partnership, subject to the satisfaction of certain conditions, to transfer assets to certain of its unrestricted subsidiaries. Moreover, if the 10.00%/10.75% Second Lien Notes receive an investment grade rating from at least two rating agencies and no default has occurred and is continuing under the 10.00%/10.75% Second Lien Notes Indenture, many of the restrictive covenants in the Second Lien Notes Indenture will be terminated. The Second Lien Notes 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 |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS On March 1, 2018, we closed a series of related transactions that resulted in the disposition of our Offshore Division. As a result, we have accounted for our Offshore Division, consisting of our Offshore Services and Maritech segments, as discontinued operations. See Note 8 - “Commitments and Contingencies” for further discussion. A summary of financial information related to our discontinued operations is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations (in thousands) Three Months Ended Three Months Ended Offshore Services Maritech Total Offshore Services Maritech Total Major classes of line items constituting pretax loss from discontinued operations Revenue $ — $ — $ — $ — $ — $ — Cost of revenues 2 — 2 (273) — (273) Depreciation, amortization, and accretion — — — 52 — 52 General and administrative expense 171 — 171 1,734 — 1,734 Other expense, net — — — 117 — 117 Pretax income (loss) from discontinued operations (173) — (173) (1,630) — (1,630) Pretax (loss) on disposal of discontinued operations — (7,500) Total pretax (loss) from discontinued operations (173) (9,130) Income tax provision (benefit) — — Total (loss) from discontinued operations $ (173) $ (9,130) Nine Months Ended Nine Months Ended Offshore Services Maritech Total Offshore Services Maritech Total Major classes of line items constituting pretax loss from discontinued operations Revenue $ — $ — $ — $ — $ — $ — Cost of revenues (332) — (332) (251) — (251) Depreciation, amortization, and accretion — — — 52 — 52 General and administrative expense 487 — 487 2,483 — 2,483 Other expense, net — — — 117 — 117 Pretax (loss) from discontinued operations (155) — (155) (2,401) — (2,401) Pretax (loss) on disposal of discontinued operations — (7,500) Total pretax (loss) from discontinued operations (155) (9,901) Income tax provision (benefit) — — Total (loss) from discontinued operations $ (155) $ (9,901) Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands) September 30, 2020 December 31, 2019 Offshore Services Maritech Total Offshore Services Maritech Total Carrying amounts of major classes of assets included as part of discontinued operations Trade receivables $ — $ — $ — $ — $ — $ — Other current assets — — — — — — Assets of discontinued operations $ — $ — $ — $ — $ — $ — Carrying amounts of major classes of liabilities included as part of discontinued operations Trade payables $ 1,223 $ — $ 1,223 $ 1,233 $ — $ 1,233 Accrued liabilities 401 228 629 745 120 865 Liabilities of discontinued operations $ 1,624 $ 228 $ 1,852 $ 1,978 $ 120 $ 2,098 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Financial Instruments Warrants The Warrants are valued using a Black Scholes option valuation model that includes implied volatility of the trading price (a Level 3 fair value measurement). Derivative Contracts We and CCLP each enter into short term foreign currency forward derivative contracts with third parties as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries. As of September 30, 2020, we and CCLP had the following foreign currency derivative contracts outstanding relating to portions of our foreign operations: Derivative contracts US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward sale Mexican peso 5,464 21.87 October 1, 2020 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 contracts during a period will be included in the determination of earnings for that period. The fair values of foreign currency derivative contracts are based on quoted market values (a Level 2 fair value measurement). The fair values of our and CCLP’s foreign currency derivative contracts as of September 30, 2020 and December 31, 2019, are as follows: Foreign currency derivative contracts Balance Sheet Location Fair Value at Fair Value at (In Thousands) Forward purchase contracts Current assets $ 59 $ 86 Forward sale contracts Current liabilities — (53) Forward purchase contracts Current liabilities — (3) Net asset $ 59 $ 30 None of our 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 three and nine months ended September 30, 2020, we recognized $0.2 million and $(0.7) million, respectively, of net (gains) losses associated with our foreign currency derivative program. During the three and nine months ended September 30, 2019, we recognized $1.0 million and $1.8 million, respectively, of net (gains) losses associated with our foreign currency derivative program. These amounts are reflected in other (income) expense, net, in the accompanying consolidated statement of operations. During the nine months ended September 30, 2020, we recorded impairments of approximately $9.0 million, reflecting the decreased fair value for certain assets. The fair values used in these impairment calculations were estimated based on a market approach, which is based on significant unobservable inputs (Level 3) in accordance with the fair value hierarchy. See Note 3 - “Impairments and Other Charges” for further discussion. Recurring and nonrecurring fair value measurements by valuation hierarchy as of September 30, 2020 and December 31, 2019, are as follows: Fair Value Measurements Using Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description September 30, 2020 (Level 1) (Level 2) (Level 3) (In Thousands) Warrants liability $ (123) $ — $ — $ (123) Asset for foreign currency derivative contracts 59 — 59 — Net asset $ (64) Fair Value Measurements Using Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2019 (Level 1) (Level 2) (Level 3) (In Thousands) Warrants liability $ (449) $ — $ — $ (449) Asset for foreign currency derivative contracts 86 — 86 — Liability for foreign currency derivative contracts (56) — (56) — Net liability $ (419) The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt pursuant to TETRA’s ABL Credit Agreement and Term Credit Agreement, and the CCLP Credit Agreement approximate their carrying amounts. The fair values of the publicly traded CCLP 7.25% Senior Notes at September 30, 2020 and December 31, 2019, were approximately $59.7 million and $266.0 million, respectively. Those fair values compare to the face amount of $80.7 million and $295.9 million at September 30, 2020 and December 31, 2019, respectively. The fair values of the CCLP 7.50% Senior Secured Notes at September 30, 2020 and December 31, 2019 were approximately $360.0 million and $344.8 million, respectively. These fair values compare to aggregate principal amount of such notes at September 30, 2020 and December 31, 2019, of $400.0 million and $350.0 million, respectively. The fair value of the CCLP 10.00%/10.75% Second Lien Notes at September 30, 2020 was approximately $115.5 million. This fair value compares to aggregate principal amount of such notes at September 30, 2020 of $155.5 million. We based the fair values of the CCLP 7.25% Senior Notes, the CCLP 7.50% Senior Secured Notes, and the CCLP 10.00%/10.75% Second Lien Notes as of September 30, 2020 on recent trades for these notes. See Note 6 - “Long-Term Debt and Other Borrowings” for further discussion. |
Net Income (Loss) per Share (No
Net Income (Loss) per Share (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | NET INCOME (LOSS) PER SHARE The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income (loss) per common and common equivalent share: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In Thousands) Number of weighted average common shares outstanding 125,893 125,568 125,789 125,620 Assumed exercise of equity awards and warrants — — — — Average diluted shares outstanding 125,893 125,568 125,789 125,620 For the three and nine month periods ended September 30, 2020 and September 30, 2019, the average diluted shares outstanding excludes the impact of all outstanding equity awards and warrants, as the inclusion of these shares would have been anti-dilutive due to the net losses recorded during the periods. In addition, for the three and nine month period ended September 30, 2019, the calculation of diluted earnings per common share excludes the impact of the CSI Compressco LP Series A Convertible Preferred Units (the “CCLP Preferred Units”), as the inclusion of the impact from conversion of the CCLP Preferred Units into CCLP common units would have been anti-dilutive. |
Industry Segments
Industry Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Industry Segments | INDUSTRY SEGMENTS We manage our operations through three Divisions: Completion Fluids & Products, Water & Flowback Services, and Compression. Summarized financial information concerning the business segments is as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In Thousands) Revenues from external customers Product sales Completion Fluids & Products Division $ 49,986 $ 55,444 $ 187,419 $ 185,578 Water & Flowback Services Division 23 100 56 831 Compression Division 18,801 37,833 64,541 134,099 Consolidated $ 68,810 $ 93,377 $ 252,016 $ 320,508 Services Completion Fluids & Products Division $ 1,964 $ 3,896 $ 11,114 $ 15,110 Water & Flowback Services Division 21,511 72,741 103,668 223,812 Compression Division 60,316 75,933 201,186 219,041 Consolidated $ 83,791 $ 152,570 $ 315,968 $ 457,963 Total revenues Completion Fluids & Products Division $ 51,950 $ 59,340 $ 198,533 $ 200,688 Water & Flowback Services Division 21,534 72,841 103,724 224,643 Compression Division 79,117 113,766 265,727 353,140 Interdivision eliminations — — — — Consolidated $ 152,601 $ 245,947 $ 567,984 $ 778,471 Income (loss) before taxes Completion Fluids & Products Division $ 11,756 $ 11,318 $ 44,354 $ 32,118 Water & Flowback Services Division (7,746) 2,578 (18,408) 7,269 Compression Division (11,321) (3,464) (47,117) (14,748) Interdivision eliminations 3 (1) 10 6 Corporate Overhead (1) (13,472) (17,931) (43,825) (54,921) Consolidated $ (20,780) $ (7,500) $ (64,986) $ (30,276) (1) Amounts reflected include the following general corporate expenses: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In Thousands) General and administrative expense $ 8,959 $ 12,573 $ 28,650 $ 39,012 Depreciation and amortization 270 167 643 507 Interest expense 4,706 5,495 14,909 16,533 Warrants fair value adjustment (income) expense — 78 (327) (1,035) Other general corporate income, net (463) (382) (50) (96) Total $ 13,472 $ 17,931 $ 43,825 $ 54,921 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSIn connection with the Midland manufacturing facility sale discussed in Note 10, we entered into an agreement with the buyer to continue to operate a portion of the facility, which allowed us to close out remaining backlog for the New Unit Sale business and operate our aftermarket services business for an interim period. Following the shipment of the last unit in October, we are no longer fabricating new compressor packages for sales to third parties or for our own service fleet. The operations associated with fabricating new compressor packages will be reported as a discontinued operation in the fourth quarter of 2020. In July 2020, we received a purchase order to sell $6.7 million of idle large horsepower compressor units to one of our significant customers. During the third quarter of 2020, we received proceeds and recognized $1.7 million relating to this order. In October 2020, we received the remaining $5.0 million of proceeds and started to deliver the compressor units to the customer . |
Sale of Assets
Sale of Assets | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Assets | SALE OF ASSETS In April 2020, we entered into a purchase and sale agreement for the sale of the Midland manufacturing facility within our Compression Division. During the nine months ended September 30, 2020, we recorded an impairment of $3.1 million to reduce this asset to its approximate fair market value based on a market approach and expected net proceeds. The impairment charges are reflected in impairment and other charges in our statement of operations. On July 2, 2020, we completed the previously announced sale of our Midland manufacturing facility for a total sale price of $17.0 million. The Midland facility was used to design, fabricate and assemble new standard and customized compressor packages. The sale of the Midland facility resulted in a gain of $0.3 million during the three and nine months ended September 30, 2020, which is reflected in other (income) expense, net in our statement of operations. Additionally, in the third quarter of 2020, we sold the remaining inventory and equipment related to the fabrication of new compressors within our Compression Division for a gain of $0.5 million, which is reflected in other (income) expense, net in our statement of operations for the three and nine months ended September 30, 2020. During the nine months ended September 30, 2020, we recorded an impairment of $2.3 million to reduce the carrying value of the new unit sales inventory to its approximate fair market value based on a market approach. The impairment charges are reflected in impairment and other charges in our statement of operations. During the third quarter ended September 30, 2020, we completed the sale of 58 low-horsepower units to one of our customers for $2.6 million. During the nine months ended September 30, 2020, we recorded an impairment of $3.7 million to reduce these assets to their approximate fair market value based on a market approach and expected net proceeds. The impairment charges are reflected in impairment and other charges in our statement of operations. |
Organization, Basis of Presen_2
Organization, Basis of Presentation, and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation policy | Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended September 30, 2020 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2020. We consolidate the financial statements of our CSI Compressco LP subsidiary (“CCLP”) as part of our Compression Division, as we determined that CCLP is a variable interest entity and we are the primary beneficiary. We control the financial interests of CCLP and have the ability to direct the activities of CCLP that most significantly impact its economic performance 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 on our CCLP common units and general partner interest (including incentive distribution rights) and the amounts collected for services we perform on behalf of CCLP, as TETRA’s capital structure and CCLP’s capital structure are separate, and do not include cross default provisions or cross guarantees. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2019 and notes thereto included in our Annual Report on Form 10-K |
Use of estimates policy | Use of Estimates The preparation of financial statements in conformity with U.S. 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 [Text Block] | Reclassifications 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. |
Foreign currency translation policy | Foreign Currency Translation We have designated the Euro, the British pound, the Norwegian krone, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Norway, Canada, Brazil, and certain of our operations in Mexico, respectively. The U.S. dollar is the designated functional currency for all of our other foreign operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the U.S. dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $(0.8) million and $(3.2) million during the three and nine months ended September 30, 2020, respectively, and $(1.7) million and $(2.2) million during the three and nine months ended September 30, 2019, respectively. |
New Accounting Pronouncements policy | New Accounting Pronouncements Standards adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. We are continuing to work through our implementation plan which includes evaluating the impact on our allowance for doubtful accounts methodology, identifying new reporting requirements, and implementing changes to business processes, systems, and controls to support adoption of the standard. Upon adoption, the allowance for doubtful accounts is expected to increase with an offsetting adjustment to retained earnings. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 has an effective date of the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for us the first quarter of fiscal 2021. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. We are currently evaluating the impacts of the provisions of ASU 2020-04 on our consolidated financial statements. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | as follows: 2020 2021 2022 2023 2024 Total (In Thousands) Compression service contracts remaining performance obligations $ 13,939 $ 26,608 $ 5,785 $ 703 $ 56 $ 47,091 |
Summary of Changes in Contract Liabilities | The following table reflects the changes in unearned income in our consolidated balance sheets for the periods indicated: Nine Months Ended 2020 2019 (In Thousands) Unearned Income, beginning of period $ 9,678 $ 25,333 Additional unearned income 38,979 106,744 Revenue recognized (41,624) (105,486) Unearned income, end of period $ 7,033 $ 26,591 |
Disaggregation of Revenue [Table Text Block] | In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (In Thousands) Completion Fluids & Products U.S. 15,013 31,480 $ 85,073 $ 100,622 International 36,937 27,860 113,460 100,066 51,950 59,340 198,533 200,688 Water & Flowback Services U.S. 19,767 68,052 97,016 209,663 International 1,767 4,789 6,708 14,980 21,534 72,841 103,724 224,643 Compression U.S. 71,478 105,153 240,661 324,792 International 7,639 8,613 25,066 28,348 79,117 113,766 265,727 353,140 Total Revenue U.S. 106,258 204,685 422,750 635,077 International 46,343 41,262 145,234 143,394 152,601 245,947 $ 567,984 $ 778,471 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Components of inventories as of September 30, 2020 and December 31, 2019 are as follows: September 30, 2020 December 31, 2019 (In Thousands) Finished goods $ 70,452 $ 70,135 Raw materials 3,744 4,125 Parts and supplies 32,340 47,793 Work in progress 6,484 14,457 Total inventories $ 113,020 $ 136,510 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lease, Cost | Components of lease expense, included in either cost of revenues or general and administrative expense based on the use of the underlying asset, are as follows (inclusive of lease expense for leases not included on our consolidated balance sheet based on our accounting policy election to exclude leases with a term of 12 months or less): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In Thousands) Operating lease expense $ 5,822 $ 5,075 $ 17,839 $ 15,106 Short-term lease expense 3,758 9,556 17,061 30,269 Total lease expense $ 9,580 $ 14,631 $ 34,900 $ 45,375 Supplemental cash flow information: Nine Months Ended September 30, 2020 2019 (In Thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 17,861 $ 14,868 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 24,201 $ 7,631 |
Assets and Liabilities, Lessee | upplemental balance sheet information: September 30, 2020 December 31, 2019 (In Thousands) Operating leases: Operating lease right-of-use assets $ 78,867 $ 68,131 Accrued liabilities and other $ 16,362 $ 15,850 Operating lease liabilities 64,200 53,919 Total operating lease liabilities $ 80,562 $ 69,769 Additional operating lease information: September 30, 2020 December 31, 2019 Weighted average remaining lease term: Operating leases 6.09 years 6.43 years Weighted average discount rate: Operating leases 9.33 % 9.46 % |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments by year and in the aggregate, under non-cancellable operating leases with terms in excess of one year consist of the following at September 30, 2020: Operating Leases (In Thousands) Remainder of 2020 $ 5,809 2021 22,322 2022 18,896 2023 15,803 2024 12,067 Thereafter 32,611 Total lease payments 107,508 Less imputed interest (26,946) Total lease liabilities $ 80,562 |
Finance Lease, Liability, Maturity | Future minimum lease payments by year and in the aggregate, under non-cancellable operating leases with terms in excess of one year consist of the following at September 30, 2020: Operating Leases (In Thousands) Remainder of 2020 $ 5,809 2021 22,322 2022 18,896 2023 15,803 2024 12,067 Thereafter 32,611 Total lease payments 107,508 Less imputed interest (26,946) Total lease liabilities $ 80,562 |
Long-Term Debt and Other Borr_2
Long-Term Debt and Other Borrowings Long-Term Debt and Other Borrowings (Table) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt Table | September 30, 2020 December 31, 2019 (In Thousands) TETRA Scheduled Maturity Asset-based credit agreement (presented net of unamortized deferred financing costs of $0 million as of September 30, 2020 and $1.0 million as of December 31, 2019) September 10, 2023 $ — $ — Term credit agreement (presented net of the unamortized discount of $5.7 million as of September 30, 2020 and $6.4 million as of December 31, 2019 and net of unamortized deferred financing costs of $8.5 million as of September 30, 2020 and $9.5 million as of December 31, 2019) September 10, 2025 206,273 204,633 TETRA total long-term debt $ 206,273 $ 204,633 CCLP CCLP asset-based credit agreement (presented net of unamortized deferred financing costs of $0 million as of September 30, 2020 and $0.9 million of December 31, 2019) June 29, 2023 — 2,622 CCLP 7.25% Senior Notes (presented net of the unamortized discount of $0.3 million as of September 30, 2020 and $1.7 million as of December 31, 2019 and net of unamortized deferred financing costs of $0.5 million as of September 30, 2020 and $2.8 million as of December 31, 2019) August 15, 2022 79,893 291,444 CCLP 7.50% First Lien Notes (presented net of unamortized deferred financing costs of $5.4 million as of September 30, 2020 and $5.8 million as of December 31, 2019, net of the unamortized discount of $0.2 million as of September 30, 2020, and net of deferred restructuring gain of $5.3 million as of September 30, 2020) April 1, 2025 399,640 344,172 CCLP 10.00%/10.75% Second Lien Notes (presented net of the unamortized discount of $0.8 million as of September 30, 2020, net of unamortized deferred financing costs of $1.2 million as of September 30, 2020, and net of deferred restructuring gain of $3.9 million as of September 30, 2020) April 1, 2026 157,410 — CCLP total long-term debt $ 636,943 $ 638,238 Consolidated total long-term debt $ 843,216 $ 842,871 |
Fair Value Measurements Market
Fair Value Measurements Market Risks and Derivative Hedge Contracts (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions Table | Derivative contracts US Dollar Notional Amount Traded Exchange Rate Settlement Date (In Thousands) Forward sale Mexican peso 5,464 21.87 October 1, 2020 |
Derivatives Designated as Hedging Instruments Table | Foreign currency derivative contracts Balance Sheet Location Fair Value at Fair Value at (In Thousands) Forward purchase contracts Current assets $ 59 $ 86 Forward sale contracts Current liabilities — (53) Forward purchase contracts Current liabilities — (3) Net asset $ 59 $ 30 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income (loss) per common and common equivalent share: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In Thousands) Number of weighted average common shares outstanding 125,893 125,568 125,789 125,620 Assumed exercise of equity awards and warrants — — — — Average diluted shares outstanding 125,893 125,568 125,789 125,620 |
Industry Segments (Tables)
Industry Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Table | Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In Thousands) Revenues from external customers Product sales Completion Fluids & Products Division $ 49,986 $ 55,444 $ 187,419 $ 185,578 Water & Flowback Services Division 23 100 56 831 Compression Division 18,801 37,833 64,541 134,099 Consolidated $ 68,810 $ 93,377 $ 252,016 $ 320,508 Services Completion Fluids & Products Division $ 1,964 $ 3,896 $ 11,114 $ 15,110 Water & Flowback Services Division 21,511 72,741 103,668 223,812 Compression Division 60,316 75,933 201,186 219,041 Consolidated $ 83,791 $ 152,570 $ 315,968 $ 457,963 Total revenues Completion Fluids & Products Division $ 51,950 $ 59,340 $ 198,533 $ 200,688 Water & Flowback Services Division 21,534 72,841 103,724 224,643 Compression Division 79,117 113,766 265,727 353,140 Interdivision eliminations — — — — Consolidated $ 152,601 $ 245,947 $ 567,984 $ 778,471 Income (loss) before taxes Completion Fluids & Products Division $ 11,756 $ 11,318 $ 44,354 $ 32,118 Water & Flowback Services Division (7,746) 2,578 (18,408) 7,269 Compression Division (11,321) (3,464) (47,117) (14,748) Interdivision eliminations 3 (1) 10 6 Corporate Overhead (1) (13,472) (17,931) (43,825) (54,921) Consolidated $ (20,780) $ (7,500) $ (64,986) $ (30,276) (1) Amounts reflected include the following general corporate expenses: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In Thousands) General and administrative expense $ 8,959 $ 12,573 $ 28,650 $ 39,012 Depreciation and amortization 270 167 643 507 Interest expense 4,706 5,495 14,909 16,533 Warrants fair value adjustment (income) expense — 78 (327) (1,035) Other general corporate income, net (463) (382) (50) (96) Total $ 13,472 $ 17,931 $ 43,825 $ 54,921 |
Organization, Basis of Presen_3
Organization, Basis of Presentation, and Significant Accounting Policies - Additional Information (Details) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | |
Accounting Policies [Abstract] | ||||
Number of Operating Segments | 3 | |||
Foreign Currency Transaction Gain (Loss), Realized | $ | $ (0.8) | $ (1.7) | $ (3.2) | $ (2.2) |
Class of Warrant or Right, Outstanding | shares | 11.2 | 11.2 |
Organization, Basis of Presen_4
Organization, Basis of Presentation, and Significant Accounting Policies (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Operating lease right-of-use assets | $ 78,867 | $ 68,131 |
Accrued liabilities and other | 16,362 | 15,850 |
Operating lease liabilities | $ 64,200 | $ 53,919 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Services (Details) $ in Millions | Sep. 30, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining credits expected to be issued | $ 1.1 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Revenue Performance Obligation (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 47,091 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 13,939 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 26,608 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 5,785 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 703 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 56 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 152,601 | $ 245,947 | $ 567,984 | $ 778,471 |
Remaining credits expected to be issued | 1,100 | 1,100 | ||
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 106,258 | 204,685 | 422,750 | 635,077 |
Non-US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 46,343 | 41,262 | 145,234 | 143,394 |
Completion Fluids & Products Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 51,950 | 59,340 | 198,533 | 200,688 |
Completion Fluids & Products Division [Member] | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15,013 | 31,480 | 85,073 | 100,622 |
Completion Fluids & Products Division [Member] | Non-US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 36,937 | 27,860 | 113,460 | 100,066 |
Water & Flowback Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21,534 | 72,841 | 103,724 | 224,643 |
Water & Flowback Services [Member] | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 19,767 | 68,052 | 97,016 | 209,663 |
Water & Flowback Services [Member] | Non-US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,767 | 4,789 | 6,708 | 14,980 |
Compression Division [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 79,117 | 113,766 | 265,727 | 353,140 |
Compression Division [Member] | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 71,478 | 105,153 | 240,661 | 324,792 |
Compression Division [Member] | Non-US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 7,639 | 8,613 | 25,066 | 28,348 |
Interdivision Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract with customer, asset balances | $ 17,200 | $ 34,900 | ||
Unearned income | 9,400 | $ 22,200 | ||
Deferred Revenue | 7,033 | 26,591 | $ 9,678 | $ 25,333 |
Deferred Revenue, Additions | 38,979 | 106,744 | ||
Contract with Customer, Liability, Revenue Recognized | $ (41,624) | $ (105,486) |
Impairments and Other Charges_2
Impairments and Other Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||
Impairment and other charges | $ 97 | $ 5,400 | $ 849 | $ 14,445 | $ 3,306 |
Compression Division [Member] | |||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||
Impairment and other charges | $ 9,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Gross | $ 70,452 | $ 70,135 |
Inventory, Raw Materials, Gross | 3,744 | 4,125 |
Other Inventory, Supplies, Gross | 32,340 | 47,793 |
Inventory, Work in Process, Gross | 6,484 | 14,457 |
Inventories | $ 113,020 | $ 136,510 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Operating lease, initial lease term | 15 years | 15 years |
Lessee, operating lease, liability, payments, net of sublease income, due | $ 5 | $ 5 |
Sublease Income | $ 0.3 | $ 0.9 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 1 year | |
Operating lease, termination option period | 30 days | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, remaining lease term | 16 years | |
Operating lease, termination option period | 6 months |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease expense | $ 5,822 | $ 5,075 | $ 17,839 | $ 15,106 |
Short-term lease expense | 3,758 | 9,556 | 17,061 | 30,269 |
Total lease expense | $ 9,580 | $ 14,631 | $ 34,900 | $ 45,375 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows - operating leases | $ 17,861 | $ 14,868 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 24,201 | $ 7,631 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Operating leases: | ||
Operating lease right-of-use assets | $ 78,867 | $ 68,131 |
Accrued liabilities and other | 16,362 | 15,850 |
Operating lease liabilities | 64,200 | 53,919 |
Total operating lease liabilities | $ 80,562 | $ 69,769 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Sublease Income | $ 0.3 | $ 0.9 | |
Weighted average remaining lease term: | |||
Operating leases | 6 years 1 month 2 days | 6 years 1 month 2 days | 6 years 5 months 4 days |
Weighted average discount rate: | |||
Operating leases | 9.33% | 9.33% | 9.46% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Operating Leases | ||
Remainder of 2020 | $ 5,809 | |
2021 | 22,322 | |
2022 | 18,896 | |
2023 | 15,803 | |
2024 | 12,067 | |
Thereafter | 32,611 | |
Total lease payments | 107,508 | |
Less imputed interest | (26,946) | |
Total lease liabilities | $ 80,562 | $ 69,769 |
Long-Term Debt and Other Borr_3
Long-Term Debt and Other Borrowings Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 843,216 | $ 842,871 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 2,622 |
Unamortized deferred finance costs | 0 | 900 |
Compressco Partners Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 79,893 | 291,444 |
Compressco Partners Senior Notes 7.50% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 399,640 | 344,172 |
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 157,410 | 0 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 206,273 | 204,633 |
Unamortized deferred finance costs | 1,100 | |
CSI Compressco [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 636,943 | 638,238 |
CSI Compressco [Member] | Compressco Partners Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 7.25% | |
Unamortized deferred finance costs | $ 500 | 2,800 |
Debt Instrument, Unamortized Discount (Premium), Net | $ 300 | 1,700 |
CSI Compressco [Member] | Compressco Partners Senior Notes 7.50% [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 7.50% | |
Unamortized deferred finance costs | $ 5,400 | 5,800 |
Debt Instrument, Unamortized Gain | 5,300 | |
CSI Compressco [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred finance costs | 1,200 | |
Debt Instrument, Unamortized Discount (Premium), Net | 800 | |
Debt Instrument, Unamortized Gain | 3,900 | |
Revolving Credit Facility [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 0 |
Unamortized deferred finance costs | 0 | 1,000 |
Term Loan [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 206,273 | 204,633 |
Unamortized deferred finance costs | 8,500 | 9,500 |
Debt Instrument, Unamortized Discount (Premium), Net | $ 5,700 | $ 6,400 |
Long-Term Debt and Other Borr_4
Long-Term Debt and Other Borrowings (Details) - USD ($) | Jun. 12, 2020 | Jun. 11, 2020 | Sep. 30, 2020 | Jun. 10, 2020 | Dec. 31, 2019 | Mar. 22, 2018 |
Debt Instrument [Line Items] | ||||||
Bank line of credit, net availability | $ 14,500,000 | |||||
Parent Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | 1,100,000 | |||||
Line of Credit [Member] | Parent Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Value of amount outstanding | 0 | |||||
Bank line of credit, letters of credit and guarantees | 6,400,000 | |||||
Bank line of credit, net availability | 25,800,000 | |||||
Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Value of amount outstanding | 0 | |||||
Bank line of credit, letters of credit and guarantees | 2,500,000 | |||||
Unamortized deferred finance costs | 0 | $ 900,000 | ||||
Credit Agreement [Member] | Other Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | 700,000 | |||||
Compressco Partners Senior Notes [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | $ 500,000 | 2,800,000 | ||||
Interest rate, stated percentage | 7.25% | |||||
Compressco Partners Senior Notes 7.50% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | $ 5,400,000 | 5,800,000 | ||||
Interest rate, stated percentage | 7.50% | |||||
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | $ 1,200,000 | |||||
Revolving Credit Facility [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | 0 | 1,000,000 | ||||
Term Loan [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | 8,500,000 | $ 9,500,000 | ||||
Second Amendment to Loan and Security Agreement [Member] | Credit Agreement [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | 200,000 | |||||
Maximum borrowing capacity | $ 35,000,000 | $ 50,000,000 | ||||
Reserve amount | $ 5,000,000 | |||||
Commitment fee percentage | 0.50% | |||||
Debt related commitment fees issuance costs | 200,000 | |||||
First Supplemental Indenture for the Old Notes [Member] | Compressco Partners Senior Notes [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt related commitment fees issuance costs | $ 4,600,000 | |||||
Amount outstanding | $ 215,208,000 | |||||
Percentage of debt exchanged | 72.70% | |||||
Interest rate, stated percentage | 7.25% | |||||
First Supplemental Indenture for the Old Notes [Member] | Compressco Partners Senior Notes 7.50% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 7.50% | |||||
Long-term debt, gross | $ 50,000,000 | $ 50,000,000 | ||||
First Supplemental Indenture for the Old Notes [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 155,529,000 | |||||
First Supplemental Indenture for the Old Notes [Member] | Senior Secured First Lien Notes Due 2025 [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 350,000,000 | |||||
Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 155,529,000 | |||||
Debt issued denomination amount | $ 2,000 | |||||
Minimum | First Supplemental Indenture for the Old Notes [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 10.00% | |||||
Minimum | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt issued denomination integral multiples amount | $ 1,000 | |||||
Minimum | London Interbank Offered Rate (LIBOR) [Member] | Second Amendment to Loan and Security Agreement [Member] | Credit Agreement [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percentage) | 3.00% | |||||
Minimum | Base Rate [Member] | Second Amendment to Loan and Security Agreement [Member] | Credit Agreement [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percentage) | 2.00% | |||||
Maximum | First Supplemental Indenture for the Old Notes [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 10.75% | |||||
Maximum | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt issued denomination integral multiples amount | $ 2,000 | |||||
Maximum | London Interbank Offered Rate (LIBOR) [Member] | Second Amendment to Loan and Security Agreement [Member] | Credit Agreement [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percentage) | 3.50% | |||||
Maximum | Base Rate [Member] | Second Amendment to Loan and Security Agreement [Member] | Credit Agreement [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percentage) | 2.50% | |||||
PIK Payments [Member] | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt issued denomination amount | 1 | |||||
Debt issued denomination integral multiples amount | $ 1 | |||||
Rate 1 [Member] | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 7.25% | |||||
Rate 2 [Member] | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 2.75% | |||||
Rate 3 [Member] | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 3.50% | |||||
Debt Instrument, Redemption, Period One [Member] | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price, percentage | 110.00% | |||||
Debt Instrument, Redemption, Period Two [Member] | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price, percentage | 107.50% | |||||
Debt Instrument, Redemption, Period Three [Member] | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price, percentage | 105.00% | |||||
Debt Instrument, Redemption, Period Four [Member] | Second Lien Notes Indenture [Member] | Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | CSI Compressco [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price, percentage | 100.00% |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group Including Discontinued Operation Revenue | $ 0 | $ 0 | $ 0 | $ 0 | |
Disposal Group, Including Discontinued Operation, Cost of Revenue | 2 | (273) | (332) | (251) | |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 0 | 52 | 0 | 52 | |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 171 | 1,734 | 487 | 2,483 | |
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 117 | 0 | 117 | |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | (173) | (1,630) | (155) | (2,401) | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | (7,500) | 0 | (7,500) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (173) | (9,130) | (155) | (9,901) | |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | 0 | 0 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (173) | (9,130) | (155) | (9,901) | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | 0 | $ 0 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 1,223 | 1,223 | 1,233 | ||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 629 | 629 | 865 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 1,852 | 1,852 | 2,098 | ||
Maritech [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group Including Discontinued Operation Revenue | 0 | 0 | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Cost of Revenue | 0 | 0 | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 0 | 0 | 0 | 0 | |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 0 | 0 | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 0 | 0 | 0 | |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | 0 | 0 | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 228 | 228 | 120 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 228 | 228 | 120 | ||
Offshore Services [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group Including Discontinued Operation Revenue | 0 | 0 | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Cost of Revenue | 2 | (273) | (332) | (251) | |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 0 | 52 | 0 | 52 | |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 171 | 1,734 | 487 | 2,483 | |
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 117 | 0 | 117 | |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | (173) | $ (1,630) | (155) | $ (2,401) | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 1,223 | 1,223 | 1,233 | ||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 401 | 401 | 745 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | $ 1,624 | $ 1,624 | $ 1,978 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) - USD ($) | Jan. 15, 2020 | Sep. 30, 2020 | Aug. 31, 2019 | Mar. 01, 2018 |
Long-term Purchase Commitment [Line Items] | ||||
Discontinued operation, amounts of material contingent liabilities remaining, performance bonds | $ 46,800,000 | |||
Damages Awarded | $ 7,887,454 | |||
Post-judgement interest | 3.52% | |||
The Clarkes [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Damages sought | $ 1,000,000 | |||
Within 90 Days Following Bonding Agreement Closing [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Discontinued operation, amounts of material contingent liabilities remaining, performance bonds | 47,000,000 | |||
Within 180 Days Following Bonding Agreement Closing [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Discontinued operation, amounts of material contingent liabilities remaining, performance bonds | $ 47,000,000 | |||
Offshore Division | Discontinued Operations, Disposed of by Sale | ||||
Long-term Purchase Commitment [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration, Additional Receivable | $ 7,500,000 | |||
Disposal group, including discontinued operation, consideration, promissory note receivable, interest rate | 1.52% | |||
Disposal Group, Including Discontinued Operation, Reserve, Other Receivables | $ 1,500,000 |
Fair Value Measurements Additio
Fair Value Measurements Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Compressco Partners Senior Notes 7.50% [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of Senior Notes | $ 360,000,000 | $ 344,800,000 |
Debt instrument, face amount | 400,000,000 | $ 350,000,000 |
Compressco Partners Second Lien Notes 10.00%/10.75% [Member] | ||
Business Acquisition [Line Items] | ||
Debt instrument, face amount | 155,500,000 | |
Debt instrument, fair value | 115,500,000 | |
Compression Division [Member] | ||
Business Acquisition [Line Items] | ||
Impairment charges | $ 9,000,000 |
Market Risks and Derivative Hed
Market Risks and Derivative Hedge Contracts (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Derivatives, Fair Value [Line Items] | |||||
Forward purchase contracts | $ 59,000 | $ 59,000 | $ 30,000 | ||
Net gains associated with foreign currency derivatives | 200,000 | $ 1,000,000 | (700,000) | $ 1,800,000 | |
Compressco Partners Senior Notes [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair value of Senior Notes | 59,700,000 | 59,700,000 | 266,000,000 | ||
Carrying value of Senior Notes | $ 80,700,000 | $ 80,700,000 | 295,900,000 | ||
Compressco Partners Senior Notes 7.50% [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.50% | 7.50% | |||
Fair value of Senior Notes | $ 360,000,000 | $ 360,000,000 | 344,800,000 | ||
Debt instrument, face amount | 400,000,000 | 400,000,000 | 350,000,000 | ||
Fair Value, Recurring [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (64,000) | (64,000) | (419,000) | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 59,000 | 59,000 | 86,000 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 56,000 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | 0 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 59,000 | 59,000 | 86,000 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 56,000 | ||||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | 0 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | ||||
Current Assets [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Forward purchase contracts | 59,000 | 59,000 | 86,000 | ||
Current Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | 53,000 | ||
Forward sale contracts | 0 | 0 | (3,000) | ||
Warrants liability | Fair Value, Recurring [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (123,000) | (123,000) | (449,000) | ||
Warrants liability | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Warrants liability | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | 0 | ||
Warrants liability | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (123,000) | (123,000) | $ (449,000) | ||
Forward Sale Contract, Mexican Pesos (2) [Member] | |||||
Derivative [Line Items] | |||||
Derivative notional amount | $ 5,464,000 | $ 5,464,000 | |||
Traded exchange rate | 21.87 | 21.87 | |||
Value date | Oct. 1, 2020 |
Net Income (Loss) per Share (De
Net Income (Loss) per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 125,893 | 125,568 | 125,789 | 125,620 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 125,893 | 125,568 | 125,789 | 125,620 |
Industry Segments - Revenue, In
Industry Segments - Revenue, Income from Operations, and Assets by Reporting Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Industry Segments Details [Line Items] | ||||
Revenues | $ 152,601 | $ 245,947 | $ 567,984 | $ 778,471 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (20,780) | (7,500) | (64,986) | (30,276) |
Completion Fluids & Products Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 51,950 | 59,340 | 198,533 | 200,688 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 11,756 | 11,318 | 44,354 | 32,118 |
Water & Flowback Services [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 21,534 | 72,841 | 103,724 | 224,643 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (7,746) | 2,578 | (18,408) | 7,269 |
Compression Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 79,117 | 113,766 | 265,727 | 353,140 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (11,321) | (3,464) | (47,117) | (14,748) |
Interdivision Eliminations [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 3 | (1) | 10 | 6 |
Corporate Overhead [Member] | ||||
Industry Segments Details [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (13,472) | (17,931) | (43,825) | (54,921) |
Product sales | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 68,810 | 93,377 | 252,016 | 320,508 |
Product sales | Completion Fluids & Products Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 49,986 | 55,444 | 187,419 | 185,578 |
Product sales | Water & Flowback Services [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 23 | 100 | 56 | 831 |
Product sales | Compression Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 18,801 | 37,833 | 64,541 | 134,099 |
Services | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 83,791 | 152,570 | 315,968 | 457,963 |
Services | Completion Fluids & Products Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 1,964 | 3,896 | 11,114 | 15,110 |
Services | Water & Flowback Services [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 21,511 | 72,741 | 103,668 | 223,812 |
Services | Compression Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | $ 60,316 | $ 75,933 | $ 201,186 | $ 219,041 |
Industry Segments - Corporate E
Industry Segments - Corporate Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
General and administrative expense | $ 25,256 | $ 34,926 | $ 89,807 | $ 105,498 |
Depreciation, amortization, and accretion | 29,604 | 30,867 | 88,906 | 93,312 |
Interest expense, net | 17,631 | 18,146 | 53,073 | 55,054 |
Warrants fair value adjustment | (326) | (1,035) | ||
Other (income) expense, net | (2,137) | (690) | 2,141 | (1,014) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 21,425 | 9,079 | 68,786 | 35,954 |
Corporate Overhead [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expense | 8,959 | 12,573 | 28,650 | 39,012 |
Depreciation, amortization, and accretion | 270 | 167 | 643 | 507 |
Interest expense, net | 4,706 | 5,495 | 14,909 | 16,533 |
Warrants fair value adjustment | 0 | 78 | (327) | (1,035) |
Other (income) expense, net | (463) | (382) | (50) | (96) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 13,472 | $ 17,931 | $ 43,825 | $ 54,921 |
Industry Segments Additional De
Industry Segments Additional Details (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Industry Segments Details [Line Items] | ||||
Number of Reportable Segments | 3 | |||
Revenues | $ 152,601 | $ 245,947 | $ 567,984 | $ 778,471 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (20,780) | (7,500) | (64,986) | (30,276) |
General and administrative expense | 25,256 | 34,926 | 89,807 | 105,498 |
Depreciation, amortization, and accretion | 29,604 | 30,867 | 88,906 | 93,312 |
Interest expense, net | 17,631 | 18,146 | 53,073 | 55,054 |
Warrants fair value adjustment | (326) | (1,035) | ||
Other Nonoperating Income (Expense) | 2,137 | 690 | (2,141) | 1,014 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (21,425) | (9,079) | (68,786) | (35,954) |
Completion Fluids & Products Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 51,950 | 59,340 | 198,533 | 200,688 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 11,756 | 11,318 | 44,354 | 32,118 |
Water & Flowback Services [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 21,534 | 72,841 | 103,724 | 224,643 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (7,746) | 2,578 | (18,408) | 7,269 |
Compression Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 79,117 | 113,766 | 265,727 | 353,140 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (11,321) | (3,464) | (47,117) | (14,748) |
Interdivision Eliminations [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 3 | (1) | 10 | 6 |
Corporate Overhead [Member] | ||||
Industry Segments Details [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (13,472) | (17,931) | (43,825) | (54,921) |
General and administrative expense | 8,959 | 12,573 | 28,650 | 39,012 |
Depreciation, amortization, and accretion | 270 | 167 | 643 | 507 |
Interest expense, net | 4,706 | 5,495 | 14,909 | 16,533 |
Warrants fair value adjustment | 0 | 78 | (327) | (1,035) |
Other Nonoperating Income (Expense) | 463 | 382 | 50 | 96 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (13,472) | (17,931) | (43,825) | (54,921) |
Product sales | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 68,810 | 93,377 | 252,016 | 320,508 |
Product sales | Completion Fluids & Products Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 49,986 | 55,444 | 187,419 | 185,578 |
Product sales | Water & Flowback Services [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 23 | 100 | 56 | 831 |
Product sales | Compression Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 18,801 | 37,833 | 64,541 | 134,099 |
Services | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 83,791 | 152,570 | 315,968 | 457,963 |
Services | Completion Fluids & Products Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 1,964 | 3,896 | 11,114 | 15,110 |
Services | Water & Flowback Services [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | 21,511 | 72,741 | 103,668 | 223,812 |
Services | Compression Division [Member] | ||||
Industry Segments Details [Line Items] | ||||
Revenues | $ 60,316 | $ 75,933 | $ 201,186 | $ 219,041 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jul. 31, 2020 | |
Subsequent Event [Line Items] | ||||||
Purchase order | $ 6,700 | |||||
Revenues | $ 152,601 | $ 245,947 | $ 567,984 | $ 778,471 | ||
Horsepower Compressor Units [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Revenues | $ 1,700 | |||||
Subsequent Event [Member] | Horsepower Compressor Units [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Revenues | $ 5,000 |
Sale of Assets (Details)
Sale of Assets (Details) - USD ($) $ in Millions | Jul. 02, 2020 | Sep. 30, 2020 | Sep. 30, 2020 |
58 Low-Horsepower Units [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | $ 3.7 | ||
Sale price of assets | $ 2.6 | ||
Midland Manufacturing Facility [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | 3.1 | ||
Sale price of assets | $ 17 | ||
Gain (loss) on sale of assets | 0.3 | 0.3 | |
New Unit Sales Inventory [Member] | Compression Division [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment charges | 2.3 | ||
Gain (loss) on sale of assets | $ 0.5 | $ 0.5 |
Uncategorized Items - tti-20200
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 17,768,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 40,102,000 |