Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Superior Energy Services Inc | ' |
Entity Central Index Key | '0000886835 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 152,171,006 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Trading Symbol | 'spn | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $320,042 | $196,047 |
Accounts receivable, net of allowance for doubtful accounts of $27,366 and $31,030 at September 30, 2014 and December 31, 2013, respectively | 967,943 | 937,195 |
Deferred Tax Assets, Net, Current | 27,024 | 8,785 |
Income tax receivable | ' | 5,532 |
Prepaid expenses | 72,072 | 70,421 |
Inventory and other current assets | 185,613 | 258,449 |
Assets Held-for-sale, Current | 285,759 | ' |
Total current assets | 1,858,453 | 1,476,429 |
Property, plant and equipment, net of accumulated depreciation and depletion of $2,159,166 and $1,827,011 at September 30, 2014 and December 31, 2013, respectively | 2,702,532 | 3,002,194 |
Goodwill | 2,456,522 | 2,458,109 |
Notes receivable | 25,560 | 23,708 |
Intangible and other long-term assets, net of accumulated amortization of $110,115 and $84,567 at September 30, 2014 and December 31, 2013, respectively | 420,873 | 450,867 |
Total assets | 7,463,940 | 7,411,307 |
Current liabilities: | ' | ' |
Accounts payable | 207,242 | 216,029 |
Accrued expenses | 367,476 | 376,049 |
Income taxes payable | 37,417 | ' |
Current portion of decommissioning liabilities | ' | 27,322 |
Current maturities of long-term debt | 20,344 | 20,000 |
Total current liabilities | 709,328 | 639,400 |
Liabilities of Assets Held-for-sale | 76,849 | ' |
Deferred income taxes | 729,246 | 736,080 |
Decommissioning liabilities | 87,443 | 56,197 |
Long-term debt, net | 1,630,834 | 1,646,535 |
Other long-term liabilities | 165,379 | 201,651 |
Stockholders' equity: | ' | ' |
Preferred stock of $0.01 par value. Authorized, 5,000,000 shares; none issued | ' | ' |
Common stock of $0.001 par value. Authorized - 250,000,000, Issued - 153,958,963, Outstanding - 154,019,882 at September 30, 2014 Authorized - 250,000,000, Issued - 158,976,784, Outstanding, 159,158,022 at December 31, 2013 | 154 | 159 |
Additional Paid in Capital | 2,724,777 | 2,873,579 |
Accumulated other comprehensive loss, net | -25,067 | -17,500 |
Retained earnings | 1,441,846 | 1,275,206 |
Total stockholders' equity | 4,141,710 | 4,131,444 |
Total liabilities and stockholders' equity | $7,463,940 | $7,411,307 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Allowance for doubtful accounts | $27,366 | $31,030 |
Accumulated depreciation and depletion on Property, plant and equipment | 2,159,166 | 1,827,011 |
Accumulated amortization of Intangible and other long-term assets | $110,115 | $84,567 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 153,958,963 | 158,976,784 |
Common stock, shares outstanding | 154,019,882 | 159,158,022 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' |
Services | $935,560 | $848,941 | $2,574,565 | $2,552,792 |
Rentals | 273,466 | 247,471 | 803,431 | 721,621 |
Total Revenues | 1,209,026 | 1,096,412 | 3,377,996 | 3,274,413 |
Costs and expenses: | ' | ' | ' | ' |
Cost of services (exclusive of items shown separately below) | 721,692 | 671,632 | 2,023,590 | 1,969,930 |
Cost of Services | 597,992 | 581,556 | 1,704,165 | 1,706,188 |
Cost of rentals | 123,700 | 90,076 | 319,425 | 263,742 |
Depreciation, depletion, amortization and accretion | 170,154 | 152,028 | 493,437 | 446,432 |
General and administrative expenses | 154,859 | 147,364 | 457,631 | 440,812 |
Income from operations | 162,321 | 125,388 | 403,338 | 417,239 |
Other income (expense): | ' | ' | ' | ' |
Interest expense, net | -24,169 | -25,564 | -72,610 | -81,610 |
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | -884 |
Other Nonoperating Income (Expense) | -2,051 | -1,697 | -1,480 | 41 |
Income from continuing operations before income taxes | 136,101 | 98,127 | 329,248 | 334,786 |
Income taxes | 50,358 | 30,658 | 121,822 | 112,620 |
Net income (loss) from continuing operations | 85,743 | 67,469 | 207,426 | 222,166 |
Income (loss) from discontinued operations, net of tax | -5,886 | 2,366 | -15,735 | -20,045 |
Net income | $79,857 | $69,835 | $191,691 | $202,121 |
Earnings per share information: | ' | ' | ' | ' |
Continuing operations | $0.55 | $0.42 | $1.33 | $1.40 |
Discontinued operations | ($0.03) | $0.02 | ($0.10) | ($0.13) |
Basic earnings per share | $0.52 | $0.44 | $1.23 | $1.27 |
Continuing operations | $0.55 | $0.42 | $1.31 | $1.38 |
Discontinued operations | ($0.04) | $0.01 | ($0.10) | ($0.12) |
Diluted earnings per share | $0.51 | $0.43 | $1.21 | $1.26 |
Common Stock, Dividends, Per Share, Cash Paid | $0.08 | ' | $0.24 | ' |
Weighted average common shares used in computing earnings per share: | ' | ' | ' | ' |
Basic | 154,530 | 159,326 | 156,424 | 159,204 |
Incremental common shares from stock based compensation | 1,806 | 1,557 | 1,644 | 1,600 |
Diluted | 156,336 | 160,883 | 158,068 | 160,804 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $79,857 | $69,835 | $191,691 | $202,121 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | 1,007 | ' | -448 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | ' | ' | 1,153 | ' |
Change in cumulative translation adjustment | -14,439 | 10,942 | -8,720 | -2,203 |
Comprehensive income | $65,418 | $81,784 | $184,124 | $199,470 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $191,691 | $202,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion, amortization and accretion | 494,801 | 462,627 |
Loss on early extinguishment of debt | ' | 884 |
Deferred income taxes | -15,767 | 113,207 |
Stock based and performance share unit compensation expense | 32,899 | 26,788 |
Amortization of debt acquisition costs and note discount | 6,126 | 6,819 |
Other reconciling items, net | -20,884 | -6,562 |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | ' | ' |
Accounts receivable | -60,611 | 140 |
Inventory and other current assets | 29,495 | -54,924 |
Accounts payable | 30,198 | 7,085 |
Accrued expenses | 36,802 | 24,721 |
Income taxes | 43,214 | -183,420 |
Other, net | -3,653 | 36,627 |
Net Cash Provided by (Used in) Operating Activities, Total | 764,311 | 636,113 |
Cash flows from investing activities: | ' | ' |
Payments for capital expenditures | -438,349 | -466,831 |
Proceeds from Sale of Available-for-sale Securities, Equity | 10,622 | ' |
Acquisitions of businesses, net of cash acquired | -2,380 | -23,797 |
Other | 20,575 | 2,709 |
Net Cash Provided by (Used in) Investing Activities, Total | -409,532 | -465,269 |
Proceeds from Insurance Settlement, Investing Activities | ' | 22,650 |
Cash flows from financing activities: | ' | ' |
Principal payments of long-term debt | -15,000 | -165,000 |
Payments of Ordinary Dividends, Common Stock | 37,586 | ' |
Proceeds from exercise of stock options | 10,554 | 5,551 |
Payments for purchase and retirement of Common Stock | -185,552 | ' |
Other | -89 | -9,924 |
Net Cash Provided by (Used in) Financing Activities, Total | -227,673 | -169,373 |
Repayments of Long-term Lines of Credit | -14,736 | -561,771 |
Proceeds from Long-term Lines of Credit | 14,736 | 561,771 |
Effect of exchange rate changes on cash | -3,111 | -2,019 |
Net increase in cash and cash equivalents | 123,995 | -548 |
Cash and cash equivalents at beginning of period | 196,047 | 91,199 |
Cash and cash equivalents at end of period | $320,042 | $90,651 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
(1)Basis of Presentation | |
Certain information and footnote disclosures normally in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission; however, management believes the disclosures that are made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Superior Energy Services, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2013, and Management’s Discussion and Analysis of Financial Condition and Results of Operations herein. | |
The financial information of Superior Energy Services, Inc. and subsidiaries (the Company) for the three and nine months ended September 30, 2014 and 2013 has not been audited. However, in the opinion of management, all adjustments necessary to present fairly the results of operations for the periods presented have been included therein. The results of operations for the first nine months of the year are not necessarily indicative of the results of operations that might be expected for the entire year. Certain previously reported amounts have been reclassified to conform to the 2014 presentation. | |
Due to the nature of the Company’s business, the Company is involved, from time to time, in routine litigation or subject to disputes or claims regarding its business activities. Legal costs related to these matters are expensed as incurred. In management’s opinion, none of the pending litigation, disputes or claims is expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity. | |
The Company evaluates events that occur after the balance sheet date but before the financial statements are issued for potential recognition or disclosure. Based on the evaluation, the Company determined that there were no material subsequent events for recognition or disclosure other than those disclosed herein. | |
Dispositions
Dispositions | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Dispositions [Abstract] | ' | ||||||
Dispositions | ' | ||||||
(2)Discontinued Operations | |||||||
During the first quarter of 2014, the Company conducted a strategic review and analysis of its subsea construction business. As of September 30, 2014, the Company was committed to sell the assets of and exit its subsea construction business. The disposition of assets is expected to be completed by the end of the first half of 2015. | |||||||
During the first quarter of 2014, the Company also made a decision to discontinue its conventional decommissioning business. As of September 30, 2014, the Company was committed to sell the assets of and exit its conventional decommissioning business. The disposition of the assets is expected to be completed by the end of the first half of 2015. | |||||||
Both of the subsea construction business and conventional decommissioning business were included in the Technical Solutions segment, formerly referred to as the Subsea and Technical Solutions segment. As of September 30, 2014, the assets and liabilities of these businesses were classified as held for sale. For the three and nine months ended September 30, 2014 and 2013, the results of operations of these businesses are reported as discontinued operations in the consolidated statements of operations. | |||||||
The following summarizes certain financial information of the businesses reported as discontinued operations (in thousands): | |||||||
Three Months Ended September 30, | |||||||
2014 | 2013 | ||||||
Revenues | $ | 34,210 | $ | 92,203 | |||
Income/(loss) from discontinued operations, net of tax benefit of $4,063 and | -5,886 | 2,366 | |||||
tax expense of $485, respectively | |||||||
Nine Months Ended September 30, | |||||||
2014 | 2013 | ||||||
Revenues | $ | 111,735 | $ | 209,394 | |||
Loss from discontinued operations, net of tax benefit of $10,131 and | -15,735 | -20,045 | |||||
$3,786, respectively | |||||||
The following summarizes the assets and liabilities related to the businesses reported as discontinued operations (in thousands): | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
Accounts receivable, net | $ | 25,415 | $ | 26,858 | |||
Prepaid expenses | 5,810 | 8,164 | |||||
Inventory and other current assets | 30,891 | 63,618 | |||||
Current assets | $ | 62,116 | $ | 98,640 | |||
Property, plant and equipment, net | 219,223 | 217,089 | |||||
Intangible and other long-term assets, net | 4,420 | 4,854 | |||||
Long-term assets | $ | 223,643 | $ | 221,943 | |||
Accounts payable | 21,478 | 13,449 | |||||
Accrued expenses | 37,362 | 52,133 | |||||
Current liabilities | $ | 58,840 | $ | 65,582 | |||
Other long-term liabilities | $ | 18,009 | $ | 21,801 | |||
Assets and liabilities held for sale include a capital lease for a dynamically positioned subsea vessel. Such amounts are recorded at the present value of the lease payments. The vessel’s gross asset value under the capital lease was approximately $37.6 million at inception and accumulated depreciation through September 30, 2014 and December 31, 2013 was approximately $17.4 million and $16.4 million, respectively. As of September 30, 2014, $18.0 million of other long-term liabilities and $4.5 million of accounts payable related to this capital lease are included in the liabilities held for sale. As of December 31, 2013, $21.4 million of other long-term liabilities and $4.2 million of accounts payable related to this capital lease are included in the liabilities held for sale. | |||||||
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2014 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
(3)Acquisitions | |
In March 2013, the Company acquired all of the equity interests in a company that provides cementing services in Colombia. The Company paid approximately $20.4 million at closing and repaid $3.0 million of the acquired company’s debt. During the nine months ended September 30, 2014, the Company paid $2.4 million as a result of a post-closing process to reconcile the net working capital of the acquired company and settlement of certain liabilities. The Company will pay up to an additional $1.3 million during the first half of 2015, subject to the settlement of certain liabilities. Goodwill of approximately $15.1 million was recognized as a result of this acquisition and was calculated as the excess of the consideration paid over the net assets recognized and represents estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. None of the goodwill related to this acquisition will be deductible for tax purposes. All of the goodwill was assigned to the Production Services segment. | |
In October 2014, the Company acquired all of the equity interests in a company that provides well testing and slickline services in India. The purchase price of the acquisition was approximately $25.0 million. | |
Accelerated_Share_Repurchases
Accelerated Share Repurchases | 9 Months Ended |
Sep. 30, 2014 | |
Accelerated Share Repurchase Program [Abstract] | ' |
Accelerated Share Repurchases Program [Text Block] | ' |
(4)Accelerated Share Repurchase Program | |
In March 2014, the Company entered into an accelerated share repurchase program with a third-party financial institution to purchase $75.0 million aggregate amount of shares of the Company’s outstanding common stock. The Company paid $75.0 million and received and retired an initial delivery of 1,899,055 shares that represented approximately 75% of the total number of shares repurchased under the agreement. In April 2014, the accelerated share repurchase program was completed and the Company received and retired 633,485 additional shares. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings per Share | ' |
(5)Earnings per Share | |
Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional common shares that could have been outstanding assuming the exercise of stock options and the conversion of restricted stock units. | |
Stock options for approximately 284,000 and 1,100,000 shares of the Company’s common stock for the three months ended September 30, 2014 and 2013, respectively, and approximately 1,054,000 and 1,210,000 shares of the Company’s common stock for the nine months ended September 30, 2014 and 2013, respectively, were excluded in the computation of diluted earnings per share for these periods as the effect would have been anti-dilutive. | |
Stock_Based_Compensation_and_R
Stock Based Compensation and Retirement Plans | 9 Months Ended |
Sep. 30, 2014 | |
Stock Based Compensation and Retirement Plans [Abstract] | ' |
Stock Based Compensation and Retirement Plans | ' |
(6)Stock-Based Compensation Plans | |
The Company maintains various stock incentive plans that provide long-term incentives to the Company’s key employees, including officers, directors, consultants and advisors (Eligible Participants). Under the stock incentive plans, the Company may grant incentive stock options, non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, other stock-based awards or any combination thereof to Eligible Participants. The Company’s total compensation expense related to these plans was approximately $33.5 million and $27.7 million for the nine months ended September 30, 2014 and 2013, respectively, which is reflected in general and administrative expenses. | |
Inventory_and_Other_Current_As
Inventory and Other Current Assets | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Inventory and Other Current Assets [Abstract] | ' | ||||||
Inventory and Other Current Assets | ' | ||||||
(7)Inventory and Other Current Assets | |||||||
Inventory and other current assets includes approximately $164.0 million and $162.9 million of inventory as of September 30, 2014 and December 31, 2013, respectively. Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables consist principally of products used in our services provided to customers. The components of the inventory balances are as follows (in thousands): | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
Finished goods | $ | 66,340 | $ | 65,621 | |||
Raw materials | 33,281 | 20,764 | |||||
Work-in-process | 18,445 | 20,064 | |||||
Supplies and consumables | 45,936 | 56,470 | |||||
Total | $ | 164,002 | $ | 162,919 | |||
As of December 31, 2013, inventory and other current assets also included approximately $8.8 million of available-for-sale securities recorded at fair value. These available-for-sale securities consisted of approximately 1.4 million shares of SandRidge Energy, Inc. (SandRidge) common stock held by the Company. During the second quarter of 2014, the Company sold all of the remaining shares of SandRidge common stock for approximately $10.6 million. In connection with the sale, the Company reversed approximately $1.2 million of previously recorded unrealized losses, of which approximately $1.8 million was reclassified out of accumulated other comprehensive loss, net of tax benefit of approximately $0.6 million. During the nine months ended September 30, 2013, the Company recorded an unrealized loss related to the fair value of these securities of approximately $0.7 million, of which approximately $0.5 million was reported within accumulated other comprehensive loss, net of tax expense of approximately $0.2 million. | |||||||
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill Disclosure [Text Block] | ' |
(8)Goodwill | |
Goodwill is tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of the asset has decreased below its carrying value. During the third quarter of 2014, the Company changed its annual goodwill impairment testing date from December 31 to October 1 of each year. Management considers this accounting change preferable because it allows the Company additional time to complete the annual goodwill impairment test. This change does not accelerate, delay, avoid, or cause an impairment charge, nor does this change result in adjustments to previously issued financial statements. The Company will complete its annual goodwill impairment test during the fourth quarter of 2014. | |
Debt
Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt [Abstract] | ' |
Debt | ' |
(9)Debt | |
Credit Facility | |
The Company has a $1.0 billion bank credit facility, comprised of a $600 million revolving credit facility and a $400 million term loan. The principal balance of the term loan is payable in installments of $5.0 million on the last day of each fiscal quarter, which began on June 30, 2012. As of September 30, 2014, the Company had $350 million outstanding under the term loan and had no amounts outstanding under the revolving portion of its credit facility. The Company also had approximately $48.2 million of letters of credit outstanding that reduce the Company’s borrowing availability under the revolving portion of the credit facility. | |
All amounts outstanding under the bank credit facility are due on February 7, 2017. Amounts borrowed under the credit facility bear interest at LIBOR plus margins that depend on the Company’s leverage ratio. Indebtedness under the credit facility is secured by substantially all of the Company’s assets, including the pledge of the stock of the Company’s principal domestic subsidiaries. | |
Senior Unsecured Notes | |
The Company has outstanding $500 million of 6 3/8% unsecured senior notes due 2019. The indenture governing the 6 3/8% senior notes requires semi-annual interest payments on May 1st and November 1st of each year through the maturity date of May 1, 2019. | |
The Company also has outstanding $800 million of 7 1/8% unsecured senior notes due 2021. The indenture governing the 7 1/8% senior notes requires semi-annual interest payments on June 15th and December 15th of each year through the maturity date of December 15, 2021. | |
Decommissioning_Liabilities
Decommissioning Liabilities | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Decommissioning Liabilities [Abstract] | ' | ||||||
Decommissioning Liabilities | ' | ||||||
(10)Decommissioning Liabilities | |||||||
The Company records estimated future decommissioning liabilities in accordance with the authoritative guidance related to asset retirement obligations, which requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred, with a corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the decommissioning liability is required to be accreted each period to present value. | |||||||
The Company has decommissioning liabilities associated with its Bullwinkle platform and related assets that consist of costs related to the plugging of wells, the removal of the related facilities and equipment, and site restoration. Whenever practical, the Company utilizes its own equipment and labor services to perform well abandonment and decommissioning work. When the Company performs these services, all recorded intercompany revenues and related costs of services are eliminated in the condensed consolidated financial statements. The recorded decommissioning liability associated with a specific property is fully extinguished when the property is abandoned. The recorded liability is first reduced by all cash expenses incurred to abandon and decommission the property. If the recorded liability exceeds (or is less than) the Company’s total costs, then the difference is reported as an increase or decrease in revenue during the period in which the work is performed. | |||||||
The Company reviews the adequacy of its decommissioning liabilities whenever indicators suggest that the estimated cash flows needed to satisfy the liabilities have changed materially. During the fourth quarter of 2013, as a result of an increase in third party drilling activity in the vicinity of the Bullwinkle platform, the Company believed new economic opportunities existed for additional production handling agreements with those third party production companies utilizing the Bullwinkle platform. As a result, the Company revised its estimates relating to the timing of decommissioning work on its Bullwinkle assets, including a 10 year postponement of the platform decommissioning to an estimated date of 2038. This change in estimate resulted in a reduction in the present value of decommissioning liabilities. Further, as of December 31, 2013, the Company anticipated that it would be able to decommission several depleted wells that are part of the Bullwinkle assets based on the estimates received from engineers regarding platform availability during 2014. As a result, as of December 31, 2013, the decommissioning liabilities associated with those wells were classified as current liabilities on the consolidated balance sheet. Based on revised estimates received during the second quarter of 2014, the Company does not anticipate decommissioning any of the wells during the next twelve months. As a result, all of the decommissioning liabilities were classified as long-term liabilities on the consolidated balance sheet as of September 30, 2014. | |||||||
The following table summarizes the activity for the Company’s decommissioning liabilities for the nine months ended September 30, 2014 and 2013 (in thousands): | |||||||
Nine Months Ended September 30, | |||||||
2014 | 2013 | ||||||
Decommissioning liabilities, December 31, 2013 and 2012, respectively | $ | 83,519 | $ | 93,053 | |||
Liabilities acquired and incurred | 866 | 360 | |||||
Liabilities settled | - | -87 | |||||
Accretion | 3,324 | 4,269 | |||||
Revision in estimated liabilities | -266 | - | |||||
Total decommissioning liabilities, September 30, 2014 and 2013, respectively | $ | 87,443 | $ | 97,595 | |||
Notes_Receivable
Notes Receivable | 9 Months Ended |
Sep. 30, 2014 | |
Notes Receivable [Abstract] | ' |
Notes Receivable | ' |
(11) Notes Receivable | |
Notes receivable consist of a commitment from the seller of an oil and gas property acquired by the Company towards costs associated with the abandonment of the acquired property. Pursuant to an agreement with the seller, the Company will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of this obligation totals $115.0 million and is recorded at present value using an effective interest rate of 6.58%. The related discount is amortized to interest income based on the expected timing of completion of the decommissioning activities. The Company recorded interest income related to notes receivable of $1.2 million and $2.2 million for the nine months ended September 30, 2014 and 2013, respectively. | |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||
Segment Information | ' | ||||||||||||||||||
(12) Segment Information | |||||||||||||||||||
Business Segments | |||||||||||||||||||
The Drilling Products and Services segment rents and sells bottom hole assemblies, premium drill pipe, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, completion, production and workover activities. It also provides on-site accommodations and bolting and machining services. The Onshore Completion and Workover Services segment provides pressure pumping services used to complete and stimulate production in new oil and gas wells, fluid handling services and well servicing rigs that provide a variety of well completion, workover and maintenance services. The Production Services segment provides intervention services such as coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, production testing and optimization, and remedial pumping services. It also provides specialized pressure control tools used to manage and control pressure throughout the life of a well. The Technical Solutions segment provides services typically requiring specialized engineering, manufacturing or project planning, including well control services, well containment systems, stimulation and sand control services and well plug and abandonment services. It also includes production handling arrangements and the production and sale of oil and gas. | |||||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, operating results for the Company’s subsea construction and conventional decommissioning businesses are reported in discontinued operations (see note 2). Previously those operating results were reported within the Technical Solutions segment, which was named the Subsea and Technical Solutions segment. | |||||||||||||||||||
The Company evaluates the performance of its reportable segments based on income or loss from operations. The segment measure is calculated as follows: segment revenues less segment operating expenses, depreciation expense and allocated general and administrative expenses. General and administrative expenses are allocated to the segments based primarily on specific identification and, to the extent that such identification is not practical, other methods which the Company believes to be a reasonable reflection of the utilization of services provided. The Company believes this segment measure is useful in evaluating the performance of its reportable segments because it highlights operating trends and aids analytical comparisons. | |||||||||||||||||||
Summarized financial information for the Company’s segments for the three and nine months ended September 30, 2014 and 2013 is shown in the following tables (in thousands): | |||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 239,204 | $ | 470,849 | $ | 348,793 | $ | 150,180 | $ | - | $ | 1,209,026 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 76,277 | 317,433 | 248,567 | 79,415 | - | 721,692 | |||||||||||||
Depreciation, depletion, amortization | 47,904 | 59,009 | 41,225 | 22,016 | - | 170,154 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 36,913 | 39,625 | 45,627 | 32,694 | - | 154,859 | |||||||||||||
Income from operations | 78,110 | 54,782 | 13,374 | 16,055 | - | 162,321 | |||||||||||||
Interest expense, net | - | - | - | 404 | -24,573 | -24,169 | |||||||||||||
Other expense | - | - | - | - | -2,051 | -2,051 | |||||||||||||
Income (loss) from continuing operations | $ | 78,110 | $ | 54,782 | $ | 13,374 | $ | 16,459 | $ | -26,624 | $ | 136,101 | |||||||
before income taxes | |||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 215,523 | $ | 398,016 | $ | 359,722 | $ | 123,151 | $ | - | $ | 1,096,412 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 73,873 | 275,676 | 251,575 | 70,508 | - | 671,632 | |||||||||||||
Depreciation, depletion, amortization | 42,390 | 52,576 | 45,554 | 11,508 | - | 152,028 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 35,864 | 37,216 | 46,735 | 27,549 | - | 147,364 | |||||||||||||
Income from operations | 63,396 | 32,548 | 15,858 | 13,586 | - | 125,388 | |||||||||||||
Interest expense, net | - | - | - | 743 | -26,307 | -25,564 | |||||||||||||
Other expense | - | - | - | - | -1,697 | -1,697 | |||||||||||||
Income (loss) from continuing operations | $ | 63,396 | $ | 32,548 | $ | 15,858 | $ | 14,329 | $ | -28,004 | $ | 98,127 | |||||||
before income taxes | |||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 685,396 | $ | 1,258,774 | $ | 1,013,904 | $ | 419,922 | $ | - | $ | 3,377,996 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 216,166 | 876,575 | 706,911 | 223,938 | - | 2,023,590 | |||||||||||||
Depreciation, depletion, amortization | 140,265 | 174,995 | 123,213 | 54,964 | - | 493,437 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 117,026 | 114,604 | 138,058 | 87,943 | - | 457,631 | |||||||||||||
Income from operations | 211,939 | 92,600 | 45,722 | 53,077 | - | 403,338 | |||||||||||||
Interest expense, net | - | - | - | 1,167 | -73,777 | -72,610 | |||||||||||||
Other expense | - | - | - | - | -1,480 | -1,480 | |||||||||||||
Income (loss) from continuing operations | $ | 211,939 | $ | 92,600 | $ | 45,722 | $ | 54,244 | $ | -75,257 | $ | 329,248 | |||||||
before income taxes | |||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 614,924 | $ | 1,222,215 | $ | 1,096,185 | $ | 341,089 | $ | - | $ | 3,274,413 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 205,502 | 819,472 | 756,954 | 188,002 | - | 1,969,930 | |||||||||||||
Depreciation, depletion, amortization | 125,768 | 158,021 | 133,361 | 29,282 | - | 446,432 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 104,002 | 116,786 | 143,349 | 76,675 | - | 440,812 | |||||||||||||
Income from operations | 179,652 | 127,936 | 62,521 | 47,130 | - | 417,239 | |||||||||||||
Interest expense, net | - | - | - | 2,195 | -83,805 | -81,610 | |||||||||||||
Other income | - | - | - | - | 41 | 41 | |||||||||||||
Loss on early extinguishment of debt | - | - | - | - | -884 | -884 | |||||||||||||
Income (loss) from continuing operations | $ | 179,652 | $ | 127,936 | $ | 62,521 | $ | 49,325 | $ | -84,648 | $ | 334,786 | |||||||
before income taxes | |||||||||||||||||||
Identifiable Assets | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
30-Sep-14 | $ | 1,282,129 | $ | 3,012,785 | $ | 2,123,888 | $ | 1,045,138 | $ | - | $ | 7,463,940 | |||||||
31-Dec-13 | $ | 1,245,501 | $ | 2,973,916 | $ | 2,176,785 | $ | 1,015,105 | $ | - | $ | 7,411,307 | |||||||
As of September 30, 2014, the Technical Solutions segment included $285.8 million of identifiable assets of the subsea construction and conventional decommissioning businesses that were classified as assets held for sale on the consolidated balance sheet. | |||||||||||||||||||
Geographic Segments | |||||||||||||||||||
The Company attributes revenue to various countries based on the location of where services are performed or the destination of the drilling products or equipment sold or leased. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period. As of September 30, 2014, the assets of the subsea construction and conventional decommissioning businesses were classified as assets held for sale on the consolidated balance sheet. The Company’s revenue by geographic area for the three and nine months ended September 30, 2014 and 2013 and long-lived assets by geographic area as of September 30, 2014 and December 31, 2013 are as follows (in thousands): | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
United States | $ | 1,024,919 | $ | 932,686 | $ | 2,850,179 | $ | 2,783,756 | |||||||||||
Other Countries | 184,107 | 163,726 | 527,817 | 490,657 | |||||||||||||||
Total | $ | 1,209,026 | $ | 1,096,412 | $ | 3,377,996 | $ | 3,274,413 | |||||||||||
Long-Lived Assets: | |||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||
United States | $ | 2,343,365 | $ | 2,476,792 | |||||||||||||||
Other Countries | 359,167 | 525,402 | |||||||||||||||||
Total, net | $ | 2,702,532 | $ | 3,002,194 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
(13) Fair Value Measurements | |||||||||||||
The Company follows the authoritative guidance for fair value measurements relating to financial and nonfinancial assets and liabilities, including presentation of required disclosures herein. This guidance establishes a fair value framework requiring the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | |||||||||||||
Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | |||||||||||||
Level 2: Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets; or model-derived valuations or other inputs that can be corroborated by observable market data. | |||||||||||||
Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. | |||||||||||||
The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
30-Sep-14 | Level 1 | Level 2 | Level 3 | ||||||||||
Intangible and other long-term assets, net | |||||||||||||
Non-qualified deferred compensation assets | $ | 11,830 | $ | 342 | $ | 11,488 | - | ||||||
Interest rate swaps | $ | 2,642 | - | $ | 2,642 | - | |||||||
Accounts payable | |||||||||||||
Non-qualified deferred compensation liabilities | $ | 2,667 | - | $ | 2,667 | - | |||||||
Other long-term liabilities | |||||||||||||
Non-qualified deferred compensation liabilities | $ | 14,052 | - | $ | 14,052 | - | |||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||
Inventory and other current assets | |||||||||||||
Available-for-sale securities | $ | 8,817 | $ | 8,817 | - | - | |||||||
Intangible and other long-term assets, net | |||||||||||||
Non-qualified deferred compensation assets | $ | 13,731 | $ | 2,330 | $ | 11,401 | - | ||||||
Interest rate swap | $ | 337 | - | $ | 337 | - | |||||||
Accounts payable | |||||||||||||
Non-qualified deferred compensation liabilities | $ | 1,944 | - | $ | 1,944 | - | |||||||
Other long-term liabilities | |||||||||||||
Non-qualified deferred compensation liabilities | $ | 14,986 | - | $ | 14,986 | - | |||||||
As of December 31, 2013, available-for-sale securities was comprised of approximately 1.4 million shares of SandRidge common stock. The securities were reported at fair value based on the closing price of the shares as reported on the New York Stock Exchange (see note 7). | |||||||||||||
The Company’s non-qualified deferred compensation plans allow officers, certain highly compensated employees and non-employee directors to defer receipt of a portion of their compensation and contribute such amounts to one or more hypothetical investment funds. The Company entered into separate trust agreements, subject to general creditors, to segregate assets of each plan and reports the accounts of the trusts in its condensed consolidated financial statements. These investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent Levels 1 and 2, respectively, in the fair value hierarchy. | |||||||||||||
The Company has three interest rate swap agreements related to its fixed rate debt maturing in 2021 for notional amounts of $100 million each, whereby the Company is entitled to receive semi-annual interest payments at a fixed rate of 7 1/8% per annum and is obligated to make semi-annual interest payments at floating rates, which are adjusted every 90 days, based on LIBOR plus a fixed margin. The swap agreements, scheduled to terminate on December 15, 2021, are designated as fair value hedges of a portion of the Company’s 7 1/8% senior notes, as the derivatives have been tested to be highly effective in offsetting changes in the fair value of the underlying note. As these derivatives are classified as fair value hedges, the changes in the fair value of the derivatives are offset against the changes in the fair value of the underlying note in interest expense, net (see note 14). | |||||||||||||
The fair value of the Company’s cash equivalents, accounts receivable and current maturities of long-term debt approximates their carrying amounts. The fair value of the Company’s long-term debt was approximately $1,753.2 million and $1,789.0 million as of September 30, 2014 and December 31, 2013, respectively. The fair value of these debt instruments is determined by reference to the market value of the instruments as quoted in over-the-counter markets, which are Level 1 inputs. | |||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||
Derivative Financial Instruments | ' | ||||||||||
(14) Derivative Financial Instruments | |||||||||||
From time to time, the Company may employ interest rate swaps in an attempt to achieve a more balanced debt portfolio between fixed and variable interest. The Company does not use derivative financial instruments for trading or speculative purposes. | |||||||||||
The Company has three interest rate swaps for notional amounts of $100 million each related to its 7 1/8% senior notes maturing in December 2021. These interest rate swaps are accounted for as fair value hedges since the swaps hedge against the change in fair value of fixed rate debt resulting from changes in interest rates. The Company recorded a derivative asset relating to these swaps of $2.6 million and $0.3 million within intangible and other long term assets in the consolidated balance sheets as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||
The changes in fair value of the interest rate swaps are included in the adjustments to reconcile net income to net cash provided by operating activities in the consolidated statement of cash flows. The effect and location of the derivative instruments in the condensed consolidated statement of operations, presented on a pre-tax basis, are as follows (in thousands): | |||||||||||
Three Months Ended September 30, | |||||||||||
Effect of derivative instrument | Location of (gain) loss | 2014 | 2013 | ||||||||
recognized | |||||||||||
Interest rate swap | Interest expense, net | $ | 1,907 | $ | -513 | ||||||
Hedged item - debt | Interest expense, net | -2,639 | 615 | ||||||||
$ | -732 | $ | 102 | ||||||||
Nine Months Ended September 30, | |||||||||||
2014 | 2013 | ||||||||||
Interest rate swap | Interest expense, net | $ | -6,727 | $ | 7,383 | ||||||
Hedged item - debt | Interest expense, net | 4,422 | -6,886 | ||||||||
$ | -2,305 | $ | 497 | ||||||||
For the nine months ended September 30, 2014 and 2013, approximately $2.3 million of interest income and $0.5 million of interest expense, respectively, was related to the ineffectiveness associated with these fair value hedges. Hedge ineffectiveness represents the difference between the changes in fair value of the derivative instruments and the changes in fair value of the fixed rate debt attributable to changes in the benchmark interest rate. | |||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
(15) Income Taxes | |
The Company follows authoritative guidance with respect to accounting for uncertainty in income taxes. It is the Company’s policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense. The Company had approximately $29.9 million of unrecorded tax benefits as of September 30, 2014 and December 31, 2013, all of which would impact the Company’s effective tax rate if recognized. | |
Related_Party_Disclosures
Related Party Disclosures | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Disclosures | ' |
(16) Related Party Disclosures | |
The Company purchases services, products and equipment, as well as leases certain facilities, from companies affiliated with an officer of one of its subsidiaries. The Company believes the transactions reflected below with these related parties are on terms and conditions no less favorable to the Company than transactions with unaffiliated parties. For the nine months ended September 30, 2014 and 2013, these purchases totaled approximately $146.8 million and $140.7 million, respectively. For the nine months ended September 30, 2014, approximately $56.7 million was purchased from ORTEQ Energy Services, a heavy equipment construction company which also manufactures pressure pumping equipment, approximately $0.6 million was purchased from Ortowski Construction, primarily related to the manufacture of pressure pumping units, approximately $15.2 million was paid to Resource Transport, LLC, related to the transportation of sand used in pressure pumping activities, approximately $51.6 million was purchased from Texas Specialty Sands, LLC, primarily for the purchase of sand used for pressure pumping activities, approximately $21.1 million was purchased from ProFuel, LLC, primarily related to the purchase of diesel used to operate equipment and trucks, and approximately $1.6 million was related to leasehold improvements and facilities leased from Timber Creek Real Estate Partners. For the nine months ended September 30, 2013, approximately $41.1 million was purchased from ORTEQ Energy Services, approximately $0.1 million was purchased from Ortowski Construction, approximately $11.9 million was paid to Resource Transport, LLC, approximately $64.6 million was purchased from Texas Specialty Sands, LLC, approximately $22.6 million was purchased from ProFuel, LLC and approximately $0.4 million was related to facilities leased from Timber Creek Real Estate Partners. | |
As of September 30, 2014, the Company’s trade accounts payable includes amounts due to these companies totaling approximately $29.0 million, of which approximately $4.6 million was due ORTEQ Energy Services, approximately $4.0 million was due Resource Transport, LLC, approximately $16.2 million was due Texas Specialty Sands, LLC and approximately $4.2 million was due ProFuel, LLC. As of December 31, 2013, the Company’s trade accounts payable includes amounts due to these companies totaling approximately $14.6 million, of which approximately $7.8 million was due ORTEQ Energy Services, approximately $0.9 million was due Resource Transport, LLC, approximately $2.0 million was due Texas Specialty Sands, LLC, approximately $2.6 million was due ProFuel, LLC and approximately $1.3 million was due Timber Creek Real Estate Partners. | |
The Company’s President and Chief Executive Officer serves as an independent director of the board of Linn Energy, LLC (Linn), an independent oil and gas development company with focus areas in the Rockies, Mid-Continent, the Hugoton Basin, California, the Permian Basin, Michigan, Illinois and east Texas. The Company recorded revenues from Linn and its subsidiaries of approximately $15.3 million and $15.9 million for the nine months ended September 30, 2014 and 2013, respectively. The Company had trade receivables from Linn and its subsidiaries of approximately $1.3 million and $2.9 million as of September 30, 2014 and December 31, 2013, respectively. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
(17) Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in GAAP. The guidance in this update requires an entity to recognize the amount of revenue that it expects to be entitled for the transfer of promised goods or services to customers. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the accounting guidance on its ongoing financial reporting. | |
In April 2014, the Financial Accounting Standards Board issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant and Equipment, which changes the definition of discontinued operations. The guidance permits only those disposed components (or components held-for-sale) representing a strategic shift that have (or will have) a major effect on operations and financial results to be reported in discontinued operations. The new standard is effective prospectively for disposals (or classifications as held-for-sale) that occur after December 31, 2014. The Company elected not to early adopt the accounting guidance. | |
Dispositions_Tables
Dispositions (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | |||||||||||||
Dispositions [Abstract] | ' | ' | ||||||||||||
Components of income (loss) from discontinued operations | ' | ' | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues | $ | 34,210 | $ | 92,203 | Revenues | $ | 111,735 | $ | 209,394 | |||||
Income/(loss) from discontinued operations, net of tax benefit of $4,063 and | -5,886 | 2,366 | Loss from discontinued operations, net of tax benefit of $10,131 and | -15,735 | -20,045 | |||||||||
tax expense of $485, respectively | $3,786, respectively | |||||||||||||
Assets and liabilities of disposal groups | ' | ' | ||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||
Accounts receivable, net | $ | 25,415 | $ | 26,858 | ||||||||||
Prepaid expenses | 5,810 | 8,164 | ||||||||||||
Inventory and other current assets | 30,891 | 63,618 | ||||||||||||
Current assets | $ | 62,116 | $ | 98,640 | ||||||||||
Property, plant and equipment, net | 219,223 | 217,089 | ||||||||||||
Intangible and other long-term assets, net | 4,420 | 4,854 | ||||||||||||
Long-term assets | $ | 223,643 | $ | 221,943 | ||||||||||
Accounts payable | 21,478 | 13,449 | ||||||||||||
Accrued expenses | 37,362 | 52,133 | ||||||||||||
Current liabilities | $ | 58,840 | $ | 65,582 | ||||||||||
Other long-term liabilities | $ | 18,009 | $ | 21,801 | ||||||||||
Inventory_and_Other_Current_As1
Inventory and Other Current Assets (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Inventory Disclosure [Abstract] | ' | ||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||
30-Sep-14 | 31-Dec-13 | ||||||
Finished goods | $ | 66,340 | $ | 65,621 | |||
Raw materials | 33,281 | 20,764 | |||||
Work-in-process | 18,445 | 20,064 | |||||
Supplies and consumables | 45,936 | 56,470 | |||||
Total | $ | 164,002 | $ | 162,919 | |||
Decommissioning_Liabilities_Ta
Decommissioning Liabilities (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Decommissioning Liabilities [Abstract] | ' | ||||||
Summary the activity for company's decommissioning liabilities | ' | ||||||
Nine Months Ended September 30, | |||||||
2014 | 2013 | ||||||
Decommissioning liabilities, December 31, 2013 and 2012, respectively | $ | 83,519 | $ | 93,053 | |||
Liabilities acquired and incurred | 866 | 360 | |||||
Liabilities settled | - | -87 | |||||
Accretion | 3,324 | 4,269 | |||||
Revision in estimated liabilities | -266 | - | |||||
Total decommissioning liabilities, September 30, 2014 and 2013, respectively | $ | 87,443 | $ | 97,595 | |||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||
Identifiable Assets | ' | ||||||||||||||||||
Identifiable Assets | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
30-Sep-14 | $ | 1,282,129 | $ | 3,012,785 | $ | 2,123,888 | $ | 1,045,138 | $ | - | $ | 7,463,940 | |||||||
31-Dec-13 | $ | 1,245,501 | $ | 2,973,916 | $ | 2,176,785 | $ | 1,015,105 | $ | - | $ | 7,411,307 | |||||||
Company's information by geographic area | ' | ||||||||||||||||||
Revenues: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
United States | $ | 1,024,919 | $ | 932,686 | $ | 2,850,179 | $ | 2,783,756 | |||||||||||
Other Countries | 184,107 | 163,726 | 527,817 | 490,657 | |||||||||||||||
Total | $ | 1,209,026 | $ | 1,096,412 | $ | 3,377,996 | $ | 3,274,413 | |||||||||||
Long-Lived Assets: | |||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||
United States | $ | 2,343,365 | $ | 2,476,792 | |||||||||||||||
Other Countries | 359,167 | 525,402 | |||||||||||||||||
Total, net | $ | 2,702,532 | $ | 3,002,194 | |||||||||||||||
Schedule Of Segment Reporting Information By Segment | ' | ||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 239,204 | $ | 470,849 | $ | 348,793 | $ | 150,180 | $ | - | $ | 1,209,026 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 76,277 | 317,433 | 248,567 | 79,415 | - | 721,692 | |||||||||||||
Depreciation, depletion, amortization | 47,904 | 59,009 | 41,225 | 22,016 | - | 170,154 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 36,913 | 39,625 | 45,627 | 32,694 | - | 154,859 | |||||||||||||
Income from operations | 78,110 | 54,782 | 13,374 | 16,055 | - | 162,321 | |||||||||||||
Interest expense, net | - | - | - | 404 | -24,573 | -24,169 | |||||||||||||
Other expense | - | - | - | - | -2,051 | -2,051 | |||||||||||||
Income (loss) from continuing operations | $ | 78,110 | $ | 54,782 | $ | 13,374 | $ | 16,459 | $ | -26,624 | $ | 136,101 | |||||||
before income taxes | |||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 215,523 | $ | 398,016 | $ | 359,722 | $ | 123,151 | $ | - | $ | 1,096,412 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 73,873 | 275,676 | 251,575 | 70,508 | - | 671,632 | |||||||||||||
Depreciation, depletion, amortization | 42,390 | 52,576 | 45,554 | 11,508 | - | 152,028 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 35,864 | 37,216 | 46,735 | 27,549 | - | 147,364 | |||||||||||||
Income from operations | 63,396 | 32,548 | 15,858 | 13,586 | - | 125,388 | |||||||||||||
Interest expense, net | - | - | - | 743 | -26,307 | -25,564 | |||||||||||||
Other expense | - | - | - | - | -1,697 | -1,697 | |||||||||||||
Income (loss) from continuing operations | $ | 63,396 | $ | 32,548 | $ | 15,858 | $ | 14,329 | $ | -28,004 | $ | 98,127 | |||||||
before income taxes | |||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 685,396 | $ | 1,258,774 | $ | 1,013,904 | $ | 419,922 | $ | - | $ | 3,377,996 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 216,166 | 876,575 | 706,911 | 223,938 | - | 2,023,590 | |||||||||||||
Depreciation, depletion, amortization | 140,265 | 174,995 | 123,213 | 54,964 | - | 493,437 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 117,026 | 114,604 | 138,058 | 87,943 | - | 457,631 | |||||||||||||
Income from operations | 211,939 | 92,600 | 45,722 | 53,077 | - | 403,338 | |||||||||||||
Interest expense, net | - | - | - | 1,167 | -73,777 | -72,610 | |||||||||||||
Other expense | - | - | - | - | -1,480 | -1,480 | |||||||||||||
Income (loss) from continuing operations | $ | 211,939 | $ | 92,600 | $ | 45,722 | $ | 54,244 | $ | -75,257 | $ | 329,248 | |||||||
before income taxes | |||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 614,924 | $ | 1,222,215 | $ | 1,096,185 | $ | 341,089 | $ | - | $ | 3,274,413 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 205,502 | 819,472 | 756,954 | 188,002 | - | 1,969,930 | |||||||||||||
Depreciation, depletion, amortization | 125,768 | 158,021 | 133,361 | 29,282 | - | 446,432 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 104,002 | 116,786 | 143,349 | 76,675 | - | 440,812 | |||||||||||||
Income from operations | 179,652 | 127,936 | 62,521 | 47,130 | - | 417,239 | |||||||||||||
Interest expense, net | - | - | - | 2,195 | -83,805 | -81,610 | |||||||||||||
Other income | - | - | - | - | 41 | 41 | |||||||||||||
Loss on early extinguishment of debt | - | - | - | - | -884 | -884 | |||||||||||||
Income (loss) from continuing operations | $ | 179,652 | $ | 127,936 | $ | 62,521 | $ | 49,325 | $ | -84,648 | $ | 334,786 | |||||||
before income taxes | |||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Summary of financial assets and liabilities measured at fair value on recurring basis | ' | ||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||
30-Sep-14 | Level 1 | Level 2 | Level 3 | ||||||||||
Intangible and other long-term assets, net | |||||||||||||
Non-qualified deferred compensation assets | $ | 11,830 | $ | 342 | $ | 11,488 | - | ||||||
Interest rate swaps | $ | 2,642 | - | $ | 2,642 | - | |||||||
Accounts payable | |||||||||||||
Non-qualified deferred compensation liabilities | $ | 2,667 | - | $ | 2,667 | - | |||||||
Other long-term liabilities | |||||||||||||
Non-qualified deferred compensation liabilities | $ | 14,052 | - | $ | 14,052 | - | |||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||
Inventory and other current assets | |||||||||||||
Available-for-sale securities | $ | 8,817 | $ | 8,817 | - | - | |||||||
Intangible and other long-term assets, net | |||||||||||||
Non-qualified deferred compensation assets | $ | 13,731 | $ | 2,330 | $ | 11,401 | - | ||||||
Interest rate swap | $ | 337 | - | $ | 337 | - | |||||||
Accounts payable | |||||||||||||
Non-qualified deferred compensation liabilities | $ | 1,944 | - | $ | 1,944 | - | |||||||
Other long-term liabilities | |||||||||||||
Non-qualified deferred compensation liabilities | $ | 14,986 | - | $ | 14,986 | - | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||
Location and effect of the derivative instrument on the statements of operations | ' | ||||||||||
Three Months Ended September 30, | |||||||||||
Effect of derivative instrument | Location of (gain) loss | 2014 | 2013 | ||||||||
recognized | |||||||||||
Interest rate swap | Interest expense, net | $ | 1,907 | $ | -513 | ||||||
Hedged item - debt | Interest expense, net | -2,639 | 615 | ||||||||
$ | -732 | $ | 102 | ||||||||
Nine Months Ended September 30, | |||||||||||
2014 | 2013 | ||||||||||
Interest rate swap | Interest expense, net | $ | -6,727 | $ | 7,383 | ||||||
Hedged item - debt | Interest expense, net | 4,422 | -6,886 | ||||||||
$ | -2,305 | $ | 497 | ||||||||
Dispositions_Narrative_Details
Dispositions (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Dispositions [Abstract] | ' | ' |
Vessel's gross asset value under the capital lease at inception | $37.60 | ' |
Vessel's gross asset value under the capital lease at depreciation | 17.4 | 16.4 |
Other long-term liabilities | 18 | 21.4 |
Accounts Payable Related to Obligations Under Capital Lease | $4.50 | $4.20 |
Dispositions_Components_of_inc
Dispositions (Components of income (loss) from discontinued operations, net of tax) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income tax expense (benefit) | $4,063 | ($485) | $10,131 | $3,786 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -5,886 | 2,366 | -15,735 | -20,045 |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' |
Income Statement Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenues | 34,210 | 92,203 | 111,735 | 209,394 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ($5,886) | $2,366 | ($15,735) | ($20,045) |
Dispositions_Assets_and_liabil
Dispositions (Assets and liabilities of disposal groups) (Details) (Segment, Discontinued Operations [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment, Discontinued Operations [Member] | ' | ' |
Accounts receivable, net | $25,415 | $26,858 |
Prepaid expenses | 5,810 | 8,164 |
Inventory and other current assets | 30,891 | 63,618 |
Current assets of discontinued operations | 62,116 | 98,640 |
Property, plant and equipment, net | 219,223 | 217,089 |
Intangible and other long-term assets, net | 4,420 | 4,854 |
Long-term assets of discontinued operations | 223,643 | 221,943 |
Accounts payable | 21,478 | 13,449 |
Accrued expenses | 37,362 | 52,133 |
Current liabilities of discontinued operations | 58,840 | 65,582 |
Disposal Group, Including Discontinued Operation, Other Noncurrent Liabilities | $18,009 | $21,801 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Cementing Service Acquisitioin[Member] | Cementing Service Acquisitioin[Member] | Yennai Acquisition [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Business acquisition, purchase price payable over next two years | ' | ' | ' | $1,300,000 | ' |
Cash paid to acquire equity interest | 25,000,000 | ' | 20,400,000 | ' | 25,000,000 |
Approximately cash paid | 25,000,000 | ' | 20,400,000 | ' | 25,000,000 |
Company will repay of complete debt | ' | ' | 3,000,000 | ' | ' |
Goodwill | 2,456,522,000 | 2,458,109,000 | 15,100,000 | ' | ' |
Additional consideration attributable to acquisition | ' | ' | ' | $2,400,000 | ' |
Accelerated_Share_Repurchases_
Accelerated Share Repurchases (Details) (USD $) | 3 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 |
Accelerated Share Repurchases [Member] | Accelerated Share Repurchases [Member] | |||
Stock Repurchased During Period, Value | ' | ' | $75 | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | 1,899,055 |
Accelerated Share Repurchases, Percent of shares Authorized for Repurchase | ' | ' | 75.00% | ' |
Accelerated Share Repurchases, Cash or Stock Settlement | 'April 2014 | ' | ' | ' |
Accelerated Share Repurchases, Settlement | ' | 633,485 | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Stock options | 284,000 | 1,100,000 | 1,054,000 | 1,210,000 |
StockBased_Compensation_and_Re
Stock-Based Compensation and Retirement Plans (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Stock Based Compensation and Retirement Plans [Abstract] | ' | ' |
Compensation expense | $33.50 | $27.70 |
Inventory_and_Other_Current_As2
Inventory and Other Current Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory and Other Current Assets [Abstract] | ' | ' |
Inventory | $164,002 | $162,919 |
Finished Goods | 66,340 | 65,621 |
Work in progress | 18,445 | 20,064 |
Raw materials | 33,281 | 20,764 |
Supplies and consumables | $45,936 | $56,470 |
Inventory_and_Other_Current_As3
Inventory and Other Current Assets Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Available-for-sale Securities [Abstract] | ' | ' | ' | ' |
Available-for-sale securities, net unrealized holding gain (loss) reversed following sale | ' | $1,200,000 | ' | ' |
Available-for-sale securities, unrealized holding gain (loss) reversed following sale | ' | 1,800,000 | ' | ' |
Number of shares comprising Available for Sale Securities | ' | ' | ' | 1.4 |
Available-for-sale Securities, Income Tax Expense on Change in Unrealized Holding Gain (Loss) | ' | 600,000 | 200,000 | ' |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | ' | ' | 700,000 | ' |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes | ' | ' | 500,000 | ' |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 10,600,000 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | ' | -1,153,000 | ' | ' |
Available-for-sale Securities, Current | ' | ' | ' | $8,800,000 |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Credit Facility [Member] | Unsecured Senior Notes Due 2019 [Member] | Unsecured Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit Facility, Term Loan Amount Outstanding | ' | $350,000,000 | ' | ' |
Credit facility, total borrowing capacity | ' | 1,000,000,000 | ' | ' |
Line of credit facility, revolving borrowing capacity | ' | 600,000,000 | ' | ' |
Aggregate principal amount of term loan | ' | 400,000,000 | ' | ' |
Line of Credit Facility, Periodic Payment | ' | 5,000,000 | ' | ' |
Letters of Credit Outstanding, Amount | ' | 48,200,000 | ' | ' |
Senior Notes | ' | ' | 500,000,000 | 800,000,000 |
Stated interest rate on unsecured senior notes | ' | ' | 6.38% | ' |
Gains (Losses) on Extinguishment of Debt | -884,000 | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | $0 | ' | ' |
Decommissioning_Liabilities_De
Decommissioning Liabilities (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Summary of the activity for the Company's decommissioning liabilities | ' | ' | ' |
Decommissioning liabilities, December 31, 2013 and 2012, respectively | $83,519 | $93,053 | ' |
Liabilities acquired and incurred | 866 | 360 | ' |
Liabilities settled | ' | -87 | ' |
Accretion | 3,324 | 4,269 | ' |
Revision estimated liabilities | -266 | ' | ' |
Total decommissioning liabilities, September 30, 2014 and 2013, respectively | 87,443 | 97,595 | ' |
Less: current portion of decommissioning liabilities at September 30, 2014 and 2013, respectively | ' | ' | 27,322 |
Long-term decommissioning liabilities, September 30, 2014 and 2013, respectively | $87,443 | ' | $56,197 |
Notes_Receivable_Details
Notes Receivable (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Notes Receivable [Abstract] | ' | ' |
Amount of notes receivable net | $115 | ' |
Interest rate percentage to record present value of notes receivable | 6.58% | ' |
Company recorded interest income | $1.20 | $2.20 |
Segment_Information_Financial_
Segment Information (Financial information for Company's segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | $1,209,026 | $1,096,412 | $3,377,996 | $3,274,413 | ' |
Cost of services (exclusive of items shown separately below) | 721,692 | 671,632 | 2,023,590 | 1,969,930 | ' |
Depreciation, depletion, amortization and accretion | 170,154 | 152,028 | 493,437 | 446,432 | ' |
General and administrative expenses | 154,859 | 147,364 | 457,631 | 440,812 | ' |
Income from operations | 162,321 | 125,388 | 403,338 | 417,239 | ' |
Interest income (expense), net | -24,169 | -25,564 | -72,610 | -81,610 | ' |
Other Nonoperating Income (Expense) | -2,051 | -1,697 | -1,480 | 41 | ' |
Loss on early extinguishment of debt | ' | ' | ' | -884 | ' |
Income (loss) from continuing operations before income taxes | 136,101 | 98,127 | 329,248 | 334,786 | ' |
Identifiable Assets | 7,463,940 | ' | 7,463,940 | ' | 7,411,307 |
Subsea and Technical Solutions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 150,180 | 123,151 | 419,922 | 341,089 | ' |
Cost of services (exclusive of items shown separately below) | 79,415 | 70,508 | 223,938 | 188,002 | ' |
Depreciation, depletion, amortization and accretion | 22,016 | 11,508 | 54,964 | 29,282 | ' |
General and administrative expenses | 32,694 | 27,549 | 87,943 | 76,675 | ' |
Income from operations | 16,055 | 13,586 | 53,077 | 47,130 | ' |
Interest income (expense), net | 404 | 743 | 1,167 | 2,195 | ' |
Income (loss) from continuing operations before income taxes | 16,459 | 14,329 | 54,244 | 49,325 | ' |
Identifiable Assets | 1,045,138 | ' | 1,045,138 | ' | 1,015,105 |
Production Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 348,793 | 359,722 | 1,013,904 | 1,096,185 | ' |
Cost of services (exclusive of items shown separately below) | 248,567 | 251,575 | 706,911 | 756,954 | ' |
Depreciation, depletion, amortization and accretion | 41,225 | 45,554 | 123,213 | 133,361 | ' |
General and administrative expenses | 45,627 | 46,735 | 138,058 | 143,349 | ' |
Income from operations | 13,374 | 15,858 | 45,722 | 62,521 | ' |
Income (loss) from continuing operations before income taxes | 13,374 | 15,858 | 45,722 | 62,521 | ' |
Identifiable Assets | 2,123,888 | ' | 2,123,888 | ' | 2,176,785 |
Onshore Completion and Workover Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 470,849 | 398,016 | 1,258,774 | 1,222,215 | ' |
Cost of services (exclusive of items shown separately below) | 317,433 | 275,676 | 876,575 | 819,472 | ' |
Depreciation, depletion, amortization and accretion | 59,009 | 52,576 | 174,995 | 158,021 | ' |
General and administrative expenses | 39,625 | 37,216 | 114,604 | 116,786 | ' |
Income from operations | 54,782 | 32,548 | 92,600 | 127,936 | ' |
Income (loss) from continuing operations before income taxes | 54,782 | 32,548 | 92,600 | 127,936 | ' |
Identifiable Assets | 3,012,785 | ' | 3,012,785 | ' | 2,973,916 |
Drilling Products and Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 239,204 | 215,523 | 685,396 | 614,924 | ' |
Cost of services (exclusive of items shown separately below) | 76,277 | 73,873 | 216,166 | 205,502 | ' |
Depreciation, depletion, amortization and accretion | 47,904 | 42,390 | 140,265 | 125,768 | ' |
General and administrative expenses | 36,913 | 35,864 | 117,026 | 104,002 | ' |
Income from operations | 78,110 | 63,396 | 211,939 | 179,652 | ' |
Income (loss) from continuing operations before income taxes | 78,110 | 63,396 | 211,939 | 179,652 | ' |
Identifiable Assets | 1,282,129 | ' | 1,282,129 | ' | 1,245,501 |
Unallocated [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income (expense), net | -24,573 | -26,307 | -73,777 | -83,805 | ' |
Other Nonoperating Income (Expense) | -2,051 | -1,697 | -1,480 | 41 | ' |
Loss on early extinguishment of debt | ' | ' | ' | -884 | ' |
Income (loss) from continuing operations before income taxes | ($26,624) | ($28,004) | ($75,257) | ($84,648) | ' |
Segment_Information_Companys_i
Segment Information (Company's information by geographic area) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Total Revenues | $1,209,026 | $1,096,412 | $3,377,996 | $3,274,413 | ' |
Total, Long-lived assets | 2,702,532 | ' | 2,702,532 | ' | 3,002,194 |
UNITED STATES | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | 1,024,919 | 932,686 | 2,850,179 | 2,783,756 | ' |
Long-lived assets | 2,343,365 | ' | 2,343,365 | ' | 2,476,792 |
Other Countries Member | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | 184,107 | 163,726 | 527,817 | 490,657 | ' |
Long-lived assets | $359,167 | ' | $359,167 | ' | $525,402 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements [Abstract] | ' | ' |
Adjustment Interval of Variable Rate on Interest Rate Swap | 90 | ' |
Number of shares comprising Available for Sale Securities | ' | 1.4 |
Interest rate swap agreement for notional amount | $100 | ' |
Fair value of long term debt | $1,753.20 | $1,789 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial assets and liabilities measured at fair value on a recurring basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities | ' | $8,817 |
Non-Qualified Deferred Compensation Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Intangible and other long-term assets | 11,830 | 13,731 |
Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Intangible and other long-term assets | 2,642 | 337 |
Non Qualified Deferred Compensation Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Accounts payable | 2,667 | 1,944 |
Other long-term liabilities | 14,052 | 14,986 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities | ' | 8,817 |
Level 1 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Intangible and other long-term assets | 342 | 2,330 |
Level 1 [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Intangible and other long-term assets | ' | ' |
Level 1 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Accounts payable | ' | ' |
Other long-term liabilities | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities | ' | ' |
Level 2 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Intangible and other long-term assets | 11,488 | 11,401 |
Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Intangible and other long-term assets | 2,642 | 337 |
Level 2 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Accounts payable | 2,667 | 1,944 |
Other long-term liabilities | 14,052 | 14,986 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale Securities | ' | ' |
Level 3 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Intangible and other long-term assets | ' | ' |
Level 3 [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Intangible and other long-term assets | ' | ' |
Level 3 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Accounts payable | ' | ' |
Other long-term liabilities | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Adjustment Interval of Variable Rate on Interest Rate Swap | 90 | ' | ' |
Derivative asset | $2.60 | ' | $0.30 |
Interest income (expense) related to the ineffectiveness associated with the fair value hedge | 2.3 | 0.5 | ' |
Interest rate swap agreement for notional amount | 100 | ' | ' |
July 2013 Interest Rate Swap [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Interest rate swap agreement for notional amount | $100 | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (The location and effect of the derivative instrument on the condensed consolidated statement of operations, pre-tax basis) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, (Gain) Loss [Line Items] | ' | ' | ' | ' |
Amount of (gain) loss recognized | ($732) | $102 | ($2,305) | $497 |
Hedged Item Debt [Member] | Interest Expense, Net [Member] | ' | ' | ' | ' |
Derivative Instruments, (Gain) Loss [Line Items] | ' | ' | ' | ' |
Amount of (gain) loss recognized | -2,639 | 615 | 4,422 | -6,886 |
Interest Rate Swap [Member] | Interest Expense, Net [Member] | ' | ' | ' | ' |
Derivative Instruments, (Gain) Loss [Line Items] | ' | ' | ' | ' |
Amount of (gain) loss recognized | $1,907 | ($513) | ($6,727) | $7,383 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Income Taxes [Abstract] | ' |
Unrecorded tax benefits | $29.90 |
Related_Party_Disclosure_Detai
Related Party Disclosure (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Purchase of services | $146.80 | $140.70 | ' |
Trade Accounts Payable | 29 | ' | 14.6 |
Ortowski Construction [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Purchase of services | 0.6 | 0.1 | ' |
ORTEQ Energy Services [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Purchase of services | 56.7 | 41.1 | ' |
Trade Accounts Payable | 4.6 | ' | 7.8 |
Resource Transport [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Purchase of services | 15.2 | 11.9 | ' |
Trade Accounts Payable | 4 | ' | 0.9 |
Texas Specialty Sands [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Purchase of services | 51.6 | 64.6 | ' |
Trade Accounts Payable | 16.2 | ' | 2 |
ProFuel LLC [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Purchase of services | 21.1 | 22.6 | ' |
Trade Accounts Payable | 4.2 | ' | 2.6 |
TIMBER CREEK REAL ESTATE PARTNERS [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Purchase of services | 1.6 | 0.4 | ' |
Trade Accounts Payable | ' | ' | 1.3 |
LINNENERGY[MEMBER] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Revenue from Related Parties | 15.3 | 15.9 | ' |
Accounts Receivable, Related Parties, Current | $1.30 | ' | $2.90 |