Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 23, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ION GEOPHYSICAL CORP | |
Entity Central Index Key | 866609 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 164,686,976 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $144,438 | $173,608 | $197,306 | $148,056 |
Accounts receivable, net | 39,369 | 114,325 | ||
Unbilled receivables | 24,098 | 22,599 | ||
Inventories | 42,976 | 51,162 | ||
Prepaid expenses and other current assets | 13,007 | 13,662 | ||
Total current assets | 263,888 | 375,356 | ||
Deferred income tax asset | 8,605 | 8,604 | ||
Property, plant, equipment and seismic rental equipment, net | 79,739 | 69,840 | ||
Multi-client data library, net | 128,598 | 118,669 | ||
Goodwill | 26,289 | 27,388 | ||
Intangible assets, net | 6,276 | 6,788 | ||
Other assets | 10,064 | 10,612 | ||
Total assets | 523,459 | 617,257 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 7,242 | 7,649 | ||
Accounts payable | 29,150 | 36,863 | ||
Accrued expenses | 50,849 | 65,264 | ||
Accrued multi-client data library royalties | 15,604 | 35,219 | ||
Deferred revenue | 11,327 | 8,262 | ||
Total current liabilities | 114,172 | 153,257 | ||
Long-term debt, net of current maturities | 182,421 | 182,945 | ||
Other long-term liabilities | 144,979 | 143,804 | ||
Total liabilities | 441,572 | 480,006 | ||
Redeemable noncontrolling interest | 1,325 | 1,539 | ||
Equity: | ||||
Common stock, $0.01 par value; authorized 200,000,000 shares; outstanding 164,686,976 and 164,484,095 shares at March 31, 2015 and December 31, 2014, respectively, net of treasury stock | 1,647 | 1,645 | ||
Additional paid-in capital | 889,255 | 887,749 | ||
Accumulated deficit | -789,673 | -734,409 | ||
Accumulated other comprehensive loss | -14,152 | -12,807 | ||
Treasury stock, at cost, 849,539 shares at both March 31, 2015 and December 31, 2014 | -6,565 | -6,565 | ||
Total stockholders' equity | 80,512 | 135,613 | ||
Noncontrolling interest | 50 | 99 | ||
Total equity | 80,562 | 135,712 | ||
Total liabilities and equity | $523,459 | $617,257 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 164,686,976 | 164,484,095 |
Treasury stock, shares | 849,539 | 849,539 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Service revenues | $20,080 | $110,696 |
Product revenues | 20,498 | 34,002 |
Total net revenues | 40,578 | 144,698 |
Cost of services | 45,534 | 72,071 |
Cost of products | 10,832 | 15,773 |
Gross profit (loss) | -15,788 | 56,854 |
Operating expenses: | ||
Research, development and engineering | 7,720 | 9,039 |
Marketing and sales | 7,833 | 9,213 |
General, administrative and other operating expenses | 15,348 | 18,931 |
Total operating expenses | 30,901 | 37,183 |
Income (loss) from operations | -46,689 | 19,671 |
Interest expense, net | -4,625 | -4,797 |
Equity in losses of investments | 0 | -1,688 |
Other income (expense), net | -3,219 | 68,526 |
Income (loss) before income taxes | -54,533 | 81,712 |
Income tax expense | 983 | 5,263 |
Net income (loss) | -55,516 | 76,449 |
Net (income) loss attributable to noncontrolling interests | 252 | -470 |
Net income (loss) attributable to ION | ($55,264) | $75,979 |
Net income (loss) per share: | ||
Basic, in dollars per share | ($0.34) | $0.46 |
Diluted, in dollars per share | ($0.34) | $0.46 |
Weighted average number of common shares outstanding: | ||
Basic, in shares | 164,567 | 163,847 |
Diluted, in shares | 164,567 | 164,061 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | ($55,516) | $76,449 |
Other comprehensive loss, net of taxes, as appropriate: | ||
Foreign currency translation adjustments | -1,345 | 486 |
Equity interest in investees' other comprehensive loss | 0 | -1,173 |
Other changes in other comprehensive income | 0 | 26 |
Total other comprehensive loss, net of taxes | -1,345 | -661 |
Comprehensive net income (loss) | -56,861 | 75,788 |
Comprehensive (income) loss attributable to noncontrolling interest | 252 | -470 |
Comprehensive net income (loss) attributable to ION | ($56,609) | $75,318 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income (loss) | ($55,516) | $76,449 |
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | ||
Depreciation and amortization (other than multi-client library) | 6,525 | 7,904 |
Amortization of multi-client library | 5,289 | 16,326 |
Stock-based compensation expense | 1,480 | 2,777 |
Equity in losses of investments | 0 | 1,688 |
Reduction of accrual for loss contingency related to legal proceedings | 0 | -69,557 |
Deferred income taxes | -12 | -884 |
Change in operating assets and liabilities: | ||
Accounts receivable | 74,388 | 60,646 |
Unbilled receivables | -1,523 | -18,945 |
Inventories | -468 | -144 |
Accounts payable, accrued expenses and accrued royalties | -39,144 | -5,359 |
Deferred revenue | 3,137 | -4,678 |
Other assets and liabilities | -862 | -3,541 |
Net cash (used in) provided by operating activities | -6,706 | 62,682 |
Cash flows from investing activities: | ||
Cash invested in multi-client data library | -9,088 | -22,353 |
Purchase of property, plant, equipment and seismic rental assets | -11,994 | -1,997 |
Repayment of advance to INOVA Geophysical | 0 | 1,000 |
Net investment in and advances to OceanGeo B.V. prior to its consolidation | 0 | -3,074 |
Other investing activities | 257 | 605 |
Net cash used in investing activities | -20,825 | -25,819 |
Cash flows from financing activities: | ||
Borrowings under revolving line of credit | 0 | 15,000 |
Payments on notes payable and long-term debt | -2,066 | -2,755 |
Other financing activities | 31 | 166 |
Net cash (used in) provided by financing activities | -2,035 | 12,411 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | 396 | -24 |
Net (decrease) increase in cash and cash equivalents | -29,170 | 49,250 |
Cash and cash equivalents at beginning of period | 173,608 | 148,056 |
Cash and cash equivalents at end of period | $144,438 | $197,306 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The condensed consolidated balance sheet of ION Geophysical Corporation and its subsidiaries (collectively referred to as the “Company” or “ION,” unless the context otherwise requires) at December 31, 2014 has been derived from the Company’s audited consolidated financial statements at that date. The condensed consolidated balance sheet at March 31, 2015, and the condensed consolidated statements of operations, comprehensive income (loss) and cash flows for the three months ended March 31, 2015 and 2014, are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results for a full year or of future operations. | |
These condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements presented in accordance with accounting principles generally accepted in the United States have been omitted. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 and Amendment No. 1 thereto on Form 10-K/A, which was filed on April 24, 2015 and contains the separate consolidated financial statements of INOVA Geophysical Equipment Limited (“INOVA Geophysical”) for its fiscal year ended December 31, 2014. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Restructuring and Other Charges | Restructurings and Other Charges | |||||||||||
The recent decline in crude oil prices to five-year lows has negatively impacted the economic outlook of the Company’s E&P customers, which has also negatively impacted the outlook for the Company’s seismic contractor customers. In response to the decline in crude oil prices, E&P companies have reduced spending and re-prioritized their reduced capital spend to production-related activities and existing assets over exploration. Seismic spending is discretionary; therefore, E&P companies have disproportionately cut their spend on seismic-related services and products. | ||||||||||||
During the first quarter of 2015, the Company continued its restructuring program, focusing on centralizing the Company’s global data processing capabilities to core geographical hubs in the U.S. and the U.K. and reducing the Company’s marine repair infrastructure to two locations in the U.S. and U.A.E. Under this program, the Company made additional reductions to its headcount. Including December 2014, these restructurings have resulted in approximately a 20% reduction of full-time employees. During the three months ended March 31, 2015, the Company recognized the following pre-tax charges (in thousands): | ||||||||||||
Severance Charges(a) | Facility Charges(b) | Total | ||||||||||
Cost of goods sold | $ | 1,813 | $ | — | $ | 1,813 | ||||||
Operating expenses | 198 | — | 198 | |||||||||
Other expense | — | 1,913 | 1,913 | |||||||||
Net income attributable to noncontrolling interest | (172 | ) | — | (172 | ) | |||||||
Consolidated total | $ | 1,839 | $ | 1,913 | $ | 3,752 | ||||||
(a) | Represents severance charges related to first quarter 2015 restructuring, a portion of which relates to a noncontrolling interest. | |||||||||||
(b) | Represents facility charges related to first quarter 2015 restructuring. | |||||||||||
During the second quarter, the Company expects to incur additional restructuring charges related to vacating facilities and other items in the range of $2 million to $4 million. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segment Information | |||||||
The Company operates through four business segments – Solutions, Systems, Software and Ocean Bottom Services. The Company measures segment operating results based on income (loss) from operations. In addition, the Company has an equity ownership interest in its INOVA Geophysical joint venture. As of December 31, 2014, the Company wrote its investment in INOVA Geophysical to zero and has suspended recording its share of losses in the joint venture. If at a future date, the Company’s cumulative share of earnings during the period of suspension becomes greater than its share of losses during the same period, the Company will begin to record its share of earnings in the joint venture as long as its net equity method investment remains greater than zero. | ||||||||
The following table is a summary of segment information (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Net revenues: | ||||||||
Solutions: | ||||||||
New Venture | $ | 5,029 | $ | 32,738 | ||||
Data Library | 2,137 | 13,217 | ||||||
Total multi-client revenues | 7,166 | 45,955 | ||||||
Data Processing | 11,833 | 43,286 | ||||||
Total | $ | 18,999 | $ | 89,241 | ||||
Systems: | ||||||||
Towed Streamer | $ | 5,165 | $ | 11,851 | ||||
Other | 7,604 | 12,997 | ||||||
Total | $ | 12,769 | $ | 24,848 | ||||
Software: | ||||||||
Software Systems | $ | 7,729 | $ | 9,154 | ||||
Services | 1,081 | 885 | ||||||
Total | $ | 8,810 | $ | 10,039 | ||||
Ocean Bottom Services | $ | — | $ | 20,570 | ||||
Total | $ | 40,578 | $ | 144,698 | ||||
Gross profit (loss): | ||||||||
Solutions | $ | (10,392 | ) | $ | 33,011 | |||
Systems | 4,559 | 11,417 | ||||||
Software | 5,590 | 7,257 | ||||||
Ocean Bottom Services | (15,545 | ) | 5,169 | |||||
Total | $ | (15,788 | ) | $ | 56,854 | |||
Gross margin: | ||||||||
Solutions | (55 | )% | 37 | % | ||||
Systems | 36 | % | 46 | % | ||||
Software | 63 | % | 72 | % | ||||
Ocean Bottom Services | — | % | 25 | % | ||||
Total | (39 | )% | 39 | % | ||||
Income (loss) from operations: | ||||||||
Solutions | $ | (21,778 | ) | $ | 19,112 | |||
Systems | 1,014 | 3,371 | ||||||
Software | 3,335 | 5,128 | ||||||
Ocean Bottom Services | (17,559 | ) | 4,162 | |||||
Corporate and other | (11,701 | ) | (12,102 | ) | ||||
Income (loss) from operations | (46,689 | ) | 19,671 | |||||
Interest expense, net | (4,625 | ) | (4,797 | ) | ||||
Equity in losses of investments | — | (1,688 | ) | |||||
Other income (expense), net | (3,219 | ) | 68,526 | |||||
Income (loss) before income taxes | $ | (54,533 | ) | $ | 81,712 | |||
Longterm_Debt
Long-term Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term Debt | Long-term Debt | ||||||||
Obligations (in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Senior secured second-priority notes | $ | 175,000 | $ | 175,000 | |||||
Equipment capital leases | 14,391 | 15,059 | |||||||
Other debt | 272 | 535 | |||||||
Total | 189,663 | 190,594 | |||||||
Current portion of long-term debt and lease obligations | (7,242 | ) | (7,649 | ) | |||||
Non-current portion of long-term debt and lease obligations | $ | 182,421 | $ | 182,945 | |||||
Credit Facility, including Revolving Line of Credit | |||||||||
In August 2014, ION and its subsidiaries, ION Exploration Products (U.S.A.), Inc., I/O Marine Systems, Inc. and GX Technology Corporation (collectively, the “Subsidiary Borrowers”), entered into a new credit facility (the “Credit Facility”). For a complete discussion of the terms, available credit and security of this Credit Facility, see Footnote 6 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |||||||||
As of March 31, 2015, there was no outstanding indebtedness under the Credit Facility. At March 31, 2015, the Company has a borrowing base of approximately $43 million under the Credit Facility. The borrowing base will increase or decrease monthly using a formula based on certain eligible receivables, eligible inventory and other amounts. | |||||||||
The revolving credit and security agreement contains covenants that, among other things, restrict the Company, subject to certain exceptions, from incurring additional indebtedness (including capital lease obligations), repurchasing equity, paying dividends or distributions, granting or incurring additional liens on the Company’s properties, pledging shares of the Company’s subsidiaries, entering into certain merger or other change-in-control transactions, entering into transactions with the Company’s affiliates, making certain sales or other dispositions of the Company’s assets, making certain investments, acquiring other businesses and entering into sale-leaseback transactions with respect to the Company’s property. | |||||||||
The revolving credit and security agreement requires compliance with certain financial covenants, including requirements related to ION and the Subsidiary Borrowers, measured on a rolling four quarter basis, (i) maintaining a minimum fixed charge coverage ratio of 1.1 to 1 as of the end of each fiscal quarter during the existence of a covenant testing trigger event, and (ii) not exceeding a maximum senior secured leverage ratio of 3.0 to 1 as of the end of each fiscal quarter. | |||||||||
The fixed charge coverage ratio is defined as the ratio of (i) ION’s EBITDA, minus unfunded capital expenditures made during the relevant period, minus distributions (including tax distributions) and dividends made during the relevant period, minus cash taxes paid during the relevant period, to (ii) certain debt payments made during the relevant period. The senior secured leverage ratio is defined as the ratio of (x) total senior funded debt to (y) ION’s EBITDA (excluding expenditures related directly to the Company’s multi-client data library). As of March 31, 2015, the Company was in compliance with these financial covenants. | |||||||||
The revolving credit and security agreement contains customary event of default provisions (including a “change of control” event affecting ION), the occurrence of which could lead to an acceleration of the Company’s obligations under the revolving credit and security agreement. | |||||||||
Senior Secured Second-Priority Notes | |||||||||
In May 2013, the Company sold $175.0 million aggregate principal amount of 8.125% Senior Secured Second-Priority Notes due 2018 (“Notes”) in a private offering pursuant to an Indenture dated as of May 13, 2013. The Notes are senior secured second-priority obligations of the Company, are guaranteed by certain of the Company’s U.S. subsidiaries, and mature on May 15, 2018. Interest on the Notes accrues at the rate of 8.125% per annum and will be payable semiannually in arrears on May 15 and November 15 of each year during their term. In May 2014, the holders of the Notes exchanged their Notes for a like principal amount of registered Notes with the same terms. For a complete discussion of the terms and security of these Notes, see Footnote 6 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |||||||||
The Notes contain certain covenants that, among other things, limit or prohibit the Company’s ability and the ability of its restricted subsidiaries to take certain actions or permit certain conditions to exist during the term of the Notes, including among other things: | |||||||||
•incurring additional indebtedness; | |||||||||
•creating liens; | |||||||||
•paying dividends and making other distributions in respect of the Company’s capital stock; | |||||||||
•redeeming the Company’s capital stock; | |||||||||
•making investments or certain other restricted payments; | |||||||||
•selling certain kinds of assets; | |||||||||
•entering into transactions with affiliates; and | |||||||||
•effecting mergers or consolidations. | |||||||||
These and other restrictive covenants contained in the Indenture are subject to certain exceptions and qualifications. All of the Company’s subsidiaries are currently restricted subsidiaries. | |||||||||
As of March 31, 2015, the Company was in compliance with the covenants on these Notes. |
Net_Income_Loss_per_Share
Net Income (Loss) per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income (Loss) per Share | Net Income (Loss) per Share | |||||||
Basic net income (loss) per common share is computed by dividing net income (loss) applicable to common shares by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is determined based on the assumption that dilutive restricted stock and restricted stock unit awards have vested and outstanding dilutive stock options have been exercised and the aggregate proceeds were used to reacquire common stock using the average price of such common stock for the period. The total number of shares issued or reserved for future issuance under outstanding stock options at March 31, 2015 and 2014 was 9,522,274 and 9,660,100, respectively, and the total number of shares of restricted stock and shares reserved for restricted stock units outstanding at March 31, 2015 and 2014 was 1,504,470 and 1,479,027, respectively. All outstanding stock awards for the three months ended March 31, 2015 were anti-dilutive. | ||||||||
The following table summarizes the computation of basic and diluted net income (loss) per common share (in thousands, except per share amounts): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Net income (loss) attributable to ION | $ | (55,264 | ) | $ | 75,979 | |||
Weighted average number of common shares outstanding | 164,567 | 163,847 | ||||||
Effect of dilutive stock awards | — | 214 | ||||||
Weighted average number of diluted common shares outstanding | 164,567 | 164,061 | ||||||
Basic net income (loss) per share | $ | (0.34 | ) | $ | 0.46 | |||
Diluted net income (loss) per share | $ | (0.34 | ) | $ | 0.46 | |||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company maintains a valuation allowance for substantially all of its deferred tax assets. The valuation allowance is calculated in accordance with the provisions of the Financial Accounting Standards Board’s (“FASB”) Accounting Standard Codification (“ASC”) Topic 740 “Income Taxes,” which requires that a valuation allowance be established or maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. In the event the Company’s expectations of future operating results change, the valuation allowance may need to be adjusted upward or downward. As of March 31, 2015, the Company’s unreserved net U.S. deferred tax assets totaled $2.7 million, which is unchanged from December 31, 2014. These existing unreserved deferred tax assets are currently considered to be “more likely than not” realizable through the expected reversal of existing temporary differences and the ability to offset the related deductions against taxable income in open carryback years. | |
The Company’s effective tax rates for the three months ended March 31, 2015 and 2014 were (1.8)% and 6.4%, respectively. The Company’s income tax expense for the three months ended March 31, 2015 of $1.0 million relates to income from the Company’s non-U.S. businesses. This foreign tax expense was not offset by tax benefits on losses within the U.S. and other jurisdictions, therefore producing a consolidated income tax expense on a pre-tax loss. | |
The Company has approximately $2.0 million of unrecognized tax benefits and does not expect to recognize significant increases in unrecognized tax benefits during the next 12-month period. Interest and penalties, if any, related to unrecognized tax benefits are recorded in income tax expense. | |
As of March 31, 2015, the Company’s U.S. federal tax returns for 2011 and subsequent years remain subject to examination by tax authorities. The Company is no longer subject to U.S. Internal Revenue Service (“IRS”) examination for periods prior to 2011, although carryforward attributes that were generated prior to 2011 may still be adjusted upon examination by the IRS if they either have been or will be used in an open year. In the Company’s foreign tax jurisdictions, tax returns for 2009 and subsequent years generally remain open to examination. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation |
WesternGeco | |
In June 2009, WesternGeco L.L.C. (“WesternGeco”) filed a lawsuit against the Company in the United States District Court for the Southern District of Texas, Houston Division. In the lawsuit, styled WesternGeco L.L.C. v. ION Geophysical Corporation, WesternGeco alleged that the Company had infringed several method and apparatus claims contained in four of its United States patents regarding marine seismic streamer steering devices. | |
The trial began in July 2012. A verdict was returned by the jury in August 2012, finding that the Company infringed the claims contained in the four patents by supplying its DigiFIN® lateral streamer control units and the related software from the United States and awarded WesternGeco the sum of $105.9 million in damages, consisting of $12.5 million in reasonable royalty and $93.4 million in lost profits. | |
In June 2013, the presiding judge entered a Memorandum and Order, ruling that WesternGeco is entitled to be awarded supplemental damages for the additional DigiFIN units that were supplied from the United States before and after the trial that were not included in the jury verdict due to the timing of the trial. In October 2013, the judge entered another Memorandum and Order, ruling on the number of DigiFIN units that are subject to supplemental damages and also ruling that the supplemental damages applicable to the additional units should be calculated by adding together the jury’s previous reasonable royalty and lost profits damages awards per unit, resulting in supplemental damages of $73.1 million. | |
In April 2014, the judge entered another Order, ruling that lost profits should not have been included in the calculation of supplemental damages in the October 2013 Memorandum and Order and reducing the supplemental damages award in the case from $73.1 million to $9.4 million. In the Order, the judge also further reduced the damages award in the case by $3.0 million to reflect a settlement and license that WesternGeco entered into with a customer of the Company that had purchased and used DigiFIN units that were also included in the damage amounts awarded against the Company. | |
In May 2014, the judge signed and entered a Final Judgment in the amount of $123.8 million. Also, the Final Judgment included an injunction that enjoins the Company, its agents and anyone acting in concert with it, from supplying in or from the United States the DigiFIN product or any parts unique to the DigiFIN product, or any instrumentality no more than colorably different from any of these products or parts, for combination outside of the United States. The Company has conducted its business in compliance with the Court’s orders in the case, and the Company has reorganized its operations such that it no longer supplies the DigiFIN product or any parts unique to the DigiFIN product in or from the United States. | |
As previously disclosed, the Company has taken a loss contingency accrual of $123.8 million related to this case. Post-judgment interest will continue to accrue until this legal matter is fully resolved. The Company’s assessment of its potential loss contingency may change in the future due to developments in the case and other events, such as changes in applicable law, and such reassessment could lead to the determination that no loss contingency is probable or that a greater or lesser loss contingency is probable. Any such reassessment could have a material effect on the Company’s financial condition or results of operations. | |
The Company and WesternGeco have each appealed the Final Judgment to the United States Court of Appeals for the Federal Circuit. The Company filed its appeal brief in September 2014. WesternGeco’s appeal brief was filed in October 2014. Both parties presented their oral arguments in March 2015. The Company is currently awaiting a ruling from the United States Court of Appeals for the Federal Circuit. If the adverse ruling is affirmed, the Company intends to pursue all available opportunities to make further appeals. | |
In order to stay the judgment during the appeal, the Company arranged with sureties to post an appeal bond with the trial court on the Company’s behalf in the amount of $120.0 million. The terms of the appeal bond arrangements provide the sureties the contractual right for as long as the bond is outstanding to require the Company to post cash collateral for up to the full amount of the bond. If the sureties exercise their right to require collateral while the appeal bond is outstanding, the Company would intend to utilize a combination of cash on hand and undrawn balances available under the Company’s Credit Facility. If the Company is required to collateralize the full amount of the bond, the Company might also seek additional debt and/or equity financing. The collateralization of the full amount of the bond could have a material adverse effect on the Company’s liquidity. Any requirements that the Company collateralize the appeal bond will reduce its liquidity and may reduce the amount otherwise available to be borrowed under its Credit Facility. No assurances can be made whether the Company’s efforts to raise additional cash would be successful and, if so, on what terms and conditions, and at what cost the Company might be able to secure any such financing. The Company will incur fees of approximately $1.6 million per year to maintain the appeal bond until such time as the appeal bond is no longer required. | |
Other | |
The Company has been named in various other lawsuits or threatened actions that are incidental to its ordinary business. Litigation is inherently unpredictable. Any claims against the Company, whether meritorious or not, could be time-consuming, cause the Company to incur costs and expenses, require significant amounts of management time and result in the diversion of significant operational resources. The results of these lawsuits and actions cannot be predicted with certainty. Management currently believes that the ultimate resolution of these matters will not have a material adverse impact on the financial condition, results of operations or liquidity of the Company. |
Other_Income_Expense_Net
Other Income (Expense), Net | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Other Income (Expense), Net | Other Income (Expense), Net | |||||||
The following table is a summary of other income (expense), net (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Reduction of loss contingency related to legal proceedings (Footnote 7) | $ | — | $ | 69,557 | ||||
Facility restructuring charge (Footnote 2) | (1,913 | ) | — | |||||
Other expense, net | (1,306 | ) | (1,031 | ) | ||||
Total other income (expense), net | $ | (3,219 | ) | $ | 68,526 | |||
Details_of_Selected_Balance_Sh
Details of Selected Balance Sheet Accounts | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Details of Selected Balance Sheet Accounts | Details of Selected Balance Sheet Accounts | |||||||
Inventories | ||||||||
The following table is a summary of inventories (in thousands): | March 31, 2015 | December 31, 2014 | ||||||
Raw materials and subassemblies | $ | 43,641 | $ | 41,461 | ||||
Work-in-process | 9,074 | 18,221 | ||||||
Finished goods | 15,148 | 21,284 | ||||||
Reserve for excess and obsolete inventories | (24,887 | ) | (29,804 | ) | ||||
Total | $ | 42,976 | $ | 51,162 | ||||
The $4.9 million reduction in the reserve for excess and obsolete inventories was due to the scrapping of fully reserved inventory. | ||||||||
Other Long-term Liabilities | ||||||||
The following table is a summary of other long-term liabilities (in thousands): | March 31, 2015 | December 31, 2014 | ||||||
Accrual for loss contingency related to legal proceedings (Footnote 7) | $ | 123,770 | $ | 123,770 | ||||
Deferred rents | 13,896 | 13,416 | ||||||
Facility restructuring accrual | 4,018 | 3,353 | ||||||
Other long-term liabilities | 3,295 | 3,265 | ||||||
Total | $ | 144,979 | $ | 143,804 | ||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||
The following table is a summary of changes in accumulated other comprehensive loss by component (in thousands): | |||||||||
Foreign currency translation adjustments | Total | ||||||||
Accumulated other comprehensive loss at December 31, 2014 | $ | (12,807 | ) | $ | (12,807 | ) | |||
Net current-period other comprehensive income (loss) | (1,345 | ) | (1,345 | ) | |||||
Accumulated other comprehensive loss at March 31, 2015 | $ | (14,152 | ) | $ | (14,152 | ) | |||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information and Non-Cash Activity | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
Supplemental Cash Flow Information and Non-cash Activity | Supplemental Cash Flow Information and Non-cash Activity | |||||||
The following table is a summary of non-cash items from investing and financing activities (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Cash paid during the period for: | ||||||||
Interest | $ | 497 | $ | 912 | ||||
Income taxes | $ | 5,041 | $ | 5,020 | ||||
Non-cash items from investing and financing activities: | ||||||||
Purchases of computer equipment financed through capital leases | $ | 1,178 | $ | 1,952 | ||||
Investment in multi-client data library financed through accounts payable | $ | 7,018 | $ | — | ||||
Transfer of inventory to property, plant, equipment and seismic rental equipment | $ | 8,485 | (a) | $ | 2,308 | |||
(a) | This transfer of inventory to property, plant, equipment and seismic rental equipment relates to ocean bottom seismic equipment manufactured by the Company to be deployed in the acquisition of ocean bottom seismic data. | |||||||
Additionally, during the three months ended March 31, 2015, the Company purchased approximately $12.0 million of property, plant, equipment and seismic rental equipment, including approximately $10.1 million related to the manufacture of ocean bottom seismic equipment that will be used by the Ocean Bottom Services segment. |
Acquisition_of_OceanGeo
Acquisition of OceanGeo | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Business Combinations [Abstract] | ||||||
Acquisition of OceanGeo | Acquisition of OceanGeo | |||||
In 2014, the Company completed the acquisition of OceanGeo B.V. (“OceanGeo”). OceanGeo specializes in seismic acquisition operations using ocean bottom cables deployed from vessels leased by OceanGeo. For a complete discussion of the acquisition of OceanGeo, see Footnote 3 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | ||||||
The following summarized unaudited pro forma consolidated income statement information for the three months ended March 31, 2014, assumes that the OceanGeo acquisition had occurred as of the beginning of the period prior to the period the acquisition occurred. The Company has prepared these unaudited pro forma financial results for comparative purposes only. These unaudited pro forma financial results may not be indicative of the results that would have occurred if ION had completed the acquisition as of the beginning of that prior period or the results that may be attained in the future. Amounts presented below are in thousands, except for the per share amounts: | ||||||
Pro forma Consolidated ION Income Statement Information | Three Months Ended March 31, 2014 | |||||
Net revenues | $ | 153,882 | ||||
Income from operations | $ | 22,788 | ||||
Net income | $ | 77,009 | ||||
Net income attributable to ION | $ | 76,539 | ||||
Basic and diluted net income per common share | $ | 0.47 | ||||
OceanGeo did not record any revenues during the three months ended March 31, 2015 due to its vessels being idle while it attempts to secure a backlog of future orders. OceanGeo has been verbally awarded and is working through the bid process towards a formal contract for a long-term project in Brazil. However, this program is projected to begin in the fourth quarter of 2015 or early 2016. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Authoritative guidance on fair value measurements defines fair value, establishes a framework for measuring fair value and stipulates the related disclosure requirements. The Company follows a three-level hierarchy, prioritizing and defining the types of inputs used to measure fair value. | |
The carrying amounts of the Company’s long-term debt as of March 31, 2015 and December 31, 2014 were $189.7 million and $190.6 million, respectively, compared to its fair values of $151.2 million and $162.6 million as of March 31, 2015 and December 31, 2014, respectively. The fair value of the long-term debt was calculated using Level 1 inputs, including an active market price. | |
Fair Value of Other Financial Instruments. Due to their highly liquid nature, the amount of the Company’s other financial instruments, including cash and cash equivalents, accounts and unbilled receivables, notes receivable, accounts payable, and accrued multi-client data library royalties, represent their approximate fair value. |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | |
Mar. 31, 2015 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-based Compensation | Stock-based Compensation | |
Stock Appreciation Rights (“SARs”). On March 1, 2015, the Company issued 3,108,107 SAR awards to 16 individuals with an exercise price of $2.28. The vesting of these SARs is achieved through both a market condition and a service condition. The market condition is achieved, in part or in full, in the event that during the four-year period beginning on the date of grant the 20-day trailing volume-weighted average price of a share of common stock is (i) greater than 120% of the exercise price for the first 1/3 of the awards, (ii) greater than 125% of the exercise price for the second 1/3 of the awards and (iii) greater than 130% of the exercise price for the final 1/3 of the awards. The exercise condition restricts the ability of the holders to exercise awards until certain service milestones have been reached such that (i) no more than 1/3 of the awards may be exercised, if vested, on and after the first anniversary of the date of grant, (ii) no more than 2/3 of the awards may be exercised, if vested, on and after the second anniversary of the date of grant and (iii) all of the awards may be exercised, if vested, on and after the third anniversary of the date of grant. | ||
Pursuant to ASC 718, “Compensation – Stock Compensation,” the stock appreciation rights are considered liability awards and as such, these amounts are accrued in the liability section of the balance sheet. The Company calculated the fair value of each SAR award on the date of grant using a Monte Carlo simulation model. The following assumptions were used: | ||
1-Mar-15 | ||
Risk-free interest rates | 2.03% | |
Expected lives (in years) | 2.7 | |
Expected dividend yield | —% | |
Expected volatility | 60.27% |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
BGP Inc. (“BGP”) owned approximately 14.4% of the Company’s outstanding common stock as of March 31, 2015. For the three months ended March 31, 2015 and 2014, the Company recorded revenues from BGP of $2.9 million and $2.0 million, respectively. Total receivables due from BGP were $3.1 million at March 31, 2015. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Revenue Recognition — In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued new accounting guidance for recognition of revenue. This new guidance replaces virtually all existing U.S. GAAP and IFRS guidance on revenue recognition. The new guidance is effective for fiscal years beginning after December 15, 2016. This new guidance applies to all periods presented. Therefore, when the Company issues its financial statements on Forms 10-Q and 10-K for periods included in its year ended December 31, 2017, its comparative periods that are presented from the years ended December 31, 2015 and 2016, must be retrospectively presented in compliance with this new guidance. Early adoption is not allowed for U.S. GAAP. The new guidance requires companies to make more estimates and use more judgment than under current accounting guidance. | |
On April 1, 2015, the FASB decided to propose a one-year deferral of the effective date for its new revenue standard for public and nonpublic entities reporting under U.S. GAAP. The proposal also would permit entities to adopt the standard as early as the original public entity effective date. Early adoption prior to that date would still not be permitted. | |
The FASB and IASB (collectively, the “Boards”) have discussed clarifying the guidance in their new revenue standards for: (1) licenses of intellectual property, (2) identifying performance obligations, (3) noncash consideration and (4) collectibility. The Boards have also discussed whether to add practical expedients for the accounting for contract modifications at transition and the presentation of sales taxes, and the FASB separately discussed several technical corrections. The FASB and the IASB did not agree on the nature and breadth of all of the changes to be proposed. The Boards are expected to issue separate exposure drafts later this year. | |
The Company continues to evaluate (i) the two allowed adoption methods to determine which method it plans to use for retrospective presentation of comparative periods, (ii) the impact of proposed clarifications to the guidance on timing of the recognition of revenue within the Company’s various revenue streams, (iii) the Company’s option to adopt the new guidance either as of the originally proposed effective date or the proposed deferred effective date and (iv) whether the implementation of this new guidance will have a material impact on the Company’s consolidated financial position or results of operations for the periods presented. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information | |||||||||||||||||||
In 2013, the Company sold $175.0 million aggregate principal amount of its 8.125% Senior Secured Second-Priority Notes due 2018. The Notes were issued by ION Geophysical Corporation and are guaranteed by the Company’s current material U.S. subsidiaries: GX Technology Corporation, ION Exploration Products (U.S.A.), Inc. and I/O Marine Systems, Inc. (“the Guarantors”), which are 100-percent-owned subsidiaries. The Guarantors have fully and unconditionally guaranteed the payment obligations of ION Geophysical Corporation with respect to these debt securities. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: | ||||||||||||||||||||
• | ION Geophysical Corporation and the Guarantors (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). | |||||||||||||||||||
• | All other subsidiaries of ION Geophysical Corporation that are not Guarantors. | |||||||||||||||||||
• | The consolidating adjustments necessary to present ION Geophysical Corporation’s results on a consolidated basis. | |||||||||||||||||||
This condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and footnotes. | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Balance Sheet | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 73,704 | $ | — | $ | 70,734 | $ | — | $ | 144,438 | ||||||||||
Accounts receivable, net | — | 20,410 | 18,959 | — | 39,369 | |||||||||||||||
Unbilled receivables | — | 20,604 | 3,494 | — | 24,098 | |||||||||||||||
Inventories | — | 3,966 | 39,010 | — | 42,976 | |||||||||||||||
Prepaid expenses and other current assets | 5,827 | 3,273 | 8,404 | (4,497 | ) | 13,007 | ||||||||||||||
Total current assets | 79,531 | 48,253 | 140,601 | (4,497 | ) | 263,888 | ||||||||||||||
Deferred income tax asset | (7,852 | ) | 6,675 | 750 | 9,032 | 8,605 | ||||||||||||||
Property, plant, equipment and seismic rental equipment, net | 5,972 | 30,748 | 43,019 | — | 79,739 | |||||||||||||||
Multi-client data library, net | — | 112,417 | 16,181 | — | 128,598 | |||||||||||||||
Investment in subsidiaries | 631,284 | 258,010 | — | (889,294 | ) | — | ||||||||||||||
Goodwill | — | — | 26,289 | — | 26,289 | |||||||||||||||
Intangible assets, net | — | 5,822 | 454 | — | 6,276 | |||||||||||||||
Intercompany receivables | 43,490 | — | — | (43,490 | ) | — | ||||||||||||||
Other assets | 8,935 | 167 | 962 | — | 10,064 | |||||||||||||||
Total assets | $ | 761,360 | $ | 462,092 | $ | 228,256 | $ | (928,249 | ) | $ | 523,459 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,880 | $ | 362 | $ | — | $ | 7,242 | ||||||||||
Accounts payable | 2,260 | 16,246 | 10,644 | — | 29,150 | |||||||||||||||
Accrued expenses | 5,268 | 24,505 | 16,259 | 4,817 | 50,849 | |||||||||||||||
Accrued multi-client data library royalties | — | 15,040 | 564 | — | 15,604 | |||||||||||||||
Deferred revenue | — | 8,346 | 2,981 | — | 11,327 | |||||||||||||||
Total current liabilities | 7,528 | 71,017 | 30,810 | 4,817 | 114,172 | |||||||||||||||
Long-term debt, net of current maturities | 175,000 | 7,345 | 76 | — | 182,421 | |||||||||||||||
Intercompany payables | 495,667 | 25,268 | 18,218 | (539,153 | ) | — | ||||||||||||||
Other long-term liabilities | 2,653 | 130,545 | 12,063 | (282 | ) | 144,979 | ||||||||||||||
Total liabilities | 680,848 | 234,175 | 61,167 | (534,618 | ) | 441,572 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 1,325 | — | 1,325 | |||||||||||||||
Equity: | ||||||||||||||||||||
Common stock | 1,647 | 290,460 | 19,138 | (309,598 | ) | 1,647 | ||||||||||||||
Additional paid-in capital | 889,255 | 180,700 | 234,234 | (414,934 | ) | 889,255 | ||||||||||||||
Accumulated earnings (deficit) | (789,673 | ) | 170,153 | 3,895 | (174,048 | ) | (789,673 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (14,152 | ) | 4,869 | (14,155 | ) | 9,286 | (14,152 | ) | ||||||||||||
Due from ION Geophysical Corporation | — | (418,265 | ) | (77,398 | ) | 495,663 | — | |||||||||||||
Treasury stock | (6,565 | ) | — | — | — | (6,565 | ) | |||||||||||||
Total stockholders’ equity | 80,512 | 227,917 | 165,714 | (393,631 | ) | 80,512 | ||||||||||||||
Noncontrolling interests | — | — | 50 | — | 50 | |||||||||||||||
Total equity | 80,512 | 227,917 | 165,764 | (393,631 | ) | 80,562 | ||||||||||||||
Total liabilities and equity | $ | 761,360 | $ | 462,092 | $ | 228,256 | $ | (928,249 | ) | $ | 523,459 | |||||||||
December 31, 2014 | ||||||||||||||||||||
Balance Sheet | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 109,514 | $ | — | $ | 64,094 | $ | — | $ | 173,608 | ||||||||||
Accounts receivable, net | 123 | 49,892 | 64,310 | — | 114,325 | |||||||||||||||
Unbilled receivables | — | 18,548 | 4,051 | — | 22,599 | |||||||||||||||
Inventories | — | 4,013 | 47,149 | — | 51,162 | |||||||||||||||
Prepaid expenses and other current assets | 6,692 | 2,697 | 8,769 | (4,496 | ) | 13,662 | ||||||||||||||
Total current assets | 116,329 | 75,150 | 188,373 | (4,496 | ) | 375,356 | ||||||||||||||
Deferred income tax asset | (7,852 | ) | 6,675 | 749 | 9,032 | 8,604 | ||||||||||||||
Property, plant, equipment and seismic rental equipment, net | 6,412 | 33,065 | 30,363 | — | 69,840 | |||||||||||||||
Multi-client data library, net | — | 96,423 | 22,246 | — | 118,669 | |||||||||||||||
Investment in subsidiaries | 675,499 | 278,294 | — | (953,793 | ) | — | ||||||||||||||
Goodwill | — | — | 27,388 | — | 27,388 | |||||||||||||||
Intangible assets, net | — | 6,254 | 534 | — | 6,788 | |||||||||||||||
Intercompany receivables | 29,979 | — | — | (29,979 | ) | — | ||||||||||||||
Other assets | 10,191 | 147 | 274 | — | 10,612 | |||||||||||||||
Total assets | $ | 830,558 | $ | 496,008 | $ | 269,927 | $ | (979,236 | ) | $ | 617,257 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,965 | $ | 684 | $ | — | $ | 7,649 | ||||||||||
Accounts payable | 4,308 | 12,028 | 20,527 | — | 36,863 | |||||||||||||||
Accrued expenses | 3,904 | 34,738 | 21,807 | 4,815 | 65,264 | |||||||||||||||
Accrued multi-client data library royalties | — | 34,624 | 595 | — | 35,219 | |||||||||||||||
Deferred revenue | — | 5,263 | 2,999 | — | 8,262 | |||||||||||||||
Total current liabilities | 8,212 | 93,618 | 46,612 | 4,815 | 153,257 | |||||||||||||||
Long-term debt, net of current maturities | 175,000 | 7,839 | 106 | — | 182,945 | |||||||||||||||
Intercompany payables | 509,124 | 8,892 | 21,087 | (539,103 | ) | — | ||||||||||||||
Other long-term liabilities | 2,609 | 130,985 | 10,489 | (279 | ) | 143,804 | ||||||||||||||
Total liabilities | 694,945 | 241,334 | 78,294 | (534,567 | ) | 480,006 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 1,539 | — | 1,539 | |||||||||||||||
Equity: | ||||||||||||||||||||
Common stock | 1,645 | 290,460 | 19,138 | (309,598 | ) | 1,645 | ||||||||||||||
Additional paid-in capital | 887,749 | 180,700 | 234,234 | (414,934 | ) | 887,749 | ||||||||||||||
Accumulated earnings (deficit) | (734,409 | ) | 208,846 | 26,981 | (235,827 | ) | (734,409 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (12,807 | ) | 6,229 | (12,795 | ) | 6,566 | (12,807 | ) | ||||||||||||
Due from ION Geophysical Corporation | — | (431,561 | ) | (77,563 | ) | 509,124 | — | |||||||||||||
Treasury stock | (6,565 | ) | — | — | — | (6,565 | ) | |||||||||||||
Total stockholders’ equity | 135,613 | 254,674 | 189,995 | (444,669 | ) | 135,613 | ||||||||||||||
Noncontrolling interests | — | — | 99 | — | 99 | |||||||||||||||
Total equity | 135,613 | 254,674 | 190,094 | (444,669 | ) | 135,712 | ||||||||||||||
Total liabilities and equity | $ | 830,558 | $ | 496,008 | $ | 269,927 | $ | (979,236 | ) | $ | 617,257 | |||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Income Statement | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 18,849 | $ | 22,135 | $ | (406 | ) | $ | 40,578 | |||||||||
Cost of sales | — | 24,775 | 31,997 | (406 | ) | 56,366 | ||||||||||||||
Gross loss | — | (5,926 | ) | (9,862 | ) | — | (15,788 | ) | ||||||||||||
Total operating expenses | 7,916 | 13,080 | 9,905 | — | 30,901 | |||||||||||||||
Loss from operations | (7,916 | ) | (19,006 | ) | (19,767 | ) | — | (46,689 | ) | |||||||||||
Interest expense, net | (4,551 | ) | (72 | ) | (2 | ) | — | (4,625 | ) | |||||||||||
Intercompany interest, net | 139 | (657 | ) | 518 | — | — | ||||||||||||||
Equity in losses of investments | (42,857 | ) | (18,922 | ) | — | 61,779 | — | |||||||||||||
Other income (expense) | (29 | ) | 15 | (3,205 | ) | — | (3,219 | ) | ||||||||||||
Net loss before income taxes | (55,214 | ) | (38,642 | ) | (22,456 | ) | 61,779 | (54,533 | ) | |||||||||||
Income tax expense | 50 | 51 | 882 | — | 983 | |||||||||||||||
Net loss | (55,264 | ) | (38,693 | ) | (23,338 | ) | 61,779 | (55,516 | ) | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 252 | — | 252 | |||||||||||||||
Net loss attributable to ION | (55,264 | ) | (38,693 | ) | (23,086 | ) | 61,779 | (55,264 | ) | |||||||||||
Comprehensive net loss | $ | (56,609 | ) | $ | (40,053 | ) | $ | (24,698 | ) | $ | 64,499 | $ | (56,861 | ) | ||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 252 | — | 252 | |||||||||||||||
Comprehensive net loss attributable to ION | $ | (56,609 | ) | $ | (40,053 | ) | $ | (24,446 | ) | $ | 64,499 | $ | (56,609 | ) | ||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Income Statement | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 78,122 | $ | 66,576 | $ | — | $ | 144,698 | ||||||||||
Cost of sales | — | 43,996 | 43,848 | — | 87,844 | |||||||||||||||
Gross profit | — | 34,126 | 22,728 | — | 56,854 | |||||||||||||||
Total operating expenses | 9,021 | 15,255 | 12,907 | — | 37,183 | |||||||||||||||
Income (loss) from operations | (9,021 | ) | 18,871 | 9,821 | — | 19,671 | ||||||||||||||
Interest expense, net | (4,573 | ) | (42 | ) | (182 | ) | — | (4,797 | ) | |||||||||||
Intercompany interest, net | 66 | (435 | ) | 369 | — | — | ||||||||||||||
Equity in earnings (losses) of investments | 89,488 | 3,856 | 738 | (95,770 | ) | (1,688 | ) | |||||||||||||
Other income (expense) | 497 | 69,911 | (1,882 | ) | — | 68,526 | ||||||||||||||
Net income before income taxes | 76,457 | 92,161 | 8,864 | (95,770 | ) | 81,712 | ||||||||||||||
Income tax expense | 478 | 332 | 4,453 | — | 5,263 | |||||||||||||||
Net income | 75,979 | 91,829 | 4,411 | (95,770 | ) | 76,449 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (470 | ) | — | (470 | ) | |||||||||||||
Net income attributable to ION | 75,979 | 91,829 | 3,941 | (95,770 | ) | 75,979 | ||||||||||||||
Comprehensive net income | $ | 75,318 | $ | 91,828 | $ | 4,901 | $ | (96,259 | ) | $ | 75,788 | |||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (470 | ) | — | (470 | ) | |||||||||||||
Comprehensive net income attributable to ION | $ | 75,318 | $ | 91,828 | $ | 4,431 | $ | (96,259 | ) | $ | 75,318 | |||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Statement of Cash Flows | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Total Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (62,480 | ) | $ | 41,328 | $ | 14,446 | $ | (6,706 | ) | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash invested in multi-client data library | — | (9,055 | ) | (33 | ) | (9,088 | ) | |||||||||||||
Purchase of property, plant, equipment and seismic rental equipment | (329 | ) | (1,133 | ) | (10,532 | ) | (11,994 | ) | ||||||||||||
Other investing activities | — | 257 | — | 257 | ||||||||||||||||
Net cash used in investing activities | (329 | ) | (9,931 | ) | (10,565 | ) | (20,825 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on notes payable and long-term debt | — | (1,725 | ) | (341 | ) | (2,066 | ) | |||||||||||||
Intercompany lending | 26,968 | (29,672 | ) | 2,704 | — | |||||||||||||||
Other financing activities | 31 | — | — | 31 | ||||||||||||||||
Net cash provided by (used in) financing activities | 26,999 | (31,397 | ) | 2,363 | (2,035 | ) | ||||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | — | 396 | 396 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (35,810 | ) | — | 6,640 | (29,170 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 109,514 | — | 64,094 | 173,608 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 73,704 | $ | — | $ | 70,734 | $ | 144,438 | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Statement of Cash Flows | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Total Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 15,105 | $ | 19,989 | $ | 27,588 | $ | 62,682 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in multi-client data library | — | (22,299 | ) | (54 | ) | (22,353 | ) | |||||||||||||
Purchase of property, plant, equipment and seismic rental equipment | (551 | ) | (1,230 | ) | (216 | ) | (1,997 | ) | ||||||||||||
Repayment of advance to INOVA Geophysical | 1,000 | — | — | 1,000 | ||||||||||||||||
Net investment in and advances to OceanGeo B.V. prior to its consolidation | — | — | (3,074 | ) | (3,074 | ) | ||||||||||||||
Other investing activities | 579 | 26 | — | 605 | ||||||||||||||||
Net cash provided by (used in) investing activities | 1,028 | (23,503 | ) | (3,344 | ) | (25,819 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings under revolving line of credit | 15,000 | — | — | 15,000 | ||||||||||||||||
Payments on notes payable and long-term debt | — | (1,365 | ) | (1,390 | ) | (2,755 | ) | |||||||||||||
Intercompany lending | (1,155 | ) | 6,418 | (5,263 | ) | — | ||||||||||||||
Other financing activities | 166 | — | — | 166 | ||||||||||||||||
Net cash provided by (used in) financing activities | 14,011 | 5,053 | (6,653 | ) | 12,411 | |||||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | — | (24 | ) | (24 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 30,144 | 1,539 | 17,567 | 49,250 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 124,701 | — | 23,355 | 148,056 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 154,845 | $ | 1,539 | $ | 40,922 | $ | 197,306 | ||||||||||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||
Restructuring and Related Costs | During the three months ended March 31, 2015, the Company recognized the following pre-tax charges (in thousands): | |||||||||||
Severance Charges(a) | Facility Charges(b) | Total | ||||||||||
Cost of goods sold | $ | 1,813 | $ | — | $ | 1,813 | ||||||
Operating expenses | 198 | — | 198 | |||||||||
Other expense | — | 1,913 | 1,913 | |||||||||
Net income attributable to noncontrolling interest | (172 | ) | — | (172 | ) | |||||||
Consolidated total | $ | 1,839 | $ | 1,913 | $ | 3,752 | ||||||
(a) | Represents severance charges related to first quarter 2015 restructuring, a portion of which relates to a noncontrolling interest. | |||||||||||
(b) | Represents facility charges related to first quarter 2015 restructuring. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Summary of Segment Information | The following table is a summary of segment information (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Net revenues: | ||||||||
Solutions: | ||||||||
New Venture | $ | 5,029 | $ | 32,738 | ||||
Data Library | 2,137 | 13,217 | ||||||
Total multi-client revenues | 7,166 | 45,955 | ||||||
Data Processing | 11,833 | 43,286 | ||||||
Total | $ | 18,999 | $ | 89,241 | ||||
Systems: | ||||||||
Towed Streamer | $ | 5,165 | $ | 11,851 | ||||
Other | 7,604 | 12,997 | ||||||
Total | $ | 12,769 | $ | 24,848 | ||||
Software: | ||||||||
Software Systems | $ | 7,729 | $ | 9,154 | ||||
Services | 1,081 | 885 | ||||||
Total | $ | 8,810 | $ | 10,039 | ||||
Ocean Bottom Services | $ | — | $ | 20,570 | ||||
Total | $ | 40,578 | $ | 144,698 | ||||
Gross profit (loss): | ||||||||
Solutions | $ | (10,392 | ) | $ | 33,011 | |||
Systems | 4,559 | 11,417 | ||||||
Software | 5,590 | 7,257 | ||||||
Ocean Bottom Services | (15,545 | ) | 5,169 | |||||
Total | $ | (15,788 | ) | $ | 56,854 | |||
Gross margin: | ||||||||
Solutions | (55 | )% | 37 | % | ||||
Systems | 36 | % | 46 | % | ||||
Software | 63 | % | 72 | % | ||||
Ocean Bottom Services | — | % | 25 | % | ||||
Total | (39 | )% | 39 | % | ||||
Income (loss) from operations: | ||||||||
Solutions | $ | (21,778 | ) | $ | 19,112 | |||
Systems | 1,014 | 3,371 | ||||||
Software | 3,335 | 5,128 | ||||||
Ocean Bottom Services | (17,559 | ) | 4,162 | |||||
Corporate and other | (11,701 | ) | (12,102 | ) | ||||
Income (loss) from operations | (46,689 | ) | 19,671 | |||||
Interest expense, net | (4,625 | ) | (4,797 | ) | ||||
Equity in losses of investments | — | (1,688 | ) | |||||
Other income (expense), net | (3,219 | ) | 68,526 | |||||
Income (loss) before income taxes | $ | (54,533 | ) | $ | 81,712 | |||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Obligations | |||||||||
Obligations (in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Senior secured second-priority notes | $ | 175,000 | $ | 175,000 | |||||
Equipment capital leases | 14,391 | 15,059 | |||||||
Other debt | 272 | 535 | |||||||
Total | 189,663 | 190,594 | |||||||
Current portion of long-term debt and lease obligations | (7,242 | ) | (7,649 | ) | |||||
Non-current portion of long-term debt and lease obligations | $ | 182,421 | $ | 182,945 | |||||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Computation of basic and diluted net income per common share | The following table summarizes the computation of basic and diluted net income (loss) per common share (in thousands, except per share amounts): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Net income (loss) attributable to ION | $ | (55,264 | ) | $ | 75,979 | |||
Weighted average number of common shares outstanding | 164,567 | 163,847 | ||||||
Effect of dilutive stock awards | — | 214 | ||||||
Weighted average number of diluted common shares outstanding | 164,567 | 164,061 | ||||||
Basic net income (loss) per share | $ | (0.34 | ) | $ | 0.46 | |||
Diluted net income (loss) per share | $ | (0.34 | ) | $ | 0.46 | |||
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Schedule of Other Income (Expense), Net | The following table is a summary of other income (expense), net (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Reduction of loss contingency related to legal proceedings (Footnote 7) | $ | — | $ | 69,557 | ||||
Facility restructuring charge (Footnote 2) | (1,913 | ) | — | |||||
Other expense, net | (1,306 | ) | (1,031 | ) | ||||
Total other income (expense), net | $ | (3,219 | ) | $ | 68,526 | |||
Details_of_Selected_Balance_Sh1
Details of Selected Balance Sheet Accounts (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Summary of Inventories | Inventories | |||||||
The following table is a summary of inventories (in thousands): | March 31, 2015 | December 31, 2014 | ||||||
Raw materials and subassemblies | $ | 43,641 | $ | 41,461 | ||||
Work-in-process | 9,074 | 18,221 | ||||||
Finished goods | 15,148 | 21,284 | ||||||
Reserve for excess and obsolete inventories | (24,887 | ) | (29,804 | ) | ||||
Total | $ | 42,976 | $ | 51,162 | ||||
Summary of Other Long-term Liabilities | Other Long-term Liabilities | |||||||
The following table is a summary of other long-term liabilities (in thousands): | March 31, 2015 | December 31, 2014 | ||||||
Accrual for loss contingency related to legal proceedings (Footnote 7) | $ | 123,770 | $ | 123,770 | ||||
Deferred rents | 13,896 | 13,416 | ||||||
Facility restructuring accrual | 4,018 | 3,353 | ||||||
Other long-term liabilities | 3,295 | 3,265 | ||||||
Total | $ | 144,979 | $ | 143,804 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | The following table is a summary of changes in accumulated other comprehensive loss by component (in thousands): | ||||||||
Foreign currency translation adjustments | Total | ||||||||
Accumulated other comprehensive loss at December 31, 2014 | $ | (12,807 | ) | $ | (12,807 | ) | |||
Net current-period other comprehensive income (loss) | (1,345 | ) | (1,345 | ) | |||||
Accumulated other comprehensive loss at March 31, 2015 | $ | (14,152 | ) | $ | (14,152 | ) | |||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information and Non-Cash Activity (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
Summary of Non-cash Items from Investing and Financing Activities | The following table is a summary of non-cash items from investing and financing activities (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Cash paid during the period for: | ||||||||
Interest | $ | 497 | $ | 912 | ||||
Income taxes | $ | 5,041 | $ | 5,020 | ||||
Non-cash items from investing and financing activities: | ||||||||
Purchases of computer equipment financed through capital leases | $ | 1,178 | $ | 1,952 | ||||
Investment in multi-client data library financed through accounts payable | $ | 7,018 | $ | — | ||||
Transfer of inventory to property, plant, equipment and seismic rental equipment | $ | 8,485 | (a) | $ | 2,308 | |||
(a) | This transfer of inventory to property, plant, equipment and seismic rental equipment relates to ocean bottom seismic equipment manufactured by the Company to be deployed in the acquisition of ocean bottom seismic data. |
Acquisition_of_OceanGeo_Tables
Acquisition of OceanGeo (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Business Combinations [Abstract] | ||||||
Business Acquisition, Pro Forma Information | Amounts presented below are in thousands, except for the per share amounts: | |||||
Pro forma Consolidated ION Income Statement Information | Three Months Ended March 31, 2014 | |||||
Net revenues | $ | 153,882 | ||||
Income from operations | $ | 22,788 | ||||
Net income | $ | 77,009 | ||||
Net income attributable to ION | $ | 76,539 | ||||
Basic and diluted net income per common share | $ | 0.47 | ||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | |
Mar. 31, 2015 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following assumptions were used: | |
1-Mar-15 | ||
Risk-free interest rates | 2.03% | |
Expected lives (in years) | 2.7 | |
Expected dividend yield | —% | |
Expected volatility | 60.27% |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Balance Sheet | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Balance Sheet | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 73,704 | $ | — | $ | 70,734 | $ | — | $ | 144,438 | ||||||||||
Accounts receivable, net | — | 20,410 | 18,959 | — | 39,369 | |||||||||||||||
Unbilled receivables | — | 20,604 | 3,494 | — | 24,098 | |||||||||||||||
Inventories | — | 3,966 | 39,010 | — | 42,976 | |||||||||||||||
Prepaid expenses and other current assets | 5,827 | 3,273 | 8,404 | (4,497 | ) | 13,007 | ||||||||||||||
Total current assets | 79,531 | 48,253 | 140,601 | (4,497 | ) | 263,888 | ||||||||||||||
Deferred income tax asset | (7,852 | ) | 6,675 | 750 | 9,032 | 8,605 | ||||||||||||||
Property, plant, equipment and seismic rental equipment, net | 5,972 | 30,748 | 43,019 | — | 79,739 | |||||||||||||||
Multi-client data library, net | — | 112,417 | 16,181 | — | 128,598 | |||||||||||||||
Investment in subsidiaries | 631,284 | 258,010 | — | (889,294 | ) | — | ||||||||||||||
Goodwill | — | — | 26,289 | — | 26,289 | |||||||||||||||
Intangible assets, net | — | 5,822 | 454 | — | 6,276 | |||||||||||||||
Intercompany receivables | 43,490 | — | — | (43,490 | ) | — | ||||||||||||||
Other assets | 8,935 | 167 | 962 | — | 10,064 | |||||||||||||||
Total assets | $ | 761,360 | $ | 462,092 | $ | 228,256 | $ | (928,249 | ) | $ | 523,459 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,880 | $ | 362 | $ | — | $ | 7,242 | ||||||||||
Accounts payable | 2,260 | 16,246 | 10,644 | — | 29,150 | |||||||||||||||
Accrued expenses | 5,268 | 24,505 | 16,259 | 4,817 | 50,849 | |||||||||||||||
Accrued multi-client data library royalties | — | 15,040 | 564 | — | 15,604 | |||||||||||||||
Deferred revenue | — | 8,346 | 2,981 | — | 11,327 | |||||||||||||||
Total current liabilities | 7,528 | 71,017 | 30,810 | 4,817 | 114,172 | |||||||||||||||
Long-term debt, net of current maturities | 175,000 | 7,345 | 76 | — | 182,421 | |||||||||||||||
Intercompany payables | 495,667 | 25,268 | 18,218 | (539,153 | ) | — | ||||||||||||||
Other long-term liabilities | 2,653 | 130,545 | 12,063 | (282 | ) | 144,979 | ||||||||||||||
Total liabilities | 680,848 | 234,175 | 61,167 | (534,618 | ) | 441,572 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 1,325 | — | 1,325 | |||||||||||||||
Equity: | ||||||||||||||||||||
Common stock | 1,647 | 290,460 | 19,138 | (309,598 | ) | 1,647 | ||||||||||||||
Additional paid-in capital | 889,255 | 180,700 | 234,234 | (414,934 | ) | 889,255 | ||||||||||||||
Accumulated earnings (deficit) | (789,673 | ) | 170,153 | 3,895 | (174,048 | ) | (789,673 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (14,152 | ) | 4,869 | (14,155 | ) | 9,286 | (14,152 | ) | ||||||||||||
Due from ION Geophysical Corporation | — | (418,265 | ) | (77,398 | ) | 495,663 | — | |||||||||||||
Treasury stock | (6,565 | ) | — | — | — | (6,565 | ) | |||||||||||||
Total stockholders’ equity | 80,512 | 227,917 | 165,714 | (393,631 | ) | 80,512 | ||||||||||||||
Noncontrolling interests | — | — | 50 | — | 50 | |||||||||||||||
Total equity | 80,512 | 227,917 | 165,764 | (393,631 | ) | 80,562 | ||||||||||||||
Total liabilities and equity | $ | 761,360 | $ | 462,092 | $ | 228,256 | $ | (928,249 | ) | $ | 523,459 | |||||||||
December 31, 2014 | ||||||||||||||||||||
Balance Sheet | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 109,514 | $ | — | $ | 64,094 | $ | — | $ | 173,608 | ||||||||||
Accounts receivable, net | 123 | 49,892 | 64,310 | — | 114,325 | |||||||||||||||
Unbilled receivables | — | 18,548 | 4,051 | — | 22,599 | |||||||||||||||
Inventories | — | 4,013 | 47,149 | — | 51,162 | |||||||||||||||
Prepaid expenses and other current assets | 6,692 | 2,697 | 8,769 | (4,496 | ) | 13,662 | ||||||||||||||
Total current assets | 116,329 | 75,150 | 188,373 | (4,496 | ) | 375,356 | ||||||||||||||
Deferred income tax asset | (7,852 | ) | 6,675 | 749 | 9,032 | 8,604 | ||||||||||||||
Property, plant, equipment and seismic rental equipment, net | 6,412 | 33,065 | 30,363 | — | 69,840 | |||||||||||||||
Multi-client data library, net | — | 96,423 | 22,246 | — | 118,669 | |||||||||||||||
Investment in subsidiaries | 675,499 | 278,294 | — | (953,793 | ) | — | ||||||||||||||
Goodwill | — | — | 27,388 | — | 27,388 | |||||||||||||||
Intangible assets, net | — | 6,254 | 534 | — | 6,788 | |||||||||||||||
Intercompany receivables | 29,979 | — | — | (29,979 | ) | — | ||||||||||||||
Other assets | 10,191 | 147 | 274 | — | 10,612 | |||||||||||||||
Total assets | $ | 830,558 | $ | 496,008 | $ | 269,927 | $ | (979,236 | ) | $ | 617,257 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 6,965 | $ | 684 | $ | — | $ | 7,649 | ||||||||||
Accounts payable | 4,308 | 12,028 | 20,527 | — | 36,863 | |||||||||||||||
Accrued expenses | 3,904 | 34,738 | 21,807 | 4,815 | 65,264 | |||||||||||||||
Accrued multi-client data library royalties | — | 34,624 | 595 | — | 35,219 | |||||||||||||||
Deferred revenue | — | 5,263 | 2,999 | — | 8,262 | |||||||||||||||
Total current liabilities | 8,212 | 93,618 | 46,612 | 4,815 | 153,257 | |||||||||||||||
Long-term debt, net of current maturities | 175,000 | 7,839 | 106 | — | 182,945 | |||||||||||||||
Intercompany payables | 509,124 | 8,892 | 21,087 | (539,103 | ) | — | ||||||||||||||
Other long-term liabilities | 2,609 | 130,985 | 10,489 | (279 | ) | 143,804 | ||||||||||||||
Total liabilities | 694,945 | 241,334 | 78,294 | (534,567 | ) | 480,006 | ||||||||||||||
Redeemable noncontrolling interest | — | — | 1,539 | — | 1,539 | |||||||||||||||
Equity: | ||||||||||||||||||||
Common stock | 1,645 | 290,460 | 19,138 | (309,598 | ) | 1,645 | ||||||||||||||
Additional paid-in capital | 887,749 | 180,700 | 234,234 | (414,934 | ) | 887,749 | ||||||||||||||
Accumulated earnings (deficit) | (734,409 | ) | 208,846 | 26,981 | (235,827 | ) | (734,409 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (12,807 | ) | 6,229 | (12,795 | ) | 6,566 | (12,807 | ) | ||||||||||||
Due from ION Geophysical Corporation | — | (431,561 | ) | (77,563 | ) | 509,124 | — | |||||||||||||
Treasury stock | (6,565 | ) | — | — | — | (6,565 | ) | |||||||||||||
Total stockholders’ equity | 135,613 | 254,674 | 189,995 | (444,669 | ) | 135,613 | ||||||||||||||
Noncontrolling interests | — | — | 99 | — | 99 | |||||||||||||||
Total equity | 135,613 | 254,674 | 190,094 | (444,669 | ) | 135,712 | ||||||||||||||
Total liabilities and equity | $ | 830,558 | $ | 496,008 | $ | 269,927 | $ | (979,236 | ) | $ | 617,257 | |||||||||
Condensed Income Statement | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Income Statement | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 18,849 | $ | 22,135 | $ | (406 | ) | $ | 40,578 | |||||||||
Cost of sales | — | 24,775 | 31,997 | (406 | ) | 56,366 | ||||||||||||||
Gross loss | — | (5,926 | ) | (9,862 | ) | — | (15,788 | ) | ||||||||||||
Total operating expenses | 7,916 | 13,080 | 9,905 | — | 30,901 | |||||||||||||||
Loss from operations | (7,916 | ) | (19,006 | ) | (19,767 | ) | — | (46,689 | ) | |||||||||||
Interest expense, net | (4,551 | ) | (72 | ) | (2 | ) | — | (4,625 | ) | |||||||||||
Intercompany interest, net | 139 | (657 | ) | 518 | — | — | ||||||||||||||
Equity in losses of investments | (42,857 | ) | (18,922 | ) | — | 61,779 | — | |||||||||||||
Other income (expense) | (29 | ) | 15 | (3,205 | ) | — | (3,219 | ) | ||||||||||||
Net loss before income taxes | (55,214 | ) | (38,642 | ) | (22,456 | ) | 61,779 | (54,533 | ) | |||||||||||
Income tax expense | 50 | 51 | 882 | — | 983 | |||||||||||||||
Net loss | (55,264 | ) | (38,693 | ) | (23,338 | ) | 61,779 | (55,516 | ) | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 252 | — | 252 | |||||||||||||||
Net loss attributable to ION | (55,264 | ) | (38,693 | ) | (23,086 | ) | 61,779 | (55,264 | ) | |||||||||||
Comprehensive net loss | $ | (56,609 | ) | $ | (40,053 | ) | $ | (24,698 | ) | $ | 64,499 | $ | (56,861 | ) | ||||||
Comprehensive loss attributable to noncontrolling interest | — | — | 252 | — | 252 | |||||||||||||||
Comprehensive net loss attributable to ION | $ | (56,609 | ) | $ | (40,053 | ) | $ | (24,446 | ) | $ | 64,499 | $ | (56,609 | ) | ||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Income Statement | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Consolidating Adjustments | Total Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Net revenues | $ | — | $ | 78,122 | $ | 66,576 | $ | — | $ | 144,698 | ||||||||||
Cost of sales | — | 43,996 | 43,848 | — | 87,844 | |||||||||||||||
Gross profit | — | 34,126 | 22,728 | — | 56,854 | |||||||||||||||
Total operating expenses | 9,021 | 15,255 | 12,907 | — | 37,183 | |||||||||||||||
Income (loss) from operations | (9,021 | ) | 18,871 | 9,821 | — | 19,671 | ||||||||||||||
Interest expense, net | (4,573 | ) | (42 | ) | (182 | ) | — | (4,797 | ) | |||||||||||
Intercompany interest, net | 66 | (435 | ) | 369 | — | — | ||||||||||||||
Equity in earnings (losses) of investments | 89,488 | 3,856 | 738 | (95,770 | ) | (1,688 | ) | |||||||||||||
Other income (expense) | 497 | 69,911 | (1,882 | ) | — | 68,526 | ||||||||||||||
Net income before income taxes | 76,457 | 92,161 | 8,864 | (95,770 | ) | 81,712 | ||||||||||||||
Income tax expense | 478 | 332 | 4,453 | — | 5,263 | |||||||||||||||
Net income | 75,979 | 91,829 | 4,411 | (95,770 | ) | 76,449 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | (470 | ) | — | (470 | ) | |||||||||||||
Net income attributable to ION | 75,979 | 91,829 | 3,941 | (95,770 | ) | 75,979 | ||||||||||||||
Comprehensive net income | $ | 75,318 | $ | 91,828 | $ | 4,901 | $ | (96,259 | ) | $ | 75,788 | |||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (470 | ) | — | (470 | ) | |||||||||||||
Comprehensive net income attributable to ION | $ | 75,318 | $ | 91,828 | $ | 4,431 | $ | (96,259 | ) | $ | 75,318 | |||||||||
Condensed Cash Flow Statement | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Statement of Cash Flows | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Total Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (62,480 | ) | $ | 41,328 | $ | 14,446 | $ | (6,706 | ) | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash invested in multi-client data library | — | (9,055 | ) | (33 | ) | (9,088 | ) | |||||||||||||
Purchase of property, plant, equipment and seismic rental equipment | (329 | ) | (1,133 | ) | (10,532 | ) | (11,994 | ) | ||||||||||||
Other investing activities | — | 257 | — | 257 | ||||||||||||||||
Net cash used in investing activities | (329 | ) | (9,931 | ) | (10,565 | ) | (20,825 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments on notes payable and long-term debt | — | (1,725 | ) | (341 | ) | (2,066 | ) | |||||||||||||
Intercompany lending | 26,968 | (29,672 | ) | 2,704 | — | |||||||||||||||
Other financing activities | 31 | — | — | 31 | ||||||||||||||||
Net cash provided by (used in) financing activities | 26,999 | (31,397 | ) | 2,363 | (2,035 | ) | ||||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | — | 396 | 396 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (35,810 | ) | — | 6,640 | (29,170 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 109,514 | — | 64,094 | 173,608 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 73,704 | $ | — | $ | 70,734 | $ | 144,438 | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Statement of Cash Flows | ION Geophysical Corporation | The Guarantors | All Other Subsidiaries | Total Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 15,105 | $ | 19,989 | $ | 27,588 | $ | 62,682 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Investment in multi-client data library | — | (22,299 | ) | (54 | ) | (22,353 | ) | |||||||||||||
Purchase of property, plant, equipment and seismic rental equipment | (551 | ) | (1,230 | ) | (216 | ) | (1,997 | ) | ||||||||||||
Repayment of advance to INOVA Geophysical | 1,000 | — | — | 1,000 | ||||||||||||||||
Net investment in and advances to OceanGeo B.V. prior to its consolidation | — | — | (3,074 | ) | (3,074 | ) | ||||||||||||||
Other investing activities | 579 | 26 | — | 605 | ||||||||||||||||
Net cash provided by (used in) investing activities | 1,028 | (23,503 | ) | (3,344 | ) | (25,819 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings under revolving line of credit | 15,000 | — | — | 15,000 | ||||||||||||||||
Payments on notes payable and long-term debt | — | (1,365 | ) | (1,390 | ) | (2,755 | ) | |||||||||||||
Intercompany lending | (1,155 | ) | 6,418 | (5,263 | ) | — | ||||||||||||||
Other financing activities | 166 | — | — | 166 | ||||||||||||||||
Net cash provided by (used in) financing activities | 14,011 | 5,053 | (6,653 | ) | 12,411 | |||||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents | — | — | (24 | ) | (24 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 30,144 | 1,539 | 17,567 | 49,250 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 124,701 | — | 23,355 | 148,056 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 154,845 | $ | 1,539 | $ | 40,922 | $ | 197,306 | ||||||||||||
Restructuring_and_Other_Charge2
Restructuring and Other Charges - Narrative (Details) (USD $) | 3 Months Ended | 4 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | ||
Crude oil, lowest prices, number of years evaluated | 5 years | |
Percentage reduction in full-time employee base | 20.00% | |
Minimum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected additional restructuring charges to incur | 2 | 2 |
Maximum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected additional restructuring charges to incur | 4 | 4 |
Towed Streamer [Member] | Systems [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of locations | 2 | 2 |
Restructuring_and_Other_Charge3
Restructuring and Other Charges - Restructuring Charges (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | $3,752 |
Severance Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | 1,839 |
Facility Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | 1,913 |
Cost of goods sold [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | 1,813 |
Cost of goods sold [Member] | Severance Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | 1,813 |
Cost of goods sold [Member] | Facility Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | 0 |
Operating expenses [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | 198 |
Operating expenses [Member] | Severance Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | 198 |
Other expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | 1,913 |
Other expense [Member] | Facility Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | 1,913 |
Net income attributable to noncontrolling interests [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | -172 |
Net income attributable to noncontrolling interests [Member] | Severance Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax restructuring charges | ($172) |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
segment | |||
Segment Reporting Information [Line Items] | |||
Number of business segments | 4 | ||
Summary of segment information | |||
Revenues | $40,578,000 | $144,698,000 | |
Gross profit (loss) | -15,788,000 | 56,854,000 | |
Income (loss) from operations | -46,689,000 | 19,671,000 | |
Interest expense, net | -4,625,000 | -4,797,000 | |
Equity in earnings (losses) of investments | 0 | -1,688,000 | |
Other income (expense), net | -3,219,000 | 68,526,000 | |
Income (loss) before income taxes | -54,533,000 | 81,712,000 | |
Operating segments [Member] | |||
Summary of segment information | |||
Revenues | 40,578,000 | 144,698,000 | |
Gross profit (loss) | -15,788,000 | 56,854,000 | |
Gross margin | -39.00% | 39.00% | |
Operating segments [Member] | Solutions [Member] | |||
Summary of segment information | |||
Revenues | 18,999,000 | 89,241,000 | |
Gross profit (loss) | -10,392,000 | 33,011,000 | |
Gross margin | -55.00% | 37.00% | |
Income (loss) from operations | -21,778,000 | 19,112,000 | |
Operating segments [Member] | Solutions [Member] | New Venture and Data Library [Member] | |||
Summary of segment information | |||
Revenues | 7,166,000 | 45,955,000 | |
Operating segments [Member] | Solutions [Member] | New Venture [Member] | |||
Summary of segment information | |||
Revenues | 5,029,000 | 32,738,000 | |
Operating segments [Member] | Solutions [Member] | Data Library [Member] | |||
Summary of segment information | |||
Revenues | 2,137,000 | 13,217,000 | |
Operating segments [Member] | Solutions [Member] | Data Processing [Member] | |||
Summary of segment information | |||
Revenues | 11,833,000 | 43,286,000 | |
Operating segments [Member] | Systems [Member] | |||
Summary of segment information | |||
Revenues | 12,769,000 | 24,848,000 | |
Gross profit (loss) | 4,559,000 | 11,417,000 | |
Gross margin | 36.00% | 46.00% | |
Income (loss) from operations | 1,014,000 | 3,371,000 | |
Operating segments [Member] | Systems [Member] | Towed Streamer [Member] | |||
Summary of segment information | |||
Revenues | 5,165,000 | 11,851,000 | |
Operating segments [Member] | Systems [Member] | Other [Member] | |||
Summary of segment information | |||
Revenues | 7,604,000 | 12,997,000 | |
Operating segments [Member] | Software [Member] | |||
Summary of segment information | |||
Revenues | 8,810,000 | 10,039,000 | |
Gross profit (loss) | 5,590,000 | 7,257,000 | |
Gross margin | 63.00% | 72.00% | |
Income (loss) from operations | 3,335,000 | 5,128,000 | |
Operating segments [Member] | Software [Member] | Software Systems [Member] | |||
Summary of segment information | |||
Revenues | 7,729,000 | 9,154,000 | |
Operating segments [Member] | Software [Member] | Services [Member] | |||
Summary of segment information | |||
Revenues | 1,081,000 | 885,000 | |
Operating segments [Member] | Ocean Bottom Services Segment [Member] | |||
Summary of segment information | |||
Revenues | 0 | 20,570,000 | |
Gross profit (loss) | -15,545,000 | 5,169,000 | |
Gross margin | 0.00% | 25.00% | |
Income (loss) from operations | -17,559,000 | 4,162,000 | |
Corporate and other [Member] | Corporate and Other [Member] | |||
Summary of segment information | |||
Income (loss) from operations | -11,701,000 | -12,102,000 | |
INOVA Geophysical [Member] | |||
Segment Reporting Information [Line Items] | |||
Equity method investments value | $0 |
Longterm_Debt_Obligations_Deta
Long-term Debt - Obligations (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Obligations | ||
Total debt | $189,663 | $190,594 |
Current portion of long-term debt and lease obligations | -7,242 | -7,649 |
Non-current portion of long-term debt and lease obligations | 182,421 | 182,945 |
Senior secured second-priority notes [Member] | ||
Obligations | ||
Total debt | 175,000 | 175,000 |
Equipment capital leases [Member] | ||
Obligations | ||
Total debt | 14,391 | 15,059 |
Other debt [Member] | ||
Obligations | ||
Total debt | $272 | $535 |
Longterm_Debt_Narrative_Detail
Long-term Debt - Narrative (Details) (USD $) | 1 Months Ended | ||
Aug. 31, 2014 | 13-May-13 | Mar. 31, 2015 | |
Senior Notes [Member] | |||
Long-term Debt and Interest Rate Caps (Textual) [Abstract] | |||
Principal amount of debt | $175,000,000 | ||
Stated rate on debt | 8.13% | ||
Line of Credit [Member] | PNC Bank, National Association (PNC) [Member] | |||
Long-term Debt and Interest Rate Caps (Textual) [Abstract] | |||
Outstanding debt | 0 | ||
Revolving line of credit, maximum capacity | $43,000,000 | ||
Minimum [Member] | Line of Credit [Member] | PNC Bank, National Association (PNC) [Member] | |||
Long-term Debt and Interest Rate Caps (Textual) [Abstract] | |||
Fixed Charge Coverage Ratio | 1.1 | ||
Maximum [Member] | Line of Credit [Member] | PNC Bank, National Association (PNC) [Member] | |||
Long-term Debt and Interest Rate Caps (Textual) [Abstract] | |||
Leverage Ratio | 3 |
Net_Income_Loss_per_Share_Narr
Net Income (Loss) per Share - Narrative (Details) | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Number of shares issued or committed for issuance under outstanding stock options | 9,522,274 | 9,660,100 |
Number of shares of restricted stock and shares reserved for restricted stock units outstanding | 1,504,470 | 1,479,027 |
Net_Income_Loss_per_Share_Basi
Net Income (Loss) per Share - Basic and Diluted Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to ION | ($55,264) | $75,979 |
Weighted average number of common shares outstanding | 164,567,000 | 163,847,000 |
Effect of dilutive stock awards | 0 | 214,000 |
Weighted average number of diluted common shares outstanding | 164,567,000 | 164,061,000 |
Basic net income (loss) per share (in dollars per share) | ($0.34) | $0.46 |
Diluted net income (loss) per share (in dollars per share) | ($0.34) | $0.46 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Effective income tax rates | -1.80% | 6.40% |
Income tax expense | $983,000 | $5,263,000 |
Unrecognized tax benefits | 2,000,000 | |
United States Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net deferred tax asset | $2,700,000 |
Litigation_Details
Litigation (Details) (WesternGeco [Member], USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2009 | Aug. 31, 2012 | Mar. 31, 2015 | Oct. 24, 2013 | Apr. 30, 2014 | Oct. 31, 2013 | 31-May-14 |
Patent | |||||||
Litigation (Textual) [Abstract] | |||||||
Number of patent apparatus claims contained | 4 | ||||||
Pending Litigation [Member] | |||||||
Litigation (Textual) [Abstract] | |||||||
Total damages awarded | $105.90 | ||||||
Pending Litigation, Post Appeal [Member] | |||||||
Litigation (Textual) [Abstract] | |||||||
Maximum amount of appeal bond | 120 | ||||||
Annual fee to maintain appeal bond | 1.6 | ||||||
Lost Royalties [Member] | Pending Litigation [Member] | |||||||
Litigation (Textual) [Abstract] | |||||||
Total damages awarded | 12.5 | ||||||
Lost Profits [Member] | Pending Litigation [Member] | |||||||
Litigation (Textual) [Abstract] | |||||||
Total damages awarded | 93.4 | ||||||
Lost Profits [Member] | Settled Litigation [Member] | |||||||
Litigation (Textual) [Abstract] | |||||||
Total damages awarded | 9.4 | ||||||
Reduction in damages award in the case | -3 | ||||||
Accrual for loss contingency related to legal proceedings | 123.8 | ||||||
Previously Reported [Member] | Lost Profits [Member] | Settled Litigation [Member] | |||||||
Litigation (Textual) [Abstract] | |||||||
Total damages awarded | $73.10 |
Other_Income_Expense_Net_Detai
Other Income (Expense), Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Income and Expenses [Abstract] | ||
Reduction of loss contingency related to legal proceedings (Footnote 7) | $0 | $69,557 |
Facility restructuring charge (Footnote 2) | -1,913 | 0 |
Other expense, net | -1,306 | -1,031 |
Total other income (expense), net | ($3,219) | $68,526 |
Details_of_Selected_Balance_Sh2
Details of Selected Balance Sheet Accounts - Inventories (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials and subassemblies | $43,641,000 | $41,461,000 |
Work-in-process | 9,074,000 | 18,221,000 |
Finished goods | 15,148,000 | 21,284,000 |
Reserve for excess and obsolete inventories | -24,887,000 | -29,804,000 |
Total | 42,976,000 | 51,162,000 |
Inventory adjustments | ($4,900,000) |
Details_of_Selected_Balance_Sh3
Details of Selected Balance Sheet Accounts - Long-term Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Accrual for loss contingency related to legal proceedings (Footnote 7) | $123,770 | $123,770 |
Deferred rents | 13,896 | 13,416 |
Facility restructuring accrual | 4,018 | 3,353 |
Other long-term liabilities | 3,295 | 3,265 |
Total | $144,979 | $143,804 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive loss at December 31, 2014 | ($12,807) | |
Net current-period other comprehensive income (loss) | -1,345 | -661 |
Accumulated other comprehensive loss at March 31, 2015 | -14,152 | |
Foreign currency translation adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive loss at December 31, 2014 | -12,807 | |
Net current-period other comprehensive income (loss) | -1,345 | |
Accumulated other comprehensive loss at March 31, 2015 | ($14,152) |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information and Non-Cash Activity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Elements [Abstract] | ||
Interest | $497 | $912 |
Income taxes | 5,041 | 5,020 |
Purchases of computer equipment financed through capital leases | 1,178 | 1,952 |
Investment in multi-client data library financed through accounts payable | 7,018 | 0 |
Transfer of inventory to property, plant, equipment and seismic rental equipment | 8,485 | 2,308 |
Segment Reporting Information [Line Items] | ||
Purchase of property, plant, equipment and seismic rental assets | 11,994 | 1,997 |
Ocean Bottom Services Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Purchase of property, plant, equipment and seismic rental assets | $10,100 |
Acquisition_of_OceanGeo_Pro_Fo
Acquisition of OceanGeo - Pro Forma Income Statement Information (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Business Combinations [Abstract] | |
Net revenues | $153,882 |
Income from operations | 22,788 |
Net income | 77,009 |
Net income attributable to ION | $76,539 |
Basic and diluted net income per common share | $0.47 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Narrative (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Carrying value of long-term debt | $189,663,000 | $190,594,000 |
Fair value of long-term debt | $151,200,000 | $162,600,000 |
Stockbased_Compensation_Narrat
Stock-based Compensation - Narrative (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 0 Months Ended | |
Mar. 01, 2015 | Mar. 01, 2015 | |
individual | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of SARs issued | 3,108,107 | |
Number of individuals received SARs | 16 | |
Exercise price of SARs | $2.28 | $2.28 |
Vesting period of SARs | 4 years | |
Number of days weighted average price of common stock must be greater than a percentage of exercise price of SARs | 20 days | |
Annual vesting percentage | 33.33% | |
Phase one [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage that weighted average price of common stock must be greater than exercise price of SARs | 120.00% | |
Phase two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage that weighted average price of common stock must be greater than exercise price of SARs | 125.00% | |
Phase three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage that weighted average price of common stock must be greater than exercise price of SARs | 130.00% |
Stockbased_Compensation_Valuat
Stock-based Compensation - Valuation Assumptions (Details) | 0 Months Ended |
Mar. 01, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Risk-free interest rates | 2.03% |
Expected lives (in years) | 2 years 8 months 9 days |
Expected dividend yield | 0.00% |
Expected volatility | 60.27% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (BGP Joint Venture [Member], Co-venturer [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
BGP Joint Venture [Member] | Co-venturer [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Company's outstanding common stock owned by BGP, percent | 14.40% | |
Related party transaction, revenues from transactions with related party | $2.90 | $2 |
Receivables due from BGP | $3.10 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Narrative (Details) (Senior Notes [Member], USD $) | 13-May-13 |
Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Principal amount of debt | $175,000,000 |
Stated rate on debt | 8.13% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Condensed Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $144,438 | $173,608 | $197,306 | $148,056 |
Accounts receivable, net | 39,369 | 114,325 | ||
Unbilled receivables | 24,098 | 22,599 | ||
Inventories | 42,976 | 51,162 | ||
Prepaid expenses and other current assets | 13,007 | 13,662 | ||
Total current assets | 263,888 | 375,356 | ||
Deferred income tax asset | 8,605 | 8,604 | ||
Property, plant, equipment and seismic rental equipment, net | 79,739 | 69,840 | ||
Multi-client data library, net | 128,598 | 118,669 | ||
Investment in subsidiaries | 0 | 0 | ||
Goodwill | 26,289 | 27,388 | ||
Intangible assets, net | 6,276 | 6,788 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 10,064 | 10,612 | ||
Total assets | 523,459 | 617,257 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 7,242 | 7,649 | ||
Accounts payable | 29,150 | 36,863 | ||
Accrued expenses | 50,849 | 65,264 | ||
Accrued multi-client data library royalties | 15,604 | 35,219 | ||
Deferred revenue | 11,327 | 8,262 | ||
Total current liabilities | 114,172 | 153,257 | ||
Long-term debt, net of current maturities | 182,421 | 182,945 | ||
Intercompany payables | 0 | 0 | ||
Other long-term liabilities | 144,979 | 143,804 | ||
Total liabilities | 441,572 | 480,006 | ||
Redeemable noncontrolling interests | 1,325 | 1,539 | ||
Stockholdersb equity: | ||||
Common stock | 1,647 | 1,645 | ||
Additional paid-in capital | 889,255 | 887,749 | ||
Accumulated earnings (deficit) | -789,673 | -734,409 | ||
Accumulated other comprehensive income (loss) | -14,152 | -12,807 | ||
Due from ION Geophysical Corporation | 0 | 0 | ||
Treasury stock | -6,565 | -6,565 | ||
Total stockholders' equity | 80,512 | 135,613 | ||
Noncontrolling interests | 50 | 99 | ||
Total equity | 80,562 | 135,712 | ||
Total liabilities and equity | 523,459 | 617,257 | ||
Reportable Legal Entities [Member] | ION Geophysical Corporation [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 73,704 | 109,514 | 154,845 | 124,701 |
Accounts receivable, net | 0 | 123 | ||
Unbilled receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 5,827 | 6,692 | ||
Total current assets | 79,531 | 116,329 | ||
Deferred income tax asset | -7,852 | -7,852 | ||
Property, plant, equipment and seismic rental equipment, net | 5,972 | 6,412 | ||
Multi-client data library, net | 0 | 0 | ||
Investment in subsidiaries | 631,284 | 675,499 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | 43,490 | 29,979 | ||
Other assets | 8,935 | 10,191 | ||
Total assets | 761,360 | 830,558 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 2,260 | 4,308 | ||
Accrued expenses | 5,268 | 3,904 | ||
Accrued multi-client data library royalties | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Total current liabilities | 7,528 | 8,212 | ||
Long-term debt, net of current maturities | 175,000 | 175,000 | ||
Intercompany payables | 495,667 | 509,124 | ||
Other long-term liabilities | 2,653 | 2,609 | ||
Total liabilities | 680,848 | 694,945 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Stockholdersb equity: | ||||
Common stock | 1,647 | 1,645 | ||
Additional paid-in capital | 889,255 | 887,749 | ||
Accumulated earnings (deficit) | -789,673 | -734,409 | ||
Accumulated other comprehensive income (loss) | -14,152 | -12,807 | ||
Due from ION Geophysical Corporation | 0 | 0 | ||
Treasury stock | -6,565 | -6,565 | ||
Total stockholders' equity | 80,512 | 135,613 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 80,512 | 135,613 | ||
Total liabilities and equity | 761,360 | 830,558 | ||
Reportable Legal Entities [Member] | The Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 1,539 | 0 |
Accounts receivable, net | 20,410 | 49,892 | ||
Unbilled receivables | 20,604 | 18,548 | ||
Inventories | 3,966 | 4,013 | ||
Prepaid expenses and other current assets | 3,273 | 2,697 | ||
Total current assets | 48,253 | 75,150 | ||
Deferred income tax asset | 6,675 | 6,675 | ||
Property, plant, equipment and seismic rental equipment, net | 30,748 | 33,065 | ||
Multi-client data library, net | 112,417 | 96,423 | ||
Investment in subsidiaries | 258,010 | 278,294 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 5,822 | 6,254 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 167 | 147 | ||
Total assets | 462,092 | 496,008 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 6,880 | 6,965 | ||
Accounts payable | 16,246 | 12,028 | ||
Accrued expenses | 24,505 | 34,738 | ||
Accrued multi-client data library royalties | 15,040 | 34,624 | ||
Deferred revenue | 8,346 | 5,263 | ||
Total current liabilities | 71,017 | 93,618 | ||
Long-term debt, net of current maturities | 7,345 | 7,839 | ||
Intercompany payables | 25,268 | 8,892 | ||
Other long-term liabilities | 130,545 | 130,985 | ||
Total liabilities | 234,175 | 241,334 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Stockholdersb equity: | ||||
Common stock | 290,460 | 290,460 | ||
Additional paid-in capital | 180,700 | 180,700 | ||
Accumulated earnings (deficit) | 170,153 | 208,846 | ||
Accumulated other comprehensive income (loss) | 4,869 | 6,229 | ||
Due from ION Geophysical Corporation | -418,265 | -431,561 | ||
Treasury stock | 0 | 0 | ||
Total stockholders' equity | 227,917 | 254,674 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 227,917 | 254,674 | ||
Total liabilities and equity | 462,092 | 496,008 | ||
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 70,734 | 64,094 | 40,922 | 23,355 |
Accounts receivable, net | 18,959 | 64,310 | ||
Unbilled receivables | 3,494 | 4,051 | ||
Inventories | 39,010 | 47,149 | ||
Prepaid expenses and other current assets | 8,404 | 8,769 | ||
Total current assets | 140,601 | 188,373 | ||
Deferred income tax asset | 750 | 749 | ||
Property, plant, equipment and seismic rental equipment, net | 43,019 | 30,363 | ||
Multi-client data library, net | 16,181 | 22,246 | ||
Investment in subsidiaries | 0 | 0 | ||
Goodwill | 26,289 | 27,388 | ||
Intangible assets, net | 454 | 534 | ||
Intercompany receivables | 0 | 0 | ||
Other assets | 962 | 274 | ||
Total assets | 228,256 | 269,927 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 362 | 684 | ||
Accounts payable | 10,644 | 20,527 | ||
Accrued expenses | 16,259 | 21,807 | ||
Accrued multi-client data library royalties | 564 | 595 | ||
Deferred revenue | 2,981 | 2,999 | ||
Total current liabilities | 30,810 | 46,612 | ||
Long-term debt, net of current maturities | 76 | 106 | ||
Intercompany payables | 18,218 | 21,087 | ||
Other long-term liabilities | 12,063 | 10,489 | ||
Total liabilities | 61,167 | 78,294 | ||
Redeemable noncontrolling interests | 1,325 | 1,539 | ||
Stockholdersb equity: | ||||
Common stock | 19,138 | 19,138 | ||
Additional paid-in capital | 234,234 | 234,234 | ||
Accumulated earnings (deficit) | 3,895 | 26,981 | ||
Accumulated other comprehensive income (loss) | -14,155 | -12,795 | ||
Due from ION Geophysical Corporation | -77,398 | -77,563 | ||
Treasury stock | 0 | 0 | ||
Total stockholders' equity | 165,714 | 189,995 | ||
Noncontrolling interests | 50 | 99 | ||
Total equity | 165,764 | 190,094 | ||
Total liabilities and equity | 228,256 | 269,927 | ||
Consolidation, Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Unbilled receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | -4,497 | -4,496 | ||
Total current assets | -4,497 | -4,496 | ||
Deferred income tax asset | 9,032 | 9,032 | ||
Property, plant, equipment and seismic rental equipment, net | 0 | 0 | ||
Multi-client data library, net | 0 | 0 | ||
Investment in subsidiaries | -889,294 | -953,793 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | -43,490 | -29,979 | ||
Other assets | 0 | 0 | ||
Total assets | -928,249 | -979,236 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued expenses | 4,817 | 4,815 | ||
Accrued multi-client data library royalties | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Total current liabilities | 4,817 | 4,815 | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Intercompany payables | -539,153 | -539,103 | ||
Other long-term liabilities | -282 | -279 | ||
Total liabilities | -534,618 | -534,567 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Stockholdersb equity: | ||||
Common stock | -309,598 | -309,598 | ||
Additional paid-in capital | -414,934 | -414,934 | ||
Accumulated earnings (deficit) | -174,048 | -235,827 | ||
Accumulated other comprehensive income (loss) | 9,286 | 6,566 | ||
Due from ION Geophysical Corporation | 495,663 | 509,124 | ||
Treasury stock | 0 | 0 | ||
Total stockholders' equity | -393,631 | -444,669 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | -393,631 | -444,669 | ||
Total liabilities and equity | ($928,249) | ($979,236) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Condensed Income Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | $40,578 | $144,698 |
Cost of sales | 56,366 | 87,844 |
Gross profit (loss) | -15,788 | 56,854 |
Total operating expenses | 30,901 | 37,183 |
Income (loss) from operations | -46,689 | 19,671 |
Interest expense, net | -4,625 | -4,797 |
Intercompany interest, net | 0 | 0 |
Equity in earnings (losses) of investments | 0 | -1,688 |
Other income (expense) | -3,219 | 68,526 |
Income (loss) before income taxes | -54,533 | 81,712 |
Income tax expense | 983 | 5,263 |
Net income (loss) | -55,516 | 76,449 |
Net (income) loss attributable to noncontrolling interests | 252 | -470 |
Net income (loss) attributable to ION | -55,264 | 75,979 |
Comprehensive net income (loss) | -56,861 | 75,788 |
Comprehensive (income) loss attributable to noncontrolling interest | 252 | -470 |
Comprehensive net income (loss) attributable to ION | -56,609 | 75,318 |
Reportable Legal Entities [Member] | ION Geophysical Corporation [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit (loss) | 0 | 0 |
Total operating expenses | 7,916 | 9,021 |
Income (loss) from operations | -7,916 | -9,021 |
Interest expense, net | -4,551 | -4,573 |
Intercompany interest, net | 139 | 66 |
Equity in earnings (losses) of investments | -42,857 | 89,488 |
Other income (expense) | -29 | 497 |
Income (loss) before income taxes | -55,214 | 76,457 |
Income tax expense | 50 | 478 |
Net income (loss) | -55,264 | 75,979 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to ION | -55,264 | 75,979 |
Comprehensive net income (loss) | -56,609 | 75,318 |
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 |
Comprehensive net income (loss) attributable to ION | -56,609 | 75,318 |
Reportable Legal Entities [Member] | The Guarantors [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | 18,849 | 78,122 |
Cost of sales | 24,775 | 43,996 |
Gross profit (loss) | -5,926 | 34,126 |
Total operating expenses | 13,080 | 15,255 |
Income (loss) from operations | -19,006 | 18,871 |
Interest expense, net | -72 | -42 |
Intercompany interest, net | -657 | -435 |
Equity in earnings (losses) of investments | -18,922 | 3,856 |
Other income (expense) | 15 | 69,911 |
Income (loss) before income taxes | -38,642 | 92,161 |
Income tax expense | 51 | 332 |
Net income (loss) | -38,693 | 91,829 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to ION | -38,693 | 91,829 |
Comprehensive net income (loss) | -40,053 | 91,828 |
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 |
Comprehensive net income (loss) attributable to ION | -40,053 | 91,828 |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | 22,135 | 66,576 |
Cost of sales | 31,997 | 43,848 |
Gross profit (loss) | -9,862 | 22,728 |
Total operating expenses | 9,905 | 12,907 |
Income (loss) from operations | -19,767 | 9,821 |
Interest expense, net | -2 | -182 |
Intercompany interest, net | 518 | 369 |
Equity in earnings (losses) of investments | 0 | 738 |
Other income (expense) | -3,205 | -1,882 |
Income (loss) before income taxes | -22,456 | 8,864 |
Income tax expense | 882 | 4,453 |
Net income (loss) | -23,338 | 4,411 |
Net (income) loss attributable to noncontrolling interests | 252 | -470 |
Net income (loss) attributable to ION | -23,086 | 3,941 |
Comprehensive net income (loss) | -24,698 | 4,901 |
Comprehensive (income) loss attributable to noncontrolling interest | 252 | -470 |
Comprehensive net income (loss) attributable to ION | -24,446 | 4,431 |
Consolidation, Eliminations [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net revenues | -406 | 0 |
Cost of sales | -406 | 0 |
Gross profit (loss) | 0 | 0 |
Total operating expenses | 0 | 0 |
Income (loss) from operations | 0 | 0 |
Interest expense, net | 0 | 0 |
Intercompany interest, net | 0 | 0 |
Equity in earnings (losses) of investments | 61,779 | -95,770 |
Other income (expense) | 0 | 0 |
Income (loss) before income taxes | 61,779 | -95,770 |
Income tax expense | 0 | 0 |
Net income (loss) | 61,779 | -95,770 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to ION | 61,779 | -95,770 |
Comprehensive net income (loss) | 64,499 | -96,259 |
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 |
Comprehensive net income (loss) attributable to ION | $64,499 | ($96,259) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Condensed Cash Flow Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | ($6,706) | $62,682 |
Cash flows from investing activities: | ||
Cash invested in multi-client data library | -9,088 | -22,353 |
Purchase of property, plant, equipment and seismic rental equipment | -11,994 | -1,997 |
Repayment of advances to INOVA Geophysical | 0 | 1,000 |
Net investment in and advances to OceanGeo B.V. prior to its consolidation | 0 | -3,074 |
Other investing activities | 257 | 605 |
Net cash used in investing activities | -20,825 | -25,819 |
Cash flows from financing activities: | ||
Borrowings under revolving line of credit | 0 | 15,000 |
Payments on notes payable and long-term debt | -2,066 | -2,755 |
Intercompany lending | 0 | 0 |
Other financing activities | 31 | 166 |
Net cash (used in) provided by financing activities | -2,035 | 12,411 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | 396 | -24 |
Net (decrease) increase in cash and cash equivalents | -29,170 | 49,250 |
Cash and cash equivalents at beginning of period | 173,608 | 148,056 |
Cash and cash equivalents at end of period | 144,438 | 197,306 |
Reportable Legal Entities [Member] | ION Geophysical Corporation [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | -62,480 | 15,105 |
Cash flows from investing activities: | ||
Cash invested in multi-client data library | 0 | 0 |
Purchase of property, plant, equipment and seismic rental equipment | -329 | -551 |
Repayment of advances to INOVA Geophysical | 1,000 | |
Net investment in and advances to OceanGeo B.V. prior to its consolidation | 0 | |
Other investing activities | 0 | 579 |
Net cash used in investing activities | -329 | 1,028 |
Cash flows from financing activities: | ||
Borrowings under revolving line of credit | 15,000 | |
Payments on notes payable and long-term debt | 0 | 0 |
Intercompany lending | 26,968 | -1,155 |
Other financing activities | 31 | 166 |
Net cash (used in) provided by financing activities | 26,999 | 14,011 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -35,810 | 30,144 |
Cash and cash equivalents at beginning of period | 109,514 | 124,701 |
Cash and cash equivalents at end of period | 73,704 | 154,845 |
Reportable Legal Entities [Member] | The Guarantors [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 41,328 | 19,989 |
Cash flows from investing activities: | ||
Cash invested in multi-client data library | -9,055 | -22,299 |
Purchase of property, plant, equipment and seismic rental equipment | -1,133 | -1,230 |
Repayment of advances to INOVA Geophysical | 0 | |
Net investment in and advances to OceanGeo B.V. prior to its consolidation | 0 | |
Other investing activities | 257 | 26 |
Net cash used in investing activities | -9,931 | -23,503 |
Cash flows from financing activities: | ||
Borrowings under revolving line of credit | 0 | |
Payments on notes payable and long-term debt | -1,725 | -1,365 |
Intercompany lending | -29,672 | 6,418 |
Other financing activities | 0 | 0 |
Net cash (used in) provided by financing activities | -31,397 | 5,053 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 1,539 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 1,539 |
Reportable Legal Entities [Member] | All Other Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 14,446 | 27,588 |
Cash flows from investing activities: | ||
Cash invested in multi-client data library | -33 | -54 |
Purchase of property, plant, equipment and seismic rental equipment | -10,532 | -216 |
Repayment of advances to INOVA Geophysical | 0 | |
Net investment in and advances to OceanGeo B.V. prior to its consolidation | -3,074 | |
Other investing activities | 0 | 0 |
Net cash used in investing activities | -10,565 | -3,344 |
Cash flows from financing activities: | ||
Borrowings under revolving line of credit | 0 | |
Payments on notes payable and long-term debt | -341 | -1,390 |
Intercompany lending | 2,704 | -5,263 |
Other financing activities | 0 | 0 |
Net cash (used in) provided by financing activities | 2,363 | -6,653 |
Effect of change in foreign currency exchange rates on cash and cash equivalents | 396 | -24 |
Net (decrease) increase in cash and cash equivalents | 6,640 | 17,567 |
Cash and cash equivalents at beginning of period | 64,094 | 23,355 |
Cash and cash equivalents at end of period | 70,734 | 40,922 |
Consolidation, Eliminations [Member] | ||
Cash flows from financing activities: | ||
Cash and cash equivalents at end of period | $0 |